SOTHEBY’S LEADS ASIA FOR THE THIRD YEAR IN A ROW

2018 AUCTION SALES REACH
US$1 BILLION
- The Highest Total in Sotheby’s 45-year History in Asia -
- Leading All Auction Houses in the Region -

TOP LOT OF THE YEAR
Zao Wou-Ki’s Juin-Octobre 1985
Achieves HK$510 Million / US$65 Million
- The Most Valuable Painting Sold by any Auction House in Hong Kong -

Hong Kong, 13 December 2018: ‘2018 has been the best year in the history of Sotheby’s 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.’

STRONG PERFORMANCE ACROSS THE BOARD
·          Sotheby’s Asia 2018 aggregate auction sales reach 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