Christie’s Once Again the International Market Leader in Asia, 5th Year in a Row
December 4, 2010 by All Art News
Filed under Art Market
HONG KONG.- Christie’s concluded its Autumn season on December 2nd, 2010 with stellar results totalling HK$3.23 billion (US$414 million). These results, which include an off-season sale of fine wines from the SK Collection in September, stand as the largest auction series ever in Hong Kong and mark a 41% increase over its Spring total of HK$2.29 billion (US$294 million) and a 95% increase over its Autumn sale a year ago.
- Zhou Chunya (B. 1955), Stone Series, signed in Chinese; signed ‘Zhou Chunya’ in Pinyin; dated ’1999′ (lower right) oil on canvas, 149.7 x 298.6 cm. (58 7/8 x 117 9/16 in.) Painted in 1999. Estimate: HK$6,000,000 – HK$8,000,000 ($780,000 – $1,000,000). Sold for: HK$9,620,000 ($1,244,540). Photo: Christie’s Images Ltd 2010.
The annual total of HK$5.52 billion (US$708 million) at Christie’s Hong Kong in 2010 is more than double its 2009 total of HK$2.72billion (US$350 million). In addition, sales of US$37 million sales were achieved at Forever Auction, the Mainland Chinese auction house with whom Christie’s has a brand licensing arrangement. This brings the full year auction total for Christie’s Asia to HK$5.81 billion (US$745 million). These strong auction results indicate the rising interest in collecting in the region and reaffirms Hong Kong as a main art market hub and Asia as a leading center in the global art market.
As Asian buyers continue to drive the sales, intensive bidding resulted in prices going well over their estimates across all categories, and sharp increases in sales totals from 2009. Thirtyfive auction records were also achieved across the board, from jewellery, wine and watches, to Asian and Southeast Asian contemporary and modern art, to Chinese 20th century art, modern and classical Chinese paintings and Chinese ceramics and works of art.
Strong Chinese buying continues to drive Christie’s Hong Kong Autumn sales, with Mainland Chinese clients contributing 42% and Greater China clients (Mainland China, Taiwan and Hong Kong) contributing to 80% of the total sale value respectively. Chinese Art especially attracted collectors from Greater China, who accounted for 97% of the value of the Chinese paintings auction and 90% of the value of the Chinese 20th century art Day Sale. In the Chinese ceramics and works of art category, 91% of the lots sold to Greater China buyers. Lifestyle categories also saw increasing participation from Chinese buyers, with 84% of the wine sale and 67% of the jewels sale going to collectors in Greater China.
Related posts:
- Classical Paintings Shine at Christie’s in Hong Kong
- Sotheby’s Announces Fourth Quarter and Full Year Results; Full Year Revenues Increase 60%
- Asian Demand, Proved by Record-Breaking $390 Million Autumn Sales, Pushes Up Prices to Pre-Boom Levels
- Christie’s Strengthens Asia Management Lineup with New Appointments
- New report shows Chinese contemporary art market confidence higher than US & Europe
