HongKong

From the windows of the spa at Hong Kong's Peninsula Hotel, guests can enjoy sweeping harbor views, a sauna, a peppermint vapor steam room and other perks – all before their treatments even begin. Small wonder The Peninsula Spa by Espa is a nominee for a Luxist award in the best day spa category.

Founded in 1928, The Peninsula was Hong Kong's first modern-day luxury hotel. The British briefly lost the enclave to Japanese forces in 1941, with the commanding officer issuing an official surrender in a room on The Peninsula's third floor, before regaining Hong Kong at the war's end. The middle of the century saw The Peninsula become one of the world's premier luxury destinations; in 1994, the hotel added a 30-story tower behind the original structure to meet growing demand. Shortly thereafter, The Peninsula Spa by Espa was installed high in the new tower.

Developed by industry giant ESPA, the spa offers body treatments and skincare with techniques borrowed from European and Asian tradition. The establishment's 14 rooms are adorned with reclaimed wood, green bamboo and indoor waterfalls; most offer views of the shimmering skyline on the other side of Victoria Harbor.

Treatments include "De-Stress," a massage with frankincense oils and a skin-specific facial (120 minutes: $250), as well as "Time Together," a couples' aromatherapy massage complete with full-body exfoliations and a steam bath (120 minutes: $650). If that's not enough relaxation, have afternoon tea in the lobby or dinner at iconic onsite restaurant Felix, which was designed by Philippe Starck.

Cast your vote for your favorite spa until March 31st. Winners will be announced on April 1.

A year from now, we'll look back on the art market 2009 as that last slither though the gutter before picking itself back up in 2010. But, we're not there yet: 2009 is in the rearview mirror, so it will remain our baseline for the next 12 months. When looking at the top performers at auction last year, there's a pretty consistent story – revenue declines ranged from 55 percent to 77 percent relative to 2008. Top 10 mainstays – such as Pablo Picasso, Andy Warhol, Alberto Giacometti, Edgar Degas and Claude Monet – got thrashed. These conditions led to some changes, as well, with a Chinese artist making the top 10 for the first time. In fact, he pushed into the top three.

1. Pablo Picasso
Pablo Picasso is back on top, after giving up the #1 position in 2008. And, it took only $121 million in auction sales to get him there. From 1998 to 2008, total sales for Picasso gained 96 percent, before falling by 54 percent last year, with pricing off 15 percent. The number of sales pushing past the $1 million mark declined precipitously, from 39 in 2008 to only 15 last year, and his top sale was for "Mousquetaire a la pipe," which moved for $13 million on May 6, 2009, at Christie's. This year could be a bit tough for Picasso collectors, as Artprice believes certain paintings were still overpriced.

I've never heard of either Rock Candy or Chouette - but together they have released a new set of two watches, the "Beauty," and the "Beast." Apparently Chouette is "Hong Kong's premier watch and lifestyle brand." I don't know anything about that, but I will take their word for it - neither do I care, because these watches pretty much speak for themselves. As ladies' watches go these are both quite dark and still feminine. There is a playful aggression to them that will strongly appeal to some women. My top choice is the Beast watch in all black but with its bright, hot pink hands.

Technical details on the watches are scant. They are in black coated steel cases with custom silicon straps and quartz movements. The "spiked" bezels have repeated pyramid shapes on them, while there is a black crystallized Swarovski Elements stone as a cabochon in the crown. The Beauty version of the watch has an addition 502 Swarovski stones all over the dial under the grayish colored hands. Dial design is almost like a stripped down diver's watch - and that helps with the clarity. While Beauty has a subdued and aggressive jewelry feeling to it, the Beast looks like what a biker or rocker chic would wear on days she is otherwise not dressed as a biker or a rocker chick. I think the hot pink accent is really going to be the part of the watch that helps bring together the "strong enough for a man, but made for a woman" style of the case and dial. Oh, and the future of "phantom" all black watches is this, having an all dark case and dial with hands that are legible.

Each of the two watches will be available as a limited edition of just 300 pieces. The Rock Candy Beauty watch will retail for about $900, while the Beast will retail for about $640.

Ariel Adams publishes the luxury watch review site aBlogtoRead.com.

