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Some of Its Parts

By Katherine Jentleson, Adam Levine
Chart by Nigel Holmes

Published: March 1, 2009
During the boom years, the primary point people tended to make about the Asian art market was that it was on fire. They regarded the billion-dollar category as monolithic, while in reality it covers five subareas: Chinese, Indian, Japanese, Korean and Southeast Asian. Now that all markets have cooled off a bit, wise collectors looking to attend the Asia Week sales in New York from March 17 to March 19 (see “Eastern Imports” for a preview) should consider how these disparate categories performed last fall. In September’s New York sales, the Chinese sector led the others in gross earnings, with 655 works totaling $32.8 million, while Indian art brought the most top-dollar prices, with 60 pieces surpassing $100,000. Overall, however, jaw-dropping sums were no longer the norm: Only 10 works cleared $1 million, with a 14th-century Chinese Buddha snagging the week’s high price, $3.7 million, at Christie’s. The lots that sold well were perennial favorites, such as Chinese white jades and Indian miniature paintings, which soared past their estimates. For record-breaking works collectors should look to Hong Kong, where top lots and average sales are far pricier than those achieved in New York, London or Paris.

Databank March 2009

“Some of its Parts" originally appeared in the March 2009 issue of Art+Auction. For a complete list of articles from this issue available on ARTINFO, see Art+Auction’s March 2009 Table of Contents.

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