Art market slow but should rebound

With a downturn in world economies this writer asked a Bangalore-based auctioneer, M. Maher Dadha, chairman and managing director of Bid & Hammer about prospects for the art industry.

Excerpts

RR: Following a slowing down of the economy do you also see a slowdown in the buying of contemporary art or higher-priced bronzes by collectors, dealers, galleries?

MMD: The slowdown in the economy is bound to affect the sale of high-priced art, but only if it does not intrinsically affect values. The rich or the super-rich who have not been personally affected by the downturn will continue to buy works of good quality.

RR: Over the past 5 to 6 years, creations by many Indian artists have sold exemplarily well -- some to the tune of US$ 1 million. Do you think soaring prices for contemporary Indian art will continue in spite of the depressed economic situation?

MMD: Prices of works by some contemporary Indian artists have been reaching astonishingly high levels and that too at a very quick pace which has been due to speculation fuelled by certain syndicated forces working in the market. Thus the ongoing correction is good for the market and in the short-to-medium term, the prices of works by some artists will go up but at realistic, sustainable levels. Indian artists are still under-valued, their potential is pretty high as they are increasingly being recognized on a global stage. Also, many Indians in India are buying expensive creations from artists such as Husain, Tyeb Mehta, Godbole and Subodh Gupta at auctions abroad in view of their universal appeal.

RR: Expensive bronzes seem to be bought more often by corporate outfits or galleries owned by non-Indian outfits. Your comments?

MMD: Corporate entities generally tend to buy bronzes or engage sculptors to thematically decorate their corporate offices, gardens, campuses, meeting rooms, etc. and because they have access to large funds it is easier for them to take a decision to buy a piece of bronze or sculpture. However, the domestic Indian market has also been picking up and in the next 2-3 years I foresee the buying of bronzes and sculptures increasing manifold.

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

RAJ S RANGARAJAN
TALKTORETAILPLUS@YAHOO.COM

Mixed World Reviews for Slumdog Millionaire

By Raj S. Rangarajan

It all started in Toronto.

It was the first city to recognize the film – Slumdog Millionaire – with the People’s Choice Award way back in September 2008, and soon came recognition at Telluride Film Festival in Colorado. The film was released in November 2008 in a few theaters in North America rather quietly and not too much was expected of Slumdog.

Dev Patel and Freida Pinto

While the Academy Award event in Los Angeles on February 22 was the culmination of the effort preceded by Best Adapted Screenplay award from the Writers Guild of America and BAFTA (British Academy of Film and Television Awards) on February 8 in London, it was one meteoric rise for the directors, creative folk, crew and cast of the movie. December drew more awards starting with a nod by the Los Angeles Film Critics Association and another from the New York Film Critics' Circle, as well as six nominations for the Critics Choice Awards.

The International Press Academy awarded three Satellite Awards including Best Picture – Drama, Best Director and Best Score to the film. It also won four EDA (Excellent Dynamic Activism) Awards from the Alliance of Women Film Journalists including for Best Film and Best Direction. The Screen Actors Guild chimed in with Dev Patel (Jamal) in a lead role and so did London Critics’ Circle with nods for six nominations. Detroit Film Critics Society and Florida Film Critics Circle recognized the movie and soon Chicago Film Critics Association did the same. The mantel shelf was getting crowded.

The buzz was now spreading in film circles. Producers Guild of America (PGA) had put the acclaimed film on track to be a major contender at the Oscars in California. The 14th Annual Critics’ Choice Awards conferred five top prizes and soon followed the Los Angeles Broadcast Film Critics Association that represents 200 of the top film critics across the United States. Soon came the Golden Globes on January 8 and The Directors Guild of America awarded its highest honor, the DGA Award for Outstanding Directorial Achievement in Feature Film, to Danny Boyle for Slumdog Millionaire on January 31. This movie was Boyle’s eighth feature film, and he was visibly thrilled.

