Core Viewpoint - The auction of Zao Wou-Ki's artwork "17.3.63" by Christie's in Hong Kong highlights the contrasting trends between the art market and the virtual asset market, with the former experiencing a decline in prices while the latter, particularly Bitcoin, has surged significantly since 2018 [1][5]. Group 1: Auction Details - Christie's will auction Zao Wou-Ki's "17.3.63," created in 1963, with an estimated price range of HKD 70 million to 90 million [5]. - The prices of similar-sized works by Zao Wou-Ki from the 1960s have dropped by approximately 40-50% since 2018-2019 [1][5]. Group 2: Market Trends - The virtual asset market, particularly Bitcoin, has increased by 16 times since May 26, 2018, contrasting sharply with the art market's performance [1]. - Zao Wou-Ki's artworks have historically performed well in auctions, with a record sale of HKD 510 million for "June to October 1985" at Sotheby's in Hong Kong, setting a record for both the auction house and the artist [5]. Group 3: Investment Characteristics - Both art and virtual assets are considered "non-physical value carriers," relying on human consensus regarding their significance, scarcity, and cultural meaning [7][12]. - Scarcity is a key factor in maintaining the value of both asset classes, achieved through design or natural attributes [8]. - Both categories possess dual attributes of collectibility and investment potential, with purchases driven by emotional preferences or expectations of appreciation [9]. Group 4: Ownership and Cultural Significance - Clear ownership rights are essential for both art and virtual assets to ensure value, with traditional art relying on certificates of authenticity and virtual assets using blockchain technology for ownership verification [10][12]. - Both art and virtual assets serve as cultural symbols, reflecting specific values, aesthetics, or social sentiments of their respective eras [11][12]. Group 5: Market Dynamics - Both markets exhibit active trading environments, with prices influenced by supply and demand, trends, and speculative behavior, leading to significant volatility [13][17]. - The art market relies on auction houses and galleries, while the virtual asset market is more dependent on decentralized platforms, resulting in more frequent price fluctuations [17].