Hong Kong Edition
Picasso rules the auctions.
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In this week’s Hong Kong Edition, we assess the autumn season vibes (and sales figures) at the top auction houses and chat with a celebrity chef. For the Review, we take a trip to the first restaurant to open in The Henderson skyscraper. Oh yes, the city also has the world’s best bar.

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Hammer Time

The auction season in Hong Kong opened with a record sale (that Picasso guy at it again) and in sparkling style at a new venue in the city center. But despite the giddy sum and all the glitz, there was still a sense of caution among buyers.

Global auction houses Christie’s, Sotheby’s and Phillips tallied about HK$1.5 billion ($190 million) in sales for the late September run, well shy of the 2021 peak when Hong Kong’s so-called autumn auctions cleared nearly HK$9 billion. 

Pablo Picasso’s Buste de Femme. Photographer: Stella Ko/Bloomberg

There are a few factors at play, from concerns as broad as the health of the global economy and state of world politics to the squeeze on Hong Kong’s property market, making wealth preservation a priority. 

It’s been going on a while. Sales at Christie’s, Sotheby’s and Phillips auctions in Hong Kong were down 30% last year, while major Chinese houses saw contractions too. The number of sales worth $10 million or more also shrank. 

Kudos then, as if he needs it from us now, to Pablo Picasso. His Buste de Femme sold for about $25 million at the recent auction, more than any of his other work has ever fetched in Asia, according to Christie’s. Globally, Picasso’s auction record is the $179.4 million bagged at Christie’s New York in 2015 for Les Femmes d’Alger (Version “O”).

The mood was tense at Christie’s new digs on the sixth floor of the gleaming Henderson Tower, designed by Zaha Hadid Architects. As the city lights shone in the background, a mix of Birkin-carrying women and modestly dressed older collectors looked on as two specialists on the phone volleyed million-dollar increments until the auctioneer’s gavel finally came down. Sold! To an unidentified buyer. 

The sale — with the price more than doubling from about $11 million — was “the exception, certainly not the rule,” said Philip Hoffman, founder of The Fine Art Group.

Phillips Asia Chairman Jonathan Crockett selling Yoshitomo Nara’s Pinky. Source: Phillips

Overall, the 20th/21st Century Autumn Auctions held by Christie’s in Hong Kong on Sept. 26 and 27 brought in almost $106 million. Despite the more prudent sentiment among buyers, Christie’s said that was the highest for the season among Asian markets. Collectors from 32 countries joined, led by China, while 20% of buyers were new to the sales. More than half were millennials, Christie’s said. 

Regarding the Picasso, the result was “a testament to the market that collectors are looking for masterpieces,” Christie’s Head of Evening Sale Asia Pacific, Ada Tsui, said at a press conference after the marquee sale.  

Still, the energy was mixed. Most lots were sold near the low estimate or passed quietly. 

Elsewhere, Phillips introduced Priority Bidding, where collectors can bid at or above the low estimate 48 hours before a sale and qualify for a reduced buyer’s premium. All 20 lots in the Phillips auction were sold, raking in a total of nearly $28 million, led by Yoshitomo Nara’s Pinky going for $7.2 million. Nearly two-thirds of the Evening Sale comprised fresh-to-market works, Phillips said. 

“We’ve definitely positioned ourselves with attractive and low estimates,” said Danielle So, Hong Kong head of Phillips auctions. She highlighted a Tom Wesselmann priced at its 2007 estimate to reflect a market that’s “a bit challenging.” 

Maison’s shadow-lit Eros/Thanatos private sales and exhibition. Photographer: Stella Ko/Bloomberg

Sotheby’s drew about $57 million across two days.

“There’s not a lot of supply in the market,” said Jasmine Prasetio, Sotheby’s interim head of modern and contemporary art, Asia. “We put some things closer to market price, some attractively, and see how the market reacts.” 

That helps explain the high sell-through of the auctions, which Hoffman said also reflects lower estimates and late withdrawals. He said A‑plus trophies — think Cézanne, Van Gogh, Rembrandt — are trading privately at nine figures, while B‑minus blue-chips “survive.” Young contemporary? “A bloodbath.” 

