Christie's Hong Kong Sales Achieve $127.3 Million

HONG KONG

:- Christie's Asian art, watches and jewelry auctions realized a total of $127.31 million, establishing a record high sale total for any series of auctions in Asia. World records in numerous categories were set.

It also marked the first time that Christie's staged the exhibition and auctions at the Hong Kong Con-vention and Exhibition Centre. More than 4,500 people per day attended the presale exhibition.

"I am very proud of our achievements in Hong Kong," said Edward Dolman, chief executive officer of Christie's International. "The new facilities at the Hong Kong Convention and Exhibition Centre al-lowed 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. These sales have set a new record total for any series of auctions in Asia, surpassing the previous record we set in autumn 2004 of $91,934,000. We look for-ward to returning to this fantastic venue in November."

The saleroom was packed to full capacity throughout the four days of sales and many lots achieved prices well above presale expectations.

The Asian art sales taking place on the first two days totaled more than $89.6 million, setting a record total for any series of Asian art auctions conducted anywhere in the world.

In the Twentieth Century Chinese art and Asian contemporary art sale, an exceptional work "Juin-Octobre," 1985 by master painter Zao Wou-Ki (born 1921) sold for $2,345,200, establishing a new world auction record for a Chinese oil painting. It also set a new auction record for the artist. This piece is the largest triptych ever produced by Zao, measuring 2.8 by 10 meters.

In the Inception of A New Era - The Yageo Foundation Collection sale, "Spanish Chateau" by Liao Chi-Chun (1902-1976) sold for $1,398,800, three times above the presale estimate, and established a world auction record for the artist.

Taking the center stage of the fine modern and contemporary Chinese paintings sale was "Two horses under pine trees" by Xu Beihong (1895-1953), achieving $1,267,760 after spirited bidding. The price is four times over the presale estimate, setting a world auction record for the artist.

In the Southeast Asian and modern Indian paintings, including contemporary art, sale, "Women by the lotus pond" by Adrien-Jean Le Mayeur de Merprès (Belgium, 1880-1958) sold for $379,600.

In the imperial sale May 30, an extremely rare early Ming blue and white basin of the Yongle period (1403-1425) fetched $3,946,800, establishing a world auction record for a Ming blue and white basin. The basin is unusually large; an object of this size would have required expert potting skill in order to maintain its shape during the firing process.

An exceptional classical Chinese painting, "Deer in an Autumn Forest" by Giuseppe Castiglione (Lang Shining, 1688-1768), achieved $2,636,400), establishing a world auction record for the artist. Almost all paintings by Castiglione were painted for court and are housed in the Palace Museums in Beijing and Taipei. It is indeed very rare for any Lang Shining painting of this high quality to appear in the mar-ket.

The sale of important watches on May 31 totaled $8.8 million. A Patek Philippe limited edition plati-num self-winding minute repeating wristwatch sold for $539,760, establishing a world auction record for this model. This reference 5029 was produced in 1997 to commemorate the opening of the new Patek Philippe factory in Geneva and only 30 examples were produced.

The magnificent jewelry and jadeite jewelry sale on June 1 realized $28.7 million. The top lot was a pendant necklace of Asscher-cut and rectangular-cut fancy vivid yellow diamonds totaling 42.41 carats, which sold for $2,621,080. An oval-cut fancy vivid purplish pink diamond ring of 3.10 carats realized $1,814,910.

Of particular interest in the sale was a rare unmounted pear-shaped faint brown diamond of 120.20 carats, which sold for $1,814,910 after furious bidding, against the presale estimate of $600/800,000. It is the largest diamond ever offered at auction in Asia, and the eighth largest pear-shaped diamond known to exist.

Prices reported include buyer's premium.

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