Contemporary Asian/Indian Sales Underscore Market Momentu

Vol. XXXII, No. 22                                                                                                                       by Raj S. Rangarajan

NEW YORK—The continuing momentum of the market for contemporary Asian and Indian art was underscored by sales at Christie’s in London and Hong Kong last month. Christie’s London sale of modern and contemporary Indian art on May 21 realized £4.5 million ($8.8 million).

In Hong Kong a week later, sales of Asian contemporary art and modern and contemporarySoutheast Asian art—part of a larger series of Asian art sales that included jewelry andclassical Chinese paintings—fetched HK$325.6 million ($42.3 million). Several prominent Indian artists and three young contemporary artists—Subodh Gupta, Justin Ponmany andTalha Rathore—achieved record prices in the U.K. sale. In Hong Kong, auction records were set for ten Indian artists and one Pakistani artist.

In London the top lot was La Terre, 1985, by Indian artist Syed Haider Raza, which sold for £720,000 ($1.42 million) to an Indian private buyer (estimate: £400,000/600,000). Next came the painting Untitled, 1968, by abstractionist Vasudeo S. Gaitonde (1924-2001), which was acquired by an Indian private buyer for £490,400, or $967,559 (estimate: £450,000/550,000). Indian artist Maqbool Fida Husain, who was at the auction, saw his Untitled, circa 1960, sell for £132,000, or $260,436 (estimate: £100,000/150,000).

“The auction was packed and buzzing with numerous private and trade clients, some traveling from India for the sale,” reports Yamini Mehta, director of modern and contemporary Indian art at Christie’s.

Atul Dodiya Record at Hong Kong Auction

At the spring sale of Asian contemporary art in Hong Kong on May 27, a selection of 25 Indian and Pakistani works totaled $1.03 million. Says Mehta: “The sale reaffirms the vibrancy of the Indian contemporary art market, with new collectors bidding robustly across the globe, vying for top-quality works.” She notes that “the sale appeals to the international audience, as witnessed by record sales by Indian artists Atul Dodiya, T.V. Santhosh, and Jiten Thukral andSumir Tagra.”

After spirited bidding Vishal, a 1989 oil on canvas by Dodiya, fetched HK$3.1 million ($405,600) from a private Indian buyer; and Santhosh’s Hundred Square Feet of Curses,2005, earned HK$780,000 ($101,400) from a private Taiwanese buyer. Somnium Genero—Aeris 05, by Thukral and Tagra, 2006, took $85,800 from a French private buyer.

Among other records set: Portrait of the Artist and His Friends, 1991, by Chinese artist Yue Minjun (b. 1962), sold for HK$20.5 million ($2.66 million) to a private Asian buyer; Mask Series 1996 No. 8, by Zeng Fanzhi, fell for HK$12.6 million, or $1.64 million (estimate: HK$1/1.5 million)—another auction record; And Blue Sea, 1998, by Liu Ye (b. 1964), set a record when it garnered HK$7.9 million ($1.03 million).

The modern and contemporary Southeast Asian art sale also set two auction records: Women Around the Lotus Pond, 1950-51, by Belgian artist Adrien-Jean Le Mayeur de Merprès,brought HK$17.1 million ($2.22 million); and Street Musician, by Indonesian artist Hendra Gunawan (1918-1983), sold for HK$3.6 million ($468,000).

Ruoh-Ling Keong, vice president and head of the Southeast Asian pictures department at Christie’s Hong Kong, says the sale saw “vibrant and enthusiastic bidding . . . indicating a coming of age for contemporary Southeast Asian art. The robust results signify a continued rise in interest, with an unprecedented level of appreciation from collectors worldwide.”

"On demand: Krrish"

Online edition of India's National Newspaper
Friday, Jun 08, 2007


Hindi films on American TV

RAJ S. RANGARAJAN

Fans of Hindi cinema in the U.S. can now watch their favourite films in the comfort of their living rooms.

Bollywood buffs in the U.S. can now watch Hindi films on American TV, thanks to Cox Cable of America and Time Warner Inc. Of the 14 foreign language films that grossed over $ 2 million at the U.S. box office in the past year, seven were Hindi. I ndustry watchers in the U.S. and India are profoundly interested in the courtship. A sample: ‘A Mighty Heart’ with Brad Pitt and Angelina Jolie has been produced in India and will be released in U.S. on June 22, Johnny Depp and Amitabh Bachchan are in Mira Nair’s ‘Shantaram,’ Wes Anderson is in ‘The Darjeeling Limited’ and African-American actor Will Smith and George Clooney are reportedly interested in forthcoming productions.

