Auction house gears up for week of Asian art sales

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By Chris Michaud

NEW YORK | Thu Sep 1, 2011 2:34pm EDT

NEW YORK (Reuters) - Precious jade, modern masterpieces, museum-quality furniture and rare ceramics and porcelain are among thousands of art objects on offer during Christie's Asia week sales in September.

The four days of auctions, which are estimated to take in in excess of $50 million, begin September 13 with the South Asian modern and contemporary art and the Indian and Southeast Asian art sales.

The Indian sale is led by a Maqbool Fida Husain's "Sprinkling Horses," a large oil-on-canvas painting estimated to sell for about $1 million.

The auctions conclude with a $19 million sale of rare Chinese ceramics and works of art.

In between, there will be sales of Japanese and Korean art, jade carvings, and property from the collection of Xu Hanqing, a prominent Chinese banker and government official who became known as an accomplished calligrapher.

Asian art, which officials say is a key driver in the global market, has seen strong activity in the past half-year, and the market -- and collectors' -- enthusiasm for Asian art has only grown.

Tina Zonars, Christie's international director of Chinese ceramics and works of art, said the auction house held high expectations for the series of sales featuring art from China, Japan, Korea, India, the Himalayas and South East Asia.

Its most recent Asian art week in March realized its highest total ever in New York, which she called a testament to the "remarkable strength of this market."

Christie's president of Asia, Francois Curiel, recently affirmed that its long-term strategy was to continually reinforce its presence in Asia.

Other highlights of the sales include Emperor Qianlong's Chunhua Ge Tie rubbing, two sets of boxes containing five albums each of rare ink-on-paper Chinese calligraphy, estimated to sell for about $1.2 million at the Xu Hanqing sale, which is expected to total some $7 million.

The two-day sale of Chinese ceramics and works of art is led by a Ming dynasty bronze figurine of Vairocana, expected to fetch $1 million to $1.5 million.

A large, rare white jade covered vase from the Quinlong/Jiaqing period is estimated at $750,000 to $1 million, while Kim Whanki's "Landscape in Blue," the top lot of the Korean art sale, carries a $2 million estimate.

Highlights from the sales will be on view at Christie's Rockefeller Center headquarters in New York for one week starting September 9.

Sotheby's Asian art sales are schedule for September 13-15.

(Reporting by Chris Michaud; editing by Bill Trott)

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Sotheby's sees HK watch sales up one-third in 2011

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By Lee Chyen Yee and Donny Kwok

HONG KONG | Tue May 24, 2011 11:25am EDT

HONG KONG (Reuters) - Sotheby's, the world's largest publicly traded auction house, expects its auction sales for watches to increase by a quarter this year in Hong Kong, now its biggest market for such auctions, an executive said on Tuesday.

Sotheby's, which competes with the world's largest auction house, privately-held Christie's, is seeing Hong Kong as an increasingly important market as the auction market is now its biggest for watches, fine wines and Chinese art.

It has sold a total of HK$73 million ($9.6 million) worth of wrist watches so far in 2011, and expects the current pace to continue through the rest of 2011.

"I think it's very durable to repeat that in the next season," Vanessa Herrera, director of China and Southeast Asia and Head of Watches Department, told the Reuters Global Luxury Summit in Hong Kong.

Sotheby's sold HK$109.3 million worth of watches in Hong Kong in 2010.

"For us, we are constantly getting new blood, new people coming to transact. In our sales, 30 percent of the buyers are new," said Herrera, who herself wears a Rolex. "Watches are a very affordable luxury."

Last year, Sotheby's in Hong Kong, which specializes in modern wrist watches made from the 1970s and coming from famous brands, such as Patek Philippe and Audemars Piguet, sold watches totaling about $12.2 million.

In Hong Kong, Sotheby's achieved record sales of HK$3.49 billion, driven by sales of Chinese art, watches, wine and jewelry. The Hong Kong operations are its biggest auction market for wine and watches.

Sotheby's reported net income of $2.4 million for the first quarter of 2011, reversing a loss of $2.2 million a year earlier.

Last year proved one of the best, with Christie's posting a record $5 billion in sales and Sotheby's making $774 million in revenue -- six times more than 2009 and its second highest ever apart from 2007. It was a far cry from 2009's dire drop in sales amid the global financial crisis.

New collectors from Russia, Hong Kong, mainland China, Singapore, Qatar and South America have also upped the ante, flush with cash and ready to create instant collections.

Sotheby's shares have fallen 9.5 percent so far this year.

