The First Art Newspaper on the Net Established in 1996 United States Wednesday, April 16, 2014


Chinese Collectors Smash Estimates At Sotheby's Contemporary Asian Art Auction In Hong Kong
This rare painting by Zhang Xiaogang sold for nearly US$7 million in Hong Kong. Photo: Sotheby's.
HONG KONG.- After strong showings at this year’s spring auctions in Hong Kong, we expected new Chinese collectors to dominate at Sotheby’s Contemporary Asian Art auction today in Hong Kong as they have at other recent wine, jewelry and jade sales. Apparently these collectors were in a buying mood today, as they pushed prices for top blue-chip contemporary artists — including Zhang Xiaogang, Fang Lijun and Liu Yue — beyond already high expectations, bringing the auction’s grand total to HK$210 Million (US$27 Million), comfortably above pre-sale estimates of HK$150 million (US$19 Million).

Much as they have in other auctions over the past 18 months, collectors mainly from the Chinese Mainland showed a strong preference for works by increasingly scarce Chinese artists like Zhang Xiaogang, whose rarely seen early painting “Chapter of a New Century – Birth of the People’s Republic of China II” (1992) sold, apparently, to a museum under development in Shanghai for HK$52.2 million (US$6.7 million), well above its pre-sale estimate of HK$21 – 23 million (US$2.7 – $3 million). Observers were eagerly watching the sale of this lot, as it was added to the auction at the last minute. Other lots by artists popular with Chinese collectors undoubtedly sent jaws dropping in Hong Kong, such as Zeng Fanzhi’s “Mask Series No. 5,” which sold for HK$16.9 million (US$2.2 million) — nearly double its low estimate of HK$9 million — and Fang Lijun’s “Untitled,” which sold for HK$11.3 million (US$1.5 million), almost four times its pre-sale high estimate.

Other lots that proved popular with bidders included Sui Jianguo’s “Legacy Mantle” (selling for HK$1.1 million, over a high estimate of HK$500,000), Cai Guo-Qiang’s “Man, Eagle and Eye in the Sky: People” (HK$11.8 million, over estimates of HK$7 – 9 million), and Liu Ye’s “Untitled” (HK$10.7 million, over estimates of HK$6-8 million). Chinese bidders have been instrumental in the ascendance of artists like Liu and Zeng Fanzhi, particularly in the last year.

The enthusiasm and willingness to buy that was seen today in Hong Kong validates many of ArtTactic’s recent findings on confidence levels in the Chinese contemporary art market. As Jing Daily noted last month, much of the dramatic rise in the confidence indicator among Chinese collectors — which went from 15.9 in February 2009 to 73 in September 2010 — can be attributed to the substantial improvement in the Hong Kong and mainland China auction markets. Following the impressive showing of Chinese artists at today’s Contemporary Asian Art auction, it wouldn’t be surprising if next spring’s survey shows an even greater improvement in these numbers.

Other highlights of today’s auction:

• Liu Ye’s “RGB-Blue” sold for HK$1.1 million (US$142,000), over pre-sale estimates of HK$250,000—350,000

• “Untitled” by Liu Wei sold for HK$187,500 (US$24,168), over estimates of HK$55,000—80,000

• Wang Guangyi’s “Great Criticism Series: Casio” went for HK$275,000 (US$35,446), well over pre-sale estimates of HK$120,000—180,000

Yu Youhan's "Waving Mao" sold for nearly 7 times its pre-sale estimate
In addition to today’s Contemporary Asian Art auction, bidders had their paddles at the ready at the “Property from an Important European Collection” single-owner sale, also in Hong Kong. Lots by artists such as Ding Yi, Zhang Xiaogang, Yue Minjun and Fang Lijun proved popular at this auction as well, with Ding’s “Appearance of Crosses – 6” selling for HK$8.4 million (US$1.08 million), far beyond its pre-sale estimates of HK$1,500,000—2,500,000. Other highlights from the “European Collector” auction:

• Yu Youhan’s “The Waving Mao” sold for a staggering HK$6.6 million (US$851,000), nearly seven times more than its high estimate of HK$900,000

• Zhang Huan’s “Family Tree: Set of 9” topped estimates, selling for HK$1.1 million (US$142,000), indicating growing interest in contemporary photography among Chinese collectors

• “Put Down Your Whip” by Li Songsong beat its high estimate, going for HK$3.1 million (US$400,000)

Source: Jing Daily.



