Demand for Contemporary Art Cools at Christie's Hong Kong Sales

     Vol. XXXIV, No. 8                                                                                         Raj S. Rangarajan

NEW YORK—Modern and contemporary Asian art yielded uneven results at Christie'sseries of sales in Hong Kong in late November. While more traditional collecting categories, such as Chinese modern paintings and Southeast Asian modern and contemporary art,fared relatively well, yielding sold-by-lot and sold-by-value rates above 70 percent,contemporary Asian art in particular saw a sharp decline in demand. Christie's sale of Asian contemporary art on Nov. 30 realized HK$65.9million ($8.5million), less than half its projected value. Of 32 lots on offer, just 18, or 56 percent, found buyers.

The results were hardly surprising given the current global economic turmoil and the rapid escalation in prices for Chinese contemporary art in recent seasons. On the other hand, the top lot of the sale, Zhang Xiaogang's Bloodline: Big Family No. 2, 1995, sold for HK$26.4million ($3.4million), indicating that there is still solid demand for an artist whose prices have skyrocketed into seven figures in a short period of time.

The second-highest lot was Liu Ye's painting Composition in Red, Yellow and Blue, 1997, which sold to an Asian collector for HK$7.2million ($931,380) on an estimate of HK$6.5mil­lion/9.5million.

Liu Wei's 1994 painting Swimmers '94 sold for HK$4.6million ($590,820) against an estimate of HK$4.6million/5.4million, also to an Asian collector. Cai Guo-Qiang's Project No. 143–The Mark of 921, 2000, an installation of gunpowder on paper on wood panels (estimate: HK$3.5million/5.5million), sold for HK$4.2million ($544,380).

A U.S. dealer acquired an untitled 2005 painting of pots and pans by Subodh Gupta for HK$3.6million ($466,980), just clearing the low estimate of HK$3.5million with premium. An unidentified European institution bought an untitled 2001 painting by Tetsuya Ishida, which sold for HK$2.9million ($374,100) on an estimate of HK$2million/3million).

Christie's evening sale of 20th-century Chinese art, also held on Nov. 30, realized HK$74.7million ($9.6 million) with 22 lots offered. Only ten of the lots found buyers, but by value the sale was 64 percent sold. The top lot of the sale, Zao Wou-Ki's painting Hommage à Tou-Fou, 1956, accounted for more than half the total, bringing HK$45.5million ($5.9million), a new record for the artist. Another painting by Zao, 23-1-60, 1960, realized HK$1.9million ($250,260) on an estimate of HK$1.2million/2million).

The second-highest price of the sale was the HK$8.4million ($1.1million) paid by an Asian collector for Sanyu's Potted Chrysanthemums, circa 1940s–50s, a dark-toned floral still life (estimate: HK$3million/5million).

Artist records were also set for Yun Gee, whose Old Broadway in Winter, circa 1930–40, sold for HK$5.8million ($745,620), and for Yu Chengyao, whose Magnificent Landscape, 1984, sold for HK$5.8million ($745,620).

Christie's sale of Southeast Asian modern and contemporary art realized HK$28.5million ($3.7million). Of 114 lots offered, 84, or 75 percent, were sold. By value, the auction was 88 percent sold. The top lot was Las Damas Romanas (Roman Maidens), by Filipino painter Juan Luna (1857–1899), which sold for HK$4.7million ($606,300), far below the low estimate of HK$8million. Works by Indonesian artist I.Nyoman Masriadi (b. 1973) figured prominently in the high end of the sale, with four works landing in the top ten. Marathon, a large mixed media on canvas estimated at HK$800,000/1.6million, sold for HK$2.1million ($265,740). Works by Indonesian artists Han­diwirman Sahputra (b. 1975) and Budi Kustarto (b. 1972) also sold above estimate.

