s Modern and Contemporary Asian Art Auction concluded with a grand round of applause in Taipei today, totaling NT$420 million/ US$14 million, whereas the whole spring auction series realized NT$ 830 million/ US$ 27.7 million.
Special Auction of Works by Shiy De-jinn From His Close Friend's Collection of 30 Years was 100% sold by lot, totaling NT$ 86,472,000/ US$ 2,917,400 (Est: NT$24,840,000/ US$ 828,060). Shiy De-jinns Self Portrait kindled a heated round of biddings on the scene. Beginning with NT$ 3.8million, a bidder at the floor placed an 8-million bid on 4.5million. After 17 aggressive attempts, the lot hammered at NT$ 19million, and sold for NT$ 22.8million/ US$ 770,000 with buyers premium (Est: NT$ 4.5-7.5million/ US$ 150,000 250,000). Selling at 5 times of its estimate, the current lot set the artists new world auction record. To date, only four oil paintings are known as his self-portraits. One was made when he taught at Chiayi High School at the age of 28 (1951), two were painted when he turned 40 (1963), and another was accomplished when he was about 50 (1972). The current lot is a rare example of the earliest piece of Shiy's oil self-portraits oeuvre.
Another highlight belongs to Shiy De-jinns Wu-ling. Starting with NT$1.6 million and after 22 competitive attempts, the lot eventually hammered at NT$6.5 million. With buyers premium, the lot sold to an overseas telephone bidder for NT$7.8 million/ US$260,000, three times of the estimate (Est: NT$2-3 million/ US$ 70,000-100,000), setting the new world auction record of the artists ink and color series.
Zhou Chunyas Stone Series championed the sale of the day (Est: NT$20 - 38million/ US$670,000 1.27million). Beginning at NT$17 million, the lot achieved NT$24 million after seven bids, and sold for NT$ 28.8million/ US$ 970,000 with buyers premium.
Ms. Flora Fu, President of Ravenels Art Department, commented: We are properly honoured and pleased to have Mr. L, Shiy De-jinns close friend, consign us a series so precious that it never appeared on the auction market before. The auction today was delightfully dynamic and heated, illustrating the recognition of Taiwanese Artists in the current market, with very keens bids from the floor, as well as phone bids from Taiwanese, Singaporean, Chinese and international buyers.
*Estimates do not include buyers premium