Sotheby’s opened their Hong Kong sales cycle this Autumn with an ambitious selection of Modern works from Asian and European artists. In many respects the strategy paid off with the top work, a Picasso, achieving HKD 165m. Four of the top ten works were by European masters like van Gogh, Renoir and Georges Mathieu. Additional strong prices were seen for Asian artists who worked in Europe like Sanyu, Zao Wou-ki and Chu Teh-Chun.

Overall, the sales failed to reach the low estimate of HKD 661m though, to Sotheby’s credit, the auction team was able to place nearly 87% of the works.

 

The internal statistics on the sale were more encouraging with 76% of the lots selling within or above the estimate range. A respectable 16% of the lots made superior prices above estimates which was counteracted by the 22% of lots that failed to find buyers or were sold at compromise prices.