Hessink’s Tbilisi Auction House has issued an official clarification regarding the results of its International Modern & Contemporary Art Auction held on 27 April 2026, Georgia’s first-ever international auction of its kind.
The auction house said the event represented a significant milestone for Georgia’s art market, with the long-term goal of introducing international auction standards to the country, attracting new collectors, increasing global exposure for Georgian artists and private collections, and supporting the sustainable development of the regional art ecosystem.
According to Hessink’s Tbilisi Auction House, the inaugural auction achieved several important milestones. A number of artists and private collectors participated in an international auction for the first time, while several artworks sold above their initial estimates, reflecting growing interest in Georgian art among both local and international collectors.
However, following the auction, some previously published results were revised.
The auction house explained that, under internationally recognised auction procedures, the fall of the hammer confirms the highest accepted bid but does not automatically mean that a sale has been completed.
“A transaction becomes final only upon the purchaser’s full compliance with the Conditions of Sale, including payment of the purchase price within the prescribed period,” the statement said.
Hessink’s Tbilisi Auction House noted that when a successful bidder fails to meet contractual obligations, the transaction is cancelled due to Buyer Default. Such procedures are included in the auction house’s Conditions of Sale and are consistent with practices used by leading international auction houses.
As a result, the lots affected by cancelled transactions were removed from both the company’s website and the published auction results.
The auction house said that, as part of its mission to develop Georgia’s auction market, it encouraged participation from both experienced collectors and first-time buyers during the inaugural event. The experience gained from the auction has already contributed to improvements in its operational framework.
Among the measures being introduced for future auctions are enhanced bidder registration procedures, financial verification processes and improved risk management systems, all designed in line with international best practices.
“The establishment of a transparent, trusted and internationally recognised auction market is a long-term undertaking,” Hessink’s Tbilisi Auction House said. “Each auction provides valuable experience that contributes to the continuous refinement of professional standards, operational procedures and market confidence.”
The company expressed gratitude to artists, collectors, consignors, buyers, institutional partners and all participants who contributed to the launch of Georgia’s first international auction.
Hessink’s Tbilisi Auction House reaffirmed its commitment to transparency, professional integrity and international standards, stating that it aims to strengthen Georgia’s role in the global art market and build a trusted auction institution serving artists and collectors in Georgia and the wider region.
