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Subject: What Happened in Hong Kong?
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/what-happe=
ned-in-hong-kong
Welcome to the Artelligence newsletter
This is the new home for news and analysis of the global art market from Ar=
t Market Monitor and LiveArt. Combined with our Artelligence podcast [ http=
s://substack.com/redirect/4b5c214f-e454-4bb2-bae5-aa4f6a5129d7?j=3DeyJ1Ijoi=
MjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ], it offers a uniq=
ue perspective on the global art market.
The newsletter comes out every Friday with What We Learned this Week. Depen=
ding on the art market calendar or news cycle, you will receive other email=
s from this account on an irregular basis.=20
We are eager to hear from you. If you have questions, tips or suggestions f=
or coverage, contact us here [ mailto:maneker@artmarketmonitor.com ]. Feel =
free to forward the email to anyone you think would like to subscribe.
In This Issue
Deep Cuts: Duncan McCormick
What Happened in Hong Kong?: Data from Sotheby=E2=80=99s and Phillips gives=
us a sense of the Asian Contemporary art market
Sotheby=E2=80=99s Big Richter Color Chart: The $18m estimate is conservativ=
e based upon Sotheby=E2=80=99s own recent sales of a color chart painting.
Deep Cuts
Duncan McCormick
UK-based artist Duncan McCormick [ https://substack.com/redirect/1c6d6a74-e=
4d5-4c83-b8e7-9ada324b9255?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iR=
nigHXx6Fx_g6pp7gWdY ] has developed a strong six-figure market in the first=
quarter of 2023. Phillips offered one of his brightly-colored acrylic land=
scapes in December in London but found no takers. Undeterred, Sotheby=E2=80=
=99s followed up with a $186,454 sale [ https://substack.com/redirect/16f1a=
1ef-816a-481a-b332-b1588403c14f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisr=
Me5iRnigHXx6Fx_g6pp7gWdY ] in January and a $168,014 sale in early March [ =
https://substack.com/redirect/0e03918c-9650-4555-a131-a00a87f06aaf?j=3DeyJ1=
IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. Phillips res=
ponded with $182,109 sale the next day in London [ https://substack.com/red=
irect/5e2183db-5712-4aa5-9481-944164ccabc7?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c=
1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. Sotheby=E2=80=99s followed 11 days l=
ater with a strong confirmation price of $115,894 [ https://substack.com/re=
direct/ecfca94e-2d30-4ee2-9896-03818d833289?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3=
c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. So Phillips decided to switch the f=
ield of play to Hong Kong and listed Haze Field Stream from 2021 with an at=
tractively low estimate at 10% of these recent premium prices. The strategy=
worked. Bidders drove the price 9.5 times above the low estimate to a fina=
l selling price with fees of $153,698 [ https://substack.com/redirect/fa504=
363-534d-4afc-aae1-93515abc02ee?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisr=
Me5iRnigHXx6Fx_g6pp7gWdY ].
What Happened in Hong Kong?
With Phillips opening its new headquarters at the M+ complex ahead of Sothe=
by=E2=80=99s and Christie=E2=80=99s debut of their own dedicated Hong Kong =
salesrooms, the Hong Kong auctions are beginning to gravitate toward each o=
ther. Taking place in adjacent weeks, we decided combined the stats from Ph=
illips and Sotheby=E2=80=99s Contemporary sales (Sotheby=E2=80=99s held sub=
stantial Modern art sales the same week but this choice gives us a better s=
ense of the broader Contemporary market.) Christie=E2=80=99s will hold thei=
r Hong Kong sales on their traditional Memorial Day weekend (in the US.) Th=
at will give us another set of data for comparison.=20
In the meantime, the numbers show the Asian Contemporary market holding its=
own. Sotheby=E2=80=99s Contemporary sales were down 15% but Phillips had a=
lready risen substantially suggesting the market remains relatively stable.=
In total, almost $165 million was spent at an overall hammer ratio of 1.07=
which is weak but still stable. The sell-through rate was a strong 88% whi=
ch is above the overall sell-through rate for the auction houses and reflec=
ts good sale management. =20
A full third of the lots sold achieved prices above estimates which tells u=
s that Asian bidders remain keen. Another 51% of the lots were sold within =
estimates. Only 16% of the lots had to be sold for compromise prices. The a=
verage lot value across both houses was just under $500,000.
