Asian Art Sales Open Fall Season On A Strong Note

by Eileen Kinsella and Raj. S. Rangarajan

NEW YORK—Fall auctions of Asian art got off to a solid start on Sept. 13 with Christie’s sale of South Asian modern and contemporary art, one of the fastest growing sections of these biannual art auctions in recent years. Sotheby’s also did well with an opening sale of classical Chinese paintings that more than doubled presale estimates.

While Chinese ceramics and works of art continue to contribute a major portion of the overall series total—Sotheby’s had a $22.7 million sale while Christie’s two-day series was expected to bring between $19 million and $28 million—Indian and southeast Asian art and Korean and Japanese art sales were considerably weaker. Excluding its ceramics and works of art sale results, Christie’s had realized $37 million for five sales, as ARTnewsletter was published, while Sotheby’s achieved a total of $31.4 million in three sales.

The top lot at Christie’s modern and contemporary South Asian art sale on Sept. 13 was a painting by Indian artist Maqbool Fida Husain. His large oil painting, Sprinkling Horses, sold for $1.1 million compared with an unpublished estimate “in the region of $1 million,” according to a Christie’s spokesperson. It was bought by a U.S. collector. Works by Husain dominated the sale, accounting for eight of the auction’s top-ten lots. In all, the sale featured 13 works by the artist, all of which sold, and accounted for $4.2 million, or more than half of the $7.4 million total.

The overall presale estimate was $6 million/8 million. Of 111 lots offered, 77, or 69 percent, were sold. By value the sale realized 82 percent.

Other artists in the top-selling lots were Tyeb Mehta, whose oil painting, Untitled (Man vs. Horse), 1957, sold for $602,500, compared with an estimate of $300,000/500,000, and Ram Kumar, whose Untitled (Boy and Goat) oil painting, 1956, sold for $350,500 to an Indian collector, compared with an estimate of $200,000/300,000.

Other top lots by Husain included: the painting Yatra, 1955, which sold for $932,500, nearly double the $300,000/500,000 estimate; Untitled (The Three Graces), 1990, an acrylic on canvas that sold for $482,500, within the estimate of $400,000/750,000, to a dealer; and the oil, Village Women, 1954, which sold for $338,500, compared with an estimate of $100,000/150,000.

The Christie’s Indian and Southeast Asian art sale realized $4.1 million for 203 lots offered, missing the presale estimate of $5 million/7 million. Of the lots offered, just 137, or 67 percent were sold. By value, the sale realized 59 percent.

The highest price was $482,500 for a bronze figure of Chandeshvara, South India, Chola period, 12th century (estimate: $ 400,000/600,000), and was bought by an unidentified institution. A U.S. collector paid $422,500 for a large Imperial gilt and polychromed wood figure of Garuda, Tibeto-Chinese, 18th century. The price was well above the $120,000/180,000 estimate.

A sale of Japanese and Korean art at Christie’s on Sept. 14 took in $3.8 million, with 172, or 59 percent of the 291 lots on offer finding buyers. By value the sale realized 41 percent, or less than half of the presale estimates. However, some prices at the top end of the sale were much better than expected.

These included an oil and mixed-media on board by Park Sookeun, Returning from the Market, 1965, which was estimated at $400,000/500,000 and fetched $722,500, and a Meiji Period lacquer cabinet, ca. 1900, that sold to a U.S. buyer for $458,500, compared with an estimate of $300,000/350,000.

Sotheby’s sale of classical Chinese paintings on Sept. 13—the house’s first such specialized sale in over a decade—realized $6.5 million, compared with a presale estimate of $2.6 million/3.7 million. Of 81 lots offered, 71, or 88 percent, were sold. By value, the auction was 95 percent sold. The sale was led by Running Script Transcription of an Epitaph, a painting by Dong Qichang (1555-1636), that sold for $782,500, several times the estimate of $200,000/300,000. Also bringing a better-than-expected price was Thatched Hut in Autumnal Mountains, 1743, by Dong Bangda, an artist who was admired and praised by Emperor Qianlong. The work sold for $386,500 compared with an estimate of $180,000/250,000.

Sotheby’s vice chairman of Asian Art, Henry Howard-Sneyd, said the sale results “testify to the international nature of this market,” and said the house plans to continue them. “With this success, we look forward to classical Chinese paintings sales becoming a regular fixture of our New York Asia week sales,” said Howard-Sneyd.

The Chinese works of art sales at Sotheby’s on Sept. 14, were led by a gilt-bronze votive stele of Buddha, Northern Wei Dynasty, A.D. 471 that was bought by London specialist gallery Eskenazi Ltd. for $1.02 million—higher than the estimated $600,000/800,000.

At the modern and contemporary South Asian Art sale on Sept. 15, M.F. Husain figured in five of the top-ten lots with most of them selling at higher-than-estimated prices. Priyanka Mathew, head of modern and contemporary South Asian Art, Sotheby’s said, “of the M.F. Husain works that found buyers, many exceeded the high estimate, particularly works that have not appeared on the market recently.”

The total for the category was $2.3 million, with 59 percent of 87 lots sold, and 67 percent sold by value. The top lot, Eglise, 1962, an oil on canvas by Syed Haider Raza, sold for $362,500 to a private Asian bidder.

An oil on canvas by Raja Ravi Varma, Untitled (Himalayan Beauty), sold for $266,500 (estimate: $100,000/150,000).

In the Indian Miniatures category, the top lot, Krishna and the Cow, India, Punjam Hills, Sirmur, an opaque watercolor heightened with gold on paper, ca. 1820, by an anonymous artist, sold for $56,250, compared with an estimate of $30,000/50,000.

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.

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).