Chinese Auctions Suffer in Earthquake's Wake

BEIJING—An auction at Council International Auction Co. failed to meet expectations today, as buyers were kept away by last week's devastating earthquake, reports Bloomberg

Of 143 paintings offered, only 87 sold, for a total of 46.5 million yuan ($6.7 million), with 70 percent of sales failing to reach top estimates. Even works by current hotshots like Liu Xiaodong, who last month set a record for mainland China's top contemporary-art auction price, failed to sell, though 16 works did manage to top high estimates. "The result was expected," said the house's director, You Yong, "considering what China has gone through."

The Council's sale of 50 photographs and sculptures was also a disappointment, with most of the offerings unsold.

The May 12 earthquake destroyed more than 5 million homes and killed more than 51,000 people. Economic losses could reach 67 billion yuan ($9.6 billion), says Chinese Premier Wen Jiabao.