New category

Now, BODVOD and Cox Communications in San Diego and Orange County have launched a new ‘Bollywood’ category on Cox’s ‘On Demand’ channel line-up. Cox’s digital cable subscribers will be able to order the latest Bollywood hit films whenever they want, using their Cox remote controls.

Not to be outdone, Time Warner Cable’s digital customers in states such as New York, New Jersey, California, Texas, North Carolina and Ohio can search for movie titles by surfing ‘On Demand Channel 1,’ selecting the ‘Movies’ folder, then the ‘By Category’ sub-folder and the ‘International.’

Each title may be viewed at any time for U.S. $3.95 with unlimited access within 24 hours. Viewers can pause, fast-forward or rewind. These media companies see growth potential in Indian cinema in the U.S. as well.

Through Channel 1, customers can access ‘Movies on Demand,’ they can click on ‘Foreign Films,’ and then ‘Bollywood.’ One of the highest-grossing films in India last year, the Adlabs’ sci-fi action thriller ‘Krrish,’ has also made its premiere on Cox’s ‘On Demand.’

Shah Rukh Khan’s action film ‘Don,’ the New York-set comedy ‘Jaan-e-Maan,’ and the Moghul-era romance ‘Umrao Jaan’ starring Aishwarya Rai and Abhishek Bachchan will be available later this year.

When asked why they are promoting Bollywood and South Asian content now, Suzanne Giuliani of Time Warner Cable of New York and New Jersey, says, “We started working with BODVOD during a Deepavali celebration about four years ago.”

Roger Keating, executive vice-president, Time Warner Cable, approved 1.9 million customers’ (in Southern California) access to Bollywood and South Asian movies and created a separate international category to showcase films from around the world.

A perfect strategy

In response to a question, Vin Bhat, head of BODVOD Networks, says, “Currently our distribution focuses on 11 million digital cable homes and we are in conversation with operators who will deliver Bollywood movies to hotels and motels in America. We acquire, package, and distribute Bollywood and other South Asian films, TV shows and music on ‘On-Demand’ media platforms.”

Calling this “ …a perfect strategic fit between Time Warner Cable and IFFLA,” Anjali Jindal, head of programming for the BODVOD network, says, “In addition to content, we focus on developing innovative, mutually beneficial partnerships for the viewing community.”

Contemporary Art Soars at Sotheby’s Hong Kong Sales

Vol. XXXII, No. 18                                                                                                          by Raj S. Rangarajan

NEW YORK—Sotheby’s Hong Kong registered $135.33 million in Hong Kong during a four-day series of sales from April 7-10 that included Chinese works of art ($58.17 million),contemporary Chinese art ($27.63 million), fine Chinese paintings ($15.21 million), watches($2.96 million) and jewels and jadeite ($31.34 million).

Henry Howard-Sneyd, deputy chairman of Europe and Asia and managing director of Sotheby’s Asia, reports that “sales have tripled during the last five years of spectacular growth at Sotheby’s Hong Kong with the emergence of collectors from the People’s Republic of China and a global spread of collecting across all categories.”

Soaring prices for contemporary Chinese art continued to dominate the sales. The highlight of the $27.63 million auction of Chinese contemporary art on April 7 was Put Down Your Whip,an oil on canvas by Xu Beihong (1895-1953), estimated at about $3.8 million, which flew to $9.28 million, a record for any Chinese painting at auction as well as an artist’s record. The large oil had been completed in 1939 during Xu’s stay in Singapore. Patti Wong, chairman ofSotheby’s Asia, observed that the market “remains very strong at the top end, with new buyers also entering each season.”

An auction record was set for Liu Ye, when Sinking Ship, 1995, sold for $907,000 (estimate: $258,000/387,000) to a European collector. Other records were set for the works 22.11.2004,by Michael Lin (Lin Minghong), and Tormenting Love, by Hou Junming.

Six bidders pursued Zhang Xiaogang’s Tiananmen No. 1, 1993, before it fell to an Asian private collector on the phone for $1.99 million (estimate: $644,000/902,000).

