Five years ago, as the world was gripped by Covid, Asia’s first livestreamed auctions of modern and contemporary art at Sotheby’s and Christie’s in fall 2020 realized a combined total of HKD 3.4 billion (USD 437 million). The following season, at the height of the market (in Asia especially, which accounted for approximately 40 percent of 2021 global sales volume), the number topped HKD 4.2 billion (USD 544.1 million). Fast forward to September 2025: Hong Kong’s inaugural marquee auction week—a milestone that saw the three international houses going head-to-head for the first time, holding their sales at their respective newly established Asia headquarters—concluded with little fanfare, generating an aggregate of HKD 1.5 billion (USD 190.6 million) (note: if not specified as hammer price, sale amounts and totals include auction fees, whereas estimates do not).

Christie’s achieved HKD 817.3 million (USD 105 million) across its evening and day sales, accounting for over 50 percent of the total among the three houses. Their evening sale kickstarted the auction marathon on Friday, headlined by the season’s biggest highlight: Pablo Picasso’s Buste de Femme (1944), a classic by the artist of Dora Maar in a red dress. Returning to market after more than 25 years in private hands, the work ignited a 15-minute battle between two phone bidders, moderated by Rahul Kadakia, newly appointed president of Christie’s Asia Pacific, taking the rostrum for the first time in Hong Kong. The painting doubled its low estimate, selling at HKD 196.8 million (USD 25.4 million) to a collector on the phone with Ada Ong, chairman of Christie’s Taiwan, setting a new auction record for Picasso in Asia.