China Contemporary Art Soars; Liu Ye Painting Sells for Record $2.5 Million
Written by admin on April 5, 2010 – 10:52 pm -By Le-Min Lim
April 6 (Bloomberg) -- A painting by Liu Ye made HK$19.1 million ($2.5 million) at a Hong Kong sale yesterday, the most for a Chinese contemporary artist in two years, in a sign that prices are returning to pre-credit-crisis levels.
Liu’s acrylic-and-oil “Bright Road,” showing a smiling couple with a flaming jet in the background, sold for an artist record. It was one of seven Chinese contemporary works that made $1 million or more at Sotheby’s sale, fueled by mainland and Indonesian money. During last year’s crisis, bidders passed on similar works offered at a third of yesterday’s prices.
“Demand for the best Chinese contemporary artworks is back,” Eric Huang, a Taipei-based buyer and dealer, said in an interview at the auction. “Don’t be surprised to see prices match or even beat pre-crisis levels very soon.”
Values of top Chinese contemporary art fell 70 percent during the financial rout from the peak in May 2008 when Zeng Fanzhi’s painting of Red Guards fetched HK$75.4 million in Hong Kong. Asian art buyers turned to antiques and works by established or dead artists, seen as safer stores of value.
The Chinese contemporary art auction raised HK$145 million. Adding revenue from the sale of Southeast Asian and older Chinese paintings, Sotheby’s tallied HK$316.8 million yesterday. On April 3, the company fetched HK$50 million from its sold-out wine auction. Sotheby’s auction continues today with the sale of classical Chinese works, mostly of watercolor on ricepaper.
At yesterday’s auction, Wang Wei, wife of millionaire stock-investor Liu Yiqian, bought the Liu Ye painting, among others, said Tian Kai, a Beijing based dealer who advises Wang. Earlier, she won a Zao Wou-ki painting for HK$15.2 million.
‘Add Another Zero’
Asked if prices have risen too much, Wang said, “Not even if the sellers were to add another zero to the tag.”
In a black tracksuit and toting a patent-red bag, she then turned toward her posse of friends and advisers to shout, “Children, let’s now go look at the Ju Ming sculpture in the exhibition hall.”
“Sotheby’s prices are the cheapest,” said Kevin Ching, Sotheby’s Asia chief executive, who was among those to follow Wang from the salesroom.
In previous Hong Kong auctions, Wang had few rivals in the room. This time, she faced competition from Indonesian buyers, who bought all categories of Asian art, including Chinese contemporary and works by masters such as Zao.
Indonesian Buying
Indonesia’s benchmark stock index has doubled from a year ago to a record, creating wealth that’s used to buy art.
Singapore-based dealer Aniela Rahardja said she had bid as much as HK$15 million on behalf of an Indonesian client for Chinese contemporary artist Cai Guoqiang’s 1991 “A Certain Lunar Eclipse,” a 7-panel gunpowder-and-ink on Japanese paper artwork that sold for HK$18.6 million to an unidentified buyer.
“The Indonesians are buying quite aggressively at this auction,” said Tian Kai.
The most-expensive painting sold at yesterday’s auction was a 1960s oil work of Balinese villagers by Indonesia’s Lee Man Fong that fetched a Southeast Asian art record HK$25.3 million.
Lee’s “Bali Life,” depicting a rustic scene of the islanders at rest, was bought by an unidentified Asian private collector, according to Sotheby’s.
Works by China-born, French-trained Zao (born in 1921), the most valuable Chinese artist at auction last year, did as well as top contemporary Chinese artworks. The abstract artist’s oil painting “4.4.1959” fetched HK$20.8 million, more than twice the top estimate.
Sotheby’s and rival Christie’s International hold biannual auctions in Hong Kong that are barometers of Asia’s art market.
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Tags: Asian Antiques, Chinese Antiques, Chinese Art
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