Auction Analysis: Mark Rothko's Contemporary Art Sells for 30% Less in Hong Kong
Monday, 11 November 2024, 14:28
Art Market Trends: Rothko's Untitled Sale Analysis
A significant piece, Mark Rothko's *Untitled (Yellow and Blue)*, completed in 1954, was sold in Hong Kong on November 11 for HK$252.5 million (US$32.5 million), representing a 30 percent decrease from its 2015 auction price.
Sale Highlights and Market Implications
- The painting was featured in Sotheby’s first modern and contemporary art evening sale at its new Maison location in Central.
- Despite strong initial estimates, the sale witnessed disappointing outcomes with seven pieces withdrawn and five unsold out of 35 lots.
- Alex Branczik reflected on the compressed auction calendar, attributing the results to intense competition from competing auction houses.
The Broader Art Market Context
This Rothko painting was notable, not just for its pricing but also its connection to the unresolved 1MDB scandal involving Jho Low. With its prior associations and the auction's outcomes, it reflects the ongoing challenges facing the art market in Hong Kong.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.