Sotheby's to Move Asian Auctions from NY to Hong Kong

The New York Sun is reporting that Sotheby's has announced it is moving its bi-annual New York Asian sales to Hong Kong. The September 17th sale will be the last Asian catalog sale held at Sotheby's New York location. According to the Sun article, the consolidation will not preclude Sotheby's from auctioning "batches" of Asian art at it London and New York location. Christie's has already made the move with its first Hong Kong sale in May of this year.

The article states "It has become increasingly evident that Contemporary Asian works have consistently fetched the highest prices at auction in Hong Kong," the Sotheby's Hong Kong-based chief executive officer, Kevin Ching, said in a statement. Hong Kong is the third-biggest auction market after New York and London. Results from Christie's and Sotheby's sales of gems, antiques, and art in the city serve as industry bellwethers.

To read the full NY Sun article, click HERE.