New Buyers Pay Top Prices

Comments Evelyn Lin, head of the contemporary Chinese art department and deputy director, Asia: “The sale demonstrated the increasing strength in the market for Chinese contemporary art. There were new buyers from Asia and Europe, and collectors were willing to pay premium prices for seminal works.”

At recent Asian contemporary auctions, however, many of the top prices have been paid for works that are just a few years old. For instance, at the Sotheby’s auction, some recent works by Zhang Xiaogang fetched strong prices, including Big Family Series, 2006, which made $757,405 (estimate: $640,000/896,000); and Little Graduate (From My Dream), 2005, which took $685,800 (estimate: $320,000/448,000).

A four-panel oil on canvas by Zhu Dequn (b. 1920), Force d’âme, 2004-05, realized $1 million (estimate: $896,000/1.9 million). A much earlier work by the artist, Composition No. 268, 1967-68, sold for $900,700 (estimate: $768,000/1 million).

Three sales were devoted to Chinese works of art. They included Chinese art from the collection of an anonymous Parisian connoisseur ($16.53 million); historical works of art from the Qing dynasty (1644-1911), Qianlong reign, from 1736-95 ($12.57 million); and Chinese ceramics and works of art ($29.07 million). The buyer breakdown for the three Chinese works of art sales: Asian, 78.2%; American, 20.2%; and European, 1.6%.

Nicholas Chow, Sotheby’s head of Chinese ceramics and works of art, said the pieces in the Parisian connoisseur sale included “remarkable Chinese porcelain—largely Imperial—which had been out of China for a long time. The market responded to this fresh material with enthusiasm by repatriating many works back into Chinese hands.”

A rare, decorated faceted Famille-rose vase, bearing the seal mark of the Qing dynasty,Yongzheng period (1723-35), was acquired by Hong Kong dealer Chak’s Company Ltd. for $2.92 million, several times the high estimate of $1 million. The Seven Jade Imperial Archer’s Rings, along with its original fitted cinnabar box and cover, also of the Qing dynasty, fetched $6.1 million.

Highlighting the sale of ceramics was a rare Falangcai enamel miniature vase, mark and period of Qianlong, which was acquired by an Asian private buyer for $4.37 million, well above the high estimate of $1.5 million.

In the Chinese paintings category, Li Keran’s Waterfall in Tiers 1987, was acquired by a private Asian buyer for $1.08 million (estimate: $231,000/319,000) to the applause of the crowd.

Cleveland Museum Acquires $4M Sculpture of India

Vol. XXXII, No. 17                                                                                                                     Raj S. Rangarajan

NEW YORK—The Cleveland Museum of Art was the buyer of a $4.07 million granite sculpture, Shiva as Brahma, that was auctioned at Sotheby’s sale of Indian and southeast Asian art in New York last month (ANL, 4/3/07).

The life-size representation, which hails from southern India, Chola dynasty (late-10th/early-11th century), was the top lot in the sale of works from the Albright Knox Art Gallery, Buffalo, N.Y.

“With any acquisition,” Timothy Rub, director and CEO of the Cleveland Museum of Art, toldARTnewsletter, “one has to be opportunistic—and the moment it came on the market, we were keen on acquiring this Shiva.” Asked if there was a preset auction limit, Rub says, “We were prepared to bid even higher than the final price.” The museum was represented at the auction by London dealer John Eskenazi.

The statue, which represents one of the supreme deities of the Hindu pantheon of gods, “adds to our existing collection of the trinity that shows manifestations of (Lord) Vishnu,” says Rub. “This trinity consists of Sridevi, Bhudevi and Vishnu, and we are particularly pleased since this Shaivaite icon beautifully balances our collection.” Rub notes that the museum hopes to place the statue on display this summer.

Contemporary Art Resonates at $129M Asian Sales

Vol. XXXII, No. 16                                                                                                            by Raj S. Rangarajan

NEW YORK—Sales of Asian art in New York, from March 19-23, realized $89.76 million atSotheby’s and $39.56 million at Christie’s, for a total of $129.3 million—compared with $51.6 million and $46.2 million, respectively, a year ago (ANL, 4/25/06), totaling $97.8 million. Among the lots: fine Chinese ceramics and works of art, and contemporary Asian, Indianand southeast Asian art—a category that included modern paintings and miniatures. Contemporary Asian art continues to be a major force behind the growth of sales in recent seasons.

