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Sotheby's Leads Asia For The Third Year In A Row

PRNewswire 13-Dec-2018 12:04 PM

HONG KONG, Dec. 13, 2018 /PRNewswire/ -- "2018 has been the best year in the history of Sotheby's (NYSE:BID) Asia," commented Kevin Ching, Chief Executive Officer of Sotheby's Asia. "With an auction total of US$1 billion, well ahead of our competitors for the third consecutive year, the results cement our leadership in Asia. It is the combination of our unparalleled expertise and passion, innovative sale concepts, and our absolute commitment to clients that drives our continued success in an increasingly discerning and competitive market."

Sotheby's 2018 auction sales in Asia reached $1 billion, the highest total in Company history and leading the market for the third year in a row. Pictured here is Sotheby's UK Chairman Harry Dalmeny presiding over the record-breaking sale of a 1985 masterpiece by Zao Wou-Ki for $65 million, the most valuable painting sold by any auction house in Asia.

STRONG PERFORMANCE ACROSS THE BOARD

  • Sotheby's Asia 2018 aggregate auction sales reaches HK$7.68 billion (US$985 million), the highest total in the Company's 45-year history in the region. It also marks Sotheby's third consecutive year as the market leader in Asia.
  • 12 'white-glove' sales (100% sold)
  • 7 works sold for more than HK$100 million each
  • 40+ auction records
  • Leading the market in virtually every single category, including:
    • Chinese Works of Art: HK$2.07 billion (US$265 million) – market leader in Asia for 9 consecutive years
    • Modern Art: HK$1.87 billion (US$240 million)
    • Contemporary Art: HK$1.17 billion (US$150 million)
    • Southeast Asian Art: HK$263 million (US$34 million)
    • Fine Chinese Paintings: HK$820 million (US$105 million)
    • Wine: HK$407 million (US$52 million)
    • Watches: HK$300 million (US$38 million)

CLIENT BASE CONTINUES TO EXPAND

  • 27% of buyers were new to Sotheby's Asia
  • Engaging young collectors: 23% of buyers in Asia were under 40. Percentage of young buyers reaches 40% at 'Curated: Turn It Up', a themed sale aimed at the tastes of today's new-generation collectors

GLOBAL ASIAN SPENDING REMAINS ROBUST*:

  • Asian clients account for 26% of Sotheby's worldwide auction sales
  • Among the top 20 lots auctioned by Sotheby's worldwide, 6 lots were bought by buyers from Asia

GROWING ASIAN INTEREST IN WESTERN ART:

  • Number of Asian clients buying Western art at Sotheby's worldwide auction sales grew by 32%*
  • Western works 100% sold in the Modern and Contemporary Art Evening Sales in Hong Kong, totalled HK$442 million (US$56 million) -- the highest among all auction houses in Asia

*Note: Figures as of 30 November 2018 and compared with those of the full year of 2017.

About Sotheby's
Sotheby's has been uniting collectors with world-class works of art since 1744. Sotheby's became the first international auction house when it expanded from London to New York (1955), the first to conduct sales in Hong Kong (1973), India (1992) and France (2001), and the first international fine art auction house in China (2012). Today, Sotheby's presents auctions in 10 different salesrooms, including New York, London, Hong Kong and Paris, and Sotheby's BidNow program allows visitors to view all auctions live online and place bids from anywhere in the world. Sotheby's offers collectors the resources of Sotheby's Financial Services, the world's only full-service art financing company, as well as the collection, artist, estate & foundation advisory services of its subsidiary, Art Agency, Partners. Sotheby's presents private sale opportunities in more than 70 categories, including S|2, the gallery arm of Sotheby's Global Fine Art Division, and three retail businesses: Sotheby's Wine, Sotheby's Diamonds, and Sotheby's Home, the online marketplace for interior design. Sotheby's has a global network of 80 offices in 40 countries and is the oldest company listed on the New York Stock Exchange (BID).

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Hong Kong | Winnie Tang/ Benedict Tsang | +852 2822 8129/146 | winnie.tang/benedict.tsang@sothebys.com
New York | +1 212 606 7176 | Darrell Rocha | Darrell.Rocha@Sothebys.com
London | +44 (0)207 293 6000 | Matthew Floris | Matthew.Floris@Sothebys.com

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SOURCE Sotheby's