Christie's Hong Kong completed its five-day Autumn sales in December 2009 with strong results across the board in Asian art, watches, jewelry and wine. Totaling HK$1.65 billion/US$ 212.5 million/£ 128 million, the results show a robust recovery of the art and auction market, giving Christie's a 58% market share for the year in Asia.
Records were achieved in a range of categories, including Chinese modern paintings and works of art, Asian contemporary art, watches and jewelry, reaffirming the consistent demand by collectors for the best and rarest.
As confidence returns to the global economy, collectors – the majority being private buyers from Asia (86.4%) and Greater China (69%) – showed increasing sophistication and persistence in their bid for works they wished to acquire.
"We are seeing a return of passion in the art market." said Andrew Foster, President of Asia at Christies.
"From the record-breaking Vivid Pink diamond to the record prices achieved for works by Chinese 20th
Century Chinese artist Chu Teh-chun and modern Chinese painter Fu Baoshi, we could see collectors buying what they are passionate about, and consignors being rewarded for their confidence", he added
Totalling HK$39.9 million (US$5.2 million), the Autumn 2009 auction of Finest & Rarest Wines was Christie's most valuable sale of wine in Hong Kong since reintroducing the sales to the region a year ago – and a notable 27% increase over the Autumn 2008 season total.
Christie's Autumn sales of Fine Chinese Modern Paintings and Fine Chinese Classical Paintings and Calligraphy realized a combined total of HK$349 million (US$45 million) – the highest total ever for Christie's Hong Kong in this category. The morning session of Fine Chinese Modern Paintings totaled HK$208 million (US$26.8 million) and was 90% sold by value, and 84% sold by lot. This sale saw a new world auction record for Chinese artist Fu Baoshi with Landscape Inspired by Dufu Poetic Sentiments, a monumental work that sold HK$60 million (US$ 7.7 million), far-exceeding its pre-sale estimate of HK$35million. The Fine Chinese Classical Paintings and Calligraphy sale which followed totaled HK$141 million (US$18.2 million) and was 95% sold by value, 76% sold by lot.
The top lot - a handscroll by Ren Renfa entitled Five Drunken Kings Return on Horses - sold for HK$ 46.6 million (US$ 6 million), more than seven times its pre-sale estimate.
The results from the Chinese Modern and Chinese Classical Paintings sales indicate a consistent demand from collectors for top quality and rare works with important provenance that are sourced from around the world.
The Evening and Day sales of Asian Contemporary Art and Chinese 20th Century Art held on Nov 29 and 30showed a robust recovery of the art market in Asia, achieving a combined total of HK$389.3 million (US$50.2 million) which represents a 48% increase over the Autumn 2008 season. The sales were a combined 93% sold by value and 74% sold by lot. Leading the three sales this season was Chu Teh-Chun's Vertige Neigeux which sold in the Evening Sale for HK$45.5 million (US$5.9
million) – a new world auction record for the artist.
The momentum of the Evening Sale continued with the two Day Sales that followed. The Chinese 20th Century Art Day Sale totalled HK$72.2 million (US$9.3 million) with 97% sold by value and 83% sold by lot. Following the new auction record for Chu Teh-Chun, Hivernale A¸ another of the artist's snow scene-themed works, sold for HK$7.34 million (US$947,000), over three times its pre-sale high estimate. The Asian Contemporary Art Day Sale totalled HK$54.5 million (US$7 million) with 85% sold by value and 69% sold by lot.
Among the artist records set were Li Chen's Pure Land which fetched HK$2.9 million (US$374,000) and Zeng Fanzhi's Study for Mask Series 1998 which set a new auction record for a work on paper by the artist at HK$1.7 million (US$219,000). In addition to the record price for Chu Teh-Chun, the Evening Sale posted impressive results for Zao Wou-Ki and Sanyu. Potted Flowers in a Blue and White Jardinière from Sanyu fetched the third highest price ever achieved for the artist at auction at HK$ 34.8 million, nearly three times its high estimate. Zao Wou-Ki's 19-11-59 sold for HK$30.3 million (US$3.9 million), also the third highest result for the artist at auction. The top five lots of the Day Sale each soared high above estimates, underscoring the competitive bidding and strong demand for works from China's modern masters.
