CHINA / Regional |
Chinese art records set at Christie's HK sales(agency)Updated: 2007-05-27 20:34 Prices for works by contemporary and avant-garde Chinese artists hit record highs at Christie's spring auctions in Hong Kong on Sunday, in a sign of sustained strong demand. Yue Minjun -- known for his paintings of absurd, grinning faces -- saw his "Portrait of the artist and his friends" fetch HK$20.48 million ($2.62 million), his highest price at auction. In a packed Hong Kong auction hall, bursts of spirited bidding -- including live online bids -- sent works by other top artists to new highs. Zao Wou-ki's vivid coloured abstract "14.12.59" named after the date it was painted, fetched HK$29.44 million ($3.8 million) -- almost five times its pre-auction estimate. A pair of bronze figures by Taiwan-born sculptor Ju Ming, called "Big Sparring", made HK$14.88 million ($1.9 million) -- also a new high for the artist's work at auction. "There's been no letdown, the (Chinese art) market's still going very strongly," said Jonathan Stone, a Christie's international business director for Asian Art. Chinese art prices have boomed in recent years, fuelled by a robust global economy and nouveau-riche buyers from China drawn to their cultural heritage and who see art as a solid investment. But one star lot -- Xu Beihong's "Portrait of a lady", of a Singaporean woman seated in a flowing "cheongsam" dress fell short of its pre-auction hype -- fetching HK$24.96 million ($3.2 million). Another rare oil painting by Xu from a similar period had fetched $9.2 million at a Sotheby's sale last month -- making it the most expensive Chinese painting ever auctioned. The new records came on the opening day of Christie's spring auctions in Hong Kong, which run from May 27-31. The day's most expensive painting was "Scenery of Northern China" a snowy, meditative landscape by Wu Guanzhong, which sold for HK31.7 million ($4.05 million) in a hall conspicuous for its large contingent of mainland Chinese bidders and spectators. Christie's expects to sell HK$1.1 billion of paintings, ceramics, jewellery and watches in its current Hong Kong sales -- significantly less than the HK$1.64 billion total sales tally at its previous Hong Kong auction series last autumn. |
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