{"id":842,"date":"2021-06-11T08:27:21","date_gmt":"2021-06-11T00:27:21","guid":{"rendered":"https:\/\/www.atelierauction.com\/globalupdates\/?p=842"},"modified":"2021-06-10T10:33:16","modified_gmt":"2021-06-10T02:33:16","slug":"phillips-poly-sale-in-hong-kong-nets-63-8-m-with-records-for-salman-toor-loie-hollowell","status":"publish","type":"post","link":"https:\/\/www.atelierauction.com\/globalupdates\/artist\/phillips-poly-sale-in-hong-kong-nets-63-8-m-with-records-for-salman-toor-loie-hollowell\/","title":{"rendered":"Phillips-Poly Sale in Hong Kong Nets $63.8 M., With Records for Salman Toor, Loie Hollowell"},"content":{"rendered":"

On Tuesday night, Phillips held a modern and contemporary art sale in Hong Kong that brought in a hammer total of HKD 405 million ($52.2 million), or HKD 492 with premium ($63.8 million). Staged in collaboration with the Chinese auction house Poly, it well exceeded its pre-sale low estimate of HKD 284 million ($36.6 million), which is calculated without the buyer\u2019s premium.<\/p>\n

The white-glove sale saw all 35 works sell, with just two lots withdrawn before the start of the sale. The strong result is 30 percent higher than the one generated by the first Phillips-Poly sale in December and double the $25.7 million made across 22 lots in last year\u2019s equivalent Hong Kong sale in July.<\/p>\n

Seven of the lots in this sale were guaranteed. Together, these lots had a collected low estimate of HKD 115 million ($14.8 million). Altogether, these works hammered above expectations at HKD 132 million ($18.15 million), accounting for 35 percent of the sale\u2019s total.<\/p>\n

The results from these Phillips-Poly series of sales demonstrate the rapid ascendance of the Asian market as a dominant buying region. In an interview after the sale, Phillips Asia chairman Jonathan Crockett told\u00a0ARTnews<\/em>\u00a0that that the collaboration with Poly was in part an attempt to reach more buyers in mainland China, which had become increasingly difficult for Phillips during the pandemic. \u201cThe strategy paid off,\u201d he said. \u201cWe were able to access an entirely new pool of buyers.\u201d<\/p>\n

According to Crockett, the 100-percent sell-through rate of both Phillips day and evening sales this round was a product of the house\u2019s strategic lot selection: brand names with staying power alongside young artists with rising markets who have a proven track record with the region\u2019s active buyers.<\/p>\n

Tuesday\u2019s sale featured works by Yoshitomo Nara, Amoako Boafo, and\u00a0Matthew Wong<\/a>, who have become staples in marquee Asian auctions. But the sale also brought records for five artists with rising markets\u2014Loie Hollowell<\/a>,\u00a0Salman Toor<\/a>, Emily Mae Smith, Jad\u00e9 Fadojutimi and Bernard Frize\u2014signaling strong demand for emerging stars whose supply is tight on the primary market.<\/p>\n

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\"Phillips<\/div>\n<\/div>
Phillips and\u00a0Poly Auction<\/a>\u00a0join Hong Kong-Bejing evening sale on June 8.<\/span>PHILLIPS<\/p>\n

<\/cite><\/figcaption><\/figure>\n<\/div>\n

The sale\u2019s top lot was Gerhard Richter\u2019s vibrant abstract canvas\u00a0Abstraktes Bild (940-7)<\/em>\u00a0from 2015, which the seller bought at Marian Goodman Gallery in 2016. It was secured by a guarantee with a low estimate of HKD 75 million ($9.7 million). Bidding opened at HKD 48 million, attracting just two bidders from Hong Kong and New York. The hammer fell within its estimate at HKD $80 million ($10.3 million, with a final price of $12.6 million), selling to a bidder on the phone with Charlotte Raybaud, Phillips\u2019s head of Hong Kong contemporary art evening sales.<\/p>\n

Next up was Nara\u2019s 2000 painting\u00a0Missing in Action<\/em>, featuring his signature child-like protagonist. Three bidders\u2014represented by Raybaud, Phillips head of jewelry Graeme Thompson, and a Poly specialist based in Bejing, Blair Cheung\u2014vied for the work. It hammered for HKD 105 million ($13.5 million), going to Cheung\u2019s client for a final price of HKD 123 million ($16 million with premium) and marking the second-highest price at auction for Nara, who is currently the subject of a Los Angeles County Museum of Art retrospective. The result is five times the $2.8 million price for which the Asia-based seller purchased it during a Phillips evening sale in London in 2015. It came to that auction from the estate of Miami-based collector Frederic Brandt.<\/p>\n

