Sotheby’s Hong Kong presents results of autumn sale of Southeast Asian paintings

ART AUCTION RESULTS SOTHEBY’S HONG KONG PRESS RELEASE

We present you with the latest press release from Sotheby’s Hong Kong on their autumn sale of modern and contemporary Southeast Asian paintings:

SOTHEBY’S HONG KONG

MODERN AND CONTEMPORARY SOUTHEAST ASIAN PAINTINGS 2010 AUTUMN SALE

TOTALS HK$78 MILLION / US$10 MILLION

(high estimate: HK$45 million / US$5.7 million*)

THE HIGHEST TOTAL FOR A VARIOUS-OWNER SALE

IN THIS CATEGORY AT SOTHEBY’S HONG KONG

************

ACHIEVING NUMEROUS ARTIST RECORDS AT AUCTION

“FATHER OF INDONESIAN MODERNISM” –

S.SUDJOJONO’S A NEW DAWN SOLD FOR AN IMPRESSIVE

HK$10.7 MILLION / US$1.4 MILLION

OVER 4 TIMES THE HIGH ESTIMATE

FILIPINO ARTIST RONALD VENTURA ’S NATURAL-LIES FETCHED

HK$2.5 MILLION / US$326,000

9 TIMES THE HIGH ESTIMATE

Other artist records were set for works by Indonesian artists including

Gede Mahendra Yasa, Ay Tjoe Christine, Samsul Arifin, Hendra Gunawan and Filipino artist Andres Barrioquinto, among others

Following the tremendous success of the Spring sale, Sotheby’s Autumn sale of Modern and Contemporary Southeast Asian Paintings today commanded a stunning total of HK$78 million / US$10 million (high estimate: HK$45 million / US$5.7 million*), the highest sale total for a various owners sale in this category at Sotheby’s Hong Kong.  Today’s sale provoked active participation in the room and over the phone.  There was particularly strong interest in top-end Southeast Asian contemporary paintings, which led to two auction records set for two artists – S. Sudjojono , Father of Indonesian Modernism, and Filipino artist Ronald Ventura.

MOK Kim Chuan, Sotheby’s Head of Southeast Asian Paintings, commented: “Top end Contemporary works fetched strong prices today with many pieces bringing multiples of their pre-sale high estimates.  Among Modern works, the supreme highlight was the S. Sudjojono, a museum-quality example of the artist’s work which spurred a fierce bidding battle among nine bidders before selling for HK$10.7 million, a price which was four times the top estimate and set a record for the artist at auction.  These results confirm the strategy of using conservative estimates to attract competition and let the market set the price level.”

The sale of 20^th Century Chinese Art and Contemporary Asian Art continue in the evening.

Attached please find the relevant press releases, top-ten list as well as an image of the saleroom for your use.  Should you need further information, please do not hesitate to contact Sotheby’s Hong Kong Press Office on +852 2868 6755 /Winnie.tang@sothebys.com.

* Estimates do not include buyer’s premium

Regards,

Sotheby’s Hong Kong Press

KN/KCE

Related Topics: Southeast Asian art, market watch – auctions, business of art, collectors

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Sotheby’s to hold first ever international auction house sale of calligraphy in Doha

ART MARKET ART AUCTIONS CALLIGRAPHY DOHA

Sotheby’s London recently announced it will hold the first ever international auction house sale dedicated solely to calligraphy in Doha, Qatar, at The Ritz-Carlton Doha hotel, on 15 December. The groundbreaking calligraphy auction Hurouf: The Art of the World will showcase various works ranging from very early Islamic calligraphies to a mix of modern and contemporary Arabic, Farsi and Ottoman Turkish works.

Highlights of the forthcoming auction will travel through the Gulf Region prior to sale, one of which being Ali Omar Ermes’ The Fourth Ode which has an estimated price ranging from USD250,000 to USD350,000.

Ali Omar Ermes’s ‘The Fourth Ode’ (acrylic and ink on paper).