Exploiting the Underprivileged

It’s amazing how the entire film world in the United States, Canada and in Europe went gaga over a movie that is India-based, but in India where the film was made, reviews have been mixed. Part of the reaction seems to stem from a seeming exploitation of poverty in India and a candid portrayal of a love story that touches on the winning of huge rupee amounts. Speculation is also rife that because director, Danny Boyle is British just as Richard Attenborough is of British origin, the movie attempted to make fun of the underdog.

Simon Beaufoy, the British screen writer who won was excited to adapt Indian diplomat-cum-writer Vikas Swarup’s novel “Q&A” since he said, he had the flexibility of changing the narrative to emphasize love instead of money. Two brothers – Jamal and Salim – are poles apart in personalities but their binding love in spite of setbacks comes through in the writer’s creation.

As Anil Kapoor (Prem Kumar, the question-master in the film) says, after the first rave reviews, everything was a surprise, and it was difficult for everything to sink in. He adds: “The past two-three years have been phenomenal for me, and from a fulfillment standpoint I am happy with whatever I have done – both as actor and producer.”

Doors have opened already for the Slumdog lead – Freida Pinto who has been signed up by film maker Woody Allen with Spanish actor Antonio Banderas, stars Naomi Watts, Josh Brolin and Anthony Hopkins in a film to be made in London. Well-known director of supernatural films, Night T. Shyamalan (of Indian origin) has picked Dev Patel for his next movie, a martial-arts movie, titled The Last Airbender. Dev would perhaps fit in seamlessly in the film since he has a black belt in Tae Kwando and dreams of making a martial arts movie like Britain's Bruce Lee. Slumdog’s success has spun off favorable impacts for many individuals starting with the young children who will obtain a decent education to A.R. Rahman’s singers who will go on to higher octaves.

Dev Patel (Jamal) grew up in Harrow in North West London, U.K. and played Anwar Kharral in the hit British teen show, Skins. Dev says, he grew up with Bollywood films at home, and “being a London kid, a British Asian, I was happy to get in touch with my Indian roots, and I found another piece of myself when I was in Mumbai. I really wanted to have a chance to play a scene when I was actually in the depths in the slums, immersed in that environment.” In a dramatic cameo a younger, excited Jamal, about to meet actor Amitabh Bachchan (played by Feroze Khan) actually falls into a trough of night soil (actually, peanut butter, clarifies Dev, helpfully).

Also acclaiming the movie was Vancouver Film Critics Circle, Phoenix Film Credits Society, Oklahoma Critics Circle, Writers Guild of America for best Adapted Screenplay for screenwriter Simon Beaufoy and Anthony Dod Mantle earned a Best Cinematography nomination from the American Society of Cinematographers. The NAACP Image Awards (National Association for the Advancement of Colored People) said, yes. There seemed to be no letting up and by mid-February, the India-made movie seemed a shoo-in.

While everyone was preoccupied with the success of Slumdog, another director, Megan Mylan quietly celebrated her Oscar win with her 39-minute documentary – Smile Pinki – produced in Hindi with English subtitles that relates to a 6-year-old village girl, Pinki from Mirzapur district, who is surgically treated for a cleft palate.

Ian Tapp, Richard Pryke and Resul Pookutty celebrated their victory in the sound mixing category. Resul dedicated his award to India while ‘Jai Ho’ A.R. Rahman thanked his mother and declared in his mother tongue, Tamil: Ella pughalum iraivanuke (“all glory to God”). The film also received honors for its score, cinematography, sound editing and film editing. (See separate box for Winner categories)

Not a Success in India

It is interesting that the movie is more popular in North America than in India even today.

As of week 16 (Feb 27 to March1) the movie has grossed $115,024,121 in 2,943 theaters, the second highest grossing film in distributor, Fox Searchlight’s history.

Following controversies stirred up by vested interests in India, the film is not doing too well at the box office perhaps because poverty has been portrayed blatantly. Admittedly, many filmgoers, find it difficult to accept negative images of India specially since over the past few years, she has been riding the crest of a success wave. There is also chatter on blogs that A.R. Raman did not give sufficient credit to his singers and musicians.

