The 11.15-carat Williamson Pink Star - the second-largest internally flawless Fancy Vivid Pink diamond ever to appear at auction - sold at Sotheby's Hong Kong for an eye-watering HK$453.2 million ($57.73 million) on Oct 7, setting a new per-carat price record. Previously owned by the late Queen Elizabeth II, the rare gemstone fetched more than double what experts had predicted, indicating a return to the kind of "revenge spending" seen intermittently at local auctions since the start of the COVID-19 pandemic.

Since 2020, auction houses have seen accelerated growth in online auctions, touch points and experiences, led by a new crop of young collectors who are more at home with digital interactions.

Alex Branczik, chairman of modern and contemporary art at Sotheby's Asia, says the introduction of livestreamed auctions necessitated by the onset of the pandemic in 2020 "helped to create an impactful, immersive experience for our audience when travel was completely restricted". Since then, online auctions have been embraced by art enthusiasts and collectors globally, with unprecedented demand from the younger generation.

The return of in-person auctions notwithstanding, online auctions remain important to the younger segment of customers. "Many of our clients are used to living their lives online, and they expect auctioneering to be no different," says Julia Hu, managing director of Bonhams Asia. She adds that nearly 50 percent of under-the-hammer activity at the auction house so far this year has been the result of digital bidding.

Wendy Goldsmith, director of Goldsmith Art Advisory in London, and former director and senior vice-president at Christie's, says that with the geopolitical issues affecting world markets and COVID-19 restrictions still in force in some regions, there may be some softening of prices. "This could prove a good time to buy," she adds.

Christie's - which kicked off its fall previews in Hong Kong last week - achieved global sales totaling $4.1 billion in the first half of 2022, an 18 percent increase over the previous year and the auction house's best result since 2015. Its "Shen the T Rex" lot is the first Tyrannosaurus rex skeleton to be offered at auction in Asia, and promises to be a highlight of the 20th/21st Century Art Evening Sale on Nov 30.

"This is a groundbreaking moment for the market in the region, where we've witnessed a growing demand for objects of historical significance," says Francis Belin, president of Christie's Asia Pacific. Standing a terrifying 4.6 meters tall and 12.2 meters long, Shen will be displayed and auctioned at the Hong Kong Convention and Exhibition Centre.