Top auction houses draw Southeast Asia’s elite art buyers

Moneyed Millennials and Gen Zers are spending more on art pieces.

Auction houses like Sotheby’s, Christie’s, and Bonhams are luring the growing pool of wealthy Southeast Asian collectors who pay top dollar for art produced by globally and regionally renowned artists.

“We’re seeing remarkable momentum out of Southeast Asia, where collector participation has grown significantly,” Elaine Holt, deputy chairman at Sotheby’s Asia, told Hong Kong Business.

There was strong bidding from Southeast Asian collectors at Sotheby’s March sales in Hong Kong. “This signals an exciting expansion in tastes and confidence across the region,” she said in an emailed reply to questions.

Southeast Asia has become Christie’s third-largest buying market in the Asia-Pacific region, led by Singapore and Indonesia, according to Francis Belin, the auction house’s Asia-Pacific president.

“We continue to witness thriving participation from Southeast Asia,” he told Singapore Business Review in an emailed reply to questions. There has also been a “notable increase” in contributions from Vietnam, he added.

In Asia, China remains the global auction house’s top market, followed by Hong Kong, according to Belin. South Korea and India have likewise posted strong growth.

“In our Spring live auctions in Asia, mainland Chinese collectors accounted for over one third of the sale total and their spend increased by almost 20% year on year,” he said.

At Bonhams, Southeast Asian auction spending has risen 67% year on year, said Julia Hu, Bonhams managing director for Asia.

“This underscores the region’s rising influence and deepening collector engagement,” she told Hong Kong Business via email.

“Southeast Asia is emerging as a dynamic buying force, driven by rising affluence and a growing passion for art and collecting.”

Hu said younger art collectors are driving the demand and shaping the future of collecting.

Millennials and Gen Zers accounted for 37% of London-based Bonhams’ buyers at its Hong Kong auctions in the first half, while people in their 30s and 40s made up 40% of Sotheby’s Hong Kong marquee sales in March.

Renoir’s “Baigneuse accoudée,” one of the evening’s top lots at the Sotheby’s auction, was sold to a collector in their 30s for $23.56m. “This highlights not just youthful interest, but also significant buying power,” Holt said.

“These young collectors know exactly what they want and are intentional in their approach,” Hu said. “They are well-researched, digitally savvy, and highly connected, sharing ideas and passions with peers and industry insiders.”

“For them, collecting is personal, it’s about self-expression and staying true to their values,” she added.

Belin said there has been increased participation from tech-savvy Millennial collectors, who accounted for 30% of Christie’s buyers during the Spring live auctions in Asia. He added that participation from younger buyers rose 20% from a year earlier.

Aside from the growing interest from young clients, their preferences are also changing, Holt said.

“Collectors are no longer confined to modern and contemporary art,” she said. “Many are expanding their collections beyond fine art into design and lifestyle objects.”

Last year, Hong Kong’s share in the global modern and contemporary art market doubled from 7% in 2015, narrowing the gap with London at No. 3, according to the Mishcon 2025 China art market report.

“Medium-wise, there’s continued interest in paintings, but we’ve also seen a growing momentum in sculpture, works on paper, and small-scale installations, especially when they present strong provenance or align with a recognisable name,” Holt said.

Some art pieces that New York-based Sotheby’s has sold include two of Francois Xavier Lalanne’s bronze geese sculptures titled “L’Oie” for $2.3m and $2.2m.

It also sold Henry Moore’s “Working Model for Reclining Figure: Prop” for HK$20.5m, the highest price achieved by the British artist in Asia.

Works of blue-chip artists are also in high demand across the Asia-Pacific market, especially those that are more affordable, Holt said.

Among the blue-chip works sold at Sotheby’s Hong Kong in Spring 2025 was “Fleurs de printemps (La Cruche aux fleurs de printemps)” by Marc Chagall, which fetched $34.5m, an auction record in Asia for the French artist.

