Sotheby’s Hong Kong Spring Series
MODERN AND CONTEMPORARY ART
Achieve HK$1.56 Billion / US$198.8 Million
Sales Still in Progress, with a Further Three Sales to Go
Stay Tuned for Final Total Next Week
|
|
|
“This season we were thrilled to bring to Asia a strong selection of never-before-seen works, and to see them so enthusiastically received. From Picasso to Wu Guanzhong, Chen Yifei and Le Pho, we saw clear demand for both Asian and Western masters, with multiple records set for Vietnamese artworks. It was a special moment to offer the first portrait of Dora Maar by Picasso ever to come to auction in the region – this is undoubtedly an artist who resonates with an audience the world over, but arguably nowhere more so than in Asia.”
Felix Kwok, Head of Modern Art, Sotheby’s Asia
“While we are also careful to create sales that we know will cater to existing demand, this season in particular we were focused on introducing new artists to this prestigious roster, with works we felt would intrigue and excite in equal measure. As a result, we not only saw great success for established masters like Louise Bourgeois, Yoshitomo Nara and Yayoi Kusama, but also a great deal of enthusiasm for today’s stars such as Anna Weyant and Louise Bonnet in their global auction debuts.”
Max Moore, Head of Contemporary Art, Sotheby’s Asia
|
|
|
Hong Kong, 29 April 2022 On the heels of the strong results for the Modern and Contemporary Evening sales on 27 April, the offerings from the Day Sales saw continued competition, with both auctions exceeding their high estimates. Across both days, collectors were quick to pursue a range of works by masters and rising stars from the East and the West. Please find a summary below:
OVERARCHING FACTS AND FIGURES:
- 90% sell-through rate across four sales
- Over 60% of lots sold exceed their high estimates
- 4 works achieve prices in excess of HK$100 million:
- Pablo Picasso’s Dora Maar – HK$169.4m / US$21.6m, sold to a Japanese collector
- Louise Bourgeois’ Spider IV: HK$129m / US$16.5m
- Yoshitomo Nara’s Oddly Cozy – HK$112m / US$14.3m
- Wu Guanzhong’s Plum Blossoms – HK$103.9m / US$13.2m
- Over 20 auction records (see full list in press release attached)
- Global participation from almost 40 countries, with strong activity from collectors in Hong Kong
- Almost 60% of bidders participated online
- Fresh to market works in demand, with approximately three quarters of the offerings having never before been offered at auction
- The three Evening Sales attracted over 3.4 million views across Sotheby’s digital and social platforms, with audiences also tuning in across an additional eight platforms in Asia
|
|
|
BREAKDOWN OF SALE TOTALS:
|
|
|
KEY TAKEAWAYS:
- Second highest price for Pablo Picasso in Asia (HK$169.4m / US$21.6m): Sotheby’s now holds four of the top five prices for the artist in the region
- Second Most Valuable Contemporary Art Sales Series Ever Staged at Sotheby’s Asia as Louise Bourgeois’ Spider IV became the most valuable sculpture ever offered in the region: the (almost) seven foot spider realised HK$129.2m / US$16.5m (est. HK$120-150m). The auction also marked the first of Bourgeois’ famous Spider series to come to auction in the region
- All five works from the collection of Sir Run Run Shaw sold: Banquet by Chen Yifei achieved HK$54.5m / US$7m, and a further four Southeast Asian paintings comprising works by Cheong Soo Pieng and Adrien Jean Le Mayeur de Merprès all sold above their high estimates for a combined total of HK$17.5m / US$2.2m. Overall, Southeast Asian art saw robust demand, with 96% of works sold, and 87% of the lots selling above their high estimates
- Sotheby’s continues to lead the market in Vietnamese art: 20 Vietnamese works sold for HK$69.9m / US$8.9m. Highlights included:
- Le Thi Luu’s Two Children in Garden which soared to HK$6.3m / US$803,000 – eighteen times its estimate and the second highest auction record for the artist
- Le Pho’s Figures in a Garden sold for a record HK$17.92m / US$2.3m – nine times its estimate and establishing the second highest price for a Vietnamese artwork. Sotheby’s now holds the top three prices for Vietnamese artworks
- Global demand for emerging artists: hot on the heels of the records set in last night’s Contemporary evening sale, collectors pursued today’s hottest stars in the day sale once more, including:
- Jordi Ribes’ Untitled realised a record-breaking HK$1.4m / US$140,195 – more than 9 times its estimate (est. HK$150,000-250,000)
- En Iwamura’s Neo-Jomon: Dreaming Girl sold for HK$630,000 / US$63,725 (est. HK$200,000-400,000), over 3 times its estimate, setting an auction record for the artist
- See below for a full list of records
- Increasing appetite for digital art: both the Contemporary Evening and Day sales included a number of digital artworks on which crypto payment was accepted. Key results include:
|
|
|
About Sotheby’s
Established in 1744, Sotheby’s is the world’s premier destination for art and luxury. Sotheby’s promotes access, connoisseurship and preservation of fine art and rare objects through auctions and buy-now channels including private sales, e-commerce and retail. Our trusted global marketplace is supported by an industry-leading technology platform and a network of specialists spanning 40 countries and 50 categories, which include Contemporary Art, Modern and Impressionist Art, Old Masters, Chinese Works of Art, Jewelry, Watches, Wine and Spirits, and Interiors, among many others.
*Estimates do not include buyer’s premium or overhead premium. Prices achieved include the hammer price plus buyer’s premium and overhead premium and are net of any fees paid to the purchaser where the purchaser provided an irrevocable bid.
Stream live auctions and place bids in real time, discover the value of a work of art, browse sale catalogues, view original content and more at sothebys.com, and by downloading Sotheby’s apps for iOS and Android
Attention: Copyright in this image shall remain vested in Sotheby’s. Please note that this image may depict subject matter which is itself protected by separate copyright. Sotheby’s makes no representations as to whether the underlying subject matter is subject to its own copyright, or as to who might hold such copyright. It is the borrower’s responsibility to obtain any relevant permissions from the holder(s) of any applicable copyright and Sotheby’s supplies this image expressly subject to this responsibility. Note that the image is provided for a one-time use only and no permission is granted to alter this image in any way.
|
|
|
|
