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October 10th, 2012

Sotheby's signage, part of an installation by Yayoi Kusama in Hong KongSotheby’s Hong Kong autumn sales saw a 37% decline from the same period last year as the Chinese economy slows. 27% of lots in the Contemporary sale went unsold. China accounted for almost 44% of global auction revenue last year, as both Christie’s and Sotheby’s have heated up the market in Hong Kong. Sotheby’s recently announced that it was given the green light to open on the mainland in partnership with a Chinese auction house. Bejing had higher total revenue than London or New York for art and collectibles last year with sales volume of 6.4 billion euros ($8.30 billion).
Read the full article via Reuters