PRESS RELEASE FOR IMMEDIATE RELEASE Press Contacts: Hong Kong: Rhonda Yung/Lauren Star +852 2822 8143/42 London: Matthew Weigman/Simon Warren +44 (0) 207 293 6000 New York: Kristin Gelder +1 (212) 606 7176 SOTHEBY S AUTUMN 2007 SALES IN HONG KONG TOTAL HK$1.552 BILLION (US$200 MILLION) - HIGHEST TOTAL FOR A SERIES OF SALES AT SOTHEBY S IN HONG KONG - RECORDS ACHIEVED AT SOTHEBY S HONG KONG THIS WEEK: RECORD SERIES OF SALES OF FINE CHINESE PAINTINGS AT SOTHEBY S, TOTALING HK$216,505,753 (US$27,903,107) CHINESE CONTEMPORARY ART SALE FAR EXCEEDS HIGH ESTIMATE TOTALING RECORD HK$330/US$42.54 MILLION (RECORDS ESTABLISHED FOR CAI GUO-QIANG, YU CHEN, XU BING, LIU WEI, WANG GUANGYI AND ZHAN WANG) SOTHEBY S HONG KONG SET A PER-CARAT WORLD RECORD FOR ANY GEMSTONE AT AUCTION, WHEN A SUPERB AND EXTREMELY RARE FANCY VIVID BLUE DIAMOND RING SOLD FOR HK$61,927,500 (US$7,981,835), AN EXTRAORDINARY HK$10,252,897 (US$1,321,495) PER CARAT SOTHEBY S HONG KONG ACHIEVES THE HIGHEST-EVER TOTAL FOR A SALE OF MAGNIFICENT JEWELS AND JADEITE IN ASIA HK$316,845,000 (US$40,838,152) SOTHEBY S HONG KONG SETS WORLD RECORD FOR ANY SERIES OF CHINESE CERAMICS AND WORKS OF ART SALES TOTAL: HK$649,446,754 (US$83,109,701) RECORD FOR WHITE JADE AT AUCTION WHEN THE IMPERIALLY INSCRIBED TAI SHANG HUANG DI WHITE JADE SEAL SOLD FOR: HK$46,247,500 (US$5,918,293) 1
Hong Kong, Hong Kong Convention and Exhibition Centre, October 9, 2007 Today, Sotheby s fourday Autumn series of sales (October 6-9, 2007) in Hong Kong concluded, totaling HK$1,552,412,500 (US$200,077,459), which represents the highest-ever total for a series of sales at Sotheby s in Hong Kong. The sales, which included over 1,100 lots of Chinese art, watches and jewellery, were estimated to realise HK$1.006-1.434 billion (US$129-173 million*.) Patti Wong, Chairman of Sotheby s Asia, said: The Autumn 2007 Hong Kong auction season concluded today is the most extraordinary the Company has ever conducted in this key international centre for the art business. We established a new Sotheby s record for a series of sales of Fine Chinese Paintings, as well as the highest total in Asia for a sale of Magnificent Jewels and Jadeite. In addition, Sotheby s has this week achieved a new worldwide record for sales of Chinese Ceramics and Works of Art and also achieved the highest total for a sale of Chinese Contemporary Art, confirming the company s leadership in this important new market. Kevin Ching, Chief Executive Officer for Sotheby s Asia, continued: The remarkable series of sales Sotheby s mounted this week in Hong Kong demonstrated the company s ability to provide service to our long-established client base both among the International and Asian Chinese community, especially in Taiwan and Hong Kong, even as we continue to see new clients from these areas entering at all levels of the market. Earlier this year, in line with the company s worldwide strategy, we opened an office in Beijing in order to enhance the service we had been offering from our existing Shanghai office to our clients from mainland China, an increasingly important area for Sotheby s business. And indeed, this week s sales saw a notable increase in participants from mainland China as both buyers and underbidders across a range of categories, which resulted in totals well beyond the pre-sale estimates, particularly in the paintings areas. During this series of sales, Sotheby s reinforced its role as a repatriation channel for