Sotheby's Hong Kong Modern and Contemporary Sale Sets Multiple Auction Records

Sotheby's Hong Kong recently concluded a Modern and Contemporary evening sale that achieved a white-glove result, meaning every lot found a buyer. The auction's standout piece was Joan Mitchell's painting 'La Grande Vallée VII,' which exceeded HK$100 million to become the highest-priced artwork sold in Asia during this season and the top lot of Hong Kong's spring auction week. A collector in their twenties was the underbidder for this work. Over a 36-hour period, three auction records were established: for artists Eugène Carrière, Kim Lim, and Ugo Rondinone. Additionally, Mark Rothko's 'No. 10' from his Multiform series sold for almost double its high estimate, setting a new benchmark for works in that series, with a bidder in their thirties as the underbidder. Asian modern masters performed strongly, with all offerings by Sanyu and Zao Wou-Ki being purchased across the sales. A piece by Wu Guanzhong attracted significant interest, receiving 32 bids from seven participants and selling for nearly three times its high estimate. The event underscores robust demand in the Asian art market, particularly for high-profile modern and contemporary works.