When we turn our attention to market segments, the bidding quintiles displa=
y a strong preference for lower value lots. Bidders are chasing five-figure=
works (in US dollar terms) much more aggressively than they are competing =
for high value works. Notice that Top quintile is selling at an aggregate h=
ammer ratio of 1.03. (Hammer ratio is calculated by taking the aggregate ha=
mmer price and dividing it by the aggregate low estimate for the quintile.=
) But the Bottom and Middle-Low quintiles show aggregate hammer ratios of 1=
=2E5 and 1.42 respectively. There are s=
imply more bidders for works selling b=
elow $100,000.=20
In value terms, two artists dominated the sales cycle. Yayoi Kusama attract=
ed nearly a quarter of all the money spent in Hong Kong. The truly global a=
rtist being promoted by the world=E2=80=99s most valuable luxury business, =
Louis Vuitton, at the same time that she is the subject to almost constant =
museum and gallery shows around the world. The average price of the 16 work=
s sold during these auctions was $2.2 million.=20
Just behind Kusama was Yoshitomo Nara whose $30 million in sales was more t=
han 18% of the total value in the Contemporary art auctions in Hong Kong th=
is Spring. Despite the strong value, Nara=E2=80=99s work was not the subjec=
t of much bidding. Only one work was bid above the estimates. The average p=
rice of the dozen works by Nara that did sell was $2.5 million.=20
Kusama saw more works bid upon with intensity but Nara had a higher average=
price. Matthew Wong=E2=80=99s work set a new $6.6m record for a painting s=
old only two and a half years before also for a record for the artist. Wong=
=E2=80=99s three works didn=E2=80=99t see much bidding but clearly the mark=
et knows the value of these works without the price discovery of an auction=
=2E=20
Takashi Murakami also saw weak bidding but strong sales as eight works made=
$7.7 million. Gerhard Richter=E2=80=99s work followed the same pattern as =
four works made $5.5 million, the vast marjority in a single work from 1992=
that had previously failed at auction. Two works by Liu Ye produced $3.7 m=
illion in sales; four works by Loie Hollowell totaled $3.4 million includin=
g a new $2.29m record price for the artist at auction. One work by Hao Lian=
g and two works by George Condo (out of the three offered) accounted for th=
eir totals though the value was really in only one of the Condos. Two works=
by Adrian Ghenie, one work each by Cecily Brown and Roy Lichtenstein conti=
nued the pattern where the top of the market was driven by selective sales.
Sotheby=E2=80=99s Shows Richter=E2=80=99s 4096 Colors
Last October, Sotheby=E2=80=99s sold Gerhard Richter=E2=80=99s [ https://s=
ubstack.com/redirect/923ee4b5-3bf4-4b6c-8163-ca0e70089356?j=3DeyJ1IjoiMjdjZ=
XI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]192 Farben [ https://su=
bstack.com/redirect/923ee4b5-3bf4-4b6c-8163-ca0e70089356?j=3DeyJ1IjoiMjdjZX=
I5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ] from 1966 for $20.6 mil=
lion [ https://substack.com/redirect/923ee4b5-3bf4-4b6c-8163-ca0e70089356?j=
=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. It wa=
s a huge step up in price for one of the important series of works that mar=
ked Richter=E2=80=99s transition toward abstraction. Sotheby=E2=80=99s succ=
ess was likely to bring more of the color chart works to auction. Today, th=
e auction house announces that 4096 Farben from 1974=E2=80=94and was last a=
uctioned in 2004 for $3.7 million=E2=80=94will be offered in May with an $1=
8 million estimate.=20
The massive painting which is more than 2.5 meters square (that=E2=80=99s 8=
feet, imperial measurement folks) is both the last of the color chart work=
s and template for Richter=E2=80=99s stained glass window commission for Co=
logne Cathedral executed in 2007. The cathedral=E2=80=99s windows are compo=
sed of the same number of colors.
Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2V=
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</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://mailgun.substack.com/api/v1/email/open?token=3DeyJtIjoiPDI=
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ereGmsXT1bWvbAqWNmMAyrzvIg" alt=3D"" width=3D"1" height=3D"1" border=3D"0" =
style=3D"height:1px !important;width:1px !important;border-width:0 !importa=
nt;margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !impor=
tant;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !im=
portant;padding-right:0 !important;padding-left:0 !important;"/><div style=
=3D"display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px=
;max-width:0px;opacity:0;overflow:hidden;" class=3D"preview">Sotheby's Big =
Richter Color Chart + Hong Spring Contemporary sales analysis  ‌=
 ‌ ‌ ‌ ‌ ‌ R=
04; ‌ ‌ ‌ ‌ ‌ &=
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th=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"email=
-body-container"><tr><td></td><td width=3D"550" class=3D"content"></td><td>=
</td></tr><tr><td></td><td align=3D"left" width=3D"550" class=3D"content"><=
div style=3D"font-size: 16px; line-height: 26px; margin: 0 auto; max-width:=
550px; overflow-wrap: break-word; width: 100%;"><table role=3D"presentatio=
n" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td =
align=3D"right" style=3D"height: 20px;"><table role=3D"presentation" width=
=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td style=3D=
"vertical-align: middle;"><span class=3D"tw-font-body tw-text-ssm tw-text-s=
ubstack-secondary" style=3D"color: #808080 !important; font-family: SF Pro =
Text, -apple-system, BlinkMacSystemFont, Inter, Segoe UI, Roboto, Helvetica=
, Arial, sans-serif, Apple Color Emoji, Segoe UI Emoji, Segoe UI Symbol !im=
portant; font-size: 13px !important;"><a href=3D"https://open.substack.com/=
pub/artelligence/p/what-happened-in-hong-kong?utm_source=3Demail&redirect=
=3Dapp-store" class=3D"tw-text-substack-secondary tw-underline" style=3D"-w=
ebkit-text-decoration-line: underline !important; color: #808080 !important=
; text-decoration-line: underline !important;">Open in app</a> or <a href=
=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3V=
ic3RhY2suY29tL3Avd2hhdC1oYXBwZW5lZC1pbi1ob25nLWtvbmc_dG9rZW49ZXlKMWMyVnlYMm=
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aWMzVmlJam9pY0c5emRDMXlaV0ZqZEdsdmJpSjkuOEZEdTZQVDloS21uMFpaZHJtUGNmN3l4dFl=
pVzVES3Axbmh6SkZwZ180NCIsInAiOjExMzk5MTQ1OCwicyI6MjI1OSwiZiI6dHJ1ZSwidSI6MT=
MzMjY4NjYxLCJpYXQiOjE2ODEyOTc0ODYsImV4cCI6MTY4Mzg4OTQ4NiwiaXNzIjoicHViLTAiL=
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" class=3D"tw-text-substack-secondary tw-underline" style=3D"-webkit-text-d=
ecoration-line: underline !important; color: #808080 !important; text-decor=
ation-line: underline !important;">online</a></span></td></tr></table></td>=
</tr></table><table role=3D"presentation" width=3D"auto" class=3D"header gr=
aphic-header" style=3D"border-spacing: 0; padding: 16px 0 32px;"><tr><td al=
ign=3D"center" style=3D"padding: 0; text-align: center;"><a href=3D"https:/=
/substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY2=
9tL3Avd2hhdC1oYXBwZW5lZC1pbi1ob25nLWtvbmc_dG9rZW49ZXlKMWMyVnlYMmxrSWpveE16T=
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aW5rLXJlZGlyZWN0In0.8XLz3AaL88BVlIp7pfkez2VYPq4PptdSYIuidFzMcrc?"><img role=
=3D"presentation" width=3D"550" height=3D"110" src=3D"https://substackcdn.c=
om/image/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https=
%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3cfc2fc-=
ffba-4eae-8c1a-7c9381cc0cef_1100x220.png" class=3D"header-image" style=3D"b=
order: none !important; display: block; height: auto; margin: 0 auto; max-w=
idth: 550px; vertical-align: middle; width: 100%;"></a></td></tr></table><d=
iv dir=3D"auto" class=3D"post typography" style=3D"font-size: 16px; line-he=
ight: 26px; padding: 16px 0 0 0;"><div class=3D"post-header" style=3D"font-=
size: 16px; line-height: 26px;"><h1 class=3D"post-title published" style=3D=
"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing: sub=
pixel-antialiased; color: #404040; font-family: 'SF Compact Display', -appl=
e-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-se=
rif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 3=
2px; font-weight: bold; line-height: 36px; margin: 0;"><a href=3D"https://s=
