Picasso Sets New Asian Auction Record at Christie’s 20th/21st Century Art Autumn Sale
Christie’s celebrated the first anniversary of its new Asia-Pacific headquarters, The Henderson, with its Autumn auction series, featuring the marquee 20th and 21st Century Art evening and day sales in September. The total hammer price reached HK$817 million, led by Pablo Picasso’s Portrait of a Woman, which sold for HK$197 million (approximately NT$765 million), setting a new Asian auction record for the artist and marking the sixth-highest global price in 2025 for this category.
The three sales on September 26–27 achieved a 96% sell-through rate, closing at 121% of the low estimate. Collectors from 32 countries across five continents actively participated, with Greater China collectors contributing the highest share. Notably, 20% of buyers were first-time Christie’s clients, more than half of whom were millennials. Asian art, including works by Thailand, Vietnam, the Philippines, Japan, and Korea, saw 100% sell-through.
The evening sale on September 27 featured 38 lots, with Rahul Kadakia (incoming APAC President in January) serving as auctioneer for the first half. Picasso’s Portrait of a Woman, depicting surrealist photographer Dora Maar, sparked intense competition between two telephone bidders for over ten minutes, ultimately won by a client represented by Taiwan Chairman Wen-Hui Ong, exceeding twice its pre-sale low estimate.
Other top lots included:
- Zao Wou-Ki’s rare red work 17.3.63 at HK$85.2 million,
- Claude Monet’s Spring at Giverny in Afternoon Light at HK$37.1 million,
- **Yayoi Kusama’s large-scale Pumpkin [TWAQN] ** at HK$34.66 million,
- Picasso’s late work of his second wife Jacqueline, Reclining Nude on Cushion, and
- David Hockney’s 12th “Very New” Series Painting at HK$27.34 million.
Christie’s experts highlighted that the key to success was a well-balanced, carefully structured auction lineup with moderate estimates. The selection spanned both Western and Asian artists, from Impressionists to contemporary masters like Kusama. Pricing strategy considered various market tiers, ensuring accessible entry points while reflecting the works’ significance.
For Picasso collectors, works featuring muses Marie-Thérèse Walter and Dora Maar remain the most sought-after. The Portrait of a Woman is the first Dora Maar work of this completeness to appear on the market in three years. Previous market records included a board painting of Dora Maar sold at Sotheby’s Hong Kong for over HK$150 million. Christie’s set a low estimate of HK$86 million / US$11 million to reflect both collection value growth and market accessibility.
Following the 20th/21st Century Art sales, Christie’s will host its Hong Kong Asia Week in October, featuring auctions of Chinese porcelain and art, including the highly anticipated “Qu Bailin Collection Part II”, and in November, its first-ever Indian, Himalayan & Southeast Asian Art sale, alongside luxury consignments covering wine, handbags, jewelry, and watches. Rahul Kadakia also announced that 2026 will mark Christie’s 40th anniversary in Hong Kong, with an exciting auction program planned.
