As the city reels from the effects of the financial crisis, Christie's scales back its Chinese painting collection for its upcoming auction at the Hong Kong Convention and Exhibition Centre.

Last year, the house exhibited some 400 lots of Chinese classical and contemporary paintings for its Autumn sale. This year only about 300 lots will be showcased at the spring sale.

However, Christie's believes the battered stock market will not dampen the passion of Chinese painting collectors.

The auction house insists demand for Chinese classical and contemporary paintings remains strong, particularly for items which are rare, in excellent condition and reasonably estimated as to price.

"Chinese art is now viewed as another commodity to invest in," said Gillian Leung, public relations manager of Christie's. "Art-lovers appreciate the paintings and value them for what they're worth."

Leung said many record-breaking transactions were completed during economic downturns, and art collectors are usually willing to pay huge sums for rare collectibles, regardless of the economy.

Yvonne So, director of corporate communications and marketing, Christie's Asia, said: "Chinese classical paintings collectors are a dedicated bunch and many are constantly looking for valuable pieces to add to their collections." She added, "Often, when something exceptional comes to auction, collectors understand that it is a truly once-in-a-lifetime opportunity to acquire the items."

The house expects its collection of Chinese paintings by celebrated artists such as Shitao, Zhang Daqian and Qi Baishi to fetch HK$90 million.

The auction will take place May 25th and 26th at the Hong Kong Convention and Exhibition Centre.

Among the most expensive items to be auctioned off is a set of three scrolls, mounted and framed, by prominent artists of 20th Century China, Qi Baishi and Qi Gong. The scrollls are expected to fetch up to HK$5 million.

Combining realistic and abstract technique, the meter-high paintings were completed in 1937 to convey the spirit and essence of the Buddha in a few key strokes executed in an unorthodox and minimalist style.

Leung believes sales will be good this year, as the house's autumn auction last year saw sales totaling more than HK$200 million, even with the uncertainty in the financial markets at the time.

Leung says the main factors determining the value of Chinese classical paintings are technique, rarity, condition, and age.

(HK Edition 05/06/2009 page1)