Results: Christie's Hong Kong

Bloomberg is reporting an excellent start to Christies Hong Kong Sales, which should wrap up on the 27th. The collection of sales, including Asian and Chinese Contemporary sales, Fine Chinese Modern, Jewels, and the Imperial sale of ceramics and decorative arts. Bloomberg reports there were over 1,600 lots being offered, with a potential of near $97 million in sales. I'll try to consolidate all of the sales when the data is available, but so far, the start looks very promising. In the painting sale 34 of the 38 lots sold, for a total of just of $24 million.

Bloomberg reports on the painting sale, A painting by Chinese artist Sanyu (see image) fetched a record HK$42.1 million ($5.4 million) at a Hong Kong auction as bidders fought for lots, betting that the worst of Asia’s art-market slump is over.

Of the 38 lots offered yesterday at Christie’s International’s top selection of Asian art, 34 sold, raising a combined HK$181.7 million, according to the London-based auction house. That’s about twice the company’s presale estimate, said Kate Malin, a Christie’s spokeswoman. The 1950s oil painting “Cat and Birds,” the top lot, achieved a record price at auction for a work by deceased painter Sanyu.

“The results speak for themselves,” Michael Wang, chief executive of My Humble House Art Space and one of Asia’s top art collectors, said in an interview at the sale. “It’s a huge success. This auction tells me the slump in Asia’s artworks has ended.”

To read the Bloomberg article, click HERE.