The entire cycle of sales in Hong Kong has now been completed including watches, wine and every manner of Chinese work of art. The final day’s sale totaled an extraordinary $159m to bring the entire cycle in at HK$3.17 billion or $408m.
These numbers put Hong Kong on an equal footing with the New York sales. Unfortunately, Sotheby’s and Christie’s are constrained by real estate in Hong Kong to hold their sales a month apart. Perhaps this has worked to their advantage. But one wonders how long until both firms acquire permanent sale rooms in what is shaping up to be Asia’s new art capital.