French wine, Chinese art soar to $106m at Christie's

30 May 2011

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Zao Wou-ki’s ‘5.6.63’ sold for HK$1,858,000 / US$2,390,000.

(Christie's)

The weeklong series of sales held by Christie's in Hong Kong began on a high note with a total of HK$821.2 million ($106 million) spurred by a demand for vintage bottles of Chateau Latour and modern Chinese paintings. Totals for the first three days of sales were up by 40% over equivalent auctions last fall.

Works by 20th century artist Zao Wou-ki sold to private Asian collectors for $5.27 million and $4.98 million, well above estimates, on May 28.

Also of note, 392 lots of wine, direct from Chateau Latour, sold out for a total of $7.76 million, with 95 percent of the lots exceeding their high estimate.

A highlight of the $63 million Evening Sale was ‘The Leopard’, a work by renowned Chinese artist Zeng Fanzhi that sold for HK$36,000,000 /US$4,630,000, with all commissions waived to benefit The Nature Conservancy.

Sales continue this week, with a Qianlong-era vase expected to fetch HK$200 million on June 1.

Read more at Bloomberg

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