hong-kong

Hong Kong Christie's Auction: Recession Be Gone!

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.

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Tags: art, artist, artwork, auction, auction-house, auctioneer, auctionhouse, auctions, china, financial crisis, FinancialCrisis, hong kong, hong-kong, HongKong, recession

Tiny Pot Raises Big Funds For Earthquake Relief

by Laura Malesich (RSS feed) —

Filed under: Auctions, Big Givers

In the wake of tragedy the auction of a historically significant piece will come to the rescue. Providing huge funds for relief efforts after the earthquake that killed more than 65,000 people in China on May 12th, computer chip tycoon Robert Tsao auctioned a palm-size antique glass pot from the imperial Qing Dynasty raising over HK$65 million ($8.3 million). Half of the funds will go to earthquake relief efforts and the other half will be split between various other charities. Both Tsao and Christie's auction house have waived their commission fees as well. Quite the gesture and it is certainly much needed. Its nice to see luxury items making a difference too.

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Tags: Christies, Christies-International-Auction-House, earthquake-relief, hong-kong, qing-dynasty, robert-tsao