Sotheby's Shares Ticker Higher as Co. Issues Official Release Following Earlier Report of $540M in Sales within Asia Region
Today brought the curtain down on a remarkable five-day run of 16 record-breaking auctions staged by Sotheby's (NYSE: BID) in Hong Kong, with numerous new benchmarks set in many categories. Together they realised HK$4.196 billion / US$538 million, the highest grand total ever achieved by any global arts business operating in Asia.
In the wake of these exceptional results, Sotheby's today unveils the top lot from its December sale in Beijing, the company's second auction in mainland China. Estimated at RMB 35 – 45 million / US$5.7 – 7.3 million, and consigned to sale by the Art Institute of Chicago, one of the foremost museums in the United States, Abstraction by Zao Wou-Ki comes to the market as demand for the artist's work is at an all-time high (Sotheby's set a new record of US$10.9 million just two days ago in Hong Kong). Proceeds of the sale will be used for acquisitions.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.