Highest Ever Auction Total for Christie’s in Asia
Hong Kong Autumn Auctions achieved HK$3.8 billion / US$495 million in a phenomenal display of market strength
On 3 December, Christie’s Hong Kong concluded its 2021 Autumn Auction season, achieving a record-breaking auction total of HK$3.8 billion / US$495 million, the highest ever for Christie’s in Asia. The results significantly exceeded pre-pandemic levels, with a 42% increase in sale value since 2019. The sales saw a combined sell-through rate of 90% by lot and 92% by value, with an average hammer price of 123% of the low estimate. 35 world auction records were set across multiple categories.
20th and 21st Century Art witnessed the highest ever sale total for the category in Asia at Christie’s of HK$2 billion / US$259 million, driven by masterpieces by established and celebrated icons and the emergence of fast-rising younger artists, with 24 artist world auction records smashed.
Chinese Paintings and Works of Art both secured market leadership in Asia, with combined sale totals of HK$602 million / US$78 million, and HK$351 million / US$45 million respectively. The Chinese Paintings sales recorded sell-through rates of 81% by lot and 95% by value, while Works of Art achieved a 100% sold, white glove sale with The Chang Wei-Hwa Collection of Archaic Jades Part III - Spring and Autumn & Warring States Periods. Prominent private collections commanded fervent bidding and exceptional prices in both categories.
The Luxury cluster kicked off the auction season with a superb start, which witnessed 100% sell-through rates for both Wine sales and 80% of lots surpassing high estimates. Handbags realised a sale total of HK$54.6 million / US$7.03 million, pushing the combined annual sale total in Asia to HK$125 million / US$16 million, which is the highest annual sale total ever for the category for any auction house worldwide. A world auction record for the most expensive handbag ever auctioned was broken by a Hermès Himalaya Diamond Kelly 28. The Watches department retained market leadership in Asia for three consecutive years in offering the most valuable and sought-after timepieces, achieving a combined sale total of HK$228 million / US$29 million and 4 world auction records. Last but not least, the Jewellery department retained its market leadership in Asia, with a sale total of HK$498 million / US$64 million, and an 87% sell-through rate by lot and value, rounding out a spectacular auction season and reaffirming Christie’s Hong Kong as a leading destination and global hub for art and luxury collectors globally.
We are now inviting consignments to our 2022 auctions.
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