It looks like not all the revenue ticked up at auction last fall turned into a tangible upside for Sotheby's. The auction house is suing two Chinese buyers for $270,300 because they never paid the tabs they bid up. According to Sotheby's, the winning bidder of a Qing Dynasty cloisonné censer and cover didn't pony up the cash required, "despite repeated requests and demands." Ouch! Another purchased took five antique paintings without paying the tab, Bloomberg News reports.

According to Kevin Ching, CEO of Sotheby's Asia division, the company wants "to send a message it won't stand for defaults." Ching continues, "We can't have people bid at our auctions and disappear without paying." To show he's serious, he says he's willing to pursue legal action in mainland China, on the off chance that "they think the long arm of Hong Kong law couldn't reach them." And, with Hong Kong now the third largest art market in the world (after New York and London), the message will reach a pretty broad audience.

Sotheby's won't reveal the identities of the non-payers, citing confidentiality policies.

In 2008, an astounding 65 pieces by Damien Hirst fetched seven-figures each at auction. The total came to $230 million. The numbers are nothing short of staggering, especially when you compare it to what he did six years earlier, when the annual total for his work hit a mere $2 million. Clearly, some excitement was generated, and art collectors rode the wave. The last major sale was conducted at Sotheby's on September 15 and 16. "Beautiful Inside My Head Forever," as it was called, made a killing for the hottest living artist ... right before the financial world went to straight to hell. This bold move, however, led to a period of silence for the artist and stagnation for his collectors.

Shortly after the mortgage market mayhem became a global financial affair, unsold rates for Hirst's work shot from 11 percent to 55 percent by the end of the year. A mere 12 months after his he emptied the insides of his head -- not to mention plenty of inventory -- prices for Hirst's work returned to 2004 levels. A year after buying "Butterfly" painting "I Miss You" in late October 2008, Christie's unloaded it for a mere $450,000, only half what it had paid. In 2004, the piece's initial auction price was $415,000. I suspect this is at least part of the reason why the auction houses backed away from guaranteed minimum pricing ...

With the books closed on 2009, only two pieces by Hirst pierced the million dollar mark, both from the "Butterfly" series. "Tranquility" brought in $1.5 million back in May at an auction in Hong Kong. Almost half a year later, "The Importance of Elsewhere-The Kingdom of Heave" brought in close to $2 million, again at a Hong Kong auction. Both sales came from Seoul, not the usual New York and London communities.

One bidder spent more than $146 million this year and dropped a boatload of cash at the Christie's Hong Kong art auction on Monday, pushing prices higher and smashing records. Wang Wei, with her husband, investor Liu Yiqian, ranks 176th among the wealthiest in China, with a net worth of $740 million ... and she wouldn't say how much she's spent on art this year.

Wang waved Paddle 960 aggressively on Monday, sometimes tossing bids up HK$1 million at a time to distance herself from competitors for particular pieces. A few times, she didn't bother lowering her paddle, instead just holding it up until her rivals quit.

At Sotheby's Hong Kong in October, Wang's husband shelled out $11 million for a Qing Dynasty imperial throne, complete with carved dragons, setting a record. And, this month, he payd $25 million for a Ming Dynasty scroll by Wu Bin at Beijing's Poly auction -- it was the most paid for a Chinese painting.

At Monday's Christie's sale, HK$126.7 million in art sold, and the house wouldn't reveal how much of it went to Wang. Speaking for herself, the collector reveals why she made the purchases she did. According to Bloomberg News: "I just bought those for fun."

[Photo courtesy of Christie's]

The top lot at Christie's Asian art auctions brought in a record $5.9 million in Hong Kong. A large abstract painting by Chu Teh-Chun, "Vertige Neigeux," surprised bidders and spectators alike, with an unidentified Asian private buyer ultimately winning in front of an audience of 400 people. Overall, the auction brought in $79 million.

Buyers from mainland China pushed prices higher at the Christie's sale, especially with local art collectors picking up artwork as a way to protect their wealth from inflation and a struggling U.S. dollar. Chu, Zao Wou-ki and Fu Baoshi are among the hottest artists on the market right now in Asia. A piece by Baoshi set a record during the day sale, moving for $7.8 million. One by Sanyu nearly tripled its presale estimate. According to Anthony Lin, an art consultant in Hong Kong, contemporary Chinese art is starting to recover.

On the first day of the five-day sale, Christie's also sold more than $5 million in wine.

