The Aggregate Hammer Price of Online Auctions in the First Half of the Year Surges 209.3%
HONG KONG — 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 2017 spring auction was successfully held on 25 June 2017 at Yixing City, Jiangsu Province, the People’s Republic of China, the total hammer price of the auction lots reached approximately RMB213.4 million (without calculating buyer’s commission), representing an increase of approximately 29.6% as compared with that of the Company’s 2016 spring auction of approximately RMB164.6 million.
In the first half of 2017, the Company has organized 2 pure online auctions, the total hammer price of the auction lots for the pure online auctions reached approximately RMB56.6 million (without calculating buyer’s commission), representing an increase of approximately 209.3% as compared with that of approximately RMB18.3 million for the same period last year.
Therefore, during the first half of 2017, the total hammer price from all the auctions held by the Company was approximately RMB270.0 million (without calculating buyer’s commission), representing an increase of approximately 47.6% as compared with that of approximately RMB182.9 million for the same period last year.
Mr. Fan Zhijun, Chairman, Executive Director and Chief Executive Officer of China Art Financial, said: “2017 spring auction is crucial for us, it is the first spring auction after China Art Financial has successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited. In this auction, we added a special auction of artists, of which, the conversion rate reached 100%. Benefit from our good reputation in the industry as well as superior and professional service, the spring auction and pure online auctions held in the first half of 2017 have gained enthusiastic reactions from the market and the aggregate hammer price also increased significantly. Looking forward, we will proactively adapt to the new situation of economic and industrial development, stay at the cutting edge of market trends, actively pursue innovation and expand auction portfolio continually. We also plan to hold auctions in other cities such as Hong Kong and Shanghai, so that we can further consolidate and promote our position in the market. We believe that with our in-depth understanding of the industry, effective risk management system, strong brand reputation in the industry and leading market position, we will further bring about growth of market share and profitability, creating maximized value for shareholders.”