HONG KONG.- Following the white glove success of Sunday’s Modern and Contemporary evening sale which saw Joan Mitchell’s La Grande Vallée VII – direct underbid by a collector in their 20s - surpass the HK$100M benchmark to become the top lot sold in Asia this season (and the top lot of the city’s spring auction week), the past 36 hours saw three auction records achieved, for Eugène Carrière, Kim Lim and Ugo Rondinone, and multiple new benchmarks set, including Mark Rothko’s No. 10 (underbid by a collector in their 30s), a record for a work from the artist’s Multiform series which sold for nearly twice its high estimate. Asia’s modern masters also garnered strong results including all works by Sanyu and Zao Wou-Ki finding buyers across the two sales, and a work by Wu Guanzhong attracting seven bidders with 32 bids placed, ultimately selling for nearly three times its high estimate in the evening sale. In the same sale, the works from beyond the abstract encompassed a wide variety of mediums, from ancient art to titans of art history. The historic objects and artefacts on offer made up almost 20% of the lots in the evening sale, and attracted young collectors, amongst which An Amamori kohiki vase, Joseon dynasty, 15th-16th century surpassed its high estimate, selling to a collector in their 30s.

With collectors and art lovers gathering in Hong Kong this season to celebrate Hong Kong art month, Sotheby’s Maison attracted no fewer than 44,500 visitors over the past two weeks alone (nearly 30% more than attended last March’s exhibition), taking the total number of visitors to well over one million since the opening of Sotheby’s new Hong Kong space. Cross- category, museum-quality exhibitions have been a standout feature of Sotheby’s biannual marquee sale calendar since the opening of Sotheby’s Maison, from the debut show Corpus – Three Millennia of the Human Body to EROS/THANATOS, exploring the theme of desire, transgression and mortality, and culminating most recently in beyond the abstract, the most comprehensive survey of abstract art ever staged in Greater China - all conceived with the vision of broadening audience’s horizons and elevating the art experience in the heart of the city.

Topline key takeaways:

• Combined total for evening and day sales: HK$711,804,400 / US$91,256, 974 - an increase of almost 60% on last season’s total (Sep 2025) and 99.7% (sold by value)

• Exceptional sell-through rate across all three sales: 100% for Modern & Contemporary Art Evening Sale, and almost 97% (sold by lot) for both day sales combined

• Global participation: strong bidding across the sales from collectors all over the world

• Strong participation with multiple bidders for: Huma Bhabha (Lot 1) (5 bidders), Lucy Bull (Lot 10) (6 bidders), Mark Rothko (Lot 20) (6 bidders), Wu Guanzhong (Lot 41) (7 bidders) and Yu Nishimura (Lot 55) (16 bidders)

• Auction records: Eugène Carrière, Kim Lim and Ugo Rondinone

Joan Mitchell’s La Grande Vallée VII sold for HK$137,350,000 / US$17,608,974 (est. HK$110,000,000 - 300,000,000 / US$14,300,000 - 39,000,000) - as the top lot sold in Asia this season, the work establishes a new high for the artist in Asia and becomes the most valuable work by a woman artist sold at auction in Asia.

Top Lot:

• Joan Mitchell auction record in Asia: La Grande Vallée VII sold to an online bidder, for HK$137,350,000 / US$17,608,974 (est. HK$110,000,000 - 300,000,000 / US$14,300,000 - 39,000,000) - as the top lot sold in Asia this season, the work not only establishes a new high for the artist in Asia, and also becomes the most valuable work by a woman artist sold at auction in Asia

Modern & Contemporary Evening Sale

According to the Art Basel report, Asian buyers under 40 represent a large and growing share of bidders. Digital-first, experience-driven collecting is expanding the buyer base faster in Asia than in most Western markets. Collectors in Asia are also among the most active globally in new media, with rising interest in photography, digital works, and diversified mediums. This season’s cross-category evening auction saw an increase in buyers and young bidders:

• Sale total: HK$548,421,200 / US$70,310,410 - comfortably within estimate (est. HK$351,630,000 - 678,700,000 / US$45,080,769 - 87,012,820)

o An increase of over 60% on last season’s total (Sep 2025)

o 100% sold by lot, almost half of the lots exceeded their high estimates

• The evening sale attracted global participation, with the top five bidding regions spanning Greater China, Singapore, the U.S. and U.K., contributing to an increase in the number of bidders vs previous season (+30%)

• 20% increase in the number of buyers

• Half of the top ten lots sold were acquired by collectors from Greater China

• Among the top prices achieved in the evening auction, the top lot Joan Mitchell’s La Grande Vallée VII was direct underbid by a collector in their 20s, Mark Rothko’s No. 10 was underbid by a collector in their 30s, and Yayoi Kusama’s Pumpkin was bought by a collector in their 20s.

