Krug Pops, Art Records Fall as Chinese Lift $76 Million Auction

“I’m only really drinking this for promotional purposes you understand,” said David Elswood, Christie’s International’s international head of wine, as he sipped a glass of Krug before accepting bids for a package of 144 bottles from the Champagne maker.

Krug representatives poured magnums of the company’s Grande Cuvee and served dim sum and Danish pastries to bidders scattered around 10 tables at the start of a weekend that also offered contemporary art in Hong Kong. Chinese-led bidding pushed the total for the three days to HK592.7 million ($76.3 million) as 15 artist records were set.

The Hong Kong Convention and Exhibition Centre sale is part of a weeklong event covering wine, contemporary art, traditional Chinese paintings, watches, jewelry and antiques. Together with Sotheby’s autumn sale in October, they indicate the strength of demand for luxury items in Asia.

On Saturday morning, two phone bidders pushed the price of the Krug cases to HK$1.2 million including a first-class trip for two to Krug’s famous cellars in France.

London-based Christie’s sold HK$80.3 million of wine over two days, with a collection of 43 bottles of Chateau Mouton- Rothschild also reaching HK$1.2 million. By bottle, the highest price was a half case of 1978 Echezeaux Burgundy for the equivalent of HK$124,000 a bottle. A case of 1990 La Tache from nearby Domaine de la Romanee-Conti fetched HK$78,000 a bottle.

Star Items

With the Champagne and tables cleared away, Christies began its three-day offering of contemporary and 20th century Asian art, with most of the star items at the Nov. 27 evening sale.

Around packed rows of white seats, ushers gave up trying to keep aisles clear of standing observers that spilled six deep outside the entrances, while 48 Christie’s staff aided telephone bidders. Two of those phone bidders outlasted the sea of dark suits and black dresses in the room to lift Sanyu’s “Potted Chrysanthemum in a Blue and White Jardiniere” to an artist record HK$53.3 million.

The Chinese-born artist, who was reputedly more interested in Parisian nightlife than selling his works during his life, was the high point of the 44-lot evening. By contrast, the other lot with a HK$35 million presale estimate, Cai Guo Qiang’s 32- meter wide “Search for Extraterrestrials” in Chinese ink, smoke and gunpowder on paper, failed to sell after hammering down at HK$30 million, below the reserve price.

Estimates Beaten

The two lots set the tone for the day sale yesterday, with works by artists such as Liu Dahong soaring past their estimates, while buyers were lukewarm on lesser works by established stars like Yue Minjun. Liu’s “The Meeting Hall,” one of the first lots of the afternoon session, set a record for the artist of HK$2.8 million, more than 10 times its estimate.

Zeng Fanzhi’s “A Man in Melancholy,” Sunday’s top lot, sold for HK$10.3million, more than six times its estimate, while Zao Wou-Ki, star of the spring sales this year, remained popular with all nine of his works on offer beating their high estimates.

Yesterday’s 8 1/2-hour sale of more than 400 lots brought the total for the Asian contemporary and 20th century Chinese art to HK$512.4 million, 32 percent higher than a year ago.

Seven artist records fell in the Nov. 27 evening session, with Asian buyers or dealers taking 9 of the top 10 lots. Another eight records fell in the day sale.

Sotheby’s October sale in Hong Kong totaled HK$3.09 billion, more than 50 percent higher than its previous record in the city of HK$2 billion set in April.

Christie’s sale prices on art include a commission of 25 percent on the first HK$400,000, 20 percent up to and including HK$8 million, and 12 percent of the remainder, paid by the buyer. Estimates are for the hammer price, which doesn’t include the commission. For wine, the commission is a flat 20 percent.

Today, Christie’s continues with Southeast Asian contemporary art and jewels.