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- Sotheby’s HK Spring 2011
Sotheby’s HK Spring 2011
SOTHEBY’s Hong Kong 2011 Spring Sale Series is like the wind vane of the auction market. Over the past eight days they have offered more than 3,600 lots across eight collecting categories, estimated in excess of HK$2.7 billion / US$340 million*. Remarkably, nearly every day saw records broken, including a record for a single-owner sale of Contemporary Chinese Art at auction (The Ullens Collection), a record for any work of Contemporary Chinese Art, as well as the highest totals at Sotheby’s Hong Kong for the sale categories of Fine Chinese Paintings, 20th Century Chinese Art, Modern and Contemporary Southeast Asian Paintings, Important Watches and Wine, and the second highest total for a Magnificent Jewels and Jadeite Sale. The week’s sales total of HK$3,487,593,000 / US$447,127,000 is significantly up from last October’s record high.
The experts from the mainland who attend the SOTHEBY’s Spring Sale Series said that contemporary art is attracting attention once again, and that ancient paintings also have a lot of potential. In some special auctions, 105 paintings were sold. The Chinese art auction market is finally booming after recovering from the financial crisis which struck in 2008.
Often referred to as the King of Contemporary Art, Zhang Xiaogang set the new record of HK$79060000 with his work, Forever Lasting Love. Representing the earth and nature, Forever Lasting Love shows a picture of Mother Nature which includes many naked people, babies, lambs, birds and animals. According to experts, the Chinese contemporary works of art were sold for high prices because bidders are paying a lot of attention to Chinese contemporary art.
There were some remarkable prices during the evening sale of The Meiyintang Collection, including An Exquisite Blue and White ‘Fish Pond’ Brush Washer, Mark and Period of Xuande, which sold for HK$51,060,000 / US$6,568,358, and An Outstanding Underglaze-Red ‘Chrysanthemum’ Dish, Ming Dynasty, Hongwu Period, which sold for HK$40,980,000 / US$5,271,667. Twelve lots sold for more than HK$10 million and there was guarded bidding on some of the top lots. As we have seen all week long, the market sets its own prices. Pre-sale estimates for The Meiyintang Collection were HK$710 million – 1.07 billion / US$91 million – 137 million.
The auction market for fine Chinese paintings is going from strength to strength. Sotheby’s Hong Kong 2011 Sale of Fine Chinese Paintings commanded an astonishing total of HK$648 Million / US$83 Million. Bidding pushed many prices past pre-sale estimates, especially today’s top work, Spring Mountains in Sichuan by Zhang Daqian, which sold for HK$64.5 million / US$8.27 million, more than three times the estimated selling price. While buying in today’s sale was overwhelmingly Asian, the ultimate prices achieved were due to the active participation of underbidders from around the world.
It is said that a new trend in Chinese painting and calligraphy has spring up: The shortage of description can be filled up with the derivation. The description has big influence on the price of ancient paintings and other cultural objects. Therefore, bidders put great emphasis on the history description, which helps the international auction house to gain reputation. Experts believe that the trend is a good strategy, because it will not only let people pay more attention to the integrity of auction goods, but also promote the bidder’s level of artistic appreciation.
A sale set the world record for any Contemporary Southeast Asian Painting at auction and for the artist, when the thought-provoking piece, Grayground by Filipino artist Ronald Ventura, sold for HK$8.4 million / US$1.1 million. In the auction of 20th century Chinese art, Zhu Dequn’s work, The Inspiration of Winter, was sold for HK$28 million.
Whether you are interested in the overseas cultural and art market, or in the Chinese developing cultural and art market, Sotheby’s 2011 spring auction has shown the condition of bidders, mediations, and buyers. One thing is for sure, Asian art is definitely a hot topic.
