SOTHEBY S HONG KONG AUTUMN 2006 SALES TOTAL HK$1.07 BILLION (US$ 138 MILLION)

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1 Press Release FOR IMMEDIATE RELEASE Press Contacts: Hong Kong Lena Han Eliza Chan London Simon Warren SOTHEBY S HONG KONG AUTUMN 2006 SALES TOTAL HK$1.07 BILLION (US$ 138 MILLION) HIGHEST EVER TOTAL FOR A SERIES OF SALES AT SOTHEBY S IN HONG KONG 7 RECORDS ACHIEVED - INCLUDING: A record Chinese work of art sold by Sotheby s and the highest price ever paid at any art auction in Hong Kong - The Gilt-Bronze Figure of Shakyamuni made HK$116.6 (US$15) million 1 1 Note that according to Chinese collecting categories, the Shakyamuni bronze is an auction record for any Chinese work of art; the only higher price in the field of Chinese art is in the separate category of porcelain -- the $27.7 million (15,688,000 GBP) million paid for a Guan jar at an auction at Christie's London in June 2005.

2 Auction record for a Chinese oil painting 2 Chen Chengbo s oil painting Danshui sold for HK$34.84 (US$4.49) million Hong Kong, October 6-9, 2006 Sotheby s Hong Kong series of autumn 2006 sales performed exceptionally well and realised an outstanding total of HK$1,071,652,637/US$138,151,674, the highest ever achieved for a series of sales at Sotheby s in Hong Kong. Over the course of the week Sotheby s sold 1016 lots, and set several important new records, including records for a Chinese work of art, a Chinese oil painting and a contemporary Chinese sculpture. The week of auctions featured sales of Watches, Fine Chinese Paintings, Chinese Ceramics and Works of Art, Jewellery and Chinese Contemporary Art was held at the Hong Kong Convention and Exhibition Centre on Victoria Harbour. Patti Wong, Chairman of Sotheby s Asia, said: The excellent results achieved over the past four days demonstrate the strength of the market at the very top end. Sotheby s approach of focusing on top quality pieces places us ahead in Asia, with record prices achieved for a Chinese ceramic, Chinese work of art, Chinese oil painting and a piece of western jewellery. Deputy Chairman of Sotheby s Europe and Asia, and Managing Director of Sotheby s Asia and Australasia, Henry Howard-Sneyd, said: The exceptional results for the entire series, taking our overall total over HK$1billion for the first time ever, consolidates Hong Kong as the third greatest global centre, and vindicates Sotheby s strategy for focusing on it as the centre of Asia. Today s record breaking Contemporary Chinese Art sale demonstrates the continued strength and growth of the market, and validates the strong results achieved in the New York sale three weeks ago. On the first day of auctions, Friday, October 6, the Panerai sale and Important Watches brought a combined total of HK$37,897,841 (US$4,887,352). The unprecedented Panerai sale A Collection of Exclusive Timepiece was a great success and realised HK$7,424,403 (US$957,451), almost double the presale low estimate for the sale. It was 100% sold by lot and value, and represents the first ever white glove sale of watches at Sotheby s in Hong Kong. The highest price paid was for a stainless steel Luminor 8 Days Angelus wristwatch, which sold to a private Asian collector for HK$720,000 (US$92,851) (lot 307, est. HK$-155, ,000/US$20,000-22,000 1 ). The first ten lots ( ) in the Panerai sale, which were contributed by Panerai and auctioned to benefit The Studer Trust, a charity for helping children in Burma and China, brought a combined total of HK$3,054,000 (US$393,843). 2 Sotheby s Hong Kong held the previous record for a Chinese oil painting, when San Yu s Pink Lotus, sold for HK$28,120,000 (US$3,624,949) in the spring 2006 Contemporary Chinese Art sale.

