Tango-Tiger

watch
patek philip
<strong><a href="http://www.patekcompany.com">watches</a></strong> | <strong><a href="http://www.patekcompany.com">watches</a></strong> | <strong><a href="http://www.patekcompany.com">patek</a></strong><br>
Christie's first auction in mainland China earns $25M
The results for the New York auction house event in Shanghai exceeded pre-sale estimate of $16 million.
Article
Comments
Print
Email
Reprints
Comment
By
Bloomberg News
September 26, 2013 3:12 p.m.
Tweet
Share
Share
Tweet
Photo by Buck Ennis." data-ga-event-type="click" data-ga-event-category="Articles" data-ga-event-action="Main Photo Enlarge" data-ga-event-label="Christie's">
Christie's first mainland China auction raised $25 million.
Photo: Buck Ennis
Related News
Sotheby's adopts shareholder rights plan
City Opera, other arts nonprofits under pressure
NYC Opera may file for bankruptcy
Automated system to reduce wait times at JFK
Twitter, NFL reach deal to show football videos
<p><strong><a href="http://www.patekcompany.com">watches</a></strong> (Bloomberg) --
Christie's first mainland China auction raised $25 million, with sales led by a Picasso, Patek Philippe watches and bottles of Chateau Lafite.</p><p><strong><a href="http://www.patekcompany.com">the patek philippe</a></strong> The Shanghai auction late Wednesday exceeded its pre-sale estimate of $16 million. The top lot was a diamond and ruby necklace that sold for a hammer price of $2.94 million.</p><p><strong><a href="http://www.patekcompany.com">philippe patek</a></strong> Though the 39-lot sale was small by international standards, the event was as much about marketing and gaining access to the growing ranks of high-net-worth Chinese by the London-based house.</p><p><strong><a href="http://www.patekcompany.com">watches</a></strong> "As Europe was in the 19th century and the U.S. in the 20th century, China will become the most important market in 20 or 30 years," Francois Pinault, the founder of Christie's owner Kering, said just before the sale.</p><p><strong><a href="http://www.patekcompany.com">philippe patek</a></strong> Still, the most lucrative part of the Chinese art and antiques market -- valued at $14.3 billion in 2012 by the European Fine Art Foundation -- is off-limits to foreign auction houses under a law to protect cultural relics.</p><p><strong><a href="http://www.patekcompany.com">watches</a></strong> Asked when the Chinese government might relax this restriction, Christie's chief executive Steven Murphy said "We are very happy to be in China with the myriad offerings on offer tonight, and it is not for us to ask or wonder about the restrictions."
</p> Spontaneous Applause
<p>
Judging from the excitement last night, the inaugural sale was a success. During a prolonged battle for a jadeite Buddha that sold for 5.5 million yuan ($900,000) compared with a high estimate of 800,000 yuan, the room of more than 600 people erupted into applause after every subsequent bid instead of waiting for the hammer to go down.</p><p>As Chinese collectors begin to venture beyond traditional Chinese paintings and antiques to collect Western works, they have shown a strong preference for blue-chip artists.</p><p>The top work of art was a 1969 painting by Pablo Picasso entitled "Homme Assis" (Seated Man) that sold for 9.6 million yuan, compared with a high estimate of 6.2 million after protracted bidding by five mainland buyers in the room. A synthetic polymer and silkscreen ink by Andy Warhol sold for 4 million yuan.</p><p>A lot containing a double magnum and a case of 1982 Chateau Lafite-Rothschild sold for 550,000 yuan, while an 18 carat pink gold Patek Philippe tourbillon wristwatch sold for 3.5 million yuan.
</p> Giorgio Morandi
<p>
All but one lot sold, depriving Christie's of a "white glove sale" when a modern painting by Giorgio Morandi with a low estimate of $850,000 failed to find a buyer.</p><p>Christie's also held private sales of works by Andy Warhol, Gerhard Richter and a work by Picasso valued at $12 million. A private sale of jewelry includes a 75.97 carat, D flawless diamond valued at $21 million. Results have not been released.</p><p>Sotheby's will be holding its first auction in Beijing in December.</p><p>Meanwhile, mainland Chinese auction houses have been expanding abroad. Beijing-based Poly International Auction Co. and China Guardian Auctions Co. began holding sales in Hong Kong last year, where the absence of import duties or trade restrictions has made the free port one of the world's most important auction hubs.</p><p>"A lot of the big players want to come to Hong Kong because it's a more level playing field, the market here is more transparent, and the bidders in the room are more diverse," James Hennessy, a Hong Kong-based dealer said before the sale. "The mainland has a long way to go to catch up to Hong Kong."
</p>
Print
Email
Reprints
Comment
Arts International Law New York Christie's China
Previous Article
Cultural district shines spotlight on Brooklyn
Next Article
Broadway becomes The Great Write Way
<strong><a href="http://www.patekcompany.com/ladies-watches-c-6.html">watch</a></strong><br>
<strong><a href="http://www.patekcompany.com/ladies-watches-c-6.html">patek philip</a></strong><br>