ubstack.com/app-link/post?publication_id=3D2259&post_id=3D113991458&utm_sou=
rce=3Dpost-email-title&isFreemail=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyNjg2Nj=
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xtYiW5DKp1nhzJFpg_44" style=3D"color: #404040; text-decoration: none;">What=
Happened in Hong Kong?</a></h1><h3 class=3D"subtitle" style=3D"-moz-osx-fo=
nt-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixel-antial=
iased; color: #808080; font-family: 'SF Compact Display', -apple-system, Bl=
inkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple =
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-we=
ight: normal; line-height: 24px; margin: 4px 0 0; margin-top: 12px;">Sotheb=
y's Big Richter Color Chart + Hong Spring Contemporary sales analysis</h3><=
table role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" c=
ellpadding=3D"0" class=3D"post-meta" style=3D"align-items: center; height: =
20px; margin: 1em 0;"><tr><td><table role=3D"presentation" width=3D"auto" b=
order=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><table role=3D"pres=
entation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><=
tr><td style=3D"vertical-align: middle;"><div class=3D"frontend-pencraft-Te=
xt-module__reset--20JLV frontend-pencraft-Text-module__size-11--1-ofT front=
end-pencraft-Text-module__line-height-20--1soeQ frontend-pencraft-Text-modu=
le__weight-medium--aTbx5 frontend-pencraft-Text-module__font-meta--2i-cR fr=
ontend-pencraft-Text-module__color-primary--2I-sF frontend-pencraft-Text-mo=
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e UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI=
Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; letter-spaci=
ng: .2px; line-height: 20px; margin: 0; text-decoration: unset; text-transf=
orm: uppercase;"><a href=3D"https://substack.com/redirect/b006760d-ef6e-4b6=
3-ad54-77cbe4453b9b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6=
Fx_g6pp7gWdY" style=3D"color: #404040; font-family: 'SF Compact', -apple-sy=
stem, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, He=
lvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe U=
I Symbol'; font-size: 11px; font-weight: 500; letter-spacing: .2px; line-he=
ight: 20px; margin: 0; text-decoration: none; text-transform: uppercase;" c=
lass=3D"frontend-pencraft-Text-module__reset--20JLV frontend-pencraft-Text-=
module__size-11--1-ofT frontend-pencraft-Text-module__line-height-20--1soeQ=
frontend-pencraft-Text-module__weight-medium--aTbx5 frontend-pencraft-Text=
-module__font-meta--2i-cR frontend-pencraft-Text-module__color-primary--2I-=
sF frontend-pencraft-Text-module__transform-uppercase--38jbr frontend-pencr=
aft-Text-module__meta--3RRSj">Marion Maneker</a></div></td></tr></table></t=
d></tr><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cel=
lspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;">=
<div class=3D"frontend-pencraft-Text-module__reset--20JLV frontend-pencraft=
-Text-module__size-11--1-ofT frontend-pencraft-Text-module__line-height-20-=
-1soeQ frontend-pencraft-Text-module__weight-medium--aTbx5 frontend-pencraf=
t-Text-module__font-meta--2i-cR frontend-pencraft-Text-module__color-second=
ary--XjVGl frontend-pencraft-Text-module__transform-uppercase--38jbr fronte=
nd-pencraft-Text-module__meta--3RRSj" style=3D"color: #808080; font-family:=
'SF Compact', -apple-system, -apple-system, -system-ui, BlinkMacSystemFont=
, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'S=
egoe UI Emoji', 'Segoe UI Symbol'; font-size: 11px; font-weight: 500; lette=
r-spacing: .2px; line-height: 20px; margin: 0; text-decoration: unset; text=
-transform: uppercase;"><time dateTime=3D"2023-04-12T11:03:19.292Z">Apr 12<=
/time></div></td></tr></table></td></tr></table></td></tr></table><table ro=
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v><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0=
0 20px 0;"><strong>In This Issue</strong></p><ol style=3D"margin-top: 0; p=
adding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: bor=
der-box; color: #404040; font-size: 16px; line-height: 26px; margin: 0; mar=
gin-bottom: 0; padding-left: 4px;"><strong>Deep Cuts: </strong><span>Duncan=
McCormick</span></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"b=
ox-sizing: border-box; color: #404040; font-size: 16px; line-height: 26px; =
margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>What Happened in H=
