Sotheby’s Hong Kong Sets Record Spring Sale

“With all eyes firmly fixed on our Hong Kong sales for this first indicative season, I think we can say that the Asian market did not disappoint,” commented CEO of Sotheby’s Asia Kevin Ching. “Our total follows what was already a record year for Sotheby’s in Asia, with this season’s results now sitting among the top results we have ever achieved here in Hong Kong – a testament to the fact that, when you get it right, collectors from across Asia remain ready to go the extra mile.”

Sotheby’s Asia chairman Patti Wong added: “When building the sales for these big seasons, we try to keep our finger firmly on the pulse of our collectors so as to understand, not only what they want right now, but also where their interests are taking them, so our offerings reflect both where the market is and where it is going. That is why we are bringing an ever-more diverse range of material to Hong Kong, along with an ever-wider range of possibilities for collectors to engage with us. This, for me, is what is so exciting about these seasons – they are not only a data point for the Asian market, they are also a testimony to the excitement, and opportunity, that exists within it.”

Among the highlights of the Sotheby’s Hong Kong season:

• • The auction house staged 20 auctions in nine categories featuring 4331 lots and attracting more than 35,000 visitors.

• Six lots sold for in excess of $100 million.

• Wine sales totalled $273 million, setting a new world auction record.

• Sales of modern art realised $851 million, the top lot being Wu Guanzhong’s Lotus Flowers (I), which fetched $130.8 million, more than 8.5 times the estimate.

• The highest-totalling series of Contemporary Art sales staged in Asia, realising $802 million.

• A record for a work by a female artist sold at auction in Asia: Kusama Yayoi’s Interminable Net #4 sold for $62.4 million.