As the global art world turns its gaze toward the upcoming marquee sales in London, Paris, and New York, Hong Kong has firmly established the tone for the autumn season. The recent series of auctions at Christie’s and Sotheby’s showcased a market characterized not by the singular, headline-grabbing "trophy" lot, but by a remarkable depth and consistency in demand. This trend, which builds upon the positive momentum observed over the past 18 months, underscores a maturing collector base in Asia that is increasingly focused on high-quality, bankable works across diverse genres.
The combined evening sale turnover of the two auction giants has demonstrated a steady, upward trajectory since the spring of 2025. Currently, this figure sits 62.5 percent above the lows seen in that period, reflecting a sustained recovery and growing investor confidence. While the combined presale estimate for this autumn’s evening sales—ranging between HK$1.05 billion and HK$1.60 billion ($133.6 million to $204.6 million)—was ambitious, the realized turnover, while trailing slightly behind the $185.8 million achieved in autumn 2024, remains a robust indicator of market health. When accounting for the full week of trading, including the day sales, the two houses realized a total of HK$1.91 billion ($243.7 million).
Perhaps the most telling aspect of this season is that, unlike the previous three seasons which were dominated by singular lots fetching upwards of $10 million, this week’s success was driven by a broad spectrum of demand. While Jean-Michel Basquiat’s Ancient Scientist (1984) served as the season’s anchor, selling for HK$77.0 million ($9.8 million) at Christie’s, the market’s resilience was proven by the steady absorption of works across various price points. This depth allowed for several notable records, signaling that collectors are diversifying their interests beyond the most obvious blue-chip names.
A Milestone for Vũ Cao Đàm at Sotheby’s
Sotheby’s commenced the marquee week at the Sotheby’s Maison on September 28, 2026, hosting two significant evening auctions. The Modern & Contemporary Evening Auction was a clear standout, realizing HK$671.3 million ($85.6 million), a result that nearly doubled the equivalent sale from the previous year. This was further bolstered by "The Foujita Lexicon: Works from the Lewis Collection," which marked the house’s first single-artist auction in Asia and contributed an additional HK$67.2 million ($8.6 million) to the house’s weekly total.
The evening sale was led by Yoshitomo Nara’s Present (1994), which fetched HK$71.7 million ($9.1 million), comfortably exceeding its high estimate. The painting, created during Nara’s influential residency in Germany, had been a focal point of the recent "PSYCHO: Identity Alienation Shadow Duality" exhibition at the Maison, which attracted nearly 85,000 visitors in just under two weeks. Meanwhile, the market for Yayoi Kusama, being tested for the first time since the artist’s passing in August, showed no signs of cooling. Four of her works appeared in the evening sales, all of which met with steady, reliable demand. Her Pumpkin (TWPOT) (2010) achieved HK$60.7 million ($7.7 million), while Infinity-Nets (LHLUJ) (2017) surpassed its high estimate to realize HK$15.4 million ($2.0 million).
However, the most historic moment of the week occurred when Vũ Cao Đàm’s Conversation d’élégantes au jardin (Conversation of Elegant Ladies in the Garden) (1939) went under the hammer. The work, a delicate ink and gouache on silk, triggered a spirited bidding war, ultimately drawing 14 bids and realizing HK$29.0 million ($3.7 million)—well above its high estimate of HK$19.6 million. This result shattered the previous auction record for a Vietnamese work, which had stood at HK$24.4 million for Mai Trung Thu’s Portrait de Mademoiselle Phuong since 2021. Vũ Cao Đàm, who moved to Paris on a scholarship in 1931 and became celebrated for his idealized depictions of Vietnam, saw his market value surge significantly; the piece had last sold in 2008 for approximately $262,900.
The record-setting pace continued throughout the Sotheby’s series. Pierre-Auguste Renoir’s Paysage avec figures (1890–1893) realized HK$52.1 million ($6.6 million), more than doubling its high estimate and setting a new auction record for the artist in Asia. Furthermore, the ultracontemporary sector saw significant movement as Li Hei Di’s 2023 canvas attracted 18 bids, selling for HK$3.3 million ($424,200)—nearly triple its high estimate. Additional records were set for artists including Hu Xiaoyuan, Tran Luu Hau, and Park Seo-bo. By the conclusion of its four-sale series, Sotheby’s had reached a total of HK$956.0 million ($121.8 million), with an impressive 91 percent sell-through rate.
Christie’s Achieves a White-Glove Success
Following the momentum established by Sotheby’s, Christie’s held its 20th/21st Century Evening Sale at The Henderson on September 29. The sale was a resounding success, achieving a "white-glove" status with all 49 lots finding buyers. The auction realized HK$722.3 million ($92.1 million), placing it in the upper half of its presale estimate and marking a 28 percent increase over the equivalent sale from the previous year.
The top lot of the evening was, as expected, Jean-Michel Basquiat’s Ancient Scientist. Hammered down by Christie’s President of Asia Pacific, Rahul Kadakia, the painting realized HK$76,975,000 ($9.8 million), sitting firmly within its estimate. The work, which features a haunting, skull-like head, is a testament to Basquiat’s lifelong obsession with anatomy—a fascination that began in his youth with a copy of Gray’s Anatomy. Its sale history reflects the shifting tides of the art market; it sold for $1.6 million in 2005 and HK$58.3 million in 2020, demonstrating a consistent appreciation in value.
The second-highest result was achieved by Zao Wou-Ki’s Voie lactée – 09.11.56 (1956), which sold for HK$58.9 million ($7.5 million). This painting captures a pivotal moment in Zao’s career as he transitioned toward abstraction by integrating signs and structures derived from ancient oracle-bone script. Kusama also featured prominently here, with A-Pumpkin (YHP) (2011) realizing HK$58.2 million ($7.4 million).
Significantly, three of the evening’s four auction records were claimed by European modern masters, highlighting the continued appeal of Western art in the Asian market. Paul Cézanne’s intimate still life L’Assiette bleue (1879–1880) fetched HK$40.6 million ($5.2 million), comfortably exceeding its estimate. Henri Matisse’s Jeune femme au canapé (1944) reached HK$38.1 million ($4.9 million), and Salvador Dalí’s Ensorcellement – Les sept arts (1957) sold for HK$17.3 million ($2.2 million). Including the day sales held on September 29 and 30, Christie’s total for the 20th/21st Century series reached HK$956.5 million ($121.9 million), a 17 percent increase over the same series in the previous year.
As the Hong Kong marquee week concludes, the industry is left with a clear impression of a market that is fundamentally stable and remarkably deep. While the lack of a singular, record-breaking masterpiece might appear to some as a cooling off, the data suggests otherwise: collectors are engaging more broadly, bidding with confidence, and paying premiums for works of historical and artistic merit. The focus now shifts to London, where the October 14 and 15 sales will provide the next crucial benchmark. With major offerings such as the Peter Simon collection at Christie’s and a significant Piet Mondrian estimated at £20 to 30 million ($26.5 to 39.7 million), the international art market remains poised for continued, albeit measured, growth.
