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Sotheby's fine Chinese paintings sale achieves $60 million; Magnificent Jewels and Jadeite sale achieves $64 million
Qi Baishi, Willows At The Riverside. Photo: Sotheby's.

HONG KONG.- Sotheby's Hong Kong Fine Chinese Paintings Spring Sale 2012 achieved HK$468 million / US$60 million more than doubling the pre=sale estimate (in excess of HK$200 million / US$25.6 million*). The top lot of the sale was an exceptionally rare, large pair of gold screens by Qi Baishi, Willows At The Riverside; Begonias (1922) which fetched HK$70.1 million / US$9 million (Estimate: HK$15 – 20 million / US$1.9 – 2.6 million).

C.K. Cheung, Head of Sotheby's Fine Chinese Paintings Department, commented after the sale: “Our ability to source outstanding works by prominent modern Chinese artists, many of them from private collections in Europe, the United States and around Asia, allowed us to put together a sale which saw spirited competition from Greater China and resulted in a strong sell-through rate and sale total of HK$468 million / US$60 million, more than doubling the pre-sale estimate (in excess of HK$200 million). The star lot of the sale was a very rare pair of gold screens by Qi Baishi depicting Chinese landscape and flowers which had spent much of its history in a Japanese collection. Executed at the height of Qi’s popularity and displaying his masterful technique, the pair was pursued by three very determined collectors and ended by tripling the pre-sale high estimate to sell for HK$70.1 million / US$9 million.”

Sotheby’s Hong Kong Magnificent Jewels and Jadeite Spring Sale 2012 achieved HK$499 million / US$64 million, the second highest total for a sale of magnificent jewels and jadeite at Sotheby's Hong Kong. The top lot of the sale was an 8.01-Carat Emerald-cut Fancy Vivid Blue Diamond and Diamond Ring that sold for HK$99.22 Million / US$12.72 Million (Est. HK$90 - 110 Million / US$11.5 --- 14 Million*). The second highest price per carat for a blue diamond at auction (HK$12,387,016 / US$1,588,079 Per Carat)

QUEK Chin Yeow, Deputy Chairman and Head of Jewellery Department, Sotheby’s Asia, said, “Our extremely strong total of HK$499 million / US$64 million represents one of the highest totals for jewellery sales ever held in Asia by Sotheby’s, and was anchored by the HK$99,220,000 / US$12,720,513 paid for an 8.01-carat Emerald-cut Fancy Vivid Blue Diamond and Diamond Ring (lot 1959; Est. HK$90 – 110 million / US$11.5 – 14 million), the second highest price per carat for a blue diamond at auction, eclipsed only by a 6.01-carat Fancy Vivid Blue Diamond And Diamond Ring sold at Sotheby’s Hong Kong In October 2011^^. Throughout the day there was spirited competition among collectors from across Asia for top quality round white diamonds and pink diamonds, as well as for Burmese ruby, Colombian emerald and jadeite jewellery.”

^^The current world record price per carat for a Fancy Vivid Blue Diamond was achieved when Sotheby’s Hong Kong sold a 6.01-carat Fancy Vivid Blue Diamond in October 2011 for HK$13,154,742 / US$1,686,505 per carat ( for a total of HK$79,060,000 / US$10,135,897 )

Tomorrow will be the final day of Sotheby’s Hong Kong five-day Spring Sale Series. The sale of Ru – From a Japanese Collection will be held at 10am tomorrow. Other auctions include: The Meiyintang Collection, Part III - An Important Selection of Imperial Chinese Porcelains, Water, Pine and Stone Retreat Collection, Scholarly Art II, A Private Collection of Scholarly and Imperial Works of Art, Fine Chinese Ceramics & Works of Art, and Important Watches.

*Estimates do not include buyer’s premium

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