The First Art Newspaper on the Net    Established in 1996 Monday, August 8, 2022


Sotheby's Hong Kong Spring Series Modern and Contemporary Art achieve US$198.8m
Louise Bourgeois’ Spider IV: HK$129m / US$16.5m. Courtesy Sotheby's.



HONG KONG.- On the heels of the strong results for the Modern and Contemporary Evening sales on 27 April, the offerings from the Day Sales saw continued competition, with both auctions exceeding their high estimates. Across both days, collectors were quick to pursue a range of works by masters and rising stars from the East and the West.

“This season we were thrilled to bring to Asia a strong selection of never-before-seen works, and to see them so enthusiastically received. From Picasso to Wu Guanzhong, Chen Yifei and Le Pho, we saw clear demand for both Asian and Western masters, with multiple records set for Vietnamese artworks. It was a special moment to offer the first portrait of Dora Maar by Picasso ever to come to auction in the region - this is undoubtedly an artist who resonates with an audience the world over, but arguably nowhere more so than in Asia.” -- Felix Kwok, Head of Modern Art, Sotheby’s Asia

“While we are also careful to create sales that we know will cater to existing demand, this season in particular we were focused on introducing new artists to this prestigious roster, with works we felt would intrigue and excite in equal measure. As a result, we not only saw great success for established masters like Louise Bourgeois, Yoshitomo Nara and Yayoi Kusama, but also a great deal of enthusiasm for today’s stars such as Anna Weyant and Louise Bonnet in their global auction debuts.” --Max Moore, Head of Contemporary Art, Sotheby’s Asia

OVERARCHING FACTS AND FIGURES:

• 90% sell-through rate across four sales

• Over 60% of lots sold exceed their high estimates

• 4 works achieve prices in excess of HK$100 million:

• Pablo Picasso’s Dora Maar - HK$169.4m / US$21.6m, sold to a Japanese collector

• Louise Bourgeois’ Spider IV: HK$129m / US$16.5m

• Yoshitomo Nara’s Oddly Cozy - HK$112m / US$14.3m

• Wu Guanzhong’s Plum Blossoms - HK$103.9m / US$13.2m

• Over 20 auction records (see full list in press release attached)

• Global participation from almost 40 countries, with strong activity from collectors in Hong Kong

• Almost 60% of bidders participated online




• Fresh to market works in demand, with approximately three quarters of the offerings having never before been offered at auction

• The three Evening Sales attracted over 3.4 million views across Sotheby’s digital and social platforms, with audiences also tuning in across an additional eight platforms in Asia

KEY TAKEAWAYS:

• Second highest price for Pablo Picasso in Asia (HK$169.4m / US$21.6m): Sotheby’s now holds four of the top five prices for the artist in the region

• Second Most Valuable Contemporary Art Sales Series Ever Staged at Sotheby’s Asia as Louise Bourgeois’ Spider IV became the most valuable sculpture ever offered in the region: the (almost) seven foot spider realised HK$129.2m / US$16.5m (est. HK$120-150m). The auction also marked the first of Bourgeois’ famous Spider series to come to auction in the region

• All five works from the collection of Sir Run Run Shaw sold: Banquet by Chen Yifei achieved HK$54.5m / US$7m, and a further four Southeast Asian paintings comprising works by Cheong Soo Pieng and Adrien Jean Le Mayeur de Merprès all sold above their high estimates for a combined total of HK$17.5m / US$2.2m. Overall, Southeast Asian art saw robust demand, with 96% of works sold, and 87% of the lots selling above their high estimates

• Sotheby’s continues to lead the market in Vietnamese art: 20 Vietnamese works sold for HK$69.9m / US$8.9m. Highlights included:

Le Thi Luu’s Two Children in Garden which soared to HK$6.3m / US$803,000 - eighteen times its estimate and the second highest auction record for the artist

Le Pho’s Figures in a Garden sold for a record HK$17.92m / US$2.3m - nine times its estimate and establishing the second highest price for a Vietnamese artwork. Sotheby’s now holds the top three prices for Vietnamese artworks

• Global demand for emerging artists: hot on the heels of the records set in last night’s Contemporary evening sale, collectors pursued today’s hottest stars in the day sale once more, including:

Jordi Ribes’ Untitled realised a record-breaking HK$1.4m / US$140,195 - more than 9 times its estimate (est. HK$150,000-250,000)

En Iwamura’s Neo-Jomon: Dreaming Girl sold for HK$630,000 / US$63,725 (est. HK$200,000-400,000), over 3 times its estimate, setting an auction record for the artist

• Increasing appetite for digital art: both the Contemporary Evening and Day sales included a number of digital artworks on which crypto payment was accepted. Key results include:

Two works by Jia Aili - in collaboration with Raoul Marks and David Ariew respectively - both of which outperformed top estimate: Valley, Line & Time and The Road Ahead

Robert Alice’s Block 34 (51.895167° N, 1.4805° E) achieved a record HK$5m / US$642,348 (e 4-6 million / US$515,000-770,000) from his ‘Portraits of a Mind’ series










Today's News

May 1, 2022

'Philip Koch: Isle of Dreams' opens at the Ogunquit Museum of American Art

Sotheby's Hong Kong Spring Series Modern and Contemporary Art achieve US$198.8m

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Konrad Fischer Galerie presents a new video installation of Bruce Nauman entitled Practice

Outdoor exhibit is set for Governors Island in Nolan Park

Exhibition of new and recent paintings by David Reed opens at Gagosian

David Zwirner presents a selection of works by American artist Fred Sandback

Estate of eccentric artist Clayton Bailey up for auction at Witherell's in Sacramento

Bach, Tesla, Hawking, and Einstein are among fine autograph and artifacts up for auction

Berggruen Gallery opens an exhibition of works by American artist Paul Wonner

Worcester Art Museum welcomes new Associate Curator of American Art Natalia Angeles Vieyra

Almine Rech Shanghai opens Farah Atassi's third solo exhibition

Galerie Guido W. Baudach opens an exhibition with works by Jürgen Klauke

National Portrait Gallery awards first prize for its national, triennial Outwin Boochever Portrait Competition

Jacques Perrin, French film star and producer, is dead at 80

Klaus Schulze, pioneering electronic composer, is dead at 74

Catherine Spaak, darling of Italian cinema in the '60s, dies at 77

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AGO renews its Signature Partnership with RBC, helping to secure an additional three years of art, access and learning

Collezione Maramotti presents a new commissioned project by artist Carlo Valsecchi

Miller & Miller Auctions, Ltd. announces highlights included in May 14 online-only auction

Sotheby's Geneva Luxury Week returns with its highest valued multi-category live and online auction series to date

Kristen Lorello opens a solo exhibition of drawings and paintings on paper by Nadia Haji Omar

The Importance of Online Essay Writing Services




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