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Hong Kong art world recovering from credit crunch

warholOver the past year the art world has often been considered saved by Asian buyers.  As the international art community once again is gearing up to commence in Hong Kong for another round of large scale sales, the major publicity is settling in around the world of Andy Warhol.

Up for sale at the Christie’s sale of contemporary Asian art on May 29 will be the ‘Mao’ Andy Warhol series along with a silkscreen ink print titled Myths.  Both the series and piece of art will be on display at the 2010 Hong Kong International Art Fair which will span from May 27th to May 30th.

Of particular note is Myths which is slated to sell for US $12m and is thought to be the most expensive piece of art available at the Art Fair this year.

One preliminary fact that represents the international interest that is already building in the Asian art world is the fact that online bids are already being accepted for pieces at the sales along with sales that will soon take place from Bonham’s at the International Art Fair.

Regional managing director of Christie’s Asia, Jonathon Stone, stated that the auction market is slowly starting to recovery globally due to the high demand coming out of Asia, which is expected to continue to fuel growth throughout 2010.

In fact, in 2009 Asian art was the largest type of art category that was sold via Christie’s auctions and represents roughly 15% of all art sales outside of the leading categories of modern art and Impressionist.

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