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Art Prices in Asia Plummet

2008-12-04 09:29:26 Liu Fang

Art lovers and investors may find themselves enjoy more natural beauty as the global financial crisis is taking its toll. Some art objects are moving out of reach as the credit crunch extends even into sales of Asian art. However at Christie's Auction house the company's leading expert voices optimism for the future despite slumping sales.

The President of Christie's in Asia, Andrew P. Foster, says some highly priced pieces at the Asian contemporary art sale did not do as well as expected. However pieces in the mid range did very well at the Sunday evening sale."

Andrew P. Foster, president of Christie's in Asia, said, "I think in our evening sales that we had of contemporary and 20th century Chinese art, where there is real wonderful appreciation of that market and the appreciation has grown tremendously, and over the past five, six years the prices have sky-rocketed, that there's definitely been a pause in that price appreciation. And some of those very high end pieces had a difficult time the other night, on the other hand we have all sorts of works, many by some of the same artists at the middle price range that are doing very well today."

Christie's began its autumn sales in Hong Kong last Saturday. Some art categories appear less affected by the economic crisis than others.

At a wine auction on November 29th, 12 bottles of rare vintage Chateau Latour 1961 sold at a record 1.1 Million HK dollars. That's over 141-thousand US Dollars.

 

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