Sotheby’s HK modern & contemporary art evening sales rake in US$132mil

2 April 2018 - 1:08pm

Touted to be the second highest total for an evening sale of Asian and Western art, Sotheby's Hong Kong just concluded its auction of modern and contemporary art bringing in HK$1.04 billion / US$132 million on March 31.

In a press release, Sotheby’s Asia chairman Patti Wong states, “Tonight’s outstanding results, with strong prices for both Asian and Western art and an exceptional sell-through rate of 97%, is a testament to our efforts to bring fresh and outstanding works to our clients.

"We saw deep demand for quality works, with a series of extended bidding contests, resulting in 64% of the works exceeding the high estimates this evening and setting many new records. We are delighted that one year since we debuted Western art in our Evening Sale, once again we saw all of the works on offer finding buyers.”
 

Modern Art Evening Sale

  • 72% of the lots sold above their high estimates.
  • All 7 works by Sanyu sold, with Nu endormi doubling its estimate. The top lot, Léopard Rose, realised HK$49,135,500.
  • Three works on paper all sold for many multiples of their respective estimates, building on the success of the ‘Ineffable Beauty’ sale – the largest ever sale of Sanyu’s works on paper – at Sotheby’s Hong Kong in 2016.
  • Hsiao Chin’s La forza della meditazione ignited intense international interest and drew over 30 bids before selling for HK$7,560,000, setting a new auction record for the artist for the third time in one year. Sotheby’s currently holds six of the top ten auction records for the artist.
  • Pan Yuliang’s Baigneuse sold for HK$27,684,500, more than 4.5 times its pre-sale estimate. Sotheby’s now holds three of the top five auction records for the artist.
  • All Southeast Asian Modern works sold, with the top lot, Walter Spies’ Berge und Teich (Mountains And Pond), achieving HK$25,320,000.

 

Contemporary Art Evening Sale

  • All 12 Western Contemporary works sold.
  • Solid performance of Chinese Contemporary Art, with five out of the seven works on offer selling above their high estimates.
  • Led by Liu Wei’s Revolutionary Family Series: Travel Time (Diptych), sold for HK$ 35,587,500 – more than double its estimate.
  • Yu Youhan’s Abstract 1988-1 achieved HK$15,720,000, five times its estimate and setting a new artist record.
  • All eight Japanese Contemporary works sold, with a new artist record set for Uemae Chiyu. Yayoi Kusama’s Red-Nets No. 2.A.3. sold 1.5 times its estimate for HK$35,587,500. Kazuo Shiraga’s Chiansei Kinhyoshi sold for HK$27,684,500, more than double its estimate.
  • Southeast Asian Contemporary works 100% sold.

 

Auction Records

Artist Records

Modern Art:

  • Vu Cao Dam, Le Repos Après le Bain (Rest After The Bath)
    Sold for HK$4,920,000
  • Hsiao Chin, La forza della meditazione
    Sold for HK$7,560,000

Contemporary Art:

  • Jane Lee’s In You, In Me
    Sold for HK$1,250,000
  • Park Seobo’s Ecriture No. 37-75-76
    Sold for HK$16,320,000
  • Uemae Chiyu’s Work (diptych)
    Sold for HK$9,120,000
  • Yu Youhan’s Abstract 1988-1
    Sold for HK$15,720,000
  • José-María Cano’s WS100 - Steve Jobs II
    Sold for HK$3,240,000

 

Ink on paper record for Chu Teh-Chun:

Homecoming sold for HK$2,125,000

 

Sanyu, Nu endormi, executed in 1950s

 

Sanyu, Léopard Rose, 1940s

 

Pan Yuliang, Baigneuse, c.1958

 

Liu Wei, The Revolutoinary Family Series, Travel Time (diptych), 1993
Yu Youhan, 'Abstract 1988-1', 1988

 

Kusama Yayoi, 'Red-nets no. 2.A.3.', 1960

 

Shiraga Kazuo, 'Chiansei Kinhyoshi', 1962

 

Park Seobo, 'Ecriture No. 37-75-76', 1975-76

 

Chu Teh-Chun, Rouge lourd et vert leger, 1959