HONG KONG.- Christie's Hong Kong Fall 2010 Sale of Southeast Asian Modern & Contemporary Art on 29 November realised HK$56,738,250/ US$ 7,307,887, with 87% sold by lot and 98% sold by value. The top lot is the Walter Spies masterpiece Balinesishe Legende (Balinese Legend), setting a new record for the artist at HK$16.9 million.

Ms Ruoh-Ling Keong, Head of Christie's Southeast Asian Modern and Contemporary Art Department, said, "The sale total of HK$56.7million represents a nearly 70% increase over the same sale last year. With average prices roughly in line with those seen at the height of the market, and several records set across the modern and contemporary sections, the market for the finest works of art from Southeast Asia is indeed healthy and robust.

There was a buzz in the auction hall when the hammer went down on the Walter Spies masterpiece Balinesishe Legende (Balinese Legend), setting a new record for the artist at HK$16.9 million. Likewise, the significant market response from both private collectors and institutions to Wounded Lion by Raden Saleh underscores that top prices for historically important modern works is indeed well-deserved.

The contemporary section saw global collectors responding in earnest to not only works from the established rock stars of the category including I Nyoman Masriadi and Handiwirman Saputra, but also those from newer artists, reminding us that the vibrant nature of this category has an appeal beyond national borders.

We now have our eyes set on the Spring, which promises to be bright as there is already a noticeable buzz from collectors given the numerous exhibitions, fairs, and biennales on the horizon in and around the region."