Travel services were down 63% in 2020 and are not expected to fully recover until the pandemic wanes.Falling oil prices led to a 35% contraction in trade in fuels in 2020.Merchandise trade in nominal dollar terms fell in 2020 by 8% while commercial services exports declined by 20%.World GDP at market exchange rates should increase by 5.1% in 2021 and 3.8% in 2022, after contracting by 3.8% in 2020.Trade growth will likely slow to 4.0% in 2022, with the total volume of global trade remaining below the pre-pandemic trend.World merchandise trade volume is expected to increase by 8.0% in 2021 after falling 5.3% in 2020, a smaller decline than previously estimated.Last but not least, the Jewellery department retained its market leadership in Asia, with a sale total of HK$498 million / US$64 million, and an 87% sell-through rate by lot and value, rounding out a spectacular auction season and reaffirming Christie’s Hong Kong as a leading destination and global hub for art and luxury collectors globally. The Watches department retained market leadership in Asia for three consecutive years in offering the most valuable and sought-after timepieces, achieving a combined sale total of HK$228 million / US$29 million and 4 world auction records. A world auction record for the most expensive handbag ever auctioned was broken by a Hermès Himalaya Diamond Kelly 28. Handbags realised a sale total of HK$54.6 million / US$7.03 million, pushing the combined annual sale total in Asia to HK$125 million / US$16 million, which is the highest annual sale total ever for the category for any auction house worldwide. The Luxury cluster kicked off the auction season with a superb start, which witnessed 100% sell-through rates for both Wine sales and 80% of lots surpassing high estimates. Prominent private collections commanded fervent bidding and exceptional prices in both categories. The Chinese Paintings sales recorded sell-through rates of 81% by lot and 95% by value, while Works of Art achieved a 100% sold, white glove sale with The Chang Wei-Hwa Collection of Archaic Jades Part III - Spring and Autumn & Warring States Periods. 35 world auction records were set across multiple categories.Ģ0 th and 21 st Century Art witnessed the highest ever sale total for the category in Asia at Christie’s of HK$2 billion / US$259 million, driven by masterpieces by established and celebrated icons and the emergence of fast-rising younger artists, with 24 artist world auction records smashed.Ĭhinese Paintings and Works of Art both secured market leadership in Asia, with combined sale totals of HK$602 million / US$78 million, and HK$351 million / US$45 million respectively. The sales saw a combined sell-through rate of 90% by lot and 92% by value, with an average hammer price of 123% of the low estimate.
The results significantly exceeded pre-pandemic levels, with a 42% increase in sale value since 2019.
On 3 December, Christie’s Hong Kong concluded its 2021 Autumn Auction season, achieving a record-breaking auction total of HK$3.8 billion / US$495 million, the highest ever for Christie’s in Asia. Highest Ever Auction Total for Christie’s in Asia Hong Kong Autumn Auctions achieved HK$3.8 billion / US$495 million in a phenomenal display of market strength
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