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Hong Kong’s subdued spring auction sales: too few good lots or too many auction houses?

With most auctioneers reporting results that were flat or below last year’s, some observers point to problems Chinese buyers had accessing funds, but others cite rising competition and unappealing art

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Zao Wou-ki’s 29.09.64 (1964) sold for HK$152.9 million (including fees) at a May 27 Christie’s sale during the spring auctions. Photo: Zao Wou-ki

China’s ultra-rich are still buying luxury homes in Hong Kong and the Hang Seng index is up 16 per cent so far this year. So why is the local auctions market so subdued?

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The second round of spring auctions was held over the last week of May and almost all the major auction houses reported flat or lower results compared with last year’s – just as Sotheby’s and Poly Auction reported lacklustre sales in April when they had their spring sales.
Gerhard Richter’s Abstraktes Bild (687-2) (1989) fetched HK$33 million, but its hammer price of HK$28 million was well below the lowest pre-sale estimate of HK$32 million. Photo: Christie’s
Gerhard Richter’s Abstraktes Bild (687-2) (1989) fetched HK$33 million, but its hammer price of HK$28 million was well below the lowest pre-sale estimate of HK$32 million. Photo: Christie’s

There were, as in April, a number of star lots that fetched record prices, which only served to deepen the mystery. After all, they clearly showed that the money was there.

On May 27, Christie’s sold Zao Wou-ki’s 29.09.64 (1964) for HK$152.9 million at the evening sale of 20th century and contemporary art. The selling price quoted includes fees, as are all the figures below unless specified. The sum was several times more than the top estimate and a new auctions record for the artist.

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A celadon-glazed “double dragon” amphora from the Qing dynasty reign of Emperor Yongzheng became the most expensive monochrome Chinese porcelain piece sold at auctions when it went for HK$140.5 million. Photo: Christie’s
A celadon-glazed “double dragon” amphora from the Qing dynasty reign of Emperor Yongzheng became the most expensive monochrome Chinese porcelain piece sold at auctions when it went for HK$140.5 million. Photo: Christie’s
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