Ruoh-Ling Keong, vice president and head of the Southeast Asian and contemporary art department, said that "private collectors continue to be the primary force on the market, collecting masterworks against a backdrop of a difficult economic climate." In total, the five-day Hong Kong series, which included sales of jewels, classical paintings, calligraphy and watches, realized HK$1.13 billion ($146 million).

Demand for Contemporary Art Cools at Christie's Hong Kong Sales

Demand for Contemporary Art Cools at Christie's Hong Kong Sales

by Raj S. Rangarajan

NEW YORK—Modern and contemporary Asian art yielded uneven results at Christie's series of sales in Hong Kong in late November. While more traditional collecting categories, such as Chinese modern paintings and Southeast Asian modern and contemporary art, fared relatively well, yielding sold-by-lot and sold-by-value rates above 70 percent, contemporary Asian art in particular saw a sharp decline in demand. Christie's sale of Asian contemporary art on Nov. 30 realized HK$65.9million ($8.5million), less than half its projected value. Of 32 lots on offer, just 18, or 56 percent, found buyers.

The results were hardly surprising given the current global economic turmoil and the rapid escalation in prices for Chinese contemporary art in recent seasons. On the other hand, the top lot of the sale, Zhang Xiaogang's Bloodline: Big Family No. 2, 1995, sold for HK$26.4million ($3.4million), indicating that there is still solid demand for an artist whose prices have skyrocketed into seven figures in a short period of time.

The second-highest lot was Liu Ye's painting Composition in Red, Yellow and Blue, 1997, which sold to an Asian collector for HK$7.2million ($931,380) on an estimate of HK$6.5mil­lion/9.5million.

Liu Wei's 1994 painting Swimmers '94 sold for HK$4.6million ($590,820) against an estimate of HK$4.6million/5.4million, also to an Asian collector. Cai Guo-Qiang's Project No. 143–The Mark of 921, 2000, an installation of gunpowder on paper on wood panels (estimate: HK$3.5million/5.5million), sold for HK$4.2million ($544,380).

A U.S. dealer acquired an untitled 2005 painting of pots and pans by Subodh Gupta for HK$3.6million ($466,980), just clearing the low estimate of HK$3.5million with premium. An unidentified European institution bought an untitled 2001 painting by Tetsuya Ishida, which sold for HK$2.9million ($374,100) on an estimate of HK$2million/3million).

Christie's evening sale of 20th-century Chinese art, also held on Nov. 30, realized HK$74.7million ($9.6 million) with 22 lots offered. Only ten of the lots found buyers, but by value the sale was 64 percent sold. The top lot of the sale, Zao Wou-Ki's painting Hommage à Tou-Fou, 1956, accounted for more than half the total, bringing HK$45.5million ($5.9million), a new record for the artist. Another painting by Zao, 23-1-60, 1960, realized HK$1.9million ($250,260) on an estimate of HK$1.2million/2million).

The second-highest price of the sale was the HK$8.4million ($1.1million) paid by an Asian collector for Sanyu's Potted Chrysanthemums, circa 1940s–50s, a dark-toned floral still life (estimate: HK$3million/5million).

Artist records were also set for Yun Gee, whose Old Broadway in Winter, circa 1930–40, sold for HK$5.8million ($745,620), and for Yu Chengyao, whose Magnificent Landscape, 1984, sold for HK$5.8million ($745,620).

Christie's sale of Southeast Asian modern and contemporary art realized HK$28.5million ($3.7million). Of 114 lots offered, 84, or 75 percent, were sold. By value, the auction was 88 percent sold. The top lot was Las Damas Romanas (Roman Maidens), by Filipino painter Juan Luna (1857–1899), which sold for HK$4.7million ($606,300), far below the low estimate of HK$8million. Works by Indonesian artist I.Nyoman Masriadi (b. 1973) figured prominently in the high end of the sale, with four works landing in the top ten. Marathon, a large mixed media on canvas estimated at HK$800,000/1.6million, sold for HK$2.1million ($265,740). Works by Indonesian artists Han­diwirman Sahputra (b. 1975) and Budi Kustarto (b. 1972) also sold above estimate.

