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Phillips' and Yongle Auction's 20th Century and Contemporary Art and Design Sales in Hong Kong Generated USD 45 Million

  • 2nd Dec 2022
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Phillips' and Yongle Auction's 20th Century and Contemporary Art and Design Sales in Hong Kong Generated USD 45 Million

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

Lots Sold: 32 | Lots Offered: 33
Sold by Lot: 97% | Sold by Value: 99%
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

Lots Sold: 128 | Lots Offered: 152
Sold by Lot: 84% | Sold by Value: 80%

ABOUT PHILLIPS

Phillips is the premier worldwide site for buying and selling art and design from the 20th and 21st centuries. Phillips provides professional services and guidance on all facets of collecting, with specialised knowledge in 20th-century and contemporary art, design, photography, editions, watches, and jewellery. Auctions and exhibits are conducted at salerooms in New York, London, Geneva, and Hong Kong, and customers are also serviced through regional offices in Europe, North America, and Asia. Phillips also provides a globally accessible online auction platform. Phillips also brokers private transactions and provides aid with appraisals, valuations, and other financial services, in addition to giving selling and purchasing options through auction.



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Suhas Kataria is an ardent utopian, luxury real estate marketer & consultant, techpreneur (with a focus on proptech), SEO copywriter & trainer, lyricist, musician, rapper, runner & an eternal learner. As the Founder and CEO of Realspace, Suhas has 20 plus years of hands-on work experien... read more


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