Asian private collectors were the top buyers at Sotheby’s jewellery sales in Hong Kong during the first half of the year, according to the auction house.
Asian private clients accounted for over 80 percent of overall jewellery sales, Sotheby’s said, adding that they also established a much more significant presence in the company’s worldwide jewellery auctions. The share of “buyer hammer” from Asian private collectors more than doubled in the first half of 2016, it added.
“Sotheby’s attracted the participation of collectors from 65 countries. Particularly strong bidding was evident throughout Asia, including among mainland Chinese collectors seeking rarity, quality and opportunity,” noted Sotheby’s.
Among the best-performing lot was the “De Beers Millennium Jewel 4,” a 10.10-carat oval-shaped internally flawless fancy vivid blue diamond, which sold for HK$248,280,000 or US$31,830,769 at the Magnificent Jewels & Jadeite sale in Hong Kong last April.
It was the highest price ever paid for a jewel at an auction in Asia, according to Sotheby’s.
Sotheby’s said total sales in Asia reached HK$3.6 billion (US$461.5 million) in the first half of the year, up 22 percent from the previous year. The company said its strong performance beat expectations and defied market difficulties.
Kevin Ching, CEO of Sotheby’s Asia, commented: “We are delighted by the exceptional half year results that reached 22 percent over last year. After more than four decades in Asia, Sotheby’s maintains an unrivalled ability to source the finest and rarest objects from notable collections around the world – a critical element to our success.”