From Picasso to Nara: Sotheby’s 50th anniversary in Hong Kong

April 2, 2023. Texts by Muhammad Dzamar Reza, Asian market analyst student. – Image: Pablo Picasso, “Femme Dans Au Fertuil” (1948) © Succession Picasso / Yoshimoto Nara’s “In the Milky Lake” (2012) © Yoshimoto Nara

Sotheby’s, one of the first Western auction houses to start trading in Asia, held its first auction in 1973 in Hong Kong. At that time, the category of works of art was limited only to Chinese ceramics. But with the passage of time, 50 years later, thanks to the unprecedented economic growth of China, as well as the rest of Asia, the categories that Sotheby’s includes go far beyond Chinese ceramics, ranging from Chinese paintings, wine and jewellery to Western art. In this way, Hong Kong has become an important art centre in Asia, as well as an important part of Sotheby’s auction hub alongside New York and London.

The grand 50th anniversary auction will take place on 5 April 2023. The first highlight of the sale is Zhang Daqian‘s “Pink Lotuses on Gold Screen“, which makes its debut at the auction as the painting was acquired from the artist himself by the art collector C.S. Loh. The painting was a symbol of the Loh family and Zhang Daqian and the family had never sold the work until now. The painting is expected to fetch HKD 200 million.

Other highlights of the auction include Pablo Picasso‘s “Femme Dans Au Fertuil“, which depicts Françouise Gilot, one of Picasso’s muses, and has an estimate of HKD100 million. The painting was painted in 1948 and completed on Christmas Day of the same year. In the contemporary auction, Yoshimoto Nara‘s “In the Milky Lake” is expected to lead the sale with an estimate of HKD 80 million to 120 million. This work, as well as others by Nara, was partially inspired by the cover image of folk singer John Hiatt’s album “Overcoats” (1975). After the 2011 tsunami, Nara turned his work around and engaged with local communities to reflect on his work and himself. A year later this painting was finished.

In a different auction, but comparable in terms of value, an imperial “falangcai” bowl is offered. This beautiful piece was sold for HK$151 million – or US$19.3 million- in 2006. It is now being offered again for HK$200 million, which means that despite the rise of billionaires in mainland China and Asia-Pacific, its pre-sale estimate has not risen much.