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New Hong Kong Showroom Boosts Christie’s Results
By HG Masters
Auctioneer Adrien Meyer taking bids for CLAUDE MONET‘s Nympheas, 1897-99, oil on canvas, 73 cm x 101 cm, at Christie’s Hong Kong 20th/21st Century Art Inaugural Evening Sale at the Henderson on September 26, 2024. Courtesy Christie’s.
What a difference a new showroom can make, even in a difficult market. The inauguration of Christie’s new Asia Pacific headquarters in the Zaha Hadid Associates-designed skyscraper, The Henderson, helped to boost Christie’s September 2024 results to above HKD 1.3 billion (USD 173 million), the highest total for the house since its Spring sales in March 2022. Its inaugural sale in the new building, of Chinese ceramics from the Hong Kong-based Au Bak Ling Collection, was a white-glove affair that brought in HKD 87 million (USD 11.2 million), surpassing the high estimate to kick off the sale series.
Held the same evening, on September 26, the 20th/21st Century Evening Sale was (in spite of its name) led by two paintings from the late 19th century: Vincent van Gogh’s view of boats pulled up on the Seine riverbank, Les canots amarrés (1887), and Claude Monet’s waterlilies, Nymphéas (c. 1897–99). With the house’s sizable commission included in the final sale price, Van Gogh’s canvas garnered nearly HKD 251 million (USD 32 million), just above its low estimate of HKD 230 million (USD 30 million), which does not include commission. Similarly, Monet’s view of his Giverny pond hammered in at HKD 233 million (USD 30 million), above its HKD 200 million (USD 25.7 million) lower-end estimate. Nevertheless, both sales marked the highest prices ever paid in Asia for works by these iconic European artists.
ZAO WOU-KI, 05.06.80 – Triptyque, 1980, oil on canvas (triptych), 195 cm x 130 cm per panel. Courtesy Christie’s.
Among 20th-century Franco-Chinese artists, Zao Wou-Ki’s 05.06.80 – Triptyque (1980) went for HKD 95 million (USD 12.2 million) and Sanyu’s Nu blanc au genou levé (White Nude, with Raised Knee) (1930) earned HKD 41.5 million (USD 5.3 million). Paintings by two Korean artists performed well, with Kim Whanki’s all-blue 9-XII-71 #216 (1971) achieving HKD 56 million (USD 7.2 million) and Rhee Seundja’s abstraction from 1963–65 topping HKD 10 million, above a high estimate of HKD 8 million (USD 1 million). Two Japanese modernists also beat expectations, as Takeo Yamaguchi’s red-on-black abstraction Sankai (1956) earned HKD 6 million, beating its HKD 5 million (USD 644,000) high-estimate; and Kazuo Shiraga’s vermillion-hued action painting, Shakudei (Burning Mud) (1992), gained HKD 11.5 million (USD 1.5 million), above the HKD 9 million (USD 1.2 million) high estimate.
Among the so-called “ultra contemporaries,” Lucy Bull’s recent turquoise and orange canvas 18:50 (2021) was flipped for HKD 18.5 million (USD 2.4 million), more than double its high estimate of HKD 8 million. The Iranian phenome Mehdi Ghadyanloo’s hyperrealist depiction of a toy set in boxes, Memories of the Future (2021), more than doubled its high estimate to reach HKD 2.5 million (USD 322,000). A Hernan Bas winter landscape, Mystery Bouf (or, the kingdom after the flood) (2009), was one of two lots unsold, along with a Chu Teh Chun abstraction, Dynamisme bleu I (Blue Dynamism I) (1982).
The sale of 46 lots—three of which were withdrawn and two unsold—brought in HKD 1 billion (USD 129 million). Compared to November 2023, the sum topped the HKD 694 million haul (USD 89 million) from last year, and it was Christie’s Hong Kong’s best result for the fall season 20th/21st Century sale since November 2021.
NGUYEN TUONG LAN, Dans les lotus (Among the Lotuses), 1933, ink and gouache on silk, 46.5 cm x 78 cm. Courtesy Christie’s.
The following day, on September 27, the 20th Century Day Sale garnered HKD 95 million (USD 12.2 million) from 51 lots. The sale featured four Philippine painters, including Fernando Amorsolo y Cueto’s depiction of a fruit vendor at HKD 945,000 (USD 122,000). There was also strong Vietnamese representation in the sale, highlighted by Nguyễn Tường Lân’s ink- and gouache-on-silk scene Dans les lotus (Among the Lotuses)(1933) surpassing HKD 3.1 million (USD 399,000). Two Chu Teh Chun canvases and a Lee Ufan work, among several others, went unsold.
The 21st Century Day Sale earned HKD 125 million (USD 16 million) for 44 lots, highlighted by Christine Ay Tjoe’s blue abstraction First Type of Stairs #02 (2010) tripling its high estimate to above HKD 6 million (USD 772,000); Yoshitomo Nara’s frowning girl holding an alphabet book in ABC (1998) selling at HKD 16.7 million (USD 2.1 million); and a yellow pumpkin by Yayoi Kusama at HKD 14.3 million (USD 1.8 million)—which missed even the HKD 15 million (USD 1.9 million) low estimate, perhaps portending a softening in the oversaturated polka-dot universe.
YAYOI KUSAMA, Pumpkin, 2006, acrylic on canvas, 38 cm x 45.5 cm. Courtesy Christie’s.
In a sluggish market regionally and amid a post-pandemic downturn for the art market at large, Christie’s Hong Kong appeared to benefit from the attention generated by the new starchitect firm’s latest building in the Central District. Even if prices hovered closer to the lower estimates, the 92-percent sell-through-rate across five sales will bolster confidence in the market for smaller, but high-prestige-oriented, sales. Additionally, Christie’s Hong Kong announced it will be holding an Asian Art Week toward the end of the year from November 27–29, as it looks to keep up the momentum with its rival houses.
HG Masters is deputy editor and publisher at ArtAsiaPacific.
