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The Hong Kong Sales Achieves Two White Glove Single-Owner Auctions
Across jewellery and Chinese works of art, two sold-out auctions demonstrate a strong market demand for trusted provenance. Read on for the highlights of the week.
Y esterday concluded The Hong Kong Sales, which saw more than 2500 works of art and objects come under the hammer over eight days and white glove auctions realised for two single-owner collections. Marking the end of an era, it was the final season hosted at the Hong Kong Convention and Exhibition Centre before we move into our state-of-the-art Maison in July. At the new Hong Kong headquarters, the sale calendar will see marquee weeks spread across the year.
Chinese Works of Art Meet Record Breaking Surrealism in Asia | The Hong Kong Sales: In Review
Read on for highlights of The Hong Kong Sales at a glance.
A cross three days and six sales, Chinese Works of Art, Modern Chinese Paintings and Classical Chinese Paintings attracted collectors who filled the saleroom with fierce in-room bidding for the greatest treasures of Chinese art.
Indisputable proof that great provenance is held in high regard, three single-owner sales all garnered heavy interest and strong bidding. All three sales soared past pre-sale estimates, each achieving sell-through rates above 90% by value.
Standouts include the exceptionally rare Red Robe Avalokiteshvara, one of the most iconic and celebrated example of Zhang Daqian’s mural copy of figures from the Dunhuang caves. Offered in The Leshantang Collection (II) – Treasures of Chinese Art from the Tsai I-Ming Collection, the painting saw more than 30 bids placed, taking it past its HK$30,000,000 high estimate to fetch HK$77,575,000 (US$9,908,655). Another masterpiece by the artist became the most valuable lot in Hidden Treasures from the Liu Hankun Family Collection. The landscape painting Hermit in Verdant Forest, sold for HK$30,700,000 (US$3,921,311).
A collection of Chinese ceramics acquired from Edward T. Chow that has not appeared on the market in over half a century was also a much-anticipated highlight of the season. An Important European Collection of Chinese Ceramics - Acquired from Edward T. Chow realised HK$71,058,790 (US$9,076,339), achieving a white glove sale with nearly 90% of lots sold above high estimates. The 49 pieces offered charts the rise and fall of China’s dynasties from the Song to Qing dynasties and includes some of the rarest monochromes.
Among the top lots, a Song-dynasty or later guan-glazed octagonal bottle vase sparked a tense bidding battle before selling to a gentleman in the room for HK$20,415,000 (US$2,607,608), well surpassing its HK$12,000,000 high estimate. Other notable mentions include a Longquan celadon mallet vase which sold after more than 30 bids for HK$889,000 (US$113,552), more than quadrupling its high estimate, and a pair of extremely rare Yongzheng period ruby-pink and famille-rose ‘lychee’ cups which doubled low estimates to sell for HK$8,890,000 (US$1,135,520).
O n Thursday 4 April, a milestone was achieved when The PHILLIPS Family Collection from Japan became the first white glove live jewellery sale in Asia. The hammer came down on all 225 lots, with 60% exceeding pre-sale high estimates. The sale was intense bidding for many of its top lots, indicative of the global appeal for rare signed jewels, in particular, iconic demi-parures of the 1980s and 90s.
The most valuable piece in the sale was a Van Cleef & Arpels Diamond Necklace which saw more than 20 bids placed, nearly quadrupling its low estimate when it sold for HK$1,905,000 (US$243,421). Van Cleef & Arpels were also among other top performers including a colourful Turquiose, Coral and Diamond Demi-Parure which sold for more than 10 times its high estimate at HK$1,016,000 (US$129,824). Another set from the same jewellery house featuring a necklace and bangle set designed with Egyptian revival falcon motifs realised HK$762,000 (US$97,368), while an 18ct yellow gold necklace and earrings set with foliate motifs and pavé diamonds sold for HK$698,500 (US$89,219).
Top 10 Lots from The PHILLIPS Family Collection from Japan
Jewellery was not the only department with noteworthy results. Just earlier in the week, Wine & Spirits brought in stellar figures. A Remarkable Burgundy Cellar | Finest & Rarest Wines sold 90.8% of lots, achieving HK$32,104,375 (US$4,102,297). The most valuable lot was six bottles of the 1978 Domaine de la Romanée Conti Grand Cru which fetched HK$ 562,500 (US$71,876).
Spirits also fared well, achieving a combined HK$22,319,125 (US$2,852,161) across Finest and Rarest Spirits and Moutai Extravaganza | The Inaugural Live Sale. With 274 lots on offer, the dedicated sale for the highly sought-after baijiu sold an exceptional 93.1% by lot and 93.5% by value. The top lot was the Kweichow Moutai Aged 80 Years 2002, which doubled pre-sale low estimates to fetch HK$375,000 (US$47,921).
T his season Modern & Contemporary Art achieved a combined total of HK$834,456,100 (US$106,585,077). The marquee evening saw truly global bidding with participants hailing from 21 countries. While 94% of all works offered found new homes, six of the top 10 lots that night went to collectors in Asia.
The market titans of contemporary Japanese art once again saw strong demand. Across the evening and day auctions, nearly half of the top-selling lots were works by Yayoi Kusama, Yoshitomo Nara, and Takashi Murakami. The top lot of the season was Nara’s I Want to See the Bright Lights Tonight which sold for HK$95,959,000 (US$12,256,843).
Top 10 Lots from Modern & Contemporary Evening Auction
Asia
Hong Kong Sales & Exhibition 2024
