A series of art auctions in Hong Kong by Christie’s International Plc raised HK$3.82 billion ($493 million), almost twice as much as estimated, as affluent collectors from China and elsewhere in Asia paid record prices for several items.
Last year, Marc Kaye suffered a cash shortage. He had tuition to pay at three colleges -- including Harvard and Columbia -- and his insurance business wasn’t generating enough commissions to cover the bills.
In the 1970s, Switzerland’s watchmakers were almost put out of business when they underestimated the importance of the quartz watch. Though the industry recovered and is prospering, today it faces a new technological challenge from “smartwatches” such as Samsung Electronics Co.’s $299 Galaxy Gear.
Christie’s International will hold its first auction in mainland China tomorrow, featuring Patek Philippe watches, a Picasso and bottles of Chateau Latour in the newly created Shanghai Free Trade Zone.