Hailing the auctions as a landmark week for Sotheby’s, Henry Howard-Sneyd, deputy chairman, Europe and Asia, noted, “We saw strength across all categories, with modern and contemporary markets—both Chinese and Indian—having begun to mature and now in periods of steady growth.” Howard-Sneyd further pointed out that Sotheby’s sale totals successively have hit new records each season since 2004.

The sale of Chinese ceramics and works of art (including property of the Albright-Knox Art Gallery, Buffalo, N.Y.) fetched $35.29 million at Sotheby’s, more than double the $15.7 million made a year-ago March. British dealer Roger Keverne bought a rare archaic bronze wine vessel and cover (Fangjia), late Shang dynasty (13th-11th century B.C.), for $8.1 million (estimate: $2/3 million), on behalf of Compton Verney, a museum outside Stratford-upon-Avon, England. The price was a record for Chinese art at Sotheby’s.

Second in the top ten was a rare, massive limestone chimera, bought by an Asian private buyer after intense competition among at least six bidders, for $5.47 million (estimate: $1.5/2.5 million), setting a record for a Chinese stone sculpture. Another major sale was a rare, limestone seated figure of a “pensive” Maitreya, Northern Wei dynasty (early 6th century), acquired by Eskenazi Ltd., London, for $1.36 million (estimate: $300,000/500,000).

Said Joe-Hynn Yang, who heads Sotheby’s Chinese artworks department: The market “responded selectively, but with feverish and often vocal bidding, for the diverse works on offer.”

Records Set for Chinese Artists

Sotheby’s second sale of “Contemporary Art Asia”—including Chinese, Japanese andKorean art—earned $25.35 million, flying past last year’s total of $13.22 million. Several records were achieved for works by Chinese artists, including: Yue Minjun’s Goldfish, 1993, which went to an anonymous buyer for $1.38 million (estimate: $500,000/700,000); and Leng Jun’s Five-Pointed Star, 1999, which fell to a Chinese collector for $1.22 million (estimate: $350,000/450,000).

Of the top ten in this category, works by Chinese artist Zhang Xiaogang, one of China’s topfigurative painters (ANL, 4/25/06, pp. 2-3), accounted for five. His Bloodline: Three Comrades,1994, was won by a European collector for $2.11 million (estimate: $1.5/2 million).

Noting “the highest total to date for a dedicated sale of contemporary Asian art,” Xiaoming Zhang, a specialist in Sotheby’s Chinese contemporary art department in New York, said the market “has reached a state of steady growth, and great works are achieving great prices. We have witnessed two major strengths in this sale: demand for post-1989 works, particularly for the early, rare and historically important—and for works of Chinese realism, which have proven desirable to both Western and Chinese collectors.”

Some art experts, though, are wary of the soaring prices for these works. In an interview with the London Telegraph last month, Simon Groom, director of exhibitions at the Tate Gallery Liverpool, suggested that the market may have produced “China fatigue” by spurring artists to produce works that satisfy market demands instead of turning out “genuinely good, creatively interesting art.”

Conspicuously absent from an exhibition on “The Real Thing: Contemporary Art from China” that opened at Tate Liverpool March 30 and runs through June 10, were works by Zhang Xiaogang and Yue Minjun. The show’s cocurator Karen Smith told the Telegraph, “We selected artists whose agenda has not been tainted by commercial incentives.”

Art of India Fetches $15M

Sotheby’s sale of Indian art (including miniatures and modern paintings) totaled $15 million, with Indian artist Tyeb Mehta’s Untitled, 1987, selling to an Asian collector for $1.16 million (estimate: $800,000/1 million). Rameshwar Broota’s painting Captives, 1989, took $779,200 (estimate: $350,000/450,000) from an unidentified buyer.

Zara Porter Hill, head of Sotheby’s Indian art department, reports that “the high percentages sold by lot (87.6 percent) and by value (94.4 percent) indicate a solid and maturing market, with an increasingly discerning collector base focusing on quality works by senior artists.” She notes “the presence of many new collectors, including new European and American clients successfully competing for high-value works of art.” Nine of the top ten lots were sold, for the most part at prices generously above the high estimates.

