Late last month, Christie’s concluded its Spring Luxury Week in Hong Kong, achieving remarkable results across various categories, including jewellery, watches, wine, and handbags—and the sale of a Kashmiri sapphire we had our eyes on earlier. Spring Luxury Week culminated in total sales of HK$725 million, with an impressive 95 per cent sell-through rate by lot and a hammer price exceeding the low estimate by 111 per cent.
Christie’s continues to lead the luxury auction sector in Asia, successfully selling eight of the 10 most expensive lots this season, and the auction house’s ability to attract a diverse range of buyers is evident, with 22 per cent of participants being new to their sales—an increase of 19 per cent from spring 2024. Notably, nearly half of these new buyers belong to the Millennial generation or younger, indicating a significant shift in the demographics of luxury collectors, which have traditionally leaned towards a more mature age-bracket.
Christie’s Spring Luxury Week results underscore a robust demand for high-value pieces, as demonstrated by competitive bidding that saw 45 per cent of lots sell above their high estimates. Moreover, the packed saleroom atmosphere further attested to the vibrancy of the luxury market, as Christie’s welcomed close to 4,000 visitors to its Luxury Week preview exhibition at The Henderson, a 50 per cent increase compared to the previous autumn.
Among the standout pieces, The Regent Kashmir sapphire, weighing 35.09 carats, achieved a record-breaking price of HK$74.6 million (US$9.5 million), setting a new auction record price per carat at US$273,021. This sapphire not only became the most valuable gem auctioned in Asia this season, but also set the standard for future auctions globally.
In the realm of fine wines, Part III of Iconic Wines from Joseph Lau garnered HK$72.8 million (US$9.3 million), with a staggering 100 per cent sell-through rate.
The watch segment also saw significant achievements, with the F.P. Journe Sonnerie Souveraine wristwatch commanding HK$17.5 million (US$2.2 million). This sale represented the highest value for a watch sold this season and set a new auction record for the model. Additionally, the digital engagement during these sales was noteworthy, with 50 per cent of buyers participating online, reflecting a 39 per cent increase from the previous year.
An Hermès Custom Matte Bougainvillier Alligator Quelle Idole sold for HK$2.5 million (approximately US$323,300), establishing a new record for a Kelly Doll. The handbags segment also showed promising growth, with competitive bidding resulting in 93 per cent sold by lot and a 125 per cent increase over low estimates.
The significant buyer growth, particularly among younger demographics, suggests a shift in the luxury market landscape. As more Millennials and Gen Z buyers enter the market, their preferences for unique and high-quality items, with instantly recognisable legacy brands (Hermès, Patek Philippe, Van Cleef & Arpels, Cartier, and so on) are shaping the auction scene. The increase in digital participation, with 8.6 million viewers tuning into the auction livestreams, further illustrates the evolving nature of luxury auctions in the digital age.
Christie’s Spring Luxury Week in Hong Kong has not only reaffirmed the auction house maintaining its supreme position in the luxury market but also highlighted the resilience and adaptability of the sector amidst changing buyer dynamics, as addressed by Francis Belin, president of Christie’s Asia-Pacific, in an earlier interview. Christie’s impressive sales figures and record-setting auctions reflect a robust demand for luxury collectibles, driven by a new generation of buyers eager to invest in iconic pieces.
As Christie’s prepares for near-future sales and previews, marrying the blend of tradition and innovation—coupled with its commitment to showcasing the finest items—the auction house will undoubtedly continue to attract a global audience with a wide age demographic. The luxury market in Asia is poised for further growth, powered by a new generation showing discerning interest, intrigue, and their raised paddle number at auction.
All images courtesy of Christie’s.