ong Kong?:</strong><span> Data from Sotheby’s and Phillips gives us a=
sense of the Asian Contemporary art market</span></p></li><li style=3D"mar=
gin: 8px 0 0 32px;"><p style=3D"box-sizing: border-box; color: #404040; fon=
t-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left:=
4px;"><strong>Sotheby’s Big Richter Color Chart:</strong><span> The =
$18m estimate is conservative based upon Sotheby’s own recent sales o=
f a color chart painting.</span></p></li></ol><div style=3D"font-size: 16px=
; line-height: 26px;"><hr style=3D"background: #e0e0e0; border: none; heigh=
t: 1px; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-=
widget" style=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-fon=
t-smoothing: subpixel-antialiased; color: #404040; font-family: 'SF Compact=
Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica=
, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbo=
l'; font-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em=
0 0.625em 0; position: relative;">Deep Cuts</h2><h4 class=3D"header-with-a=
nchor-widget" style=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webk=
it-font-smoothing: subpixel-antialiased; color: #404040; font-family: 'SF C=
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Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margi=
n: 1em 0 0.625em 0; position: relative;">Duncan McCormick</h4><div class=3D=
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6px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%;"><ta=
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cal-align: middle; width: auto !important;"></a></td><td style=3D"text-alig=
n: center;"></td></tr></tbody></table></figure></div><p style=3D"color: #40=
4040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>UK-bas=
ed artist </span><strong><a href=3D"https://substack.com/redirect/1c6d6a74-=
e4d5-4c83-b8e7-9ada324b9255?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5i=
RnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-decoration: un=
derline;">Duncan McCormick</a></strong><span> has developed a strong six-fi=
gure market in the first quarter of 2023. Phillips offered one of his brigh=
tly-colored acrylic landscapes in December in London but found no takers. U=
ndeterred, </span><a href=3D"https://substack.com/redirect/16f1a1ef-816a-48=
1a-b332-b1588403c14f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx=
6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-decoration: underline=
;">Sotheby’s followed up with a $186,454 sale</a><span> in January an=
d </span><a href=3D"https://substack.com/redirect/0e03918c-9650-4555-a131-a=
00a87f06aaf?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7=
gWdY" rel=3D"" style=3D"color: #404040; text-decoration: underline;">a $168=
,014 sale in early March</a><span>. </span><a href=3D"https://substack.com/=
redirect/5e2183db-5712-4aa5-9481-944164ccabc7?j=3DeyJ1IjoiMjdjZXI5In0.nCNhO=
M3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; t=
ext-decoration: underline;">Phillips responded with $182,109 sale the next =
day in London</a><span>. Sotheby’s followed 11 days later with </span=
><a href=3D"https://substack.com/redirect/ecfca94e-2d30-4ee2-9896-03818d833=
289?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" re=
l=3D"" style=3D"color: #404040; text-decoration: underline;">a strong confi=
rmation price of $115,894</a><span>. So Phillips decided to switch the fiel=
d of play to Hong Kong and listed </span><em>Haze Field Stream</em><span> f=
rom 2021 with an attractively low estimate at 10% of these recent premium p=
rices. The strategy worked. Bidders drove the price </span><a href=3D"https=
://substack.com/redirect/fa504363-534d-4afc-aae1-93515abc02ee?j=3DeyJ1IjoiM=
jdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"c=
olor: #404040; text-decoration: underline;">9.5 times above the low estimat=
e to a final selling price with fees of $153,698</a><span>.</span></p><div =
style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e0e=
0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 clas=
s=3D"header-with-anchor-widget" style=3D"-moz-osx-font-smoothing: subpixel-=
antialiased; -webkit-font-smoothing: subpixel-antialiased; color: #404040; =
font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Sego=
e UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI=
Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-hei=
ght: 1.16em; margin: 1em 0 0.625em 0; position: relative;">What Happened in=
