Sotheby's Auction Pulls in HK$3.1 Billion

Kevin Ching

Kevin Ching

Global auction house Sotheby’s has claimed that the unexpected success this past week in Hong Kong was a result of «the company’s unrivalled ability» to source fresh works from all corners of the earth. 

The ability to deliver exactly what appeals in particular to the current crop of buyers in Asia helped the New York based auction and art specialist push well past their estimates for the latest Hong Kong spring auction events. Unpredictable markets and almost zero interest rates may also have had something to do with investors dipping in to different asset classes. 

Records Tumbled

The stand out lots at the Hong Kong auction were, Peach Blossom Spring by Zhang Daqian which sold for HK$271 Million, an auction record for the Artist. Next up was the Shanghai De Beers Millennium Jewel 4 which went under the hammer for HK$248.3 Million setting another new record for a jewel sold at auction in Asia.

«Our salesrooms were full of Chinese buyers, paddles shot into the air, and records tumbled all week long. If this is what a correction feels like, then I sure hope we have one in the autumn too, because our sales are up 17 percent over last spring,» said Kevin Ching, Chief Executive Officer, Sotheby’s Asia.

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