A contemporary art auction that included works by Damien Hirst, Jeff Koons and Yayoi Kusama fell short of some expectations Monday.

The sale, held by Seoul Auction in Hong Kong, tallied 67.3 million Hong Kong dollars (US$8.6 million), less than half the expected HK$195.3 million. Of the 49 works available, 20 remained unsold amid thin bidding and a subdued atmosphere.

“I saw a lot people with paddles, but they didn’t bid, they just watched,” said Soyoung Lee, Seoul Auction’s managing director. “We sold 60%, so it’s not the best, but we had a lot of expensive art. I guess people are not really in the mood to buy.”

“They selected some interesting paintings and sculptures, but I think they just didn’t time it well with the market,” said Roger McIlroy, an art adviser and former managing director of Christie’s Australia, as people trickled out of the room.

The star lot, Jeff Koons’s sculpture “Smooth Egg with Bow,” was met with anticlimactic silence as collectors passed on its estimate of HK$55 million to HK$75 million.

“We had a lot of overseas interest in Jeff Koons, but on the other hand, people also asked whether it was going to sell in this economic situation,” Ms. Lee said. Part of his “Celebration” series, this was the first time the steel sculpture appeared in the Asian market.