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ART RECORDS IN HONG KONG |
Sotheby’s have produced more records in their 3-day October 2008 series of auctions of Asian art in Hong Kong.
Press releases show that “Southeast Asian Paintings” raised HKD 71.6 million (£5.25 million); while “Contemporary Chinese Art” made HKD 90.5 million (£6.6 million); and “Chinese Fine Paintings” fetched HKD 116.7 million (£8.5 million).
Chinese art has been booming, but an unexpected surprise was the success of other Southeast Asian art. Artists from Indonesia, the Philippines, Singapore, Vietnam, Malaysia, etc. all took part in the auction series. A new world record was achieved by Indonesian artist I Nyoman Masriadi’s “The Man From Bantul (The Final Round)”, which sold for HKD 7.8 million (c.£575k), eight times its estimate and a new high for a contemporary Southeast Asian artwork at auction.
With new auctions and exhibitions planned by Sotheby’s in Dubai and Abu Dhabi in October 2008, plus auctions of Indian, Chinese and Arab artworks in London by both Christies and Bonham’s also in the same month, these relatively new art markets seem to be growing strongly.
If you or your clients intend to make deals in artworks, please contact us for help in structuring your transactions for tax and VAT, including the Margin Scheme.
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