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On Wednesday, Sotheby's held an art auction in Hong Kong. A Chinese Ming Vase fetched a record high price for Ming porcelain. The auction is considered a bellwether for the Asian art market.
In Hong Kong's biannual Sotheby's auction, a Ming vase broke records on Wednesday. Despite recent financial turmoil, the cobalt blue artifact sold for 21.6 million dollars, the highest at any auction for Ming porcelain.
Bidding lasted ten minutes and the early Ming Meiping vase was then sold. Other notable items sold were a Qing-period vase for $11.6 million and a Ming Yongle period stand for $3.7 million.
However, the recent financial market did affect the auction, with tighter credit checks, as well as aggressive estimates. As many as 20% of all pieces went unsold. Traditional pieces did better than modern works of art.
The Sotheby's auction is usually used to gauge how well the Asian art market is doing.