Asian art sale opens in Hong Kong

By Vaudine England
BBC News, Hong Kong

Contemporary art is expected to do well at the sale

The auction house Christie's has opened a four-day spring sale of Chinese and Asian art in Hong Kong.

Christie's is expecting record prices on some modern Chinese paintings and imperial ceramics.

The booming art market in Asia and particularly the growing interest of Chinese buyers is fuelling the buying spree.

But China's art boom is driven as much by investment goals as by a real interest in the art.

The works of art might be beautiful but the prices are awe-inspiring.

We are expecting tremendous potential growth in the Chinese market Ken Yeh, Christie's

Reserve prices on a few of the top lots at this year's auction range between $2m (£1m) and $5m.

Modern twentieth century paintings usually draw the highest prices, but hundreds of thousands of dollars are expected for calligraphy and even for a Korean mixed media and video installation.

Bids of at least $4m are expected for a pair of fine peach bowls to be sold in the sale.

'Tremendous growth'

Ken Yeh, deputy chairman of Christie's in Asia, says Hong Kong is now the third most important art sales centre in the world after New York and London.

"We are expecting tremendous potential growth in the Chinese market," he said.

"Because as the Chinese economy is growing, when you have extra disposable income, the first thing they buy is what they feel comfortable with, and that's Chinese art."

These two peach bowls are expected to fetch around $4m

So heated is the art market that some critics have described it as an investment bubble, which could collapse as quickly as it began.

Ken Yeh disagrees. "I don't see it that way because actually the people who buy Chinese contemporary are not really mainland Chinese," he says.

"Actually it's globally - you have Europeans coming in, you have Americans coming in, obviously you also have people from Taiwan, from Hong Kong, from South East Asia."

"I don't see there's a bubble there, I think [the] market will continue growing, maybe at some point there's some correction but I don't think there's a bubble."

'Flashy rubbish'

Aside from the classical and modern Chinese and Asian art on sale, the last day of the auction will be focused on the more established rich buyers from Hong Kong and South East Asia.

What they want is wearable art that their peers can admire and envy. Rare watches and exquisite jewels will also fetch millions of dollars.

Flashy rubbish is how some established art dealers describe the more speculative art purchases.

Some galleries in Hong Kong are pandering to the new-found greed for Chinese painting by selling works which follow a formula of bright colours, wide faces, and references to the Cultural Revolution and sex.

But the fashion, fuelled by the growing world-class auction business, is also helping to send more money to struggling artists.