The sales at Sotheby's Modern and Contemporary Asian Art Evening Sale in Hong Kong on October 6 exceeded expectations and broke several records. With nine artists breaking their records and 80% of the lots selling above their high estimate, the auction ended with a total of $78.9 M.

The prices skyrocketing is partially attributed to the to the many participants at the live auction and the large amount of online bidders. Many of the lots had not been on the market for longer periods of time, and more than one bidding war broke out.

Liu Xiaodong's Disobeying the Rules, which was featured on Barnebys Top 10 Most Expensive Lots list last week with an estimate of $7.47 M, broke the artist's record when it was sold for $8.49 M. Fang Lijun's Series 2 No. 4 had an estimate of $3.23 – 4.52 M and ended up selling for $7.63 M, also setting a record for the artist.

FANG LIJUN. Series 2 No. 4, 1992. FANG LIJUN. Series 2 No. 4, 1992.

Sotheby's Contemporary Asian Art department observes their 10th anniversary this year, and breaking several records seems like an appropriate way to celebrate a decade of good work.

Find more auctions at Sotheby's here.


Story via ArtDaily/Sotheby's