 For ancient art, A 'Qilian' scholar's rock, Ming - Qing dynasty was acquired by a collector in their 30s.

Modern & Contemporary Day sales:

o Sale total: HK$163,383,200 / US$20,946,564 - just shy of its high estimate (est. HK$94,630,000 - 165,130,000 / US$12,132,051 -21,170,512)

o Almost 97% sold by lot

o 3 new benchmarks set (see below)

The Top Lot:

• Modern Day Sale: Zao Wou-Ki’s Ville Chinoise surpassed its high estimate to achieve HK$20,420,000 / US$$2,617,949 (est. HK$8,000,000 - 15,000,000), 13 bids placed and sold to a phone bidder (Lot 156)

• Contemporary Day Sale: Yayoi Kusama’s Pumpkin (8) fetched HK$7,040,000 / US$902,564, above its high estimate (est. HK$5,200,000 - 7,000,000) (Lot 213)

3 New Benchmarks Set:

• 2 Artist Records in Asia:

o Henri Fantin-Latour’s Azalées et bruyères sold for HK$1,408,000 / US$180,513 (est. HK$1,200,000 - 2,000,000) (Lot 118)

o Matta’s L'invitation - Les fabricoeurs d'été fetched HK$576,000 / US$73,846, surpassing its high estimate (est. HK$350,000 - 550,000) (Lot 124)

• Salvador Dali - record for a work on paper by the artist in Asia: Dumont et Martin (Illustration au Marquis de Sade) sold for HK$1,920,000 / US$246,154 (est. 1,800,000 - 2,800,000) (Lot 127)

Sustained Momentum for Blue-chip Asia’s Modern Masters:

• All 8 works by Sanyu 100% sold, highlights include:

o Reading nude: HK$1,216,000 / US$155,897 - almost twice its high estimate (est. HK$380,000 - 580,000) (Lot 104)

o Corbeille de fleurs: HK$896,000 / US$114,872 (est. HK$700,000 - 1,200,000) (Lot 101)

o Seated nude: HK$896,000 / US$114,872 - 1.5 times its high estimate (est. HK$380,000 - 580,000) (Lot 102)

• 100% sold for all 10 works by Zao Wou-Ki, featuring:

o Ville Chinoise: Top lot of Modern Day auction (see above)

o 29.08.88: sold for HK$8,320,000 / US$1,066,667 (est. HK$7,500,000 - 15,000,000) (Lot 158)

o Sans titre: sold for HK$2,816,000 / US$361,026 (est. HK$2,000,000 - 3,000,000) (Lot 157)

o Untitled-14.06.2003: Intense bidding online and on the telephone, sold to an online bidder, surpassed its high estimate by over 3.5 times, achieving HK$537,600 / US$68,923 (est. HK$100,000 - 150,000) (Lot 153)

• Lalan’s Moon saw intense bidding: sold for HK$7,808,000 / US$1,001,026 (est. HK$380,000 - 680,000) (Lot 161)

Southeast Asian Artists Remains Strong:

• All 6 works from Mai Trung Thu found new homes, including Procession which realised an above- high estimate HK$3,072,000 / US$393,846 (est. HK$1,800,000 - 3,000,000) (Lot 130)

• 100% sold from 5 works from Le Pho, highlights including Le Champ de Pavo sold for HK$2,176,000 / US$278,974, nearly double its high estimate (est. HK$700,000 - 1,200,000) (Lot 129)

Sustained Momentum for Japanese Artists in the Contemporary Day Auction:

• Yayoi Kusama’s Pumpkin (8): Top lot of Contemporary Day Sale (see above)

• Kohei Nawa’s PixCell-Bambi #15: sold for HK$2,816,000 / US$361,026, above its high estimate (est. HK$1,500,000 - 2,500,000) (Lot 205)