Christie's latest spring sale in Hong Kong beats expectations as move investors appreciate art.

Christie's latest five-day spring art sale in Hong Kong managed to beat the auctioneer's pre-sale estimate of HK$2.5 billion to generate at least HK$3.03 billion ($391 million), in another sign of Asian investors' continuously developing attraction to investing in art.

In a statement on the Christie's website, the highest priced item sold during the event was a Song Dynasty chrysanthemum-shaped dish dated 1127-1279 for HK$25.9 million ($3.34 million). The same item was priced at GBP1,400 ($2,348) in 1975. The top lot in the wine category was a six-litre bottle, known as methuselah, of Romanee-Conti Domaine de la Romanee-Conti 1997 that sold for HK$1.2 million. A necklace made of emeralds, featuring a 40 carat Golconda diamond valued at HK$80 million, failed to find a buyer.

Christie's said the latest sale did not get as much enthusiasm as previous events, as buyers are starting to become more selective. 

"Mainlanders are becoming more educated and selective. They aren't willing to throw vast sums at mediocre material. They know the difference between a great Zeng Fanzhi and a so-so one," commented James Hennessy, a Hong Kong-based dealer, to several media in the sidelines of the auction. 

The 2013 spring sale raised HK$3.19 billion.