HONG KONG.- The spring seasons three sales of Asian 20th Century and Contemporary Art achieved HK$629,478,750 (US$81,076,863). 60% of the sold lots realized in excess of the high estimate and 32 lots of those sold realized in excess of HK$10,000,000 (US$1,288,000).
The success of the sales affirms the increased sophistication of the collecting market for this category, with buyers seeking exceptional works of quality. For the top ten lots in the sales, the sold price was more than double the pre-sale estimate and particularly noticeable were the results for contemporary artist, Shang Yangs, Hearth, (HK$ 6,380,000 / US$ 821,744), as well as modern master Lin Fengmians, Opera Series: Beauty Defies Tyranny, (HK$ 11,636,000 / US$ 1,498,717), both of which achieved in excess of five times their estimate. These figures confirm the robust appetite for Asian art and demonstrate a strong level of confidence from a diverse range of international buyers across categories and periods.
Eric Chang, International Director of Asian 20th Century & Contemporary Art, commented, The results of this seasons sales of Asian 20th Century and Contemporary Art attest to the strong level of confidence that buyers have for Asian art as a global collecting category. The sale witnessed world auction records for both Chinese and Southeast Asian artists, which is a result of Christies integration of Southeast Asian Art into our 20th Century & Contemporary Asian Art category. Given the state of the global economy, this is a robust response and one that is indicative of the potential for continued growth in the category and a bright overall outlook for masterworks of Asian art.
Christie's Hong Kong Evening Sale of Asian 20th Century and Contemporary Art achieves HK$362,000,000 (US$46,625,600)
Eric Chang, International Director of Asian 20th Century & Contemporary Art remarked, The robust results of the sale are, among other factors, due in part to Christies integration of Southeast Asian Contemporary and Modern Art into the overall Asian category, creating a wider pan-Asian platform. The integration of all categories of Asian 20th Century & Contemporary Art as uniquely showcased in Christies previews has furthered regional and cultural cross-buying, highlighting the great potential of this diverse, international market. Another noticeable trend is the increasing sophistication of this collecting market, with buyers vying for works of superlative quality and provenance. The success of the integration of all these categories is confirmed by tonights new world auction record for Indonesian modern master, Affandi. His work, At the Cockfight, achieved nearly four times its estimate, selling for HK$5,540,000 (US$713,552). We greatly anticipate Christies Day Sales of Asian 20th Century & Contemporary Art.