Paintings, imperial Chinese treasures and gems were auctioned for HK$2.29 billion ($294 million) in Hong Kong, the second-highest tally for an art sale in the city, with Chinese buyers paying top dollar for the rarest items.

Of the 2,548 lots offered during the six-day Christie's International auction, 85 percent sold. The most expensive item was a 500 year-old bronze statue of the Amitayus Buddha that was sold for HK$70 million to London dealer Richard Littleton, who outbid about five Chinese contenders.

Demand for Chinese contemporary art, which showed signs of rebound at Sotheby's April auction, appeared to have cooled at this sale with paintings by top artists of the genre - Zeng Fanzhi, Zhang Xiaogang and Liu Ye -rarely breaching HK$3 million.

Bloomber News

(HK Edition 06/04/2010 page3)