In April, an ancient cursive script by Yuan dynasty calligrapher Rao Jie ignited a historic bidding battle. After 95 minutes and more than 200 bids, auctioneer CC Wang finally brought down the gavel to thunderous applause. The handscroll – once cherished in the imperial collection of the Qing court – soared to 25 times its pre-sale estimate and achieved HK$250 million (US$32 million), establishing a new record as the most valuable Chinese calligraphy ever sold at Sotheby’s. This exceptional contest marked the longest bidding session in the history of Sotheby’s Hong Kong – shattering the 75-minute landmark record set in 2020, also by the Classical Chinese Paintings department. The sale offered a timely and much-needed positive lift in a Chinese Art market where nine-figure results had grown scarce in the years since the pandemic.

Masterpieces of Asian Art from the Okada Museum of Art achieved two new auction records for Japanese art, alongside other notable results, underscoring the strength of the market for exemplary works by Edo-period masters.

Katsushika Hokusai’s Under the Wave off Kanagawa (Kanagawa-oki nami-ura), popularly known as The Great Wave, sold for HK$21.72 million (US$2.79 million) to a Japanese collector after more than 20 bids in an eight-minute bidding battle, surpassing the previous auction record for the print. An iconic image of global recognition, The Great Wave hails from Hokusai’s celebrated series Thirty-Six Views of Mount Fuji. While around 8,000 impressions were originally produced in the early 1830s, only approximately 130 are believed to survive today.

Standout results for works by Hokusai:

• A Summer Morning (Natsu no asa), sold for HK$20,505,000 (pre-sale estimate: HK$5,000,000)
• Night Attack at the Horikawa Residence (Horikawa Youchi zu), sold for HK$12,575,000 (pre-sale estimate: HK$1,500,000)
• Sudden Rain beneath the Summit (Sanka haku-u), also known as Black Fuji, sold HK$7,112,000 (pre-sale estimate: HK$2,000,000)
• Fine Wind, Clear Weather (Gaifu kaisei), also known as Red Fuji, sold for HK$5,715,000 (pre-sale estimate: HK$2,000,000)

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Kitagawa Utamaro’s monumental Fukagawa in Snow (Fukagawa no Yuki) achieved an extraordinary HK$55.27 million (US$7.1 million), setting a new auction record for the artist and establishing a new record as the most valuable ukiyo-e painting ever sold at auction. Long considered lost and unseen since the 1940s, the panoramic masterpiece remained missing for 70 years until its rediscovery by the Okada Museum of Art in 2014. After an intense eight-minute contest with more than 30 bids, a Japanese private collector snapped up the panoramic masterpiece.

Including Fukagawa in Snow, all three Utamaro works offered in the sale exceeded their pre-sale estimates by a significant margin.

• Standing geisha, sold for HK$8,255,000 (pre-sale estimate: HK$800,000)
• Three courtesans, sold for HK$762,000 (pre-sale estimate: HK$200,000)

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The outstanding performance of single-owner collections this year reaffirms the enduring importance of provenance in a category where discerning collectors look closely at chains of ownership: works once held by distinguished connoisseurs continue to stir excitement in the market and command exceptional interest.

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Sotheby’s Legacy in Asia: The Golden Age of Collecting

This year, Sotheby’s Hong Kong presented two major private collections of extraordinary calibre that has been rarely seen at auction in recent years.

Arguably the foremost collection of East Asian art, presenting world-class masterpieces from China, Japan and Korea, Masterpieces of Asian Art from the Okada Museum of Art achieved HK$688 million (US$88 million) across 125 lots. Nineteen works surpassed HK$10 million (US$1.2 million) and more than 70% exceeded their high estimates. The white-glove sale set two new auction records for Japanese art (see above) and delivered robust results for Goryeo and Joseon ceramics.

Comprising an encyclopaedic scope spanning from Neolithic pottery through to Qing imperial porcelain, Masterpieces of Chinese Ceramics from the Ise Collection presented 182 lots in a gargantuan auction event that achieved HK$359 million (US$46 million) with a sell-through rate of 99.5%, and attracted 229 bidders from 17 countries in competition. Assembled by Mr. Hikonobu Ise between the early 1990s and late 2010s, the Ise Collection is prized for its quality and widely regarded as one of the most significant collections of Chinese works of art in Japan. The auction was led by an exceptionally rare and important heirloom Southern Song Guan lobed dish, sold for HK$55.88 million (US$7.2 million) after a 13-minute bidding battle.

Notable results from Masterpieces of Chinese Ceramics from the Ise Collection:

• An exceedingly rare blue and white 'lily' palace bowl, Mark and period of Chenghua, sold for HK$35,145,000
• An extremely rare 'beishoku' guan vase, Southern Song dynasty, sold for HK$24,775,000
• An exceptional and very rare Cizhou sgraffiato 'peony' vase, meiping, Northern Song dynasty, sold for HK$19,895,000

Reflecting enduring demand for Chinese imperial works of art, the tightly curated 14-lot sale Imperial Connoisseurship: Treasures of Chinese Art from A Prestigious Collection also achieved a white-glove result, realising HK$118.7 million (US$15 million). The top lot – an exceptionally rare Qianlong copper-red and underglaze-blue ‘dragon’ tianqiuping – sold for HK$29.65 million (US$3.8 million).