Finally, lets remember, it is just a movie – it is fictional – for crying out loud. Why should every movie have a message or an agenda?

[Raj S. Rangarajan is a New York based freelance writer. He covers trend stories on art, travel and lifestyles and reviews books, films and plays for media based in New York, California, Toronto, South Korea, India and Australia.]

Oscar Score To Date
1983: Oscar for Best Picture – Gandhi and for Best Costume Designer, Bhanu Athaiya
1992: Satyajit Ray won an Honorary Academy prize for contribution to world cinema.
2009: Among the Oscar statuettes handed out at the 81st annual Academy Awards at the Kodak theatre in Los Angeles on Sunday, February 22, 2009, eight were for Slumdog Millionaire and the ninth one was Best Documentary Smile Pinki about a poor Indian village girl:
Film producer: Christian Colson
Best song: Jai Ho, by A.R. Rahman and Gulzar
Best film editing: Chris Dickens
Best cinematography: Anthony Dod Mantle
Best director: Danny Boyle
Best original score: A.R. Rahman
Best sound mixing: Ian Tapp, Richard Pryke and Resul Pookutty
Best adapted screenplay: Simon Beaufoy
Documentary film about an Indian girl that won an Oscar was:
Best documentary short: Megan Mylan for Smile Pinki

For Art's Sake

http://www.india-today.com/itoday/20011224/na-arts.shtml -- Dec. 24, 2001
India Today column:

CURRENT ISSUE DEC 24, 2001

NORTH AMERICA SPECIAL: THE ARTS


The $30m project to revamp the Asian Society has resulted in 4,000 sq ft more for new exhibitions

By Raj S. Rangarajan

After over a year of renovation, the Asia Society in Manhattan has reopened its doors to the arts again much to the delight of New York's arty crowd. Local architect Bartholomew Voorsanger helped add 4,000 sq ft of interactive dimension and open space to the museum and society-a 45-year-old nonprofit institution dedicated to fostering understanding and promotion of Asia and Asian art.

Vishakha N. Desai, senior president and director of the society, is enthusiastic about the result. "This $30 million project has completely revamped the area and doubled the gallery space. We are now wired electronically with high-tech customized browsers so that patrons can learn about Asia and we have devised new methods to manipulate images in a fun-filled setting."

CASE FOR SPACE: Views of the revamped Asian Society; An 8th century Ganesha

The place is now more attractive to the younger generation with three digital mouse like objects (read stones) leading viewers to visual information projected from an overhead device-an experience that is original and interesting.

Coinciding with the reopening of the society, three new exhibitions have been organized. These are Conversations with Traditions: Shahzia Sikander and Nilima Sheikh; Monks and Merchants: Silk Road Treasures from Northwest China, 4th to 7th Century; and The Creative Eye: New Perspectives on Asia Society's Rockefeller Collection.

"Conversations with Traditions" curated and conceptualized by Desai, who has strong art credentials herself, showcases collaborative original works from two women South Asian artists: 56-year-old Nilima Sheikh from Baroda and 31-year-old Pakistan-born Shahzia Sikander, now a resident of new York.

Sheikh and Sikander have each created 50 works included in a 38' x 5' long scrolls. The installation of ephemeral, translucent strips of paper covers the entire wall space from the lobby to the third floor forming a magnificent visage. The exhibition will be on till February 17 next year.

Also open till Spring is The Creative Eye-a permanent collection of Asian masterpieces that John D. Rockefeller and his wife had collected and which now belong to the Asia Society. Founded in 1956 by John D. Rockefeller the IIIrd, the Society has a worldwide reach with regional centers in three cities in America and in Melbourne, Australia, Hong Kong and representative offices in San Francisco, Manila and Shanghai.

An 8th century Ganesha

How the current exhibition was put together is interesting. Desai explains, "We invited 30 prominent artists-performers such as Chandralekha and Malavika Sarukkai and writers such as Pico Iyer and Gita Mehta, and other contemporary visual artists from the western world-to view the collection and requested them to choose their favorite objects and explain why."

