As per global auction house Sotheby's Hong Kong Press Office, the sale titled 'Chinese Art' would take place on May 30-31.
It features works of art from several private collections, including Song to Qing dynasty ceramics, gilt-bronze Buddhist sculptures and a set of 20 jade belt plaques, an Asian collection of Qing dynasty wine cups and jades, Qing porcelain, textile and thumb rings and classical Chinese paintings and calligraphy.
Bodhisattva Avalokiteshvara's sculpture is a personification of his six syllable mantra, Sotheby's said. "The first known description of the mantra appears in the Karandavyuha Sutra compiled in the late 4th century or early 5th century," the auction house said.
For the statue of Milarepa, his unique posture of his right hand signifies that his "esoteric teachings belong to the 'Ear-whispered Lineage', essential teachings that are transmitted by whispering into the recipient's ear."
Also on sale is a well preserved 19th century robe from the last imperial dynasty of China.
"The strict sumptuary laws of the Qing dynasty, promulgated in 1759 and enforced in 1766, required that the Mandarin civil and military officials wear robes covered in dragons and other symbols for all formal occasions appropriate to their positions.
"Created to represent the universe, the formal court robes display dragons chasing flaming pearls amidst cloud scrolls and other auspicious emblems, often above stripes representing waves and mountains," Sotheby's said.
Another May 30 sale titled "Tianminlou - A Small History of Chinese Ceramics" would auction 35 ceramics from the Jin (265-420) to Qing dynasty (1644-1912).