Hoffman’s cautionary example was a Lucy Bull at Christie’s, which had rocketed from $300,000 to $3 million. This season it sold for around $600,000, less than half what its owner paid two years ago.

“The days of flying high and making a killing have gone,” Hoffman said. —Stella Ko

The World’s Best Bar Is in Hong Kong 

Italian-themed Bar Leone in Central has been named the world’s best bar, the first time a venue located in Asia has taken top spot since the rankings were created by 50 Best in 2009. This year’s list was unveiled Wednesday during a ceremony at Kai Tak Cruise Terminal. It is compiled with input from more than 800 industry experts from 29 regions, including bartenders, drinks writers and cocktail experts. Bar Leone is set to open its first branch in Shanghai next month. —Filipe Pacheco and Stella Ko

Bar Leone’s Olive Oil Sour. Source: Bar Leone

Five Minutes With: Neighborhood’s Celebrity Chef

David Lai is the executive chef behind Neighborhood, a quaint spot on Hollywood Road that has a Michelin star and is ranked No. 21 on Asia’s 50 Best Restaurants list. His celebrity exploded recently thanks to his appearance on the Tencent Video-produced reality cooking competition Chef of China (一飯封神), which aired its season finale last month. 

Featuring on the show has helped boost business, having captivated diners from China with his easygoing demeanor. His restaurant is booked out to December. We caught up with Lai to chat about the business impact, future plans and his favorite places to eat in Hong Kong. —Pei Li

You ended up in third place at the end of the show — but only because you decided to bow out. Why did you decide not to proceed?

Between the three remaining chefs, two young chefs against each other would make a more compelling final. Also, being a restaurant owner, I know very well the labor shortage situation the industry faces because not enough young people are joining the profession. I think one of the main purposes of the show is to provide positive role models for young people as well as role models of us old people making opportunities available to the future generations.

David Lai Source: David Lai/David Lai

How has the show changed your business?

A significant impact. Our business had been pretty bad for the past two years since reopening after the pandemic. And in the first half of this year, our business dropped by 35%, which is quite significant. After the pandemic and social movement, Hong Kong’s demographic has changed a lot. Before the pandemic, on a normal day, 70% of our customers were locals. The remaining 30% to 40% were foreigners and Mandarin speakers from mainland China. Now it is reversed. Many of the newcomers from the mainland haven’t been here long, so their consumption patterns aren’t fixed yet. Obviously many people are flying down here to try my food. Also it is very important to let the newcomers get to know me when they watch the show.

We don’t know how long this can last. But it’s crucial that we take care of those who live in Hong Kong. If they try us for the first time, we need to give them a good experience so they’ll come back again. It’s the return that counts. Longevity is key.

Would you consider opening another restaurant in the mainland somewhere?

I think this show gave me a chance to think about it now. Previously I had many concerns if I go do it myself. Now I could have partners with capabilities to help.

Are there specific cities you’re considering?

First, you need to understand the market. For example, Guangzhou and Shenzhen are two very different markets. Guangzhou is still quite dominated by Chinese food, and it needs to be priced smartly. However, if you’re serving Western food, sometimes you don’t have that market in Guangzhou. Shenzhen might have a bigger opportunity. Shanghai definitely has a lot of competition from Western restaurants, so you need to further understand it.

What are the restaurants in Hong Kong you would bring your friends to or go with family?

I like the pork chop rice from Mian [in the Murray hotel]. The other day my wife was asking me to buy takeout from there when we stayed home during a typhoon. Kamcentre Roast Goose is also quite good. Genuine Lamma Hilton Fishing Village Restaurant on Lamma Island, I would go there too.

The Review: A Feast for the Eyes

Akira Back is the first restaurant to open at The Henderson in Central, with two other fine-dining options to follow. Just like chef Akira Back’s other locations, from Paris and Las Vegas to Singapore and Riyadh, expect artfully presented dishes, luxe interiors and friendly staff.

My guest, a former art curator, and I visited Tuesday, not long after the Hong Kong location opened at the end of September. It serves Japanese-Korean fusion with American touches, reflecting the chef’s heritage as a Korean-American who trained in Japanese culinary arts, including a career at Nobu.

