HONG KONG.- Poly Auction Hong Kong has successfully completed its first day of 2014 Spring Auctions yesterday with satisfactory results. At yesterday’s auctions, five designated sales took place, which included Classical Chinese Paintings and Calligraphy Sale, Fine Modern Chinese Paintings and Calligraphy Sale, Chinese & Asian Modern and Contemporary Art Sale, Important Jewels Sale, and Important Watches Sale, fetching proceeds totaling HK$600 million. Prices of some of the auction lots went beyond HK$10 million, and the first day of auctions saw very active bidding.

Chief Executive Officer and Managing Director of Poly Auction (Hong Kong) Limited, Mr Alex CHANG, said, “We are very satisfied with the overall results of the five auctions held yesterday, and the wide selection of great works has easily attracted collectors to actively take part in bidding. The sales turnover represented a rather substantial growth year-on-year, which demonstrated the market’s knowledge of and craving for premium collectibles. This year, collectors from all parts of Asia gather together at Poly Auction Hong Kong’s Spring Auctions, through which Chinese artworks can be spread to the overseas, thus realising Poly Auction’s mission in becoming a global platform for the exchange of artworks.”

Regarding the first day of the auctions, the overall results of the “Classical Chinese Paintings and Calligraphy” Sale have been satisfactory, of which the calligraphic works have seen a rapid growth, illustrating that the level of collectors and their attention to calligraphy have both been enhanced. The very rare Pine Trees and Spring as well as A Conjoined Landscapes were sold at HK$17,250,000 and HK$14,375,000 respectively. It is worth noting that individual auction lots have been sold at prices that were many times higher than the estimates, such as ZHAN Ruo-Shui’s Poems written in Running Script sold at HK$1,207,500 or 48 times higher than the lower estimated price. This is just one of the examples – similar cases happened with some other auction lots, and have caught huge attention.

Results for the Jewels and Watches Department have recorded an extensive increase compared with the 2013 Autumn Auctions, which reflected that collectors are very confident in premium jewellery and watches. The pair of 8.31 & 8.31 carats ruby and diamond ear pendants by Harry Winston, which was the spotlight of the Important Jewels Sale, was sold at HK$18,660,000. Moreover, one of the special features of the Spring Auctions was the introduction of jewellery pieces that had no reserve prices, which were very well-received.

In the Fine Modern Chinese Paintings and Calligraphy Sale, FU Bao-Shi’s Mount Qian, XU Bei-Hong’s Horses and QI Bai-Shi’s Bodhisattva were sold for over HK$10 million respectively. Furthermore, quite many auction lots were sold at prices that were many times higher than the estimates; for example, HUANG Zhou’s Herding Donkeys starting out at a mere HK$490,000 and ended up at HK$4.37 million after multiple rounds of bidding. Another such piece by HUANG was also entitled Herding Donkeys, whose lower estimate was only HK$200,000, and has reached as much as HK$1,265,000.

The highlight of the Chinese & Asian Modern and Contemporary Art Sale - PAN Yu-Lin’s Nude by Window - a key signature artwork that exhibits the artist’s creative concepts, was sold at HK$34,530,000, setting a new auction record for artworks by this artist. Fate’s Hushed Approach, My Hushed Laughter by Takashi Murakami was also sold at a high price of HK$ 9,230,000.

For today’s auctions, Poly Auction HK will be presenting a total of seven sales, namely the Treasure of Chinese Buddhist Art – The Grand Gathering of Enlightened Beings, Chinese Ceramics & Works of Art, Chinese Contemporary Ink Paintings [I] – Contemporary Chinese Classical Paintings, Chinese Contemporary Ink Paintings [II] – New Chinese Ink Paintings, Glossiness of Uncarved Jade – Special Auction of Cui Ruzhuo [II], A Historical Collection of East Asian Politics and Arts in Early 20th Century, as well as Chinese and Western Wine that was introduced in Hong Kong for the first time.