Chinese artwork fetches more than HK$1 billion at auction so far this year
Demand for Chinese works of art seems to be as strong as ever, as eager buyers snapped up works for many times their estimate values, according to Sotheby’s
What was said to be a slumping art market received a boost as auction house Sotheby’s on Tuesday reported that Chinese works worth a total of more than HK$1 billion have been snapped up by art lovers so far this year.
It beat the HK$866.8 million for the same period last year.
The exceptional sales results were largely down to the recent sale last week where buyers paid more than double the estimated prices for Chinese works of art, according to Sotheby’s.
The June sale alone, taking place last Thursday and Friday in Hong Kong, brought a combined total of HK$82.2 million, with 317 of the 455 lots on offer sold.
Among the highlights was a Pala-style gilt-bronze figure of seated Buddha, from Tibet, from about the 17th to 18th century, from a private Hong Kong collection. The floor was packed when the hammer finally came down after an intense bidding war that saw the figure sold for HK$2.36 million, nearly 60 times its original estimate.
Another, a mallow-shaped guan-type washer, from around the Yuen to Ming dynasty, sold for HK$2.48 million, nearly 50 times its estimate.