David Shapiro, AAA’s Post

This September, Christie’s inaugural auction at their new Hong Kong headquarters, The Henderson, concluded with a total Hammer Price of HKD 865 million, a 30% increase compared to last year. This notable growth was primarily attributed to the strong performance of two major lots: Van Gogh’s “Les canots amarrés,” which achieved HKD 215 million, and Monet’s “Nymphéas,” which realized HKD 200 million. Both lots were supported by third-party guarantees. Overall, irrevocable bids covered 67% of the total Hammer Price for the sale, the largest share since the opening of the sale in 2008. Christie’s strategic use of financial backing contributed significantly to the auction’s success by mitigating the risk attached to the sale of high-value lots and ensuring a robust result for this inaugural event. Source: Pi-eX MICRO Report - September Hong Kong 20th/21st Century Art Evening Sales Results at Christie's – 2007-2024 #AuctionMarket #ArtMarket #MarketTrends #PieXAnalysis #Christies #HongKong #China #modernart #contemporary

After months of revenue contraction at public auctions, September 2024 broke the trend with worldwide combined public auction revenue at the top three auction houses reaching $375m versus $346m in September 2023 (+8%). The bulk of this growth stems from a surge of revenue in China, while the US and UK continue to experience contraction. Christie’s inaugural sale at their new Hong Kong headquarters, The Henderson, played a pivotal role in boosting the overall September results. This mirrors the early scheduling impact seen in Sotheby’s Hong Kong Marquee sales of 2017 and 2018. Looking ahead, the key question is whether Christie’s can sustain this early success with additional Marquee sales in Hong Kong in November or if this is merely a shift in the auction calendar. Source: Pi-eX MACRO Monthly Report- Results at Top 3 Auction Houses Worldwide – September 2024 #AuctionMarket #ArtMarket #MarketTrends #PieXAnalysis #Christies #Sothebys #Phillips #HongKong #China

As the auction scene is evolving in Hong Kong, the new scheduling has brought mixed results. With all three major auction houses now operating their own offices in Hong Kong, the traditional scheduling is changing. Instead of concentrating sales primarily in October and November, the calendar has expanded to stretch from September through December. This extended timeline has created space for more auctions and an increased number of lots offered, reflecting the dynamic nature of the Hong Kong art market. However, the revenue outcomes at the end of November 2024 tell a nuanced story. While Christie's and Phillips have achieved modest revenue growth compared to last fall (respectively +5% and +2%), Sotheby’s, on the other hand, has experienced a sharp decline in revenue (-49%). Source: Pi-eX MESO Report: Fall Hong Kong Sales Results at Christie's, Sotheby’s, & Phillips: 2007-2024 #ArtMarket #HongKong #AuctionTrends #Christies #Sothebys #Phillips #MarketAnalysis #PublicAuction

How Christie's, Phillips and Sotheby's schedule their auctions in their main sales centers in New York, London, Paris and Hong Kong is changing. Christie's just announced they would move their next Hong Kong sales to September to be adjacent to Sotheby's (will Phillips stay in late November?) But that puts additional pressure on London which doesn't need 3 sales seasons. So the June Evening sales at Christie's have been demoted. Will Sotheby's keep their Evening sales in July even as they look at rebalancing their European facilities? What are your thoughts on the ever-changing global auction calendar? https://lnkd.in/eU3VNM72

Mark Rothko’s ‘Untitled (Yellow and Blue)’, sold by Sotheby’s in Hong Kong for USD 32.8 million, highlights the contrasting sentiments currently shaping the art market. On one hand, the sale marked the fourth-highest price ever achieved for a painting in Asia. On the other hand, it fell 30% short of its 2015 auction price. Does this suggest that the Asian art market is thriving or struggling? Can a single transaction truly reflect the market’s overall sentiment? At Partasio, we firmly believe that success in this market requires a bottom-up approach, where each artist and individual painting is analyzed in meticulous detail. #diversification #artinvesting #artinvestment #bluechipart

November is the most important month of the annual auction calendar. The action got started in Shanghai and Hong Kong where Christie’s and Sotheby’s staged their respective auctions. The auctions resulted in a rather disappointing sell-through rate of 83%. While these results might suggest a cooling market, they should be viewed cautiously, as the auctions in question were relatively minor within the broader annual context. Attention now turns to New York's highly anticipated auctions, widely regarded as the true barometer of the international auction market. Read our brief report for an overview of the Shanghai and Hong Kong auctions, including highlights of two standout pieces sold. #arteducation #diversification #artinvesting #artinvestment

