How Picasso and Nara are driving Hong Kong’s live art auctions to record highs
A shift in 2025 saw collectors driving demand for rare, high-quality pieces while millennials and Gen Z bidders helped broaden participation
Hong Kong’s art auctions in 2025 saw a shift to quality and selectivity, with Picasso and Nara works leading high-profile sales.
Hong Kong’s live auction market opened 2025 with a striking sense of momentum, defined by breadth, competition and a confident interplay between modern, contemporary and classical Chinese art. By autumn, however, that early exuberance had evolved into something more deliberate. A maturing market – buoyed by regional optimism yet sharpened by global realities – shifted into recalibration, where selectivity tightened, quality rose to the fore and curation became a strategic art form in its own right.
“We saw steady, positive momentum in early 2025,” says Marcello Kwan, head of modern and contemporary art at Bonhams. “It’s a discerning market – collectors knew exactly what they want. They were focused and selective, pursuing works that are rare, distinctive and impeccably sourced. When a work is truly rare and significant, the market responds.”
After a period of regional correction, buyers grew more discriminating and consignors more deliberate, producing an autumn season defined by museum‑grade lots, high‑profile single‑owner collections and a renewed, if cautious, international appetite. Intensity and provenance became the currency of value, and Hong Kong’s role as a crossroads for Western blue‑chip moderns and Asian contemporary masters was reaffirmed.
“In a more measured market, we have remained focused and adaptable – curating thoughtful sales and delivering solid results for our clients,” says Meiling Lee, head of modern and contemporary art, Asia, at Phillips. Innovation helped: Phillips introduced Priority Bidding, which offered lower premiums for early participation, and achieved a 100 per cent sell-through rate for its September 2025 sale.