FEATURES ARCHIVE

Integrating the Asian Art Market with Spectacular Results
Christie’s Hong Kong Autumn auctions realised a combined total of HK$2.85 billion/US$366 million across 12 sales of paintings, wine, jewels, watches and works of art. This brings the season’s total for Christie’s Asia to HK$3.025 billion/US$389 million and the 2011 full-year results, including the Forever Sales in Beijing and mid-season wine sales, to HK$7.04 billion/US$904 million – representing an impressive increase of 25% over 2010. Participation from Asian collectors was very strong, with 73% of our buyers coming from Greater China.

The  Asian 20th Century and Contemporary Art auctions closed on a high note with more than HK$705 million (US$90.4 million) realized in the season’s four Evening and Day Sales, bringing the combined 2011 total to HK$1.52 billion (US$195 million), the largest ever achieved at Christie’s in this category, with a 33% growth over 2010. Average lot value for the season was the highest on record at HK$1.7 million (US$220,000). This vibrant market comprised buyers from across Asia, Europe, and the Americas, and further underscores a positive and enthusiastic response to the continued evolution of modern and contemporary art from all of Asia, including Southeast Asia, now merged into one single sale category.

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Works from modern masters continue to top the sales, with those from Zao Wou-Ki in particular among the most coveted. His Cerf Volant et Oiseaux (HK$35,380,000/ US$4,500,000) and “21.10.66” (H$12,980,000/ US$1,670,000) both selling for more than double the high estimates. Cross-cultural buying continues to play a significant role in the development of this market, and this season was no exception, with collectors from all around the world competing for the very best works from the leading Asian artists, including Kim Whan-Ki’s Composition (HK$2,060,000/ US$260,000), Leonard Foujita’s Le Marché Aux Puces (Le Clochard) (HK$5,060,000/ US$650,000), Zenzaburo Kojima’s Chrysanthemum (HK$1,940,000/US$250,000), Affandi’s Barong Dance (HK$4,220,000/ US$520,000, a world auction record). The vigour of the market is a recognition by cross-regional and cross-cultural collectors of the vision for the Asian art market that Christie’s Hong Kong has striven to consolidate over the past decade.

Contemporary works fresh to market and well-estimated did exceptionally well across the regions, resulting in numerous new world auction records, such as Fang Lijun’s Series 1, No. 1 (HK$17,460,000/ US$2,239,523), Li Chen’s Sakyamuni (HK$1,100,000/ US$140,000), Indieguerillas’ Rama and Shinta (HK$764,000/ US$100,000), Shintaro Miyake’s Path to Egypt (HK$412,500/ US$50,000). Zeng Fanzhi’s Mao + Calling sold for HK$9,020,000 (US$1,160,000), while other contemporary artists were also keenly supported by the market and brought exceptional results, often several multiples of the estimate—including Great Criticism—Marlboro by Wang Guangyi (HK$3,140,000/ US$400,000), Liu Wei’s Businessman (HK$4,580,000/ US$590,000), Xin Dongwang’s Jianghu - Meet (HK$4,580,000/ US$590,000), Shang Yang’s Landscape of Region E – 42 (HK$3,000,000/ US$380,000), and Rudi Mantofani’s The Corner of the Earth #3 (HK$1,700,000/ US$218,000).

The steady and sound market growth in 2011 endorses Christie’s dedication and leadership in building a platform for Asian modern & contemporary art history over the past decade. It also highlights the great market potential for Asian art from all regions as one integrated category. We are now accepting new appraisal requests for the upcoming 2012 sales. Please contact specialists directly for a complimentary valuation of your property. We look forward to hearing from you.

Consignment Deadline: 16 March 2012

Contacts:

Hong Kong
Eric Chang
acahk@christies.com
Tel: +852 2978 9939

Vinci Chang
vchang@christies.com
Tel: +852 2978 9982

Singapore
Zineng Wang
zwang@christies.com
Tel: +65 6838 7207

Shuyin Yang
syang@christies.com
Tel: +65 6838 7202

USA
Ingrid Dudek
idudek@christies.com
Tel: +1 212 468 7133

France
Aurelia Chabrillat
achabrillat@christies.com
Tel: +33 1 40 76 85 83

Indonesia
Amalia Wirjono
awirjono@christies.com
Tel: +62 21 7278 6268

Malaysia
Lim Meng Hong
mlim@christies.com
Tel: +60 3 2080 8843

Related Departments
Asian Contemporary & Chinese 20th Century Art