Volume Soars at Christie’s Hong Kong Auctions

by Raj S. Rangarajan

NEW YORK—Fall sales of Asian contemporary art and Chinese 20th-century art in evening and day sales at Christie’s Hong Kong Nov. 27–30 brought in a total of HK$512.4 million ($65.9 million), up considerably from the HK$389.3 million ($50.2 million) total reported last fall. Southeast Asian modern and contemporary art brought in HK$56.7 million ($7.3 million) and Chinese modern paintings fetched HK$568 million ($73 million); Chinese classical paintings and calligraphy brought in HK$100.9 million ($13 million). In all, the fine-art sales totaled HK$1.13 billion ($146.5 million).
The evening sale of contemporary and 20th century Chinese art on Nov. 27 totaled HK$281.2 million ($36.2 million). It was 84 percent sold by lot, 78 percent by value. Among the records was a new auction high for a work by Sanyu (1901–66). His oil on masonite Potted Chrysanthemum in a Blue and White Jardinière, 1950s, sold for HK$53.3 million ($6.9 million) on an unpublished estimate of HK$35 million/55 million. A record was also set for a work by Mao Xuhui (b. 1956), when his triptych ’92 Paternalism, 1992(3), was bought by a private European collector for HK$11.9 million ($1.5 million), twice the estimate of $HK3 million/5 million.

Eric Chang, Christie’s international director of Asian contemporary art and Chinese 20th-century art, reported “solid demand for both categories of art with seven records achieved for works by artists across a broad spectrum of Chinese artists.” In addition to the artist records for Sanyu and Mao, new records were also set for work by Chinese artists Yee Bon, Wang Guangyi, Zhan Wang, and Japanese artists Aya Takano and Tatsuo Miyajima. Chang added, “The market for Chinese 20th-century and contemporary art continues to be steady and healthy and Asian buying remains strong.”

Leading the Asian contemporary and Chinese 20th century day sale was A Man in Melancholy, 1990, an oil by Zeng Fanzhi (b. 1964), which sold for HK$10.3 million ($1.3 million), four times the estimate of HK$1.6 million/2.4 million).

Works by Zao Wou-Ki (Zhao Wuji, b. 1920) remain among the most sought-after by collectors, with all of his works in this sale fetching prices above their high estimates. The Meeting Hall, 1993, a painting by Liu Dahong (b. 1962), set a new record of HK$2.8 million ($359,649), more than ten times the HK$180,000/260,000 estimate. Landscape, 2004, by Liu Wei (b. 1965) sold for HK$3.98 million ($514,893) against an estimate of HK$650,000/750,000.

The auction of Southeast Asian modern and contemporary art was 87 percent sold by lot, and 98 percent by value. The total was HK$56.7 million ($7.3 million). The top lot was Balinesische Legende (Balinese Legend), 1929, an oil on canvas by Walter Spies (1895–1942), which sold for HK$16.9 million ($2.17 million) against an unpublished estimate of HK$16 million. Another painting that brought a “significant market response” from both private collectors and institutions was Wounded Lion, an oil by Indonesian artist Raden Saleh (ca. 1807–80), which sold for HK$6.6 million ($852,624) on an estimate of HK$6 million/8 million and underscored the strong prices for historically important modern works.

Ruoh-Ling Keong, Christie’s head of Southeast Asian modern and contemporary art, said the sale total of HK$56.7 million represented “almost a 70 percent increase over the same sale last year. With average prices roughly in line with those seen at the height of the market, the market for the finest works of art from Southeast Asia is indeed healthy and robust.”

In the contemporary section, Trombone, 2010, a painting by I. Nyoman Masriadi (b. 1973), fetched HK$2.7 million ($344,207) on an estimate of HK$800,000/1.4 million, and Membayang (Imagining), 2006, a two-part acrylic on canvas by Handiwirman Saputra, (b. 1975) sold to an Asian private buyer for HK$1.22 million ($157,869) against an estimate of HK$800,000/1.2 million.

Keong added, “The contemporary section saw global collectors responding in earnest to not only works from the established rock stars of the category, including I. Nyoman Masriadi and Handiwirman Saputra, but also those from newer artists.”

