HERMES BAG AMONG HK AUCTION STARS
Christie’s International sold at least HK$3.22 billion (US$413 million) worth of art, ceramics, wine — and crocodile handbags — at its spring auctions in Hong Kong.
This year’s figure represented an increase of 6.2% from the value of items that Christie’s sold at its auctions in May last year in the territory. It reflects strong demand for alternative investments even as people pile into equities in mainland China, where the Shanghai Composite Index is up more than 140% in the past year.
“There are more and more collectors and less and less material,” said James Hennessy, a Hong Kong-based art dealer. “This is an asset class and they treat it as such. It shows no signs of abating.”
The most expensive item sold during the five days was a diamond and Burmese ruby necklace made by Hong Kongbased Etcetera. It fetched HK$100.4 million, against a pre-sale high estimate of HK$88 million.
In previous sales, top-selling lots were centuries-old ceramics and works by record-breaking Chinese contemporary artists such as Yue Minjun and Zhang Xiaogang, who were conspicuously absent this time around.
Demand for 20th century masters also continues to strengthen. The top lot of the marquee evening sale on May 30 was an oil painting by the Chinese-born painter Sanyu (1901-66) titled “Chrysanthemums in a Glass Vase”, which sold for HK$81.9 million. A decade ago his works were selling for one-tenth that amount, said Hennessy.
That sale also produced strong results for non-Chinese artists. A painting titled “Montagne Bleue” by the 20th century Korean artist Kim Whan-ki sold for HK$13.8 million, more than five times its high estimate, setting an auction record for the painter.
A cartoonish painting by the contemporary Japanese artist Joshitomo Nara of a mischievous girl titled “Yr. Childhood” sold for a record HK$19.7 million.
Another sign that investors are exploring new asset classes was the luxury handbag sale on June 1, where a rare fuchsia Hermes Birkin crocodile bag with diamond and gold hardware sold for HK$1.72 million (7.5 million baht or US$220,000), the most ever paid for a handbag at auction.
“People are realising that vintage bags are a really good alternative investment,” said Matthew Rubinger, who runs Christie’s handbag business in Asia.
The top lot at a sale of imperial works, was an 18th century blue and white ceramic vase made for the Qianlong emperor that sold for HK$56 million to the Hong Kong dealers Morris and Joey Low.
Christie’s spring auctions began with a wine sale where the most expensive lot was a 12-bottle case of Romanee-Conti 1988 that sold for HK$1.23 million including a 22.5% buyer’s commission. A similar case fetched HK$1.6 million at Christie’s Hong Kong in November.
The most expensive timepiece at last week’s watch sale was a signed, 18-carat pink gold Patek Philippe wristwatch that sold for HK$3.64 million.