SOTHEBY'S Asia auctioned more than $130 million worth of ceramics, paintings and jewellery at a three-day auction earlier this week, led by a world record auction price of nearly $10 million for a Yuan dynasty blue and white vase.
The Tsim Sha Tsui Museum of Art paid $9.92 million for a meiping broad-shouldered vase at the auction held at the Hotel Furama.
Despite some high prices for top pieces - a jadeite bangle was bought by a private Hong Kong buyer for $9.7 million - total revenue was less than predicted, and many of the items were not sold.
The centrepiece of the auction, the 32-piece Sulin An Collection of Imperial Chinese ceramics, fetched $34.7 million, less than the hoped-for $50 million. Half of the lots remained unsold.
'The exceptionally good prices achieved for the most important pieces show that the market remains strong,' Sotheby's Asia chairman Julian Thompson said.
'However, it is clear that buyers are extremely selective, looking for quality and perfection in the pieces they buy, resulting in a number of middle-range works being unable to sell.' Other Sotheby's experts blamed the weakened domestic economy and competition from mainland Chinese auction houses for the lower sales.