In keeping with some of our other posts about the new world order of buyers, the art market is very much alive in Asia. As indicated previously, China is now buying art, gemstones and everything in general, so watch prices increase dramatically...
Check out the recent news below regarding a recent Christies auction:
The Asian market was on every enthusiast’s radar this past week, following a series of highly successful Christies auctions spread over six days. Works by Zao Wou-Ki, Zeng Fanzhi, Fang Lijun, and Zhang Daqian drove the art spree, with sales climbing to more than HK$1.77 billion ($227 million). "The art market tends to follow wealth and the greatest wealth is being created in Asia," said Magnus Renfrew, director of Art HK, which ended Monday night.
Following the fallout from Bainbridges over the unpaid Chinese-vase fiasco, Christie’s initiated a deposit requirement of HK$1 million for bidders on any items valued at HK$8 million or more. This did not seem to deter the big-ticket buyers, as five lots sold for more than HK$30 million and 17 more sold for over HK$10 million while eighteen world records were broken.
Saturday’s sale of 20th Century and Contemporary Asian art alone fetched HK$492.6 million ($63 million), doubling the pre-sale estimate and setting the bar as Christie’s highest-ever sale in the category. At the blockbuster evening event, 45 lots were offered and all but two found buyers with 95% sold by value. The top two lots of the night came from Zao Wou Ki, whose 2.11.59 was hammered down at over HK$40 million ($5 million) to a private Asian buyer for several times its pre-sale estimate (HK$10-15 million).