Results: Sotheby's Asian Sales

Asia Week in New York continued to see strong sales as Sotheby's held several auctions, including Asian Works of Art from various owners and a portion of the Sackler Collection.  The two sales totaled $15.53 million, with the WoA sale bringing $10.91 and the Sackler sale totaling $4.6 million (all sales results include buyers premiums).  The Sackler figure quadrupled the low estimate for the sale, so the results are very encouraging.

The Chinese Works of Art sale offered 195 lots with 146 selling, for a 74.9% sell through rate.  The top lot was a large pale celadon jade vase and cover from the Qianlong period.  Estimate was $250,000.00 to $300,000.00 and it hammered down at $926,500.00.  Out of the top ten sales 4 went to private Asian purchasers and 5 went to the Asian trade.

The Sotheby's Sackler sale offered 86 lots with 82 selling for a very respectable 95.4% sell through rate.  The top lot was a pair of Huanghuali Compund Cabinet and two drawer stands. Estimated at $120,000.00 to $180,000.00 and hammered down at $1.02 million (see image).  The top ten sales were all purcahsed by either Asian private or Asian trade dealers.

Dr. Caroline Schulten, Sotheby's Head of Chinese Ceramics and Works of Art Sales for North America commented.

We were incredibly pleased with the results of today’s two sales. We saw a high sell-through rate in both sales, reinforcing our trategy of offering clients well-edited sales of high-quality works. In fact, 70% of the lots sold in our various owner sale achieved prices above the high estimate. While our top buyers in both sales today came from Asia, including Hong Kong, Taiwan and mainland China, we saw active participation and strong underbidding from our European and American clients. We were also excited to see many new collectors from around the world emerging in the market.