Christie’s auction of Chinese modern paintings was 96 percent sold by lot, and 97 percent by value, realizing a total of HK$568 million ($73 million). Works by Fu Baoshi, Zhang Daqian, Xu Beihong and Qi Baishi were much sought after. The Song of the Pipa Player, 1945, a mounted and framed scroll by Fu (1904–65), sold for HK$70million ($9 million), a new auction record for the artist, on an estimate of HK$20 million/40 million. Temple at the Mountain Peak, a hanging scroll by Zhang (1899–1983), sold for HK$61.14 million ($7.9 million) against an estimate of HK$4 million/6 million.

Ben Kong, international specialist head of Chinese paintings at Christie’s Hong Kong, said the season’s “excellent results reflect a 92 percent increase from last year’s autumn sale, while the average lot value also increased by 42 percent compared to last year. Mainland Chinese buyers are a clear force driving this category, taking nine out of the top ten lots in our Chinese classical paintings sale.”

Sales of Chinese classical paintings and calligraphy totaled HK$100.9 million ($13 million). The top lot was Mynah, Poem in Running Script Calligraphy (a pair of album leaves mounted as a hanging scroll) by Bada Shanren (1626–1705), which sold for HK$11.3 million ($1.5 million) against an estimate of HK$1.2 million/1.5 million. A number of other artists, including Ni Yuanlu, Hua Yan and Lan Ying also brought strong prices that surpassed estimates.

Vibrancy Returns to Autumn Asian Art Auctions

by Raj S. Rangarajan

NEW YORK—The fall Asian art sales in New York, held Sept. 14–17, realized $98.4 million, with Christie’s contributing $70.75 million while Sotheby’s total was $27.65 million. Last year’s total was $77 million, of which Christie’s sales accounted for $57.3 million and Sotheby’s contributed $19.3 million (ANL, 9/22/09).

Christie’s Asian art categories were: South Asian Modern and contemporary art ($7.54 million), Indian and Southeast Asian art ($3.98 million); Japanese and Korean art including arts of the Meiji period ($3.68 million); Chinese ceramics and works of art ($34.11 million); the Sze Yuan Tang archaic bronzes from the Anthony Hardy collection ($20.75 million); and Chinese works including objects from the Arthur M. Sackler collections ($686,000).

Theow Tow, deputy chairman of Christie’s Americas and honorary chairman of Christie’s Asia said, “This season’s sales have shown the market for Asian art . . . remains extremely vibrant, with clients from Asia continuing to participate strongly just as American and European buyers were equally active.”

Seven-Figure Sums for Raza, Souza

At the South Asian modern and contemporary sale, works by contemporary Indian artists such as Subodh Gupta, T.V. Santhosh, Rashid Rana, Atul Dodiya, and Anju Dodiya did well.

La Terre, 1985, an acrylic by Syed Haider Raza (b. 1922), sold for $1.93 million, (estimate: $2 million/2.5 million), and an oil, Untitled (Large Head) by Francis Newton Souza (1924–2002), 1962, was bought by a U.S. collector for $1.43 million (estimate: $1.2 million/1.8 million). Two Cows by Gupta (b. 1964), 2005, an installation made of bronze and aluminum with chrome, was bought for $542,500 (estimate: $280,000/350,000), and an oil on canvas, Untitled (Durga) by Manjit Bawa (1941–2008), was bought by a U.S. trade buyer for $314,500 (estimate: $200,000/250,000).

Hugo Weihe, international director of Asian art and international specialist head, South Asian modern and contemporary art in New York, said that new clients entered the market “at a very high level, demonstrating confidence in a category that is well established. The sale saw lively bidding by international buyers in the room, on the telephone, and online, with strong participation from international institutions.”

In the Indian and Southeast Asian art category, a Roman silver Kantharos, Gandhara, ca. late 1st century b.c., was bought by an unidentified Asian institution for $434,500 (estimate: $150,000/250,000), and a gilt bronze figure of Vajrasattva, Mongolia, Zanabazar School, 18th century sold for $314,500 (estimate: $200,000/300,000). Sandhya Jain Patel, Indian and southeast Asian art specialist, said that “the auction attracted U.S. and Asian institutions, who were among the buyers of the top ten lots and represent a diversity of interests throughout the sale.”

