Provenance and quality drive bidding amidst rising ultra-high-net-worth demand.
Auction houses are focusing on rare, museum-quality artworks with clear ownership histories as ultra-high-net-worth collectors in the Asia-Pacific region become more selective and research-driven.
Collectors are tracking artists and categories over months before bidding, shifting away from volume-based buying, said Danielle So, Hong Kong head of auctions for modern and contemporary art at Phillips Auctioneers.
“They prioritise quality over volume, with modern and post-war art remaining particularly strong areas of interest,” she said via Zoom.
Hong Kong remains Phillips’ top Asian market for buying and selling, accounting for more than 30% of regional transaction value in 2025.
Greater China including Hong Kong, Mainland China, and Taiwan remains Phillips’ biggest regional market, representing about 70% of Asia business, So said.
Phillips’ March Hong Kong evening sale closed 30% above its high estimate, with 60% of works exceeding expectations. About 80% of buyers across modern and contemporary sales were from Asia.
Top lots included Liu Dan’s “Dictionary,” which sold for $11.5m and set a record for the Chinese ink artist. Pierre-Auguste Renoir’s “Paysage aux oliviers” fetched $4.9m, more than double its low estimate, whilst Adam Pendleton’s “Untitled (Days)” sold for $5.4m.
Collectors are increasingly prioritising provenance, with verified ownership history becoming a key factor in pricing and demand.
Established Impressionist and modern names remain highly sought after because they offer a sense of certainty, said Ada Tsui, senior vice president and head of 20th and 21st century art at Christie’s Asia Pacific.
Blue-chip and mid-career artists remain core demand drivers, with So citing names such as Yayoi Kusama and Zao Wou-Ki as anchors of the market.
‘SEA collector growth’
Southeast Asia is emerging as a key growth region. So said participation rose 62% year on year across buying, bidding, and selling, whilst first-time Phillips clients in the region more than doubled.
Singapore and Vietnam are leading activity, whilst South Korea and Japan have softened on the buying side but remain important sources of consignments.
At Christie’s, Southeast Asian collectors also increased participation in Hong Kong, with spending rising 20% year on year in March sales, driven by Singapore.
“Collectors in other markets such as Southeast Asia — particularly Indonesia, Thailand, and Vietnam — are rising and phenomenally active, including at the very top end of the market,” Tsui said in an emailed reply to questions.
Christie’s March Hong Kong 20th and 21st Century Art sales totalled $886.9m. The evening sale reached $655.8m and was fully sold.
Top results included Gerhard Richter’s abstract work at $92.1m, Sanyu’s horse painting at $63.9m, and Walter Spies’ Balinese landscape at $59.1m, which set a record for the artist.
Buyers are also expanding beyond regional artists to include global modern and contemporary names, Tsui said, reflecting broader collecting strategies in the Asia-Pacific region.
Younger collectors are adding momentum. Merryn Schriever, interim managing director for Asia at Bonhams, said Millennials and Gen Z now account for close to 40% of auction participants.
“They are digitally native, guided by aesthetics, artistic, and cultural significance, and compelling narratives,” she said in an emailed reply to questions.
Bonhams said demand for rarity and strong provenance is also shaping interest in single-owner collections. Its March Hong Kong sale MORE THAN RED, featuring six Yayoi Kusama works from one collection, was fully sold, led by “Pumpkin” at $22.2m.
There was also strong demand for luxury collectables. “The Legendary Cellar of Hostellerie Jérôme” wine collection sold for $25.9m, whilst a Cartier Paris “Model A” Mystery Clock fetched $6.35m.