Undeterred by Ongoing Protests, Christie’s Will Launch a New Hong Kong Auction to Coincide With Art Basel

The ongoing pro-democracy
demonstrations in Hong Kong have rocked the city and created some
anxiety among exhibitors headed to the city’s edition of Art Basel
in March. But so far, the art market itself remains undeterred. In
fact, Christie’s is doubling down in the region.

The auction house has announced
it will hold a new evening sale of 20th century and contemporary
art in Hong Kong on March 19. The new sale, which coincides with Art Basel
Hong Kong’s eighth edition, will become the third major Hong Kong
event in Christie’s calendar, joining the company’s autumn and
spring sales weeks, held in November and May.

“Building on Christie’s past
successes in developing the market for Western art and setting
numerous auctions records in both our Hong Kong and Shanghai
auctions, we feel that this is the perfect moment to be unveiling a
fresh new sale concept in March,” Francis Belin, President of
Christie’s Asia Pacific, said in a statement. (The sale precedes
Sotheby’s own contemporary art sale in Hong Kong, typically held in
early April.) 

Belin said that piggybacking off
of ABHK, which drew a staggering 88,000 people this year, would
increase the “depth and breadth” of the company’s audience. He
noted that the sale would cater to clients who are “are
increasingly collecting across categories and geographical
borders.” 

Despite speculation that
fewer galleries would participate in this year’s
edition, ABHK has
revealed a lengthy
exhibitor list for 2020,
with only a few notable
absentees, including Galerie König, Galerie Gmurzynska, and Goodman
Gallery. The fair is also offering support to
participating dealers in the form of discounts on booth
fixtures, meals at local restaurants, and
shipping.

Christie’s does not currently
plan to offer its consignors support with insurance or shipping,
the auction house confirmed, hoping the promise of big-time sales
will provide enough of a lure. Recent history would say it’s a safe
bet. 

Christie’s fall sales in Hong
Kong posted strong numbers, undeterred by the protests that have flooded the region
since this summer. Even with many buyers opting to bid remotely
rather than attend in person, the sales brought in a total of $336
million across five days. Buoyed by the $11.9 million sale of
a Yoshitomo Nara
painting, the auction house’s 20th century and contemporary art evening
sale on November 23 netted
$137 million alone—a Hong Kong record for the
company. 

“Serious collecting is a
long-term play,” Belin told The Art
Newspaper,
referring to the impact of the
protests on the market. “Seasoned buyers and sellers look beyond
short-term fluctuations.”

Highlights from the sale have
not yet been revealed. A representative from the auction house
anticipates that the first works will be announced in
January. 

The post Undeterred by Ongoing Protests, Christie’s Will
Launch a New Hong Kong Auction to Coincide With Art Basel
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