After 2020’s epidemic, 2021 Hong Kong Spring Auction is about to begin. As an important part of the global art market, Hong Kong's total transaction volume in 2020 ranked fourth in the world. Focusing on the high-end auction sector, in the global art market in 2020, there were a total of 963 pieces sold for more than 10 million HKD, 133 of which were from Hong Kong, accounting for 14% -- the turnover rate of Hong Kong’s high-end art market shall not be ignored. 38 lots are with a low-estimate-price of over 10 million HKD in 2021 Hong Kong Spring Auction, among which only one piece is from female artist titled Summerstorm. Sotheby's Hong Kong takes up 87% of the lots up for sale, leading the race, followed by Poly Hong Kong, Gurdian Hong Kong by 5% and 7% respectively. Top works of Chinese and western artists are collected there altogether impressively.

一、High-End Lots: half new and half old

In the list of 38 high-end lots, Zao Wou-ki takes up 9 seats, and his works’ prices range across 10 million HKD, 20 million HKD, 40 million HKD and even 100 million HKD, to meet the needs of different collectors. The rest are carved up by Yoshitomo Nara (5 paintings), Zhang Daqian(3), Wu Guanzhong(3), and 1 by each of the other 18 artists.

From the perspective of the circulation of works, there are 18 works in total making their debut in the market. 20 works have experienced two or three auctions, of which 15% are held for less than 5 years, 55% are held for 5-10 years, and 30% are held for more than 10 years. It can be seen that high-end modern and contemporary art has a good circulation, and the market popularity is still high.

二、Annual Yield Rate of High-End Lots: 50% of the lots exceed 10%
Among the high-end lots in 2021 Hong Kong Spring Auction, 12 works have been auctioned twice or three times. 50% of the works have an annual yield rate of more than 10%, and that of 40% of the works are between 3% - 10%. Collectors are thirsty for talents.

Top1 Annual Yield Rate Lot:
Pierre Soulages’s Peinture 125 X 202 cm, 30 Octobre 1958 was sold for $120,000 at Christie's London on July 1st, 1999. After a lapse of 15 years, on October 17th, 2014, it dropped the hammer with $4.27 million at Sotheby's London, 34 times over 15 years, with an annual yield rate of 26%. This time at Sotheby's Hong Kong, it’s estimated between 38-58 million HKD.

Top2 Annual Yield Rate Lot:

Willem De Kooning’s Untitled XLVIII was sold for 960,000 dollars at Sotheby's New York on November 13th, 2003. In 2010, it was auctioned again at Sotheby's New York, bringing a turnover of $2.88 million, doubled in 7 years with an annual yield rate of 18%. This time at Sotheby's Hong Kong, it’s estimated between 39-62 million HKD.

Top3 Annual Yield Rate Lot:

Zao Wou-ki’s 05.11.62 brought $1.05 million on December 2nd, 2007 at Ravenel Taipei. On June 3rd, 2018, another auction at Ravenel Taipei dropped the hammer with $5.1 million, with 16% of annual yield. This time at Sotheby's Hong Kong, it’s estimated between 30-50 million HKD.

After the COVID-19 in 2020, the situation of the overseas epidemic is still grim. In 2021, when the epidemic situation in China is relatively better, the heat of last autumn will be continued in this spring. Li Lanfang believes that Hong Kong is still the center of the art trade in Asia and the world, and Hong Kong auctions should do well, and Lin Song thinks that this year, there are many representative works, and they’ll certainly have a good price. On the one hand, the econimc environment is experiencing an excessive currency inssuance and asset bubbles, and thus the collectors should find a way to maintain and increase their fortune, while art investment is an important choice. On the other hand, the key lots up for sale this year are all from famous artists and have passed the examination of history. These sharp lots are the targets that many will contend for originally.

