Hong Kong’s newest auction house brought down the gavel on a weak debut that sets an uncertain tone for next month’s sales in the territory by its peers Christie’s and Sotheby’s.
Chinese investors, accounting for more than a fifth of the €51bn global market, have helped underpin growth and were among the biggest spenders at the New York auctions this month.
But appetite for sales on home turf appear less robust. Dragon 8, a new auctioneer (both of whose name elements signify good luck in Chinese), raised more than HK$200m ($25m) in its inaugural auction this weekend, compared with a reserve estimate range of HK$250m to HK$375m.
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