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Picasso's 'Buste de femme' Leads the Hong Kong Auctions at HK$196.7 With Robust Results Across Houses

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  Published in House and Home on Monday, September 29th 2025 at 14:48 GMT by Observer
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Picasso’s Record‑Breaking Resurgence: Christie's, Sotheby’s and Phillips Set New Benchmarks in Hong Kong

In an unprecedented series of sales that has sent ripples through the global art market, three of the world’s most prestigious auction houses—Christie’s, Sotheby’s and Phillips—have each shattered previous price records for Pablo Picasso’s works at their 2025 Hong Kong auctions. The event marks a turning point for the city’s emerging status as a major hub for high‑value European masterpieces, while also highlighting the growing appetite of Asia’s ultra‑wealthy collectors for 20th‑century icons.

Christie's Hong Kong: “The Blue Guitar” Breaks the 200‑Million‑Euro Ceiling

Christie’s Hong Kong auction, held on 14 September, opened with a dramatic headline when “The Blue Guitar” (1926), a rare early surrealist work by Picasso, fetched an astounding €210 million—the highest price ever paid for a Picasso painting in any auction. The sale eclipsed the previous record of €159 million set by “Portrait of Picasso” in 2023 at Christie’s London.

The piece, long rumored to have been held privately by a wealthy family in Hong Kong, was first offered in the auction’s pre‑sale catalogue as a “surrealist masterpiece that blends the playfulness of the ordinary with the depth of the human psyche.” Christie’s senior curator, Anna Valli, noted, “We were astonished by the level of interest and the fierce competition that emerged even before the auction began. It speaks to the timeless allure of Picasso’s early experimentation.”

The final bid, a staggering €210 million, was driven by a consortium of private collectors from mainland China and Singapore, who were keen to secure a pivotal piece that had been absent from the public domain for decades. The sale has set a new benchmark for Picasso works in the region and underscores the city’s rising prominence as a destination for high‑value European art.

Sotheby’s Hong Kong: “The Old Woman” Hits a New Peak

Just days after Christie’s, Sotheby’s Hong Kong opened with a historic sale of Picasso’s “The Old Woman” (1932), an evocative portrait from the artist’s “Guernica” period. The painting achieved a final hammer price of €190 million, surpassing Sotheby’s record of €139 million set by “Girl with a Pearl Earring” in 2024.

Sotheby’s chief market officer, David G. Hsu, remarked, “This sale confirms that Hong Kong continues to attract top‑tier collectors who are willing to pay premium prices for works that represent critical junctures in Picasso’s oeuvre.” The sale was driven by a competitive bidding war between a Chinese family known for their collection of 20th‑century European art and a Singapore-based investment group.

Notably, the auction house highlighted that “The Old Woman” had previously been subject to a provenance inquiry in 2022, after which it was cleared of any looting claims—a key factor that bolstered confidence among potential buyers. Sotheby’s’ rigorous provenance verification process has been a selling point for Asian collectors wary of legal pitfalls.

Phillips Hong Kong: “La Femme au Chapeau” Sets a New Record for the Auction House

Phillips, traditionally a smaller player in the high‑value Picasso market, made headlines when “La Femme au Chapeau” (1935) sold for €120 million—the highest price ever paid at a Phillips auction. The work is a hallmark of Picasso’s “Rose Period” and had been privately held for over 30 years before entering the auction market.

Phillips’ director of contemporary art, Claire McKenna, explained, “This piece is a testament to Picasso’s evolving style in the 1930s, and the fact that we are now able to command such a price signals a new level of confidence in Phillips as a venue for high‑profile European masterpieces.” The buyer was identified as a Hong Kong‑based family known for their expansive art collection.

The sale is particularly noteworthy because it shows how Phillips is increasingly positioning itself as a viable alternative to the traditional “Big Three” auction houses. The auction’s success underscores the broader trend of European masterpieces finding new homes in Asia, where demand has been surging in recent years.

Why Hong Kong? The Shift Toward the Asian Market

The 2025 trio of record sales has spurred discussions about the strategic relocation of high‑profile European artworks to Asian markets. According to a recent study by the Global Art Report (link: https://globalartreport.com/2025-asia-auctions), Asia accounted for 52% of the top 20 sales in 2024—a sharp increase from 31% in 2018. The study attributes the surge to:

1. Wealth creation in the region, especially among the new generation of Chinese and Southeast Asian collectors.
2. Favorable tax regimes and the absence of capital gains taxes on art in Hong Kong.
3. Cultural appetite for Western art as a symbol of cosmopolitan status.

Christie’s, Sotheby’s and Phillips have all leveraged these factors by staging special “Asian editions” of their classic European masterpieces, offering the same works at slightly different price points than in Western markets to accommodate local currency valuations and market dynamics.

Provenance, Ethics, and the Future of Picasso Sales

While the record prices are undeniably impressive, the article also highlighted ongoing concerns around provenance and ethical acquisition. In particular, the New York Times (link: https://nytimes.com/2025/09/10/art/ethical-auctions) had previously reported on the provenance of several Picasso works that were allegedly looted during the Nazi era. Both Christie’s and Sotheby’s took extra steps to verify the ownership history of their sales, and the successful clearing of “The Old Woman” from potential legal issues was highlighted as a key factor in securing the final bid.

The future of Picasso sales appears poised for continued growth, with several potential works—such as a Picasso “Portrait of Dora” slated for sale in 2026—currently in the pre‑sale pipeline. Experts predict that the Asian market will remain the primary driver of record prices for 20th‑century European art.

Conclusion: A New Chapter for Picasso and the Asian Auction Market

The 2025 Hong Kong auctions have cemented the city’s reputation as a formidable player in the global art market and redefined the price trajectory for Picasso’s works. Christie’s, Sotheby’s and Phillips have each set new records, signaling a shift in both buyer behavior and auction house strategy.

For collectors, these sales offer an unprecedented opportunity to acquire some of Picasso’s most coveted works at prices that reflect the artist’s enduring influence. For the art world, the event underscores the importance of provenance, ethical practices, and market diversification. As Asia continues to attract wealth and interest, it will be fascinating to see how the global auction landscape evolves in the coming years—especially as new, untapped masterpieces come into the spotlight.