Picasso painting fetches $25M in Hong Kong auction, unprecedented in Asia

The price was hammered after a 15-minute bidding contest at an event organized by auction house Christie’s on Sep. 26 for "Buste de femme", a portrait painted in 1944.

Buste de femme (1944) by Pablo Picasso. Photo by Christie's

In the oil painting, Picasso portrayed a photographer and friend named Dora with a complex psychology during the World War II.

The painting was sold 2.2 times that of the lowest estimate.

Another Picasso’s artwork of his wife Jacqueline Roque, painted in 1964, fetched HKD32 million at the same auction, 60% higher than the lowest estimate.

The second highest bid for the auction evening was made for a 1963 oil painting by Chinese artist Zao Wou-Ki.

The piece fetched HKD85 million, exceeding the lowest estimate by 21%.

Oil painting (1963) by Zao Wou-Ki. Photo by Christie's

The 1960s marked the golden age of Zao Wou-Ki’s artistic creation. While he was living in Paris, his brushwork resonated with the essence of Chinese culture, Christie’s said.

In the third place was a painting by French artist Claude Monet, fetching HKD37 million, 12% higher than the lowest estimate.

In total, 38 lots were sold in the auction for a total of HKD566 million.

Despite these highlights, auction activity in Hong Kong remains at its weakest level since 2016 and below the pandemic-era surge, according to South China Morning Post.

Hong Kong’s share of the global modern and contemporary art market slid from a 2020 peak of 20% to 11.9% in 2024, according to the China Art Market Report 2025.