This week’s auctions at Sotheby’s Hong Kong indicated that the Chinese art market continues to show signs of growth, as both Contemporary Art sales easily passed the earnings of the equivalent sales in 2008 and 2009. Monday featured back to back auctions. First, the 20th Century Chinese Art sale realized 137,313,750HKD (est. 130 million HKD) with 29 of 38 lots sold. The afternoon Contemporary Asian sale realized 205,896,250 HKD, well above the presale estimate of 150 million HKD.
More text and images after the jump…
A record was set for a work at auction for Zhang Xiaogang with an early work from 1992 on the market for the first time ever at the Contemporary Asian sale. The canvas, showing a baby painted over both mass produced and personal photographs of the Cultural Revolution, sold for 52.2 million HKD, well above presale estimates of 21-23 million HKD. The painting was bought by a private museum in Shanghai.
Also at the Contemporary Asian sale, Zeng Fanzhi‘s painting of two masked men in blue jeans sold for 16.9 million HKD, just past the high presale estimate of 15 million HKD.
At the 20th Century Chinese Art sale Zao Wou-Ki‘s red canvas was the top selling lot. The work sold for 14.1 million HKD, at the low end of the presale estimate.
Wu Guanzhong, who passed away in June of this year, took second place at the 20th Century Chinese Art sale and brought in 12.4 million HKD over a high presale estimate of 7 million HKD. This landscape was painted a year after the artist’s return to painting following years of hard labor under the Communist Party and a prohibition against painting.
The fall auction season continues with sales in London from October 13-16 and in New York from November 2-10. Check back for continued coverage of the auctions.
Sotheby’s Contemporary Asian Art Sale [Sotheby’s]
Sotheby’s 20th Century Chinese Art Sale [Sotheby’s]
Art Sales Set New Record [WSJ]
Zhang’s $6.7 Million Baby Boosts Sotheby’s Mixed Hong Kong Sale [Bloomberg]
Chinese Collectors Smash Estimates At Sotheby’s Contemporary Asian Art Auction In Hong Kong [Artdaily]
A Preview of Hong Kong’s Major Fall Modern and Contemporary Art Auctions [Artinfo]