In the Japanese and Korean art sales, a Joseon Dynasty, 1901, eight-panel screen, ink and color on silk—Royal Banquet for the Celebration of the 50th Birthday of the Emperor Gojong—was sold for $842,500 (estimate: $300,000/350,000).
Sotheby’s $27.65 million total included sales of Chinese ceramics and works of art ($15.17 million), South Asian art ($7.54 million) and Chinese snuff bottles from the Joe Grimberg collection ($4.93 million).

At Sotheby’s South Asian art sale, work by Indian artists Bhupen Khakhar (1934–2003) and Arpita Singh (b. 1937) set new records. Khakhar’s Muslims Around a Mosque II, 2001, sold for $650,500 (estimate: $150,000/250,000) and Singh’s oil Munna Apa’s Garden, 1989, was bought by an Indian bidder for $506,500 (estimate: $100,000/150,000). Also attaining a record price was a miniature opaque watercolor heightened with gold on paper, an illustration to the Gita Govinda: Radha Proceeds to Her Tryst with Krishna, 1780, which fetched $290,500 (estimate: $150,000/250,000). Cinq Sens (Five Senses), 1958, by M.F. Husain (b. 1915), was bought by an Indian bidder for $782,500 exceeding the $500,000/700,000 estimate.

Citing the sale’s “exceptional results,” Zara Porter Hill, international head of Indian art at Sotheby’s, said, “Competitive international bidding resulted in more than half the lots sold achieving prices in excess of high estimates.”

Tagore Paintings Top $2 Million At South Asian Art Sale

by Raj S. Rangarajan

NEW YORK—Sotheby’s sale of South Asian art in London on June 15 realized a total of £5.5 million ($8.1 million), with 12 paintings by Rabindranath Tagore (1861–1941) selling for £1.6 million ($2.36 million)—a remarkable event considering that the artist is known more for his literature than his art. The auction was 90 percent sold by value and 78 percent sold by lot.

The top ten lots all sold at prices above estimates, with Tagore’s watercolor and colored ink drawing Untitled (Portrait of a Woman), 1938, selling for an artist-record £313,250 ($461,229), seven times the estimate of £30,000/40,000.

Holly Brackenbury, deputy director of Islamic and Indian Art at Sotheby’s, said the 12 Tagore paintings had “distinguished provenance” and had never appeared before on the open market. They were consigned by the Dartington Hall Trust to raise money for investment in the arts, social justice and sustainability, “issues that were very close to Tagore’s own heart,” Brackenbury said.

The first Asian ever to win a Nobel Prize for Literature, Tagore has long been lauded in India as a poet, novelist and musician. Born in Calcutta (now Kolkata), Tagore started painting later in life.

The top lot of the sale, however, was Rajasthan, 1979–81, an acrylic on canvas by Syed Haider Raza (b. 1922), which took £517,250 ($761,599) on a £300,000/500,000 estimate, followed by Untitled (Nude), 1955, an oil on board by Francis Newton Souza (1924–2002), which brought £373,250 ($549,573) on a £60,000/80,000 estimate. A record was set for Somnath Hore (1921–2006) when the bronze The Khajani Player, 1995, was purchased by an Indian private collector for £157,250 ($231,535), topping the estimate of £130,000/150,000. Zara Porter-Hill, director and head of South Asian art at Sotheby’s, said the “results demonstrate the continued confidence in the Indian market and the ever-growing appetite both in India and around the world for South Asian art. Bidding came from a healthy mix of private collectors and trade buyers and their interest produced lively bidding battles.”

Upbeat Results at Christie’s Hong Kong Spring Auctions

by Raj S. Rangarajan

NEW YORK—The spring series of auctions at Christie’s in Hong Kong May 28–June 2 took in a total of HK$2.3 billion ($294 million). Sales of fine art totaled HK$994.6 million ($127.7 million), and records were set for works by Chinese, Japanese, Italian and Filipino artists. Last year’s sales of Asian art brought in a total of HK$401.2 million ($51.6 million) in comparison (ANL, 6/9/09).

The evening sale of Asian contemporary art and Chinese 20th-century art on May 29 was 100 percent sold both by lot and by value—a rare event. The 36-lot sale brought in a total of HK$303.4 million ($39 million). String Quartet, 1986, an oil on canvas by Chen Yifei (1946–2005), sold for ten times its estimate of HK$4 million/6 million, setting a new auction record for the artist. It was bought by an Asian trade buyer for HK$61.1 million ($7.9 million).

