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A Tale of Two Cities: Lichtenstein, Picasso & The Pivot to Asia

Simultaneous late September auctions in Hong Kong and New York told two very different stories about the art market: Asia is showing signs of life, and rebalancing, while New York is still waiting for direction.

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Roy Lichtenstein Hong Kong
Even though Roy Lichtenstein’s Vista with Bridge, from 1996, failed to reach the low estimate, it sold for a solid premium price a hair below $4 million. Photo: Peter Parks/AFP/Getty Images
Marion Maneker
October 8, 2025

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The first art market sales cycle of the fall semester happened to take place on the same weekend on opposite ends of the world. In Hong Kong, all three of the major auction houses held sales on the same weekend for the first time—an inaugural modern and contemporary conjunction heralding a new era for Asia’s art capital. The Asian market, after all, has been somewhat muted since Covid. But the $188 million generated during the last weekend of September signaled real signs of life in the special administrative region of China, which has been losing its special status over the last few years.

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