Sotheby’s Asia Contemporary Art Sales Set Record in 2019 - Barron's

Yoshitomo Nara's Knife Behind Back, 2000, fetched HK$196 million at Sotheby's Hong Kong evening sale of contemporary art in October, setting a new world record for the artist. Courtesy of Sotheby's

Sotheby’s annual sales of contemporary art in Hong Kong reached a record high this year, driven by younger Asian collectors’ increased appetite for this collecting category.

In 2019, Sotheby’s annual sales in the contemporary art category achieved a total of HK$1.63 billion (US$208 million), the highest in its 46-year history in Asia, according to the auction house’s report released Thursday.

The figure was 8.7% higher than last year, and doubled those of 2016. The strong result also came against the backdrop of weak economic conditions and social unrest in Hong Kong throughout the year.

Sales of Western contemporary art at Sotheby’s Asia realized HK$701 million in 2019, led by The KAWS Album, created in 2005 by the 45-year-old American artist Brian Donnelly, known professionally as KAWS. It fetched HK$116 million. in April, more than 19 times the presale low estimate and setting a record for the artist.

The KAWS Album 2005 sold for HK$116 million at Sotheby's Hong Kong in April. Courtesy of Sotheby's

A painting by Ethiopian-born American artist Julie Mehretu, Back Ground (Deep Light), 2006, sold for HK$44.2 million during the same evening auction on April 1. The price was an auction record for the 49-year-old female artist. This was also her auction debut in Asia.

Western contemporary art is becoming more appealing to Asian collectors. From 2016 to 2018, the Hong Kong auction market saw a four-fold increase in demand for Western contemporary artists, with sales increasing from US$14.6 million to US$63.4 million, according to ArtTactic, a London-based art market research firm.

At Sotheby’s, sales of Western contemporary art in Hong Kong have registered a 76.4% compound annual growth rate from 2016 to 2019.

Asian collectors tend to be much younger than the global demographic. According to Sotheby’s, 40% of its bidders in Hong Kong in 2019 were under 45.

Sotheby’s has a dominant position in the contemporary art auction market in Asia. Its market share in 2019 was 54.3%, compared to 32.7% for Christie’s and 13% for Phillips, according to the report. 

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Sotheby’s Asia Contemporary Art Sales Set Record in 2019 - Barron's
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