Another successful turnout for Chinese Contemporary Art sales at the Fall 2009 auctions

The Chinese contemporary art market has once again accomplished a strong showing at the Fall 2009 sales in Hong Kong.  Sotheby's and Christie's each had remarkable sales gains in Asian contemporary art.  Contributing largely to this outcome is the category of 20th Century Chinese Art, which saw highlights from artists such as Wu Guanzhong and Sanyu, both record-setting artists represented in The Hefner Collection.  Sotheby's made a higher than expected US$168 million in total, the third highest result for its closely watched Hong Kong sales, and 88 percent higher than its spring sales. Christie's sales results came in at US$212.5 million, showing a robust recovery in the category of Asian and 20th Century Chinese Art, earning Christie's a 58 percent market share for the year in Asia and, in particular, a 48 percent increase over the Autumn 2008 season.  China Guardian completed its 2009 autumn auctions in Beijing with a turnover of US$224 million, with Contemporary Chinese Paintings and Sculptures as a record-high contributor.  These collective results in sales of Asian Contemporary offerings reveal a market that is expected to continue to grow on a global front.