The objective was to build a creator's archive. Normally a curator would write the small blurbs on various objects, "But this time, we asked creative folk to freely comment on whatever was meaningful to them," says Desai. The people chosen were those from Asia or those with a profound interest in Asia.

Among the pieces at The Creative Eye are an 8th century sandstone Ganesha from Uttar Pradesh which has drawn a lot of attention from westerners as well as Asians. Gita Mehta, author of Karma Cola and Snakes and Ladders, says of the Ganesha: "This is a suave, elegant dancer who throws out his left hip with sensual, I dare say sexy, finesse while observing us with aloof tiny eyes, as if to say, 'Jump into it! Let's see what you can do! I dare you!'."

SMALL IS EXPRESSIVE: A miniature (top) by Sheikh and Sikander; the artists
Thirty prominent artists chose their favorite objects to exhibit in The Creative Eye.

Mehta prefers the traditional description of the elephant-god in "endearingly sensual, even humorous dance postures, inviting devotees to approach him as the remover of obstacles. But one of Ganesha's tusks is always broken-here held aloft in a left hand, making the god particularly beloved to writers."

New Yorker Milton Glaser who designed the famous "I Love NY logo" (with a heart sign for love) says of Ganesha, "This playful depiction of Ganesha charms immediately. The sense of motion reminds one of a futuristic painting or a stroboscopic photo of a figure in motion."

Visual artist Sikander weighs in with different heads of the Gandhara period, homing in on a 7th-8th century Vishnu perhaps from Thailand. "The human face is indeed one of the most powerful and unique visuals, transcending time, race and age," he raves.

Dancer-choreographers Chandralekha and Malavika Sarukkai chose a copper alloy Shiva Nataraja (Lord of the Dance) of the Chola period. Chandralekha queries, "Why did the gods dance?" then answers her own question. "For better comprehension of the form and kinetics." Sarukkai talks of "the cosmic dancer, his face radiant with serenity and the energy of cosmic activity in the cycle of 'mahakal' or eternal time", which is also referred to by Mehta.

While defining the central theme of the artworks in Conversations with Traditions, Sheikh, who studied history at Delhi and later took her MFA in 1971 from the Faculty of Fine Arts in Vadodara, says, "there is something common to Shahzia and me-an entire generation and the political partition of our countries apart. That is our seeking language and history through techniques and mediums of the miniatures traditions of our countries." She adds: "I do not engage in the intricacy of the miniature painting traditions for myself. I am interested in the intimacy that the format suggests, the layering of the surface, quality of color and line, and in the idea that ornamental structure is not antagonist to self-expression in the contemporary context."

A significant year for Nilima Sheikh was 1984 when she created 12 tempera paintings of Champa (not the real name), a young acquaintance who was born in a working class family and was married when she was still a minor, and allegedly, her husband's family killed her barely a year later. Sheikh used the "dowry death episodes" in the early '80s to poignantly portray the 12 miniatures from a carefree girl on her bicycle to one threatened by in-laws and later succumbing to torture.

Sheikh has had shows in the UK, Germany, Johannesburg, Brisbane, Australia and was a student of leading artist and teacher K.G. Subramanyan in Vadodara. Husband Gulam Mohammad Sheikh is also an artist. For the first time, her artwork is on display in New York.

The works of Sikander, who studied at National College in Lahore and got her MFA from Rhode Island School of Design in America, explore the role of women in South Asian societies and draw on Indian miniature paintings pushing the boundaries of both style and tradition. She has displayed her works at Hirshhorn Museum in Washington DC, Kemper Museum of Contemporary Art in Kansas City, Renaissance Society, Chicago and Whitney Museum of American Art, New York. Currently, Sikander is experimenting and developing work in digital media. She also paints and makes prints.

If you haven't been to Asia Society in a while, now is the time: the new space is also a place to hang out if you are artistically inclined or if you wish to have a quiet meal with like-minded people or need intellectual stimulation in the form of a seminar, a film or perhaps a performance.

