Auctions
By the Numbers: A Breakdown of Results From Christie’s Hong Kong’s Post-Millennium Evening Sale, November 2023
Let the numbers tell the story.
Let the numbers tell the story.
Vivienne Chow ShareShare This Article
Are A-list celebrities and young art market stars a potent combination? The answer is an obvious yes, if the soaring auction prices for emerging names over the past few years is any indication. But whether this formula will continue to see results as the market softens is an open question.
Tuesday’s Post-Millennium Evening Sale at Christie’s Hong Kong, organized this year in collaboration with Taiwanese mega pop star Jay Chou as part of the house’s marquee autumn auction week in Asia, might offer some insights.
Chou is no stranger to the art world. The award-winning singer-songwriter is known for his passion for collecting art. He has featured works from his collection, and artists he likes, in his music videos, and he first collaborated with an auction house in 2021, for a sale at Sotheby’s.
Having a celebrity’s name attached to an auction can help drive publicity, and draw the attention of a younger collecting crowd. But the results of Tuesday (November 28) evening’s sale suggests that this effect could be starting to wear off, even in Asia, where an obsession with celebrity culture is particularly prominent. The hammer total for the Chou sale came in below the presale low estimate, although the total including fees surpassed this threshold just slightly. And works by names that have been performing well at other auctions in Asia, such as Loie Hollowell, Dana Schutz, Jadé Fadojutimi, and Jia Aili, sold below their low estimates.
Nevertheless, the sale, which debuted at Christie’s Hong Kong in November 2022, and is dedicated to younger artists and recent works, brought some surprises. Chinese artist Qiu Xiaofei’s abstract painting Zero Gravity No. 4 (2016) hammered at HK$1.8 million ($225,685), tripling the low estimate, and bringing in HK$2.2 million ($282,581) including fees. Jin Xin’s pleasant canvas work White Cat (2021) achieved a hammer price of HK$1.6 million ($206,341), five times the low estimate, making HK$2 million ($258,360) with fees. Taiwanese artist Fan Yang-Tsung’s whimsical canvas work Swimming Pool Series–Sunny Season (2014) hammered for nearly four times the low estimate and achieved a sale price at HK$478,800 ($61,360) after fees.
Below, the story by the numbers…