Sotheby's results show slowing Asian market

Hong Kong: An uneven set of results from Sotheby's autumn Hong Kong sales that wrapped up yesterday indicates that the surging Asian art market is pausing for breath amid rocky times for financial assets such as stocks.

A 15th century Meiping vase sold on Wednesday for HK$168.7 million (Dh79.63 million), a world record for Ming dynasty porcelain, after intense bidding by telephone that drew applause from the crowd in the auction room.

But other results from the auction of a highly anticipated collection of imperial Chinese porcelain were mixed. Another highlight, an 18th century Qianlong era vase decorated with peaches, fetched HK$90.3 million, near the low end of the pre-sale estimate.

While the auction room was crowded with bidders from mainland China and the British auctioneer switched between English and Chinese as he called out prices, a fifth of the 41 pieces failed to sell.

The sale came near the end of a week of auctions for wine, art, jewellery and other collectable.

The sales in Hong Kong are a barometer of the Asian art and collectables market, which has come to be dominated by newly wealthy mainland Chinese. They have helped the city become the world's third largest auction centre after New York and London.

China became the world's biggest art market last year, accounting for 33 per cent of global fine art sales, edging out the US with 30 per cent, according to Artprice, which tracks market prices.

"Initial results indicate a softening of the market," said Jehan Chu, director of art advisory service Vermillion Art Collections. "There are a lot of nervous people out there."