‘Provenance and rarity’

Other blue-chip works sold at Sotheby’s Spring 2025 Hong Kong were “Beyond the Nebulae” by Japanese artist Yayoi Kusama for $1.9m; “31.08.2001 – 09.09.2002” by Chinese artist Zao Wou-Ki for $14.4m; and “Joie de vivre I” by Vietnamese artist Mai Trung Thu for $6.9m. 

Mai’s “Instant musical” was sold for $10.1m, while German artist Georg Baselitz’s “Triangle Between Arm and Torso” fetched $11.3m.

Christie’s sold Jean-Michel Basquiat’s Sabado por la Noche (Saturday Night) for $112.6m (US$14.5m), making it the most expensive 20th/21st century masterpiece sold in Asia this year. Belin said the sale showed the Asia-Pacific region’s strong appetite for blue-chip Western masterpieces.

Prestigious collections of Asian art continue to hold strong appeal in the region, he said. Christie’s sold rare imperial porcelains from an important private collection for $162.6m (US$21m), ranking the collection among its top three most valuable sales of Chinese ceramics.

Luxury items such as jewellery, watches, handbags, and wine continued to attract Asian buyers. Christie’s sold the 35.09-carat Regent Kashmir sapphire for $74.6m (US$9.5m) and Part III of Joseph Lau’s celebrated wine collection for $73m (US$9.3m).

“Collector demand is most strongly influenced by two enduring factors: provenance and rarity,” Hu said. “Provenance, particularly fresh-to-market works, remains one of the most powerful drivers of collector interest.”

She said Bonhams presented several highly coveted collections in the first half, including the Dr. & Mrs. Hu Shih-Chang Collection, Trudy and John Cohen Collection of pendants, Jules Speelman Collection, and Chang Chun Collection.

These helped drive the auction house’s Asian art sales to $217m, a 57% increase from a year earlier.

Bonhams also sold works by Japanese contemporary artist Tetsuya Ishida, who died at 31, leaving behind only 217 pieces. Hu said Ishida’s art is highly sought after due to its rarity.

In December 2024, Ishida’s “The Men on a Belt Conveyor” achieved a record-breaking $10m, whilst his “General Manager’s Chair in an Abandoned Building” artwork was sold for $7.6m in May.

“These results underscore the enduring appeal of rare and extraordinary pieces, which resonate deeply with collectors seeking something truly unique,” she said.

Hu said Bonhams would keep getting fresh-to-market works with exceptional provenance, provide competitive estimates, and curate compelling sales to engage collectors amidst stiff competition.

“Innovation remains central to our strategy,” she said. “Engaging younger and new buyers will be critical to driving growth and capturing future opportunities.”

Holt said Sotheby’s would keep expanding its selection of blue-chip artists at accessible prices, whilst deepening client engagement to drive growth in the Asia-Pacific market.

Sotheby’s March evening sale outperformed expectations, selling 95% of lots and 99% by value, despite tight supply. “It also drew more bidders per lot than ever before, a strong vote of confidence from our collector base,” Holt said.

The evening sale hauled in $297.5m, according to Artnet.com, which is operated by New York-based Artnet Worldwide Corp.

Bonhams also performed well in the first half, posting a 26% year-on-year increase in its Hong Kong auction sales to $392.5m (US$50m), Hu said.

The auction house reported a surge in private sales, particularly in luxury categories, driven by the growing demand for immediate, discreet, and flexible transactions.

“Our dual focus on auctions and private sales continues to drive strong results across the region,” Hu said.

Belin attributed Christie’s first-half sales of $2.4b (US$300m) to strong pricing and the quality and rarity of its art pieces.

Holt and Hu remain positive for the rest of the year, citing Hong Kong’s leadership in the Asia-Pacific art market.  “We are encouraged by the results and regional participation seen so far this year in the Asia-Pacific and are looking ahead to an exciting remainder of the year,” Belin said.

The 2025 Art Basel and UBS Art Market report found that 15% of mid-tier auction houses globally expect sales to grow this year, and 45% anticipate steady sales. Last year, global auction sales dropped 20% to $183.7b (US$23.4b), the lowest since 2020.