HONG KONG — Sotheby’s hammered off a total of
HK$691 million ($88.6 million) worth of artwork in its spring
Asian sales in Hong Kong, 11 percent higher than its pre-sale
estimate in a steady showing for the fragile Chinese art market.
Its biannual Asia sales in Hong Kong, often
seen as a weather vane for the Chinese art market, was
characterized this time round by a far smaller, more
realistically priced selection.
While demand was still weak for lesser
objects, the appetite among buyers, especially wealthy Chinese,
for top-flight items remained undiminished.
"We are delighted with the very healthy
results that we have achieved, and they send a very positive and
encouraging signal to the market," said Kevin Ching, CEO for
Sotheby’s Asia.
Bidding was strong in the "Eight Treasures"
sale, with the European-sourced collection of imperial porcelain
fired in the kilns of Jingdezhen, completely sold off.
In particular, a pear-shaped reticulated
celadon vase, with the seal mark of the Qing dynasty Qianlong
period, sold for $HK47.7 million ($6.1 million), a world auction
record for Qing Monochrome porcelain according to Sotheby’s.
"For that sale I think the prices were strong
... and prices were totally on a par with what you’d expect from
about a year ago," said Nicolas Chow, the head of Chinese
ceramics and works of art at Sotheby’s.
In Chinese ceramics and works of art however,
there was inconsistent demand across the board with 44 percent
of 54 lots unsold, while a rare set of Ming furniture fared
poorly.
"There were a number of things which were
selectively decided to be over-estimated or under quality," said
James Lally, a top dealer based in New York who was at the
Sotheby’s sales. "But whenever anything really came up that was
good, it was a battle," he told Reuters.
"Sotheby’s timing was impossible. They had to
gather this sale four or five months ago when everybody was
absolutely in the doldrums. Fine things are (still) in strong
hands," Lally added.
For paintings, demand was firmer and more
consistent in more traditional areas including 20th Century
Chinese paintings and Fine Chinese paintings. They have proven
far less volatile than the once white-hot Chinese contemporary
art market that has cooled with the global downturn.
A handful of Chinese artists broke world
auction records including 20th century master Lin Fengmian’s
rare oil painting "Fishing Harvest" which fetched HK$16.34
million ($2.1 million), a world auction record for the artist at
auction. Zhu Yuanzhi’s "The Last Supper" sold for HK$6.02
million ($770,000), also a world auction record for the artist.
Sotheby’s inaugural Hong Kong wine sale over the weekend
raked in HK$49.9 million ($6.4 million). It was 100 percent sold
by lot, reflecting cheaper pre-sales valuations and solid demand
for top vintages among wine collectors in Hong Kong, which is
positioning itself as a regional wine hub. – Reuters
