The Melchior Dejouany Collection at Christie’s Hong Kong, or the ambiguous allure of the 59th hour
Throughout my long career as an art expert, I have had the pleasure of assisting extraordinary collectors, appraising their collections, and guiding them through the sale process. It has been a series of significant milestones.
Notable examples include the collections of Philippe Ng (first at Sotheby’s and then at Christie’s) in 2008; Tuan Pham and Ngo Manh Duc in 2019; and Jean-Marc Lefèvre and Philippe Damas in 2020 and 2025 respectively. Some collectors prefer to remain anonymous.
It is always deeply rewarding to identify a collector’s tastes, understand their motivations and sense the connections they form. It is also fulfilling to share in their joys and understand their internal struggles. A collection is a distillation of love and knowledge.
The sale of the Melchior Dejouany collection at Christie’s on March 28, 2026, in Hong Kong is a testament to the success of a pioneering collector. It has rekindled an ambiguous sense of pleasure within me.
A collection that breaks the mould and delivers encouraging results
Melchior Dejouany was guided by two principles: reaching out to artists in Vietnam itself, and seeking out unconventional talent among the more established masters.
This initiative was welcomed by collectors, with 28 out of 30 lots in the collection—along with other works—selling, bringing in a total of 30,480,000 HKD (3.9 million USD or 3.4 million EUR).
A total of 16 artists were represented, which is more than usual at auctions. And five world records were set: Hoang Tich Chu (lot 138), Nguyen Trung (lot 125), Nguyen Kim Dong (lot 129), and Nguyen Sang (lot 160). All of these artists chose to “paint in their homeland.”
16 featured artists: 6 Vu Cao Dam, 2 Mai Thu, 4 Le Pho, 1 Nguyen Gia Tri, 2 Hoang Tich Chu, 3 Nguyen Trung, 1 Bui Xuan Phai, 1 Nguyen Kim Dong, 1 Ho Huu Thu, 2 To Ngoc Van, 1 Léa Lafugie, 1 Nguyen Sang, 1 Boi Tran, 1 Nguyen Tien Chung, 2 Luong Xuan Nhi, 1 Alix Aymé.
Instead of providing an exhaustive list, take a look at the table below, which illustrates the price trends of seven well-documented works:
PRICE TRENDS FOR WORKS SOLD AT CHRISTIE’S
| Artist | Title | Date/Result | Result 28/3/26 |
| Hoang Tich Chu | La Haute-Région du Tonkin (The Tonkin Uplands) | December 2, 2021 $ 2,500,000 HKD | 7,366,000 HKD |
| Hoang Tich Chu | Red Dao | May 28, 2017 37,500 HKD | 107,950 HKD |
| Nguyen Gia Tri | La Perfection ou Femmes et Jardins du Vietnam (Perfection, or Women and Gardens of Vietnam) | May 30, 2015 1,720,000 HKD | 2,794,000 HKD |
| Le Pho | Le Philosophe (The Philosopher) | September 30, 2020 100,000 USD : 784,000 HKD | 2,159,000 HKD |
| Luong Xuan Nhi | Portrait de Dame (Portrait of a Lady) | December 2, 2021 2,125 000 HKD | 1,778,000 HKD |
| Léa Lafugie | Diseur de Bonne Aventure (Fortune Teller) | December 3, 2020 87,500 HKD | 53,340 HKD |
| Vu Cao Dam | Maternité (Maternity) | December 2, 2021 375,000 HKD | 444,500 HKD |
The chart shows that, over the past four and a half years, the value of the Hoang Tich Chu has quadrupled, setting a new world record. While the market is generally on the rise, it also reveals that the Luong Xuan Nhi (lot 134) and the Nguyen Gia Tri (lot 137) failed to attract the audience they deserved.
Good for their savvy shoppers.
There is still a lot of explaining to do to win over an audience that is currently focusing more on works such as Le Pho’s “La partie de cartes” (lot 157). This large-format, colourful painting featuring graceful women with children in their arms is once again a sure sign of expected success.
The ambiguous pleasure of the 59th Hour
This was my 59th auction in Asia (Singapore and/or Hong Kong: 14 with Sotheby’s, 45 with Christie’s).
It’s been quite a while since I first met Colin Sheaf in 1996 at Christie’s—then located at 6 Rue Paul Baudry in Paris (on my way there, I passed by Rue du Commandant Rivière… quite an omen!)
Then came the signing of the first contract with Philip Ng, who was then Christie’s Managing Director for Asia.
Today, with the Vietnamese section accounting for 25% of total daily sales in the “20th-century” section, where everything is counted in millions of dollars, I like to think back to the early days when my humble Vietnamese section was displayed all the way at the back, usually near the restrooms. There were few visitors, but they were always passionate. I also remember the auction room emptying out whenever we reached the Vietnamese section, which was often at the end of the catalogue.
It was a humble beginning, but one that earned respect, as success came immediately.
My unwavering belief in the cause and the steadfast support of fellow collectors, buyers, and sellers were my greatest assets. Then came the ultimate recognition: the first catalog covers, primarily with Le Pho…
Above all, that era was a time for friends, with whom one could spend hours watching a 1931 film by Nguyen Phan Chanh, sipping a vintage Burgundy and listening to Chopin. The grandeur of universality. A time of civility and civilisation. A time of thought and construction.
All of that changed significantly afterwards. A new, rowdy crowd gradually took hold. While it is true that the number of serious and influential collectors has grown, at the same time, a swarm of parasites in both France and Vietnam is attempting to taint the field. Somewhere between infiltration and ‘lumpen’. It is a repugnant mix of greed and obscurantism, dressed up in the colours of staggering conceit.
Personally, I feel a sense of accomplishment, which gives me a certain pleasure. However, it’s an ambiguous pleasure, accompanied by a wry smile. I don’t yet know whether that smile is bitter or sarcastic.
Among other influences, Vietnamese painting has opened my eyes to the beauty of the world. It has also made me aware of its ominous darkness.
And so the 59th hour ticks away.
The 60th?
See you in September.
In any case, I would like to dedicate this to the dynamic team that fights alongside me and wins.
We would like to thank them here:
Jean-François Hubert