Claude Monet’s Nymphéas: A Timeless Masterpiece from the Iconic Water Lilies Series. Image: Courtesy Christie’s Images Ltd 2024.
Discover Claude Monet’s Nymphéas at auction, a stunning masterpiece from his Water Lilies series, estimated to fetch up to $35 million!

BY KAZEEM ADELEKE, ARTCENTRON

HONG KONG—Christie’s is set to make a resounding impact on the art market with its inaugural evening sale of 20th- and 21st-century art at its new Asia headquarters in Hong Kong. Scheduled for September 26, the auction will feature one of Claude Monet’s most renowned works, Nymphéas (1897–99). This painting is set to become one of the most valuable Western artworks ever auctioned in Asia.

Claude Monet’s Nymphéas is an important example of the artist’s famous series depicting the water lily pond at his home in Giverny, France. Painted between 1897 and 1899, this painting is among the earliest works Monet dedicated to this iconic subject. It showcases his pioneering approach to capturing natural light and reflections on water. The painting’s intricate play of colors and brushstrokes exemplifies Monet’s innovative technique and his profound connection with nature.

Monet’s Nymphéas has an estimate of between HK$200 million and HK$280 million (approximately $25 million to $35 million). This estimate places it among the highest valued Western artworks ever to go on auction in the Asian market. Monet’s family kept the painting for many years after his death in 1926. It later entered a private collection and was eventually consigned to Christie’s. The artwork’s provenance, its historical significance, and its aesthetic appeal contribute to its extraordinary valuation.

Christie’s New Headquarters: A Milestone for Art Auctions in Asia

The auction will take place at Christie’s new headquarters in the Henderson Building. This landmark building was designed by the renowned architect Zaha Hadid. This state-of-the-art facility marks a significant expansion of Christie’s operations in Asia. It underscores the auction house’s commitment to the region’s growing art market. The Henderson Building features an innovative design and modern amenities. It provides an ideal setting for presenting high-caliber artworks like Monet’s Nymphéas.

Claude Monet’s Nymphéas and Zao Wou-ki’s Abstract Masterpiece

Joining Monet’s Nymphéas in this high-profile auction is Zao Wou-ki’s abstract triptych, 05.06.80–Triptyque (1980). Expectations are that this work will bring in HK$78 million to HK$128 million (around $10 million to $15 million). Zao Wou-ki is a prominent figure in the modern art scene. He is famous for his abstract compositions that fuse Eastern and Western artistic traditions. Including Zao’s work alongside Monet’s piece highlights Christie’s strategy. It aims to offer a diverse range of significant
artworks, appealing to both Western and Asian collectors.

The Evolving Landscape of Art Auctions in Asia

Over the past decade, the Asian art market has seen a surge in interest and investment. This is particularly true for Western Impressionist and modern art. Auction houses have increasingly targeted this growing market. They offer high-value works in a region that has traditionally focused on local artists. Christie’s, along with competitors like Sotheby’s, Bonhams, and Phillips, has been at the forefront of this expansion.

Christie’s opulent new headquarters has intensified the competition for the Asian art market among art auction houses. Sotheby’s and Bonhams are set to inaugurate their flagship locations in Hong Kong later this year. This move further emphasizes the competitive nature of the Asian art market. Phillips already has a significant presence in the region with its Asia headquarters in West Kowloon, Hong Kong.

Challenges and Opportunities in the Asian Art Market

Despite the optimism surrounding the expansion of Western art auctions in Asia, there are challenges to navigate. The art market globally has been experiencing a slowdown recently. Therefore, it remains unclear how the Asian market will perform amidst this trend. In recent years, several high-profile Western artworks have failed to meet their presale estimates. For instance, Amedeo Modigliani’s Paulette Jourdain (1919) fell short of its estimate at Sotheby’s Shanghai sale. Similarly, Monet’s Saule pleureur (1918–19) failed to find a buyer at Christie’s Hong Kong sale in 2022.

The record for the most expensive Western artwork sold in Asia belongs to Jean-Michel Basquiat’s Warrior (1982). The painting went for HK$323.6 million ($41.7 million) in 2021 at a Christie’s sale. Furthermore, the most expensive artwork ever sold at auction in Asia is a Zao Wou-ki triptych titled Juin-Octobre 1985. It went for HK$510 million ($65.2 million) at Sotheby’s Hong Kong in 2018.

Claude Monet’s Nymphéas Auction: A Significant Moment

Christie’s upcoming sale featuring Claude Monet’s Nymphéas represents a significant moment for the Asian art market. As one of the most valuable Western artworks to ever go on auction in the region, the painting highlights Monet’s enduring influence. It also underscores the growing importance of Asia as a major player in the global art market. The strategic expansion of major auction houses into Asia reflects their confidence in the region’s art market. Above all, it highlights its potential for continued growth and transformation.