Asia Week New York totals more than $175m



2015-06-26 13:13:11

Asia Week New York totals more than $175m

The total realisation for Asia Week New York is up 2.9% on 2012's figure

Asia Week New York, the world's premier Asian art event, held on March 15-24, has achieved a 2.9% increase on the 2012 total.

 This unassuming huanghuali table made $9m as the week's event drew to a close

2013's sales at Bonhams, Christie's, Doyle New York and Sotheby's realised more than $175m, a slight increase from the $170m raised last year. Dealers and investors welcome the news as a sign that the Asian art market remains buoyantthroughout troubled economictimes.

More than 64% of China's millionaires are currently forming a collection of some sort, according to the Hurun Report, as the nation's wealthy classes look towards collectibles as a form of investment.

The industry certainly provides a strong option, with the 2013 Wealth Report from Knight Frank showing that the nine main collectibles markets grew by 175% over a 10 year period to third quarter 2012.

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