Jean-Michel Basquiat, Sabado por la Noche (Saturday Night), 1984. acrylic, silkscreen, oil stick, and paper collage on canvas. Photo: Christie’s
Hong Kong’s spring auction season unfolded alongside Art Basel Hong Kong for the first time this March, with Christie’s and Sotheby’s staging their marquee evening sales on the 28th and 29th as part of a carefully staged attempt to reignite momentum in the regional market. The two leading auction houses aligned their sales with the fair’s calendar, aiming to attract the wave of collectors and institutional figures in town for the broader festivities. While the strategy succeeded in generating foot traffic – Sotheby’s reported 35,000 visitors to its pre-sale exhibition, while Christie’s welcomed 7,000 – the muted sale results indicate a price-sensitive environment that has not overcome a prevailing attitude of caution. The two sales brought in a combined total of $110.2 million, the lowest figure for spring evening auctions in Hong Kong since 2016 when they combined for $136 million.
Despite strong sell-through rates which exceeded 95% at both houses, bidding rarely pushed above the low estimate range. Mainland Chinese collectors accounted for a significant share of acquisitions at both houses, but the absence of aggressive top-tier buying proved symptomatic of an underlying bearish market structure. The confidence that was displayed tended to cluster around beacons of stability like Jean-Michel Basquiat, Marc Chagall, Pierre-Auguste Renoir and René Magritte.
Basquiat sets 2025 High-Water Mark at Christie’s
Auctioneer Adrien Meyer selling Jean-Michel Basquiat’s Sabado por la Noche during Christie’s 20th/21st Century Evening Sale in Hong Kong on March 28th, 2025.
Christie’s led the week with its 20th/21st Century Evening Sale, held at its new Asia-Pacific headquarters in The Henderson skyscraper which is located in the central district of Hong Kong. The sale brought in HK$559.96 million ($71.99 million) including fees, with 39 of 41 works sold. Two lots, including a Yayoi Kusama sculpture, were withdrawn. The results landed within the expected range of $56.88 million to $82.14 million, but the hammer total came in only six percent above the sale’s low estimate.
Jean-Michel Basquiat’s Sabado por la Noche, 1984, highlighted the auction, selling for HK$112.6 million (US$14.5 million) to an Asian collector. The work was last sold at Christie’s London in 2019 for £8.37 million ($10.61 million) and returned a modest gain in line with the mood of the evening – meeting but not exceeding its HK$95-125 million ($12.2-$16 million) estimate. The Basquiat now holds the honor of being the most expensive lot sold at auction globally thus far in 2025.
Other high performers included René Magritte’s Rêverie de Monsieur James, 1943, which achieved HK$47.5 million ($6.1 million), and Pierre-Auguste Renoir’s La Promenade au bord de la mer, 1892, which surpassed its his estimate of HK$28m ($3.59m) to sell for HK$34.9 million ($4.5 million). A signature pumpkin painting by Yayoi Kusama realized HK$39.1 million ($5 million), coming in just a touch above its high estimate of HK$35 million ($4.5 million) when taking into account the buyer’s premium.
Zao Wou-Ki, 28.8.67, Painted in 1967, oil on canvas. Photo: Christie’s.
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