Sotheby’s Says Mainland Chinese Throttled Back in Hong Kong

The Financial Times reports that Sotheby’s Asia head revealed lower participation in their recent Hong Kong sales from Mainland buyers:

Kevin Ching, chief executive officer of Sotheby’s Asia, said on Friday that mainland Chinese buyers accounted for only 20-25 per cent of the $316m sales from last month’s spring auctions, which he blamed on the country’s moves to tighten access to credit. Just six months ago, mainland buyers accounted for 44 per cent of the $411m sales recorded in Sotheby’s autumn auctions in Hong Kong.

Chinese desert Hong Kong art market (Financial Times)