HONG KONG.- Christie's
Hong Kong completed its Evening Sale of Asian Contemporary Art and Chinese 20th Century Art on May 29th, 2010 with a remarkable 100% sell-through rate. With a sale total of HK$303 million/US$39 million that is three times over the estimate, this is the first white glove auction for any Evening Sale in Asia.
The top lot was 'String Quartet' by Chinese 20th Century artist Chen Yifei, a work which broke a new auction record at HK$61.1 million/US$7.85 million. Another two records were achieved when 'Chapter Three "Wreck"' by Japanese artist Tomoko Konoike sold for HK$2.06 million/US$264,504, and a work entitled 'Shintenno (Jikokuten, Zochoten, Tamonten, Komokuten)' by Japanese artist Akira Yamaguchi sold for HK$1.94 million/US$239,096.
Eric Chang, International Director of Asia Contemporary Art and Chinese 20th Century, said, "Today's Evening Sale of Asian Contemporary and Chinese 20th Century Art achieved HK$303.4 million/US$39 million, three times the estimate and a 67% increase from our Spring Evening Sale last year. In a completely packed auction room, the fierce bidding in an electrifying atmosphere not only created artist records but also resulted in an impressive white glove auction. This is a testament to Christie's leadership and vision in developing the Asian Contemporary and Chinese 20th Century category since thirteen years ago."
"Moreover, the success of Andy Warhol's 'Mao', which sold well over the high estimate at HK$6.62 million/US$850,008, has proven that nascent demand for top quality Western contemporary art has great potential to grow.
With Asian buyers winning many of the lots among intensive international bidding, it is clear that collectors in the region are more sophisticated and diverse than ever before, and that Hong Kong art market has now firmly established itself as a formidable hub in the contemporary art world. We look forward to continued momentum in the Day Sales tomorrow (May 30th)."