Results: Christie's Hong Kong

The Asian art market continues to roll with few signs of slowing down. Christie's just completed its week of sales in Hong Kong and the results, again, were rather impressive. The success of the Hong Kong sales also show the expanded influence and growth of the auction venue, as many mainland and greater Chinese area collectors were active buyers. The size and growth of these sales also show the continued importance of  expanding markets such as Hong Kong for the profitability of the major houses.

Christie's reports the Hong Kong Spring 2011 sales were up 68% from the previous year, totaling $515 million. Overall 70% of the sales were from the greater China region (91% for Chinese paintings). The sale was 17% higher than the fall Hong Kong sales. The series of sales were the highest Asian total for Christie's, and 36 auction records were set.

Christie's reported the following on the Hong Kong sales:

• Combined season total for Hong Kong Finest & Rarest Wines sales in Spring: HK$200,900,800/US$25,814,430 (including Finest & Rarest Wines sales in March and April), an increase of 56.4% over Fall 2010.

• Combined total for Asian 20th Century & Contemporary Art sales: HK$761,514,250/US$97,854,581, an increase of 48.6% over the Fall 2010.

• The most valuable watches sale in Asia, an increase of 60% over Fall 2010.

• Combined total for Chinese Paintings sales: HK$1,093,107,250/US$140,464,282, a 63% increase over Fall 2010.

• The most valuable jewels sale ever in Asia, a 12% over Fall 2010.

• Combined total for Chinese Ceramics & Works of Art sales: HK$829,712,250/US$106,700,995.

---