Rothko Painting Sells for HK$252.5 Million

Mark Rothko's painting Untitled (Yellow and Blue) sold for HK$252.5 million (approximately US$32.5 million) at Sotheby’s in Hong Kong, reflecting a 30% decrease from its 2015 auction price. The 1954 artwork, once owned by fugitive financier Jho Low, gained notoriety in 2022 for its resemblance to the Ukrainian flag amid the ongoing conflict. Despite the lower price, it became the fourth-most expensive Western artwork sold at auction in Asia. The auction was part of Sotheby’s inaugural Modern and Contemporary Evening Sale at its new venue, attracting significant attention but also highlighting a cooling global art market, as evidenced by multiple unsold lots. The piece was sold under an irrevocable bid agreement, ensuring its sale regardless of the final auction result. The performance of this sale indicated broader challenges faced by auction houses like Sotheby’s compared to competitors like Christie’s, which recently achieved higher sell-through rates.