Ruoh-Ling Keong, vice president and head of the Southeast Asian and contemporary art department, said that "private collectors continue to be the primary force on the market, collecting masterworks against a backdrop of a difficult economic climate." In total, the five-day Hong Kong series, which included sales of jewels, classical paintings, calligraphy and watches, realized HK$1.13billion ($146million).

Asian Art Auctions Upbeat Despite Financial Crisis

by Raj S. Rangarajan -- Sept. 30, 2008

NEW YORK—Sales of Asian art at Christie’s and Sotheby’s in New York Sept. 15–19 were healthy, despite a drop in overall volume to $77 million from over $100 million last fall (ANL, 10/16/07). Contemporary Asian art—particularly by artists from South Asia—continues to show strength.

Christie’s realized $51.14 million for eight sales, up from $44.43 million for four sales last year. The top-grossing sales at Christie’s were of Chinese ceramics and works of art, which took $13.2 million, and of South Asian modern and contemporary art, which followed closely with a total of $12.6 million.

Sotheby’s realized $26 million in four sales, the lion’s share of which was for contemporary art. Two sales—contemporary Asian art on Sept. 17 and modern and contemporary South Asian art on Sept. 18—took a combined $16.4 million, accounting for well over half of the total. However, Sotheby’s overall Asia week total was less than half the $61.9 million it took in last fall. Last summer, Sotheby’s announced that, starting in 2009, it would hold all of its contemporary Asian art auctions in Hong Kong, noting that that is where the house has achieved the highest prices for the category.

At Christie’s South Asian sale, 84 of the 126 lots on offer, or 67 percent, found buyers. By value the auction was 78 percent sold. The top lot was Subodh Gupta’s Steal 2, which sold just above its $1 million high estimate for $1.2 million to an American collector, despite its having been executed just last year. Two other works by Gupta figured among the top lots: Miter, also dated 2007, an installation featuring the artist’s signature stainless steel pots, cleared its $600,000/800,000 estimate to sell for $1 million, and an untitled 2005 oil on canvas (estimate: $600,000/800,000) sold to an Indian dealer for $962,500.

Also breaking the $1 million mark was Maqbool Fida Husain’s painting Ritual, 1968, which surpassed its $600,000/800,000 estimate. An oil painting by Tyeb Mehta, Untitled (Yellow Heads), 1979, sold for $902,500. Three years ago, Mehta’s painting Mahisasura, 1997, was the first Indian painting to sell at over a million dollars when it fetched $1.6 million at Christie’s (ANL, 9/27/05).

Two works by Rameshwar Broota (b. 1941) sold well, with the oil painting Man, 1991, bringing $506,500 (estimate: $250,000/350,000) and The Same Old Story II, 1979, a painting depicting two large monkeys conversing arm-in-arm, taking in $662,500, more than triple the estimate of $150,000/200,000.

Six auction records were set for works by artists representing India, Pakistan and Bangladesh, including Jyothi Basu, Riyas Komu, Chitra Ganesh, Mohammad Zeeshan and Zainul Abedin. Indian artist Manjit Bawa’s oil on canvas Untitled, 1992, fetched a record $362,500 (estimate: $200,000/300,000).

Asian Demand Fuels Sales

At Christie’s sale of Chinese ceramics and works of art and masterworks of ancient and Imperial China, the top lot was an early Ming dynasty tianbai-glazed anhua-decorated meiping (a vase inspired by the shape of a female body), Yongle period (1403–1425), which sold to Hong Kong dealer Chak’s Company Ltd. for a record $2.8 million, more than three times the high estimate of $800,000.

Tina Zonars, Christie’s international director, Chinese works of art, said the sales “illustrate the continuing strength of the market.” Zonars noted that “among the stronger collecting fields were snuff bottles, white jade carvings, imperial ceramics—all Chinese-taste categories.”

The second-highest lot was a rare Qing dynasty yellow-ground “Dragon” vase decorated with green enamel, Qianlong period (1736–1795), which was won by London dealer Eskenazi Ltd. for $1.76 million (estimate: $600,000/800,000).

Theow Tow, deputy chairman, Christie’s Americas and Asia, noted “Asians in particular participated strongly in all collecting categories, both classical and contemporary,” in the sales.

Asian Contemporary Art Tops Sotheby’s Sales

At Sotheby’s “Contemporary Art Asia: China Korea Japan” session, Zeng Fanzhi’s Mask Series, 1997, was bought by a Japanese private collector for $1.1 million (estimate: $900,000/1.2 million). The second-highest lot was Kim Whanki’s Les Oiseaux Volants (Flying Birds), 1957, which an Asian dealer acquired for $434,500 (estimate: $200,000/300,000).

In all, the sale realized $8.5 million, with 137, or 65 percent, of the 211 works on offer finding buyers. The sold-by-value rate was also relatively modest, at just 64 percent.

Among the other top prices, Cai Guo-Qiang’s gunpowder-on-paper Two Eagles, 2005, sold within estimate for $422,500 (estimate: $380,000/550,000) and Zhang Huan’s Family Tree, 2000, sold for $386,500 (estimate: $120,000/180,000) to an American buyer.

Sotheby’s modern and contemporary South Asian art sale realized $7.8 million for 126 lots, of which 82, or 65 percent, found buyers. By value, the auction was 80 percent sold.

Work by many of the same artists, including Gupta, Mehta and Husain, dominated the top ten at Sotheby’s and Christie’s in this category. Mehta’s acrylic-on-canvas Falling Figure with Bird, 2003, sold for a high-estimate $1.5 million. Gupta’s oil painting One Cow, 2003, depicting a bicycle slung with containers of milk, sold for $866,500 (estimate: $600,000/800,000).

Works by Francis Newton Souza also figured prominently at Sotheby’s sale, including the painting Orange Head, 1963, which sold for $482,500 (estimate: $400,000/600,000); Christ on Palm Sunday, a 1956 oil on board, which sold for $266,500 (estimate: $220,000/320,000); and Death and the Maiden, 1966, which brought $182,500 (estimate: $100,000/150,000).

In the Chinese ceramics and works of art sale, which included Chinese and Japanese art from a private collection, a polychrome wood and gesso sculpture of the boddhisattva Guhyasadhana Avalokitesvara, Ming dynasty, Xuande period, sold for $1.2 million (estimate: $1.4 million/1.6 million).

Indonesian Art Rises, Chinese Art Cools at Hong Kong Auctions

Indonesian Art Rises, Chinese Art Cools at Hong Kong Auctions
by Raj S. Rangarajan -- Oct. 28, 2008

NEW YORK—Overall volume was down at Sotheby’s series of fall sales held Oct. 4–8 in Hong Kong, to $140.74 million from $200 million last year (ANL, 10/30/08). Asian contemporary art has been one of the fastest-rising areas of the market in recent years, but demand was decidedly more selective this season, with higher numbers of unsold lots. In all, fine art, including modern and contemporary Southeast Asian art and contemporary Chinese art, Chinese paintings and 20th-century Chinese art accounted for about $56 million of the total.

The modern and contemporary Asian art evening sale on Oct. 4 fetched a total of HK$117 million ($15.1 million). Of 47 lots on offer, 28, or 60 percent, found buyers. By value the auction realized less than half of its presale estimate. Sotheby’s specialist Evelyn Lin said “the market for Chinese contemporary art has experienced unprecedented growth over the past five years . . . and it is not surprising that there will be some leveling off, which is also what we experienced this evening, in addition to some estimates which were overly optimistic.”

