Hong Kong at the Center of Asia’s Burgeoning Art Market
Published April 17th, 2006
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Hong Kong has become one of the world’s leading art markets, where sales of Asian art have surged in recent years. The entry of newly wealthy Chinese art collectors has pushed up prices.
Precious Chinese ceramics were up for grabs at famed auction house Sotheby’s recent spring sales in Hong Kong.
The four-day auction of art, watches, jewels and ceramics brought in more than $108 million, exceeding the auction house’s expectations.
Sotheby’s reported its highest ever sale total for Chinese contemporary art – nearly $17 million. A painting by the artist San Yu went for $3.6 million to a private collector. It was more than five times the asking price and the highest amount ever paid for a Chinese oil painting.
