Korean artists on the rise at Christie’s

The global art market is showing clear signs of recovery in 2025, according to Ada Tsui, Head of Evening Sale for 20th and 21st Century Art at Christie’s Asia Pacific.

In a recent interview with Maeil Business Newspaper in Seoul, Tsui said that despite prolonged economic uncertainty, collectors are returning with a more selective but highly engaged approach.

“In times of downturn, collectors tend to be more cautious and focus on top-tier works,” she said. “But we’re seeing stabilized conditions and growing participation. People are adapting to the new normal and coming back to acquire art.”

Data backs this optimism.

Christie’s reported that its March evening sale in Hong Kong achieved a sell-through rate of over 90 percent, with a sale-to-estimate index of 112 percent. “While we aren’t seeing panic bidding like during the boom years, it’s still highly competitive,” Tsui noted. “Considering the index had remained below 100 for some time, this is a meaningful rebound.”

Even during economic uncertainty, exceptional works have broken records.

In May, Claude Monet’s Peupliers au bord de l’Epte, crépuscule (1891) sold for $42.96 million in New York, setting a new auction record for the artist. In March, Jean-Michel Basquiat’s Saturday Night (1984) sold for $14.5 million in Hong Kong, becoming the highest-priced 20th–21st century artwork sold in Asia this year.

Tsui emphasized that rarity, provenance, and quality continue to drive top-dollar transactions. Monet’s Poplars series includes only 24 paintings, most held by museums. Another top lot at the same sale—Piet Mondrian’s 1922 abstract work—fetched $47.5 million, supported by its prestigious provenance from the Barnes & Noble founder’s collection.

She also highlighted a growing polarization in buyer demand.

“Collectors are focused either on high-end works like Monet and Mondrian, or on carefully selected pieces priced under $500,000,” Tsui said. “The former are irreplaceable masterpieces, while the latter appeal more on price sensitivity and value.”

Impressionist art, she noted, is gaining popularity among collectors seeking long-term stability amid financial market volatility. “These works have a 50-year track record of market resilience, with strong hammer rates and price performance,” she said.

At the same time, younger collectors are showing interest in new media, AI-generated art, and works related to fashion and global contemporary trends.

Korean artists, Tsui said, have recently achieved “remarkable” performance in global auctions.

“In our March evening sale in Hong Kong, works by Park Seo-bo, Lee Ufan, and Lee Bae all sold with a 100 percent success rate,” she said. “In September last year, a rare dot painting by Kim Whanki fetched $72 million. What’s particularly interesting is how diverse the bidders’ nationalities have become.”

She also praised Seoul’s growing influence in the global art market. “Among Asian markets, Korea has shown particularly fast growth,” Tsui said. Christie’s data shows that spending by Korean collectors in the first half of 2025 grew fivefold compared to the same period last year.

“Seoul is not only attracting new collectors but also offers a balanced ecosystem of local artists, museums, galleries, and cultural foundations,” she said. “As the heart of Korea’s entertainment industry, the city is perfectly positioned to create synergy between visual art, music, fashion, and design.”