Asian Art Make Record Art Prices at Sotheby’s Hong Kong

Liu Xiaodong (b. 1963), Disobeying the Rules 1996, oil on canvas, 180 x 230 cm.  One of the top Asian Art pieces at the auction. It sold for HK$66.2 million / US$8.49 million. Image courtesy of Sotheby’s.

ART AUCTION

Modern And Contemporary Asian Art achieve record auction prices

HONG KONG — In the heart of Hong Kong, Sotheby’s had a major art sale of works by modern and contemporary Asian artists on October 5, 2014. Titled Modern And Contemporary Asian Art Evening Sale, the art auction brought together art collectors from across the globe. The collectors bided intensely to acquire their favorite art. In the end, the sale of works by the modern and contemporary Asian artists achieved $78.91 million, a high estimate in essence of $70 Million. 80 percent of lots presented during the art sale sold above high estimate and 9 auction records were established. One of the pieces that set record art auction prices was Liu Xiaodong’s Disobeying the Rules. The top lot fetched $8.49 million, setting a world auction record for the artist. Other notable prices were achieved by Zao Wou-Ki’s Debut d’Octobre (Beginning of October) which achieved $7.63 Million, and Lee Man Fong’s Bali Life, that sold for $4.32 million.

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Kevin Ching, Chief Executive Officer of Sotheby’s Asia, commenting on the sale attributed the success of the auction to Sotheby’s outstanding ability of the source high-quality work from across the globe. He said:

Tonight’s Modern and Contemporary Asian Art – Evening Sale was a vibrant success, achieving well in excess of the high estimate. Sotheby’s worldwide network had sourced appealing works from private European, American and Asian collections, many appearing on the market for the first time, and collectors responded with extraordinary enthusiasm.

In addition,  Ching notes that:

Our highly-anticipated offering of works showcasing the rich diversity of Asian art across different periods and regions attracted hundreds of participants, many new to our business, not only in our very crowded saleroom and on the phones, but also online and via absentee bids, which resulted in numerous artist’s records in all categories offered this evening. Among the many thrilling moments were the bidding wars for Zao Wou-Ki’s Debut d’Octobre (Beginning of October), which had been off the market for nearly 50 years, and for Fang Lijun’s Series 2 No. 4 from the collection of Guy and Myriam Ullens de Schooten, both of which nearly doubled their high estimates and the latter achieving an auction record for the artist as well.

Here is a list of the world auction records for artists at the Asian art sale

1. Liu Xiaodong (b. 1963), Disobeying the Rules 1996, oil on canvas, 180 x 230 cm. Sold for HK$66.2 million / US$8.49 million
2. Fang Lijun (b. 1963), Series 2 No. 4 1992, oil on canvas, 200 x 200 cm. Est. HK$25 – 35 million / US$3.23 – 4.52 million-Sold for HK$59.48 million/ US$7.63 million-Asian art Sale
3. Liu Wei (b. 1965), You Like Pork? 1995, oil on canvas, 200 x 150 cm. Est. HK$18 – 28 million / US$2.33 – 3.62 million -Sold for HK$23.64 million / US$3.03 million
4. Jia Aili (b. 1979), Wasteland Series No.1 2009, oil on canvas, 209.4 x 270.7 cm. Est. HK$3.2 – 4 million / US$413,000 – 520,000 –Sold for HK$11.8 million / US$1.51 million
5. Anita Magsaysay-Ho (1914 – 2012), Paghuhuli Ng Mga Manok (Catching Chickens) 1962, oil on canvas, 102 x 132 cm. Est. HK$5 – 8 million / US$650,000 – 1.04 million -Sold for HK$9.64 million / US$1.24 million-Asian art
6. Chang Shuhong (1904 – 1994), Artist’s Family after the Bombing in Chunking, Circa 1938 – 1942, oil on canvas, 79 x 63.8 cm. Est. HK$2.5 – 3.5 million / US$323,000 – 452,000 -Sold for HK$9.4 million / US$1.21 million
7. Wang Xingwei (b. 1969), Blind 1996, oil on canvas, 219.5 x 179.8 cm. Est. HK$1.5 – 2.5 million / US$194,000 – 323,000 – Sold for HK$9.4 million / US$1.21 million-Asian Art Sale
8. Miguel Covarrubias (1904 – 1957) In Preparation of a Balinese Ceremony, Circa 1930s, oil on canvas, 61.5 x 89 cm. Est. HK$3 – 5 million /US$388,000 – 650,000 -Sold for HK$8.44 million / US$1.08 million
9. Wang Guangle (b.1976), Terrazzo 2004. 1. 1 – 2004. 2. 5 2004, oil on canvas, 180 x 180.2 cm. Est. HK$1 – 1.5 million / US$130,000 – 194,000 -Sold for HK$5.44 million / US$697,000

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