Sotheby’s announces strong results for Hong Kong Asian art sales

   |  10 April 2014  |  AMA  |  Tweet  |  LinkedIn

Hong Kong, 10 April 2014, Art Media Agency (AMA).

Representatives of Sotheby’s Hong Kong have expressed their satisfaction with last week’s sessions of 20th-century Asian art.

Divided into three sales, the series of Modern and Contemporary Asian Art auctions took place between 5 and 6 April. Alongside the “Modern & Contemporary Southeast Asian Paintings” auction’s total of US$25.2 million, seven new records were achieved – including that for the most expensive Southeast Asian artwork with the $7.5 million sale of Pasukan Kita Yang Dipimpin Pangeran Diponegoro (Our Soldiers Led Under Prince Diponegoro) (1979) by the Indonesian modern artist S. Sudjojono (1914-1986). Of 171 lots offered, 137 found a buyer – a sell-through rate of 80%.

The “Contemporary Asian Art” auction confirmed this genre’s growth in significance and interest, achieving a result of $47.2 million and a low unsold rate of 15% by lot. This sale also broke several records, particularly for artists with international renown. Ai Weiwei’s Map of China (2009) was sold for $1.2 million, while Night Walker (2001) by Yoshitomo Nara achieved a price of $2 million.

Finally, the highly-anticipated “20th Century Chinese Art” sale realised a total of $53.1 million, with 166 of 189 lots sold (an unsold rate of just over 12%). It was Zao Wou-Ki who achieved the highest result from this session, with his 1988 painting 16.03.88 finding a buyer for $1.1 million.

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