As Art Basel Hong Kong 2025 comes to a close – and after significant sales such as a Yayoi Kusama going for USD 3.5 million (David Zwirner) and a Christina Quarles for USD 1.35 million (Hauser & Wirth) reported on day one – a clearer picture of this year’s show is emerging. Several galleries have reported seven-figure sales, acquisitions by museums and collections in Asia, Europe, and the Americas, and strong performances by young artists regionally and farther abroad.

In addition to the painting by Quarles, Hauser & Wirth (Paris, Hong Kong, Monaco, Menorca, Gstaad, Saint Moritz, Zurich, London, Somerset, Los Angeles, New York) sold a Louise Bourgeois bronze sculpture (Cove, 1988/cast 2010) for USD 2 million to a collector in Asia and an oil painting by Zeng Fanzhi for USD 1.5 million. Takashi Murakami’s new acrylic and gold leaf painting Tan Tan Bo: Wormhole (2025) went for USD 1.35 million in a sale by Perrotin (Hong Kong, Shanghai, Paris, Tokyo, Seoul, Los Angeles, New York, London). And Thaddaeus Ropac (Salzburg, Paris, Paris Pantin, Seoul, London) had two seven-figure deals, with an enamel screenprint on processed and swirled stainless steel by Roy Lichtenstein (Water Lily Pond with Reflections, 1992) selling for USD 1.5 million and a 2010 painting by Georg Baselitz for EUR 1.2 million.

‘At Art Basel Hong Kong, the art market story we saw unfold in real time was one of great positivity,’ Marc Payot, President, Hauser & Wirth, said. ‘Not only do the dedicated collectors, curators, and artists from Asia and beyond gather in the city for the art week, we’ve also noticed the presence of many international institutions and foundations, marked by the acquisition of two important works by Lee Bul on the opening day.’

Hauser & Wirth sold two works by the Korean artist Lee for USD 260,000 and USD 275,000 to a foundation in Europe. Thaddaeus Ropac sold Robert Rauschenberg’s original artwork for the First International Festival of Asian Film (1989) to a Chinese museum for USD 200,000, while at Pace Gallery (Hong Kong, Tokyo, Seoul, Geneva, London, Los Angeles, New York), a new work by the ultracontemporary Chinese painter Li Hei Di went to a private museum for USD 50,000 – a significant price for an artist born in 1997.

Many museums, foundations, and collections in Asia made notable acquisitions, which includes Hong Kong’s M+ purchase of Yibei Zhang’s hanging sculpture There is everything in our bonfire (2024) for USD 25,000 from the young Shanghai gallery Bank. At Kiang Malingue (Hong Kong), a new ink-on-canvas work by Brook Hsu sold for USD 45,000 to an Asian foundation, while Tina Kim Gallery (New York) sold Lee ShinJa’s cotton, wool, and linen weaving Joining (1981) for USD 200,000 to a Chinese museum.

‘This year was incredibly successful for us in placing artworks with major museums across Asia,’ Tina Kim, founder of the eponymous gallery, remarked.

In the Encounters sector, dedicated to large-scale installations, Kim’s gallery reintroduced the late Filipino artist Pacita Abad’s practice to an Asian audience with Through the Looking Glass (1996); the monumental installation sold to a museum in Southeast Asia for USD 500,000. Also in Encounters, three works by the First Nations artist Betty Muffler were sold by Ames Yavuz (Singapore, Sydney, London), all in the range of USD 40,000–60,000, and Property Holdings Development Group (Hong Kong) sold a piece by Christopher K. Ho to a major corporate collection. De Sarthe (Hong Kong), meanwhile, saw great success with NFTs and editions by the Chinese artist Lu Yang’s digital alter ego, Doku. The acquisition of Yang’s all-encompassing Encounters installation – DOKU the Creator (2025) – was being negotiated, with multiple institutions expressing strong interest, but the sale had not yet been confirmed at the time of publication.

Despite some trepidation in the international market, sales to institutions and collections abroad made a strong return this year. The Chinese space Star Gallery (Beijing) sold Zhang Wei’s oil-on-paper Jingshan Front Street, Beijing (1974) for USD 11,050 to the Tate Modern. San Francisco’s Jessica Silverman gallery sold two new pieces by the Indian artist Rupy C. Tut for USD 40,000 each, with one going to a Bay Area institution. And the Bologna gallery P420 sold five historical works by the German Italian artist Irma Blank to private collections in Hong Kong, China, Italy, Germany, and Colombia, with prices ranging from USD 8,500 to USD 32,000.

Many galleries from around the world saw strong sales of works by Asian artists. Kukje Gallery (Busan, Seoul) sold a mixed-media work on canvas by the late South Korean painter Park Seo-Bo from 2004 for between USD 540,000 and USD 648,000. Works by two Korean artists of different generations – Hyun-Sook Song (b. 1952) and Mire Lee (b. 1988) – were sold by Sprüth Magers (Berlin, London, Los Angeles, New York). Two tempera-on-canvas pieces by Song sold for EUR 65,000 each to a collector in Asia, while two pieces by Lee fetched EUR 45,000 and EUR 30,000. Fruit of Tranquility (2024) by the Chinese artist Han Mengyun (b. 1989), also of a younger generation, was sold by ShanghART (Shanghai, Beijing, Singapore) for USD 6,000 to a museum in Asia.

A number of sales by young artists prove the market for new talent is strong. The New York and Los Angeles gallery Clearing sold a painting by Shota Nakamura (b. 1987) for approximately USD 100,000 – an impressive price for an artist under 40 years old. Three ceramic works by the Taiwanese Berlin-based artist Ernie Wang (b. 1993), presented in the Discoveries sector, were sold by Linseed (Shanghai) for between USD 4,800 and USD 18,000 each. And Vadehra Art Gallery (New Delhi) saw two paintings by the Pakistani American artist Zaam Arif (b. 1999) go for between USD 10,000 and USD 25,000 each.

Finally, in the Insights sector, featuring curated projects by artists from Asia and the Asia-Pacific from the 1900s to the present, two galleries experienced exceptional sales. The Taipei gallery Yi Yun Art sold 11 works by the Taiwanese artist Yu Peng for approximately USD 160,000 to collectors based in Taiwan and Hong Kong. Meanwhile, HdM Gallery (Beijing, London) sold more than 20 ink drawings on paper by the Chinese French painter Sanyu to private collections in Asia, for a price between USD 27,000 and USD 37,710.

Reflecting on Art Basel Hong Kong 2025 as a whole, the gallerist Hyun-Sook Lee, founder and chairwoman of Kukje Gallery, summed it up best: ‘This year, the art market seems to be cautiously rekindling. Meeting collectors, curators, gallerists, and art enthusiasts visiting Hong Kong from all over the world – not only from Asia, but also from the United States and Europe – I saw both the art fair and the city showing off their previous prowess again.’