Mark Rothko painting sells for 30% less than in 2015, showing Hong Kong market challenges

A painting by Mark Rothko that once belonged to fugitive Malaysian financier Low Taek Jho (commonly known as Jho Low) and which went viral in 2022 because of its resemblance to the Ukrainian flag was sold in Hong Kong on November 11 for HK$252.5 million (US$32.5 million), 30 per cent lower than its previous auction price in 2015.

The painting Untitled (Yellow and Blue), completed in 1954, was a major highlight of the first modern and contemporary art evening sale to be held at Sotheby’s Maison, a retail and exhibition space in the city’s Central business district that opened in July.

It was a guaranteed lot with an irrevocable bid, meaning that a financial agreement was put in place with a third party ahead of the auction to ensure a sale.

The piece went to art adviser Patti Wong, buying in person for a client. The hammer price was HK$225 million, which was the low estimate before the sale.

In total, the generally lacklustre evening sale saw seven pieces withdrawn and five pieces unsold out of the 35 lots consigned.