HONG KONG.- Today, on the 4th day of the seven-day Sotheby’s Hong Kong Autumn 2010 sales series, the sale of Fine Chinese Paintings achieved triumphant results. The sale commanded HK$407 million / US$52.2 million (est. HK$120-174 million / US$15.4-22 million), establishing Sotheby’s Highest-Ever Total for a Various Owners Sale of Fine Chinese Paintings. All but three of the 270 works offered found buyers, which represents and builds on the solid success of our Spring 2010 sale.

The top lot of the sale is Fu Baoshi’s Court Ladies which sold for HK$33 million / US$4.2million, multiplying its pre-sale estimate (HK$5-7 million/ USD 640,000-890,000). Works by other Chinese masters such as Zhang Daqian and Qi Baishi also achieved strong prices.

C.K. Cheung, Head of Sotheby’s Fine Chinese Paintings Department, commented: “Chinese Masters such as Zhang Daqian, Fu Baoshi and Qi Baishi and many others triumphed today. These remarkable results, in which all but three of the 270 works offered found buyers, represent Sotheby’s highest-ever total (HK$407 million / US$52.2 million) for a Various Owners sale of Fine Chinese Paintings and build on the solid success of our Spring 2010 sale. They demonstrate that discerning buyers will respond enthusiastically to a carefully-curated sale of high-quality paintings and calligraphy, which offer thematic diversity, rarity, historical significance and freshness to the market.

Twenty-two Paintings and Calligraphy from the Collection of Chai Sian Kwan (Lots 1128-1149) performed exceptionally well as Chinese buyers throughout Asia sought works with the renowned provenance of a collector who was known not only for his discerning eye but also the special relationships he enjoyed with many of the artists whose works he collected. Our strategy of conservative presale estimates encouraged bidders to vigorous competition throughout the sale and 91% of the lots achieved prices with premium in excess of the high estimate.”

Sold by lot: 98.9%
Sold by value: 99%

Upcoming auctions:
October 6 – Important Watches and Magnificent Jewels and Jadeite
October 7-8 – Fine Chinese Ceramics and Works of Art