[Photo courtesy of Christie's]

Sotheby's and Christie's are heading east to seek their respective fortunes. The two auction houses are offering more than $26 million of Asian art this week in London. The lots themselves are attracting record numbers of buyers from mainland China, a section of the market that has shown signs of life this year. Chinese buyers were quite active in Hong Kong last month.

Nicholas Chow of Sotheby's told Bloomberg News, ""We've seen a really aggressive push from mainland Chinese collectors during the last season of sales" and that "they're buying things at the very highest level." An Imperial jade seal, for example, moved for GBP3.6 million on Tuesday, six times the high-end presale estimate.

On November 3, Christie's sold an aggregate GBP5.7 million, beating the presale estimate of GBP5.2 million. Of the 319 lots, a third didn't move. The top seller was an eighteenth century enamel model of a Buddhist shrine, which beat its presale range of GBP60,000 to GBP80,000 with a hammer sale of GBP229,250. Nine of the top 10 most expensive items went to buyers from Asia.

Collectors from mainland China are quite eager to repatriate art and other objects from their heritage, particularly the Qing and Ming dynasties ... a fact of which the auction houses are fully aware. Christie's sent 210 invitations to mainland Chinese for its 12th annual Asian Art in London event, which ends November 7, 2009. Sotheby's pursued a similar number of collectors. Bonhams has invited 30 new buyers from mainland China.

In October, the Sotheby's Hong Kong art auction was good for $170 million, with plenty of bidding and buying by mainland Chinese buyers.

A couple of people sent me a note on this one, a sign that luxury real estate is thriving in some parts of the world. We've heard all sorts of rumors about a Hong Kong real estate bubble and the bubble talk reached a fever pitch this week with the news that a Hong Kong apartment has sold for a whopping $57 million. The five-bedroom duplex suite is in a building called 39 Conduit Road. At around 6,158 square feet it is believed to be Asia's most expensive property per square foot. Amenities include a spa, swimming pool, ballroom and fitness center and the building in the Hong Kong hills boasts harbor views. Another unit in the building sold for $51 million. The fact that there is a limited amount of real estate available in the area has led to some high-prced deals as well as concerns that most residents are unable to purchase a home.

The developer, Henderson Land Development Company Limited, created a building of 66 units total ranging from 2,800 to 7,600 sq. ft. Henderson Land Development Company Limited Sales General Manager Mr. Thomas Lam said, "the supply of new luxury residence in mid-levels is extremely scarce while luxury properties in the area have always been a sought after choice. We have recently witnessed record-breaking deals in luxury property market."

[Thanks Lori and Tal]

Vacheron Constantin recently opened up a new boutique in Hong Kong. To celebrate, they have also released three new limited edition Dragon watches. There will only be nine of each of the three watches made in this highly limited edition. The dragon motifs are each hand made, involving an incredible amount of delicate work. in addition to the hand applied decoration, there is also a fair amount of guilloche machine engraving that also requires a very skilled artist to apply.

Each of the three watches is done in a different shade of gold, along with a different image of the Chinese style dragon. Vacheron Constantin is well versed in artistic watch creations such as this. The Mask collections come to mind when thinking of their talents here. Inside the watches is a manufacture made Vacheron Constantin movement, and each is attached to a high quality black alligator strap. Vacheron Constantin is serious about China, not just Hong Kong, as the country is poised to breed a new generation of watch buyers given the current economic growth there in comparison to the rest of the world. Plus, Hong Kong remains one of the most important watch market capitals of the world - so the opening of the new "Flagship Boutique" by Vacheron Constantin there makes sense. I suspect it is the only place that these watches can be acquired.

Ariel Adams publishes the luxury watch review site aBlogtoRead.com.

The news out of Hong Kong has been solid so far, even if it continues the trend of meeting or beating lowered expectations. After a year of abuse, I think art collectors, gallerists and the artists themselves are eager for any good news they can claim. September was rough, according to ArtPrice, "with no room for over-bidding or risk-taking." There was only one contemporary artist, Andy Warhol, who has met expectations, so far.

But, there's room for hope: Jitish Kallah.

Kallah's only 35 years old. Born in Bombay, his work has been described by ArtPrice as "crisis-immune." The market for contemporary Indian art has been in a hard way, with the Christie's South Asian Modern & Contemporary auction last month bringing in only $5.1 million in sales – where the presale estimate was $5.6 million. Yet, Kallah's work set a new record, with "Dawn Chorus – 7" going for $320,000 and beating its high-end estimate by a factor of three.

