It certainly wasn't a feeding frenzy, but the bidding was persistent and determined at Christies November 29th Hong Kong auction of C20th Chinese and Contemporary Asian art.  Lots by masters such as Chu The-Chun and Zao Wou-ki were heavily contested.  A beautiful oil on canvas depicting falling snow Vertige Neigeux, 1990-1999 (lot 1020) by Paris-based Chu The-Chun amazed the 400 strong audience to achieve a hammer price of HK$40million (US$5.15m) off an opening bid of HK$13million.  It was chased by at least 3 buyers on the phones and 2 bidders in the room.  Indeed more than half of the 40 lots offered sold for more than their upper estimate.

The cover lot Sanyo Potted Flowers in a Blue and White Jardiniere (lot 1009) achieved an impressive HK$30.5m hammer (US$3.93m) against an estimate of HK$8-12m.  But the buyers were very selective. Of five works offered by the master Zao Wou-ki, all estimated at similar levels, three sold for close to estimates - between HK$5m to HK$8m - whilst the two paintings considered to be major works were hotly contested: 25-09-69 (lot 1003, est HK$7-10m) hammered for HK$18m and 19-11-59 (lot 1004, est HK$8-12m) finally hammered at HK$26.5m (US$3.48m).

Whilst the contemporary art works did not receive the same level of attention from the buyers, the market appears to be on the rise again.  Most of the paintings sold within estimates and there were a couple of standouts: the dramatic and important Zeng Fanhzi Untitled (Hospital Series), 1994 (lot 1031, est HK$8-12m) sold for HK$16m hammer (US$2.128m) and the beautiful screen The Cloisters/Venus and Pope's Workout, 2004-6, by Masami Teraoka (lot 1035, est HK$1.2-1.8m) sold for HK$4m hammer; both going to private buyers in the room.

The story appears to be the same world-wide: there is plenty of money for quality.....