Calligraphy is an art form that has influenced the Doha art scene for many years, and Sotheby’s believes this sale represents the region’s past and present talents. Says Roberta Louckx, Sotheby’s Executive Vice President and Head of Sotheby’s in Qatar, in a the press release announcing the sale:

We are delighted to return to Doha later this year with an inaugural auction devoted to ‘calligraphy’, a theme that has inspired and informed the art of this rich and diverse culture throughout the ages – from the production of the first Kufic Qur’ans to the modern and contemporary artworks of Farhad Moshiri. Sotheby’s is strongly committed to the region, and we are extremely excited to present for sale, in Qatar, the creative endeavours of some of the region’s most talented artists, past and present.

According to the press release, the forthcoming calligraphy sale is built on the success of last year’s Doha sales. After opening an office in Doha in 2008, Sotheby’s held maiden sales in March last year during which an Indian carpet made of pearls and gems fetched USD5.5 million, although the Bloomberg article which reported on this sale also mentioned that the prices of the auctions were disappointing in general. As Dalya Islam, Director of Sotheby’s Middle East Arab & Iranian Art Department, states in the press release,

Last year at our Doha sales Sotheby’s achieved solid success for works by highly sought-after Arab artists such as Chafic Abboud, Nabil Nahas, Ayman Baalbaki, Yousef Ahmad and Ali Hassan. In order to build on this, we have decided to devote a sale to works of significant interest to the region, focusing on calligraphy. The Arabic script has stimulated artists for more than a millennium, and is still a highly regarded and revered art form that reflects the rich history of the region. The auction will emphasise the enduring legacy of Islamic art by tracing the development of calligraphy, with a focus on its contemporary manifestation.

CBKM/KN

Related Topics:  market watch – auctions, calligraphy, Middle Eastern artists

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• Catch Palestinian Art in Venice – Islamic art in the spotlight or in a corner? – July 2009 – outlines the Palestine art that debuted at the 53rd Venice Biennale
• Hong Kong artists showcased for first time at Sotheby’s Asian art sale 2009 – April 2009 – some biographic detail on the artists represented
• First forays for Saudi art in international art market – March 2009 – the lowdown on Christie’s first venture into the Saudi art market

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Contemporary art market in Asia now bigger than US for first time says Artprice

ASIAN ART MARKET

Visitors enter a Sotheby's auction room in Hong Kong for a sale of modern and contemporary art on October 6, 2008.

For the first time ever, the total auction revenue from “contemporary art in Asia” is greater than the total of the United States artprice reports. The statistics are collected from a 12-month period spanning from July 2008 to June 2009. Asia generated €130 million versus the United States’ €123 million. China is the highest gainer out of this trend, having generated €95 million from contemporary art during the same period.  According to the report, this means China is continuing to “hold on to its third place global geographical art auction revenue ranking.”

The establishment of foreign auction houses such as Christie’s, Sotheby’s and Bonhams in Hong Kong, in combination with the financial strength of Hong Kong and Shanghai are to be accredited for China’s position. For those who are looking to begin collecting Asian art, this does not mean that the price of contemporary Chinese art is back up to its sky-high prices of a couple of years ago. Artprice’s report tell us that in the first half of 2008 the average price of contemporary works sold in China was $65,500, however, in the first half of 2009, this average dropped to $26,800.

Related posts:

• Liquidity propels prices, Chinese Political Pop is back- Sotheby’s Contemporary Asian Art Auction 2009 Hong Kong– October 2009
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New auction houses with new strategies open in Singapore art market

ASIAN ART MARKET TRENDS

Usually, to be a part of the bubbling Asian art market scene, buyers need to associate themselves with industry leaders Christie’s and Sotheby’s for lack of other options. In South East Asia, however, there’s a new way for collectors to discover their contemporary art. According to a recent article by the New York Times, a host of new and smaller auction houses—such as Borobudur, 33 Auction, and Larasati in Singapore—have successfully emerged to “fill in the gaps” of the market, which means they are opening their doors to a broader range of the market, from high-end collectors to first time buyers. So far, sales suggest this may be the right strategy to entice new buyers:

“Last week, sales by two auction houses in Singapore, Borobudur and 33 Auction, brought in a combined $10 million, with the larger sale, by Borobudur, easily beating its pre-sale estimate. Later this month another Singapore auctioneer, Larasati, will offer 160 lots of Asian modern and contemporary art with an estimated value of 2 million Singapore dollars, or $1.4 million.”

