Strong Spring sales in Hong Kong bode well for Asian art
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Model Michelle Claase poses behind a Jiajing Ming period blue-and-white "Boys Jar", depicting sixteen lively boys at play, during a media preview of auction house Christie's in Hong Kong May 21, 2009. Christie's will scale-back its spring sales of Asian art in Hong Kong, yet the tighter, more cheaply-priced lots are expected to bring fresh confidence to a fragile market. The jar is expected to fetch $1.25 million.
REUTERS/Aaron Tam (CHINA BUSINESS SOCIETY)
An undated handout photo shows the 1950s minimalist painting "Cat and Birds" by renowned Chinese artist Sanyu which fetched a record $5.4 million at Christie's Hong Kong auction May 24, 2009, a positive sign for the Asian art market which has been battered by the global financial crisis.
REUTERS/Christie's Handout
An undated handout photo shows an abstract "Nous Deux" (We Two) of swirling browns and reds with broken black lines, inspired by oracle bone inscriptions, by Chinese artist Zao Wou-ki who developed his career in France. The painting was sold to a private Asian collector for $HK35.4 million ($4.5 million), almost three times its estimate, at Christie's Hong Kong auction May 24, 2009. Christie's spring sales of Asian art in Hong Kong is considered a key indicator of Asian art market sentiment, and this year, the number of works on offer was less than in the past, while valuations have been trimmed to lure more buyers. REUTERS/Christie's/Handout
Strong Spring sales in Hong Kong bode well for Asian art
HONG KONG (Reuters Life!) – Top-notch imperial Chinese ceramics and artworks were briskly hammered off at Christie's Hong Kong Spring sales, a sign the auction house and dealers said boded well for the fragile Asian art market.
A record HK$45.4 million ($5.86 million) was paid for a pair of gilt-bronze "dragon" ritual bells from the Kangxi reign, which had only been expected to sell for around a third of that amount.
While the sales saw around a third of the lots go unsold -- mostly cheaper items -- top-flight imperial ceramics including a Qing dynasty Amphora-form vase sold for $3.8 million and a "Tianqiuping" celadon-glazed globular vase fetched $3.4 million after strong bidding in a full auction hall.
"There's a palpable sense of optimism and a change in mood from the end of last year," Christie's CEO Edward Dolman told Reuters on the last day of the sales.
Both Christie's and Sotheby's hold biannual Asian art auctions which are seen as a barometer for the market.
"We're not seeing much weakness, nor much downturn for high quality pieces of Chinese art," added Dolman.
Richard Littleton, the New York-based dealer who bought the ritual bells after fending off stiff bidding from an Asian rival said the market for Chinese imperial artwork was improving.
"The market gets stronger and stronger. There's more and more Chinese getting involved. Look at the room, 90 percent were Chinese," he told Reuters.
Model Michelle Claase poses behind a table crafted from Huanghuali wood during a media preview held by auction house Christie's in Hong Kong May 21, 2009. Christie's will scale-back its spring sales of Asian art in Hong Kong, yet the tighter, more cheaply-priced lots are expected to bring fresh confidence to a fragile market. This Huanghuali wood table could sell up to $190, 000.
REUTERS/Aaron Tam (CHINA BUSINESS SOCIETY)
Model Mikki Yao poses in front of a Zao Wou-ki painting, "Nous Deux" (We Two), during a Christie's media preview in Hong Kong May 21, 2009. Auction house Christie's will scale-back its spring sales of Asian art in Hong Kong, yet the tighter, more cheaply-priced lots are expected to bring fresh confidence to a fragile market. "Nous Deux" is expected to fetch up to $1.93 million.
REUTERS/Aaron Tam (CHINA BUSINESS SOCIETY IMAGES OF THE DAYThis season's spring auctions in Hong Kong are around a third of the size at the peak of the market last year, with more attractively priced offerings aimed at luring fresh buyers.
Sotheby's sold $88.6 million of art in Hong Kong in April, slightly above expectations in a scaled-down auction.
The abundance of Chinese bidders in the auction hall also suggested Christie's row with the Chinese government over the recent Paris sale of two looted bronze animal heads had not overshadowed the sales much, despite some calls for a boycott.
The February sale of the treasures looted from the Old Summer Palace by foreign troops in 1860 stirred up strong nationalistic feelings in China, and sparked protests from Chinese cultural officials who later imposed restrictions on the sourcing of high-end relics in and out of the country by Christie's.
The Chinese collector who bid successfully for the works later refused to pay.
"It's a complex situation made more complex by the actions of the buyer," Dolman said, adding any resolution of the matter hinged on the French owner of the bronze rat and rabbit heads.
"We would like to resolve it in the best interests of everybody but you know at the end of the day they're owned by Pierre Berge and it's going to be his decision."
Berge previously said he would only hand over the sculptures if China agreed to free Tibet, angering Beijing officials.
(Editing by Miral Fahmy)
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A staff member poses in front of the art work 'Butterflies and household gloss on canvas' painted by British artist Damien Hirst which expected to fetch over HK$10,000,000 (US$1,290,000) at the Seoul Auction in Hong Kong Wednesday, May 13, 2009. Seoul Auction will present a total of 112 works with an estimated total value of HK$78 million (US$10 million) by leading Western and Asian artists and emerging artists from Korea, Japan China, Indonesia and India.
(AP Photo/Kin Cheung)
A photographer takes picture of the art work 'Venus No.1, Statue of Venus, Obliterated by Infinity Nets' created by Japan's artist Yayoi Kusama which expected to fetch over HK$3,500,000 (US$451,000) at the Seoul Auction in Hong Kong Wednesday, May 13, 2009. Seoul Auction will present a total of 112 works with an estimated total value of HK$78 million (US$10 million) by leading Western and Asian artists and emerging artists from Korea, Japan China, Indonesia and India.
(AP Photo/Kin Cheung)
Model Michelle Claase poses next to a late 18th Century musical and automaton "jardiniere" Imperial Chinese clock during a media preview held by auction house Christie's in Hong Kong May 21, 2009. Christie's will scale-back its spring sales of Asian art in Hong Kong, yet the tighter, more cheaply-priced lots are expected to bring fresh confidence to a fragile market. This "jardiniere" clock could fetch up to $1.95 million.
REUTERS/Aaron Tam (CHINA BUSINESS SOCIETY)
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