Dine with views of Central. Photographer: Kristine Servando/Bloomberg

While Akira Back Hong Kong is a veritable feast for the eyes, the food doesn’t quite hit the same mark. 

Sampling some chef-recommended hits, we found the flavor profiles so similar that they blended into a haze of heavy-handed sauces and explosions of umami. Pleasant but forgettable. The toro tartare (HK$388), topped with caviar and presented with colorful garnishes laid out like a painter’s palette, had echoes of the truffle-oil-brushed AB tuna pizza (HK$168), with sashimi and jalapeno slices covering a tortilla-thin crust. And those, too, somehow tasted like the Brother From Another Mother sushi roll (HK$268), with two types of eel. 

The AB tuna pizza at Akira Back. Photographer: Kristine Servando/Bloomberg

We made sure to try the spinach salad, as spinach was the secret ingredient when chef Back competed against Bobby Flay in an Iron Chef America episode. It was drowning in sesame dressing. The jidori chicken (HK$398), which reportedly takes eight hours to make, only tasted like salt and breadcrumbs, while the kimchi fried rice (HK$88) was a one-note umami bomb where you could barely taste the kimchi. Our cocktails were similarly average, although there were nice wines on the menu.

The desserts had more nuance. The apple harumaki (HK$128) tasted so much like a McDonald’s apple pie, since they’re both fried, which could be comforting for some. The chocolate in a cup (HK$118), a hot lava cake hiding under creamy foam, Nutella and a mushy banana, was nice.  

The portions are generous and some menu items are priced reasonably. Our meal totaled HK$2,835, but if you have two or three dishes, you could probably spend just HK$800 for two people. That’s a feat considering you’re sitting on one of the world’s most expensive plots of land.

The vibe: Akira Back Hong Kong blends with The Henderson, with undulating metal beams and curved glass walls that allow you to look out onto Central. Like the swanky skyscraper, there’s not a sharp edge in sight, with all curved furnishings, glass-orb ceiling accents and wavy wall art. The back wall of the restaurant’s private room is adorned with a yellow-and-blue abstract painting by the chef’s mother. Sections of her artworks are also printed onto the appetizer plates in a sweet homage.

Can you conduct a meeting here? Only if it’s a social gathering and not a serious business meeting. The music is too loud and there’s a curtain of noise around you — even the servers have to strain to hear your order. In certain sections of the restaurant, where tables are closer together, the next-door neighbors can hear everything. You can book the 12-person private room and dine under a “marshmallow ceiling” and with a view of the Bank of China for a minimum spend of HK$8,000 for lunch and HK$12,000 for dinner. Walk-ins are also welcome — it’s dedicated a four-seater cocktail bar and a six-seater sushi counter for this purpose.

Akira Back's private room. Photographer: Kristine Servando/Bloomberg

Who’s next to you: Casually chic, low-key crowds including families and couples, as well as Gen Z kids fueling up for further parties. Given the skyscraper’s denizens include hedge funds and auction houses, it’s possible you could at any point be dining with the upper crust. When we visited, a Hong Kong lawmaker was there having dinner with a large group.

What we’d order again: My guest liked the AB tuna pizza enough to stop complaining about the “very distracting” mirrored-surface wall art for a few minutes. The beef options are promising. We had the filet tobanyaki (HK$488), served on a hot plate, which was satisfying. A big group at the next table left some dishes unfinished but did polish off their 48-hour wagyu short ribs (HK$428) and wagyu steak (HK$1,788).

The filet tobanyaki was one of the (rare) standouts. Photographer: Kristine Servando/Bloomberg

Need to know: Akira Back Hong Kong is located on the fifth floor of The Henderson, 2 Murray Road, Central. It’s open daily from noon to 2:30 p.m. for lunch, 2:30 p.m. to 6 p.m. for afternoon drinks and for dinner from 6 p.m. to midnight. Reservations can be made online or at +852 9733 8988. —Kristine Servando

Read more reviews: Sol, which offers Korean-French cuisine, or there’s Cristal Room with its Japanese touches on high-end French fare, and Citrino da Yoshinaga Jinbo, which puts a Japanese spin on Italian dishes. 

Are there any restaurants you’d like us to review? Drop us a line at hkedition@bloomberg.net.

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