AO Auction Results: Christie’s Hong Kong Asian Contemporary Art and Chinese 20th Century Art Sale totals $39 million May 29th, 2010

May 30th, 2010

Zao Wou-Ki
02-01-65 (1965) Estimate: HK$8-12 million US$1-1.5 million. Price Realized: HK$20,820,000 $2,694,593

Christie’s Hong Kong Spring sale of Contemporary Chinese Art on May 29th, 2010 sold 36 works by artists such as Zao Wou-Ki, Zhan Wang, Cai Guo-Qiang, and Kim Dong Yoo for a combined total of HK$303 million or US$39 million, with important works still fetching prices above their estimated value and all works auctioned were sold. Both Akira Yamaguchi and Ryozo Kato set new artist records for their works with Yamaguchi’s work fetching HK$1,940,000 or US$251,081, and Kato’s work reaching HK$312,500 or US$40,125. Other works that went above the estimate are Andy Warhol‘s portraits of Mao that went for HK$1.5 million dollars above estimates.

According to Art Daily, Eric Chang, International Director of Asia Contemporary Art and Chinese 20th Century, said, “Today’s Evening Sale of Asian Contemporary and Chinese 20th Century Art achieved HK$303.4 million/US$39 million, three times the estimate and a 67% increase from our Spring Evening Sale last year.” Bloomberg reports that the market for Contemporary Asian art is slowly on the rise, although no where near as powerful a force as a few years ago.

Zhang Xiaogang The Big Family No. 6, (1997) Estimate: HK$2,400,000-3,200,000 US$310,000-410,000 Price Realized: HK$7,460,000 US$965,498

Akira Yamaguchi Shintenno (Jikokuten, Zochoten, Tamonten, Komokuten), (2006). Estimate: HK$1.5 million-2.5 million US$200,000-320,000 Price Realized: HK$1,940,000 US$251,000

Cai Guo-Qiang UFO and Shrine in the Sky, (2003). Estimate: HK$1,800,000 – HK$2,600,000 US$240,000 – $340,000 Price Realized: HK$3,140,000 US$$406,389

Related Links:
Christie’s Sale of Asian Contemporary and Chinese 20th Century Art totals $39 million [ArtDaily]
Asia Art Star Zao’s Works Fetch $43 Million in Bidding Frenzy [Bloomberg]
Auction Results [Christie's International]