Artlog

Credit crunch crushes art auction in Hong Kong

by dylan / about 1 month ago / Source: news.bbc.co.uk

“Asia’s contemporary art market suffered a blow at the weekend as bidders failed to buy several paintings at a major Sotheby’s auction in Hong Kong. Nineteen of the 47 prominent works under the hammer were left unsold, while others barely hit low estimates. It is thought potential buyers are feeling the effects of the current global financial crisis.”