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Eastern Promises

Though still a ways off from the global art market peak of 2022, last weekend’s Hong Kong auctions showed a definite rebound: vastly improved totals, impressive sell-through rates, and signs of strength for Asian artists.

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Christie's Hong Kong
A red Gerhard Richter abstract painting that had been purchased privately in 2015 was sold to the third-party guarantor for a price in line with the broader market for his abstracts. Photo: Courtesy of Christie's
Marion Maneker
April 1, 2026

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The auctions in Hong Kong last weekend reversed the four-year slide in the amount of money spent in the regional market’s spring season. The cumulative sales volume of $216 million was up 43 percent from last year, with a very positive 89 percent sell-through rate. Meanwhile, the all-important hammer ratio—the aggregate hammer price divided by the combined low estimate for all lots, including the unsold lots—reached 1.18, a strong but not overheated number.

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