AO Auction Results and news summary: Results at Sotheby's Hong Kong Auctions Indicate Continued Growth of Chinese Market, Record Set for Zhang Xiaogang
Friday, October 8th, 2010
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Zhang Xiaogang, Chapter of a New Century – Birth of the People’s Republic of China II, 1992 (est. 21—23 million HKD, realized 52,180,000 HKD), via Sothebys.com
This week’s auctions at Sotheby’s Hong Kong indicated that the Chinese art market continues to show signs of growth, as both Contemporary Art sales easily passed the earnings of the equivalent sales in 2008 and 2009. Monday featured back to back auctions. First, the 20th Century Chinese Art sale realized 137,313,750HKD (est. 130 million HKD) with 29 of 38 lots sold. The afternoon Contemporary Asian sale realized 205,896,250 HKD, well above the presale estimate of 150 million HKD.
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