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Christie’s Leads Asia With Spring Sales Of HK$2.5 Billion/US$310.7 Million
CHRISTIE’S LEADS ASIA WITH SPRING SALES OF HK$2.4 Billion/US$310.7 Million
? HIGHEST TOTAL FOR ANY SERIES OF SALES IN ASIA
? 50 LOTS EXCEED US$1 MILLION
? WORLD AUCTION RECORDS ACROSS CATEGORIES
Hong Kong - Christie’s, the world leading art business, concluded its Hong Kong Spring 2008 sale series with a combined total of HK$2.4 billion/US$310.7 million - this is the highest total ever achieved in a sales season in Asia and gives Christie’s 58.5% market share in the region. This sale total is a dramatic increase of 58% over Christie’s 2007 Spring sale, which totalled HK$1.52 billion/US$195.4million.
“The results of our Hong Kong Spring Sales highlight the importance of Asia for Christie’s and the potential that this region offers. As one of our top three global sale centres alongside New York and London, Hong Kong plays a key role in garnering established and new collectors in Asia and around the world to participate in the art market. Global interest in art continues to grow, and supported by new wealth in the region, we are committed to expanding our business in Asia.” said Edward Dolman, Chief Executive Officer, Christie’s International.
“Christie’s sales results show that Hong Kong has truly come of age in the global art market. Our sales have been attracting an increasingly international and diverse range of buyers who look for the best in art, watches and jewellery. As the breadth and depth of the art market in Asia grow, we look forward to achieving new heights in our sales in the future.” said Ken Yeh, Deputy Chairman, Christie’s Asia.
“A dynamic series of record-breaking sales for Asian art in Hong Kong testifies to the accomplishments of Christie’s specialists. We have again demonstrated our leadership and brought the greatest works to the global market. Buyers from around the world were active across all categories, reflecting the growing internationalization of the art market,” said Jonathan Stone, Chairman of Christie’s Asia Management Committee and International Business Director of Asian Art.
SOUTHEAST ASIAN MODERN & CONTEMPORARY ART
MAY 24
? SALE TOTAL: HK$71.7m / US$9.2m - more than double its pre-sale high estimate and +39% above Spring 2007.
? THE HIGHEST TOTAL EVER AT CHRISTIE’S IN THIS CATEGORY
? MULTIPLE ARTIST AUCTION RECORDS SET including: Hendra Gunawan, I
Nyoman Masriadi, and Le Pho.
? MARKET TRENDS: Records and strong prices were seen for both Contemporary (I Nyoman Masriadi, Geraldine Javier) and Modern (Le Pho, Hendra Gunawan) artists.
Artists new to the auction market performed extremely well (Fx Harsono, Haris Purnomo).
ASIAN CONTEMPORARY & CHINESE 20TH CENTURY ART
MAY 24-25
? COMBINED TOTAL: HK$813.8m/US$104.6m, a 33% increase over Spring 2007
? THE HIGHEST TOTAL EVER FOR THE CATEGORY WORLDWIDE
? Series opened with the INAUGURAL EVENING SALE for both categories - a first for the category and a first for Asia.
? NEW WORLD AUCTION RECORD SET FOR CHINESE CONTEMPORARY
ART: Zeng Fanzhi’s Mask Series 1996 No. 6 - HK$75.4m/US$9.7m (Lot 156)
? NEW YUE MINJUN AUCTION RECORD set with Gweong-Gweong - HK$54.1m/6.9m (lot 157)
? 55 ARTIST RECORDS SET - 29 Japanese, 10 Indian, 5 Chinese, 10 Korean
? ARTIST RECORDS INCLUDE:
o Contemporary: (Chinese) Zeng Fanzhi, (Chinese) Yue Minjun, (Indian) Subodh
Gupta, (Japanese) Aida Makoto, (Japanese) Hishashi Tenmyouya, (Korean)
Hong Kyoung Tack
o Chinese 20th Century: Liao Chi-Ch’un
? MARKET TRENDS:
o Notable was the exponential growth seen in the market for Japanese and Korean contemporary art.
o The Contemporary Indian and Pakistani art section was 100% sold at HK$33m/ US$4.2m - the highest ever in the category in Hong Kong. A Contemporary Indian art work appeared in the top ten Asian Contemporary Art Evening Sale (Subodh Gupta’s Saat samundar Paar (10) - HK$9.3m/US$1.2m), underscoring the strength of this category.
o Pan-Asian cross-buying continues to increase season after season.
FINE CHINESE MODERN & CLASSICAL PAINTINGS
MAY 26
? COMBINED TOTAL: HK$241.1m /US$31m - a 20% increase over Spring 2007
? Chinese Modern Paintings total: HK$120.1m / US$15.4m
o Top Lot: Lot 1031,Wu Guangzhong, Old Wall - HK$7.9m/US$1.018m (image above)
? Fine Classical Chinese Paintings total: HK$121m / US$15.5m
o Top Lot: Shitao, Floral Album - HK$17.7m/ US$2.3m
? MARKET TRENDS: Bidding from private collectors from the People’s Republic of China was particularly strong, reflecting the continued high demand for quality works in this category.
CHINESE CERAMICS & WORKS OF ART
MAY 27
? TOTAL: HK$734.7m / US$94.4m - representing growth of two and a half times the Spring 2007 season.
? THE HIGHEST TOTAL EVER IN THE CATEGORY AT CHRISTIE’S.
