July 13, 2010

Dear Valued Clients,

With Ravenel’s outstanding spring auctions 2010 still vivid in our mind, I am delighted to invite consignments for our forthcoming Autumn 2010 auctions in Hong Kong and Taipei.

Ravenel had tremendous success in the first half of 2010 with combined total sales reaching NTD 724 million (HKD 175 million or USD 25 million), an 8.44% increase in volume as compared to the autumn sales in 2009, setting a new record for the seasonal sales of the 11-year-old group. More than 80% of lots were sold and total sales reached 130% of value. Sanyu’s “Two Pink Nudes” & “Chrysanthemums with Green Leaves”, Ju Ming’s large and impressive sculpture “Single Whip” and works by Zao Wou-ki achieved remarkable results.

I am delight to announce that we will continue to hold our Hong Kong auction along with our Taipei auction in the second half of 2010. It is my great pleasure to invite consignments of outstanding works by modern and contemporary masters under the following themes:

RAVENEL AUTUMN AUCTION 2010 HONG KONG : Modern & Contemporary Art

RAVENEL AUTUMN AUCTION 2010 TAIPEI : Modern & Contemporary Asian Art

If you would like to offer or purchase works of art through these Ravenel auctions, I welcome you to contact our senior sales staff directly as follows:

The deadline for submitting works of art for both the Hong Kong and Taipei Autumn Auctions is 15th September 2010. My entire sales team looks forward to discussing and consulting with you.

Best Regards,

Clara Kuo
President & CEO
Ravenel Art Group