Auction house Sotheby’s<BID.N> reported a US$406 million sales in Hong Kong’s Spring painting bid, an excess of 32 percent over expectation amid an increasing participancy from Mainland China bidders.

“Spring is here again,” said Kevin Ching, CEO of Sotheby’s Asia.

An Andy Warhol’s portrait of chairman Mao has been sold at US$12.6 million a record auction for western contemporary arts in Asia. The silkscreen painting is one among Warhol’s series of around 200 multicolor portraits of the Chinese leader.

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Hong Kong jeweler Chow Tai Fook fetched the 59.60-carat “Pink Star” diamond. Historical lots also came to the Ming Blue-and-White “Fish Pond” Bowl.

Chinese ceramics and western jewelry received “outstanding results” as Hong Kong became an anchor of the global art market, according to Sotheby’s president Tad Smith.

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