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Christie’s Autumn Hong Kong Cycle Down 20%
Barron’s reports on Christie’s Hong Kong sales cycle that just finished. The sales were down almost 20% from last year which may reflect some weakness in the Asian market or just internal challenges for Christie’s team. Here are Barron’s numbers:
- Christie’s achieved a total of HK$2.75 billion (US$353 million) from its Fall 2018 auctions this week in Hong Kong. […] In fall 2017, Christie’s realized HK$3.43 billion [$440m] from 18 sales during the five-day series
The sales were not without extraordinary moments like the $59m sale of Su Shi’s Wood and Rock, a thousand year old scroll, for HKD 436.6m. Sale by sale, we can see different variations in totals year over year. The glamour-filled Saturday night sale of Asian 20th Century and Contemporary art was down this year significantly from HKD 604m last year to HKD 424m this year. The short fall came from several significant lots by Chu Teh-Chun, Zao Wou-ki, Lin Fengmian, Wang Huaiqing, Zhou Chunya and Lee Ufan that were bought in and accounted for hundreds of millions of Hong Kong dollars in lost sales, more than the 29% drop for that particular sale.
In the day sales, Asian 20th Century art actually rose slightly from HKD 115m to HKD 120m. But the Asian Contemporary art day sale fell dramatically from HKD 115m to HKD 61m. The jewelry sale saw a big drop from HKD 731m to HKD 470m. Fine Chinese Classical Paintings and Calligraphy was down from HKD 205m to HKD 138m. Important Chinese Ceramics and Works of Art fell from HKD 231m to HKD 151m. On a brighter note, Handbags and Accessories rose from HKD 40m last year to HKD 43m this week. There were a number of other special sales during both cycles that make year-over-year comparisons lumpy. Here we’re only tracking various-owner sales with the same title.
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