Christie’s Hong Kong recently announced its spring auction results: a total sales amount of HK$2.3 billion ($294.4 million), boasting an average transaction rate of 90%, with 42% of the lots surpassing their highest estimates. Regionally, the Greater China market was highly active, with strong performance across Asia overall. Mainland China recorded the highest sales, followed closely by Hong Kong, with Taiwan also making significant contributions. Southeast Asia demonstrated notable consumption growth, with the influx of new and young buyers highlighting ongoing expansion in the region. Nearly a quarter of buyers were new to Christie’s, and 43% of these newcomers were millennials. Beyond art, Christie’s has recently taken the lead in watches in Hong Kong. As previously reported, the industry for watch auctions is currently shifting towards the Asia-Pacific region. Christie’s Asia timepieces department has seen a significant increase in sales volume, more than quadrupling its pre-pandemic level of $88 million. This surge was driven by the successful completion of its recent fall sale of significant timepieces and the sale of the first installment of the OAK collection in November 2023, marking the department's largest sales volume to date. Asia, with its large financial resources and commercial dynamism, has developed a rich culture of collectors in recent years.