The second- and third-highest selling lots in the sale were both paintings by Sanyu: Vase of Lilies with Red Ground, 1940s (estimate: HK$12 million/18 million), and Pink Leopard, 1940s–’50s (estimate: HK$8 million/12 million), sold for above-estimate prices of HK$25.3 million ($3.25 million) and HK$21.9 million ($2.8 million), respectively. Three of the top ten lots were by Zao Wou-Ki (b. 1920). The oil 02-1-65, 1965, sold for HK$20.8 million ($2.7 million) on an HK$8 million/12 million estimate; 14-3-59, 1959, brought the same price against an estimate of HK$10 million/15 million. And 25-10-90, 1990, sold for HK$9.6 million ($1.2 million), within the estimate of HK$6.5 million/10 million.

Records were also set for Japanese artists Tomoko Konoike (b. 1960)—whose Chapter Three “Wreck,” 2005, a set of seven paintings, sold for HK$2.06 million ($266,000) on an estimate of HK$800,000/1.2 million—and Akira Yamaguchi (b. 1969), whose set of four paintings Shintenno (Jikokuten, Zochoten, Tamonten, Komokuten), 2006, was sold for HK$1.9 million ($239,096) against a HK$1.5 million/2.5 million estimate.

Eric Chang, Christie’s international director of Asian contemporary and Chinese 20th-century art, said, “With Asian buyers winning many of the lots among intensive international bidding, it is clear that collectors in the region are more sophisticated and diverse than ever before, and that the Hong Kong art market has now firmly established itself as a formidable hub in the contemporary art world.”

The day sale of Asian contemporary art yielded a total of HK$115 million ($14.76 million), with the top lot, Portrait of Andy Warhol, 2005, by Zeng Fanzhi (b. 1964), selling for HK$5.06 million ($649,704), three times the estimate of HK$1 million/1.5 million. A record was set for a work by Chinese artist Yu Youhan (b. 1943), whose Mao in an Easy Chair, 1992, sold for HK$4.2 million ($541,848), 14 times the HK$200,000/300,000 estimate. Records were also set for works by Ding Yi (b. 1962)—whose Appearance of Crosses, ca. 1990s, sold for HK$4.10 million ($526,440), six times the estimate of HK$400,000/600,000—and Guan Yong (b. 1975), whose Do You Know? We are so distressed, 2007, fetched HK$2.4 million ($310,728) on a HK$1.2 million/2.2 million estimate. Liu Wei’s Landscape, 2006, sold for HK$4.6 million ($588,700) on a HK$1.5 million/2 million estimate, and Zhang Xiaogang’s Bloodline Series, 1997, sold for HK$4.1 million ($526,000) against a HK$2.5 million/3.5 million estimate.

The day sale of Chinese 20th-century art on May 30 brought in a total of HK$105 million ($13.5 million), and was 80 percent sold by lot and 91 percent sold by value. Zao again dominated the high end of the sale, with six out of the top ten lots. All brought higher-than-expected prices, the highest being for La course de Chevaux (Horse Racing), 1952, which sold for HK$5.4 million ($695,928) on a HK$1.5 million/2 million estimate, followed by 3-1-61, 1961, which took HK$4.8 million ($618,888) on a HK$2.4 million/3.2 million estimate.

The sale of Chinese modern paintings on May 28 totaled HK$215.1 million ($27.6 million). Lady Holding Lotus, 1954, a scroll painting by Zhang Daqian (1899–1983), sold to a Chinese collector for HK$14.1 million ($1.81 million), more than four times the estimate of HK$2 million/3 million. Cormorants, 1935, a scroll painting by Xu Bei Hong (1895–1953), sold for HK$13.5 million ($1.74 million) against an identical estimate. Ben Kong, Christie’s international specialist head of Chinese paintings, said the “sales showed continuing strength with active bidding, with many lots going well over the high estimates.”

The sale of Southeast Asian modern and contemporary art on May 30 brought in a total of HK$44.5 million ($5.7 million). The top lot was Young Balinese Girl with Hibiscus, 1939, by Italian painter Romualdo Locatelli (1905–43), which set an artist record, selling to an Asian collector for HK$6 million ($773,000) against an estimate of HK$2.2 million/3.2 million. The oil on canvas was one of the first portraits the artist painted in Bali. Lavenderas, 1923, by Filipino painter Fernando Cueto Amorsolo (1892–1972), also set a record, selling for HK$3.4 million ($437,000) against an estimate of HK$300,000/500,000.

