{"id":1549,"date":"2022-05-31T23:59:41","date_gmt":"2022-05-31T15:59:41","guid":{"rendered":"https:\/\/www.atelierauction.com\/globalupdates\/?p=1549"},"modified":"2022-05-31T23:59:41","modified_gmt":"2022-05-31T15:59:41","slug":"rising-market-stars-bring-christies-hong-kong-sales-to-strong-184-m-total","status":"publish","type":"post","link":"https:\/\/www.atelierauction.com\/globalupdates\/artist\/rising-market-stars-bring-christies-hong-kong-sales-to-strong-184-m-total\/","title":{"rendered":"Rising Market Stars Bring Christie\u2019s Hong Kong Sales to Strong $184 M. Total"},"content":{"rendered":"

This past Thursday, the Christie\u2019s Hong Kong modern and contemporary art evening sale brought in a combined HK$1.4 billion ($184 million) with premium, hammering just above the expected low estimate of HK$1.2 billion ($150 million).<\/p>\n

Despite Hong Kong and Shanghai having just emerged from another strict lockdown period, the sales performed well, with a relatively high 93 percent sell-through and records set for 11 artists. Among them were established figures like Hernan Bas and Zhang Enli, as well as those whose markets are still growing, like Ayako Rokkaku<\/a> and Rhee Seundja.<\/p>\n

Across the 59 lots offered, 55 sold. Just four lots were withdrawn from the sales lineup. Eighteen lots, or around 30 percent of the sales offerings, were backed with financial guarantees.<\/p>\n

Christie\u2019s Hong Kong\u2013based auctioneers Georgina Hilton and Liang-Lin Chen, both of whom are relatively new to the rostrum, oversaw the two-part sale. The latter made her debut as an auctioneer on Thursday following Christie\u2019s Asia chairman Elaine Kwok\u2019s departure for Hauser & Wirth this past February.<\/p>\n

High-value works by Pablo Picasso and\u00a0Zao Wou-Ki<\/a>\u00a0anchored the night\u2019s sale series. Both were on sale as part of an ongoing push to offer major lots by blue-chip historical Western artists alongside Asian ones to collectors in the Asia-Pacific region.<\/p>\n

Among the top lots in the sale was Picasso\u2019s 1969 canvas\u00a0Buste d\u2019homme dans<\/a> un cadre,\u00a0<\/em>which depicts a matador figure that populated some of the Spanish painter\u2019s later works. It was once owned by the late actor Sean Connery, best known for playing James Bond.<\/p>\n

After attracting five bids, the painting hammered at its expectation of HK$150 million ($19 million), going for a final price of $22 million to a bidder on the phone with Christie\u2019s Hong Kong\u2013based contemporary art specialist Cristian Albu<\/a>. The result makes it the second-most-expensive work by Picasso to sell at auction in the region, though the sum is a far cry from Picasso\u2019s $179.4 million worldwide auction record.<\/p>\n

Zao, whose works tend to perform particularly well at Hong Kong auctions, was represented at the Christie\u2019s sale by\u00a029.09.64<\/em>. Coming to sale with a guarantee, it dates to a part of Zao\u2019s career known as the Hurricane Period, between 1959 and 1972, when he produced what are considered to be his finest works. The abstraction sold for HK$278 million ($35.4 million), nearly doubling in value since its last sale, in 2017 at Christie\u2019s, where it made a then record HK$152.9 million ($19.6 million).<\/p>\n

Yoshitomo Nara\u2019s\u00a0Wish World Peace<\/em>\u00a0(2014), featuring one of the Japanese artist\u2019s signature wide-eyed protagonists, also returned to auction at this week\u2019s Christie\u2019s sale, where it sold for HK$97 million ($12.4 million) nearly quadrupling in value from when it was last sold, in 2016, for $2.3 million.<\/p>\n

Rising Stars Best Expectations<\/strong><\/p>\n

Records fell for market darlings at the Christie\u2019s sale, but it was a\u00a0Scott Kahn<\/a>\u00a0painting that stole the show.<\/p>\n

Kahn\u2019s\u00a0BIG HOUSE,\u00a0<\/span><\/i>HOMAGE TO AMERICA<\/span><\/i>\u00a0(2012)\u00a0<\/span>sold for HK$11.3 million\u00a0<\/span>($13.2 million), 11 times its HK$1 million presale estimate. The painting\u00a0depicts a\u00a0<\/span>Federal-style mansion backlit by a setting sun.\u00a0<\/span>The\u00a076-year-old American artist has had a recent comeback<\/span>, and is the subject of a current show at Almine Rech.<\/p>\n

Adrian Ghenie\u2019s abstract painting\u00a0Pie Fight Interior 12<\/em>\u00a0(2014), the largest work from the eponymous series, sold for HK$81 million ($10.3 million), hammering above the HK$68 million ($8.8 million) estimate. The Ghenie painting reset the artist\u2019s record for the second time this month, outreaching the $9.29 million benchmark minted at Christie\u2019s New York just last week.<\/p>\n

Hernan Bas\u2019s\u00a0The Overly Prepped Boy\u00a0<\/span><\/i>(or The Approaching Glacier)<\/span><\/i>,<\/span>\u00a0from 2012, bears a striking resemblance to the Ghenie painting\u2014and likewise performed well. It sold for HK$9.8 million ($1.2 million), against an estimate of HK$4.8 million ($611,500).<\/span><\/p>\n

Five bidders competed for a painting by the Los Angeles\u2013based Hilary Pecis, whose market has rapidly grown in the past year. At Christie\u2019s, her 2020 painting\u00a0Big Boy<\/em>\u00a0exceeded its high estimate of HK$2 million ($255,000), to go for a final price of HK$9.2 million ($1.1 million).<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

Source\uff1ahttps:\/\/www.artnews.com\/<\/p>\n","protected":false},"excerpt":{"rendered":"

This past Thursday, the Christie\u2019s Hong Kong modern and contemporary art evening sale brought in a combined HK$1.4 billion ($184 million) with premium, hammering just above the expected low estimate of HK$1.2 billion ($150 million). Despite Hong Kong and Shanghai having just emerged from another strict lockdown period, the sales performed well, with a relatively […]<\/p>\n","protected":false},"author":2,"featured_media":1550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[5,13,7,4,3],"tags":[],"class_list":{"0":"post-1549","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artist","8":"category-auction","9":"category-events","10":"category-gallery","11":"category-latest-news"},"yoast_head":"\nRising Market Stars Bring Christie\u2019s Hong Kong Sales to Strong $184 M. 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