Phillips’ Hong Kong Fall Auctions achieved strong results, with new records for multiple artists.
On 26 November 2017, Phillips’ Evening Sale of 20th Century and Contemporary Art and Design in Hong Kong realised USD41 million or HKUSD119,840,000.
Setting new auction records for a number of artists, last Saturday’s evening sale at Phillips in Hong Kong saw activity from all over the world, with bidders from 34 countries, and sales at 90% percent by lot and 72 percent by value. The evening sale saw records set for George Condo, Henry Moore, Wolfgang Tillmans and Georg Baselitz at auction in Asia.
Jonathan Crockett, Head of 20th Century and Contemporary Art & Deputy Chairman for Phillips Asia, said:
The strong results of tonight’s sale demonstrate the success of our pioneering and innovative strategy of offering the very best works by international artists at auction in Asia, with 80% of the top ten lots selling to Asian buyers.
A sale highlight was George Condo’s Girl with a Blue Dress, which set a new auction record in Asia. The work was bought by a private Asian collector for HKUSD12,100,000. Another important first for the auction, the sale marked the first time that a digital work by the artist collective teamLab was offered at auction.
Online bidding was extremely active throughout the auction with 15 percent of the lots going to mobile and online bidders, showcasing the strength of Phillips‘ market-leading digital platform.
Crockett also commented on the breadth of the market that the auction showed, with artists including emerging Shara Hughes, Roy Lichtenstein, the forefather of Pop Art, as well as works by Léonard-Tsuguharu Foujita, significantly exceeding their estimates.
Outstanding results were also achieved for works of design, with the majority of lots soaring above their high estimates, including a pair of armchairs by Finn Juhl, which established a world auction record for the model no. FJ45.
- Phillips’ first 20th Century and Contemporary Art and Design sale in Asia – round-up – November 2016 – Phillips successfully closes first Asia sale of art and design in Asia with new records
- Record sales set at Sotheby’s Hong Kong Asian Art Autumn Auctions – round-up – October 2016 – Sotheby’s Autumn Sales demonstrate a continued interest in modern and contemporary Asian art
- ArtTactic Global Art Market Outlook 2016 – China, India and Southeast Asia – February 2016 – positive-to-neutral market conditions forecasted for India and Southeast Asia in 2016, while outlook for China is uncertain
- French auction house Artcurial breaks records in debut Hong Kong sale – October 2015 – French auction house Artcurial affirms leadership position with record-breaking sales of comics in inaugural Hong Kong auction
- Slump continues in global market for Chinese art while Hong Kong holds strong – artnet report – September 2015 – Art Radar analyses the highlights from artnet’s Global Chinese Art Auction Market Report 2014
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