JNA Jan/ Feb 2022

市场情报 JNA Jan/Feb 2022 | 55 Preview of a Yongle Auction sale (Picture courtesy of Yongle Auction) 永乐拍卖预展(图片由永乐拍卖提供) From international auction houses established in the 18th century with operations in Hong Kong and mainland China to local Chinese counterparts with a geographic and hometown advantage, jewellery auctions are gaining a foothold in the China market, with jewellery lovers, consumers and professional buyers frequenting sales in Hong Kong and the mainland. Hong Kong is a mature and well-established centre for auctions. Over the decades, international auction houses have built solid foundations, reputations and clienteles in the city, which often serves as the base of their Asian operations. Christie’s auctions in Hong Kong span more than 80 art and luxury categories, at price points ranging from US$200 to over US$100 million. In the last five years, sales results indicate both an increase in the prices of items offered and collectors’ preference for top-quality masterpieces. Running sales from January to end-November 2021 exceeded total sales for the auction house’s 2020 financial year. Christie’s first established its office and flagship international sales hub in Hong Kong in 1986 to facilitate business in Asia. In 2013, it became the first international auction house to be granted a license to operate independently in mainland China. In September 2013, Christie’s hosted its first live auction on the mainland and held annual sales in Shanghai till 2019, before the Covid19 pandemic disrupted schedules in 2020. Apart from its Shanghai company, Christie’s also has gallery space and a representative office in Beijing. Mainland demand In recent years, international auction houses have witnessed growing demand for top-quality jewellery pieces in their Asian sales. Buyers from mainland China, consisting of individual private collectors and trade buyers, are increasingly active in Hong Kong auctions. Vickie Sek, chairman of the Department of Jewellery at Christie’s Asia Pacific, said, “Mainland Chinese buyers are very fast learners and extremely knowledgeable, favouring crème de la crème pieces. They collect almost every kind of popular gemstone you can name and are particularly fond of coloured diamonds, emeralds, sapphires and rubies. Clients from mainland China are partial to jadeite because of the gem’s long historical and cultural relevance. They are also keen to purchase pieces with simple yet elegant designs.” Yongle Auction, established in 2005, traditionally holds two auctions a year in Beijing – its Spring Auction in May and its Autumn Auction in December. Prior to the sales, it holds previews in Beijing, Shanghai and Shenzhen. The mainland-based auction house noted that buyer preferences vary across the different regions of the country. According to Tian Keqing, a specialist at Yongle Auction’s fine jewellery and luxury department, buyers in the Beijing region are more interested in coloured gemstones and diamonds. Of late, demand for Western antique jewellery and watches has been on the rise. Meanwhile, buyers in Shanghai gravitate towards branded jewellery, designer jewellery and Western antique jewellery. "The level of jewellery awareness, knowledge and preference varies between mainland cities and between mainland China and Hong Kong. The experience and *Live and online-only auctions, excluding private sales 现场拍卖和线上拍卖,不包括私人销售 Christie’s Hong Kong auction sales, all categories, 2016-2021 2016-2021年佳士得香港拍賣會銷售額(全品類) 2016 FY財年 2017 FY財年 2018 FY財年 2019 FY財年 2020 FY財年 2021 (Jan 1-Nov 30) (1月1日至11月30日) Total number of lots sold 出售總批次 7,093 7,026 6,756 7,399 5,418 7,319 Total sales in USD 總銷售額(美元) 712,427,099 759,746,110 789,128,706 697,201,130 646,172,256 Approximately 1 billion 約10億

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