A.C. Andre Tananma, "Run Away" 2008. Part of Larasati's Asian Modern and Contemporary Art Auction, Singapore, 25 October 2009.

Many of the new auctions houses have developed as off springs from established galleries, such as 33 Auction (Singapore), Maestro Auction House (Jakarta, Singapore) and Kingsley Art Auction (Beijing), as a way of broadening their offerings to current clients, while also becoming accessible to new ones:

“Like everything else, the art market is not immune from the global recession and consequently sales at most galleries have been down for the past 12 months,” said Valentine Willie of Valentine Willie Fine Art, which has galleries in Singapore and Kuala Lumpur, and has in the past helped Borobudur curate its auctions. “Auctions may seem a good way of clearing gallery stock and they offer the possibility for collectors of bargain hunting, especially after the boom of two years ago.”New and smaller auction houses would naturally try to fill in the gaps with more adventurous offerings and lower entry price points because, “the industry leaders, Christie’s and Sotheby’s have a somewhat limited and conservative offering of Southeast Asian art,” Mr. Willie added.”

Some auction houses are targeting the middle class crowd in particular, a demographic rarely cornered by larger and more established auction houses like Christie’s or Sotheby’s. To entice the middle class market, Singapore’s Ziani Fine Art Auction House tactic was to award cash prizes, serve wine, and even offer whiskey tastings at their September 20 debut auction:

“‘When you launch a new business you need to attract new people,” said Frank Veyder, a banker and partner in Ziani, before the auction. “We are very conscious there is a risk that people might think it’s just a fly-by-night, gimmicky house, but we’re holding this auction in a five-star location and we’re offering quality art.

“The pieces are not of the level you would see at Christie’s or Sotheby’s, but we’re not trying to play in that space,” Mr. Veyder added. “Our marketing is targeting to a wider, middle-class crowd.”‘

Though it can be said that the competition between auction houses is good for business, there are some auctioneers that are concerned that the market may have a hard time absorbing everything on offer.  Daniel Komala, chief executive of Larasati Auctioneers, explains:

“‘The art market has bottomed out; in fact, it’s fair to say that it has picked up some speed of late,” Mr. Komala said. “Having said that, the real capacity to absorb, over all, especially in Singapore, is only going to increase by 20-30 percent maximum from its rock bottom level. So, it’s wishful thinking to expect that the market will double up in capacity compared to how it performed six months ago.”

Read more New York Times

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Art prizes adding auctions and a charitable twist

Nominee Sovereign Prize AES+F

 

ART PRIZE In 2003, Howard Bilton, chairman of the Hong Kong-based Sovereign Group, set up the Sovereign Asian Arts Prize, an annual award of $25,000 established “to give recognition to some of the most important artists of our time”.

Sovereign European Arts Prize

Two years later, he set up another prize for European artists, with a prize sum of €25,000 ($39,000). Both were ambitious projects – particularly considering that Bilton, a barrister by profession, does not profess to know much about art (although, he tells me, he did buy a painting by Craigie Aitchison in 1995 on a whim, the value of which rocketed almost immediately).

More than a dozen major prizes in UK alone

As Bilton found, it isn’t easy to create a buzz around a new European art prize. There are more than a dozen major prizes in the UK alone, including the John Moores Prize, the Turner Prize and the BP Portrait Award and the Jerwood Prizes, and new ones are being launched each year.

Sovereign prize different – incorporates auction

The Sovereign prizes represent a new and controversial phase in this history. The main difference between the Sovereigns and older models is that they offer an opportunity for buyers to bid at auction for the paintings by the 29 runners-up.

This year’s judges

This shortlist of 30 is chosen by a jury (this year Tim Marlow of the White Cube, Philly Adams of the Saatchi Gallery, Rachel Campbell-Johnston of The Times and Jarvis Cocker of Pulp) from a long-list nominated by “art world insiders”.

The winner is chosen by marking each work out of five – easier than having the jury in a room together, according to Bilton (although, when I call the Sovereign office just before the shortlist is announced, they seem to have lost Cocker up a mountain).