treasures of Chinese heritage by mounting the Lost Treasures auctions, which offered for sale remarkable objects formerly in Imperial Palaces many of which had been consigned from owners in Europe or the United States. The vast majority of these works were acquired by Asian Chinese buyers. The Autumn 2007 sale season began with the repatriation of a Magnificent Bronze Horse Head of Haiyantang in the Yuanmingyuan (or Summer Palace). The Horse Head had been scheduled for auction in the Hong Kong Autumn 2007 sale of Chinese Works of Art but was purchased privately by Dr. Stanley Ho to donate to China in a sale brokered by Sotheby s for HK$69.1 million (4.42 million, US$8.84 million) - a sum which exceeds any auction price for Qing Sculpture. FINE CHINESE PAINTINGS October 6, 2007 TWO-SALE TOTAL: HK$216,505,753 (US$27,903,107) (est. HK$110.4-147.2 million/us$14.1-18.9 million) - THE MOST SUCCESSFUL SERIES OF FINE CHINESE PAINTINGS SALES EVER HELD AT SOTHEBY S. 2
Important Paintings from the Robert Chang Collection (Part 2) TOTAL: HK$53,752,250 (US$6,928,128) (est. HK$45.5-59.3 million/us$5.8-7.6 million) The top-selling lot in the sale was Qi Baishi s Peaches and Fire Crackers, which sold for HK$10,183,500 (US$1,312,551). [Note: Part 1 of the sale of Important Paintings from the Robert Chang Collection took place in Hong Kong in April 2006 and totaled HK$38,716,000.] Fine Chinese Paintings TOTAL: HK$162,735,503 (US$20,974,979) (est. HK$64.9-87.9 million/us$8.3-11.3 million) - nearly double the pre-sale high estimate. Over 80% of the lots sold for more than their high estimates. The top lot was the ink and colour on paper On Mt. Loushan by Li Keran, which commanded HK$11,751,500 (US$ 1,514,651). Achieving a new record for the artist at auction, Street Singers by Jiang Zhaohe (lot 238) sold to a private Asian buyer on the telephone for HK$3,487,500 (US$449,504), several times its pre-sale high estimate of HK$120,000. *The only higher sale total achieved for a various owners auction of Fine Chinese Paintings at Sotheby s was for a sale at Sotheby s Hong Kong in October 2005, which achieved HK$174,154, 800. CONTEMPORARY CHINESE ART October 7, 2007 TOTAL: HK$330,070,246 (US$42,542,754) A RECORD TOTAL FOR A SALE IN THIS CATEGORY. The sale brought US$14 million more than the pre-sale high estimate (estimate: HK$156 219 million/us$20.1 28.3 million). The top lot of the sale was The Massacre at Chios by Yue Minjun (b.1962), which finally sold - after six minutes of intense competition between seven bidders - to applause for HK$31,687,500 (US$4,084,202), nearly four times its pre-sale low estimate. Records for artists at auction were set for works by Cai Guo-Qiang, Yu Chen, Xu Bing, Liu Wei, Wang Guangyi and Zhan Wang. 81.3% of works sold above their high estimates and the sale was over 95.8% sold by value. In 2007 Sotheby s worldwide total for dedicated sales of Contemporary Asian Art was US$133,779,527; this compares with a total in 2006 of US$70,331,730 representing a 90.1% increase further demonstrating Sotheby s as global leader in this category. Buyer breakdown by lot: 87.2% Asia (33% Hong Kong, 21% Taiwan, 18% China, 3% Singapore, 11% Indonesia; remaining S. Korea, Japan and Thailand); 9.6% Europe; and 3.2% Americas 3
