2024 Autumn Luxury Sales running total: US$108M poised for market leadership in 2024
Impressive results for jewellery, watches, handbags and wine. © Christie's Images Ltd 2024.
HONG KONG.—
Christie’s achieved an impressive running total of HK$836M / US$108M in the inaugural Luxury Marquee Week at The Henderson. This outstanding performance, highlighted by a strong 92% sell-through rate and 106% hammer over low estimate, underscores Christie’s unparalleled expertise in curating exceptional offerings that resonate with luxury collectors. The results place Christie’s on track for Asia market leadership of the category in 2024.
The strategic move to The Henderson has enabled Christie’s to engage collectors more effectively in a dynamic environment. Buyer demographics for our first dedicated luxury marquee week reflect expanding reach, including a significant 32% increase in new buyers versus autumn 2023 (74% increase including online sales). New buyers comprised about one-third of total buyers, with Millennials comprising over half of all luxury buyers, demonstrating success in attracting new and younger collectors. Notably, Asia Pacific buying increased by 16% compared to autumn 2023, with Southeast Asian contribution rising 138%, Japan rising 182%, and Taiwan rising 124%, indicating sustained demand and buying power in the region. This success reinforces Christie’s confidence in the resilience of the luxury market.
Digital engagement played a pivotal role in this success, with 52% of buyers opting to bid online and livestream views exceeding 6.7 million. The auctions attracted global participation from 59 countries across 6 continents.
Christie’s new Asia Pacific headquarters at The Henderson, featuring museum-quality galleries, has become a premier destination for art and luxury collectors. In October, three exciting events were held there — the Grand Prix d'Horlogerie de Genève exhibition, the 10th Horology Forum, and Christie’s 9th Art + Tech Summit, all of which were widely attended and warmly received, affirming Christie’s space at The Henderson as the destination for world-class art and luxury events where dialogue and ideas are exchanged.
Looking ahead, upcoming sales include the 20th / 21st Century Evening Sale in Shanghai on 7 November, and 20th / 21st Century Day Sale in Hong Kong on 9 November, followed by the inaugural Asian Art Week at the end of November (27 – 29 November).
CHRISTIE’S HONG KONG | LUXURY MARQUEE WEEK OVERVIEW
Wine | 4, 26 and 30 October
Annual Sale Total in Asia: HK$180M / US$23M
Fall (Live + Online) Sales Running Total: HK$77M / US$10M
Three live and two online wine auctions were presented, achieving a running sale total of HK$77,687,662 / US$10,045,217. The spectacular offerings resulted in an impressive sell-through rate of 92% by lot. This season saw a staggering 150% increase in new buyers in live sales vs. autumn 2023, while 50% of new buyers were Millennials, reflecting the evolving landscape of wine collecting.
Christie’s was honoured to present “The Epic Cellar Part II” following the success of “The Epic Cellar Part I” in Spring, achieving a combined 92% sell-through rate and 88% hammer over low estimate. Additionally, “A Life Well Lived: The Remarkable Cellar of Melina and Dr N.K. Yong” was 90% sold by lot (live and online), reflecting a legacy of passion and friendship over four decades. Furthermore, “Direct From The Cellars: Artémis Domaines” marked the first dedicated auction presented by Artémis Domaines at Christie’s, featuring rare wines from renowned estates spanning two centuries. It was 100% sold, with 180% hammer over low estimate. The rare and iconic selection attracted fierce competition between bidders for some of the rarest bottles in existence.
Watches | 27 October
Annual Sale Total in Asia: HK$433M / US$56M
Poised for 2024 market leadership
Fall (Live + Online) Sale Total: HK$211M / US$27M
Christie’s Hong Kong surged ahead in the Watches market with two autumn sales, Watches Online: Featuring “The Collectibles” Part 1 online sale and Important Watches: Featuring "The Collectibles" Part 2 live sale, which achieved a total of HK$210,836,060 / US$27,248,768, with 88% of lots sold and 107% hammer over low estimate, reflecting the extraordinary appetite for rare and historically significant timepieces. The sales drew vast global participation from 53 countries across 6 continents, with 52% of buyers buying online. Significantly, we witnessed strong participation from new and young collectors, with a 54% rise in new buyers in live sales vs. autumn 2023 (308% increase including online sales).
