Sotheby’s HK Spring 2018 Modern And Contemporary Art Sale Series Totals US$164 Million
OTHEBY’S HONG KONG SPRING 2018 MODERN AND CONTEMPORARY ART EVENING SALES ACHIEVE HK$1.04 BILLION / US$ 132 MILLION *The Second Highest Total for a Sotheby’s Hong Kong Evening Sale* Western Modern and Contemporary Works 100% Sold 97% of All Lots Sold With 64% Exceeding the High Estimates Top Lot of the Evening: Zao Wou-ki’s 26.04.62 Sells for HK$85.3million / US$10.9million Eight Auction Records Set: Artist Records Including Vu Cao Dam, Hsiao Chin, Jane Lee, Park Seobo, Uemae Chiyu, Yu Youhan, José-María Cano; and an Ink on Paper Record for Chu Teh-Chun
Hong Kong, 31 March 2018 Sotheby’s Evening Sales of Modern Art and Contemporary Art in Hong Kong brought a total of HK$1.04 billion / US$132 million (est. HK$643 – 929million), the second highest total for a Sotheby’s Hong Kong Evening Sale. Patti Wong, Chairman of Sotheby’s Asia, stated, “Tonight’s outstanding results, with strong prices for both Asian and Western art and an exceptional sell-through rate of 97%, is a testament to our efforts to bring fresh and outstanding works to our clients. We saw deep demand for quality works, with a series of extended bidding contests, resulting in 64% of the works exceeding the high estimates this evening and setting many new records. We are delighted that one year since we debuted Western art in our Evening Sale, once again we saw all of the works on offer finding buyers.”
Modern Art Evening Sale
72% of the lots sold above their high estimates.
All 7 works by Sanyu sold, with Nu endormi doubling its estimate. The top lot, Léopard rose, realised
HK$49,135,500. Three works on paper all sold for many multiples of their respective estimates, building on the success of the ‘Ineffable Beauty’ sale – the largest ever sale of Sanyu’s works on paper – at Sotheby’s Hong Kong in 2016.
Hsiao Chin’s La forza della meditazione ignited intense international interest and drew over 30 bids before selling for HK$7,560,000, setting a new auction record for the artist for the third time in one year. Sotheby’s currently holds six of the top ten auction records for the artist.
Pan Yuliang’s Baigneuse sold for HK$27,684,500, more than 4.5 times its pre-sale estimate. Sotheby’s now holds three of the top five auction records for the artist.
All Southeast Asian Modern works sold, with the top lot, Walter Spies’ Berge und Teich (Mountains And Pond), achieving HK$25,320,000.
Contemporary Art Evening Sale
All 12 Western Contemporary works sold.
Solid performance of Chinese Contemporary Art, with five out of the seven works on offer selling above their
high estimates. Led by Liu Wei’s Revolutionary Family Series: Travel Time (Diptych), sold for
HK$ 35,587,500 – more than double its estimate. Yu Youhan’s Abstract 1988-1 achieved HK$15,720,000, five times its estimate and setting a new artist record.
All eight Japanese Contemporary works sold, with a new artist record set for Uemae Chiyu. Kusama Yayoi’s Red-Nets No. 2.A.3. sold 1.5 times its estimate for HK$35,587,500. Shiraga Kazuo’s Chiansei Kinhyoshi sold for HK$27,684,500, more than double its estimate.
Southeast Asian Contemporary works 100% sold.
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