09 May '11, 11am

Art auctions making a comeback in Asia

Art auctions making a comeback in Asia

HONG KONG: It has been a good year so far for art auction houses, with giants in Asia seeing a big bounce back in sales. Sotheby's recent spring auction in Hong Kong netted a record US$447 million. Kevin Ching, CEO of Sotheby's Asia, said: "Numerous records were made. We achieved the highest totals in almost all of our categories including Southeast Asian paintings. And first-time buyers increased by 135 per cent compared with last season." In 2010, Sotheby's Hong Kong raked in US$684 million in sales, a jump of over 160 per cent compared to 2009, when buying enthusiasm was dampened by the financial crisis. Sotheby's rival, Christie's, saw its 2010 Hong Kong sales more than double on-year. The buying fever suggests art is becoming the next hot trend for alternative investment. Mr Ching said: "If you buy shares in a company, you can't actually hang the prospectus of a publi...

Full article: http://www.channelnewsasia.com/stories/marketnews/view/11...

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