Hong Kong?</h2><div class=3D"captioned-image-container-static" style=3D"fo=
nt-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=3D"marg=
in: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"100%" bor=
der=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-padding-alt: 1em=
0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td align=3D"l=
eft" class=3D"content" width=3D"1456" style=3D"text-align: center;"><a clas=
s=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redirect/7a=
19c4e4-73da-4311-8880-2cf22190072d?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMp=
isrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"align-items: center; border:=
none; display: block; flex-direction: column; height: auto; margin: 0; pad=
ding: 0; position: relative; text-decoration: none; width: auto;"><img data=
-attrs=3D"{"src":"https://substack-post-media.s3.amazonaws.c=
om/public/images/a2bfaf05-fe65-4890-9a80-37762947eead_1920x1080.jpeg",=
"fullscreen":null,"imageSize":null,"height":8=
19,"width":1456,"resizeWidth":null,"bytes":54=
3279,"alt":null,"title":null,"type":"ima=
ge/jpeg","href":null,"belowTheFold":true,"int=
ernalRedirect":null}" alt=3D"" width=3D"550" height=3D"309.375" class=
=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f=
_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3=
=2Eamazonaws.com%2Fpublic%2Fimages%2Fa2=
bfaf05-fe65-4890-9a80-37762947eead_192=
0x1080.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !import=
ant; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-wi=
dth: 100% !important; vertical-align: middle; width: auto !important;"></a>=
</td><td style=3D"text-align: center;"></td></tr></tbody></table></figure><=
/div><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin=
: 0 0 20px 0;">With Phillips opening its new headquarters at the M+ complex=
ahead of Sotheby’s and Christie’s debut of their own dedicated=
Hong Kong salesrooms, the Hong Kong auctions are beginning to gravitate to=
ward each other. Taking place in adjacent weeks, we decided combined the st=
ats from Phillips and Sotheby’s Contemporary sales (Sotheby’s h=
eld substantial Modern art sales the same week but this choice gives us a b=
etter sense of the broader Contemporary market.) Christie’s will hold=
their Hong Kong sales on their traditional Memorial Day weekend (in the US=
=2E) That will give us another set of=20=
data for comparison. </p><p style=3D"co=
lor: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">In t=
he meantime, the numbers show the Asian Contemporary market holding its own=
=2E Sotheby’s Contemporary sales=20=
were down 15% but Phillips had already=
risen substantially suggesting the market remains relatively stable. In to=
tal, almost $165 million was spent at an overall hammer ratio of 1.07 which=
is weak but still stable. The sell-through rate was a strong 88% which is =
above the overall sell-through rate for the auction houses and reflects goo=
d sale management. </p><p style=3D"color: #404040; font-size: 16px; line-h=
eight: 26px; margin: 0 0 20px 0;">A full third of the lots sold achieved pr=
ices above estimates which tells us that Asian bidders remain keen. Another=
51% of the lots were sold within estimates. Only 16% of the lots had to be=
sold for compromise prices. The average lot value across both houses was j=
ust under $500,000.</p><div class=3D"captioned-image-container-static" styl=
e=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=
=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"1=
00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-padding-=
alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td al=
ign=3D"left" class=3D"content" width=3D"1456" style=3D"text-align: center;"=
><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/red=
irect/1f6cd240-19b4-4322-8428-9aeb3fca8347?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c=
1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"align-items: center;=
border: none; display: block; flex-direction: column; height: auto; margin=
: 0; padding: 0; position: relative; text-decoration: none; width: auto;"><=
img data-attrs=3D"{"src":"https://substack-post-media.s3.ama=
zonaws.com/public/images/3bc76025-d8cb-4781-9943-04a24b96ec97_1920x1080.jpe=
g","fullscreen":null,"imageSize":null,"height=
":819,"width":1456,"resizeWidth":null,"bytes&=
quot;:802880,"alt":null,"title":null,"type":&=
