Phillips' and Yongle Auction's 20th Century and Contemporary Art and Design Sales in Hong Kong Generated USD 45 Million
Suhas- 2nd Dec 2022
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HONG KONG – 1 December 2022
On 30 November and 1 December, Phillips' Hong Kong 20th Century & Contemporary Art & Design Sales in Association with Yongle Auction grossed a total of HK$350 Million/US$45 Million. Gerhard Richter's Abstraktes Bild (774-1) led the Evening auction, selling for nearly HK$89 million/US$11 million.
Several pieces by Yayoi Kusama, Loie Hollowell, Mara Berro, Ewa Juszkiewicz, and others, were among the top ten prices realised in the Evening and Day sales, highlighting the significant presence of women artists at both auctions. Phillips is proud of its reputation as a leading auction house that focuses on bringing works by talented young artists from around the world to Asia.
Outstanding results were achieved for auction newcomers who made their Hong Kong market debut across Evening and Day sales, including a new record for Michaela Yearwood-Dan, whose What's the Use in Yearning sold for over HK$ 3 million/ US$387,677, nine times the high estimate.
Michaela Yearwood-Dan, William Monk, Trey Abdella, Sarah Slapped, Raghav Babbar, and Ilhwa Kim to Set New Auction Records
Jonathan Crockett, Chairman, Asia, Phillips, said, "With excellent sell-through rates of 99.9% sold by value and 97.0% sold by lot demonstrating steady demand, this evening we saw vigorous bidding from international participants in the Evening Sale. This season's performance is indicative of the market's strength and validates collectors' unshakable faith.
The prices realised for pieces by both established and up-and-coming artists demonstrate the worldwide thirst for interesting, selected auctions of cutting-edge and renowned modern and contemporary art. I'd like to congratulate the Phillips and Yongle teams for their collaborative efforts to promote these sales over the last several months. Our state-of-the-art and beautiful new Phillips' Asia headquarters in Hong Kong's West Kowloon Cultural District is scheduled to open in the spring of 2023. We will have a permanent purpose-built exhibition space and saleroom in Hong Kong, which will allow us to offer additional programmes in the city."
Zhao Xu, the founder of Yongle Culture, said,
"We are thrilled to see the combined auctions in Hong Kong hosted by Yongle and Phillips achieve an amazing result with a grand total of HK$350 million/US$45 million and establish global auction records for a number of great young artists. Numerous important pieces in the Evening Sale have never previously been offered at auction, and the result obtained this evening indicates that the market for high-quality works continues to be robust. We have been collaborating closely over the last several months, using each other's resources and experience for everything from travelling exhibits to marketing. We will continue to work on the next Evening Sale in Beijing, and we look forward to providing a solid sale to collectors in the area. Yongle will continue its worldwide growth with the intention of becoming a platform for East-West cultural interaction. We are intending to create more branches in Hong Kong and Singapore and to provide a bigger community of art aficionados and collectors with services of a better quality."
Total Evening & Daytime Sales: HK$350,852,120 / US$44,961,492
20th Century & Contemporary Art Evening Sale
Sale Total: HK$262,107,500 / US$33,602,181
| Lot | Description | Estimate | Price Achieved |
|---|---|---|---|
| 8 | Gerhard Richter, Abstraktes Bild (774-1), 1992 | HK$80,000,000 - 120,000,000 US$10,260,000-15,380,000 |
HK$89,375,000 US$11,457,875 |
| 21 | Yoshitomo Nara, Nachtwandern, 1994 | HK$16,000,000 - 25,000,000 US$2,050,000-3,210,000 |
HK$19,005,000 US$2,436,441 |
| 12 | Yayoi Kusama, INFINITY-NETS (GMBKA), 2013 | HK$12,000,000 - 1,8000,000 US$1,540,000-2,310,000 |
HK$12,592,000 US$1,614,294 |
| 7 | Loie Hollowell, Split Orbs in gray-brown, yellow, purple and carmine, 2021 | HK$4,000,000 - 6,000,000 US$513,000-769,000 |
HK$12,350,000 US$1,583,270 |
| 14 | Zao Wou-Ki, 14.10.69., 1969 | HK$8,000,000 - 12,000,000 US$1,030,000-1,540,000 |
HK$11,745,000 US$1,505,709 |
| 15 | Yayoi Kusama, Gold Accumulation (1), 1999 | HK$8,000,000 - 12,000,000 US$1,030,000-1,540,000 |
HK$9,930,000 US$1,273,026 |
| 3 | María Berrío, The Lovers 2, 2015 | HK$4,000,000 - 6,000,000 US$513,000-769,000 |
HK$9,930,000 US$1,273,026 |
| 23 | KAWS, HOT SEAT JUNCTION, 2010 | HK$7,500,000 - 10,000,000 US$962,000-1,280,000 |
HK$8,599,000 US$1,102,392 |
| 10 | Damien Hirst, Forgiven, 2008 | HK$6,000,000 - 9,000,000 US$769,000-1,150,000 |
HK$7,510,000 US$962,782 |
| 13 | Lee Ufan, From Point No. 77103, 1977 | HK$8,000,000 - 12,000,000 US$1,030,000-1,540,000 |
HK$7,207,500 US$924,002 |
New Auction Records
| Lot | Description | Estimate | Price Achieved |
|---|---|---|---|
| 1 | Michaela Yearwood-Dan, What's the Use in Yearning, 2021 *previous record price: £239,400, October 2022 |
HK$250,000 - 350,000 US$32,100-44,900 |
HK$3,024,000 US$387,677 |
| 9 | William Monk, Far-Out III, 2013 *previous record price: US$176,400, March 2022 |
HK$800,000 - 1,200,000 US$103,000-154,000 |
HK$2,520,000 US$323,064 |
| 28 | Trey Abdella, Sunny Days, 2020 *previous record price:HK$2,646,000, June 2022 |
HK$700,000 - 900,000 US$89,700-115,000 |
HK$3,024,000 US$387,677 |
| 32 | Sarah Slappey, Black Pearls II, 2020 *previous record price: US$100,800, March 2022 |
HK$300,000 - 500,000 US$38,500-64,100 |
HK$1,008,000 US$129,226 |
| 35 | Raghav Babbar, Off Duty, 2020 *previous record price: £403,200, October 2022 |
HK$150,000 - 250,000 US$19,200-32,100 |
HK$5,040,000 US$646,128 |
20th Century & Contemporary Art & Design Day Sale
Sale Total: HK$88,744,620 / US$11,359,311
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