Sotheby's Hong Kong Auctions: Mixed Results for 50th Anniversary Sales
On October 5, 2023, Sotheby's Hong Kong celebrated its 50th anniversary in Asia with auctions that included porcelain, jewelry, art, and prehistoric items. The outcomes varied, achieving some record sales but ultimately falling short of expectations due to a market slowdown post-pandemic. A blue diamond ring weighing 11.28 carats fetched HKD 198,220,000, which was less than anticipated. Amedeo Modigliani's "Portrait of Paulette Jourdain" (1919) was the standout piece, selling for HKD 272,905,000, marking a record for Western modern art in Asia, though it was lower than its 2015 sale. René Magritte's "Le miroir universel" (1938-39) achieved HKD 77,575,000, setting a new record. The total for the collection was around €66 million, significantly below the projected $150 million. Upcoming auctions are scheduled in London and Paris.
Key facts
- Sotheby's Hong Kong auctions held on October 5, 2023, for its 50th anniversary in Asia.
- 11.28-carat blue diamond ring sold for HKD 198,220,000 (approx. €24 million), below low estimate.
- Modigliani's 'Portrait of Paulette Jourdain' sold for HKD 272,905,000 (approx. $35 million), a record for Western modern art in Asia.
- Magritte's 'Le miroir universel' sold for HKD 77,575,000 (approx. €9 million), a record for the artist in Asia.
- Hockney's 'A Picture of a Lion' remained unsold.
- Collection total for Liu Yiqian and Wang Wei was approx. €66 million ($69 million), below expected $150 million.
- 10 of 39 lots from the collection were unsold.
- Julie Mehretu's 'Untitled' set a record at HKD 72,979,000 (approx. €8 million).
Entities
Artists
- Amedeo Modigliani
- René Magritte
- David Hockney
- Kazuo Shiraga
- Nicolas Party
- Mark Bradford
- Gerhard Richter
- Julie Mehretu
- Diane Dal-Pra
- Lucy Bull
- Willem de Kooning
- Pablo Picasso
- Henry Moore
- Marc Chagall
- Zao Wou-Ki
Institutions
- Sotheby's
- Long Museum
- Artnet
Locations
- Hong Kong
- China
- Shanghai
- London
- Paris
- New York