Sotheby's, the auction house, will test global investors' appetite for high-end works of art with a five-day sale of paintings, sculptures, jewels and watches starting today in Hong Kong, in the face of growing turmoil in the financial markets.

The auction house is still optimistic the sale will bring in $256m (€186m, £145m), up from $200m last year. "I am not saying that the art market and the financial market go in opposite directions. But experience tells us that the art market usually survives a bit longer than the financial market," said Kevin Ching, chief executive officer at Sotheby's Asia.