Sotheby's Hong Kong Contemporary Art AuctionBreaking multiple artist auction records and setting a new benchmark!

The evening auction achieved a total sales volume of HK$297,519,500, with a sell-through rate of 95%.

The daytime auction achieved a total sales volume of HK$68,986,400, with a sell-through rate of 93%.

Bidding was fierce in Asia, driven by continued strong demand from Greater China.

Southeast Asian collectors' participation has increased compared to previous seasons!

Marc Chagall, Günther Förg, and Henry Moore set new auction records for artists in Asia.

Marc Chagall's "Vase of Springtime" sold for HK$34,535,000, exceeding its high estimate and becoming the highest-priced lot of the evening auction!

Sotheby's Modern and Contemporary Art Evening Sale

The lead lot was Marc Chagall's "Vase of Springtime Splendor," setting a new auction record for the artist in Asia.

Sotheby's Hong Kong held a series of exciting evening auctions at its flagship gallery on the evening of March 29th, achieving a total of HK$297,519,500 and a sell-through rate of 95%. Bidding was fierce in Asia that evening, with continued strong demand from Greater China. For example, three of the top five lots were won by collectors from mainland China. Demand from Southeast Asia was also active, with a significant increase in participation from Southeast Asian collectors compared to previous seasons. Driven by the active participation of collectors across Asia, the average number of bidders per lot increased significantly compared to the previous season.

In addition, the highly anticipated lead lot of the evening, Marc Chagall's "Vase of Springtime," was sold to a buyer represented by Hua Zhen, Vice Chairman of Sotheby's Asia and Chairman of Sotheby's China, after fierce bidding. "Vase of Springtime" sold for HK$34,535,000, exceeding its initial high estimate of HK$28 million, becoming the highest-priced lot of the sale and setting a new auction record for the artist in Asia.

Marc Chagall, *Springtime in a Vase*, 1930

Transaction price: HK$34,535,000

Evening Auction

The evening's auction also broke records for Li Heidi, one of the youngest internationally represented artists in recent years, whose work "A Fire of Love on Dead Ice" sold for HK$1,397,000, more than double its high estimate. Additionally, Ji Xinchuang's "Dawn" set a new auction record at HK$2,540,000, exceeding its high estimate of HK$1.5 million. Other Asian artists setting new records included Günther Förg and Henry Moore, whose works "Untitled" and "Reclining Figure: Support" fetched HK$8,890,000 and HK$20,505,000 respectively.

Auction data and fiercely contested lots

Total transaction amount: HK$297,519,500, reaching the pre-sale estimate range (estimate: HK$223 million - HK$359.7 million).

Transaction rate: 95%

Active bidding:

- Pierre-Auguste Renoir: HK$23,555,000 (18 bids)

- Christine Ay Tjoe: HK$5,715,000 (12 bids)

- Li Heidi: HK$1,397,000 (20 bids)

Of the top five lots, three were acquired by collectors from mainland China.

- Participation from Southeast Asian collectors has increased compared to previous seasons, especially in bidding for works by artists outside of Southeast Asia.

- The average number of bidders per lot increased compared to the previous quarter.

Breaking two auction records for artists: Li Heidi and Ji Xin

During Hong Kong Art Month, Sotheby's flagship gallery welcomed nearly 35,000 visitors in the past two weeks (eight times the number of visitors in the previous season).

"Corpus – Body, Object, Three Thousand Years" is a museum-quality sculpture exhibition showcasing works spanning ancient and modern times, and is extremely popular.

Artist auction records

Marc Chagall sets a new auction record for an artist in Asia:

"A Vase Holding Springtime Splendor" sold for HK$34,535,000, exceeding its high estimate (estimated at HK$22-28 million).

Li Heidi breaks artist auction record:

"A Fire of Love Rises on Dead Ice" sold for HK$1,397,000, more than double its high estimate (estimate: HK$300,000-500,000).

Ji Xin sets a new auction record for artists:

"Dawn" sold for HK$2,540,000, exceeding its highest estimate (estimate: HK$800,000-1,500,000).

Artist achieves highest auction price in Asia:

Günther Förg's Untitled painting sold for HK$8,890,000 (estimate: HK$5-10 million), acquired by a collector from Southeast Asia.

Artist achieves highest auction price in Asia:

Henry Moore's "Reclining Figure: Support" sold for HK$20,505,000 (estimated at HK$16-24 million).

Strong demand for works by Western artists

The auction coincided with major exhibitions of Western modern art masters being held at major museums in Hong Kong, such as the Picasso exhibition at M+ and the Cézanne and Renoir exhibition at the Hong Kong Museum of Art.

Pablo Picasso's *The Mirror*This was the first time Sotheby's Asia had presented the artist's sand and oil on canvas works, which sold for HK$18,675,000 (estimate: HK$15-25 million).

