Sothebys Scaled-Down Hong Kong Sales Yield Mixed Results

Sothebys Scaled-Down Hong Kong Sales Yield Mixed Results
Sotheby’s wrapped up its five days of auctions in Hong Kong with a grand total of HK$691 million ($89 million).

The number surpassed the pre-sale estimate of HK$600 but fell well below the HK$1.77 billion earned in last year’s comparable sale.

“The financial crisis is still with us, so many potential collectors took a wait-and-see attitude,” Michael Wang, an art collector and chief executive of Humble House Art Space, told Bloomberg.

Highlights of the sales, which ran April 4–8 and included 1,700 lots in a variety of categories, were the sold-out wine auction and the record set by modern master Lin Fengmian.

Hong Kong is Sotheby’s third-largest market after New York and London. Christie’s holds its Hong Kong sales next month.