Sales of Indian and southeast Asian works of art, including Buddhas and other representational figures, totaled $8.97 million. London gallery John Eskenazi Ltd. acquired the top lot from the Albright-Knox Art Gallery—a Shiva as Brahma, in granite, southern India,Chola period (tenth century)—for $4.07 million (estimate: $3/4 million), on behalf of a private collector.

An American dealer bought the head of a Bodhisattva, schist, ancient region of Gandhara,Kushan period (second century) for $600,000 (estimate: $250,000/350,000). A female torso,sandstone, Khmer, Baphuon style (11th century), made $504,000, more than five times the high estimate of $90,000.

Choson Jar Takes $1.27M at Christie’s

At the Christie’s auction of Japanese and Korean art, a Choson period (18th century) full-moon jar realized $1.27 million, setting a record for white porcelain from that period. Korean artist Lee Daiwon’s work—Columbia Road (Washington, D.C.), I, 1959, sold for $102,000, more than eight times the high estimate of $12,000, setting a record for the artist.

Sales of modern and contemporary Indian art totaled $8.59 million. In the lead was Vasudeo S. Gaitonde’s abstract Untitled, 1968, from the collection of Mme. Krishna Riboud, which was acquired by a U.S. buyer for $768,000 (estimate: $500,000/700,000). Others who figured among the top ten were Progressive movement artists Syed Haider Raza, whose Untitled,1982, earned $480,000 (estimate: $250/350,000); and Francis Newton Souza, whose Untitled, Black Nude, 1965, brought $420,000 (estimate: $350,000/500,000).

Says Yamini Mehta, head of Christie’s modern and contemporary Indian art department: “The sale reflected the continued strength and breadth of this collecting field, with Indian artistsRavinder Reddy, Atul and Anju Dodiya, Sudarshan Shetty and Chitra Ganesh performing strongly.”

Sales of Indian and southeast Asian art at Christie’s totaled $7.47 million (87 percent by value, 70 percent by lot). A large bronze of Parvati (south India, Vijayanagar period, 1400) set a world auction record for an Indian work of art when it fetched $2.72 million (estimate: $400,000/600,000) from a European trade buyer. And a large, 12th-century gilt bronze of Buddha Akshobya, Tibet, was picked up by an Asian private buyer for $712,000 (estimate: $350/500,000).

Hugo Weihe, Christie’s international director of Asian art, reports that “many of the star lots performed significantly above their presale estimates, reflecting an informed market willing to honor quality and provenance.”

Modern Art a Standout at Christie’s High-Water Asian Sales

Vol. XXXII, No. 9                                                                                                      Raj S. Rangarajan

NEW YORK—Asian art sales held at Christie’s Hong Kong, from Nov. 26-30, garnered $210 million, far surpassing last year’s $139 million total (ANL, 1/3/06, p. 8). Works on offer includedAsian contemporary art; 20th-century Chinese art; classical Chinese paintings andcalligraphy; Imperial Chinese ceramics, from the collection of Robert Chang; Chinese jades, from the collection of Alan and Simone Hartman; modern and contemporary Southeast Asian Art; jewelry; and watches.

Among these groups, the 20th-century Chinese art sale realized $47.13 million and Asian contemporary art took $20.84 million, accounting for a considerable portion of the total. Describing the total sale of $67.97 million as “a milestone,” Eric Chang, Christie’s senior vice president and international director, added that “numerous world auction record prices were set today, including that for an Asian oil painting, Slave and Lion, by Xu Beihong [1895-1953], that sold for $7 million.” The work dates back to the artist’s stay in Berlin in the early 1920s.

In the contemporary art category, the painting of a symbolic Chinese landmark, Tiananmen Square, 1993, by Zhang Xiaogang (b. 1958), fell to an Asian collector for $2.34 million—records both for the artist and for a contemporary Chinese painting.

Records also were set for Yue Minjun (b. 1962) and Zeng Fanzhi (b. 1964). Minjun’s Kiteswent to a European buyer for $962,000, while Fanzhi’s Mask 1999, No. 3, was picked up by an Asian private buyer for $816,400. The “Mask” series shows contrasting emotions, such as humor and anxiety, in modern urban life and is considered a turning point in the artist’s career.

Edward Dolman, CEO, Christie’s International, says the firm “looks forward to investing further in the region,” adding that the “record-breaking series of sales showed the growing strength in Asia of the demand for artworks of the highest quality.”

