The two major art auctions in Hong Kong are a good indication on how the art market in Asia is performing.
Christie's auction house is preparing for its May auction buoyed by Sotheby’s recent success.
Sotheby’s spring auction was a world record, with sales of $256 million.
Christie’s will put up around two and a half thousand items for auction.
An early Ming Dynasty bronze figure is expected to fetch over $4.5 million dollars, while a pair of Beijing imperial 18th century vases could reach millions of dollars.
[Jonathan Stone, Christie’s Asia Managing Director]: (English)
"There is really residual demand worldwide for Asian works of art. And I think as Asia becomes to dominate the world stage more, politically and economically and financially, there will also be much more interest from the West and a growing interest in Asian art."
As the supply of top artwork shrinks and demand remains strong for rare items, there is a real possibility that Christie’s auction could go one better than Sotheby’s.
[Jonathan Stone, Christie’s Asia Managing Director]: (English)
“The art market, particularly in Asia, has rebounded very strongly. And indeed the results of our competitors a week ago is a very strong indicator of that and really gives us great expectations for out forthcoming sale at the end of May."
But whether Christie’s can beat the imperial pearl necklace that Sotheby's sold for $8.75 million or the white jade imperial seal for $12.3 million remains to seen.
