Hong Kong Modern & Contemporary Art Auctions Analysis: 2016-2019
- Analyst: Lindsay Dewar
- Pages: 28
- Access: Analyst Pro
Could this be a record year for Hong Kong modern and contemporary art sales? We have seen strong tailwinds in Hong Kong’s modern and contemporary evening sales at Christie’s, Sotheby’s and Phillips over the last 3 years, with auction sales up 72.6%. The first half of this year has also been promising, with sales 5.5% higher than the same period last year.
Chinese artists dominate the evening sales: Chinese artists (including artists that were born in China, but later moved to another country) accounted for 66% of sales value so far in 2019, up from 63% in the first half of 2018. This is higher than the reading in first half of 2017, where Chinese artists represented 45.1%. Other Asian artists were responsible for 18% of the sales in 2019, followed by 17% of international artists.
Fast-growing demand for international (Western) artists: Since 2016, the Hong Kong market has seen a four-fold increase in demand for international (non-Asian) artists, with sales value increasing from $14.6 million in 2016 to $63.4 million in 2018. The first half of 2019 reached a new peak of $43.5 million, with a record 54 international lots on offer. Is this the proof that Asian buyers are increasingly gravitating towards the international art market?
This new ArtTactic report provides a unique insight into modern and contemporary artworks sold at evening auctions in Hong Kong at Sotheby’s, Christie’s and Phillips from 2016 to May 2019. Over 1,200 lots and around 280 artists were analysed, across modern and contemporary evening sales. This report provides a new and unique insight into the auction market for modern and contemporary art by Chinese, Asian and International artists in Hong Kong. The report includes analytical tools looking at annual trends in this period by Auction Houses as well as gender and nationality of the individual artists.
ArtTactic also offer bespoke reports on the Hong Kong auction market. For further information please contact us on info@arttactic.com.