Sotheby's first half figures show record growth of 47% in Asia



2015-06-26 13:48:19

Sotheby's first half figures show record growth of 47% in Asia

The collecting boom in Asia has spurred Sotheby's first half figures to a record high

Sotheby's has again asserted its dominance in Asia, posting record first-half figures for 2014.

Sotheby's Meiyintang Chicken Cup The Meiyintang Chicken Cup is the world's most valuable piece of Chinese porcelain

The company made $490m in the first six months of the year in Asia - an impressive 47% increase on the same period in 2013. It's the highest total among any international auction house in Asia, beating rival Christie's into second place.

The crowning piece has been the Meiyintang "Chicken Cup" which set a phenomenal new record for Chinese porcelain at $36.2m in Hong Kong in April.

Sotheby's has also achieved six of the top 10 prices in the Asian auction market so far this year, attributed to a 22% rise in new bidders.

"Fuelled by robust demand for art in Asia, Sotheby's strong performance was driven by two factors: our ability to source the best and rarest properties from the world's great collections as well as expertise in curating sales that appeal to discerning art lovers at all levels of the market by creating opportunities to experience the magic of collecting," commented Sotheby's Kevin Ching, CEO in Asia.

"Sotheby's focus on offering appealing properties at the right estimates delivers the greatest value to our clients and drives the exceptional results that secure the Company's leadership in this growing and competitive market."

Christie's also posted its first-half results this week, showing a global increase of 12% thanks to its expanding customer base.

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