Sotheby's annual Autumn Hong Kong sale of art, wine and antiques, which achieved HK$3.2 billion ($411 million) worth of sales last week, demonstrates how Asia’s wealthy collectors are becoming more discerning in their tastes.

Although the sale of 3,000 lots surpassed estimates of $350 million, it fell short of this year’s spring sale which raised a record $447 million. Experts attribute the shortfall to a change in attitude among buyers.

“While wealthy Asians have increasingly turned to art and other investments of passion as a safe haven since the beginning of the financial crisis, they have also become more cautious in their buying habits," said Randall Willette, managing director of UK-based adviser Fine Art Wealth Management. 

"There is good reason for this. A recent Bloomberg poll shows that most Asian investors now expect the world economy to relapse into a recession this time triggered by the European sovereign debt crisis. Having navigated through the worst of times, the global art market could be in for another difficult period ahead with many analysts forecasting a global economic slowdown," he added. 

Nevertheless, this year’s total is a 40 per cent increase on last year’s, and it was the second highest total for a sale at Sothebys Hong Kong on record.

Patti Wong, chairman of Sotheby’s Asia, said: “Following on from our strong Hong Kong sale series this past Spring, Sotheby’s international network has been extraordinarily successful in sourcing some remarkable collections across a range of categories from around the world.

She pointed to the contemporary Asian Art from the collection of Belgian Baron Guy Ullens, and wine from an “extraordinary” private cellar in America.

“Over the past six days in the now truly international marketplace of Hong Kong, collectors from all over Asia, in particular Greater China, and from around the world, some established collectors and some new to our business, have competed with one another and with Western collectors for this group of choice works, achieving these stellar results.”

Kevin Ching, chief executive officer of Sotheby’s Asia, said that records were set for Ming Porcelain, the highest price per carat for a fancy vivid blue diamond and a fancy vivid orange diamond, as well as a record for the key 20th Century artist Zao Wou-ki.

The results achieved this season bring Sotheby’s Hong Kong’s 2011 Auction Total to an impressive sum of $960 million, 40 up from the 2010 Auction Total $685 million.