Not only US economy need China to keep buying debt that helped alleviate the burden, but also auction houses enjoyed a soothing week when large quantity of Asian antiques are auctioned this week including Freeman’s, Doyle, Bonhams, Christie’s and Sotheby’s. Apparently there is no accident in the sensational sale of the QianLong procelain vase at Doyle. Today comes the good news from Sotheby’s. From Art Daily News:
Sotheby’s autumn auction season in New York kicked off this morning with a sale of Fine Chinese Furniture, Works of Art and Carpets from the Arthur M. Sackler Collections, which brought $4,615,054 and tripled the presale estimate of $1/1.5 million. The sale was 95.4% sold by lot and 99.5% sold by value and was led by A Rare and Important Pair of Huanghuali Compound Cabinets and Two-Drawer Stands from the 17th century, which brought $1,022,500 against a presale estimate of $120/180,000. The day continued with a various-owner sale of Fine Chinese Ceramics and Works of Art, which again exceeded pre-sale expectations to bring $10,917,425 (est. $5.1/7.1 million) and was 74.9% sold by lot and 90.9% sold by value. The two sales brought a combined total of $15,532,479 (combined est. $6.2/8.6 million).
Speaking about the sales, Dr. Caroline Schulten, Head of Sotheby’s Chinese Ceramics & Works of Art Sales, North America, said, “We were incredibly pleased with the results of today’s two sales. We saw a high sell-through rate in both sales, reinforcing our strategy of offering clients well-edited sales of high-quality works. In fact, 70% of the lots sold in our various owner sale achieved prices above the high estimate. While our top buyers in both sales today came from Asia, including Hong Kong, Taiwan and mainland China, we saw active participation and strong underbidding from our European and American clients. We were also excited to see many new collectors from around the world emerging in the market.”