Auction news: Chinese contemporary sells well at Sotheby’s Hong Kong

April 14th, 2008

Bloodline: Big Family No. 3 by Zhang Xiaogang via NY Times

Another to testament to the strong Asian market, work at offered at the Sotheby’s Chinese contemporary auction in Hong Kong last week ended up for higher than estimated prices. A Zhang Xiaogang painting sold for over $6 million, breaking the record for the highest price ever for a Chinese painting.

$51.77M in Chinese contemporary sales exceeds expectations [NYTimes]
Michael Goedhuis’ ‘Estella Collection’ up for sale [New York Times]
Rare antiques go for record prices in Hong Kong [Bloomberg]

Living Word by Xu Bing, via NY Times

Zhang Xiaogang’s 1995 painting depicts a family of three during the Chinese cultural revolution. Xiaogang has emerged as one of China’s most prominent artists, in a market that has turned several Chinese artists into multimillionaires in the past few years. Last year China surpassed France to become the third largest market for art, behind the United States and Britain.