HONG KONG.- The 2016 spring sale of Poly Auction Hong Kong Limited (Poly Hong Kong) came to a successful close on 5 April.

Director of Poly Auction Hong Kong Zhao Xu said, "The sale of Wu Guanzhong's The Zhou Village will create new standards in the market for Chinese art. This new world record has helped us realize there is no lack of wealthy buyers or capital in the Chinese art market, only a lack of top-notch works. The Zhou Village marks a new milestone for Poly Auction Hong Kong, the beginning of a sensational new era. This year's focus will continue, and this year's excitement will continue, so we hope everyone will please continue to watch for the sale of The God of Cloud and Great Lord of Fate at Poly Auction Beijing on June 4. Everyone here at Poly believes that you will see a legend of art at the Poly Auction Beijing sale.

Alex Chang, Managing Director of Poly Hong Kong, said, "Our total receipts at this spring sale set a new record high, and during the three days of auctions, we continued to set eye-opening new records with our success at individual sales. In particular, the sale of The Zhou Village for HK$236 million, in itself an unprecedented auction record, further demonstrates the great potential of the Chinese art market. We also saw increasing numbers of new local buyers bidding along with overseas buyers, indicative of a greater frequency of cross-regional exchanges. In the future we hope to introduce a more diverse range of artistic categories to promote an even more flourishing market.”

Sale Results of April 5:
Chinese Ceramics & Works of Art
This season’s Chinese Ceramics & Works of Art sale featured a series of well-documented, high-status ritual Yin and Zhou bronze vessels, while the selection of Ming and Qing ceramics was also maintained at a relatively high level. Total receipts were HK$61.01 million, and the featured piece, a Late Shang Dynasty Yi with an engraved animal-mask motif, sold for the high price of HK$14.75 million after several rounds of bidding, giving it the top spot in this particular sale.

Chinese ceramics and works of art specialist Mu Wenbo said, “Well-documented bronzes remain the hot spot in this market, while rare, high-quality copper wares are also a highly attractive draw.” Chinese ceramics and works of art specialist Du Jibo indicated that “Ming and Qing ceramics and fine Buddhist statuary are progressing toward a stable future trend of development. In future sales, Poly Auction’s ceramics and works of art department will further curtail the volume of such works while striving to increase the quality of the sale offerings.”

The Endless Manifestations of the Buddha’s Spirit: Collection of Treasures of Buddhist Art
The special auction of Buddhist Art is the fourth Buddhist-themed auction to be held by Poly Auction Hong Kong. Featuring stylistically diverse Buddhist art pieces from a broad range of sources and dating from the 4th to the 19th century, this sale brought together fine works of important historical eras and regions, from China’s Central Plain to Tibet. The sale fetched HK$28.36 million. A large Nepali gilt-bronze figure of a seated, crowned Shakyamuni brought more than HK$4.1 million, the highest figure for this special sale. Another work, a gilt-bronze figure of a standing Bodhisattva, after nearly 40 rounds of bidding, ultimately achieved a sale price several times higher than the original estimate.

Important Jewels
This season’s sale of Important Jewels was led by what the Swiss Gübelin Gemological Laboratories termed “an extremely rare and highly important jadeite and diamond pendant.” Following intense bidding between onsite and offsite bidders, it reached a final sale price of HK$46.49 million, the highest price at this particular sale, while also setting the highest price in history for the sale of a jadeite pendant. Total proceeds from the Important Jewels sale were HK$118 million.

Yu Wenhao, Director of Jewels and Prestige Collections, said, “The high sale price received for what the Swiss Gübelin Gemological Laboratories termed ‘an extremely rare and highly important jadeite and diamond pendant’ is currently the highest single-lot price for an undecorated jadeite pendant ever seen on the market. Bidding was intense, with the sale in the end going to an onsite buyer, and it was one of the great surprises at today’s special sale. While the market is currently adjusting, rare and finely worked pieces such as this still receive great attention from collectors. The sale of this jadeite and diamond pendant has undoubtedly brought greater confidence to the market.”

Sale Results of April 4:
Chinese Paintings
The final hammer fell with satisfying results on the second day of the Poly Auction Hong Kong Spring Sale. The Chinese Paintings and Calligraphy Department enjoyed notable success with its five major sales of "Fine Modern Chinese Paintings and Calligraphy," "Classical Chinese Paintings and Calligraphy," "Inkprovise - Modern & Contemporary Ink Art," "Glossiness of Uncarved Jade - Special Auction of Cui Ruzhuo [VI]," and "Convergences—A Selection of Chen Wen Hsi Paintings," with total receipts of HK$624 million, demonstrating collectors' recognition of and confidence in Poly Hong Kong.

Luo Gedi, Director of Chinese Paintings, said, "Given the overall environment after shifts in the Chinese painting and calligraphy market, the fact that our five major sales today achieved this kind of success is an indication of collectors' recognition of and trust in Poly Auction Hong Kong. Many important sale pieces achieved the best success that could be hoped for, in some cases even selling for multiples of the estimated price, reflecting the stability of the Hong Kong painting and calligraphy market. This shows our degree of care in selecting auction pieces. Our aim has always been to establish ourselves in Hong Kong and then enter the international market, and our mission has been to offer the finest Chinese art for Chinese people everywhere and indeed for the international market. We would like to thank all collectors for their outstanding support as we move forward together for a magnificent future."