“𝘞𝘦 𝘥𝘪𝘥𝘯’𝘵 𝘸𝘢𝘯𝘵 𝘵𝘰 𝘵𝘢𝘬𝘦 𝘢𝘯𝘺 𝘳𝘪𝘴𝘬𝘴—𝘦𝘷𝘦𝘳𝘺𝘵𝘩𝘪𝘯𝘨 𝘰𝘧 𝘩𝘪𝘨𝘩 𝘷𝘢𝘭𝘶𝘦 𝘪𝘴 𝘵𝘩𝘪𝘳𝘥-𝘱𝘢𝘳𝘵𝘺 𝘨𝘶𝘢𝘳𝘢𝘯𝘵𝘦𝘦𝘥. 𝘐 𝘸𝘢𝘯𝘵𝘦𝘥 𝘴𝘰𝘮𝘦𝘵𝘩𝘪𝘯𝘨 𝘴𝘢𝘧𝘦, 𝘧𝘳𝘦𝘴𝘩, 𝘢𝘯𝘥 𝘶𝘱𝘭𝘪𝘧𝘵𝘪𝘯𝘨—𝘪𝘵’𝘴 𝘣𝘦𝘦𝘯 𝘢 𝘥𝘪𝘧𝘧𝘪𝘤𝘶𝘭𝘵, 𝘴𝘵𝘳𝘢𝘯𝘨𝘦 𝘺𝘦𝘢𝘳 𝘧𝘰𝘳 𝘢𝘭𝘭 𝘰𝘧 𝘶𝘴.” 🎤 — Christian Albu, Christie’s Deputy Chairman and Head of Contemporary Art, Asia Behind the 🎀 ribbon-cutting at Christie’s new Hong Kong headquarters lay a sense of cautiousness. For their first major sale, the firm offered third-party guarantees on high-value lots (12 out of 46), reflecting the challenges sellers face in today’s uncertain auction market. ↪️With the auction market in a state of fluctuation, sellers are navigating a landscape shaped by economic uncertainties, shifting demand, and fluctuating appetites for risk. Whether it’s achieving strong sales prices or managing the complexities of the auction process, there’s a lot to consider. 🗣️ We want to hear from you: 𝗪𝗵𝗮𝘁’𝘀 𝘁𝗵𝗲 𝗯𝗶𝗴𝗴𝗲𝘀𝘁 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲 𝘆𝗼𝘂 𝗼𝗿 𝘆𝗼𝘂𝗿 𝗰𝗹𝗶𝗲𝗻𝘁𝘀 𝗳𝗮𝗰𝗲 𝘄𝗵𝗲𝗻 𝘀𝗲𝗹𝗹𝗶𝗻𝗴 𝗶𝘁𝗲𝗺𝘀 𝗮𝘁 𝗮𝘂𝗰𝘁𝗶𝗼𝗻? 𝗧𝗮𝗸𝗲 𝗼𝘂𝗿 𝗽𝗼𝗹𝗹!🗳️✅

Scheduled less than two weeks after the all-important New York auctions, the major auction houses staged their Hong Kong spring auctions over the last few days. Generating solid blue-chip contemporary paintings sales of USD 113 million, these auctions were significantly smaller than their New York counterparts. Nevertheless, they provided a good sense of the state of Asian buyers who have been challenged by the economic situation in Mainland China recently. Read our short report providing an overview of the Hong Kong auctions including some of our highlights. #diversification #arteducation #artinvesting #bluechipart

The recent Hong Kong auctions generated a solid 86% sell-through rate with sales exceeding pre-auction estimates by 5%. This is a marked improvement on the previous Asian auction week of last October and potentially a sign that the major insecurity of in particular Chinese buyers may already be behind us. 60% of sales were generated by Asian artists which may be an indication that auction houses wanted to go the “safe” route rather than risking disappointing performances by Western artists. #diversification #artinvesting #artinvestment #bluechipart

Market Insights: Sotheby's September 2024 Banksy Auction Recent analysis of Sotheby's latest Banksy auction in London reveals significant market developments: • 52% sell-through rate, substantially below expectations • Mid-range works (£10,000-£50,000) comprised 97.1% of total sales • Notable performance gap: "Laugh Now" achieved £49,587 against £60,000 estimate These results raise important questions about market dynamics and collector preferences in the current climate. Our comprehensive report examines: • Emerging trends in thematic preferences • Price point analysis across different categories • Implications for collectors and market stakeholders View the complete market report here (members only) https://lnkd.in/eTNS6nGa #ArtMarket #InvestmentAnalysis #ContemporaryArt #MarketTrends