Zhang Xiaogang at Pace, via Art Observed

Pace Gallery in New York is currently exhibiting a selection of new works by the renowned Chinese painter Zhang Xiaogang, a body of works that sees him continuing to explore and interpret his unique painterly language.  Mixing together domestic scenes and surrealist iconographies, then populating them with a mixture of shared cultural symbols and figures from his own childhood memories. Xiaogang’s work is a remarkable window into complex psychological states and cultural moorings.  (more…)

Zhang Xiaogang (Installation View), via Pace Gallery

Currently featured at Pace Gallery’s space at 510 West 25th Street, is the first series of Zhang Xiaogang‘s painted bronze sculptures. At first glance it appears simply as a 3 dimensional representation of Xiaogang’s famous Bloodline characters, however there are in fact numerous dialogues in the works as well as the artist’s practise, that deepen and darken the situation.

Zhang Xiaogang (Installation View), via Pace Gallery

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Zhang Xiaogang, Beijing Voice (Installation View), Courtesy of PACE Beijing

PACE Beijing is currently exhibiting a selection new works by Chinese painter Zhang Xiaogang, showcasing the artist’s interpretations of Chinese identity, memory and relation.  The exhibition, part of PACE’s annual Beijing Voice’s event, is the first stop on the artist’s work in a global tour which will also include PACE exhibitions at their locations in New York and London. (more…)

Image: Gerhard Richter, Abstraktes Bild, 1994 via Sotheby’s
Estimate: £9,000,000 – 12,000,000
Sold for: £21,321,250

Sotheby’s just concluded its evening Postwar & Contemporary sale in London on October 12th with a sale total of £44,146,350 ($70,793,087),  the highest total of the three auction houses this week.

Gerhard Richter’s Abstraktes Bild, 1994 from the collection of Eric Clapton set a record price at £21,321,250 ($34,297,363). Alongside this work, the second cover lot of the sale was Yves Klein’s RE 9-I from the artist’s most sought-after series: the Relief éponge, which sold for  £3,737,250 with premium.

Image: Yves Klein, RE 9-I, 1961 via Sotheby’s
Estimate: £2,000,000 – 3,000,000
Sold for: £3,737,250

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Kelly Crow of the Wall Street Journal describes the career of Zhang Xiaogang, China’s most expensive living artist, as a story that relates to the contemporary art market of China itself.

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Zhang Xiaogang, Forever Lasting Love, 1988 (est. $3.2-3.9 million, realized $10.1 million), via Sothebys.com

The auction record for a work by a living Chinese artist was set on Sunday at Sotheby’s Hong Kong during a 105-lot sale of works from the Ullens collection of contemporary Chinese art. The white glove sale realized $54.8 million – more than triple its high presale estimate of $16.7 million.

Zhang Xiaogang in his studio with Forever Lasting Love, via Sothebys.com

More text and images after the jump…

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Zhang Xiaogang, Chapter of a New Century – Birth of the People’s Republic of China II, 1992 (est. 21—23 million HKD, realized 52,180,000 HKD), via Sothebys.com

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… (more…)

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.

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Duane Hanson’s “Flea Market Lady” staffs Emmanuel Perrotin’s booth at Frieze via New York Magazine

In the midst of perhaps the most spectacular global financial and credit market cave-ins ever experienced, The Frieze Art Fair in London, one of the three largest contemporary art fairs, felt a slowdown in some attendance indicators, sales volume and pricing; a harbinger of similar buyer sentiment reflected in anemic sales totals from all of the three major contemporary art auctions that followed in London over the weekend from Sotheby’s, Phillips and Christie’s respectively. In light of the true magnitude of the global wealth disrupted in recent weeks, overall, the output of the Frieze art fair and the concurrent contemporary art auctions likely could have been worse. The following is a roundup of the news and images looking back from the close of the Frieze fair as well as detailed summaries of each auction.

