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.

I have memories of seeing Julia Child on television as a kid but the chef that was most inspirational to me was another PBS veteran, Martin Yan. His Yan Can Cook show brought Chinese cooking to American audiences at a time when most American knowledge of Asian food was confined to sweet and sour pork. You can travel with the relentless cheerful legend on a special Hong Kong adventure this fall.

The package includes a stay at the Kowloon Shangri-La. Chef Yan will go with you to a local market and accompany you on other adventures including a full-day tour to Lantau Island to see the world's largest outdoor bronze outdoor Buddha statue and eat a meal prepared by the monks at the Po Lin monastery. The tour isn't small, it is open to 60 people and the first 50 people receive a copy of Chef Yan's cookbook, a kitchen knife and chopsticks. The tour costs $2.860 per person double occupancy and runs from October 27-31.

Evangelical Chinese billionaires have created the world's first biblically proportioned Noah's Ark which opened this week in Hong Kong. The Noah's Ark at Ma Wan Park in Hong Kong is a tourist attraction built by the Kwok brothers, who are behind Hong Kong's largest real estate developer Sun Hung Kai Properties. The 450-foot-long ark and luxury hotel has 67 pairs of fiberglass animals. According to the Christian Post, Thomas Kwok, an evangelical Christian, was the main driver behind the project which has been in discussion for 17 years. Although the ark is inspired by his Christian faith the emphasis is on family values and the attraction won't be promoted as being overtly religious.

There are five levels with different themes and the ark offers a sea-front restaurant, the Ark Expo and Noah's Hall as well as many more exhibits with the top floor given over to Noah's Resort. The grounds include the Ark Garden, Noah's Adventureland, Noah's Stadium and Fun Fun Track.

Christie's International offered 38 lots at its Asian auction in Hong Kong, and 34 of them sold. Bidders battled for prime pieces, and the auction house came ahead $23.4 million. Almost a quarter of the result came from one painting, "Cats and Birds," by deceased Chinese artist Sanyu. The piece ultimately sold for $5.4 million, setting a new record at auction for this artist.

This sale kicked off what will be a four-day auction run with 1,600 lots going under the gavel, including artwork, gems and antiques. In all, Christie's expects to move close to $97 million by the time the final gavel strikes.

While reaching presale estimates has become a measure of success in this market, don't forget that these targets are much lower than last year's. In May 2008, Christie's offered 2,400 lots over six days in Hong Kong, estimated $219 million and took in a record $310 million. Nonetheless, a stream of disappointment that stretches back to mid-September may be coming to a close.

The success in Hong Kong follows a robust contemporary art auction for Christie's in New York, in which it outperformed competitor Sotheby's by 2:1.

A Hong Kong-based company is offering memberships in what is billed as the world's most expensive private club for $15.2 million apiece. Only 100 Charter Corporate Platinum Memberships in the Richman's IMC (International Millionaire's Club) will be available worldwide, good for 30 years. The whopping fee is justified by its being an an "all-access, first-class VIP pass" to megayachts, yacht clubs, jockey clubs, country clubs, golf courses, ski resorts, gentlemans clubs, supper clubs, luxury hotels and restaurants around the globe, eliminating the need for multiple memberships.

You also get the right to own and race horses at China's Royal Nanjing Jockey Club, where prizes run to the millions; confidential concierge and problem resolution services including 24-hour international emergency medical assistance; global executive travel assistance; personal bodyguards, travel guides and elite escorts worldwide; and the ability to charge expenses to an exclusive global biometrics-protected club card with a $1 million credit line. It all sounds incredibly ambitious considering there's an international recession on.

[via JustLuxe]

You know it's rough out there when Sotheby's makes you pay for coffee. At its five-day Hong Kong auction, the house was able to move only $89 million in antiques (HK$691 million), paintings and gems – less than half the take for the same event in 2008. With bidders forced to HK$20 (which looks more menacing than the U.S. equivalent, $2.50), one can only hope that Sotheby's was able to make up the difference.

This is a far cry from the $227 million that sold a year ago.

Sensitive to the global financial crisis, Sotheby's planned ahead, offering fewer expensive lots, which tend to get a bit more bidder action when financial markets are struggling. A larger number of wine lots showed up, as the liquid flows more easily than canvas. All of the bottles moved at the first Sotheby's Hong Kong wine auction.

Despite the downturn in art prices, some feel that now is a good time to invest in the oldest of old media. Ian Kai, an art dealer based in Beijing, remarked for Bloomberg, "Governments are printing so much money now. Fine artworks might be a better way to store value than currency."

The highest-priced piece at the auction was "Fishing Harvest" by Lin Fengmian, which fetched a hair over $2 million. Most paintings sold for prices well below those of comparable works at last year's auctions. Heading into the Hong Kong auction, Sotheby's cut presale estimates by an average of 20 percent and expanded its offering to include video installations and other non-painting works.

And that could be the enduring benefit of this marketplace.

"We are now seeing conceptual art at Hong Kong auctions, which is fantastic," said Sandra Walters, a Hong Kong-based collector who runs a namesake art-consulting company.

A broader perspective will lead to future returns for artists, collectors and auction houses.

When it comes to delicacies this rare soup is among the most coveted in Asia. Its appearance seems quite benign as the gelatinous mixture, a steamed bird's nest, rests in a light chicken broth but when you discover the true contents of this unique offering it might change your mind. The key ingredient is truly a bird's nest but not one made of twigs and leaves, the sparrow-sized swiftlet's nest is primarily composed of saliva. The complete structure is built within thirty-five days by the male swiftlet to accommodate one to two eggs and its shallow cup shape does not exceed the size of a human hand.

The nests are harvested three times a year and the swiftlets are typically given time to breed and raise their young in the nest before removal.

There's some good wine auction news out of Hong Kong. Bloomberg reports that a 12-bottle lot of much-prized 1961 Chateau Latour sold for a record price of HK$1.32 million ($170,320) at Christie's International first wine auction in Hong Kong in seven years on November 29. The amount was double the high-end of the pre-sale estimate of HK$650,000. They were bought by an Asian private collector. Two other lots of Latour 1961 were the second- and third-most expensive items at the auction. And the sale ratio was healthy on this one, out of 246 lots offered, 231 sold for a combined HK$31.5 million with many lots going above estimates. Wine seems to be fairing better than art at auctions recently, especially in Hong Kong. Around 90 percent of lots offered at Acker Merrall & Condit's Nov. 15 sale found buyers.