SOTHEBY’S SPRING 2019 HONG KONG SALES TOTAL HK$3.78 BILLION / US$482 MILLION
SOTHEBY’S SPRING 2019 HONG KONG SALES TOTAL
HK$3.78 BILLION / US$482 MILLION
Sales Soar Beyond Pre-Sale Estimate of
HK$2.34 – 3.4 Billion / US$300 – 428 Million
Second Highest Total in Company History
*Second Only to Sotheby’s Landmark 40th Anniversary Sale in 2013*
Six Works Sell for Over HK$100 Million
Strong Overall Sell-Through Rate of 90%, with Competition Seen Across All Categories
35,000+ Visitors, 4,331 Lots Sold, 20 Auctions in Just 6 Days
Sales Attract New Generation of Buyers
28 Records, Including That for Any Female Artist Sold at Auction in Asia
Art Enthusiasts from Across Asia Drawn by Breadth and Quality of Sales &
Spectacular Array of Engaging Events Staged by Sotheby’s in Hong Kong
Strong Performance for Broadest Ever Offering of Western Art
Sales See Activity from All Corners of Asia
HONG KONG, 3 April 2019 Sotheby's (NYSE: BID) Spring 2019 Hong Kong auction series concluded today with a grand total of HK$3.78 billion / US$482 million, exceeding the pre-sale high estimate for the series (HK$2.34 – 3.4 billion / US$300 – 428 million)* and establishing the second highest total in company history, second only to Sotheby’s landmark 40th anniversary sale total in Autumn 2013. The sales were marked by healthy activity across all categories and from all corners of Asia, with a strong combined sell-through rate of 90%.
“These superb results are up on what were already very strong results last spring, despite the fact that the estimates were lower than a year ago,” commented Tad Smith, Sotheby’s CEO, adding “our excellent performance against low estimate is a clear indicator of the health of the market in Asia and bodes very well for our important upcoming May auctions in New York.”
Kevin Ching, CEO of Sotheby’s Asia, said: “With all eyes firmly fixed on our Hong Kong sales for this first indicative season, I think we can say that the Asian market did not disappoint. Our total follows what was already a record year for Sotheby’s in Asia, with this season’s results now sitting among the top results we have ever achieved here in Hong Kong – a testament to the fact that, when you get it right, collectors from across Asia remain ready to go the extra mile.”
Patti Wong, Chairman of Sotheby’s Asia, said: “When building the sales for these big seasons, we try to keep our finger firmly on the pulse of our collectors so as to understand, not only what they want right now, but also where their interests are taking them, so our offerings reflect both where the market is and where it is going. That is why we are bringing an ever-more diverse range of material to Hong Kong, along with an ever-wider range of possibilities for collectors to engage with us. This, for me, is what is so exciting about these seasons – they are not only a data point for the Asian market, they are also testimony to the excitement, and opportunity, that exists within it.”
KEY STATISTICS AT A GLANCE
Number of visitors: 35,000+
Number of lots sold: 4,331
Number of auctions staged: 20 in 9 categories
Number of records set: 28
Number of lots sold for over HK$100 million: 6
Participation from new buyers: 20%
New generation engages: nearly 50% of buyers in NIGOLDENEYE® are under 40
Private sales: selling exhibitions of Modern and Contemporary Art perform well
Western art: a broader offering than ever before, with 92 works by 50+ Western artists, many of whom debuted at auction in Asia this week. With a sell-through rate of over 90%, the group smashes the top combined estimate, with notable increase in participation from Mainland China
Array of events:
Sotheby’s collaborates with Jing Daily to present a thought-leading conference on ‘The Future of Luxury: Ecommerce in Asia’
Unveiling a new McLaren, the powerful and lightweight 720s Spider
A live performance by sculptor and conceptual artist Bernar Venet inaugurates the Spring sales, the first time an auction house has hosted an artist to create during a live art event and then to exhibit the newly created piece for auction
Museum lecture series: Sotheby’s Hong Kong hosted timely seminar on ‘Rembrandt in Amsterdam: Inspirator and Innovator’, as part of the ‘Dutch Days in Hong Kong’ programme
HIGHLIGHTS SPAN CENTURIES AND CATEGORIES
WINE SALES TOTAL HK$273 MILLION / US$35 MILLION
World auction record for any series of wine sales
Record for a private wine collection sold at auction: Tran-scend-ent Wines totals HK$234 million / US$30 million
Sotheby’s largest-ever offering of Kweichow Moutai to date: 50-lot collection sells for HK$9 million / US$1.1 million
25 limited-edition Mouton Rothschild Versailles Celebration Cases sell for a combined total of HK$7.1 million / US$904,261; proceeds to fund restoration projects at the Palace of Versailles
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