Phillips Hong Kong fall auctions realise HK$710 million

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Phillips Hong Kong fall auctions realise HK$710 million
Graeme Thompson, Worldwide Head of Jewellery, Phillips, conducted the auction of Les Jardins de Giverny which fetched HK$20 million. Image courtesy of Phillips.

HONG KONG.- Jonathan Crockett, Chairman, Asia, Phillips, said: “Despite a challenging global environment in 2020, our fifth anniversary in Asia marked an outstanding year for Phillips, with auction sales in Hong Kong increasing by more than 24% over the previous year, to HK$1.18 billion/ US$152 million, and once again marking our best year in the region. Our Hong Kong Sales of 20th Century & Contemporary Art & Design have consistently set new records for the category, with the Fall auction series seeing an 87% year-on-year increase and setting multiple world auction records. This season, we continued to see astonishing international participation in our Hong Kong Watch auction, with 1,600 bidders raising their paddles in the saleroom, over the phone and online, the most in any live auction held by Phillips in Asia. Moreover, Jewellery sales continue to grow steadily, with the November sale achieving the highest ever sell-through rate of 80% for a sale in that category in Hong Kong. These outstanding results in 2020 position us ever more strongly in driving our business in the region, and we look forward to carrying the energy and momentum into 2021.”

2020 Hong Kong Fall Auctions Sale Total: HK$710,747,110/ US$91,686,377

Highlights by Category:

20th Century & Contemporary Art & Design – Evening Sale on 3 December, Day Sale on 4 December

• Combined sale total of HK$508 million/ US$66 million, exceeding the pre-sale estimate of HK$309-450 million.

• Over 60% of lots offered sold above their pre-sale high estimates.

• Highest ever total for a 20th Century & Contemporary Art & Design auction series staged by Phillips Asia, marking an 87% year-on-year increase.

• Yoshitomo Nara’s Hothouse Doll sold for a remarkable HK$103 million / US$13 million, setting the second highest price for the artist at auction, as well as the most expensive artwork ever sold at Phillips Hong Kong.

• New auction records were set for 12 Asian and Western artists on 3 and 4 December, including the top two prices for Izumi Kato and Chiharu Shiota, as well as records for Matthew Wong, Genieve Figgis, Bernard Frize, Lucas Arruda, Jonathan Chapline, Yukimasa Ida, Miya Ando, Virgil Abloh & Takashi Murakami, Salman Toor and Javier Calleja. Genieve Figgis’ previous auction record was also achieved in a Phillips Hong Kong sale, resulting in three top prices for the artist sold at Phillips Hong Kong.

• The Design category achieved a 100% sell-through rate, marking the fourth consecutive season for the category in a Phillips Hong Kong auction seeing 100% of lots sold, and demonstrating Phillips’ market leading position in this field.

The Hong Kong Watch Auction: XI – 29 November

• The Hong Kong Watch Auction XI totalled HK$132 million / US$17 million with an industry leading sell-through rates of 98% sold by lot and 99% sold by value.

• Over 60% of lots sold above pre-sale high estimate, and 83% of lots sold above their pre-sale low estimate.

• Phillips continues to attract an increasing number of collectors, with 1,600 bidders from across 60 countries raising their paddles in the room, on the phone, through advance bids and via online bidding, the most in any auction staged by Phillips in Asia.

• Patek Philippe models once again dominated the top lots, led by reference 5104.

• The historically important Panerai collection that has been well kept for 40 years by a Private Japanese collector, sold for a total of HK$ 5.3 million/ US$683,481, over four times the combined pre-sale estimates.

Jewels and Jadeite – 28 November

• The Jewels and Jadeite Hong Kong Auction achieved HK$70 million/ US$9 million, with intense bidding from collectors via all sale channels, marking the highest ever sale percentage by lot (nearly 80%) for a Jewellery sale staged by Phillips Asia, demonstrating Phillips Jewels’ sustained and steady growth.

• The star lot, Les Jardins de Giverny, an impressive 19 carat Fancy Light Pink diamond, diamond and gem-set necklace/bracelet/ring created by the rising Chinese jewellery designer, Feng J fetched HK$20 million / US$2.6 million, marking the most expensive lot ever sold by the Phillips Jewellery department in Hong Kong.

• Unprecedented levels of online bidding activity across a global spread of 31 countries, with a 152% increase compared to the Fall 2019 auction.

2020 Hong Kong Auction Sales Total HK$1.18 Billion/ US$152 Million

• Consistently high sell through rates across all categories, with average 92% over the year.

• Achieved a record annual total of HK$780 million for 20th Century & Contemporary Art & Design sales in Hong Kong, posting an impressive 52% increase from the previous year.

• The Western artworks offered at Phillips’ Hong Kong Sales throughout the year produced genuinely exciting results. Western works offered in the 20th Century & Contemporary Art Evening Sales were 100% sold, with 65% lots selling above their high estimates.

• Unrivalled sell through rates were achieved across all watch sales in Asia this year, with only eight timepieces with a combined value of US$300,000 going unsold.

• Annual total for jewellery sales in Asia realised HK$138 million/ US$17.8 million, up 30% over the previous year.

Online Auctions:

Moving ahead in the digital era, Phillips Asia assembled three online-only auctions and brought a total in excess of HK$42 million/ US$5.4 million, resulting in a 635% increase from total online sales of HK$5.7 million in 2019.

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