Seoul Auction House has been trying to break into the Hong Kong market for a few years but still can’t find the right mix of works to attract serious buyers. This Autumn they put up a Koons egg which crashed without a buyer, a Hirst spot painting that sold to the auctioneer’s book and range of other works both Western and Asian, according to the Wall Street Journal’s SceneAsia blog:

The sale, held by Seoul Auction in Hong Kong, tallied 67.3 million Hong Kong dollars (US$8.6 million), less than half the expected HK$195.3 million. Of the 49 works available, 20 remained unsold amid thin bidding and a subdued atmosphere.
“I saw a lot people with paddles, but they didn’t bid, they just watched,” said Soyoung Lee, Seoul Auction’s managing director. “We sold 60%, so it’s not the best, but we had a lot of expensive art. I guess people are not really in the mood to buy.”