Sotheby’s Hong Kong Sales Total $316 Million

April 14, 2012 Updated: September 29, 2015

Sotheby’s concluded its five-day Hong Kong spring-series sale last week and topped its expectations by selling $316 million worth of art, above the presale estimate of $244 million.

“The week’s most impressive results were achieved for Chinese ceramics and works of art, which is currently one of the top-selling categories of art in the world,” Kevin Ching, CEO of Sotheby’s Asia, said in a press release.

“As with the strong demand we witnessed for fine Chinese paintings, this success is based on our ability to source exceptional, rare, and desirable property from prestigious private collections and offer them in Hong Kong where Asian collectors are playing a role in transforming the international art market,” Ching said.

The more than 2,780 lots sold were sourced from around the world and were primarily bought by Asians but with significant worldwide competition. The eight categories, led by fine Chinese ceramics and works of art, also included various contemporary Asian art, wine, fine Chinese paintings, magnificent jewels and jadeite, and watches.

Sotheby’s is planning to expand business in Hong Kong with a newly constructed state-of-the-art gallery space. This unique pairing will give Sotheby’s the opportunity to host international cultural events, lectures, and exhibits in conjunction with the auctions, which will contribute to the evolution of the Asian art market.

A world auction record was set in the Song ceramics category when it sold a light blue Ruyao washer bowl for $26.7 million. “Eight bidders competed for over 15 minutes for the extraordinarily rare 900-year-old flower-shaped bowl, which is arguably the most desirable piece of Ru official ware remaining in private hands,” according to the website.

The price was triple its presale estimate of $7.7 million to $10.3 million (not including buyer’s premium).