The two major art auctions in Hong Kong are a good indication on how the art market in Asia is performing. <br /><br />Christie's auction house is preparing for its May auction buoyed by Sotheby’s recent success. <br /><br />Sotheby’s spring auction was a world record, with sales of $256 million. <br /><br />Christie’s will put up around two and a half thousand items for auction. <br /><br />An early Ming Dynasty bronze figure is expected to fetch over $4.5 million dollars, while a pair of Beijing imperial 18th century vases could reach millions of dollars. <br /><br />[Jonathan Stone, Christie’s Asia Managing Director]: (English) <br />"There is really residual demand worldwide for Asian works of art. And I think as Asia becomes to dominate the world stage more, politically and economically and financially, there will also be much more interest from the West and a growing interest in Asian art." <br /><br />As the supply of top artwork shrinks and demand remains strong for rare items, there is a real possibility that Christie’s auction could go one better than Sotheby’s. <br /><br />[Jonathan Stone, Christie’s Asia Managing Director]: (English) <br />“The art market, particularly in Asia, has rebounded very strongly. And indeed the results of our competitors a week ago is a very strong indicator of that and really gives us great expectations for out forthcoming sale at the end of May." <br /><br />But whether Christie’s can beat the imperial pearl necklace that Sotheby's sold for $8.75 million or the white jade imperial seal for $12.3 million remains to seen.
