Christie's Asia luxury sales soar in 2023, driven by young collectors

The Hong Kong auction, featuring diverse items such as jewellery, watches, handbags, and wine, achieved an exceptional 91% sell-through rate by lot.

The outstanding results are seen as underscoring the allure of Christie's curated sales, marked by strategic pricing, digital engagement, and a significant influx of new, younger buyers in the region.

Francis Belin, president of Christie's Asia Pacific, highlighted the unique trends and perspectives in the Asian art market. The Asia Pacific region serves as a distinct platform to represent and showcase Asian artists globally. The dialogue between classic modern and contemporary Asian and Western art is a unique feature, with Hong Kong positioned as a global rather than regional sales hub, he said.

One striking trend is the significant proportion of young buyers in Asia, with 30% to 50% of activity driven by younger collectors, in contrast to the West's 18%, Belin said. He emphasised the increasing embrace of art and collecting by younger collectors, fostering diversity in the art world.

“Look at the first half of this year. You have about 18% of buyers in the West, the Europe, and America, which are millennial or younger. Look at the data in different ways, credit new buyers, new buyers buying value and so on. Different ways to credit, and you will always see in Asia that be doubled up. You have between 30% and 50% of the activity in Asia, which is very driven by younger collectors,” Belin explained.

Participants from 41 countries across five continents contributed to the global engagement in these auctions. Notably, half of the buyers made their purchases online, and nearly 60% of these new buyers were millennials, reflecting a changing landscape in luxury auction participation.

A highlight of the Hong Kong auctions was the “Magnificent Jewels & The Pink Supreme” event. This live auction achieved remarkable sales of HK$491,395,000 (approx US$63,333,998), showcasing the strength of the Asian market in the jewellery category. The sale featured a diverse curation of coloured and colourless diamonds, jade, and creations from renowned jewellery houses.

The standout was “The Pink Supreme”, a 15.48-carat Fancy Intense Pink Internally Flawless Type Ila Diamond, that fetched HK$83,875,000 (US$10,810,322).

The watches auction achieved total sales of HK$222,231,750 (US$28,642,583), marking the second-highest autumn total at Christie's Asia. The results showcased Christie's Watches as a market leader in Asia, drawing global participation from 39 countries spanning five continents. Millennials comprised 40% of new buyers, reflecting a growing trend in younger collectors' interest in luxury timepieces.

During the auction event, Christie's Hong Kong presented live sales of wine and spirits, achieving a combined total of HK$53,543,750 (US$6,901,045). The offerings boasted a remarkable 94% sell-through rate by lot. Notably, the auction included the first part of the superb European single-owner cellar of Dr A. Botenga, with a second offering live auction in London in December.

The live auction of handbags and accessories achieved total sales of HK$54,986,400 (US$7,086,983). The sale also played a part in the highest-ever annual sale total for the category globally, reaching HK$154 million (US$20 million), with over 70% of new buyers being millennials and 28% making purchases through online bidding.

When discussing the opportunities and challenges of selling Asian art, Belin highlighted the collectors’ appetite for objects related to their culture. He stressed the importance of presenting Asian art across art history and the opportunity to open eyes to influences and dialogues through diverse categories.