Van Gogh's 'Les Canots Amarrés' Sells for $27.6m at Hong Kong Christie's Auction

Vincent van Gogh's "Les Canots Amarrés" sold for $27.6 million at Christie's Hong Kong on September 26, falling short of the $230 million minimum estimate. The auction, featuring 42 masterpieces, marked the reopening of Christie's Asia-Pacific headquarters in Hong Kong's Henderson skyscraper.

Van Gogh's work, created in 1887, broke regional records but underscored slowing demand amid China's economic slowdown. Christie's had hoped for up to $380 million, aiming to set a new Asian auction record for Western art.

Claude Monet's "Nympheas" fetched $200 million, at the low end of estimates. The evening sale totaled $1 billion, boosting market confidence according to Ada Tsui, head of the sale.

Christie's CEO Guillaume Cerutti and executives inaugurated the new headquarters on September 20. The auction house plans long-term investment, despite challenges from China's weak economy and property slump.

Francis Belin, Christie's Asia-Pacific president, remains confident in the region's market, noting a surge in new collectors. Rival auction houses like Sotheby's, Phillips, and Bonhams are also expanding in Hong Kong.

Key Terms:

• Blue-chip art: High-value, highly sought-after artworks.
• Inelastic demand: Demand that remains constant despite price changes.