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Gained Overwhelming Market Response and Recorded the Hightest Hammer Price of Approximately RMB45 million
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HONG KONG, Dec 12, 2016 - (ACN Newswire) - China Art Financial Holdings Limited ("China Art Financial" or the "Company", together with its subsidiaries, the "Group", stock code: 1572.HK), the leading art finance service provider in China is pleased to announce that, the Company's 2016 autumn auction was successfully held on 11 December 2016 at Yixing city, Jiangsu province of the PRC. This auction is the first auction after the Company's listing in Hong Kong. The market responded positively and the highest hammer price reached approximately RMB45 million.
2016 autumn auction has set three sessions, which are Jewel Artworks, Zisha Artworks, as well as Paintings and Calligraphies. It achieved a total hammer price for the auction lots (without calculating the buyer's commission) of RMB279.7 million, representing an increase of approximately 16.9% and approximately 69.9% as compared with that of the Company's 2015 autumn auction and 2016 spring auction respectively. The highlight of the auction was a Zisha teapot set made by Master Gu Jingzhou, which recorded the highest hammer price of approximately RMB45 million.
Since 2011, China Art Financial organized one autumn auction every year in the last quarter of each calendar year. In 2015 autumn auction, the total hammer price reached approximately RMB239.2 million. One of Zisha teapots made by Master Gu Jingzhou's recorded the highest hammer price of approximately RMB38 million. Beginning in 2016, in addition to autumn auction, the Company also organizes one large scale spring auction each calendar year. Besides, the Company launched pure online art auctions. Three pure online art auctions were conducted in January, April and September 2016 respectively.
Mr. Fan Zhijun, Chairman, Executive Director and Chief Executive Officer of China Art Financial, said: "As Zisha Artworks attract increasing attention from the market, the hammer prices are rising steadily. This autumn auction gained enthusiastic reaction from the market and the hammer price also hit a new record high, which shows that Zisha Artworks auctions and collections would have a huge market potential in the future. We believe that the good reputation of China Art Financial in the industry as well as our superior and professional service will help us enhance our clients' loyalty and expand client base, so that we can further consolidate our leading position in the art finance industry and spare no effort to become the largest integrated art finance service provider in China.
Looking forward, we will continue to focus on providing art-related service and further develop art auction business. Leveraging on our strong ability to capture market opportunities, our well-established brand reputation in the industry, as well as the vigorous potential growth of the art finance industry in China, we believe that we will achieve sustainable growth in our business, so as to bring about growth of market share and profitability. We are committed to maximize the investment value for our shareholders."
About China Art Financial Holdings Limited
China Art Financial Holdings Limited ("China Art Financial" or the "Company") is the leading art finance service provider in China. The Company is principally engaged in the art pawn loan business and art auction business. According to F&S Report, in 2015, the Company was the largest art pawn loan service provider in China in terms of revenue; the second largest art pawn loan service provider in China in terms of the size of the art pawn loan portfolio and registered capital; the second largest art auction house in Jiangsu province in terms of aggregate art auction revenue and the largest auction house for Zisha Artworks in China in terms of Zisha Artworks auction revenue. The Company is headquartered in Yixing, Jiangsu, which is the only origin of Zisha clay, the major raw material for producing Zisha Artworks, and where some of famous Zisha Artworks masters are based.
Topic: Press release summary
Source: China Art Financial Holdings Limited
Sectors: Daily News
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From the Asia Corporate News Network
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