Sotheby’s Hong Kong sets 16 records for summer auction

US$542m record sales exceed forecast.

Sotheby’s took in a record US$542 million in Hong Kong in a sale celebrating its 40 years of business in Asia, a record for the Sotheby’s autumn sales in the city. As many as 16 records were set at the five-day event last week.

Sotheby’s exceeded its forecast of US$370 million for the over 3,500 lots on offer. The amount was almost double the US$280 million sold at its spring Hong Kong sales last April.

Sotheby’s Asia Chairman Patti Wong said the result demonstrates the importance of Hong Kong as an international selling center.

A 118.28 carat white diamond was sold for US$30.6 million, a world auction record for such a gem and the most expensive item sold during the event. The buyer’s identity was not disclosed.

Another record was set by a huge Ming gilt-bronze figure of a seated Shakyamuni Buddha that went to a Chinese collector for US$30.3 million.

Demand for Chinese paintings was strong, with 95% of works sold by lot. They included the favorite, “Spring Dawns Upon the Colorful Hills,” by Chinese ink master Zhang Daqian that went for US$4.47 million.