Sotheby's Hong Kong Sales Results Mixed

James Pomfret of Reuters is reporting the recent Hong Kong sales results of Asian art at Sotheby's is mixed.  Some areas have been strong while other areas continue to show signs of weakness.  As here in the US and in London, the Asian contemporary market appears to be soft, while the older more traditional segments show more signs of interest and investment by collectors.  Pomfret reports the current Autumn Hong Kong sales has 50% more consignment lots than the spring sale, although sales consistency remain spotty. As with many recent sales, quality art is selling, anything below that high quality level the market and buyers demand softens considerably. Pomfret states that 28% of the 20th century Chinese Art sale lots were bought in while23% of the Asian items were bought in.

As the big auction house release consolidated sales results I will post additional information.

Pomfret reports

There were however, a number of big misses, as collectors opted for quality and more reasonably priced works.

Of the 23 percent of artwork unsold were a number of contemporary Chinese works once in the hands of prominent British collector Charles Saatchi, including a large "ash head" sculpture by Zhang Huan and a wax waterfall by Zheng Guogu.

Other unsold works included a gunpowder painting by Cai Guoqiang and an untitled portrait by Zeng Fanzhi.

The sale of fine Chinese paintings on Monday saw far stronger demand, with traditional inkbrush paintings and calligraphy by past masters mustering total sales of $23.4 million, more than double its pre-sale estimate, of which 97 percent of lots were sold including Li Keran's "Tranquil landscape" for $941,000.

"The more traditional categories are going to be more correction proof," Kevin Ching, the CEO of Sotheby's Asia told Reuters. "Just as I was cautiously optimistic before, I am now probably optimistic, there are signs people are coming back."

To read the full Reuters article, click HERE.