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HONG KONG : The economic downturn has dampened enthusiasm at art auctions.
Almost half of the lots in a Christie's sale in Hong Kong went unsold on Sunday night.
People often say that true art is priceless, but it seems that nowadays, even the cost of masterpieces may be a bit too much.
During auctions of Asian contemporary and Chinese 20th century art, almost 50 per cent of the pieces had no takers.
Zhang Xiaogang's "Bloodline: Big Family No. 2" was one of the fall auction's spotlight pieces.
From the collection of Hollywood director Oliver Stone, it was expected to rake in US$3.9 million.
But it fell short, selling at US$3.4 million.
Still, Christie's said it is pleased with the US$18.14 million made from the two sales.
Andrew Foster, Asia president, Christie's, said: "I think we have lowered our expectations over the past few months, because everyone in the world, in every industry I can think of, has had to lower their expectations."
When it comes to the number of art owners selling their collections for sales, Christie's said it has not seen a significant difference.
But it said that during an economic downturn, it is the reason behind the selling that changes.
Mr Foster explained: "You might sell to start collecting in a new area. You might sell to simply cash in on the fact that your work is worth much more than when you bought it. In a falling market, you are more likely to be selling because you are challenged to liquidate some of your assets."
Christie's remains upbeat that the industry will weather the storm, as it believes the cultural value of art never fades. - CNA/ms
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