Results: Christie's Hong Kong Auction Series

The consolidated results are in for the late May Hong Kong auction series at Christie's. Original expectations were for the series of sales to bring just under $100 million. The series totaled $137 million. The sale featured 1,659 lots, and saw over 50% of those lots sell over their high auction catalog estimates. Some of the smaller day sales information is missing, but most of the sales results are listed below. Christie's spokesmen felt the sale was very successful, and would only help with future sales in the Hong Kong location. The expectations are that with the recent series of sales being successful, more consignors will be interested in selling at future Hong Kong sales and thus increase the quality of the auction and the lots being offered.

The series of sales included:

• Southeast Asian Modern and Contemporary Art - $2.6 million, 97/72 lots selling, 74%
• Finest and Rarest Wines - $3.6 million, 209/206 lots selling for a 97% buy through
  
• Asian Contemporary Arts and Chinese 20th Century Art - Day and Evening Sales - $36.4 million, evening sale selling $23.4 million, 38/34 lots selling for a 89%, one of the two day sales bringing 5.3 million 160/122 lots selling for a 76% buy through
  
• Fine Chines Modern Paintings & Calligraphy - $12.6 million, Modern painting sale bringin $8.8 million, 207/160 lots selling for 77% buy through
  
• Jewels - $33 million, 230/206 lots selling for a 90% buy through
  
• The Imperial Sale - Important Chinese Ceramics and Works of Art - 41.6 million, 186/127 lots selling for a 64% buy through
  
• Important Watches $ 7.5 million, 330/312 lots selling for a 95% buy through
  

Christie's Asia President, Andrew Foster stated about the sale "This season we saw an art market far stronger than anticipated, with success across all categories. While total sales do not match the early 2008 peak of the market, average lot values this Spring exceeded 2008 Autumn figures by around 30%. In some categories, including Chinese Works of Art, there has been an increase in value since the 2007/2008 peak. This indicates that in Asia, art, jewels, watches and wine have retained value, possibly more than other asset classes. Supply was a limiting factor for us this season, as we could easily have sold more high-value, top-quality properties, given the demand. We hope sellers will review these results and approach the Autumn season fully confident in Christie's ability to gauge the market and add value. We are moving forward strongly in Asia, where Christie's strategy is to embrace the future and expand. In addition to our new high-security fine art storage service (Christie's Fine Art Storage Service - CFASS) at the Singapore FreePort, a free trade zone environment that provides an opportunity to substantially increase our services to clients, as well as our global private sales of art, we are also proud to announce a major client-facing expansion of our Hong Kong offices, substantially increasing space and allowing for extensive client entertainment and exhibition of art."