Today's News

October 4, 2010

Master of Abstract Painting Pierre Soulages and His Retrospective at the Martin-Gropius-Bau

Exceptional Painting by George Stubbs to Be Offered for Sale at Sotheby's London in December

A Life-Size Bronze Sculpture by Henri Matisse Could Fetch $35 Million at Auction

La Belle Romaine to Lead Sotheby's November 2010 Impressionist & Modern Art Evening Sale

Exhibition at the Museo Picasso in Malaga Explores the Toys of the Avant-Garde

First Solo Display of Work by Photographer Mary McCartney at the National Portrait Gallery

Chinese Collectors Smash Estimates At Sotheby's Contemporary Asian Art Auction In Hong Kong

"Father of Indonesian Modernism" - S. Sudjojono's A New Dawn Sold for an Impressive US$1.4 Million at Sotheby's

Muhammad Ali Memorabilia to Raise Over £7K for Parkinson's United Kingdom at Bonhams

Inverted, Upside-Down, Contorted: Mirror Images in New Exhibition at Phæno in Wolfsburg

Cassatt, Picasso and Munch Highlighting Christie's October Prints & Multiples Sale

Painting by Marc Chagall Breaks Record at Seoul Auction's Modern and Contemporary Art Sale

Fine Art Asia 2010: A Bridge between Tradition and Modernity, East and West Returns for 6th Edition

Exhibition at the Museum of Modern Art Explores the Role of Contemporary Architecture

Broad Survey of Abstract Expressionism Draws from MoMA's Renowned Collection

Take a Look Behind the Scenes, Behind the Canvas and Behind the Paint at the Currier Museum of Art

Hammer Museum Presents Mark Manders: Parallel Occurrences / Documented Assignments

George Sherwood's Wind Orchid Ushers in Kinetic Waves of Energy at the Katonah Museum of Art

Once Every Four Years, Moderna Museet Presents an Overview of Swedish Contemporary Art

Archaeologists in Egypt have Unearthed the Upper Part of a 3,400-Year-Old Granite Statue

Some 70 Art Galleries from the UK and Around the World to Exhibit at the 12th Annual Art London

Scotland + Venice Announces Karla Black to Represent Scotland at 54th Venice Biennale

MAXXI Museum in Rome by Zaha Hadid Architects Wins the RIBA Stirling Prize 2010

Gregory Crewdson's Latest Photographic Series "Sanctuary" at Gagosian Gallery

Sean Branagan Adopts LCD Screens for New Show at Gooden Gallery

Exhibition of Major Works by Belgian Artist Marcel Broodthaers at Michael Werner Gallery

Recent Oil Paintings by Los Angeles Artist Josh Dov on View at Brian Gross Fine Art

Museum of Fine Arts Celebrates Arte2010 with Exhibition from the Collection

SK Stiftung Kultur in Cologne Presents 160 Works of Art Made by Joachim Brohm

Comic Book Collector Learns Fine Art of Letting Go

Most Popular Last Seven Days



1.- 'World's oldest message in a bottle', tossed in sea 101 years ago, reaches granddaughter

2.- East-West/West-East: Qatar unveils desert sculpture by American artist Richard Serra

3.- Ming-era 'chicken cup' sells for $36.05 million breaking record for Chinese porcelain

4.- United States pastor Kevin Sutherland convicted over Damien Hirst fake paintings

5.- Major exhibition at Pinacothèque de Paris explores the myth of Cleopatra

6.- Fondation Vincent van Gogh Arles opens with inaugural exhibition "Van Gogh Live!"

7.- Landmark exhibition opens in New York exploring the ancient kingdoms of Southeast Asia

8.- Palm-sized scroll that mentions Jesus's wife is ancient: Harvard Theological Review

9.- Hitler's wife Eva Braun may have had Jewish ancestry: British television documentary

10.- Bonhams to sell Madame de Pompadour's favourite porcelain which surfaced in Devon after 350 years



Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .

 

Founder:
Ignacio Villarreal
Editor & Publisher: Jose Villarreal - Consultant: Ignacio Villarreal Jr.
Art Director: Juan José Sepúlveda Rmz. - Marketing: Carla Gutiérrez
Special Contributor: Liz Gangemi - Special Advisor: Carlos Amador
Contributing Editor: Carolina Farias

Royalville Communications, Inc
produces:

ignaciovillarreal.org theavemaria.org juncodelavega.org facundocabral-elfinal.org
Founder's Site. The most varied versions
of this beautiful prayer.
Hommage
to a Mexican poet.
Hommage
       

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site