Strong Overall Sell-Through Rate of 90%, with Competition Seen Across All Categories
35,000+ Visitors, 4,331 Lots Sold, 28 Records, 20 Auctions in Just 6 Days; Sales Attract New Generation of Buyers
HONG KONG, April 3, 2019 /HalcyonTV/ -- Sotheby's (NYSE: BID) Spring 2019 Hong Kong auction series concluded today with a grand total of $482 million, exceeding the pre-sale high estimate for the series $300-428 million* and establishing the second highest total in company history, second only to Sotheby's landmark 40th anniversary sale total in Autumn 2013. The sales were marked by healthy activity across all categories and from all corners of Asia, with a strong combined sell-through rate of 90%.
"These superb results are up on what were already very strong results last spring, despite the fact that the estimates were lower than a year ago," commented Tad Smith, Sotheby's CEO, adding "our excellent performance against low estimate is a clear indicator of the health of the market in Asia and bodes very well for our important upcoming May auctions in New York."
Kevin Ching, CEO of Sotheby's Asia, said: "With all eyes firmly fixed on our Hong Kong sales for this first indicative season, I think we can say that the Asian market did not disappoint. Our total follows what was already a record year for Sotheby's in Asia, with this season's results now sitting among the top results we have ever achieved here in Hong Kong – a testament to the fact that, when you get it right, collectors from across Asia remain ready to go the extra mile."
Patti Wong, Chairman of Sotheby's Asia, said: "When building the sales for these big seasons, we try to keep our finger firmly on the pulse of our collectors so as to understand, not only what they want right now, but also where their interests are taking them, so our offerings reflect both where the market is and where it is going. That is why we are bringing an ever-more diverse range of material to Hong Kong, along with an ever-wider range of possibilities for collectors to engage with us. This, for me, is what is so exciting about these seasons – they are not only a data point for the Asian market, they are also testimony to the excitement, and opportunity, that exists within it."
KEY STATISTICS AT A GLANCE
WINE SALES TOTAL HK$273 MILLION / US$35 MILLION