Provenance remains equally central in the fields of painting and calligraphy as well. The Xiao Wan Liu Tang Collection of fan paintings and calligraphy has maintained white-glove status across all three auctions since October 2024, with each instalment significantly outperforming its pre-sale high estimate. To date, 363 lots have been offered from the esteemed collection, with an average of 76.6% of lots selling above high estimates, achieving a combined total of HK$182.32 million (US$23.46 million). The most recent October auction realised HK$39.37 million (US$5.06 million) against a high estimate of HK$12.42 million (US$1.56 million). Its top lot, Yun Shouping’s Landscape after Zhao Mengfu, soared to HK$11.6 million (US$1.49 million) – 77 times its low estimate.

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How Much Is Your Collection of Asian Art Worth?

Great art is said to speak for itself, and a review of standout lots across Sotheby’s global salerooms this year makes the message clear: demand for Chinese imperial wares remains unwavering, sustained by their rarity, refined craftsmanship and enduring cultural resonance. Discerning collectors maintain an ardent pursuit of the finest examples, especially those bearing imperial marks and distinguished provenance, ensuring that masterpieces of such quality consistently achieve exceptional results.

Competitive bidding for imperial wares of exemplary quality was seen throughout the year across every tier of bidding. In New York, an exquisite famille-rose tianquiping vase decorated with peonies, magnolia and peach blossoms from the reign of Yongzheng rose over six times above its low estimate to sell for US$2.61 million. Fervent bidding was also seen in our London salesroom last month for a Qing dynasty Yongzheng period blue and white yuhuchunping vase which soared ten times over its pre-sale estimate to fetch £622,300.

The packed saleroom for Masterpieces of Asian Art from the Okada Museum of Art saw heated bidding for multiple lots in the seven-figure tier. A Yuan dynasty blue and white ‘mandarin duck’ charger rose six times above its high estimate to HK$9.52 million (US$1.22 million), while a pair of lemon-yellow enamelled bowls bearing the reign mark of the Yongzheng Emperor fetched HK$6.1 million (US$783,153) – 10 times its HK$600,000 pre-sale low estimate. Other memorable moments include an extremely rare Qianlong doucai and famille-rose ‘lotus’ handled vase that sold for HK$12.57 million (US$1.61 million) after rival bidding quickly took it past its HK$3 million high estimate.

Notable results for imperial wares:

• A fine and superb celadon-glazed lotus-mouth bottle vase, Seal mark and period of Yongzheng, sold for HK$30,875,000 (4X pre-sale estimate)
• An extremely rare and superbly painted blue and white ‘dragon’ jar and cover, Yuan dynasty, sold for HK$28,435,000 (3X pre-sale estimate)
• An exceptionally rare and superbly painted blue and white ‘dragon and peony’ jar, Yuan dynasty, sold for HK$25,995,000 (6X pre-sale estimate)
• An exceptional and rare blue and white ‘peony’ ewer, Ming dynasty, Yongle period, sold for HK$16,845,000 (4X pre-sale estimate)

Early Chinese bronzes, Buddhist art and other works of art have consistently achieved strong results at auction, remaining highly coveted by collectors for their craftsmanship and historical significance. These works offer a tangible connection to China’s ancient civilisations, reflecting ritual practices, religious beliefs, and artistic innovation.

Hailing from the Okada Collection, the Ya Yi fanglei – a rare surviving relic from one of the most prominent clans in the late Shang dynasty – saw multiple bidders vying for the important artefact. Distinguished by its intricate design, imposing form, and a two-character clan pictogram identifying the influential Ya Yi clan, whose founder was both a diviner and military leader serving multiple Shang kings, the Ya Yi fanglei soared to 20 times its pre-sale estimate to sell for HK$38.8 million (US$4.98 million).

In London, a highlight of the year was a monumental archaic ding bronze vessel from the late Shang or early Western Zhou period once cherished by the Qianlong Emperor, which fetched £762,000. Representing the glory of ancient China, ding were ritual vessels created for food offerings.

In May, part two of Chinese Art through the Eye of Sakamoto Gorō featured a sizeable number of Shang dynasty and Warring States period bronze vessels, all of which surpassed pre-sale estimates many times over. The 27-lot white glove auction also included various examples of Tang dynasty wares and figures which saw competitive bidding such as this large painted pottery figures of a court lady, selling for 41 times its estimate.

Interest in Sui and Tang dynasty ceramics has been steadily rising in recent years. From the Sui period, collectors prize elegant white-glazed wares and early painted or carved stoneware, often crafted for ritual or funerary use. Tang dynasty sancai glazed ceramics – particularly horse and camel figurines, animal-shaped vessels, and brightly glazed tomb figures – are highly coveted for their vivid colours, intricate detail, and enduring historical significance, demonstrating a renewed appreciation for the artistic innovation and cultural richness of early imperial China.

While glass wares typically attract a more niche following, exceptional pieces can attract deep bidding. Among this year’s noteworthy results a very rare pair of blue glass zun-form vases bearing the mark of Qianlong that quintupled their high estimate, and an exquisite Edo-period Satsuma-kiriko cut-glass goblet, selling for 24 times its high estimate.

Notable results for bronze wares, Buddhist art and other works of art:

• A monumental gilt-bronze figure of Chaturbhuja Mahakala, Mark and Period of Xuande, sold for HK$25,995,000 (2.5X pre-sale estimate)
• A magnificent large gilt copper alloy figure of Shakyamuni Buddha, Central Tibet, 14th century, sold for US$2,978,000 (5X pre-sale estimate)
• An extremely rare sancai-glazed hawk-form ewer, Tang dynasty, 8th century, sold for HK$22,945,000 (23X pre-sale estimate)
• A very rare transparent-glazed ‘parrot’ cup, Sui – early Tang dynasty, sold for HK$18,187,000 (22X pre-sale estimate)