Christie's Asian art auction breaks sales record

Christie's said it had raked in a record HK$1.64 billion (US$210 million) in last week's Hong Kong autumn sales, its best ever Asian auction series.

"Another record-breaking series of sales at Christie's Hong Kong showed the growing strength in Asia of the demand for works of art of the highest quality," said chief executive officer Edward Dolman of the five-day sale of Asian Art, jewellery and watches.

The previous record was set in May for Christie's Spring sales which pulled in HK$1.2 billion.

Soaring Asian stock markets and a robust global economy are helping fuel demand for all categories of Asian art, including some HK$522.9 million which has been ploughed into Chinese contemporary and 20th-century art.

Notable items that went under the under the hammer included a rare oil painting by renowned Chinese artist Xu Beihong, Slave and Lion, which sold for HK$53.9 million ($7.0 million), smashing the world auction record for any Asian oil painting.

Another painting - Tiananmen Square by Zhang Xiaogang lived up to its pre-auction hype, selling for HK$18.0 million, a world auction record for a contemporary Chinese painting and further cementing Mr Zhang's reputation as one of the hottest Chinese artists today.

A small, white Imperial Qing dynasty "swallows" bowl, which once belonged to the Woolworth heiress Barbara Hutton, was sold for HK$151.3 million, making it the most expensive work of art to be auctioned in Asia.

While Christie's experts remain bullish on Asian art valuations, the astronomical prices of some pieces have made some industry experts wary.

"I think it's very expensive. I don't think the prices they are willing to pay really are worth it," said Tuyet Nguyet, the publisher and editor of Arts of Asia magazine who has been writing about trends in Asian arts for more than 30 years.

"I'm very apprehensive, and so are many of my friends, because the market's gone in leaps and bounds without any true merit... Some of these avant-garde paintings are pure speculation," she added.