Auction house Sotheby’s expects to sell $167 million worth of Asian art at its upcoming spring sales in Hong Kong, downplaying concerns over a correction in Asian art prices amid global market turmoil.

The head of Sotheby’s in Asia shrugged off worries over the credit crisis and a possible U.S. recession, saying he expected valuations for Asian art to remain strong, given art’s allure as a refuge at times of market gloom.

“Our past experience tells us that in fact the general financial markets and the art market go in different directions,” Kevin Ching, Sotheby’s Asia Chief Executive Officer told Reuters.

“The spring sales should remain very strong … it will be a record estimate in Hong Kong,” Ching added, referring to the Chinese contemporary and ink-brush paintings, ceramics, jewelry and watches to be hammered off.

Posted: 02|24|08 at 11:57 am. Filed under: Auction News.