Sotheby's HK spring sales achieve grand total of 406 mln USD

Sotheby's Hong Kong spring sales for 2017 achieved a grand total of 3.17 billion HK dollars (about 406 million U.S. dollars) against a low estimate of 2.4 billion HK dollars and with a combined sell-through rate of 87 percent across the series of sales, it said here Thursday.

More than 3,500 pieces of art were brought together at the Sotheby's auction house in Hong Kong from April 1 to April 5.

"Our results of the past week in Hong Kong are equivalent to the strong sales we held a year ago and an improvement on the fall of 2016, continuing the encouraging trend we have experienced so far this year," said Sotheby's President and CEO Tad Smith.

The outstanding results in traditional categories of Chinese ceramics and paintings were joined by records across a range of collecting fields including western contemporary art and jewelry affirming Hong Kong as an anchor of the global art market, Smith said.

Prices for several lots have set new record. The Pink Star, a 59.60-carat oval fancy vivid pink and internally flawless diamond, was sold for 553 million HK dollars, a record for any diamond or jewel ever sold at auction.

The buyer was Hong Kong jeweler Chow Tai Fook, who has renamed the stone The CTF Pink Star.

An Exceptional Blue and White Ming "Fish Pond" bowl was sold for 229 million HK dollars, more than double pre-sale expectations, to an Asian private collector.

The price is a record for early Ming Porcelain at auction. Endit