3 The sale of Important Watches also performed very well and raised a total of HK$30,473,798 (US$3,929,901), within its estimate of HK$23-30 million. The top selling lot was a fine and rare white gold automatic perpetual calendar wristwatch with moon phases by Patek Philippe, which sold for HK$1,912,000 (US$246,572), more than double the pre-sale sale low estimate for the watch (lot 157, est. HK$800,000-1,000,000/US$103, ,000). The second highest price achieved was for a Patek Philippe, platinum split seconds chronograph with perpetual calendar wristwatch, which sold for HK$1,560,000 (US$201,178) (lot 260, est. HK$700,000-1,000,000/US$90, ,000). Saturday, October 7, on the second day of sales, Fine Chinese Paintings was extremely well-attended and brought a total of HK$117,122,837 (US$15,104,161). The Vermillion Pavillion Collection of Fine Chinese Paintings did exceptionally well and achieved the remarkable total of HK$40,356,040 (US$5,204,315), almost double its pre-sale low estimate of HK$20,179,000. Of the 60 lots offered, which were completely fresh to the market, works by Fu Baoshi, Xu Beihong and Zhang Daqian commanded the highest prices. 48 of the works offered in the collection sold for more than their high estimates. The whole collection which was 100% sold by lot also brought the highest price in the entire sale, HK$5,496,000 (US$708,764) (lot 579 est. HK$2,200,000-3,000,000), which was paid for Xu Beihong s Zodiac Animals. On the same day, in the first of the Chinese Ceramics and Works of Art sales, Visions of Enlightenment - The Speelman Collection of Important Early Ming Buddhist Bronzes, Sotheby s Hong Kong sold the highest price fetched at auction in Hong Kong, set a record Chinese work of art sold by Sotheby s 2, when the rare, Ming Dynasty Gilt-Bronze Figure of Shakyamuni Buddha sold for the exceptional sum of HK$116,600,000 (US$15,036,736) (lot 808 est. in excess of HK$60,000,000) to a private Asian buyer. The price achieved is also the highest price ever paid at any art auction in Hong Kong. The sale realised HD$324,343,998 (US$41,827,402), well in excess of its pre-sale high estimate of HK$182,000,000 (US$23,470,720). Directly following on, Classicism in Continuum Arts of the Ming also did very well and brought a total of HK$145,847,999 (US$18,808,558). The top lot of the sale was a magnificent Ming Dynasty Tianhuang carving of a Recumbent Lion by Yang Ji, which sold for HK$39,320,000 (US$5,070,707) (lot 916 est. HK$12,000,000-18,000,000) - an auction record for a scholar s object. The following day, Sunday, October 8, Fine Chinese Ceramics and Works of Art brought a total of HK$101,513,602 (US$13,038,407) and was highlighted by a fine Celadon-Glaze Vase with Ram s Heads, mark and period of Qianlong, which sold for HK$8,744,000 (US$1,123,079) (lot 1014 est. HK$5,000,000-7,000,000/US$645, ,000). Sales of Chinese Ceramics and Works of Art brought a combined total of HK$571,705,599 (US$73,674,367), which represents the highest ever total for any series of auctions of Chinese Ceramics and Works of Art.

