As anticipation builds for the highly awaited New York Sales, Sotheby’s and Christie’s recently held significant modern and contemporary art auctions in Asia, featuring a standout Rothko piece that has entered the ranks of the most expensive Western artworks ever sold in the region.
Sotheby’s kicked off its Hong Kong Modern & Contemporary Art Auctions on November 11 and 12 at its newly opened Chater House location, showcasing a monumental work by Mark Rothko, titled Untitled (Yellow and Blue), painted in 1954. With an estimate of HK$225-275 million, this marked Rothko's debut in the Asian market. Ultimately, it sold for HK$252.5 million (approximately €30 million or $32.5 million), placing it fourth among the priciest Western artworks sold in Asia, despite being 30% lower than its previous auction in 2015.
Other notable sales included Shi Hu’s Heaven (2017), which exceeded its low estimate at HK$7.8 million (around €940,000), and Yayoi Kusama’s Hat (1983), fetching HK$43.8 million (about €5 million). However, overall enthusiasm was muted, with Rothko accounting for more than half of the total sales of approximately €50 million.
Meanwhile, Christie’s held its 20th/21st Century Evening Sale in Shanghai on November 7, where 25 out of 28 lots found new owners, often surpassing high estimates. Noteworthy sales included Zao Wou-Ki’s 30/09/65 (1965) at around €8 million and Yoshitomo Nara’s Untitled (2007) nearing €4 million, signaling a rebound in the market following recent economic challenges.