Results: Sotheby's Hong Kong Autmn Sales

The results are in, and Sotheby's and many buyers are smiling.  The past week at Sotheby's Hong Kong saw over 2,400 lots sell for a total of $166 million.  This is the third highest for a Sotheby's Hong Kong series of sales.  It also brought 88% above the level of the spring sales.Many of the purchasers were from  mainland China and they dominated most every auction category, setting many sales.A very rare and finely enameled FAMILLE-ROSE celadon ground butterfly vase sold for $2.76 million(see image).

Here are some highligths from a Sothey;s press release, and the list is long:

• Sales of Two Private Wine Collections Realised a combined total of HK$61.5 million/ US$7.9 million- 23% higher than the Spring 2009 sale total
  

• 3 October - The Classic Cellar from a Great American Collector III Totaled US$4.9 million; over 99% sold by lot and sold by value (The remaining 5 lots sold after the auction, bringing the final result to 100% sold)
  

• 4 October - An Exceptional Cellar from a Private American Collector - Totalled US$2.97 million; - 100% sold- World Auction Record Set for Château Pétrus 1982 Imperial (6 litres) which sold for US$93,077

• 5 October - Fine Chinese Paintings Sale achieved over US$23 million - The Highest Total for a Sotheby’s Various-Owner Sale of the Category - 40% higher than the Spring 2009 sale total
  

• 6 October - 20th Century Chinese Art Sale achieved over US$14 million - 18% higher than the Spring 2009 sale total
  

• Sanyu’s Lotus et Poissons Rouges commanded US$4.68 million - The Second Highest Auction Price for the Artist - An Auction Record of a Landscape Painting by the Artist

• 6 October - Contemporary Asian Art Sale totaled over US$14 million, - Sold by Lot: 77%; Sold by Value: 82% - 75% higher than the Spring 2009 sale total
  

• 6 October - Modern and Contemporary Southeast Asian Paintings Sale totaled over US$6.4 million - 76% higher than the Spring 2009 sale total - Lee Man Fong’s Magnificent Horses fetched US$1 million – World Auction Record for the Artist - Le Pho’s Paysage du Tonkin (Landscape of Tonkin) sold for US$264,000 – World Auction Record for a Lacquer Work by the Artist
  

• 7 October - Important Watches Sale achieved over  US$4.6 million - Sold by Lot: 86.6%; Sold by Value: 91% - 69% higher than the Spring sale total

• 7 October - Magnificent Jewels and Jadeite Sale totaled  over US$32.6 million - 105% higher than the Spring sale total - 8.74-carat Emerald-cut Fancy Intense Blue Diamond and Diamond Ring sold for  US$5.6 million – The Highest Price for a Fancy Intense Blue Diamond at Auction in Asia - 18.08-carat Kashmir Sapphire and Diamond Ring sold for US$1.5 million – An Auction Record for a Kashmir Sapphire in Asia
  

• 8 October – Fine Chinese Ceramics and Works of Art Sale realized a combined total of US$62.4 million - 173% higher than the Spring 2009 sale total Water, Pine and Stone Retreat Collection - Qianlong - Totalled over US$8.2 million - Sold by Lot: 84%; Sold by Value: 91.7% Fine Chinese Ceramics and Works of Art - Totaled US$54 million

Some quotes from Sotheby's:

Commenting on the sales, Patti Wong, Chairman of Sotheby’s Asia, said: “We are very pleased with the results from our Autumn sales series. In every category this week, we produced strong results and achieved many high prices and records. Bidding support throughout the sales series was solid and particularly deep for top lots, evidencing a clear indication that our clients – both long-time collectors and those new to the market – are after the most valuable and rare works. Chinese participation in our sales this week was notably stronger and is testament not only to the continued economic power of China but also our efforts in cultivating clients in this important region.”

Kevin Ching, Chief Executive Officer of Sotheby’s Asia, continued: “Our specialist teams were adept at assembling well-curated sales, combined with market-savvy estimates, that were responsive to the desires of our discerning clients. It is this careful approach that produces the strong results we witnessed this week. While the overall economic outlook has improved to some degree since our spring sales, bidders remain focused on correct estimates and fresh property. As our results demonstrate, our offerings this week exceeded this rigorous standard to produce excellent results for our consignors.”

One interesting note, and all of the sales figures are quoted with the buyers premium, the Hong Kong sales at Sotheby's were charging a buyers’ commission of 25 percent of the hammer price for the first HK$400,000/$51,600.00; 20 percent for an amount between HK$400,001/$US 51,600.00 and HK$8 million.US $1.3 million; and 12 percent for any amount above that.