Pursuits
Christie's $335 Million Hong Kong Sale Is 16% Below Estimate
- Economic uncertainty, anti-corruption drive hurt China demand
- Sales slump reflects wider slowdown in luxury spending
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Christie’s International Plc sold HK$2.6 billion ($335 million) at its six-day Autumn sales in Hong Kong that ended Wednesday night, 16 percent below what the auction house had estimated it would earn, as Chinese buyers held back on purchases of contemporary art, ceramics and wine.
That compares with the HK$3.82 billion it earned in similar sales two years ago, almost twice the pre-sale estimate of HK$2 billion at the time, when mainland clients bid up prices on everything from Qing dynasty porcelain to Patek Philippe watches.