The store too now has a new look with more variety of interesting merchandise for the Asia lover.

Turns Top Dog with Four Awards

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RAJ S. RANGARAJAN

For ‘Slumdog Millionaire,’ the focus now shifts to the Oscars.

A British director who loves India, a British actor of Indian origin, a co-director of Indian origin, a female debutant, a memorable musical score, a successful scriptwriter: what more does one need for success? All these elements come together for a formula that seems to be made in Bollywood heaven. One is obviously referring to the unlikely story of ‘Slumdog Millionaire.’

While it is creditable that ‘Slumdog…’ won in each of the four categories it was nominated for at the 66th Golden Globes recently, Best Picture (Drama), Best Director (Danny Boyle), Best Adapted Screenplay (Simon Beaufoy), and Best Original Score (A.R. Rahman), it is regrettable that American and Indian media have ignored co-director for India, Loveleen Tandan’s painstaking efforts at making the young, novice actors perform in the city that never sleeps.

Anil Kapoor says, “Personally and professionally, the past two-three years have been phenomenal for me. Fulfilment-wise, I have been happy with whatever I have done, both as actor and producer.”

Unintended comedy

Sgt. Srinivas (Saurabh Shukla, ) is the cop assigned to beat up Jamal, and his beefy bulk leads to some unintended comedy. As a compassionate police official, Irrfan Khan is in his element. The artist in him always delivers. Dev Patel expresses his admiration for Irrfan, and adds, “He was constantly telling me how to conduct myself, especially when I was going through a grilling and when I was being tortured.”

Two dramatic scenes stand out: One, when a young Jamal falls into a trough of night soil and soon walks out to get celebrity Amitabh Bachchan’s autograph (played by Feroze Khan). And second, is a bathroom scene where the question-master and participant meet face-to-face. One can use a figurative knife to cut the suspense. Anil says, “I had to show anxiety and intrigue, even Dev was wondering about the scene. I had to appear condescending and forgiving, constantly drawing him in, egging him on without intimidating.”

So intense is one of Pinto’s scenes that during one sequence where she is dragged into a car by goons, a passer-by mistakes Latika for someone who is genuinely in distress. Boyle loves Bollywood and respects Anil Kapoor for his performance in ‘Taal.’ In turn, Anil is particularly laudatory about Boyle’s consummate directorial skills, Simon Beaufoy’s fantastic screenplay and superb editing by Chris Dickens .

In an earlier interview, Boyle extols the film and adds, “Filming in India is in people’s DNA.” He speaks fondly of both the leads – Dave (“Immensely likeable, who adds an air of innocence to Jamal’s character”) and Freida (“real presence”). The director had felt that Patel should spend time in the real Mumbai before the camera rolled and Dev acknowledged that the experience helped him understand the roughness of the street characters. Dev clarifies, “I really wanted to have a chance to play a scene when I was actually in the depths – in the slums, immersed in that environment.”

Danny Boyle was born in Manchester, U.K. and has worked in theatre and television before he began to direct for cinema. Patel grew up in Harrow, North West London, and played Anwar Kharral in the hit British teen show, ‘Skins.’ He says that he grew up with Bollywood films at home.

In an airport shot in Mumbai, it is eerie to see a flight about to land just as cops get the boys playing cricket on the runway to leave. Dev says, the scene actually took place and if you have ever landed at Mumbai airport you can see this happening.

Golden Globe winner A.R. Rahman’s touch is unmistakable, and with fushion and funk in ‘Gangsta Blues,’ even the musical purist will take notice. ‘Ringa Ringa’s’ beat will also warm the cockles of the melody-conscious heart. As though as a concluding concession to Bollywood fans, Rahman’s ‘Jai Ho’ is superbly fluent.

The film opened in November at a few cinema halls in North America, and within a couple of weeks, was being screened in 165 halls.

