China is world's 'third auction hub' after $409m Hong Kong sale

paulfrasercollectibles

2015-06-26 12:10:22

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China is world's 'third auction hub' after $409m Hong Kong sale

Christie's massive Chinese sale surpassed its rival Sotheby's, and has helped boost China's status

China is now the world's third-largest auction hub, after New York and London, after Christie's outdid its rival Sotheby's last Friday (November 26).

"The largest auction in Hong Kong" is how Christie's described its Friday auction, which attracted 43% buyers from the Chinese mainland and offered a range of lots ranging from art, jewellery and wine to Chinese antiques and even a pink diamond.

Whereas rival Sotheby's private and impressionist art sale in Hong Kong sale drew a record-breaking HK$3.09bn ($398m), this was surpassed by Christie's HK$3.18bn (more than $409m) total.

'The Perfect Pink' 14.2 carat diamond, sold for $23m

The result doubled last year's Christie's sale, yet another sign that China's markets are on the up.

Christie's sale was held over six days, with highlights including a pair of Chinese imperial crane statues sold to Hong Kong property billionaire Joseph Lau for $16.7m.

The 14.2 carat diamond, otherwise known as "The Perfect Pink", was sold to an anonymous buyer for $23m.

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