Pierre-Auguste Renoir's "Seated Bather," one of the very few nude portraits he created in the 1880s.Sold for HK$23,555,000 (estimated value: HK$14-22 million)

Nicolas Party's *The Cave*It sold for HK$15,015,000, exceeding the estimated value (estimated value: HK$10 million - HK$15 million).

Georg Baselitz's masterpiece, "The Triangle Between the Arms and Torso".Sold for HK$11,355,000 (estimated value: HK$9-15 million)

Works by Marc Chagall and Henry Moore (as shown above)

Chinese contemporary artists are showing strong performance.

Zeng Fanzhi's first work to appear at auction: "Mask Series 1995 No. 12"Created during a pivotal period in his artistic career, it sold for HK$10,867,000 (estimate: HK$8-15 million).

Zhang Xiaogang's "Bloodline: The Big Family"Sold for HK$5,588,000 (estimated value: HK$3.5-5 million)

Ding Yi, "Ten Instructions (1993-3)"Sold for HK$1,905,000 (estimated value: HK$1.2-2.2 million)

Li Heidi and Ji Xin set auction records for artists - as above

Southeast Asian artists, 100% sold.

Many works sold for several times their estimated price.

Mai Trung Thu, *The Joys of Life I*The transaction price was HK$6,985,000 (estimated value: HK$3-5 million), while"play music"It sold for HK$10,135,000 (estimated at HK$3.5 million-5.5 million), nearly double the high estimate.

Christine Aiju, *Cold 01*This painting marks a stylistic shift, signifying her transition from the vibrant colors of her early works to softer tones. It also achieved a price exceeding its high estimate, selling for HK$5,715,000 (estimate: HK$2-4 million).

Affandi's "Skiing"It sold for HK$3,429,000, exceeding the estimated price (estimated price: HK$1.5-2.5 million).

Srihadi Soedarsono, *Golden Harvest and the Melas Parade*Sold for HK$1,016,000 (estimated value: HK$800,000-1,500,000)

Daytime Auction

The contemporary art day sale held on March 30 also continued its strong performance, with a total sales volume of HK$68,986,400 and a sell-through rate of 93%, of which 47% of the lots sold above their high estimates.

Data Overview

Pierre-Auguste Renoir, *Sea Bream and Scorpion*The highest-priced lot of the auction sold for HK$3,810,000, more than double its high estimate (estimate: HK$700,000-1,500,000) after 24 bids.

Camille Claudel sets a new auction record for an artist in Asia: "Contemplation or Intimacy"It sold for HK$3,048,000, exceeding its high valuation (estimated value: HK$1.5-2.5 million).

Tetsuya Ishida:Sold for HK$3,810,000 - 22 bids

Senjubo:Sold for HK$2,540,000 - 10 bids

Yayoi Kusama:Sold for HK$1,905,000 - 11 bids

Tamara de Lempicka:Sold for HK$762,000 - 10 bids

Chinese contemporary artists continued their strong performance in daytime auctions.

Liu Ye's "The Girl and Mondrian"It sold for HK$2,032,000 (estimated at HK$700,000-1,000,000), double the high estimate.

Liu Xiaodong's "Relaxing in Water":Sold for HK$1,778,000 (estimated value: HK$1.2-1.8 million)

Zeng Fanzhi, "Class 1, Grade 3, No. 14":Sold for HK$1,206,500 (estimated value: HK$800,000-1,100,000)

Zhang Yingnan's "The Depths of Light":Sold for HK$381,000 (estimated price: HK$240,000-320,000)

Demand for works by Southeast Asian artists remains high.

Fernando Zóbel, *The Tree (Homage to Machado)*:Sold for HK$3,175,000 (estimated value: HK$1-2 million)

100% of works by Vietnamese artists sold for prices exceeding their high estimates:

-Vu Cao Dam's "Hydrangea":"The Divine Elegance" sold for HK$1,397,000 (estimated at HK$600,000-900,000), "The Family" sold for HK$1,524,000 (estimated at HK$580,000-880,000), and "The Family" sold for HK$1,016,000 (estimated at HK$350,000-550,000).

-Two works by Le Pho were sold at auction: "Flowers""Red Lily" sold for HK$1,524,000 (estimated at HK$550,000-1,100,000), while "Red Lily" sold for HK$1,270,000 (estimated at HK$600,000-1,000,000).

-Le Thi Luu, Untitled:Sold for HK$2,921,000 (estimated value: HK$600,000-900,000)

Two works by Alix Aymé sold above their high estimates: "Sarajevo Port"Sold for HK$508,000 (estimated price: HK$240,000-320,000).The AnnunciationSold for HK$190,500 (estimated value: HK$80,000-150,000)

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