Asian Art in London

Scott Reyburn of Bloomberg is reporting that sales were mild at Asian Art in London 2008, a week art fairs and auctions featuring Asian fine art and antiques. The Bloomberg article notes many buyers became reluctant to make substantial purchases after a $3.95 million Buddha was withdrawn from the Nov 5th Sotheby's sale.

Reyburn states The 2-foot, 6-inch high Ming Dynasty statue, entered by a Scottish family, was the most valuable piece in a catalog that Sotheby's had expected would raise at least 6 million pounds. After the piece was withdrawn, the 341-lot sale fetched 3.3 million pounds with fees, with 67 percent of the material finding buyers. No work sold for more than 200,000 pounds.

``The sellers felt it had to be withdrawn because of the state of the market,'' said Robert Bradlow, head of Sotheby's Chinese department in London. ``When we first took in the piece, it was a totally different situation. We're in the first phase of a change.''

Sotheby's was one of three auction houses and nearly 50 commercial galleries offering works during the 11th annual Asian Art in London, running through Nov. 12. The event came at a time when losses on the world's stock markets and contracting economic growth have begun to reduce sales of Asian art.

There were also reports that the English pound was expected to see a continued slide, allowing collectors who have to convert currency for purchases to perhaps wait.

To read the Bloomgerg article click HERE. To visit the Asian Art in London website, click HERE.