Hong Kong
Jul 25, 2018

In Hong Kong, A Half-Billion Dollars in Art, Wine, Watches & Jewels Changes Hands

By Sotheby's

S otheby’s is leading the dynamic Asian auction market in 2018, with $488 Million (HK$3.8 Billion) in aggregate auction sales over the first half of 2018. The sale result is up 15% compared to the same period last year.


Breaking 21 records with 2 works sold over HK$200 million and 1 over HK$100 million, Sotheby’s Hong Kong takes the lead of the market across multiple categories. Read below for the full report.

Top 10 Lots Sold at Sotheby’s Asia in First-half 2018
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Top 10 Lots Sold at Sotheby’s Asia in First-half 2018

  • Two Sets of Ming Dynasty Imperial Sutras Achieve HK$239 Million.
    A new auction record was established for two sets of Buddhist Sutra Manuscripts from the Ming Dynasty. The most important Buddhist manuscript ever to have appeared at auction, the Imperial Wisdom Sutras sold for HK$238,807,500 / US$30,428,852. This outstanding historical relic is a legacy of the Golden Age of the Ming dynasty, made by imperial order of the Ming Emperor Xuande in the first part of the 15th century. Preserved in pristine condition, the set of Sutras is the only surviving example outside of the National Palace Museum, Taipei. Originally recorded in a Kyoto aristocratic collection in 1917, they remained out of sight until the ground-breaking Ming exhibition at the British Museum in 2014. Buddhist Sutras are canonical scriptures that render the teachings of the Buddha, which were taken over from India and copied. Their copying and propagation was considered a meritorious practice, and when such deeds were performed by an emperor, the resulting works were inevitably of the highest standard in terms of the materials used and the artists and craftsmen employed.

    Watch Video:  Masterworks: The Lost Wisdom Sutra
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  • Qing Dynasty Gold-Pink Falangcai Bowl. Sold For HK$239 Million.
    A magnificent enamelled pink-ground ‘falangcai’ bowl, without question the finest example of its type and the only example of its design ever recorded, also achieved the exceptional price of HK$238,807,500 / US$30,428,852. Unseen on the market for over 30 years, the bowl is unique, though it has a ‘brother’ in the National Palace Museum, Taipei, which is painted with different flowers but using the exact same colour ground.

    Watch Video:  Masterworks: Imperial Alchemy – A Rare Falangcai Bowl

     
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  • Rediscovered Imperial Handscroll Ten Auspicious Landscapes of Taishan Achieves HK$147 Million.
    Making its auction debut after a hundred years, a highly important rediscovered handscroll, Ten Auspicious Landscapes of Taishan, the greatest masterpiece of the renowned imperial court painter Qian Weicheng drew over 100 separate bids during a 40 minute bidding battle, pushing the final sale price to HK$146,794,000 / US$18,704,491. Presented in ten sections, the scroll depicts ten spectacular views of Mount Tiantai in Zhejiang province and is also inscribed with ten poems written by the Qianlong Emperor.

    Watch Video:  Masterworks: A Rediscovered Imperial Heirloom
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  • An Important and Spectacular Ruby And Diamond Ring. Sold for HK$86,392,500.
    Watch Video:  Show Stopping Jewels and Rare Treasures from Nature
    View Lot View Auction
  • Zao Wou-Ki, 26.04.62. Sold for HK$85,263,500.



     
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  • Zhang Daqian, Spectacular Mountains in Spring Snow ; Calligraphy. Sold for HK$83,005,500.

     
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  • A Fine and Magnificent Lemon-Yellow and Underglaze-Blue ‘Dragon’ Vase, Tianqiuping Seal Mark And Period Of Qianlong. Sold for HK$70,586,500.
    View Auction
  • Chu Teh-Chun, Rouge Lourd et Vert Leger. Sold for HK$61,554,500.
    View Auction
  • An Exceptionally Fine and Rare Ruby-Ground Yangcai Vase. Seal Mark And Period Of Qianlong. Sold for HK$50,264,500.
    View Auction
  • Sanyu, Léopard Rose. Sold for HK$49,135,500.
    View Auction
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Key Performance Figures in First-half 2018

· First-half 2018 aggregate auction sales reached HK$3.8 billion / US$488 million – up 15%

· Strong average sell-through rate of 90%

· 2 works sold over HK$200 million; 1 over HK$100 million

· 21 world auction records

· Leading the market across multiple categories, including Chinese Works of Art ($146 million/HK$1.14 billion); Modern & Contemporary Art ($170 million/HK$1.33 billion); Chinese Classical and Modern Paintings (US$67 million/HK$527 million); Wine ($37 million/HK$294 million) and Watches (HK$139 million/US$18 million).

Client Base Continues to Expand

· 28% of buyers were new to Sotheby’s Asia

· Increased participation of young buyers: 23% of buyers in Asia were below 40. The percentage of young buyers reached 40% at Hong Kong's Curated: Turn It Up, a sale which was assembled to reflect and cater to the eclectic tastes of today’s young collectors.

Asian Spending at Worldwide Salerooms

· Asian clients account for 28% of Sotheby’s worldwide auction sales

· Eye on top lots: Among the top 20 lots auctioned by Sotheby’s worldwide, 8 lots were bought by buyers from Asia (40%)

Continued Growth of Asian Interest in Western Art

· Total number of Asian clients buying Western art at Sotheby’s worldwide sales grew by 28%

· Western works 100% sold at Hong Kong's Modern Art and Contemporary Art Evening Sales in March

· At New York Impressionist & Modern Art Evening Sale in May, a quarter of all works sold were acquired by Asian private collectors

· Asian spending nearly tripled at London's Contemporary Art Day and Evening Sales in June [NB. The number of Asian buyers/bidders also increased]. Collecting taste continues to broaden, as demonstrated by demand for works by ‘new faces’ at auction, including Sam Gilliam, Henry Taylor and Eric Fischl.

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