The CollectorHong Kong’s art auction market is even more opaque in the post-Covid-19 era, something needs to change
- Inhibitions about buying art sight unseen online are no longer an issue, it would seem
- Italian artist-cum-activist Paolo Cirio is highlighting the lack of transparency with his ‘Art Derivatives’ project
Patti Wong, chairman of Sotheby’s Asia, says 80 per cent of bids in the house’s May 23 “In Confidence” mixed-categories auction were made by those who saw the objects online, even though locals could go to the physical preview at Sotheby’s’ Hong Kong office.
Recently, commercial galleries have started to use Sotheby’s’ website to sell art, further blurring the line between primary and secondary markets.
Sotheby’s used to be a listed company whose public disclosures helped shed light on the complex financing arrangements within the industry. Now in private hands, its Hong Kong office offered 13 lots, including a Qing-dynasty celadon vase, a Zao Wou-Ki triptych and a cask of 1973 vintage whisky, under a new, experimental model.
Bidders submitted written absentee offers by a certain date. Next, Sotheby’s reviewed the offers and encouraged prices to go higher by giving those who have been outbid a chance to raise their offer before the deadline. This is all held behind closed doors, anonymously, and the final results undisclosed.