Hong Kong – 2016 has been a remarkable year for Sotheby’s Hong Kong, with a 22% increase in sale totals over the same period last year. Bidders throughout Asia and around the world competed vigorously for works entrusted to Sotheby’s for sale, driving exceptional results across collecting categories.
This season’s success was driven by notable collections and themed sales from collectors around the globe, curated by our team of talented specialists. These special sales not only added an air of anticipation and excitement to the season, but also produced superior results.
Objects of great rarity commanded the attention of the art market, resulting in eager viewing during the exhibitions and raised bidding paddles in the saleroom.
One of the Spring season’s most thrilling moments came when Zhang Daqian’s Peach Blossom Spring set the world auction record for the artist at HK$271 million (US$34.9 million), over five times its pre-sale estimate and setting the highest price paid for any work of art for this Hong Kong season. Records were shattered by collectors determined to secure outstanding Chinese ceramics from the legendary Pilkington Collection, which achieved an astounding HK$502.8 million (US$64.5 million), three times its pre-sale estimate.
The appearance of extraordinary objects and collections drew the attention of collectors around the globe. Particularly strong bidding was evident throughout Asia, including among Mainland Chinese collectors seeking rarity, quality and opportunity in the market.
Clients from 65 countries participated in our Hong Kong auctions this season. Mainland Chinese bidders were seen to participate with great enthusiasm throughout this season and secured many works.
Sotheby’s 2016 first half year results in Asia defied markets and beat expectations, reaching their highest level in several seasons:
Total sales of HK$3.6 billion (US$461.5 million), in excess of the total pre-sale high estimate of HK$3.3 billion (US$423.1 million) and 22% higher than the same period last year. Aggregate sale total 145% of low estimate 51% of lots sold at or above high estimate 82% of lots sold at or above mid-estimate.
(Right) Performance of Sold Lots against Pre-sale Estimate Hong Kong January to June 2016
In this our 43rd year here in Hong Kong, we thank you for your continued confidence and support, and would like to share with you the many highlights of this notable season. Click below image to view the slideshow.