HONG KONG.- Jonathan Crockett, Head of 20th Century and Contemporary Art & Deputy Chairman for Phillips Asia, said: “The outstanding results of Phillips’ first sale of 20th Century & Contemporary Art & Design in Asia demonstrate the ever increasing global demand for works by blue chip international artists, with world records achieved for Nick Knight and Yoshitomo Nara for a work on paper. Participation from six continents reflected the globalised nature of the current market, as we saw confident bidding from across the region including Hong Kong, Mainland China, Taiwan, Indonesia, Japan, Korea, Singapore and more, confirming the pulse of the rapidly changing buying habits of Asian collectors. We saw fierce competition for works by both younger generation artists as well as established masters, with Adrian Ghenie’s Elvis igniting a 10 minute bidding war. The result is a testimony that Phillips’ innovative approach of offering high quality art from around the world, alongside exceptional works of design, resonates with today’s auction market. Following the strength of this result, we look forward to continuing our growth and expanding our presence in the region.”

In a packed saleroom, collectors from across the globe competed for works of the highest quality. The sale was led by Roy Lichtenstein’s Landscape with Grass, which sold for HK$35,480,000, exceeding the high estimate. Painted in 1996, the present work is an important example from the ‘Landscapes in the Chinese Style’ series, and was first exhibited in the Hong Kong Museum of Art in 1998. Standing at almost three meters tall, the painting leads the viewer into a monumental and highly stylised landscape.

Gerhard Richter’s Abstraktes Bild 776-1 sold for HK$19,880,000, the highest price achieved for the artist at auction in Hong Kong. The work is an important example from one of Richter’s most celebrated abstract cycles.

Daydreamer by Yoshitomo Nara realised HK$12,080,000, establishing a new world auction record for a work on paper by the artist. An exceptional example of Nara’s iconic style, Daydreamer was the largest work on paper to come to auction in a decade. The sale saw 100% sell through rates for works by Japanese artists, with Yayoi Kusama also igniting strong international bidding.

The response to Nick Knight’s Tatjana Patitz for Jil Sander captivated the saleroom, and resulted in 10 minutes of competitive bidding, eventually selling for HK$2,360,000 and achieving a new world record for the renowned photographer at auction.

Select pieces of Decorative Art and Design were well received and the category was led by a superlative example of the ‘Chieftain’ armchair, designed by the famous Danish architect Finn Juhl in 1949, realising HK$1,937,500.

Romanian painter Adrian Ghenie represented the younger generation of artists who are gaining immense popularity. Following 10 minutes of bidding, Elvis sold for HK$5,480,000, over four times the estimate.