The First Art Newspaper on the Net   Established in 1996 United States Friday, July 19, 2019

Sotheby's Sells Record $447 Million of Asian Art
Sotheby's Hong Kong Spring 2011 Jewellery Sale Auction Scene.

HONG KONG.- Auction giant Sotheby's (BID.N) sold $447 million worth of Asian art, wine, watches and jewellery in its Asian spring sales, in another bullish showing for the Chinese art market despite weak results for a monumental collection of Chinese ceramics.

The HK$3.49 billion tally for its 8-day Asian sales in Hong Kong -- now considered the world's third most important art auction hub after New York and London, was the firm's best season ever underpinned by strong Chinese buyers -- eclipsing even its blockbuster $400 million autumn season last October.

But beneath the banner results were some signs of weakness in the red-hot Chinese ceramics market that is now a cornerstone of Sotheby's biannual and closely watched Asian sales.

A major collection of Chinese ceramics, seen as one of the best to be sold in decades, failed to live up to expectations in a conspicuous setback for the market, with 30 percent of the porcelain going unsold amid muted bidding, while a collection of Chinese imperial objets d'art including ancient jades, a gilt dragon and a golden robe ended up 55 percent unsold.

The Meiyintang collection, assembled over half a century by Swiss pharmaceutical tycoons, the Zuellig brothers, was seen to be perhaps the best remaining classic Western collection of Ming and Qing ceramics, but flaws in a few major works, tighter credit requirements for buyers and sky-high estimates weighed on sentiment, dealers and collectors said.

"I think they (Sotheby's) pushed a bit too hard on the prices," said Nader Rasti, a Western dealer of Asian antiques.

One exceptional piece -- an eight-inch tall Qing vase with a brilliantly painted pair of golden pheasants, near flawless save for a crack on the stem fastened by rivets, had been expected to fetch $23 million, but bidding spluttered after the opening price was set at HK$100 million.

The so-called "falangcai" vase with exquisite enamelling, hammered off in 1997 for just HK$9 million, was sold privately after the auction for HK$200 million, Sotheby's said.

A lustrous and silky smooth blue and white palace bowl from the famed Chenghua Ming period (1465-1487), also went unsold after failing to hit its reserve price of HK$80 million, but Sotheby's said it too, was sold privately afterwards for HK$90 million to an unspecified buyer.

"While we saw guarded bidding during last evening's auction of The Meiyintang Collection, the two top lots were sold immediately after the auction bringing us very close to our low pre-sale estimate," said Kevin Ching, the CEO of Sotheby's Asia.

Bidding was stronger, however, for other ceramics works auctioned off on Friday including a rare "robin's egg" famille-rose revolving vase from the highly desired Qianlong reign fetched $9 million and an imperial white jade seal linked to the Jiaqing reign emperor fetched 8.3 million.

A unique collection of antique rhinoceros horn carvings from the Edward and Franklin Chow collection sold well, notching up $16.2 million in total, though the top lot, a large dragon bowl, languished unsold.

These sales suggested that even with the buying power of the new wave of Chinese mega-collectors who've continued to splurge for masterpieces during the financial crisis, many weren't willing to overpay for less exceptional, slightly blemished works, even with impeccable provenance.

Some marquee lots including a large Ming imperial painting from the year 1483 of a lioness went unsold as well as many premium lots from the Meiyintang collection.

The brightest spot for Sotheby's was an evening sale of Chinese contemporary art from the landmark collection of Belgian collector Baron Guy Ullens, that raked in $54.8 million and saw rapid-fire bidding electrify a packed auction hall in a symbolic boost for the stricken market that has struggled to recapture its pre-financial crisis fervour.

The centrepiece, an early triptych oil painting, "Forever Lasting Love" by renowned Chinese artist Zhang Xiaogang sold for $10.1 million, which Sotheby's said was a record auction price for a contemporary artwork from China. Experts said Ullens's stature as a Chinese art visionary had been a vital catalyst.