The auction's headliner, a rare and prestigious Patek Philippe reference 1518 fetched HK$19,130,000 / US$2,472,390, exemplifying the high calibre of offerings that captivate watch enthusiasts.
World record prices far exceeded low estimates, including:
• The 18k white gold Richard Mille RM 018, sold for HK$11,991,000 / US$1,549,735
• The platinum limited edition F.P. Journe Octa Chronographe, sold for HK$4,410,000 / US$569,955
• The 18K white gold Patek Philippe ref. 3970EG, sold for HK$3,150,000 / US$407,111
"The Collectibles" Part 2
The 18K pink gold and diamond-set Patek Philippe ref. 5980, sold for HK$6,300,000 / US$814,221
The 18K pink gold Patek Philippe ref. 5074, sold for HK$6,300,000 / US$814,221
"Platinum Odyssey" Collection - a thematic curation centred around platinum
• The platinum limited edition Greubel Forsey 'Invention Piece 2', sold for HK$3,276,000 / US$423,395
• The platinum limited edition Cartier 'Tank à guichet' jump hour wristwatch, sold for HK$1,386,000 / US$179,129
Handbags & Accessories | 28 October
Annual Sale Total in Asia: HK$142M / US$18M
Sustained market leadership in Asia
Fall Live Sale Total: HK$49M / US$6.3M
Handbags & Accessories continued its decade-long market leadership in Asia, with a live auction totalling HK$48,513,780 / US$6,269,994. The captivating offerings resulted in an impressive 97% of lots sold, and a 127% hammer against low estimate. The sale attracted new and young collectors globally, with 23% of all buyers new to Christe’s, and Millennials comprising 41% of the total. Large-size Hermès bags are markedly making a comeback, and 60% of buyers bought online, highlighting the importance of this purchasing channel.
The standout lots of the sale were the highly sought-after Matte White Himalaya Niloticus Crocodile Diamond Retourné Kelly 28 with 18k white gold diamond hardware, and the White Faubourg Sellier Birkin 20, each realising HK$2,142,000 / US$276,835. Additionally, there was enthusiastic bidding for a sensational lineup of iconic pieces, including Hermès Mini Kelly bags, Hermès Faubourg Sellier Birkin bags, Hermès Himalaya bags, Hermès Pochette, and Hermès Quelle Idole, all of which were 100% sold.
Jewellery | 29 October
Annual Running Sale Total in Asia: HK$993M / US$128M
Poised for 2024 market leadership
Fall Live Sale Total: HK$467M / US$60M
The Magnificent Jewels live auction realised a solid sale total of HK$466,811,780 / US$60,372,021. The sale saw a 106% hammer over low estimate, with an impressive 92% of lots sold. 52% of lots exceeded high estimates, reflecting highly competitive bidding. Colourless and Coloured Diamond as well as Jadeite lots were 100% sold, highlighting the extraordinary appetite for exceptional pieces in the market. This outstanding performance cements Christie’s leadership in the Asia jewellery market in 2024, as the category saw a 160% increase in new buyers in live sales vs. autumn 2023.
The sale witnessed enthusiastic participation from discerning enthusiasts in the saleroom, on the phones, and online. The top ten pieces were purchased by Asian private collectors. Among these, the stunning pair of Fancy Vivid Orange-Yellow Diamond Earrings stole the show, realising a phenomenal HK$62,025,000 / US$8,021,594. Following an intense period of competitive bidding, the superb 15.10 Carats Emerald and Diamond Ring soared to HK$8,820,000 / US$1,140,676, over-tripling its low estimate.
Magnificent Jewels: Online continues to welcome bids until 6 November
