Sotheby's Sets New Records In Hong Kong Auction

According to the South China Morning Post, Sothebys BID just made history at its auction house in Hong Kong.

The South China Morning Post reported that Sotheby's sold Zhang Daqian's 1982 hanging scroll, "Peach Blossom Spring" for HK$271 million, or $34.94 million USD. The painting received over 100 bids and was eventually snapped up by Shanghai's Long Museum.

Sotheby's Asia CEO Kevin Ching suggested the record breaking sale "proves that the general economy isn't a predictor of the art market."

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Sotheby also set a record by selling the De Beers Millennium Jewel 4, a 10.10-carat vivid blue diamond for HK$248.29 million, or $32.01 million USD, to an anonymous bidder. The sale marks the most expensive piece of jewelry ever sold at an auction in Asia.

"The fact that it's a record price for jewellery in Asia I think speaks well about the Asian market ... I think it's alive and well and very healthy," Sotheby's International Jewelry Division Worldwide Chairman David Bennett said.

Despite the new records, shares of Sothebys were trading higher by just 0.27 percent at $26.40 mid-Wednesday afternoon. The stock has gained just 2.50 percent since the start of 2016, but is lower by nearly 40 percent over the past year.