Rising Market Stars Bring Christie’s Hong Kong Sales to $184 M. Total – RisePEI

On Thursday night in Hong Kong, Christie’s fashionable and modern artwork night sale introduced in a mixed HK$1.4 billion ($184 million) with premium, hammering simply above on the anticipated low estimate of HK$1.2 billion ($150 million) Christie’s had designated forward of the sale.

Regardless of Hong Kong and Shanghai having simply emerged from one other strict lockdown interval, the gross sales carried out effectively, with a comparatively excessive 93 p.c sell-through charge and information set for 11 artists. Among the many artists had been established figures like Hernan Bas and Zhang Enli, in addition to ones whose markets are nonetheless rising, like Ayako Rokkaku and Rhee Seundja.

Throughout the 59 tons supplied, 55 of them bought. Simply 4 tons had been withdrawn from the gross sales’ lineup. Eighteen tons, or round 30 p.c of the gross sales’ choices, had been backed with monetary ensures.

Christie’s Hong Kong–based mostly auctioneers Georgina Hilton and Liang-Lin Chen, each of whom are comparatively new to the podium, oversaw the two-part sale. The latter made her debut as an auctioneer on Thursday following Christie’s Asia chairman Elaine Kwok’s departure for Hauser & Wirth this previous February.

Excessive-value works by Pablo Picasso and Zao Wou-Ki anchored the night time’s sale sequence. Each had been on sale as a part of an ongoing push to supply main tons by historic blue-chip historic Western artists alongside Asian ones to well-off collectors within the Asia-Pacific area.

Among the many high tons within the sale was Picasso’s 1969 canvas Buste d’homme dans un cadre, which depicts a matador determine that populated a number of the Spanish painter’s later works. It was as soon as owned by the late actor Sean Connery, who’s finest recognized for enjoying James Bond.

After ringing in 5 bids, the portray hammered at its expectation of HK$150 million ($19 million), going for a remaining value of $22 million to a bidder on the telephone with Christie’s Hong Kong–based mostly modern artwork specialist Cristian Albu. The end result makes it the second-most costly work by Picasso to promote at public sale within the area, although the sum is a far cry from Picasso’s $179.4 million worldwide public sale file.

Zao, whose works are likely to carry out notably effectively at Hong Kong auctions, was represented on the Christie’s sale by 29.09.64. Coming to sale with a assure, it dates to part of Zao’s profession often known as his Hurricane Interval, the time between 1959 and 1972 when he produced what are thought of to be his most interesting works. The abstraction bought for HK$278 million ($35.4 million), almost doubling in worth since its final sale, in 2017 at Christie’s, the place it made a then-record HK$152.9 million ($19.6 million).

Yoshitomo Nara’s Want World Peace (2014), that includes one of many Japanese artist’s signature wide-eyed protagonists, additionally returned to public sale at this week’s Christie’s sale, the place it bought for HK$97 million ($12.4 million). When it was final bought, in 2016, it went for $2.3 million. Now, it has almost quadrupled in worth.

Rising Stars Greatest Expectations

Information fell for market darlings on the Christie’s sale, but it surely was a Scott Kahn portray that stole the present.

The portray BIG HOUSE, HOMAGE TO AMERICA (2012) by the 76-year-old American artist, who has had a latest comeback, bought for HKD $11.3 million ($13.2 million), 11 occasions its HK $1 million pre-sale estimate. The portray depicts a Federal-style mansion backlit by a setting solar. The end result set a brand new file for the artist, who’s the topic of a present present at Almine Rech.

Adrian Ghenie’s summary portray Pie Combat Inside 12 (2014), the most important work from the eponymous sequence, bought for HK$81 million ($10.3 million), hammering above the HK$68 million ($8.8 million) estimate. The Ghenie portray re-set the artist’s file for the second time this month, outpacing the $9.29 million benchmark that had been minted at Christie’s New York simply final week.

Hernan Bas’s The Overly Prepped Boy (or The Approaching Glacier), from 2012, bears a putting resemblance to the Ghenie portray—and likewise carried out effectively. It bought for HK$9.8 million ($1.2 million), towards an estimate of HK $4.8 million ($611,500).

5 bidders competed for a portray by the Los Angeles–based mostly Hilary Pecis, whose market has quickly grown prior to now yr. At Christie’s, her 2020 portray Massive Boy (2020) exceeded its excessive estimate of HK$2 million ($255,000), going for a remaining value of HK$9.2 million ($1.1 million).