? Magnificent Clocks for the Chinese Imperial Court from the Nezu Museum
o Total: HK$ $281m/US$36m - almost ten times the pre-sale low estimate.
o This special 15 lots sale is the MOST VALUABLE HOROLOGICAL
AUCTION EVER HELD IN THE WORLD
o RECORDS SET FOR A CHINESE CLOCK (lot 1509, HK$39.5m/
US$5.1m) and FOR AN ENGLISH CLOCK (lot 1511, HK$36.3m/US$4.6m)
o Proceeds are to benefit the rebuilding of the Nezu Museum in Tokyo which is reopening to the public in the autumn 2009.
? The Imperial Sale
o Total: HK$320m/US$41.1m
o Of note: An important early Ming copper-red decorated Kendi ewer which sold for HK$34m/ US$4.3m (lot 1566).
o World auction record set for Qing dynasty ritual bell (lot 1540, HK$32.8m/US$42m)
o World auction record set for Qing dynasty blue and white vase (lot 1582, HK$32.8m/US$42m)
o World auction record set for Qing dynasty archaistic (Ming style) ‘Chicken’ cup (lot 1587, HK$8.8m/US$1.1m)
? Important Chinese Rhinoceros Horn Carvings from the Songzhutang Collection
o Total: HK$43.1m/US$5.5m - sold to benefit the Songzhutang Foundation and its work to aid poverty-stricken school children in Mainland China.
o Top lot: A rare and finely carved lotus leaf-shaped rhinoceros horn waterdropper from the late Ming dynasty - HK$8.2m/US$1.047m, twice its pre-sale high estimate (lot 1716).
? Important Chinese Ceramics & Works of Art
o Total: HK$90.7m/US$11.6m
o Top lot: A exquisite late Qing dynasty jade vase and cover - HK$6.5m/ US$832,000 (lot 1962)
? Charity Sale of the Imperial Glass Enamel Brushpot
o Sold on behalf of Taiwanese business leader and collector Mr. Robert Tsao for HK$65m/US$8.3m
o Christie’s waived all premium and commissions for the sale of this lot.
o Proceeds of the sale benefited the relief efforts for the Chinese earthquake, and other charity and non-profit organisations.
o This rare Imperial enamel glass brushpot set a world auction record for Imperial glass in November 2007 (HK$67.5m /US8.6m) and it remains a world auction record for Chinese glass.
? OVERALL MARKET TRENDS: The results demonstrate that property that is fresh to the market with impeccable provenance and in excellent overall condition are in high demand. The rarest works on offer saw bidding and buying activity from all corners of the world.
JEWELS: THE HONG KONG SALE
May 28
? TOTAL: Record HK$468.8m/US$60.1m - the MOST VALUABLE
JEWELLERY SALE EVER ORGANIZED BY CHRISTIE’S ANYWHERE IN
THE WORLD
? The top lot of the day was the 101.27ct F, VVS1 diamond which sold to a private collector for HK$48.5m/US$6.2m - THE LARGEST DIAMOND EVER SOLD AT AUCTION IN ASIA.
? Other records include:
o World record price per carat for a colourless diamond: A 16.04ct D, VVS2 circular-cut diamond which sold to an Asian private collector for HK$ 26.1m /US$ 3.3m (lot 2342).
o World record price for a green diamond at auction: A square-shaped fancy green diamond of 10.36cts which fetched HK$27.2m /US$3.5m (lot 2340).
o A world record price per carat for an emerald: The pair of Romanov emeralds which sold to an Asian Private Collector for HK$ 18.8m/US$ 2.4m (lot 2346)
? MARKET TRENDS: Diamonds, both coloured and colourless, remained the show stoppers at every Christie’s auction worldwide and this sale was no exception. Also of note is that nine of the top ten lots sold for over US$2million - an unprecedented event in the jewellery auction world that underscores the strength of the international jewellery market. The sale reaffirmed the appetite of private collectors, particularly in Asia, who confidently bid at top levels for the finest quality gemstones, jadeite and jewellery.
IMPORTANT WATCHES
May 29
? TOTAL: HK$93m /US$11.8m
? Top Lot: An exceedingly rare and possibly unique Patek Philippe Ref. 2499 which sold for HK$ 10.4m / US$1.33m - a record price for any watch sold by Christie’s in Asia.
? MARKET TRENDS: These results demonstrate the continued appetite for watches of impeccable quality from a truly international base of collectors. High-end contemporary timepieces are particularly sought-after, as seen in the multiple records set in this sale.
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About Christie’s
Christie’s is the world’s leading art business with global auction sales in 2007 that totalled £3.1 billion/US$6.3 billion. This marks the highest total in company and in art auction history. Christie’s is a name and place that speaks of extraordinary art, unparalleled service and expertise, as well as international glamour. Founded in 1766 by James Christie, Christie’s conducted the greatest auctions of the 18th, 19th and 20th centuries, and today remains a popular showcase for the unique and the beautiful. Christie’s offers over 600 sales annually in over 80 categories, including all areas of fine and decorative arts, jewellery, photographs, collectibles, wine, and more. Prices range from US$200 to over US$80 million. Christie’s has 85 offices in 43 countries and 14 salerooms around the world including in London, New York, Los Angeles, Paris, Geneva, Milan, Amsterdam, Tel Aviv, Dubai and Hong Kong. Most recently, Christie’s has led the market with expanded initiatives in emerging and new markets such as Russia, China, India and the United Arab Emirates, with successful sales and exhibitions in Beijing, Mumbai and Dubai. In Asia Pacific, Christie’s has 10 offices: Hong Kong, which also functions as a regional hub, Taipei, Shanghai, Beijing, Tokyo, Kuala Lumpur, Jakarta, Singapore, Sydney and Seoul.
*Estimates do not include buyer’s premium