Christie's Hong Kong completed its five-day Autumn sales in December 2009 with strong results across the board in Asian art, watches, jewelry and wine. Totaling HK$1.65 billion/US$ 212.5 million/£ 128 million, the results show a robust recovery of the art and auction market, giving Christie's a 58% market share for the year in Asia.
Records were achieved in a range of categories, including Chinese modern paintings and works of art, Asian contemporary art, watches and jewelry, reaffirming the consistent demand by collectors for the best and rarest.
As confidence returns to the global economy, collectors – the majority being private buyers from Asia (86.4%) and Greater China (69%) – showed increasing sophistication and persistence in their bid for works they wished to acquire.
"We are seeing a return of passion in the art market." said Andrew Foster, President of Asia at Christies.
"From the record-breaking Vivid Pink diamond to the record prices achieved for works by Chinese 20th
Century Chinese artist Chu Teh-chun and modern Chinese painter Fu Baoshi, we could see collectors buying what they are passionate about, and consignors being rewarded for their confidence", he added
Totalling HK$39.9 million (US$5.2 million), the Autumn 2009 auction of Finest & Rarest Wines was Christie's most valuable sale of wine in Hong Kong since reintroducing the sales to the region a year ago – and a notable 27% increase over the Autumn 2008 season total.
Christie's Autumn sales of Fine Chinese Modern Paintings and Fine Chinese Classical Paintings and Calligraphy realized a combined total of HK$349 million (US$45 million) – the highest total ever for Christie's Hong Kong in this category. The morning session of Fine Chinese Modern Paintings totaled HK$208 million (US$26.8 million) and was 90% sold by value, and 84% sold by lot. This sale saw a new world auction record for Chinese artist Fu Baoshi with Landscape Inspired by Dufu Poetic Sentiments, a monumental work that sold HK$60 million (US$ 7.7 million), far-exceeding its pre-sale estimate of HK$35million. The Fine Chinese Classical Paintings and Calligraphy sale which followed totaled HK$141 million (US$18.2 million) and was 95% sold by value, 76% sold by lot.
The top lot - a handscroll by Ren Renfa entitled Five Drunken Kings Return on Horses - sold for HK$ 46.6 million (US$ 6 million), more than seven times its pre-sale estimate.
The results from the Chinese Modern and Chinese Classical Paintings sales indicate a consistent demand from collectors for top quality and rare works with important provenance that are sourced from around the world.
The Evening and Day sales of Asian Contemporary Art and Chinese 20th Century Art held on Nov 29 and 30showed a robust recovery of the art market in Asia, achieving a combined total of HK$389.3 million (US$50.2 million) which represents a 48% increase over the Autumn 2008 season. The sales were a combined 93% sold by value and 74% sold by lot. Leading the three sales this season was Chu Teh-Chun's Vertige Neigeux which sold in the Evening Sale for HK$45.5 million (US$5.9
million) – a new world auction record for the artist.
The momentum of the Evening Sale continued with the two Day Sales that followed. The Chinese 20th Century Art Day Sale totalled HK$72.2 million (US$9.3 million) with 97% sold by value and 83% sold by lot. Following the new auction record for Chu Teh-Chun, Hivernale A¸ another of the artist's snow scene-themed works, sold for HK$7.34 million (US$947,000), over three times its pre-sale high estimate. The Asian Contemporary Art Day Sale totalled HK$54.5 million (US$7 million) with 85% sold by value and 69% sold by lot.
Among the artist records set were Li Chen's Pure Land which fetched HK$2.9 million (US$374,000) and Zeng Fanzhi's Study for Mask Series 1998 which set a new auction record for a work on paper by the artist at HK$1.7 million (US$219,000). In addition to the record price for Chu Teh-Chun, the Evening Sale posted impressive results for Zao Wou-Ki and Sanyu. Potted Flowers in a Blue and White Jardinière from Sanyu fetched the third highest price ever achieved for the artist at auction at HK$ 34.8 million, nearly three times its high estimate. Zao Wou-Ki's 19-11-59 sold for HK$30.3 million (US$3.9 million), also the third highest result for the artist at auction. The top five lots of the Day Sale each soared high above estimates, underscoring the competitive bidding and strong demand for works from China's modern masters.
Home
News