quot;image/jpeg","href":null,"belowTheFold":true,&=
quot;internalRedirect":null}" alt=3D"" width=3D"550" height=3D"309.375=
" class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_=
limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-m=
edia.s3.amazonaws.com%2Fpublic%2Fimages%2F3bc76025-d8cb-4781-9943-04a24b96e=
c97_1920x1080.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none =
!important; display: block; height: auto; margin: 0 auto; margin-bottom: 0;=
max-width: 100% !important; vertical-align: middle; width: auto !important=
;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></table></f=
igure></div><p style=3D"color: #404040; font-size: 16px; line-height: 26px;=
margin: 0 0 20px 0;">When we turn our attention to market segments, the bi=
dding quintiles display a strong preference for lower value lots. Bidders a=
re chasing five-figure works (in US dollar terms) much more aggressively th=
an they are competing for high value works. Notice that Top quintile is sel=
ling at an aggregate hammer ratio of 1.03. (Hammer ratio is calculated by t=
aking the aggregate hammer price and dividing it by the aggregate low esti=
mate for the quintile.) But the Bottom and Middle-Low quintiles show aggreg=
ate hammer ratios of 1.5 and 1.42 respectively. There are simply more bidde=
rs for works selling below $100,000. </p><p style=3D"color: #404040; font-s=
ize: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>In value terms, tw=
o artists dominated the sales cycle. </span><strong>Yayoi Kusama</strong><s=
pan> attracted nearly a quarter of all the money spent in Hong Kong. The tr=
uly global artist being promoted by the world’s most valuable luxury =
business, Louis Vuitton, at the same time that she is the subject to almost=
constant museum and gallery shows around the world. The average price of t=
he 16 works sold during these auctions was $2.2 million. </span></p><p styl=
e=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0=
;"><span>Just behind Kusama was </span><strong>Yoshitomo Nara</strong><span=
> whose $30 million in sales was more than 18% of the total value in the Co=
ntemporary art auctions in Hong Kong this Spring. Despite the strong value,=
Nara’s work was not the subject of much bidding. Only one work was b=
id above the estimates. The average price of the dozen works by Nara that d=
id sell was $2.5 million. </span></p><p style=3D"color: #404040; font-size:=
16px; line-height: 26px; margin: 0 0 20px 0;"><span>Kusama saw more works =
bid upon with intensity but Nara had a higher average price. </span><strong=
>Matthew Wong</strong><span>’s work set a new $6.6m record for a pain=
ting sold only two and a half years before also for a record for the artist=
=2E Wong’s three works didn’=
;t see much bidding but clearly the ma=
rket knows the value of these works without the price discovery of an aucti=
on. </span></p><p style=3D"color: #404040; font-size: 16px; line-height: 26=
px; margin: 0 0 20px 0;"><strong>Takashi Murakami</strong><span> also saw w=
eak bidding but strong sales as eight works made $7.7 million. </span><stro=
ng>Gerhard Richter</strong><span>’s work followed the same pattern as=
four works made $5.5 million, the vast marjority in a single work from 199=
2 that had previously failed at auction. Two works by </span><strong>Liu Ye=
</strong><span> produced $3.7 million in sales; four works by </span><stron=
g>Loie Hollowell</strong><span> totaled $3.4 million including a new $2.29m=
record price for the artist at auction. One work by </span><strong>Hao Lia=
ng</strong><span> and two works by </span><strong>George Condo</strong><spa=
n> (out of the three offered) accounted for their totals though the value w=
as really in only one of the Condos. Two works by </span><strong>Adrian Ghe=
nie</strong><span>, one work each by </span><strong>Cecily Brown</strong><s=
pan> and </span><strong>Roy Lichtenstein</strong><span> continued the patte=
rn where the top of the market was driven by selective sales.</span></p><di=
v style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: #e=
0e0e0; border: none; height: 1px; margin: 32px 0; padding: 0;"></div><h2 cl=
ass=3D"header-with-anchor-widget" style=3D"-moz-osx-font-smoothing: subpixe=
l-antialiased; -webkit-font-smoothing: subpixel-antialiased; color: #404040=
; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Se=
goe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe =
