The end of the autumn auction season in Asia continues to produce eye-catching results, according to Christie’s and Sotheby’s.

The end of the autumn auction season in Asia continues to produce eye-catching results, according to Christie’s and Sotheby’s.

Christie’s said its 56th auction season for Asia witnessed high percentages of items being sold with strong prices in Eastern and Western art classes. Christie’s has introduced two new categories this autumn in the form of Chinese Contemporary Ink and Handbags & Accessories. “The stars of the week were without doubt the 15th century imperial Thangka, acquired for HK$ 348 million ($ 45 million) by Liu Yi Qian for the Long Museum in Shanghai, and the HK$ 39 million red diamond of 2.09 ct, sold to an Asian private collector,” Christie’s said in a statement.

The auction season can be a barometer on how bullish a region’s population of high net worth individuals feels about collectibles; it is also a sign of whether people are buying certain assets to hedge against economic misfortune or risks, such as inflation.

“The success of the two new auction categories is promising and indicates collectors’ willingness to venture into new collectibles. Christie’s will continue to introduce the broadest of range to the region for the ultimate collecting experience. We are confident that Hong Kong will play an instrumental role in the global auction scene in years to come,” said Rebecca Wei, President of Christie's Asia.

Over at rival Sotheby’s, Sharon Chan, who is head of watches for the Asia business, said in a statement that the firm concluded its Fine Timepieces sale at its Hong Kong gallery at close to pre-sale high estimates, bringing the cumulative total for Sotheby’s Hong Kong watches and clocks sales in the second half of this year to HK$140.6 million.

“There was keen competition for Patek Philippe high complicated watches as well as vintage Rolex watches, which brought notable results and illustrate the strong demand for these timepieces,” she said.