Christie’s Hong Kong Spring Auctions Net HK$2.3B with 90% Sold Rate

Christie’s Hong Kong 2024 Spring Season auctions concluded with a remarkable total of HK$2.3 billion (US$297 million), achieving an average sell-through rate of 90% by lot and value. Notably, 42% of the lots surpassed high estimates, and the hammer price was 106% above the low estimate.

Top sales included a “Dragon” Meiping vase from The Wang Xing Lou Collection, fetching HK$78 million (US$10 million), and a Cartier “India Tutti-Frutti” necklace at HK$68 million (US$8.7 million). Other highlights were Andy Warhol’s "Flowers" (HK$66.6 million/US$8.5 million) and Zao Wou-Ki's "10.01.68." (HK$63 million/US$8.1 million).

The market saw strong participation from Greater China and Southeast Asia, with Mainland China being the highest-spending region. New and younger buyers were prominent, with nearly a quarter of buyers new to Christie’s and 43% of these being millennials. Digital sales accounted for 30% of purchases, with in-room participation increasing by 12% compared to Spring 2023.

Christie’s held special exhibitions such as “The Chinese Painting Collection of Harold Wong” and “Rocking Abstraction,” drawing over 27,000 visitors and 13 million online viewers. The auction house also announced inaugural sales at its new Asia Pacific headquarters at The Henderson, starting September 26-27 with 20th and 21st Century Art.

Francis Belin, President of Christie’s Asia Pacific, emphasized the robust demand for both Eastern and Western art and luxury items, highlighting the success in curating high-quality sales and engaging global collectors.

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