Results: Sotheby's Contemporary Asian (Hong Kong)

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Sotheby's is in the middle of a group of sales being held in Hong Kong. So far, the result, I think as expected, can be considered strong. The Contemporary Asian Art sale totaled $32.8 million, which surpassed the high estimate for the sale of $25.6 million. 38 lots were offered in the sale with 29 selling for a respectable 76% buy through rate. The top lot was Appearance of Crosses - 6 by Ding Yi selling for $1.08 million.  If consolidated results for the Hong Kong sales are released later this week  I will post.
From Sotheby's
Evelyn department velyn Lin, Head of Sotheby's Contemporary Asian Art department, discussing the sale, said: : “We are very pleased with today’s sale in which we established a world record for the artist Zhang Xiaogang whose Chapter of a New Century - Birth of the People’s Republic of China II sold for HK$52.18 million / US$6.69 million.
These results indicate the steadily improving condition of the market; since 2004 buyers have continued to grow in both the sophistication of their tastes and the selectivity of their purchases. Important early contemporary Chinese art in today’s sales fetched very strong and solid prices, which is beneficial and positive for the long-term health of the market.”

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