MAGNIFICENT JEWELS AND JADEITE October 8, 2007 TOTAL: HK$316,845,000 (US$40,838,152) (est. HK$358,138,000-457,769,000/US$46,160,407-59,001,846) - HIGHEST-EVER TOTAL FOR A SALE OF MAGNIFICENT JEWELS AND JADEITE IN ASIA. Sotheby's Hong Kong smashed the auction record which had stood for over 20 years, the per-carat record for a gemstone at auction, when it sold the 6.04 carat internally-flawless emerald-cut Superb and Extremely Rare Fancy Vivid Blue Diamond Ring for HK$61,927,500 (US$7,981,835) (est. HK$35-48 million*). The Irving Berlin Emerald sold for HK$20,487,500 (US$2,640,634) [Note: the HK$10,252,897/US$1,321,590 price per carat achieved tonight substantially exceeds the prior record price per carat of US$926,000 for the Hancock Red and almost doubled the recent per-carat price for a blue diamond achieved elsewhere at auction.] CHINESE WORKS OF ART, INCLUDING THREE SALES October 9, 2007 THREE-SALE TOTAL: HK$649,446,754 (US$83,109,701) (est. HK$515.4-576.3 million/us$53.8-73.7 million) - WORLD RECORD FOR ANY SERIES OF CHINESE CERAMICS AND WORKS OF ART SALES. Qing Porcelain and Works of Art from a Private Collection TOTAL: HK$143,944,003 (US$18,420,514) (est. HK$95,000,000-135,000,000 (US$12,157,150-17,275,950) A Magnificent Enameled European-Subject Brushpot, seal mark and period of Qianlong realised HK$23,847,500 (US$3,051,765) and was sold to a Hong Kong dealer for almost double the pre-sale high estimate (HK$10-12 million). The sale, including 20 lots, also saw a finely enameled and rare Doucai Boys Teapot and Cover (est. HK$3-10 million), mark and period of Yongzheng, sell for HK$11,751,500 (US$1,503,839), almost four times its pre-sale low estimate. Lost Treasures from the Qing Palaces TOTAL: HK$325,799,500 (US$41,692,562) (est. HK$200,350,000-271,800,000/US$25,638,790-34,782,246) The top lot was the Imperially inscribed Tai Shang Huang Di White Jade Seal sold to a Chinese Collector for HK$46,247,500 (US$5,918,293) - RECORD FOR WHITE JADE AT AUCTION. All 34 lots offered were sold - known as a white glove sale in the auction world. 4
An exceptionally rare Pair of Doucai Flower Petal Moulded Moonflasks, seal marks and period of Qianlong, which sold for HK$22,167,500 (US$2,836,775) (est. HK$8-12 million). Fine Chinese Ceramics and Works of Art TOTAL: HK$179,703,251 (US$22,996,625) (est. HK$ 125,090,000-169,540,000 (US$ 16,007,767-21,696,034 million) The sale included over 150 lots. Highlighting the final Chinese Ceramics and Works of Art auction of the day was the sale of an extremely rare Superb Blue and White Dragon Stembowl (est. HK$9-12 million) bearing the mark of the Xuande period - only one other stembowl with similar design is recorded. The vase sold for HK$35,047,500 (US$4,485,029), almost three times the pre-sale high estimate, to the London dealer John Berwald. An extremely rare pair of Blue and White Three Ram Bowls, marks and period of Jiajing, also performed exceptionally well, achieving HK$22,167,500 (US$2,836,775) (est. HK$4-6 million). IMPORTANT WATCHES October 9, 2007 TOTAL: HK$39,562,751 (US$5,099,243) (est. HK$23,962,000-32,732,000/US$3,088,462-4,218,827) - RECORD FOR A VARIOUS OWNERS SALE OF WATCHES AT SOTHEBY S IN HONG KONG. The auction was highlighted by the sale of a rare and magnificent white gold and emerald-cut diamond set Vacheron Constantin bracelet watch, which was competed for by six bidders both in the saleroom and on the telephones. After six minutes of frenzied bidding the watch finally sold to a bidder in the room for HK$5,479,500 (US$706,253) (est. HK$2-3 million), almost three times its presale low estimate AUCTION RECORD FOR A VACHERON CONSTANTIN KING KALLA and RECORD FOR A WRISTWATCH AT SOTHEBY S HONG KONG. The sale had the highest average lot value (US$33,994) for any sale of Watches at Sotheby s Hong Kong. The sale included over 164 lots. *Estimates do not include buyer s premium NOTES FOR EDITORS SOTHEBY S ASIAN ART SALES WORLDWIDE (Including Chinese, Japanese, Korean, and Indian and Southeast Asian) 5