UI Emoji', 'Segoe UI Symbol'; font-size: 1.625em; font-weight: bold; line-h=
eight: 1.16em; margin: 1em 0 0.625em 0; position: relative;">Sotheby’=
s Shows Richter’s 4096 Colors</h2><div class=3D"captioned-image-conta=
iner-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto=
;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wra=
pper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=
=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: cent=
er;"></td><td align=3D"left" class=3D"content" width=3D"1456" style=3D"text=
-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://=
substack.com/redirect/b4b0c9c2-3f6f-4cd0-9271-a744979d0c50?j=3DeyJ1IjoiMjdj=
ZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"alig=
n-items: center; border: none; display: block; flex-direction: column; heig=
ht: auto; margin: 0; padding: 0; position: relative; text-decoration: none;=
width: auto;"><img data-attrs=3D"{"src":"https://substack-p=
ost-media.s3.amazonaws.com/public/images/6562eaeb-44f8-42f7-9a15-9945a7abf3=
d4_2740x2739.jpeg","fullscreen":null,"imageSize":n=
ull,"height":1455,"width":1456,"resizeWidth":=
null,"bytes":1209528,"alt":null,"title":null,=
"type":"image/jpeg","href":null,"belowTh=
eFold":true,"internalRedirect":null}" alt=3D"" width=3D"550"=
height=3D"549.6222527472528" class=3D"wide-image" src=3D"https://substackc=
dn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/h=
ttps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6562e=
aeb-44f8-42f7-9a15-9945a7abf3d4_2740x2739.jpeg" style=3D"-ms-interpolation-=
mode: bicubic; border: none !important; display: block; height: auto; margi=
n: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align: mi=
ddle; width: auto !important;"></a></td><td style=3D"text-align: center;"><=
/td></tr></tbody></table></figure></div><p style=3D"color: #404040; font-si=
ze: 16px; line-height: 26px; margin: 0 0 20px 0;"><span>Last October, Sothe=
by’s </span><a href=3D"https://substack.com/redirect/923ee4b5-3bf4-4b=
6c-8163-ca0e70089356?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx=
6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text-decoration: underline=
;">sold Gerhard Richter’s </a><em><a href=3D"https://substack.com/red=
irect/923ee4b5-3bf4-4b6c-8163-ca0e70089356?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c=
1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; text=
-decoration: underline;">192 Farben</a></em><a href=3D"https://substack.com=
/redirect/923ee4b5-3bf4-4b6c-8163-ca0e70089356?j=3DeyJ1IjoiMjdjZXI5In0.nCNh=
OM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"color: #404040; =
text-decoration: underline;"> from 1966 for $20.6 million</a><span>. It was=
a huge step up in price for one of the important series of works that mark=
ed Richter’s transition toward abstraction. Sotheby’s success w=
as likely to bring more of the color chart works to auction. Today, the auc=
tion house announces that </span><em>4096 Farben</em><span> from 1974—=
;and was last auctioned in 2004 for $3.7 million—will be offered in M=
ay with an $18 million estimate. </span></p><p style=3D"color: #404040; fon=
t-size: 16px; line-height: 26px; margin: 0 0 20px 0; margin-bottom: 0;">The=
massive painting which is more than 2.5 meters square (that’s 8 feet=
, imperial measurement folks) is both the last of the color chart works and=
template for Richter’s stained glass window commission for Cologne C=
athedral executed in 2007. The cathedral’s windows are composed of th=
e same number of colors. </p></div></div><div class=3D"postscript-placehold=
er" style=3D"box-sizing: border-box; font-size: 16px; line-height: 26px; ma=
rgin: 32px 0 0; width: 100%;"></div><table role=3D"presentation" width=3D"1=
00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" class=3D"email-ufi-2-=
bottom" style=3D"border-bottom: 1px solid #e0e0e0; border-top: 1px solid #e=
0e0e0; min-width: 100%;"><tr height=3D"16"><td height=3D"16" style=3D"font-=
size: 0px; line-height: 0;"> </td></tr><tr><td><table role=3D"presenta=
tion" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><=
td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"=
0" cellpadding=3D"0" style=3D"margin: 0 auto;"><tr><td style=3D"vertical-al=
ign: middle;"><table role=3D"presentation" width=3D"auto" border=3D"0" cell=
spacing=3D"0" cellpadding=3D"0"><tr><td align=3D"center"><a href=3D"https:/=
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