Phillips’ New Now Auction in Hong Kong Realises HK$ 24 Million / US$ 3.1 Million

Angela Tian, Head of New Now Sale, Phillips Hong Kong, said, “The results from today’s sale confirm a vibrant and resilient art market as we begin the 2024 spring season. With strong sell-through rates of 91% by value and 83% by lot, our second New Now sale in Hong Kong achieved over HK$24 million/ US$3.1 million, marking a 30% increase from the inaugural New Now last November. The sale was led by two Yoshitomo Nara’s works on paper, consistent with the artist’s ever-growing demand, with further standout results including Salvo, whose Agosto soared to over HK$1.07 million/ US$137,960 against a low estimate of HK$400,000/ US$51,300. Emerging and young artists also received an enthusiastic response, with strong prices achieved for Roby Dwi Antono, Yang Hyun Jun, Jonathan Chapline and Kitti Narod. We have always prided Phillips’ New Now sales on their ability to place auction newcomers alongside those with time-tested careers and collectors’ confidence and support of this is evidence by works by Alan Chan, Buyankhishig Unurbayar and Ni Zhiqi who marked their auction debut this season all surpassed pre-sale estimates. We were pleased to see continued support from collectors across bidding platforms, with the sale overall seeing bidders from across 38 countries worldwide. We look forward to our marquee sales in Hong Kong on 31 May and 1 June.”

Top 10 Lots

LotDescriptionEstimatePrice Achieved
23Yoshitomo Nara, Untitled, 2007HK$800,000 – 1,200,000
US$103,000-154,000
HK$1,905,000
US$243,459
39Yoshitomo Nara, Untitled, 1995HK$700,000 – 900,000
US$89,700-115,000
HK$1,651,000
US$210,998
24Ayako Rokkaku, Untitled ARP1, 2007HK$2,000,000 – 3,000,000
US$256,000-385,000
HK$1,524,000
US$194,767
22Mr., Untitled, 2020-2023HK$1,000,000 – 2,000,000
US$128,000-256,000
HK$1,206,500
US$154,191
2Salvo, Agosto, 2009HK$400,000 – 600,000
US$51,300-76,900
HK$1,079,500
US$137,960
37Zhang Xiaogang, Bloodline Series No. 28, 1997HK$800,000 – 1,200,000
US$103,000-154,000
HK$1,016,000
US$129,845
34Ding Yi, Appearance of Crosses 2019-15, 2019HK$700,000 – 1,000,000
US$89,700-128,000
HK$1,016,000
US$129,845
44Javier Calleja, So it Is, 2018HK$500,000 – 700,000
US$64,100-89,700
HK$1,016,000
US$129,845
29Takashi Murakami, Untitled, 2016HK$800,000 – 1,200,000
US$103,000-154,000
HK$762,000
US$97,384
40Yoshitomo Nara, Girl, 1999HK$300,000 – 500,000
US$38,500-64,100
HK$762,000
US$97,384

Exchange Rate on 29 March 2024: HK$1= US$0.1278

Source: Phillips