Sotheby's annual Autumn Hong
Kong sale of art, wine and antiques, which achieved HK$3.2 billion ($411
million) worth of sales last week, demonstrates how Asia’s wealthy collectors
are becoming more discerning in their tastes.

Although the sale of 3,000
lots surpassed estimates of $350 million, it fell short of this year’s spring
sale which raised a record $447 million. Experts attribute the shortfall to a
change in attitude among buyers.

“While wealthy Asians have increasingly turned to art and other investments of passion as a safe haven since the beginning of the financial crisis, they have also become more cautious in their buying habits," said Randall Willette, managing director of UK-based adviser Fine Art Wealth Management. 

"There is good reason for this. A recent Bloomberg poll shows that most Asian investors now expect the world economy to relapse into a recession this time triggered by the European sovereign debt crisis. Having navigated through the worst of times, the global art market could be in for another difficult period ahead with many analysts forecasting a global economic slowdown," he added. 

Nevertheless, this year’s
total is a 40 per cent increase on last year’s, and it was the second highest
total for a sale at Sothebys Hong Kong on record.

Patti Wong, chairman of
Sotheby’s Asia, said: “Following on from our strong Hong Kong sale series this
past Spring, Sotheby’s international network has been extraordinarily
successful in sourcing some remarkable collections across a range of categories
from around the world.

She pointed to the
contemporary Asian Art from the collection of Belgian Baron Guy Ullens, and wine
from an “extraordinary” private cellar in America.

“Over the past six days in
the now truly international marketplace of Hong Kong, collectors from all over
Asia, in particular Greater China, and from around the world, some established
collectors and some new to our business, have competed with one another and
with Western collectors for this group of choice works, achieving these stellar
results.”

Kevin Ching, chief executive officer of Sotheby’s Asia, said that records
were set for Ming Porcelain, the highest price per carat for a fancy vivid blue
diamond and a fancy vivid orange diamond, as well as a record for the key 20th
Century artist Zao Wou-ki.

The results achieved this season bring Sotheby’s Hong Kong’s 2011
Auction Total to an impressive sum of $960 million, 40 up from the 2010 Auction
Total $685 million.