TOTALS IN US$ 2007 $457.3 million (THE HIGHEST EVER FOR SOTHEBY S) 2006 $341.1 million 35% increase over 2005 2005 $252 million 56% increase over 2004 2004 $161.3 million 2001 $66 million SOTHEBY S ASIAN ART SALES IN ASIA (including Chinese, and Southeast Asian NOTE: excluding jewellery, watches and other sale categories) 2007 $294 million 2006 $188.3 million 17% increase over 2005 2005 $160.6 million 78% increase over 2004 2004 $90.3 million 2001 $35.2 million SOTHEBY S HONG KONG/NEW YORK CONTEMPORARY ASIAN ART SALES TOTALS 2007 $133.7 million (90.1% increase on 2006) 2006 $70.3 million 2005 $14.3 million 2004 $ 2.9 million Hong Kong Contemporary Chinese Art Sales Total Breakdown by Season Fall 2007 $42,542,754 Spring 2007 $27,439,598 Fall 2006 $21,937,334 Spring 2006 $16,999,516 Fall 2005 $9,019,398 Spring 2005 $5,270,511 Fall 2004 $2,950,712 TOTAL HONG KONG SALES GROWTH (2000-2007) IN HK$: 2007: Spring - 1,050,075,500 Fall -1,552,412,500 TOTAL: 2,602,488,000 2006: Spring - 841,976,320 Fall - 1,071,652,637 TOTAL: 1,913,628,957 2005: Spring - 633,347,360 Fall - 850,883,400 TOTAL: 1,484,230,760 2004: Spring - 445,552,240 Fall - 590,197,200 TOTAL: 1,035,749,440 2003: Spring - 279,695,000 Fall - 348,112,640 TOTAL: 627,807,640 2002: Spring - 283,752,804 Fall - 210,367,912 TOTAL: 494,120,716 2001: Spring - 226,824,830 Fall - 401,904,370 TOTAL: 628,729,200 2000: Spring - 374,119,850 Fall - 310,684,920 TOTAL: 684,804,770 6
FACTS ON SOTHEBY S PRESENCE IN ASIA Sotheby s was the FIRST auction house in Hong Kong, opening an office in 1973 and holding its first auction that same year Sotheby s began holding sales of Chinese Contemporary Art in Hong Kong in 2004 Sotheby s was the FIRST and still is the ONLY international auction house to hold dedicated sales of Contemporary Asian Art in New York; Sotheby s inaugural New York sale was in March 2006, following its opening a new department and appointing a specialist, Xiaoming Zhang, in the field In February 2007 Sotheby s opened an office in Beijing A SHORT HISTORY OF SOTHEBY S: Founded in 1744, Sotheby s is the oldest and largest internationally recognised firm of fine art auctioneers in the world and is a global company that engages in art auction, private sales and art-related financing activities. The Company operates in 35 countries, with principal salesrooms located in New York and London. The Company also regularly conducts auctions in 13 other salesrooms around the world, including Australia, Hong Kong, France, Italy, the Netherlands and Switzerland. Sotheby s is listed on the New York Stock Exchange under the symbol BID. The essence of the story of Sotheby s is that in its first 200 years it became the largest seller of books by auction in the world, and in the last half century it has become the world s largest auctioneer of fine art. The sales now handled by Sotheby s are not just confined to paintings, books and works of art from the great civilisations of history, but also include such areas of specialist interest as postage stamps, musical instruments, scientific instruments and wine. # # # 7