Hong Kong’s Poly Auction’s two-day inaugural sales during 24-25 November fetch HK$520 million

HONG KONG.- Poly Auction (Hong Kong)’s inaugural sales in Hong Kong fetched HK$520 million during 24-25 November. (Price include 15% buyer’s premium). Percentage sold by value for the two-day sale is 82%. More than 400 pieces of works of art were on offer, the sales also achieved several great results:

• Rough Lourd et Vert Leger (No.39) by Chu Teh-Chun (Zhu Dequn, B.1920) sold for HK$40.25 million, 5 times over its estimate (HK$8 million). This is a record for Chu’s work of this size: 87x116cm. This is also the highest auction record for work by Chu during his early period (1950s-1960s).

• Chinese Modern and Contemporary Art sale achieved average lot value of HK$3.7 million, sold by value for this session is 88%, a great result for Poly’s first Chinese Modern and Contemporary Art Sale.

• Tibetan Women with Dogs by Chinese painting master Zhang Daqian fetched HK$48.3 million, 6.7 times over its estimate (HK$7.2m).

Sanyu (Chang Yu, 1901-1966), Nude. Estimate: 5,000,000 – 8,000,000. Sold for: 8,625,000.

Alex Chang, Managing Director of Poly Auction (Hong Kong) commented, “Poly Auction (Hong Kong) achieved HK$5.2 million over its two-day inaugural sales, we could not have done this without the help of our team, who worked extremely hard to organize this sale series over such a short period of time, we also have to thank the collectors for their great support. During this two-day sale series, the buyers are mainly from Asia, we can see there is great demand for Chinese art. More than 40% of lots were sold over their high estimate. This sales series not only attracted buyers from the Greater China region, many Western collectors and member of media also came for preview. Poly Auction (Hong Kong) will hold regular Spring and Autumn sales yearly, and with our newly renovated space in Pacific Place, we will also be organizing exhibitions and special sales regularly.”

Auction Summary
Chinese Modern and Contemporary Art
Sale Total HK$ 152 million (Sold by value 88%).
• Rough Lourd et Vert Leger (No.39) by Chu Teh-Chun (Zhu Dequn, B.1920) sold for HK$40.25 million, 5 times over its estimate (HK$8 million). This is a record for Chu’s work of this size: 87x116cm. This is also the highest auction record for work by Chu during his early period (1950s-1960s).

• Chinese Modern and Contemporary Art sale achieved average lot value of HK$3.7 million, sold by value for this session is 88%, a great result for Poly’s first Chinese Modern and Contemporary Art Sale.

Fine Chinese Paintings
Sold Total HK$187 million (Sold by value 72%).
• Tibetan Women with Dogs by Chinese painting master Zhang Daqian fetched HK$48.3 million, 6.7 times over its estimate (HK$7.2m).

Chinese Ceramics and Works of Art
Sold Total HK$162 million (Sold by value 91%).

Jewels
The whole session of Wallace Chan design jewellery fetched HK$17.24 million.

The top lot Forever Dancing sold for HK$6.79 million. Another highlight of the sale was the charity auction of The Smile of Spring, which raised HK$660,000. The proceeds of the sale of this work will go to The Nature Conservancy.

Related posts:

1. Classical Paintings Shine at Christie’s in Hong Kong
2. Bonhams Achieve Blockbuster Sales of Chinese Art in Hong Kong Today with All Lots Sold
3. Asian Demand, Proved by Record-Breaking $390 Million Autumn Sales, Pushes Up Prices to Pre-Boom Levels
4. Christie’s Hong Kong Achieves Highest Ever Sale Total for Chinese Paintings
5. $16.7 Million Cranes Lift Christie’s Chinese Art and Ceramics Sale in Hong Kong