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Christie’s eyes Korean artists, collectors ahead of first high-profile auction in Asia this year

Published: 26 Mar. 2026, 13:13 Updated: 27 Mar. 2026, 14:14

LEE JIAN
[email protected]

[INTERVIEW]

Ada Tsui, the head of the 20th/21st Century Art Department at Christie’s Asia Pacific [CHRISTIE'S]

HONG KONG — “In every market situation, there is an opportunity.”

This is the guiding principle of Ada Tsui, the head of the 20th/21st Century Art Department at Christie’s Asia Pacific, whose auction house is holding its first high-profile art event in Asia this year amid market uncertainties amplified by geopolitical events.

The spring edition of the biannual 20th/21st Century Art auctions in Hong Kong is set to take place on Friday and Saturday, coinciding with Art Basel Hong Kong, Asia's largest art fair.

One of the world's top auction houses, Christie's was founded in London in 1766 and sells high-end art, luxury goods and collectibles. Its Hong Kong edition celebrates its 40th anniversary this year.

The ongoing war in Iran presents significant uncertainties to the already precarious art market, but Tsui was confident. Gerhard Richter's seminal scarlet abstract painting "Abstraktes Bild" (1991), making its market debut, is leading the evening lot on Friday with an estimated price of $10 million to $13 million. Other highlights include works by blue-chip artists David Hockney, Sanyu, Jean-Michel Basquiat, Zao Wou-ki and Marc Chagall.

Abstraktes Bild" (1991) by Gerhard Richter [CHRISTIE'S]

"With the right approach and with the right selection and the way we sell, we trust that we will be able to engage the audience in putting their faith into the art market," said Tsui.

Her confidence also stems from Christie’s London spring 20th/21st-century sales, which took place in early March — also against the backdrop of the war — and saw a 58 percent on-year increase.

“The war is concerning, obviously, but it seems like we can pull through,” said Tsui.

Adrien Meyer, Global Head of Private Sales & Co-Chairman, Impressionist & Modern Art, sells Henry Moore's "King and Queen" (1952-53) during Christie's 20th/21st-century Art Evening Sales in London on March 6. [CHRISTIE'S]

Another source of hope is Korea, a comparatively new yet enthusiastic market. “Last year, Christie’s sales, across all its categories, saw a 29 percent on-year increase in its Korean clients,” said Tsui. “It is very encouraging.”

There is also a very strong appetite in the top end of Korean art, Tsui added, citing Kim Whanki's "19-VI-71 #206" (1971), which set the record for the second-highest auction price ever for a Korean artwork at $8.4 million at a Christie's show held in New York last year.

"I'm not gonna say this is an easy market for us right now," said Tsui. "But, it is all up to us how to observe that opportunity and bring those opportunities to the audience.”

The Korea JoongAng Daily sat down with Tsui on Wednesday at Christie’s Asia Pacific headquarters, The Henderson in Central, Hong Kong, to discuss collector trends, Korean art in auctions and Christie’s strategy in a volatile market.

Excerpts have been edited for clarity and length.

Do you see art sales being affected by Korea’s soft power?

Clients who enjoy high-level entertainment could be our target audience. I also see more Korean celebrities getting into art collecting, and that may really drive the younger generation to follow their idols and look into it, too. We have seen pretty successful previous examples, for example, different K-pop stars have also started to assemble art collections.

Is there an appetite for Korean art that isn’t dansaekhwa, or Korean monochromatic paintings?

We are certainly looking into it with great interest. But building a market requires a long-term approach. For instance, Lee Bul, who had a retrospective at Leeum Museum of Art last year, is now on display at Hong Kong’s M+ museum. That kind of visibility and attention is critical. Then we have to pick the right piece to sell.

"From Line" (1978) by Lee Ufan is displayed at the preview exhibition of Christie's Hong Kong at Christie’s Asia Pacific headquarters, The Henderson, in Central, Hong Kong, on March 24. [LEE JIAN]

What is Christie’s Hong Kong strategy now, ahead of the March art auctions?

As the market leader, we are responsible for the market and our collectors. Our strategy has been carefully managed, and because of the market, we need to be very realistic.

In this market, I would say we have been quite careful in pricing the properties by curating their quality and presenting them in the right light so they speak to the audience. Lee Ufan’s work, included in the evening sale on Friday, is an attractively priced example, especially compared to the same series by Lee in the secondary market. Sellers would have very clear expectations regarding an estimate, but building their trust is most important. How we can convince them to trust us with a low estimate, given our expertise and curation, is essential.

“The Chair” (1985) by David Hockney is displayed at the preview exhibition of Christie's Hong Kong at Christie’s Asia Pacific headquarters, The Henderson, in Central, Hong Kong, on March 24. [LEE JIAN]

What are the key collecting trends in Asia now?

It's quite clear that modern and Impressionism have been a growing trend for us, as the market is very volatile and collectors are looking for certainty. Also in demand these days are postwar blue-chip artists with longstanding secondary markets. Gerhard Richter is a good example.

Who is the most important demographic for your auction house?

The millennial generation is still the most important group for us. They account for 52 percent of new buyers. Millennials also accounted for 34 percent of sales in the 20th/21st-century art category last year.

LEE JIAN [[email protected]]