Sotheby's Spring 2018 Hong Kong Sales Total $466.5 Million

HONG KONG, April 3, 2018 /PRNewswire/ -- Sotheby's (NYSE: BID) Spring 2018 Hong Kong auction series concluded today with a grand total of $466.5 million, against a pre-sale estimate of $353/495 million*, and with a strong combined sell-through rate of 89%.  

"We delivered outstanding results for our clients and shareholders this week," said Tad Smith, Sotheby's CEO.  "Outstanding prices across different categories coupled with a strong sell-through rate indicate that clients throughout Asia are engaged at every level.  The past week of auctions, exhibitions and art fairs has left no doubt of Asia's central position in the art market."

"With an overall total that is second only to our 40^th anniversary celebrations back in 2013, this is an historic result for both Sotheby's and the art market in Asia," commented Kevin Ching, CEO of Sotheby's Asia.  "Our strength in both traditional collecting categories as well as innovative and new selling formats position us well to continue to drive the growth of this thriving market."

Highlights Span Centuries and Categories:

Modern & Contemporary Art Totals $164 Million and Sets Seventeen Records

• Evening Sale brings $132 million, the second highest total for a Hong Kong evening sale at Sotheby's, and with 100% of all Western Modern & Contemporary works sold
• Contemporary Art Day Sale doubles expectations and achieves a sell-through rate of 95%

Sales of Chinese Works of Art Total $138.1 Million

• Two Sets of Ming Dynasty Imperial Sutras sell for $30.4 million, an auction record for a Buddhist Manuscript
• Qing Dynasty Gold-Pink Falangcai Bowl, unseen on the market for over 30 years, sells for $30.4 million
• A rediscovered Imperial Handscroll achieves $18.7 million after a 40 minute battle and over 100 bids

Fine Chinese Paintings Achieves $62 Million with a Sell Through Rate of 85%

• "Spectacular Mountains in Spring Snow; Calligraphy" by Zhang Daqian sells for $10.6 million, double the high estimate

Wine Auctions Achieve a WORLD Record Total of $29.1 Million

• 1,758 lots in three auctions are 100% sold
• The Philanthropist's Cellar sets a record for a single-owner Wine sale at Sotheby's in Asia, totaling $16.2 million

Important Watches Totals $17.7 Million, Highest Total in Asia since Spring 2015

• Vintage masters were led by an Important and Extremely Rare Patek Philippe Stainless Steel Chronograph Wristwatch Ref 1579 that sold for $1.1 million

Three Selling Exhibitions of Modern & Contemporary Art Held Alongside Series of 19 Auctions

• 'Panorama: A New Perspective': masterworks by the titans of Impressionist, Modern & Contemporary Art
• 'Face-Off: Picasso / Condo': portraits by Pablo Picasso and George Condo
• 'Game Changers: José-María Cano': the artist's two best-known series -WS100 and The Soul of Money

*Estimates do not include buyer's premium. Prices achieved include the hammer price plus buyer's premium and are net of any fees paid to the purchaser where the purchaser provided an irrevocable bid.

About Sotheby's
Sotheby's has been uniting collectors with world-class works of art since 1744. Sotheby's became the first international auction house when it expanded from London to New York (1955), the first to conduct sales in Hong Kong (1973), India (1992) and France (2001), and the first international fine art auction house in China (2012). Today, Sotheby's presents auctions in 10 different salesrooms, including New York, London, Hong Kong and Paris, and Sotheby's BidNow program allows visitors to view all auctions live online and place bids from anywhere in the world. Sotheby's offers collectors the resources of Sotheby's Financial Services, the world's only full-service art financing company, as well as the collection advisory services of its subsidiary, Art Agency, Partners.  Sotheby's presents private sale opportunities in more than 70 categories, including S|2, the gallery arm of Sotheby's Global Fine Art Division, and two retail businesses, Sotheby's Diamonds and Sotheby's Wine. Sotheby's has a global network of 80 offices in 40 countries and is the oldest company listed on the New York Stock Exchange (BID).

Browse sale catalogues, view original content, stream live auctions and more at www.sothebys.com, and through Sotheby's apps for iPhone, iPad, Android, Apple TV and Amazon Fire

Hong Kong +1 852 2822 8129 | Winnie Tang | Winnie.Tang@Sothebys.com |

New York| +1 212 606 7176 | Dan Abernethy| Dan.Abernethy@Sothebys.com |

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SOURCE Sotheby's