Among the 38 high-end products released in 2021, Chinese and western products are combined. The overall selection structure is purpose-oriented and stable, which is the anchor of the whole auction. This kind of stability is also thanks to the old auction house’s years of reserve, accumulation and combing, taking both buyers and sellers into consideration with little fluctuations. High-end lots of 1990s in Special Sales of Contemporary Art are very competitive. Lin Song thinks, this spring might be the most crucial stage to collect classical art of Chinese contemporary art in contemporary art history. For instance, most of Zhang Xiaogang’s works with family themes are collected in art gallery or by important private collectors, which will not release in short term except for this spring auction -- a really important opportunity. Li Lanfang believes that the year 2020 was a prominent year for the 1970s artists, and the changes in market prices may also drive the changes in the 1950s and 1960s artists.

In the upcoming 2021 Hong Kong Spring Auction, there many auction houses enrolled, and also many heavyweight works. Li Lanfang observes that each house has their brilliance, while the Sotheby's accounts for more than a little. Lin Song's most impressive contemporary art works are from Zhang Xiaogang and Fang Lijun. These two works are representitives among works of 1990s, reflecting on the artists themselves and demonstrate their power. Zhang Xiaogang in 2020 has already offered outstanding performance, renewing his personal auction record by Big Family sold for 98.03 million HKD. At present, there are many in the market rush to purchase his sharp works, and his Bloodline: Mother And Son No.1 up for sale is really worth anticipating. In recent years, Mr. Fang does not have any works released, while this time his 1933 No.4 is the only important work up for sale. Created in 1993, the work has participated in important exhibitions. Works created in the same period, of the same quality have all set records of 30 - 40 million, this work of Fang must have full imagination for the market.

Within 4 works estimated over 100 million HKD, Picasso, Clyfford Still, Sanyu, and Zao Wou-ki, the four masters will “strive” for hegemony. Li Lanfang observes that Sanyu’s market is the result of years of market pave, and the price will be better and better and won’t let us down; western contemporary will also have strong presence in Hong Kong. Lin Song remarks that Sanyu’s works are rare in the market, the price of good works is increasing steadily. In the past, his body and flower themed works were sold for more than 100 million. This year, Nu Avec Un Pékinois and《Jing yue ying ju 》are typical human body and flower stills, estimated around 100 million, while the final score is depend on the sale’s atomosphere.

四、Debut of High-end Lots: only one piece from FEMALE artist
Cecily Brown: Summerstorm
Estimated Price 12.5-14.5 million HKD, Sotheby’s Hong Kong

Regarded as one of the finest female painters of her time, Cecily Brown came from England but stands out among the brilliant painters of New York. The Top10 most expensive works of hers were all sold in the last three years, and four of them were sold in 2020, which are hot in London, New York and Hong Kong.

Other Brilliant Lots:
Chu Teh-Chun: Snow Series
Estimated Price 80-120 million HKD, Sotheby’s Hong Kong

In 2020, Chu Teh-Chun broke the record of the most expensive work by himself. Ode to Nature is the only pentaptych masterpiece in his life, and also the largest work in his private collection. There are only eight groups of giant multiptych of Snow Series, and this time Harmonie Hivernale is only one of the two groups of triptych of snow scenery, and it is also the only one of the triptych of snow from the hands of private collectors up for sale.

Roy Lichtenstein: Reflections on Thud!
Estimated Price 78-108 million HKD, Sotheby’s Hong Kong

This work is from the artist's career pivotal "reflection" series, and the market has never seen it before. The work, acquired by the current collector from Leo Castelli in 1990 and kept in the collection ever since then, is making its debut at Sotheby's and marks the first time that a major Lichtenstein work is auctioned in Asia.

Adrian Ghenie: The Trip
Estimated Price 39-49 million HKD, Sotheby’s Hong Kong

Ghenie is the only artist born in 1970s in the list of high-end lots in Hong Kong. He has renewed the Top2 in his personal list in Hong Kong in 2020. The Trip was finished in 2016, Pablo Picasso is placed in a space of Ghenie 's imagination. The picture shows how the artist works to weave the delicate relationship between history and art into the bright colors of his pen.

2021 Hong Kong Spring Auction is about to raise the hammer officially, and let’s wait and see how the blockbusters will perform. Artpro will continue to focus on 2021 Hong Kong Spring Auction. Please stay tuned for more auction dynamics.