Meanwhile, Warhol continues to deliver. A piece from his "Flower" series in 1964 went for $895,000 at Christie's in late September and a "Cambell's Soup Can (Tomato Soup)" fetched $310,000 a day later at Sotheby's.

So, we have fear and hope in October. This week, both Sotheby's and Christie's will hold auctions in the photography segment, with Phillips de Pury following next week. And, there are London sales coinciding with the Frieze Art Fair.

Let's see if art collectors are ready to dress their walls again.

What a difference a year makes!

Buyers brought their wallets to the Sotheby's auction in Hong Kong Monday, shelling out plenty of cash for pieces by Chinese masters. Sanyu's "Lotus et Poissons Rouge" fetched $4.7 million – beating the presale estimate soundly. But, the price was still considered low for Sanyu. In fact, the success of the auction is tainted by the fact that estimates aren't reflective of past sales levels. A painting by abstract artist Zao Wou-ki pulled in $2 million for the house.

Of course, there was plenty of optimism, fostered by both the performance relative to estimates and a burning desire to be out of the art market slump. Hua Yuzhou, who owns a gallery in Shanghai, says in Bloomberg News, "Give it a few months and these pieces may run beyond our reach again."

Art and dinosaurs may not be moving at auction, but in a tough market, you can count on people drinking. Sotheby's nearly sold out its entire auction in Hong Kong Saturday, raking in HK$61.5 million (US$7.9 million) from 1,010 lots offered. Only five lots failed to find a home at the auction – and they were later sold privately. The result obliterated the presale estimate of HK$47.8 million.

Much of the action came because prices were relatively low, but there was plenty of room for upward movement. A 6-liter bottle of Chateau Petrus 1982 sold for HK$726,000 (US$94,000), setting a record. The buyer opted to remain anonymous.

A mere 1 percent of the lots went to buyers who were not Asian. Mainland Chinese were responsible for most of the buying, followed by bidders from Hong Kong, Taiwan and Singapore.

Hong Kong has carved out a place for itself at the top of the international wine auction market and is now providing competition to New York and London. Sotheby's and Christie's have been holding auctions in Hong Kong since February 2008, when the government nixed duties on wine.

The wine auction kicked off a week of gavel-pounding for Sotheby's, preceding a five-day auction of art and gems consisting of 2,300 lots. The estimate for the festivities is HK$780 million.

Hong Kong will come to life with the sound of a gavel on Tuesday, October 6, 2009. Sotheby's will be holding its Modern and Contemporary Asian Art auction, which will consist of three sessions: 20th Century Chinese Art, Modern and Contemporary Southeast Asian Paintings and Contemporary Asian Art. More than 380 works by Asian artists will come to auction, and the house expects close to $25 million in sales. Beyond bringing some new cash into Sotheby's, the auction is likely to give a sign as to the strength of the market, particularly with the November sales following shortly. Christie's will be holding its Hong Kong auctions on November 29 and 30.

In a sense, this is the one-year point for the art auction market. It was a year ago – in Hong Kong – that the world saw the effects of the financial crisis unfold in the art market. So, this bit of trivia will be front-of-mind as bidders make tough decisions on which pieces to acquire.

Sotheby's is betting big on the Contemporary Asian Art category, hoping that 190 lots will bring in $12.5 million in sales. High-profile artists are represented, including Guogiang Cai, Minjn Yue and Zhengjie Feng. There will be 130 lots in the Modern and Contemporary Southeast Asian Paintings auction, including I Nyoman Masriadi's The man from Bantul, The Monster, which is estimated at $100,000. The 20th Century Chinese Art category has a mix of safe and speculative pieces.

Hong Kong's 1881 Heritage area is a repurposing of an older district as a modern luxury venue. The site was the headquarters of the Hong Kong Marine Police from the 1880s to 1997 but now features shopping and a grand hotel located in historical former Marine Police Headquarters' in Tsim Sha Tsui.

Hullett House will have large suites with private balconies offering views of the city and Victoria Harbor. Suites are decorated in a variety of styles referencing the many eras of Hong Kong's history with design cues from imperial China and the English countryside. The hotel will also have five restaurants and bars, a souvenir store and a performance area. The restaurants will include contemporary European dining, an old British-style pub with its own jail cells, and a gourmet Cantonese restaurant. The hotel will open later this year.