Successful auctions follow certain rules, even in an overheated market

THERE were two lessons to be learned from the Asian art sales in Paris in mid-December. The first was about timing, the second about estimates.

Unlike the market for Chinese ceramics and decorative works of art, which is crowded with Chinese buyers from Hong Kong and the mainland energetically seeking out treasures to bring home, the markets for Japanese and Korean works of art are dominated by Western collectors. This is a small and highly specialised group who tend to buy through dealers rather than at auction. Anyone trying to lure such buyers into the saleroom should not repeat Christie’s mistake and schedule a sale on December 21st, or even, as Sotheby’s did, on December 18th. Western collectors have other things on their minds in the week before Christmas. …