4 Magnificent Jewels and Jadeite, the same day, totaled HK$174,816,400 (US$22,453,418) and was highlighted by the last lot in the sale, an important and rare pair of fancy purplish pink diamond and diamond pendent earrings, which sold for HK$31,480,000 (US$4,043,291) (lot 1596 est. HK$27,000,000-30,000,000/US$3,500,000-3,850,000) to a private Asian buyer. The second highest price achieved in the sale was for a magnificent diamond ring, which sold for HK$10,760,000 (US$1,382,014) (lot 1586 est. HK$9,900,000-11,500,000/US$1,270,000-1,480,000). On the final day of sales, Monday, October 9, the Modern Chinese paintings section of Contemporary Chinese Art Part I brought a total of HK$82,212,004 (US$10,602,060) and was highlighted by the sale of native Taiwanese artist Chen Chengbo s oil painting Danshui, which made HK$34,840,000 (US$4,492,966) - more than triple its pre-sale low estimate of HK$10,000,000 (US$1,298,000) (lot 1625). After several minutes of intense bidding it sold to a private Asian buyer. The price achieved for the painting, which is one of Chengbo s most spectacular depictions of Danshui in Taiwan, set a new record for a Chinese oil painting at auction. The second highest price achieved in the Modern section and again in the sale, was for Zhu Ming s bronze sculpture Single Whip, which is also a record for the artist at auction. The bronze, executed in 1998, is from his TaiChi series and sold for HK$8,296,000 (US$1,069,852) (lot 1604 est. HK$4,800,000-6,000,000/US$620, ,000). Ding Yanyong s Buddha sold for HK$5,720,000 (US$737,651), more than doubling its pre-sale low estimate of HK$2,500,000 and achieving a new record for the artist at auction. In Part II, the Contemporary Chinese paintings section of Contemporary Chinese Art, Zhang Xiaogang s oil on canvas Big Family Series: No 15, which he created at the peak of his career, brought the highest price, selling for HK$8,744,000 (US$1,127,626) (lot 1708 est. HK$8,000,000-12,000,000/US$1,140,000-1,550,000). The price achieved for this iconic work, which has been included in many major shows, represents a new record for the artist auction. Other works that commanded high prices include Qingshui River No. 2 by Fang Lijun, which sold for HK$3,368,000 (US$434,337) and Zeng Fanzhi s oil on canvas Portait, which sold for HK$2,360,000 (US$304,346). In total, the Contemporary Chinese paintings section brought HK$87,897,596 (US$11,335,274). Combined, the Modern and Contemporary sections, which included more than 190 lots, brought a total of HK$170,109,600 (US$21,937,334), which represents a record for a sale in this category at Sotheby s, and the fifth successive time that Sotheby s has broken its own record for a sale of Modern and Contemporary Chinese Art. Sales Totals: Important Watches (October, 6 th ) HK$30,473,798/US$3,929,901

5 Panerai A collection of Exclusive Timepieces (October 6 th ) HK$7,424,403/US$957, % sold by lot and value Fine Chinese Paintings (October, 7 th ) HK$117,122,837/US$15,104,161 The Vermillion Pavillion Collection (lots ) was 100% sold by lot and brought a total of HK$40,356,040/US$5,204,315 Visions of Enlightenment The Speelman Collection of Important Early Ming Buddhist Bronzes (October, 7 th ) HK$ 324,343,998/US$41,827,402 Classicism in Continuum The Arts of the Ming (October, 7 th ) HK$145,847,999/US$18,808,558 Fine Chinese Ceramics and Works of Art (October, 8 th ) HK$101,513,602/US$13,038,407 Magnificent Jewels and Jadeite (October, 8 th ) HK$174,816,400/US$22,453,418 Contemporary Chinese Art Part I (October, 9 th ) HK$82,212,004/US$10,602,060 Contemporary Chinese Art Part II (October, 9 th ) HK$87,897,596/US$11,335,274 TOTAL HK$1,071,652,637 / US$138,151,674 Records Achieved: Visions of Enlightenment The Speelman Collection of Important Early Ming Buddhist Bronzes (October, 7 th ) The Gilt-Bronze Figure of Shakyamuni made HK$116.6 (US$15) million A RECORD CHINESE WORK OF ART SOLD BY SOTHEBY S AND THE HIGHEST PRICE EVER PAID AT ANY ART AUCTION IN HONG KONG Classicism in Continuum The Arts of the Ming (October, 7 th ) Ming Dynasty Tianhuang carving of a Recumbent Lion by Yang Ji, which sold for HK$39,320,000 AN AUCTION RECORD FOR A SCHOLAR S OBJECT Contemporary Chinese Art (October 9 th ) Chen Chengbo s oil painting Danshui made HK$34,840,000 (US$4,492,966) AUCTION RECORD FOR A CHINESE OIL PAINTING Zhu Ming s bronze sculpture, Single Whip, brought HK$8.2 (US$1) million AUCTION RECORD FOR A CONTEMPORARY CHINESE SCULPTURE Ding Yanyong s Buddha sold for HK$5,720,000 (US$737,651) RECORD FOR THE ARTIST AT AUCTION Zhang Xiaogang s oil on canvas Big Family Series: No 15 sold for HK$8,744,000 (US$1,127,626) RECORD FOR THE ARTIST AT AUCTION # # # * Estimates do not include buyer s premium