Sotheby's Reduces Scope of Hong Kong Asian Sales

Reuters is reporting that Sotheby's spring Hong Kong Asian specialty sale will be scaled back in size and scope. The expected sales are around $77 million this year compared to $228.3 million for last year. As has been the case with most specialty sales this year, and fitting the strategy for the current economic conditions, Sothbey's plan is to sell fewer items, but of higher quality.

The article states Despite such troubling signs, Sotheby's said its Hong Kong sales would be of a condensed but high quality.

"We have put together this well-edited auction series guided by collectors' demand for quality, rarity and immaculate provenance," said Kevin Ching, chief executive officer for Sotheby's in Asia.

"All works have been priced to reflect the current market condition," he added in a statement.

The Reuters article continues Over 1,700 objects will be hammered off at Sotheby's upcoming Asia sales including Chinese classical and contemporary paintings, imperial ceramics, jewelry and watches.

The sale will include Sotheby's first major wine auction in Hong Kong which is positioning itself as a wine hub, with $3 million of fine vintages expected to be auctioned off.

Other highlights include a painting of "Mount Jiuhua" by Chinese master Li Keran that could fetch up to $500,000, and a pair of "Famille-rose" mille-fleur bowls from the Qing dynasty Yongzheng period, that could be hammered off for $2.6 million.

Click HERE to read.