My recent newsletter from Sotheby's Hong Kong showed these amongst a number of Chinese works of art that had been sold at auction. Taking an exchange rate of HKD7.8 to USD1, this means the first picture achieved just over USD2m, and the second nearly USD4.25m.
In anyone's book these are staggering results, highlighted perhaps by the increase over estimate. They are reflecting what I have written about for Chinese art, (the C19th Chinese School picture and the 18th century Qianlong porcelain vase), that the prices are beginning to look ridiculous, in my opinion. Like so much in China, there appears to be a bubble forming, a concern being shared in equity markets, which are beginning to worry about the impact of that bubble bursting in so many sectors, including the general economy, but in housing too.
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