Of the contemporary art category, which also included Indian and Pakistani artists, specialistYamini Mehta, head of modern and contemporary Indian Art at Christie’s, comments that the sale “featured new and fresh perspectives on the contemporary art scene of India and Pakistan.” Mehta notes that “buyers for the works were truly international, hailing from Italy, France, China, Southeast Asia, India and the Middle East.”

Artists in this group included N.S. Harsha (b. 1969), whose acrylic painting Melting Wit fetched $93,600 (estimate: $70,500/98,700); Chintan Upadhyay (b. 1973), whose Mutant, in oil and acrylic on canvas, won $59,280 (estimate: $17,900/25,600); and T.V. Santhosh (b. 1968), whose oil Across an Unresolved Story sold for $43,680 (estimate: $10,300/15,400).

Asian Art Sales in Hong Kong Fetch Record $138M

Vol. XXXII, No. 6                                                                                                                Raj S. Rangarajan

NEW YORK—Sotheby’s four-day series of auctions in Hong Kong in early October realized its highest-ever total of $138.15 million and created seven new records.

Auctions included Chinese ceramics, Chinese modern and contemporary art, paintings, arts of the Ming dynasty (1368-1644), watches, jewelry and early Ming Buddhist bronzes from the Speelman Collection.

One of these—a gilt-bronze figure of Shakyamuni Buddha, mark and period of Yongle (1403-25)—sold for $15.03 million, setting a world record for any Chinese work of art. Just last month experts noted a decline in New York sales of classical art such as Buddhist sculptures (ANL,10/17/06, p. 1)

The Oct. 7 auction of works from the Speelman Collection took $41.82 million. Commenting on the sale, Robin Woodhead, CEO of Sotheby’s Europe and Asia said, “I am delighted to witness another record auction in Hong Kong confirming that Hong Kong is one of the three key auction centers in the world.”

The modern and contemporary Chinese art category recorded $21.93 million. In the Chinese contemporary art category, which totaled $10.6 million, an oil on canvas, Danshui, by native Taiwanese artist Chen Chengbo (1895-1947), was acquired by a private Asian buyer for $4.49 million at three times the presale estimate of $1.29 million, creating an auction record for any Chinese painting. Several minutes of intense competition between two bidders on the phone and by two more in the saleroom preceded the sale.

Commented Evelyn Lin, deputy director and head of Chinese contemporary art and specialist in charge of the sale: “Chengbo’s depiction of Danshui was his favorite subject,” adding that the whereabouts of only three such works by the artist are known.

Buddha, 1971, an oil on board by Ding Yanyong (1902-78), also set a record when it was picked up by a private Asian bidder for $737,651. Henry Howard-Sneyd, deputy chairman of Sotheby’s Europe and Asia and managing director of Sotheby’s Asia and Australasia, later observed that “the record-breaking sale demonstrates the continued strength and growth of the market and validates the strong results achieved in New York three weeks ago.”

In another category covering Chinese contemporary art, the sale total reached $11.33 million. A record was set for Zhang Xiaogang (b. 1958) when his oil-on-canvas Big Family Series No. 15, 1998, took $1.12 million from a collector. Night Revels Series No. 4, 2006, a painting byWang Huaiqing (b. 1944) was acquired for $5.49 million by a private Asian buyer.

The fine Chinese paintings category (including the Vermillion Pavilion collection of Mr. and Mrs. Fei Chengwu) fetched $15.10 million. Xu Beihong’s “Zodiac Animals,” 1946, an album of 12 leaves in ink and color on paper, fell for $708,764; and Fu Baoshi’s “Landscape and Figures,” 1946, an album of ten leaves in ink and color on paper, was sold for $650,990. Sotheby’s specialist-in-charge C.K. Cheung reports that the sale “attracted almost 500 bidders,” adding, “the results reflected the strength of the market for fine Chinese paintings, particularly works by established artists that are fresh to the market.”

Sales of fine Chinese ceramics and works of art totaled $13.03 million. Top prices were obtained for a celadon-glaze vase with Ram’s Heads, with the seal and mark of the Qianlong period (1736-95), which went for $1.12 million; and a Yongzheng (1723-35) celadon moonflask, which Eskenazi Ltd., London, acquired for $993,612.