Also among the top sellers was Cecily Brown\u2019s painting\u00a0The End<\/em>\u00a0(2006), which hammered at an above-estimate HKD 6.9 million ($889,000). The seller purchased it not long ago in 2017 at Phillips for $523,200, meaning that its value appreciated by 70 percent in just four years. While the painting may have exceeded expectations, it still does not approach the artist\u2019s top prices.<\/p>\n

Emerging artists drew the most attention among bidders. Toor\u2019s\u00a0Girl with Driver\u00a0<\/em>(2013) hammered for HKD 5.5 million (a final price of $890,000)\u2014five times its estimate of HKD 1.2 million ($155,000). It surpassed his auction record of $867,000 set last month at Sotheby\u2019s. Like Toor, Matthew Wong continues to be a market force in Asia. Five bidders competed of a 2017 landscape featuring a barely visible figure at center. It had been given a conservative estimate of HKD 6 million ($773,000), which drove competition for the piece high. The Wong painting ultimately sold for HKD 36.6 million ($4.7 million)\u2014a sum just shy of the artist\u2019s $4.8 million auction record\u2014to a bidder on the phone with a Poly\u2019s Beijing specialist.<\/p>\n

Kudzanai-Violet Hwami\u2019s\u00a0The Egg<\/em>\u00a0(2016), depicting a lone beachgoer, attracted six bidders, including ones from Japan and Scarsdale, New York. Eventually, the painting sold for a double-estimate HKD 1.76 million ($227,000) to a buyer in Beijing. It was Hwami\u2019s eighth painting ever to come to auction.<\/p>\n

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\n
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\"Salman<\/div>\n<\/div>
Salman Toor,\u00a0Girl with Driver<\/em>, 2013.<\/span>PHILLIPS<\/cite><\/figcaption><\/figure>\n<\/div>\n

Martin Wong, who is known for his fantastical visions of New York City in the 1980s, was also represented in the sale. His painting\u00a0Son of Sam Sleeps<\/em>\u00a0(1983), based on the media coverage of a series of killings across New York, came to Phillips after having appeared in Wong\u2019s 2015 Bronx Museum of Arts survey. It sold for HKD 2.7 million ($357,000 with premium).<\/p>\n

Zhang Xiaogang\u2019s\u00a0Family Portrait No. 13<\/em>\u00a0(1998) attracted two bidders, one from Hong Kong, the other from Taiwan participating online. It hammered just above its low estimate at HKD 8.5 million ($1.1 million), likely going to the guarantor for a final price of HKD $10.5 ($1.4 million).<\/p>\n

Emily Mae Smith, who recently\u00a0joined Petzel gallery\u2019s roster<\/a>, was represented by a painting of a broom from 2014. It sold for HKD 12 million ($1.5 million), more than 25 times its HKD 400,000 high estimate. Meanwhile, Loie Hollowell\u2019s 2018 canvas\u00a0First Contact\u00a0<\/em>went for HKD 10.9 million ($1.4 million), over an estimate of HK 1.2 million ($155,000) and marking a new auction record for the artist\u2019s work.<\/p>\n

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\n
\"Matthew<\/div>\n<\/div>
Matthew Wong,\u00a0Figure in a Landscape<\/em>, 2017.<\/span>PHILLIPS<\/p>\n

<\/cite><\/figcaption><\/figure>\n<\/div>\n

While the pandemic continues to impede how business functions in many parts of the world, the Asian art market appears to be prospering. According to Jonathan Cheung, a Hong Kong\u2013based art adviser who bid remotely during the sale on behalf of a client based in Asia, the Phillips sale stands as proof. \u201cThe results were remarkable<\/a>,\u201d Cheung said. \u201cI suppose that, after Art Basel Hong Kong, it shows how strong the market is here in Asia.\u201d<\/p>\n

 <\/p>\n

 <\/p>\n

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

On Tuesday night, Phillips held a modern and contemporary art sale in Hong Kong that brought in a hammer total of HKD 405 million ($52.2 million), or HKD 492 with premium ($63.8 million). Staged in collaboration with the Chinese auction house Poly, it well exceeded its pre-sale low estimate of HKD 284 million ($36.6 million), […]<\/p>\n","protected":false},"author":2,"featured_media":843,"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-842","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":"\nPhillips-Poly Sale in Hong Kong Nets $63.8 M., With Records for Salman Toor, Loie Hollowell - Investable Art Auctioneer<\/title>\n<meta name=\"description\" content=\"On Tuesday night, Phillips held a modern and contemporary art sale in Hong Kong that brought in a hammer total of HKD 405 million ($52.2 million), or HKD 492 with premium ($63.8 million).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.atelierauction.com\/globalupdates\/artist\/phillips-poly-sale-in-hong-kong-nets-63-8-m-with-records-for-salman-toor-loie-hollowell\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phillips-Poly Sale in Hong Kong Nets $63.8 M., With Records for Salman Toor, Loie Hollowell - 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