MAINLAND CHINA EMERGES AS TOP BUYING REGION, PHILLIPS’ MODERN & CONTEMPORARY ART: EVENING & DAY SALE IN HONG KONG ACHIEVES HK$79 MILLION/ US$10 MILLION 100% Sell-Through for Chinese Contemporary Artists Born in the 1970s–1990s Reflects Strong Market Demand Phillips Asia Chairman and Auctioneer Jonathan Crockett selling lot 9 , Blues In F , sold for nearly HK$14 million / US$1.8 million Hong Kong, 27 Ma y , 202 5 Sale Total: HK$78,732,630/ US$ 10,046,284 Lots Sold: 92 | Lots Offered: 106 Sold by Lot: 87 % | Sold by Value: 87 % Cindy Lim, Head of Evening Sale, Modern & Contemporary Art, Phillips Hong Kong, and Rebecca Hu, Head of Sale, Modern & Contemporary Art, Phillips Hong Kong , jointly said, “In response to current market dynamics, we have adopted a nimbler approach for this season’s sale.

The sell-through rate for the sale was a healthy 87% by volume and value, which underscores the strength of our curatorial strategy, emphasizing fresh-to-market works that resonated with discerning collectors.

Leading the auction was George Condo’s Blues In Ffrom his acclaimed 2020 Blues Paintings series, which achieved nearly HK$14 million / US$1.8 million. Works by Chinese contemporary artists—particularly those born between the 1970s and 1990s, including Xia Yu, Yan Bing, Jia Aili, Wei Jia, Ding Shilun, Li Hei Di, Zhang Zipiao, Wang Xiyao, and Fang Yuan—achieved a 100% sell-through rate. These artists drew strong interest and competitive bidding, with many works surpassing their pre-sale estimates.

The sale also underscored the enduring strength of Chinese Modern art, with outstanding results achieved for works by Wu Guanzhong and Sanyu.

We also witnessed promising global participation, with bidders from 43 countries, and are particularly pleased that Mainland China emerged as the top buying region for the sale.

We now look ahead to our Hong Kong Fall Auctions of Modern & Contemporary Art, which will be brought forward to the first week of October.” Top 10 Lots Lot Description Estimate Price Achieved 9 George Condo, Blues In F , 2021 HK$12,000,000 - 20,000,000 US$1,540,000 - 2,560,000 HK$13,760,000 US$1,755,776 27 Wu Guanzhong, Springs and Autumns , 1994 HK$3,800,000 - 4,800,000 US$487,000 - 615,000 HK$4,826,000 US$615,798 11 Rashid Johnson, Untitled Escape Collage , 2017 HK$3,500,000 - 5,500,000 US$449,000 - 705,000 HK$3,810,000 US$486,156 7 Hernan Bas, Case study (Harvey, Palmist/glove collector) , 2014 HK$3,000,000 - 5,000,000 US$385,000 - 641,000 HK$3,429,000 US$437,540 28 Zao Wou-Ki, 07.04.59 , 1959 HK$2,500,000 - 3,500,000 US$321,000 - 449,000 HK$3,302,000 US$421,335 13 Li Chen, Avalokitesvara , 1999 HK$1,500,000 - 2,000,000 US$192,000 - 256,000 HK$2,413,000 US$307,899 37 Yayoi Kusama, Infinity (C), 1986 HK$1,500,000 - 2,500,000 US$192,000 - 321,000 HK$2,286,000 US$291,694 5 Izumi Kato, Untitled , 2022 HK$1,800,000 - 2,800,000 US$231,000 - 359,000 HK$2,159,000 US$275,488 15 Jia Aili, Untitled , 2008 HK$ 1,500,000 - 2,000,000 US$192,000 - 256,000 HK$2,032,000 US$259,283 43 Javier Calleja, The Dream You Dream , 2022 HK$1,800,000 - 2,800,000 US$231,000 - 359,000 HK$2,032,000 US$259,283 New Auction Records Lot Description Estimate Price Achieved 91 Vickie Vainionpää, Rigid and Curved 02 , 2023 HK$40,000 - 60,000 US$5,100 - 7,700 HK$177,800 US$22,687 *previous record price: HK$120,650 set in 2024 Exchange Rate on 27 May 202 5 : HK$1= US$ 01276.

ABOUT PHILLIPS Phillips: where the world’s curious and bold connect with the art, design and luxury that inspires them. As a leading global platform for buying and selling 20th and 21st century works, Phillips offers dedicated expertise in the areas of Modern and Contemporary Art, Design, Photographs, Editions, Watches, and Jewelry. Auctions and exhibitions are primarily held in New York, London, Geneva, and Hong Kong, with representative offices based throughout Europe, the United States and Asia.

Phillips offers a regular selection of live and online auctions, along with items available for immediate purchase. Phillips also offers a range of services and advice on all aspects of collecting, including private sales and assistance with appraisals, valuations, and financial planning. Visit phillips.com for further information.

PRESS CONTACT S : Ingrid Hsu , Head of PR and Corporate Communications , Asia ingridhsu@phillips.com +852 2318 2043 Jiayi Zhang, Public Relations Coordinator j iayizhang@phillips.com +852 2318 2080 PHILLIPS NEW YORK – 432 Park Avenue, New York, NY 10022 PHILLIPS LONDON – 30 Berkeley Square, London, W1J 6EX PHILLIPS HONG KONG – G/F, WKCDA Tower, West Kowloon Cultural District, No. 8 Austin Road West, Kowloon, Hong Kong PHILLIPS GENEVA - Rue de la Confédération, 7 Geneva 1204