Sales of fine Chinese Paintings and 20th Century Art also achieved robust results, anchored by Chinese master Zhang Daqian's meditative "Spring mountains in Sichuan" that fetched $8.27 million. Sotheby's wine sales also uncorked $17.5 million in sales buoyed by a growing Chinese thirst for great vintages.

(Reporting by James Pomfret)

Today's News

April 12, 2011

Guggenheim in Bilbao Presents The Luminous Interval: The D. Daskalopoulos Collection

Elizabeth Taylor's Jewels, Art, Fashion and Memorabilia to Be Auctioned at Christie's

West Coast Minimalist Artist, John McCracken, Dies at 76 in New York After a Long Illness

Fundació Gala-Salvador Dalí Presents Early-Period Work Study for "Honey is Sweeter than Blood"

Nam June Paik Estate Executor Expresses Extenuation Over Paik Symposium at University of Cincinnati

Major Exhibition on Belgian Artist Jan Fabre at Kroller-Muller Museum in the Netherlands

Titanic and Liverpool: New 2012 Exhibition to Mark Centenary of Sinking

After 46 Years, Jewelry Formerly Owned by by Pope Paul VI Up for Auction in North Carolina

Intimate Images of Picasso by His Friend, Andre Villers, to Sell at Bonhams

Neues Museum in Berlin by David Chipperfield Wins Mies van der Rohe Award 2011

Chinese Government Says It is "Unhappy" with Foreign Support for Artist Ai Weiwei

Unknown Drafts by Robespierre Included in Books & Manuscripts Sale at Sotheby's Paris

Gagosian Gallery in London Present Photographs from Vera Lutter's Egypt Series

Sotheby's Sells Record $447 Million of Asian Art

Police Say Rare Comic Taken from Nicolas Cage Resurfaces

Bruce Silverstein Gallery Shows Works by Artists Who Found the Night to Be an Inspiring Subject

Hunterian Museum at the Royal College of Surgeons Rediscovers London's Lost Museums

Israeli Art & Judaica to Make First Apperance in Sale at Bonhams in London

New Work by Jessica Drenk and Shawn Smith at Cain Schulte Contemporary Art in San Francisco

New Museum in the Mexican State of Guerrero Exhibits Teotihuacan Style Objects

Photographers Cassander Eeftinck Schattenkerk and Ann Pettersson Exhibit at Seelevel Gallery

Phillips de Pury & Company Announces Spectacular Results from the New York Photographs Auction

Hyde's Rembrandt on Loan to Louvre, Detroit Institute of Arts Loans Painting by Rubens

The Contemporary Art Museum St. Louis Presents a New Exhibition in the Front Room

Museum of Modern Art in Kuwait Presents an Exhibition of Enzo Manara Genesis: Informal Universe

Leyendecker, Elvgren, Wyeth and Vargas Anchor Deepest Illustration Art Event Yet from Heritage Auctions

Most Popular Last Seven Days

1.- Original 'Star Wars' creators lift lid on special effects challenges

2.- Lost '$170 million Caravaggio' snapped up before French auction

3.- Mansell's 'Red Five' on pole for Bonhams sale

4.- Impressionism's 'forgotten woman' shines in new Paris show

5.- Sotheby's to auction the best-surviving NASA videotape recordings of the Apollo 11 Moon Landing

6.- Exhibition explores Dutch and Spanish painting of the 16th and 17th centuries

7.- Cyprus discovers 'first undisturbed Roman shipwreck'

8.- Sotheby's unveils 'Treasures from Chatsworth' with Leonardo Da Vinci drawing, Lucian Freud portraits, and more

9.- Infamous botched art restoration in Spain gets makeover

10.- 1958 Gibson Flying V Korina played by Dave Davies to grab center stage in Heritage Auctions' sale

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, .


Ignacio Villarreal
Editor & Publisher:Jose Villarreal - Consultant: Ignacio Villarreal Jr.
Art Director: Juan José Sepúlveda Ramírez

Royalville Communications, Inc
Founder's Site. The most varied versions
of this beautiful prayer.
to a Mexican poet.

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.
Sending Mail
Sending Successful