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Records Smashed At Christie’s Asian 20th Century And Contemporary Art Auction
Local and international bidding was fierce at Christie's Asian 20th century and contemporary art auction last night which raised $90 million over four days, bringing the combined 2011 total to a record HK$1.5 billion($195 million).
More than 60 per cent of works sold above their high estimates, and the average lot value for the season was the highest on record at HK$1.7 million, underscoring the "continued evolution of this vibrant market", said the UK-headquartered auction house.
Cross-cultural buying was at the heart of the sale's success, with collectors from Asia competing with foreign bidders for the best works from the leading Asian artists, said Eric Chang, international director for Asian 20th century and contemporary art at Christie's.
"Overall we are pleased to see an uptake in cross-cultural buying by international collectors, underscoring the great potential of this new cross-regional and cross-cultural buying market as well as an increasing appreciation for the cultural diversity of this category," said Chang.
Works from modern masters were the best sellers, he said, with those from Zao Wou-Ki the stars of the show. Contemporary works that were fresh to market and well-estimated did exceptionally well across the various regions, resulting in numerous new world auction records.
Chang added that a new level of international exposure resulted in strong prices, with works by Indonesian contemporary artist I Nyoman Masriadi and modern artists Adrien-Jean Le Mayeur de Merprs and Affandi surpassing their estimates.
Twentieth century master Zao Wou-Ki sold particularly well. Five of his works sold between two and three times higher than their pre-sale estimate. Cerf Volant et Oiseaux was another star of the show, selling for HK$35.4 million versus a presale estimate of HK$10-15 million.
A new world record was set by Japanese artists Yoshitomo Nara and Aya Takano, for their work You Want to Get Out of Here, Don't You?. Other highlights include Japanese modern artists Leonard Foujita and Zenzaburo Kojima, whose works saw significant cross-cultural buying and underbidding from collectors around the region, said Chang.
