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Hong Kong Garden

Joan Mitchell and Gerhard Richter lead an auction calendar that will provide the latest test of the art market’s long recovery—and whether the island city, where the Big Three auction houses have invested heavily to bolster their Asian footprint, is finally getting its groove back.

Gerhard Richter, Christie's
A very red Gerhard Richter abstract painting leads Christie’s sale with an estimate just shy of $10 million. The recent success in London of a red abstract half the size, which sold for $10.1 million with fees, suggests there might be bidding on this larger work. Photo: Courtesy of Christie's
Marion Maneker
March 20, 2026

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As the art market continues to heal with stronger sales in London, the next indicator of a recovery should come in Hong Kong. The market peaked in the island city in 2021, despite political unrest and Covid closures. But over the following years, auction sales dropped by 26 percent, and remained low through 2025, even though the first fall auctions, with all three auction houses selling simultaneously, seemed to portend a recovery. This season, we’ll see whether all that spade work can result in some real market momentum.