Christie’s, Phillips, and Sotheby’s Total $136M in Hong Kong Evening Sales Amid Cautious Market

Market Holds, But With Caution

Hong Kong’s major auction houses—Christie’s, Phillips, and Sotheby’s—wrapped up their autumn evening sales over the weekend with a combined total of $136.3 million. While the figure reflects stability, it also underscores a more cautious market climate, falling well short of last fall’s $208.6 million.

Christie’s: Picasso Steals the Show

Christie’s 20th/21st Century evening sale on Friday achieved $72.7 million across 38 lots—a 46% drop from last year’s debut sale at The Henderson but in line with March’s results.

The clear highlight was Pablo Picasso’s Buste de femme (1944), which soared to $25.3 million, nearly doubling its high estimate and setting a new auction record for the artist in Asia. Another Picasso, Nu assis appuyé sur des coussins (1964), also exceeded expectations at $4.14 million.

Pablo Picasso, *Buste de femme*, 1944.
Courtesy Christie’s

Other notable results included:

Salvo’s Mattino di primavera (2007), which tripled estimates at $650,000+.
Zeng Fanzhi’s Untitled 09-1-5 (2008), achieving $1.16 million.
Adrian Ghenie and David Hockney works, which went unsold.

Phillips: Nara Leads with Pinky

Phillips followed Saturday with a $20.6 million sale across 20 lots, a modest 6.5% decline from last year.

The top lot was Yoshitomo Nara’s Pinky (2000), which sold for $7.28 million, just above its high estimate.

Phillips Asia chairman and auctioneer Jonathan Crockett selling lot 11, Yoshitomo Nara’s *Pinky* at Phillips
modern and contemporary evening sale on Saturday.
Courtesy Phillips

Other highlights included:

Firenze Lai’s Basic Knot (2016), which more than doubled expectations at $61,000.
Miriam Cahn’s flüchtling (2002), selling for $166,000.
Javier Calleja’s Six Works (2017), offered without reserve, underperformed at $50,000.

Phillips also debuted a priority bidding system that reduced buyer’s premiums for advance bids, with 54% of lots sold via this method.

Sotheby’s: Nara Again Tops the Night

Sotheby’s closed the weekend with its evening sale on Sunday, totaling $43 million across 38 lots—down 17% from last fall but up from this spring.

The star again was Yoshitomo Nara, with Can’t Wait ’til the Night Comes fetching $10.3 million and Sprout the Ambassador beating estimates at $2.37 million.

A new record was set for Li Hei Di, whose There Was One Summer Returning Over and Over sold for $343,000, doubling its high estimate.

The Dorothy and Roy Lichtenstein Collection continued its strong run, with five works contributing $5.9 million, bringing its global total to $122.3 million.

Regional Dynamics

According to Sotheby’s Jasmine Prasetio, bidding was led by Greater China collectors, who acquired 7 of the top 10 lots, with strong additional participation from Southeast Asia.

FAQs

1. How much did Hong Kong’s three major houses total in sales?
They combined for $136.3 million across their evening sales.

2. Which house brought in the most?
Christie’s led with $72.7 million.

3. What was the top lot of the weekend?
Picasso’s Buste de femme (1944) at Christie’s, which sold for $25.3 million.

4. How did Phillips perform?
Its top lot was Nara’s Pinky (2000) at $7.28 million, with a total of $20.6 million.

5. Which artist led Sotheby’s?
Yoshitomo Nara, with Can’t Wait ’til the Night Comes selling for $10.3 million.

6. How did the results compare to last year?
Sales were down from $208.6 million in fall 2024, reflecting a more cautious market.

Conclusion

The autumn auctions in Hong Kong underscored a measured market: established names like Picasso and Nara drove sales, while speculative ultra-contemporary artists struggled.

While totals were lower year-over-year, strong regional participation and targeted pricing strategies kept results stable. As the market looks ahead to New York in November, Hong Kong has shown that buyers remain active—just more selective than before.