The sale of Chinese classical paintings and calligraphy on May 28 totaled HK$115.9 million ($14.9 million), led by Birds and Flowers, 1748, by Hua Yan (1682–1756) which sold for HK$19.1 million ($2.45 million), three times estimate. The Young Hercules, 1732, by Leng Mei (17th–18th century) sold for HK$16.9 million ($2.17 million), 11 times the high estimate.

The Songde Tang Collection of Chinese modern paintings took in HK$95.7 million ($12.3 million), and was 95 percent sold by lot, 99 percent by value. The top lot, Amaranth, Crickets, Persimmon and Peaches, a scroll by Qi Baishi (1863–1957), sold for HK$10.6 million ($1.36 million) on an estimate of HK$800,000/1 million.

Global Bidding Drives Asian Contemporary Sales in Hong Kong

by Raj S. Rangarajan

NEW YORK—Dozens of new records were set for artists from China, India, Japan, Korea and Taiwan at Christie’s in Hong Kong during the house’s inaugural evening sale of Asian contemporary art (which totaled $40.7 million) and Chinese 20th-century art ($21.7 million) on May 24. Including day sales on May 25, the overall total was $104.6 million.

The evening sale of contemporary art was 94 percent sold by lot and value. The top-selling lot was Zeng Fanzhi’s Mask Series 1996 No. 6, 1996, which sold for $9.7 million, more than three times the high estimate of $3.2 million. It was followed by Yue Minjun’s Gweong-Gweong, 1993, which brought $6.93 million. Also in the top ten were Yue Minjun’s Big Swans, 2003, bought by an Asian private bidder for $2.48 million, and The Sun, 2000, picked up by a European buyer for $1.41 million.

Eric Chang, Christie’s international director of Asian contemporary art and Chinese 20th-century art, noted “growing global interest in Chinese, Indian, Pakistani, Korean and Japanese contemporary art.” Chang says he looks forward to “seeing further cross-cultural interest in Asian art from collectors worldwide.”

Three works by Chinese artist Zhang Xiaogang were in the top ten, including Bloodline: Mother and Son, 1993, which sold to an Asian private buyer for $2.27 million; Bloodline: Big Family Series, 1996, sold to a European bidder for $2.1 million; and Baby Boy with Red Face, 1995, which fell for $1.62 million. A record was set for Indian artist Subodh Gupta when Saat Samundar Paar (Across the Seven Seas), 2003, sold for $1.2 million.

The Asian contemporary-art day sale on May 25 was 90 percent sold by lot and 92 percent sold by value. Three of Yue Minjun’s works were sold at prices well beyond their presale high estimates: Dark Sky, 2003, brought $835,260; Romanticism & Realism Series 2, 2003, brought $792,000; and 99 idol series No. 50 & 63, 1996, took $510,800.

Garden, circa 1970, by Chinese artist Liao Chi-Ch’un led the Chinese 20th-century evening sale with a price of $4.5 million, followed by Spring in the West Lake, 1934, by Chen Cheng-Po, which sold for $4.36 million.

There were three works by Zao Wou-Ki in the top ten: 1-4-68, 1968 ($1.84 million), 26-4-62, 1962 ($1.62 million), and 25-5-62, 1962 ($1.55 million). Sanyu’s Pink Flowers, circa 1930s, sold for $1.41 million.

Among the Asian contemporary works for which artist records were set during both the evening and day sales were Mumbai-born Jitish Kallat’s installation Rickshawpolis 9, 2006, which sold for $200,848; Korean artist Hong Kyoung Tack’s Library II, 1995-2001, which fetched $585,554; Makoto Aida’s Monument for Nothing, 2002-4, sold for $688,114; Hisashi Tenmyouya’s RX-78-2 Kabuki-mono 2005 Version, 2005, which brought $616,322; and Tetsuya Ishida’s painting Decided By Myself, 1999, which sold for $705,480. Another record was set for Japanese artist Mr., when his acrylic on canvas V, 2005, was bought for $647,000.