On 26 September 2024, Christie’s will hold its first auction in Hong Kong since opening its new Asia Pacific headquarters. Not only does this put the auction house in a prime position to make a huge impact on the Asian art market, it is also an event that people are eagerly awaiting; with Nymphéas (1897-99), an early masterpiece from Monet’s celebrated ‘Water Lilies’ series taking centre stage. It is one of the most expensive Western artworks ever offered for sale by auction in Asia and is expected to fetch between HK$200m and HK$280m ($25m-$35m) at its inaugural auction appearance.
Claude Monet painted this water lily pond, located at his home in Giverny, France, during one of a kind early series. The work belonged to Claude Monet’s family until his death in 1926, when it passed into another collection. Because so few such works remain in private hands, the debut of this painting on the open market can only be expected to cause excitement among potential buyers around the world.
But while it may be significant simply for that reason alone – being not just any old Monet but one such as this – what really sets this sale apart is where it will take place: Christie’s state-of-the-art regional headquarters at The Henderson (in Hong Kong). As part of its commitment to expanding further into Asia, these new bases are intended by Christie’s not only as venues for auctions themselves but also as hubs for educational activities, private sales initiatives and exhibitions galore. That ‘Nymphéas’ should now come up for bidding here reflects more than anything else upon how much clout Asian collectors already have over global contemporary art markets today.
This promises to be a landmark event not only because masterpieces like these don’t often appear simultaneously on offer anywhere outside Paris but because other equally important pieces are also included in the same sale, such as Zao Wou-Ki’s 05.06.80-Triptyque (1980). Christie’s move follows a broader pattern whereby leading auction houses such as Bonhams and Sotheby’s are expanding their activities so as to meet growing Asian demand for Western art.
Although recent shifts in global art trading has led some observers question whether Asia remains promising territory for Christie’s new offices and the sale of Monet’s Nymphéas, many still believe that it is likely that the Asian market will continue to support them. This was considered by many to be a critical moment in the history of Christie’s and local art markets alike.
Image: Courtesy Christie’s Images Ltd 2024.
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