(Additional reporting by Rachel Lee and Alison Leung; Editing by Jacqueline Wong and Chris Lewis)

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By Lee Chyen Yee and Donny Kwok

HONG KONG | Tue May 24, 2011 11:25am EDT

HONG KONG (Reuters) - Sotheby's, the world's largest publicly traded auction house, expects its auction sales for watches to increase by a quarter this year in Hong Kong, now its biggest market for such auctions, an executive said on Tuesday.

Sotheby's, which competes with the world's largest auction house, privately-held Christie's, is seeing Hong Kong as an increasingly important market as the auction market is now its biggest for watches, fine wines and Chinese art.

It has sold a total of HK$73 million ($9.6 million) worth of wrist watches so far in 2011, and expects the current pace to continue through the rest of 2011.

"I think it's very durable to repeat that in the next season," Vanessa Herrera, director of China and Southeast Asia and Head of Watches Department, told the Reuters Global Luxury Summit in Hong Kong.

Sotheby's sold HK$109.3 million worth of watches in Hong Kong in 2010.

"For us, we are constantly getting new blood, new people coming to transact. In our sales, 30 percent of the buyers are new," said Herrera, who herself wears a Rolex. "Watches are a very affordable luxury."

Last year, Sotheby's in Hong Kong, which specializes in modern wrist watches made from the 1970s and coming from famous brands, such as Patek Philippe and Audemars Piguet, sold watches totaling about $12.2 million.

In Hong Kong, Sotheby's achieved record sales of HK$3.49 billion, driven by sales of Chinese art, watches, wine and jewelry. The Hong Kong operations are its biggest auction market for wine and watches.

Sotheby's reported net income of $2.4 million for the first quarter of 2011, reversing a loss of $2.2 million a year earlier.

Last year proved one of the best, with Christie's posting a record $5 billion in sales and Sotheby's making $774 million in revenue -- six times more than 2009 and its second highest ever apart from 2007. It was a far cry from 2009's dire drop in sales amid the global financial crisis.

New collectors from Russia, Hong Kong, mainland China, Singapore, Qatar and South America have also upped the ante, flush with cash and ready to create instant collections.

Sotheby's shares have fallen 9.5 percent so far this year.

(Additional reporting by Rachel Lee and Alison Leung; Editing by Jacqueline Wong and Chris Lewis)

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By Lee Chyen Yee and Donny Kwok

HONG KONG | Tue May 24, 2011 11:25am EDT

HONG KONG (Reuters) - Sotheby's, the world's largest publicly traded auction house, expects its auction sales for watches to increase by a quarter this year in Hong Kong, now its biggest market for such auctions, an executive said on Tuesday.

Sotheby's, which competes with the world's largest auction house, privately-held Christie's, is seeing Hong Kong as an increasingly important market as the auction market is now its biggest for watches, fine wines and Chinese art.

It has sold a total of HK$73 million ($9.6 million) worth of wrist watches so far in 2011, and expects the current pace to continue through the rest of 2011.

"I think it's very durable to repeat that in the next season," Vanessa Herrera, director of China and Southeast Asia and Head of Watches Department, told the Reuters Global Luxury Summit in Hong Kong.

Sotheby's sold HK$109.3 million worth of watches in Hong Kong in 2010.

"For us, we are constantly getting new blood, new people coming to transact. In our sales, 30 percent of the buyers are new," said Herrera, who herself wears a Rolex. "Watches are a very affordable luxury."

Last year, Sotheby's in Hong Kong, which specializes in modern wrist watches made from the 1970s and coming from famous brands, such as Patek Philippe and Audemars Piguet, sold watches totaling about $12.2 million.

In Hong Kong, Sotheby's achieved record sales of HK$3.49 billion, driven by sales of Chinese art, watches, wine and jewelry. The Hong Kong operations are its biggest auction market for wine and watches.

Sotheby's reported net income of $2.4 million for the first quarter of 2011, reversing a loss of $2.2 million a year earlier.

Last year proved one of the best, with Christie's posting a record $5 billion in sales and Sotheby's making $774 million in revenue -- six times more than 2009 and its second highest ever apart from 2007. It was a far cry from 2009's dire drop in sales amid the global financial crisis.

New collectors from Russia, Hong Kong, mainland China, Singapore, Qatar and South America have also upped the ante, flush with cash and ready to create instant collections.

Sotheby's shares have fallen 9.5 percent so far this year.

(Additional reporting by Rachel Lee and Alison Leung; Editing by Jacqueline Wong and Chris Lewis)

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