Hong Kong fall auctions net $255 million: Sotheby’s breaks the record for South Asian art

The Hong Kong fall auction series generated around $255 million in sales at Sotheby’s, Christie’s and Phillips — a significant rise compared with around $165 million in the spring season, as USA Art News reports.

One of the most notable moments was Sotheby’s inaugural auction in Asia dedicated entirely to a single artist — the one devoted to Foujita, with works from the collection of Joe Lewis. According to the reporting, 80 per cent of the lots exceeded their high estimate, a result that confirms the strong demand for this segment of the market.

Meanwhile in London, Sotheby’s set a new house record for South Asian art: the latest sale reached around $26 million, with nine artists setting personal records. The top lot was led by a landscape by S. H. Raza, which commanded almost $5 million — the highest figure of the evening.

These results come after a series of successful evenings in Hong Kong, where Sotheby’s, Christie’s and Phillips together reached $184.6 million in evening sales alone, according to Artnet News data cited by USA Art News.

The rise from $165 million to $255 million between the two seasons signals a clear revival of the Asian art market, with buyers returning in force to both Western names and Asian modern and contemporary art.