Takashi Murakami’s “Tongari-Kun” 2004. Though it was headliner of the Phillips Auction on Saturday, it failed to sell. Image via Phillips

Newslinks, images and more on the Frieze Art Fair and on the Sotheby’s, Christie’s and Phillips auctions after the jump…

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Cory Arcangel’s “Golden Ticket” to the 2008 Frieze Art Fair via Artnet

With over 150 galleries, The Frieze Art Fair, set in London’s Regent’s Park, began selling works by over 1,000 artists on October 15. Since its first year in 2003, the Frieze fair has grown to be regarded as the youngest and perhaps the most cosmopolitan and cutting edge of the global fairs, which include Art Basel, Art Basel Miami Beach and the Venice Biennial. The fair, which runs until the 19th of October, and the London auctions that will occur this evening and this coming weekend, mark the first major opportunity for transparency into the the status of the global art market since the widespread financial turmoil began. Following Damien Hirst’s groundbreaking, clearing house, £111.5 million, direct-to-market auction of his own work at Sotheby’s last month (as covered by ArtObserved here) the market has had some clouds brewing over it, with beginning indications of weakness manifesting in events such as Sotheby’s lackluster first evening sale of contemporary Asian art in Hong Kong earlier this month (as covered by ArtObserved here), which sold £7 million against expectations of £30 million to another auction that same weekend in which Sotheby’s sale of modern 20th-century Chinese art left over a third of the lots unsold. More recently, the Singapore Art Auctions were also a dissapointment.

London’s Frieze Prepares for a Chill [Wall Street Journal]
Crisis Imperils U.K. Art Fairs, $183 Million Sales, Dealers Say and Auction Houses Guarantee Top Lots; Dealers See Falling Demand and Paltrow, Saatchi, Zhukova Browse Frieze Art as Sales Go Slowly, Aguilera Parties, Damien Hirst Has a Head Case: London Art Buzz [Bloomberg]
Deep Frieze: UK’s hottest art fair braces itself for the chill of the banking crisis and Prank canvas [GuardianUK]
Frieze Art Fair: Super-rich to cast economic crisis aside and Andy Warhol’s Skulls up for auction [Telegraph]
All the fun of the fairs: the art world gathers for Frieze [Independent]
The Post-Materialist | Frieze Art Fair [TheMoment]
Diary: Frieze Frame [ArtForum]
Frieze Factor [Artnet]
Frieze: First night blur [ArtReview]
Frieze Art Fair 2008 [Frieze Art Fair]

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A silica gel sculpture “Communication” by Cang Xn in the new Saatchi Gallery via Reuters

One of the most influential art collectors, Charles Saatchi, who years ago jump started the careers of the Young British Artists such as Damien Hirst and Tracey Emin, has opened his new gallery in Chelsea in Central, London. The neoclassical former military barracks from 1801 known as the Duke of York Headquarters building is the now home to Saatchi’s gallery and his opening exhibit called “The Revolution Continues: New Art From China.” Within the space, a standard “white cube” internal architecture, the inaugural group show features works of art from the most of the top contemporary Chinese artists. Duke of York Headquarters buildings provides an impressive 70,000 square feet of space of gallery space, and in its past life was the military headquarters and barracks for the Duke’s soldiers.

Also notable is that the new Saatchi Gallery, a huge space that compares with City or National arts spaces in its scope and quality of offerings, is entirely free, due to a corporate sponsorship by Phillips de Pury & Company, which only this week was purchased by the Mercury Group of Russia, as reported by Art Observed yesterday here.

Saatchi Gallery Website
Saatchi Gallery Opens at Duke of York’s HQ Building, Chelsea [Artdaily]
Saatchi leads Chinese revolution with video here, and more video here [BBC]
Classical frame for Saatchi’s brand-new look [Financial Times]
Art guru Saatchi back with new gallery, China show [Reuters]
Saatchi’s New London Gallery Hails Britart, Chinese Revolution [Bloomberg]
Charles Saatchi’s old favourites – made in China [TimesUK]
Stuck with Saatchi [ArtReview]
The Revolution continues at the new Saatchi Gallery [TimesUK]
The verdict on Saatchi’s new gallery and Dog chews and Mao [Independent]
Saatchi Gallery: great space, shame about the art and Saatchi gallery: a study in blandness [GuardianUK]
Last scene by Saatchi and Charles Saatchi: Did I say that? and Is it third time lucky for Saatchi gallery? [GuardianUK]
Saatchi Gallery Opening – London [Jean Pigozzi for Colette]
Update: Opening of the Week: Saatchi rolls out the red carpet [Independent]

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Sotheby’s (NYSE: BID) 1-year stock chart, via Yahoo! Finance

