Christie’s Hong Kong Spring 2011 Asian 20th Century and Contemporary Art Achieves New Milestone

HONG KONG.- Christie’s concluded its Hong Kong Spring Evening and Day sales of Asian 20th Century and Contemporary Art on 29 May, 2011, totaling HK$761,514,250/ US$97,854,581. 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 seventeen lots over HK$10,000,000 /US$1,285,000. Eighteen world auction records were achieved for a broad range of works, including twelve lots by Chinese artists, three by Japanese artists, two by Koreans and one Indian work. These included Japanese artist Zenzaburo Kojima’s ‘Nude Reclining on Yellow Chair’ (HK$2,660,000 / US$341,810) and Chinese artist Pang Jiun’s ‘A passerby hears a fair maiden’s laughter in the garden ring’ (HK$2,420,000 / US$310,970).

The Evening Sale – the highest ever sale in this category – totaled HK$492,660,000/US$63,306,810 and particularly demonstrated the solid demand for the most exceptional works. The top lot of the Chinese 20th Century art day sale was Zao Wou-ki’s ‘5.6.63’, which sold for HK$1,858,000 / US$2,390,000, and the top lot in the Asian Contemporary day sale was Zeng Fanzhi’s ‘Andy Warhol’, which sold for HK$9,620,000 /US$1,240,000. A special highlight of the Evening Sale was ‘The Leopard’, a work by renowned Chinese artist Zeng Fanzhi that sold for HK$36,000,000 /US$4,630,000, with all commissions waived to benefit The Nature Conservancy. Alongside the Spring sale was a solo exhibition entitled ‘Being’, which was organized by Christie’s and the Rockbund Art Museum, and supported by the François Pinault Foundation.

Eric Chang, International Director of Chinese 20th Century and Asian Contemporary Art, said, “The strong results of our sales over two days demonstrate the Asian art market’s move towards alignment with the global contemporary and modern art markets. Chinese 20th Art proved to be especially strong, with the day sale recording 98% sold by value and 67% of lots sold over the high estimate. With an overall 64% of the lots sold over the high estimate, a 94% sold by value across the three sales and an average lot value of HK$1,937,695/ US$248,994– our highest ever – we see a growing recognition of quality and a demand for top-tier Asian contemporary and 20th Century works. Looking at the tremendous success of works by 20th Century Japanese and Korean masters that were offered at our Evening Sale for the first time, we are delighted to have achieved another innovative milestone in our continuing journey to build a global platform for Asian art.”

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3. Christie’s Hong Kong Achieves Highest Ever Sale Total for Chinese Paintings
4. Sotheby’s Hong Kong to Hold 20th Century Chinese Art Autumn Sale in October
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