HONG KONG.- Sotheby's
Spring 2018 Hong Kong auction series concluded today with a grand total of HK$3.64 billion / US$466.5 million, against a pre-sale estimate of HK$2.75 3.86 billion / US$353-495 million, and with a strong combined sell-through rate of 89%.
We delivered outstanding results for our clients and shareholders this week, said Tad Smith, Sothebys CEO. Outstanding prices across different categories coupled with a strong sell-through rate indicate that clients throughout Asia are engaged at every level. The past week of auctions, exhibitions and art fairs has left no doubt of Asias central position in the art market.
With an overall total that is second only to our 40th anniversary celebrations back in 2013, this is an historic result for both Sothebys and the art market in Asia, commented Kevin Ching, CEO of Sothebys Asia. Our strength in both traditional collecting categories as well as innovative and new selling formats position us well to continue to drive the growth of this thriving market.
Our success this week is the product of more than four decades of investment in Asia, said Patti Wong, Chairman of Sothebys Asia. Spanning many centuries and collecting categories, the top lots on offer this week demonstrate the depth of our client relationships and the breadth of our expertise in sourcing and selling the worlds finest objects. It was this insight into the evolving taste of todays collectors that drove the success of our most ambitious offering of Western Art in Asia to date.
HIGHLIGHTS SPAN CENTURIES AND CATEGORIES:
MODERN & CONTEMPORARY ART TOTALS HK$1.28 BILLION / US$164 MILLION AND SETS SEVENTEEN RECORDS
Evening Sale brings HK1.04 billion / $132 million, the second highest total for a Hong Kong evening sale at Sothebys, and with 100% of all Western Modern & Contemporary works sold
Contemporary Art Day Sale doubles expectations and achieves a sell-through rate of 95%
SALES OF CHINESE WORKS OF ART TOTAL HK$1.08 BILLION / US$138.1 MILLION
Two Sets of Ming Dynasty Imperial Sutras sell for HK$239 million / US$30.4 million, an auction record for a Buddhist Manuscript
Qing Dynasty Gold-Pink Falangcai Bowl, unseen on the market for over 30 years, sells for HK$239 million / US$30.4 million
A rediscovered Imperial Handscroll achieves HK$147 million / US$18.7 million after a 40 minute battle and over 100 bids
FINE CHINESE PAINTINGS ACHIEVES HK$487 MILLION / US$62 MILLION WITH A SELL THROUGH RATE OF 85%
Spectacular Mountains in Spring Snow; Calligraphy by Zhang Daqian sells for HK$83 million / US$10.6 million, double the high estimate
WINE AUCTIONS ACHIEVE A WORLD RECORD TOTAL OF HK228.3 MILLION / US$29.1 MILLION
1,758 lots in three auctions are 100% sold
The Philanthropists Cellar sets a record for a single-owner Wine sale at Sothebys in Asia, totaling HK$127.2 million / US$16.2 million
IMPORTANT WATCHES TOTALS HK$139 MILLION / US$17.7 MILLION, HIGHEST TOTAL IN ASIA SINCE SPRING 2015
Vintage masters were led by an Important and Extremely Rare Patek Philippe Stainless Steel Chronograph Wristwatch Ref 1579 that sold for HK$8.76 million / US$1.1 million
THREE SELLING EXHIBITIONS OF MODERN & CONTEMPORARY ART HELD ALONGSIDE SERIES OF 19 AUCTIONS
Panorama: A New Perspective: masterworks by the titans of Impressionist, Modern & Contemporary Art
Face-Off: Picasso / Condo: portraits by Pablo Picasso and George Condo
Game Changers: José-María Cano: the artists two best-known series -WS100 and The Soul of Money