Auction results - Forever International raises $25 million

Forever International Auction Company Limited, Christie's trademark licensee in China, recently concluded its two-day Autumn auction series on November 24, with total sales amounting to RMB169 million ($25 million), doubling its Spring auction total. The sale of fine Chinese jades and works of art raised $13 million with 72% of the lot sold andthe top lots achieving well above their estimates. The sale of Chinese 20th century and contemporary art raised $1.45 million with 73% of the lots sold, but the sale of fine chinese paintings and calligraphy was disappointing with only 49% of the 246 lots sold, though they raised $8.45 million. Demand was strong for Qi Baishi and Zhang Daqian, whom together sold the top 5 lots.

This season marked the inaugural sales of Mou Tai, the Chinese national spirit and 92% of the 13 lots on offer sold raising $305,00. The result of the wine sales, titled Best Wines of the New Millennium, was a bit disappointing in light of the recent white gloves auctions in Hong Kong - only 66% of the lots were sold, providing that buyers prefer old vintages.