White gloves are traditionally given to an auctioneer if every single lot in a sale finds a buyer, a ceremonial touch that adds to the drama of these infrequent events. In March, during Hong Kong art week, the city saw two “white glove” auctions, which certainly raised hope that its multi-year auction market slump is finally over.
The first of these milestone events occurred on March 27, when Christie’s 20th/21st Century Evening Sale was 100 per cent sold. The auction was led by Gerhard Richter’s HK$92.1 million (US$11.8 million) Abstraktes Bild and achieved a total of HK$655.8 million in sales.
Two days later, on March 29, Sotheby’s followed with its own “white glove” evening auction. It brought in HK$548.4 million after Joan Mitchell’s La Grande Vallée VII fetched HK$137.3 million to become the most valuable work by a female artist sold at auction in Asia.
