A FEW weeks ago we reported on how the Asian spring auctions in Hong Kong are a useful indicator of emerging market demand in China and Asia for some of the world’s most expensive artwork and luxury goods.

This year’s auction was suitably dramatic but it showed that, while there is still money splashing around in Asia, buyers are less bullish than in previous years.

An unidentified buyer smashed the world auction record for Chinese Song dynasty ceramics after a bidding war for a 900-year-old bowl on the final day of sales at Sotheby’s.

The five days of sales of wine, jewellery, Asian and Chinese art, ceramics and watches raised nearly HK$2.5 billion (€250 million) overall, above pre-sale estimates.

However, some goods such as jewellery sold below expectations – a sign that collectors are getting more selective as the economy slows, especially in mainland China.

The record Ruyao bowl sold for HK$208 million (€20.5 million), three times the pre-sale estimate, while all the wine lots sold during two days of weekend auctions.

Sotheby’s said its wine sales beat top estimates at HK$63.6 million compared with a forecast of HK$57.3 million.

“We are pleased not only with the world record we achieved for Song ceramics but also the solid prices achieved throughout this sale series,” said Patti Wong, chairman of Sotheby’s Asia, after the sale.

The sales were well ahead of pre-sale forecasts which had stood at HK$1.9 billion, and 87.9 per cent of more than 3,000 lots sold during the sales, but this was below last year’s tally, a sign that times are getting more challenging.

Big-name artists did well, such as Zhang Xiaogang, China’s most expensive artist. His oil on canvas Bloodline – Big Family: Family No 2 took HK$52.18 million for the various-owner in the Contemporary Asian Art sale, although a later work in the series went at below estimates.