Fine Modern Chinese Paintings and Calligraphy
Nearly 170 works were offered in the Modern Paintings and Calligraphy sale, with total receipts of about HK$100 million. Buyers from China, Hong Kong and the Asian region congregated and bid eagerly at the sale. Intense bidding on some works by modern masters resulted in sale prices several times the original estimate. Among them, Xu Beihong's Horse, formerly from the collection of Xu Boyang, brought a final price in excess of HK$21 million following several rounds of bidding between onsite and offsite bidders, also setting the high price for the sale.

Classical Chinese Paintings and Calligraphy
Total receipts for this sale were HK$63.43 million.
Classical Chinese paintings and calligraphy enjoyed stable sales. Both onsite and offsite collectors showed interest in Zheng Banqiao's Ink Bamboo, Orchid and Rock, and while bidding began at HK$12 million, it sold following several rounds of intense bidding for the high price of HK$21.24 million. This Zheng Banqiao work was once featured in several authoritative publications, including Volume 8 of the "Yi Yuan Duo Ying," "Paintings and Calligraphy by the Eight Eccentrics of Yangzhou," and the Catalog of Paintings and Calligraphy by Zheng Banqiao, and is one of the rare and outstanding works to have appeared at auction in recent years.

Inkprovise - Modern & Contemporary Ink Art
The "Inkprovise - Modern & Contemporary Ink Art" sale brought outstanding results, with total receipts equal to HK$23.81 million. AUTUMN SCENERY, a work by master painter Lin Fengmian, brought HK$2.36 million, while Liu Rendao's AUTUMN SCENERY brought over HK$4.24 million.

Glossiness of Uncarved Jade - Special Auction of Cui Ruzhuo [VI]
The "Glossiness of Uncarved Jade" sale brought in total receipts of HK$425 million, among which the " The Grand Snowing Mountains " , after more than 30 rounds of bidding, brought a hammer price of HK$260 million and a final transaction price of over HK$300 million, making it the single-work star performer of this year's spring sale, as well as setting a record price for a Chinese ink-wash work by a living artist.

Convergences - A Selection of Chen Wen Hsi Paintings
"Convergences—A Selection of Chen Wen Hsi Paintings" included a total of 32 works, and brought total receipts of HK$11.64 million. This special sale featured the finest works by Chen Wen Hsi yet brought to sale, as well as the most complete range of artistic subjects, for a comprehensive view of this master's achievements and his market value. Among them his "Fish Mounted and Framed" sold for over HK$4.8 million, the highest sale price among this selection of works.

Important Watches
A selection of important watches was offered, which brought total receipts of HK$15.41 million.
Yu Wenhao, Director of Jewels and Prestige Collections, said, "Given the currently cautious and conservative atmosphere of this market, the number of pieces offered at our sales this season was reduced by about 50 percent, but the closing rate remained stable. In particular the high closing prices for the rarer items once again highlighted our focus on acquiring fine, genuine, and rare items for sale and our grasp of market trends. Our team of specialists will continue their efforts, and at tomorrow's sale of Important Jewels we will show some exceptionally beautiful pieces worth acquiring for an investment collection."

Noble Handbags and Accessories
A selection of fine and elegant handbags was offered by the Jewels and Watches Department, which brought total receipts of HK$10.95 million.

Chinese and Asian Modern and Contemporary Art
This season's "Chinese and Asian Modern and Contemporary Art" was a great success, with total receipts of HK$400 million, a historical high. Bidding for Wu Guanzhong's The Zhou Village began at HK$138 million, and following more than ten minutes of intense bidding sold for the high price of HK$236million, not only setting a new auction record for any Wu Guanzhong work, but also a new world auction record for any modern or contemporary Chinese oil painting.

Wu Guanzhong's The Juma River in Shidu Town and Zao Wou-ki's Lilies also brought high prices. In the "30 Years of Chinese Contemporary Art," Zeng Fanzhi's Untitled sold for the high price of HK$10.62 million, while Mao Yan's Standing Youth sold for HK$9.44 million, twice the low pre-sale estimate. All lots in the Shang Yang sale also went for high prices, demonstrating the market's intense confidence in fine works by modern Chinese masters and the energy of the current market for Chinese contemporary art. Sales of work by the Gutai group, representing the Japanese avant-garde movement, and selected works of Yayoi Kusama attracted collectors from the US, Europe, and Asia for sales that also brought exciting results.

Jamie Yu, Senior Specialist of the Chinese and Asian Modern and Contemporary Art Department said, "We're extremely happy that 'Zhou Village' set a new world auction record for a Chinese oil work. Other featured works also brought high prices. The modern art at sale also enjoyed a stable performance, while the results in contemporary art works testified to collectors' high degree of interest in works with a historical meaning. The total sale receipts set a new historical record for us which was very encouraging."

Sale Results of April 3
Chinese and Western Wine
On the first sale day, Poly Hong Kong held the "Chinese and Western Wine" sale, with total proceeds of HK$13.21 million.

XiXi Cheng, Specialist, Chinese and Western Wine said, “Overall, the whiskey trend is still on the rise & results were positive. The cover lot Macallan 18 vertical 1962-1985, total 25 bottles were sold for $448,000HKD. Japanese whiskies continually shows stable increases in price as a result of announcements to stop production of vintage bottling earlier year. Most Yamasaki lots surpassed their high estimates by a healthy margin. Burgundy showed the strongest on the wine side with most successful bidding coming from the most esteemed Domaine de la romanee conti mixed lots. Chinese spirits showed a resurgence and also performed above expectations with most lots selling at high estimates.”