Sotheby’s Hong Kong Spring Series - Modern & Contemporary Art Ahieve HK$1.56 Billion / US$198.8 Million

On the heels of the strong results for the Modern and Contemporary Evening sales on 27 April, the offerings from the Day Sales saw continued competition, with both auctions exceeding their high estimates. Across both days, collectors were quick to pursue a range of works by masters and rising stars from the East and the West. Please find a summary below:

OVERARCHING FACTS AND FIGURES:

● 90% sell-through rate across four sales

● Over 60% of lots sold exceed their high estimates

● 4 works achieve prices in excess of HK$100 million:
Pablo Picasso’s Dora Maar - HK$169.4m / US$21.6m, sold to a Japanese collector

Louise Bourgeois’ Spider IV: HK$129m / US$16.5m

Yoshitomo Nara’s Oddly Cozy - HK$112m / US$14.3m

Wu Guanzhong’s Plum Blossoms - HK$103.9m / US$13.2m

● Over 20 auction records (see full list below)

● Global participation from almost 40 countries, with strong activity from collectors in Hong Kong

● Almost 60% of bidders participated online

● Fresh to market works in demand, with approximately three quarters of the offerings having never before been offered at auction

● The three Evening Sales attracted over 3.4 million views across Sotheby’s digital and social platforms, with audiences also tuning in across an additional eight platforms in Asia

BREAKDOWN OF SALE TOTALS:

KEY TAKEAWAYS:

● Second highest price for Pablo Picasso in Asia (HK$169.4m / US$21.6m): Sotheby’s now holds four of the top five prices for the artist in the region

● Second Most Valuable Contemporary Art Sales Series Ever Staged at Sotheby’s Asia as Louise Bourgeois’ Spider IV became the most valuable sculpture ever offered in the region: the (almost) seven foot spider realised HK$129.2m / US$16.5m (est. HK$120-150m). The auction also marked the first of Bourgeois’ famous Spider series to come to auction in the region

● All five works from the collection of Sir Run Run Shaw sold: Banquet by Chen Yifei achieved HK$54.5m / US$7m, and a further four Southeast Asian paintings comprising works by Cheong Soo Pieng and Adrien Jean Le Mayeur de Merprès all sold above their high estimates for a combined total of HK$17.5m / US$2.2m. Overall, Southeast Asian art saw robust demand, with 96% of works sold, and 87% of the lots selling above their high estimates

● Sotheby’s continues to lead the market in Vietnamese art: 20 Vietnamese works sold for HK$69.9m / US$8.9m. Highlights included:

○ Le Thi Luu’s Two Children in Garden which soared to HK$6.3m / US$803,000 - eighteen times its estimate and the second highest auction record for the artist

○ Le Pho’s Figures in a Garden sold for a record HK$17.92m / US$2.3m - nine times its estimate and establishing the second highest price for a Vietnamese artwork. Sotheby’s now holds the top three prices for Vietnamese artworks

● Global demand for emerging artists: hot on the heels of the records set in last night’s Contemporary evening sale, collectors pursued today’s hottest stars in the day sale once more, including:

○ Jordi Ribes’ Untitled realised a record-breaking HK$1.4m / US$140,195 - more than 9 times its estimate (est. HK$150,000-250,000)

○ En Iwamura’s Neo-Jomon: Dreaming Girl sold for HK$630,000 / US$63,725 (est. HK$200,000-400,000), over 3 times its estimate, setting an auction record for the artist

○ See below for a full list of records

● Increasing appetite for digital art: both the Contemporary Evening and Day sales included a number of digital artworks on which crypto payment was accepted. Key results include:

○ Two works by Jia Aili - in collaboration with Raoul Marks and David Ariew respectively - both of which outperformed top estimate: Valley, Line & Time and The Road Ahead

○ Robert Alice’s Block 34 (51.895167° N, 1.4805° E) achieved a record HK$5m / US$642,348 (est. 4-6 million / US$515,000-770,000) from his ‘Portraits of a Mind’ series

RECORD RESULTS: