Hybrids, a major draw at auto show

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Sunday, April 18, 2010

Raj S. Rangarajan

The Hybrid car could be the answer to our fuel problems - a look at the brands available and how it will impact our lives

It is customary for the New York Auto Show to coincide with the Easter weekend, and this year was no exception. While the economy seems to be sputtering there was a certain bounce and bonhomie among auto manufacturers and the public. The week's ambient interactions radiated hope.

The usual crowds and hoopla, balloons and razzmatazz were on display though a trifle subdued. This time the focus was on hybrids and electric cars. Several top names such as Porsche, Mercedes and Lexus introduced hybrid models of the SUV (Sports Utility Vehicle).

With the concept of the SUV ingrained in the American psyche, where the average American is used to everything large including his/her vehicle, it is not surprising that car makers known for their larger sedans were taking the next vital step: to go hybrid. BMW, Volkswagen, Hyundai and Nissan have gotten into or about to enter the world of hybrids. Market conditions and public opinion are in the automaker's favour specially with global warming a serious concern.

Over the years reams of paper have been consumed singing the praises of the cute, unusual looks and performance of the Porsche. But, now comes word that a new Porsche with a family feel is about to hit the American auto scene - the 2011 Cayenne Hybrid.

In simple terms, the Hybrid car is a blend of two forms of energy - gasoline (petrol) and electricity. The Cayenne's electric motor and its V6 engine are connected by a decoupling clutch which ensures that the vehicle could be driven either by electric power or by the combustion engine or by both units together. This car can cover short distances on electric power alone, free of emissions or noise and can speed up to 60 km/h.

It uses a 288-volt nickel metal-hydride (NiMh) battery fitted beneath the luggage compartment that constantly regenerates energy when braking and under normal driving conditions. Unlike Porsche's Cayenne, the Hyundai Sonata Hybrid uses lithium polymer batteries which adds robustness and power on long hauls.

The New ML450 Hybrid from Mercedes-Benz boasts 46 percent better fuel economy than a comparable V8 ML550 model with a 3.5 litre V6 petrol engine, two magneto-electric motors and sophisticated electronics. While parking or on a low-speed operation, the ML450 runs on electric drive alone.

Volkswagen has joined the bandwagon in the hybrid market with its Touareg SUV, aiming at efficiency and performance with a fuel economy rate of mid-to-20 mph and top speeds of 150 mph.

Nissan debuted its Infiniti M35 Hybrid at Geneva in March and says, "it is designed and engineered to add to, not take away from, the driving experience, a key part of any Infiniti's appeal." According to the U.S. Department of Energy, gains from this dual technology can be as efficiently high as 50 percent. Any hybrid is expected to pay back in terms of cost-efficient savings in the long run.

While it is fashionable and perhaps PC (politically correct) to talk about hybrid vehicles, about the depletion of the ozone layer and the environment, the average vehicle-user who uses petrol (gasoline) may not see an immediate change in his/her bank balance. Not for ten years perhaps.

(A New York based independent trend writer, Raj S. Rangarajan reports on the art market and shows, and reviews films for media based in New York; Toronto, Canada; Seoul and India.)
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Sotheby’s Hong Kong Spring Sales Hit Record $256 Million

XXXV No. 17
(April 20, 2010)

Sotheby’s Hong Kong Spring Sales Hit Record $256 Million
by Raj S. Rangarajan

NEW YORK—Sotheby’s spring series of auctions in Hong Kong April 3–8 took in a record total of HK$2billion ($256.2million), much higher than last year’s total of HK$317.33 million ($40.6 million). Sales of fine Chinese art and contemporary art brought in HK$735million ($94.2million). The sale of Chinese paintings on April 6 was 97 percent sold by lot and 99 percent sold by value, and realized a total of HK$304.9million ($39.2million). Chess Playing, 1943, an ink and pigment on paper by Fu Baoshi (1904–65) sold to a private Asian buyer for HK$38.74million ($4.97million), five times the estimate of HK$5million/7million. Four works by Zhang Daqian (1899–1983) figured among the top ten lots, with Landscape, 1981, a splashed ink and pigment on paper hanging scroll, selling for HK$21.9million ($2.8million), more than four times the estimate of HK$3.2million/4.5million. Hen on the Rock, 1956, an ink and pigment on paper hanging scroll by Pan Tianshou (1897–1971) sold for HK$17.5million ($2.2million) on an estimate of HK$5million/7million.
A separate session dedicated to paintings from the Robert Chang collection brought in a total of HK$113.3million ($14.5million). Tiger, 1950, an ink and pigment on paper by Qi Baishi (1864–1957), was the top lot of the Chang sale, fetching HK$32million ($4.1million) against an unpublished estimate in excess of HK$28million.
Patti Wong, chairman, Sotheby’s Asia, said “participation by established collectors and numerous new buyers provoked fierce bidding which resulted in our setting many records for individual artists and objects.” The sales, she said, “emphasized the growing importance of Hong Kong as one of the vibrant auction centers.” Kevin Ching, CEO of Sotheby’s Asia, noted “growing involvement and participation by mainland Chinese.”
Blue-Chip Contemporary Art Fuels $19M Sale
The sale of contemporary Asian art on April 5 totaled HK$144.9million ($18.6million), with 129, or 76 percent, of the 170 lots sold. By value the auction was 88 percent sold. Bright Road, 1995, an acrylic and oil on canvas by Liu Ye (b. 1978) set a record for the artist, bringing HK$19.1million ($2.5million) against an estimate of HK$4.5million/6.5million. The top ten lots included two paintings by Cai Guo-Qiang (b. 1957). A Certain Lunar Eclipse: Project for Humankind No. 2, 1991, a gunpowder and ink drawing on Japanese paper mounted on seven wood panels, was bought by an Asian bidder for HK$18.58 million ($2.38 million). Two works by Yue Minjun (b. 1962) were also in the top ten, including On the Lake, 1994, an oil on canvas, which sold for HK$14.7million ($1.9million) on an estimate of HK$7million/10million.
Evelyn Lin, Sotheby’s head of Asian contemporary art, said the results “demonstrated a strong return for blue-chip contemporary Chinese artists after a period of adjustment in which we experienced constricted supply.” Results showed a “pent-up demand for great art with bidders from China, Indonesia, Korea, Europe, the United States and Taiwan in heated competition for top talents.”
The sale of 20th-century Chinese art on April 5 realized HK$102.6million ($13.15million), with 52, or 80 percent, of the 65 lots finding buyers. By value the auction was 84 percent sold.
Four of the top ten lots were works by Zao Wou-Ki (Zhao Wuji, b. 1921), which represented various periods of the artist’s career ranging from figurative work from the early 1950s to his later abstract paintings. These included the top lot of the sale, 4.4.1959, 1959, an oil on canvas, which sold for HK$20.8million ($2.7million) against an estimate of HK$5.8million/9million. Zao’s abstract painting 10-3-78, 1978, sold for HK$15.2million ($1.95 million) against an estimate of HK$7million/10million. And his oil The Lillies, ca. 1950, sold for HK$9.84million ($1.26million) against an estimate of HK$2.5million/4million.
The sale of modern and contemporary South east Asian paintings on April 5 took in a total of HK$69.3million ($8.88million) for 141 lots. Of those, 124, or 88 percent, found buyers, and the auction was 99 percent sold by value. The top lot was Bali Life, ca. 1960s, an oil by Lee Man Fong (1913–88), which set a record for a Southeast Asian painting at auction as well as an artist record. The lot opened at HK$4million, and sparked strong competition; after 31 bids the winner was an Asian collector on the phone, who bought the work for HK$25.3million ($3.24million). Mok Kim Chuan, Sotheby’s head of southeast Asian paintings, said that “in today’s more mature market, collectors are selective and discerning but eager to compete for quality works.”

XXXV No. 16 - April 6, 2010

Sharp Rebound in Volume at Asian-Art Auctions
by Eileen Kinsella and Raj S. Rangarajan

NEW YORK—The results of auctions held at Sotheby’s and Christie’s during the semiannual Asia Week series March 23–26 indicated a recovery from the tepid sales of last year (ANL, 3/31/09). The houses reported total sales of $82.5million, roughly double the $43.6million total achieved last March.

Christie’s posted a total of $60million for six sales, up considerably from the $36.4 million achieved last year for five sales. This year the house offered sales of modern and contemporary South Asian art, Indian and Southeast Asian art, Japanese and Korean art, and Chinese ceramics and works of art, as well as two single-owner sales of art from the collections of Robert Blumenfield and Arthur M. Sackler.

Sotheby’s experienced an even larger spike in sales volume, posting a total of $22.6million for two sales—of Chinese ceramics and Indian and Southeast Asian art—well over the estimate of $10.6million/15million and triple the $7.2million achieved last year for two sales in the same categories.

Although the traditional collecting category of Chinese ceramics and works of art continues to account for the bulk of Asia Week sales—this season contributing $22.6million at Christie’s and $14.4million at Sotheby’s—modern and contemporary South Asian art continues to be a bright spot. Meanwhile Chinese contemporary art, whether in larger sales or in dedicated auctions, was notable for its absence in New York salerooms after its considerable appreciation in price in recent years. In 2008, Sotheby’s announced it was moving its Chinese-contemporary sales to Hong Kong, where specialists believe the highest prices can be attained. Christie’s specialists also say most of their Chinese-contemporary sales are now handled through their Hong Kong branch.

Henry Howard-Sneyd, Sotheby’s vice chairman of Asian art, said that from time to time “a few of the more international and iconic pieces” are included in sales in London and New York, but “Hong Kong has become the focal point.” Sneyd noted that one pronounced effect of the recent financial crisis on this market is collectors’ decision to “hold onto their pieces and not sell. This has meant there is a shortage of high-quality material on the market.” However, he added, “Prices for the top end, often sold privately, actually remain very strong and above 2008 levels.”

Modern Indian Paintings Lead Sotheby’s Sale

Modern works dominated Sotheby’s $8.2million sale of Indian and Southeast Asian art on March 24. Of 180 lots on offer, 131, or 73 percent, found buyers. By value the auction was 84 percent sold.

The house set a new record for a work by Manjit Bawa (1941–2008) when an untitled oil depicting a woman standing atop two white horses against a dark red background doubled the $200,000/300,000 estimate to sell for $602,500. Specialist Zara Porter-Hill called it “by far the most important work by Bawa to have appeared at auction in the past ten years and it attracted interest from all around the world.”

The top lot of the sale was an untitled 1955 oil by Maqbool Fida Husain (b. 1915), which soared past its $150,000/200,000 estimate to sell for $1.06million. Works by Tyeb Mehta (1925–2009) and Syed Haider Raza (b. 1922) also figured among the top lots, at prices that exceeded estimates. An untitled 1959 painting by Mehta depicting a reclining woman sold for $566,500 against a $100,000/120,000 estimate, and Raza’s acrylic on canvas L’inconnu, 1971, sold for $458,500 against an estimate of $120,000/180,000.

Raza was also the top-selling artist at Christie’s sale of South Asian modern and contemporary art on March 23, which took in $8.9million for 91 lots. Of these, 75, or 82 percent, found buyers; the auction was 95 percent sold by value. Raza’s later abstract painting Gestation, 1989, sold for $1.2million on an estimate of $600,000/800,000. That was followed by Husain’s painting Sita Hanuman, 1979, which sold for $842,500 on an estimate of $600,000/800,000.

Projjal Dutta, a partner in Aicon Gallery, New York, which specializes in Asian contemporary art, told ARTnewsletter, “the moderns—artists such as Husain, Raza and [Vasudeo S.] Gaitonde, who worked in the decades immediately preceding Indian independence in August 1947, have had the greatest successes recently.” Gaitonde’s Blue Abstract, 1965, was also among the top selling lots at Christie’s, bringing $554,500 against a $250,000/350,000 estimate. Another untitled painting by Bawa, from 1999, sold for $434,500, also far surpassing its estimate of $120,000/180,000. Christie’s specialist Hugo Weihe called the sale “well-edited,” and said it drew “immense and competitive bidding for some of the finest modern and contemporary works from India and South Asia.”

In the more traditional Asian art collecting categories, Sotheby’s sold a classical Chinese painting, Two Mynas on a Rock, 1692, by Bada Shanren (1626–1705), to a private Asian collector for $3million against a $400,000/600,000 estimate.

Christie’s sale of works from the Blumenfield collection totaled $13.86million for 157 lots offered. A new U.S. auction record for a classical Chinese painting was set by Yu Zhiding (1647-1716), Happiness through Chan Practice: Portrait of Wang Shizhen. The hand scroll in ink and pigment on silk sold for $3.44million, 20 times its estimate of $120,000/150,000.

Christie’s sale of Chinese ceramics and works of art was led by a large white jade figure of Buddha, 18th or 19th century, which sold to an Asian collector for $2.3million on a $150,000/200,000 estimate.