Expectations for Christie's Hong Kong Sale

James Promfret of Reuters is reporting that Chrisite's has scaled back the size and scope of its upcoming Asian sale in Hong Kong. For example, last years sale brought $310 million in sales, this particular sale is expected to bring closer to just under $100 million.

Promfret reports Auction house Christie's will scale back its spring sales of Asian art in Hong Kong, yet the tighter, more cheaply-priced lots are expected to bring fresh confidence to a fragile market, its COO said on Thursday.

Promfret continues "What we're looking for out of these sales ... is that the market has found a new level of comfort with prices and activity," Christie's Chief Operating Officer Andy Foster told Reuters on the eve of the sales which kick off on Saturday.

"It's not that we're suddenly going to reach, in this season, the sales levels of spring 2008 at the peak of the market. But we believe that what we're seeing is going to lead to a real feeling of confidence in the region that the market's back on track."

Since the financial crisis deepened last October, broader demand for Asian art has shrivelled, and valuations have fallen, particularly for once red-hot Chinese contemporary art.

Foster admitted to difficulties in convincing collectors to sell right now, but said demand for top artwork remained strong and was growing, particularly among mainland Chinese collectors.

"High quality items of Chinese works of art can still achieve extremely high price points," he said.

To read the full Reuters article, click HERE.