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A work of late Chinese painter Lin Fengmian fisher of women was the star lot at a Hong Kong sell at HK $ 159 million ($ 20.5 million) yesterday as buyers chose from works by masters and artists rarely auctioned.
Lin Oil on Canvas "Fishing Harvest", painted between the 1950s and 1960s and shows the catch sorted, retrieved HK $ 16.3 million, an auction for the artist. It had a presale top estimate of HK $ 3.5 million and sold to an unidentified Asian private collector, Sotheby's sold during the 20th Century Chinese and Asian contemporary art. Of the 209 lots offered, 158 sold. Estimates do not include Commission.
Investors are converting currency in tangible assets, including the arts, to which multi-billion-dollar boost spending by governments to end the recession, the inflation, and dealers said. Governments and central banks in 19 of the largest developed countries are spending 43 percent of its gross domestic product, the worst crisis since the Great Depression, the International Monetary Fund said on 6 March.
“It’s safer to hold good assets, such as artworks by established artists, than currency,” said Tian Kai, a Beijing-based art dealer who flew in to attend the auction.
Works by masters outshone by contemporary artists. The second most expensive work was sold yesterday by Lin, a master who founded the school that the China Academy of Art His oil-on-canvas work, "Chinese Opera Figures: Heroines of the Yang," fetched HK $ 8, 4 million against a top estimate of HK $ 2 million. In third place was Chang Yu's 1955 oil work, "Potted peonies", which sold HK $ 6.3 million.
Zhang Painting
"Untitled", a 2006 Oil on canvas paintings by contemporary Chinese artist Zhang Xiaogang, the face of a boy with a yellow spot of light in his left eye, for HK $ 4.8 million. At the same auction last year, a 1995 painting sold Zhang HK $ 47.4 million, a record for the artist.
"They are cheaper," said Sandra Walters, a Hong Kong-based collector who runs a namesake art consulting business. "Here to buy an excellent piece on the fire-sale prices."
Works by other stars such as auction Yue Minjun and Zeng Fanzhi sold well - albeit at a fraction of last year's prices. Zeng, 1998 Oil on canvas, "Mask Series: Man with flowers," fetched HK $ 3.6 million. Yue oil painting from 2005, "Army", for HK $ 4.6 million.
Asian collectors bought all but one of the 20 most expensive lots, Sotheby's today show.
In a departure from Hong Kong's traditional auction, now Featured event the largest selection of non-contemporary painting art publicly in the city.
Pearl shells
Two shells, each nearly a meter in diameter and with clear water pearls, by Chinese artist Ai Weiwei fetched HK $ 1.7 million, against a presale top estimate of HK $ 1.2 million.
Two bidders - one in the sales room, the other on the phone - led by three minutes Huang Yongping tug on the 3.15-meter-by-4 .1 meters from 2.36 meters cars from wood, the telephone bidder finally won, with HK $ 3.38 million for the lot, the presale estimate of HK $ 1.5 million.
Works by Huang and Ai are recognized, although they rarely appear at auction, because the bulk.
Yayoi Kusama's meter high yellow pumpkin, fiber-reinforced plastic, fetched HK $ 2.72 million, a record for a sculpture by the artist. A set of 36 photos of the Chinese artist Song Dong, "Stamping the Water," fetched HK $ 800000, against a presale top estimate of HK $ 900,000.
Works by Hong Kong artists who are rarely at auctions, did well, traders said. An ink-on-woodboard and chromogenic print Tsang Tsou Choi, Kowloon Emperor nicknamed by locals, for HK $ 212,500, seven times his estimate upwards.
The sale continues today with the auction of watches and jewelry.
Sotheby's buyer Commission 25 percent of the hammer price for the first HK $ 400000, 20 percent for the amount between HK $ 400,001 and HK $ 8 million, and 12 percent for the amount above. |
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