Records for Masriadi, Suwage

On the other hand, Lin noted strong prices and several records for Indonesian artists, including Affandi (1907–1990), I. Nyoman Masriadi (b. 1973) and Agus Suwage (b. 1959).

Works by top-selling Chinese artists nonetheless dominated the high end of the sale, albeit at prices that were more in line with estimates, especially when compared with other recent auction results. The top lot was Zhang Xiaogang’s Bloodline: Big Family No. 1, a work from the artist’s signature series, which sold to a European collector for HK$23.1 million ($2.96 million) on an estimate of HK$20 million/25 million. That was followed by Cai Guo-Qiang’s Eagle and Eye in the Sky: People, gunpowder and ink on an eight-panel paper screen, which sold for HK$17.5 million ($2.2 million) on an estimate of HK$12 million/16 million.

A record was set for Liu Ye (b. 1964) when an untitled 1997–98 oil painting by the artist fetched HK$12.98 million ($1.7 million) against an estimate of HK$9 million/14 million. A record for Masriadi (which would be broken the following day) was set with the HK$4.8 million ($620,382) paid by an Asian collector for a cartoonish depiction of superheroes Batman and Superman, Sorry Hero, Saya Lupa (Sorry Hero, I Forgot), 2008, far surpassing the estimate of HK$380,000/580,000. And Affandi’s oil painting Times Square, New York, 1962, brought a record HK$3.4 million ($435,040) on an estimate of HK$1.6 million/2.2 million.

Yoshitomo Nara’s acrylic on paper, Northern Light, 2000, also surpassed expectations, selling for HK$3.86 million ($496,821) against an estimate of HK$1.9 million/2.7 million. I Like My Man Covered Too, by Indian artists Thukral & Tagra (Jiten Thukral, b. 1976, and Sumir Tagra, b. 1979), sold for HK$1.8 million ($234,252) against a HK$800,000/1.2 million estimate. Zara Porter Hill, Sotheby’s head of modern and contemporary South Asian art, noted a “high level of bidding in the room from a completely new group of buyers.”

The contemporary Chinese art day sale on Oct. 5, which featured lower-priced material, took in HK$90.5 million ($11.65 million) and achieved considerably stronger sold-by-lot and sold-by-value rates than the modern and contemporary Asian sale the night before. Of 187 works on offer, 150, or 80 percent, were sold. By value, the auction was 74 percent sold.

Yue Minjun’s untitled 1990–91 oil painting of figures doubled over with laughter in Tiananmen Square topped the sale, bringing HK$6.6 million ($852,060) on an estimate of HK$6 million/8 million, followed by an untitled 2005 oil painting by Zeng Fanzhi, which sold for HK$5.06 million ($651,273), also within its estimate of HK$4.8 million/5.5 million. Lin noted “a very high percentage of lots that sold within or above their high estimates,” with “spirited bidding before the packed saleroom throughout the ­session.”

On Oct. 6, an auction of modern and contemporary Southeast Asian paintings also yielded solid results. The sale achieved a total of HK$71.6 million ($9.2 million) for 163 lots on offer; of these, 139, or 85 percent, were sold. On a value basis, the auction was 92 percent sold. The previous day’s record for a work by Masriadi was broken when The Man From Bantul (The Final Round), 2000, sold for HK$7.8 million ($1.2 million), several times its HK$1 million/1.5 million estimate.

Specialist Mok Kim Chuan said “new buyers crossing over from other collecting categories had a significant presence” in the sale, notably at the top end. The top price was HK$9.4 million ($1.2 million) for the painting Heimkehrende Javaner (Javanese Returning Home), circa 1924 (estimate: HK$5.5 million/7.5 million), by German artist Walter Spies (1895–1942).

The sale of Chinese paintings on Oct. 6 took $15 million and was 76 percent sold by lot, 82 percent by value. The top price was HK$15.8 million ($2 million), paid for an ink- and pigment-on-paper handscroll, Along The Yangtze River, 1990, by Wu Guanzhong (b. 1919), which sold against an estimate “in excess of HK$8 million” ($1 million). The work was consigned by the artist, with the proceeds earmarked for a scholarship in his name at Tsinghua University, Beijing. Three works by Zhang Daqian (1899–1983) were among the top ten, with each exceeding its estimate. The highest-selling of these, a hanging scroll titled The Leaping Ape, 1959, sold for HK$6.3 million ($805,600) against an estimate of HK$4 million/6 million.

Other sales in the series included Chinese ceramics and works of art, which took in a total of HK$75 million ($8.1 million); Chinese Imperial works of art, which took in HK$383 million ($49.1 million); jewels and jadeite, which made HK$155 million ($19.96 million); and watches, which made HK$47.6 million ($6.08 million).

Invest in Art

RAJ S. RANGARAJAN
Despite the lull and uncertain market conditions, the art market is seeing action, albeit muted.

Healthy trends

While there is a reported lull in art buying - a kind of coasting effect - following uncertain economic conditions in India and abroad, certain artists' works continue to sell specially if their provenance is sound. Gallery highfliers and art dealers who professionally invest for their businesses are watching the market with cautious optimism.

On the world scene, last month while Arab and Iranian art sold in London at decent prices, similar Middle Eastern art in Dubai had a lesser number of takers. Auctioneers Sotheby's and Christie's reported a sharp drop in dollar volumes compared to previous year's figures. Also, at Chinese contemporary art auctions in Hong Kong four Chinese and Indonesian artists had million-dollar successes with their work, thanks to dominant provenances.

When it comes to art provenance refers to the history of ownership of a valued painting or antique or literature. Kent Charagundla, owner of Tamarind Art Gallery in New York echoes the sentiment that "provenances matter and good art will always attract buyers whatever the state of the economy."

Indian artist Subodh Gupta's work dominated headlines at contemporary Indian art auctions held by Sotheby's, London in October. Also creating a buzz was the news that Gupta has now secured representation from the prestigious art gallery, Hauser & Wirth with offices in London and Zurich. In New York, Gupta is represented by Jack Shainman gallery.

Having made a name with seemingly plain but pricey "stainless steel" art installations, Gupta's art is much sought after by non-Indians as well. Three of his creations sold at more-than-estimated prices. His nondescript bicycle installation - titled "Cow" with milk cans - sold for GBP313,250. One wonders if this piece is a photograph or an actual painting. Two other creations of his sold for GBP385,250 and GBP241,250.

Not to be outdone, another Indian artist, Anish Kapoor's "Untitled" piece sold at GBP385,250 against an estimate of GBP250,000-GBP350,000. Kapoor - artist and sculptor - born in 1954, has won the Turner Prize (named after painter J.M.W. Turner), an annual prize presented to a British visual artist under 50.

Earlier in October as well, at Sotheby's Hong Kong, Zara Porter Hill, head of their Indian and Southeast Asian Art department "was encouraged by the level of bidding from a completely new group of buyers" specially since younger artists of Indian origin achieved record prices for their work. An acrylic-on-canvas with cloth applique titled, "I Like My Man Covered Too" by Jiten Thukral (born 1976) and Sumir Tagra (born 1979) was bought for US$234,252 (excluding buyer's premium) while the estimate was merely US$155,000.

Also, 1972-born Chintan Upadhyay's oil-on-acrylic, "Together With Life Whether We Like It or Not" achieved a high price, selling at US$141,581 when the estimate was merely US$100,000.

Some observers of the art scene suggest a cooling effect in the art market after many years of phenomenal growth with many artists - young and old - showing more than promise: they also achieved record-breaking results. Others however suggest that despite greater selectivity and cerebral decision making by art collectors, demand and competition for contemporary art is still healthy.

(A New York-based trend writer, Raj Rangarajan reports on the art market and has contributed to publications in the United States, Canada, Australia and India.)

talktoretailplus@yahoo.com

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