In the Year of the Dragon, Sotheby's Hong Kong's 2024 Spring Auction Contemporary Art Auction has not been satisfactory. Recently, the auction of "Dragon Power Tianwei - Treasures of Chinese Art" was hammered, with a total turnover of about HK$132 million. What is surprising is that the "Qianlong Imperial System", which includes jade seals and imperial paintings and calligraphy, was once a sky-high series carefully created by Sotheby's Hong Kong, but the cover and back cover and other lots launched this season were all unsold, which is really embarrassing! Originally, everyone thought that breaking 100 million yuan was a sure thing, but in the end it ended in a failed auction, which cannot but make people feel regretful and surprised.
The Qianlong Emperor's Imperial Treasure of the Qing Dynasty "Langzhao" Lang Shining's portrait of Qianlong and Dong Bangda, Zou Yigui, Qian Weicheng, and Ding Guanpeng's painting and seal of the former French president were combined with the "Ancient Xizhen" album, and the book was unsold! The Qianlong Emperor's Imperial Treasure of the Qing Dynasty was handed over to the Dragon Button and the Khotanese Green Jade Seal, and the inscription: The Treasure of the Emperor Taishang was also unsold! The Imperial Treasure of the Qianlong Emperor was also auctioned off!
The cover work "Qing Dynasty Qianlong Imperial Pen 'Langzhao' Lang Shining Painting Qianlong Portrait with Dong Bangda, Zou Yigui, Qian Weicheng, Ding Guanpeng Painting and Printing Album 'Ancient Xi Zhen' Album Recorded by Shengrong or Painted Before December 27, 21st Year of Qianlong", estimated at HK$50 million to HK$70 million, and finally sold at HK$42 million; On the back cover, "Qing Qianlong Pink and Blue Glazed Embossed Seawater Dragon Pattern Amphora Flat Pot", estimated at HK$35 million to HK$55 million, was unsold at HK$26 million.
The front and back covers are all unsold, which is a rarity in the art market. The fact that so many works have failed to sell is also a reflection of the current art market's deep concern about the impact of the economic recession.
Under today's new economic situation, the art market continues to fluctuate and adjust under the general economic trend. How should the market respond to such a situation?
In a recession, people's purchasing power decreases, and the demand for high-priced art decreases. As a result, some fine lots are also unsold at major auctions. In addition, the recession may also lead to a decline in investor confidence in the art market, further affecting market activity.
In the face of continuous changes in the market, auction houses should actively adjust their strategies. For example, reducing the starting price, increasing the publicity of the lot, optimizing the auction process, and paying more attention to the opinions and suggestions of collectors to increase the auction rate.
For example, the Sotheby's auction should pay more attention to the publicity on the new media, and the Mai Huohuo on the official account of ancient books: 10 points of experience in using WeChat public accounts to promote art auctions is particularly worthy of attention. Sotheby's Auction's official account is marked as original, even if there are art self-media who want to forward it, there is no way, behind these problems is the old auction house is not sensitive enough to the perception of the market, and the means are too conservative.
We all believe that despite the current challenges of the economic downturn, the art market still has great potential and value.
We all hope that the art market can develop more healthily and steadily, and bring more beauty and emotion to people. Despite the current difficulties, we are confident that the power of art is infinite and will lead us to a better future.