Edward Dolman, CEO of Christie's International, said the artworks were shown to their full potential in Hong Kong, resulting in extraordinary prices
An ink and colour painting set a new record for Xie Zhiliu's work at the Sotheby's sale

High attendance figures and the strength of bidding reflect the worldwide appreciation of Chinese art as a trend that continues to gather momentum.

Anticipating large audiences, Christie's staged its exhibition and auctions at the Hong Kong Convention and Exhibition Centre (HKCEC) for the first time. It later reported an "extraordinary attendance" of 4,500 people per day at the pre-sale exhibition, and world record prices in a number of categories on auction days.

At the end of the four-day sale (May 21 - June 1), a jubilant Edward Dolman, CEO of Christie's International, remarked: "I am very proud of our achievements in Hong Kong this week. The new facilities at HKCEC allowed us to show the works of art to their full potential, resulting in the extraordinary prices that we have witnessed in all auctions in all categories. 

New regional record

"These sales have set a new record total for any series of auctions in Asia - HK$990 million (US$127 million), surpassing the previous record we set in autumn 2004 of HK$715 million (US$91 million). We look forward to returning to this fantastic venue in November later this year."

The salesroom was packed to capacity throughout the four days of sales and many lots achieved prices well above pre-sale expectations.

Highlights from the jewellery sale included a rare, unmounted pear-shaped feint brown diamond of 120.20 carats which sold for HK$14 million (US$1.8 million) after furious bidding, against the pre-sale estimate of HK$4.8 million - 6.4 million (US$600,000-800,000).  It is the largest diamond ever offered at auction in Asia, and the 8th largest pear-shaped diamond known to exist.

A new world record for a Chinese oil painting was set for the work Juin-Octobre 1985 by master painter Zao Wou-Ki, which sold for HK$18 million (US$2.3 million). The painting Two horses under pine trees by Xu Beihong achieved HK$9.7 million (US$1.2 million) after spirited bidding - four times above the pre-sale estimate, and a world record for the artist.

Unprecedented prices

A rare celadon-glazed reticulated hexagonal vase in the Sotheby's auction set a world record for porcelain from the Qing Dynasty
The Sotheby's sale included a new record for Beijing enamel on copper

"The unprecedented prices achieved, particularly in fine art auctions, affirms the strength of the market," commented Henry Howard-Sneyd, managing director of Sotheby's China, Southeast Asia and Australasia. "Especially pleasing is the continued growth in the number of collectors from the Chinese mainland, which was particularly strongly represented in the modern painting sale, and from new international collectors, seen both in the contemporary painting sale and at the top of the ceramics market.

"We believe this consolidates the recent rises in the market and sets the scene for continued growth across the board. The new auction record for a coloured gemstone also underlines the importance of the Asian buyers in the international jewellery market. We are looking forward to presenting an exciting series of sales in October."

Sotheby's holds its auctions at the Island Shangri-La hotel.

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