Hong Kong’s Auction Market Is Soaring as New York Stumbles

By James Tarmy

It was a tale of two cities, two infectiousness rates, and two very different art markets.

Christie’s rolling Hong Kong to New York sale of 19th, 20th, and 21st century artworks began at night in Hong Kong on Dec. 2. After bidding ended there, it was passed to an auctioneer in New York, newscaster-style, as the city was just beginning its morning.

Dana Schutz's painting, Elevator, from 2017.Source: Christie's

In Hong Kong, which reported about 100 cases of Covid on Wednesday, there was a live audience of dealers and collectors in front of the auctioneer. In Manhattan, which had a rolling seven-day average of 1,597 new daily cases as of Nov. 29, and whose positivity rate is nearing a staggering 5%, auction house specialists stood in what was effectively a stage set, bidding for clients via phone and text in front of live-streaming cameras...READ MORE

Cover Image: This still life by Nicolas Party sold for $1.35 million, a world record at auction for the artist.

Source: Christie's