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Christie’s Hong Kong once again reached new heights with the 2011 Spring Auctions. Realising HK$762,000,000/US$97,850,000, the Asian 20th Century and Contemporary Art sales doubled their pre-sale estimate, achieving a 74% growth over the 2010 Autumn Season. The sales were 82% sold by lot and 94% sold by value. Five lots sold in excess of HK$30,000,000/US$3,855,000 and 17 lots sold for more than HK$10,000,000/US$1,285,000. Eighteen world auction records were achieved for a broad range of works.

Eric Chang, International Director of Chinese 20th Century & Asian Contemporary Art:
“The Evening Sale was for the first time held concurrently in two active, overflowing salerooms, and totalled HK$484,000,000/US$62,200,000, setting three records for the category in one evening: the highest number of participants, the highest sale total and the highest average hammer price.

The results demonstrate Christie’s pivotal role in realising the tremendous potential of the Asian art market, and in elevating it to the level of the European and U.S. markets. The Asian 20th Century Art sale, formerly known as the Chinese 20th Century Art sale, offered top-tier works from Japan and Korea alongside Chinese masterpieces for the first time, encompassing a wider scope of vision and underscoring higher sale potential.

Christie’s was the first to offer works by Léonard Tsuguharu Foujita, the Japanese painter who rose to prominence in Europe in the 1920’s, in the Hong Kong market. His Femme au Petit Chat and Madone sold for four times their pre-sale estimates at HK$3,380,000/US$434,000 and HK$5,780,000/US$743,000 respectively. From Point by Korean painter Lee Ufan, who was the third Asian artist to be featured in a retrospective exhibition at the Solomon R. Guggenheim museum, achieved HK$1,820,000/US$234,000.

Demand soared for works by Zao Wou-ki and Sanyu with record-breaking results: Zao’s 2.11.59 and 14.11.63 attracted more than 20 bidders, and, after more than 10 rounds of enthusiastic bidding that lasted over five minutes, were eventually sold at HK$40,980,000 /US$5,266,000 and HK$38,740,000/US$4,978,000 respectively; Sanyu’s Pink Plum Blossoms & Green Branches became the artist’s fifth highest selling work with a hammer price of HK$36,500,000/US$4,690,000. Eight out of Zao’s top ten world auction records and seven of Sanyu’s ten highest prices are now held by Christie’s Hong Kong. Chinese Contemporary Art went from strength to strength, as all five of Zeng Fanzhi’s works and two of Liu Ye’s were among the top ten lots of both the Evening and Day Sales.

The market for Chinese, Japanese, Korean, and Indian Contemporary Art is more vibrant than ever: works by artists new to the international market, for example Miyasako Masaaki, as well as more established artists such as Yoshitomo Nara far exceeded their pre-sale expectations. Having spearheaded a decade of unprecedented growth of the Asian art market, Christie’s continues to explore new possibilities and market potential.”