Sotheby’s (BID) stock declined by 14% on Monday, October 6th, 2008, to close at the lowest levels since July 2005 according to Bloomberg.  By ArtObserved’s calculations, Sotheby’s has lost more than 75% of its value since falling from its October 12th, 2007 high of $57.12 to today’s close of $13.86.  Besides the general buckling of the US Stock markets, Sotheby’s stock’s decline has presumably also been due to concerns about the buoyancy of the art market (as specifically reflected in this past weekend’s Asian art sales by Sotheby’s) which some analysts consider to be overheated and on the verge of a decline, especially in light of the global financial contagion.  Despite the overwhelming success of the landmark Damien Hirst direct to market auction less than a month ago in London (as reported by AO here), overall in the past month, Sotheby’s shares have dropped three times that of Standard & Poor’s 500 Index.

Evidence supporting the decline in the market is mounting: several recent auctions have failed to make the grade, including one recently featuring previously extremely in-demand artwork of Banksy. Some hoped that the continued influx of funds into the art market from collectors in ‘new markets’ such as Russia, China, India and the Persian Gulf, would prop up prices in Western markets and in burgeoning domestic contemporary art scenes. The results of Sotheby’s fall sale of Asian contemporary art however, selling a sector of the market which had previous momentum that seemed relentless, poke holes in that assertion. The auction failed to sell 19 of 47 of its headline lots, including pieces by Subodh Gupta, Zheng Xiaogang, Yue Minjun and Takashi Murakami. “Today’s results aren’t acceptable, they’re very poor. The contemporary Chinese art market has raced ahead too quickly and now people can’t prop it up anymore,” a Taiwanese dealer was quoted as saying in the Wall Street Journal.

Hong Kong tests art buyers’ courage [Financial Times]
Weak Sales for Sotheby’s in Hong Kong [Wall Street Journal]
Sotheby’s Shares Fall Amid Concern About Art Market [Bloomberg]
Top Lots Shunned in Post-Lehman Art Sale at Sotheby’s Hong Kong [Bloomberg]
Chinese contemporary art palls in Sotheby’s HK sale [Reuters]
Pop Goes the Bubble in Chinese & Indian Art [BusinessWeek]
Credit crunch crushes art auction [BBC]
Sotheby’s Sale of Modern and Contemporary Southeast Asian Paintings Brings US$9,165,947 [ArtDaily]
Sotheby’s Website

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The Revolution Continues, ‘Untitled’‘ (1999) by Yue Minjun, via Saatchi Gallery

Charles Saatchi, one of the UK’s wealthiest and largest art collectors, will re-open his renowned contemporary art gallery at its new home in the Duke of York’s former military barracks, following several delays and false starts due in part to construction issues. The gallery’s first exhibition will be The Revolution Continues: New Art from China, which will run from the gallery’s opening on October 9th until January 18th, 2009. The inaugural exhibit will feature 30 artists China’s white-hot contemporary art scene, including marquee names such as Yue Minjun, Fang Lijun, and Zhang Xiaogang. In line with fulfilling the new Saatchi gallery’s goal of introducing contemporary art to a broader (and younger) audience, admission to the gallery’s exhibits will be free thanks to a sponsorship deal with Phillips de Pury & Company.

Saatchi Gallery
Saatchi Gallery London: Virtual Tour
Saatchi Gallery Moves to New Home [GuardianUK]
Saatchi Finds a Home [NY Times]

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Untitled, Yue Minjun (2005) via Saatchi Gallery

The Saatchi Gallery will open its new London site on October 9th in the Duke of York’s Headquarters building on King’s Road. The gallery, founded by advertising executive Charles Saatchi, will feature contemporary Chinese artists in its inaugural exhibition: “The Revolution Continues: New Art from China.” According to the gallery’s publicists, Freud Communications, the show will feature works from 30 leading painters, sculptors, and installation artists, such as Yue Minjun, Feng Zhengjie, Zhang Xiaogang, Zeng Fanzhi, Zhang Dali, Zhang Haiying, Qiu Jie, and many more.

Saatchi’s pledge for new art gallery [Guardian]
The Revolution Continues: New Chinese Art [Saatchi Gallery]
Saatchi Gallery to Open at New London Site With Chinese Artists [Bloomberg]
Saatchi Gallery to Open at New London Site With Chinese Artists [GG-Art]
View a virtual tour of the gallery here [Saatchi Gallery]

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