Around the January 11 weekend, ‘Slumdog…’ surpassed the $ 32.5 million gross of ‘Bend it Like Beckham’ and exceeded the combined grosses of ‘The Namesake’ (US $ 13.6 million) and ‘Monsoon Wedding’ (US $ 13.9 million) as well. Rated “R,” the fast-paced movie with Bollywood-type songs and subtitles runs for 121 minutes.

Well-known late-night hosts and news anchors ranging from David Letterman and Meredith Vieira (who too had hosted an American version of Millionaire) to Jay Leno and Ellen DeGeneres have been vying to talk with the new ‘Slumdog…’ celebrities, Dev Patel and Freida Pinto. It seems to be one large party for the ecstatic actors, who confess to not having expected such a major buzz for the movie.

Ellen DeGeneres, known for her mischievous wit and funny comeback lines, danced with Freida and Dev on air to Rahman’s ‘Jai Ho,’ which is already very popular at social clubs and private parties in America.
Endearing performances

It is plainly coincidental that rookie actor, Dev Patel, and Mumbai model, Freida Pinto, have won the hearts of the Americans with their performances and on entertainment shows here, especially since the movie won kudos in four categories.

The Academy Awards are just a few weeks away and if the industry buzz is any indication, ‘Slumdog…’ should make it, at least for Best Picture and Best Musical Score. Last year, four of the five PGA nominees also scored Oscar nods for Best Picture.

(The author is a New York-based trend writer, who reports on the art market and has contributed to publications in the U.S., Canada, Australia and India.)

Dominant Indian Art Provenances Help Sales

It is December and all roads in Chennai lead to sabha halls where Carnatic music rasikas and dance afficianados celebrate the Tamil month with typical 'margazhi' fervor. It's also time for cricket test matches in India and with 2008 almost closing in there is a certain laid-back attitude all around. The celebration however in London at the Serpentine Gallery in London is of a different kind: The theme is contemporary Indian art at the 'India Highway' exhibit that runs till 22nd February 2009 near Hyde Park.

Among artists participating are Maqbool Fida Husain with his acrylic-on-canvas: The Rape of India; Jitish Kallat with his Cenotaph (A Deed of Transfer) 2007-20 Lenticular prints; and Bose Krishnamachari with his installation - Ghost / Transmemoir 2006-08 with 108 used tiffins, LCD monitors, amplifiers, DVD players, headphones, cables, scaffolding and wood. Mumbai residents - Kallat and Krishnamachari - have been exploring the city's restless nature and its vibrant psyche through their work and recent traumatic events wouldn't have added to the their sense of cheer or that of the city's.

In the art world buyers, investors, gallery owners have been holding back their bets - a kind of wait-and-watch attitude - for the past few months, and the phenomenon seems global. No one foresees an immediate change either in art fortunes. In early December celebrity collectors at the art fair - Art Basel Miami Beach (a division of MCH Swiss Exhibition (Holding) Ltd. - came and saw but did not buy. At an American art auction in New York, committed buyers were pulling back, though mercifully, some pieces were bought thanks to their impeccable provenances.

At Christie's auction in late November in Hong Kong, a couple of Indonesian and Chinese artists performed admirably in terms of their sales with creations beating world records. Indian artist Subodh Gupta again came out shining with his "Untitled" 2005 paintings of pots and pans - his new signature style - that an American dealer picked up for almost half-a-million American dollars.

At Indian auctioneer Saffronart's December sale of contemporary Indian art familiar names such as Subodh Gupta, Akbar Padamsee and Jagdish Swaminathan sold well in spite of an anemic buying environment. With online bidding getting popular there were 740 registered bidders from 35 countries for this sale but final results did not bear fruit with corresponding sales.

Interestingly, the world economic slowdown did not seem to affect sales of antique Chinese ceramics and works of art such as an Imperial Pink-Ground Famille Rose Vase from the Qianlong Period (1736-1795) that sold for US$ 6.88 million or Kashmir sapphires and Burma rubies that sold for US$1.2 million each at the Hong Kong auction.

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

RAJ S RANGARAJAN

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).