Supports charity

Half the proceeds of each sale will this year be given to Kids Company, a charity founded by Camila Batmanghelidjh to provide support to inner-city young people; the rest goes to the artist.

When I ask Bilton whether he has received any objections from galleries about a system that does away with their fee, he assures me that “they’re usually happy to participate because that 50 per cent goes to charity. Plus their artist gets to be on a prestigious shortlist”.

Credibility an issue?

But can such a young prize really have the prestige and effect that Bilton claims? His prize is distinctive, he says, because its focus is European and because its aims are philanthropic. Credibility is not an issue, he explains; each painting has been nominated by an expert.

Yet some art world insiders suggest that, notwithstanding their philanthropic aims, new art prizes can be riddled with problems.

Sceptics might wonder whether, by keeping the winning piece, Sovereign has found an inexpensive way of building a collection. There are precedents for prize-winning works forming collections – the John Moores prize-winners, for instance, go to the Walker Art Gallery in Liverpool – but here, the money is given to the artist in addition to the cost of acquiring the work. And, although entering a public collection can increase the value of an artist’s work, the Sovereign Foundation’s collection does not yet have the same kudos as other prizes.

Graham Crowley, former professor of painting at the Royal College of Art and winner of the John Moores Prize in 2006, has been on the jury for the Moores prize and several others. He suggests that the principle of combining art award and art auction is “bonkers” and constitutes “a patchwork quilt” of different aims.

John Moores prize

Crowley advocates the John Moores Prize because it is founded on a commitment to painting and because its judges are a “savvy bunch”, favouring practitioners over critics and – his pet hate – celebrity judges. He argues that art prizes gain authority only by building a reputation for picking artists who subsequently win wider recognition. Not all juries are capable of identifying talent in this way. “I’ve been on a jury where one celebrity couldn’t be bothered to come so his wife came instead,” he confides.

Crowley is also keen to challenge the assumption that winning an arts prize will increase the value of an artist’s work. He admits that the value of paintings by Peter Doig and Michael Raedecker rose by as much as 200 per cent soon after they won the John Moores Prize but says that the statistic should be treated with caution; such increases mark the juries’ ability to choose artists whose “stock was already rising”.

Philanthropy and auctions to become more common 

Despite such reservations, it seems likely that art prizes with a philanthropic twist will become more common. As well as understanding businessmen’s desire to give to charity, Bilton has clearly spotted the craze for auctions as a form of entertainment. At a time when more and more people are looking to invest in contemporary art as a part of their lifestyle, art prizes offer an attractive entry point at the lower end of the market. And there is always that dream, however unlikely, that a work acquired on a whim will increase in value to Hirstian heights.

Source: Financial Times

See (in new window)

• original article in FT
• sovereign foundation site
• more on Russian art

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Larger sites for art dealers in new art district Pasong Tamo, Philippines

PHILIPPINES GALLERY SHOW to August 2008

While Manila’s Finale Art File gallery will be closing two of its venues – Makati LaO and Megamall – by September, it will be opening a new warehouse space in the quickly developing new art gulch of Pasong Tamo on the edges of Makati.

It will join Slab, also opening in September, and Silverlens, the first along this strip of larger sites.

Finale will open with a series of three ‘young contemporaries’ exhibitions. Leading up to this, Finale will be showing three artists hot off last month’s Southeast Asian auction market: Geraldine Javier with the new Sampaloc Cave Paintings until 7 July, followed by Nonia Garcia 9 to 21 July, and Wire Tuazon in August. www.finaleartfile.com

Source: http://www.artmonthly.org.au/artnotes.asp?area=Asia

For more posts on art districts in Asia

https://artradarasia.wordpress.com/2008/06/01/caochangdi-as-alternative-art-district-in-beijing/

Larasati is Asia’s first auction house to hold sale outside Asia

AMSTERDAM MARKET WATCH Larasati makes history as Asia’s first auction house to hold an international art sale outside the region.

The passion for contemporary Southeast Asian art has hit Europe as the world’s first auction outside of Asia by an Asian-based auction house, Lasarati Auctioneers was held in Amsterdam June 2 2008 featuring a diverse collection of European artworks, Asian and Southeast Asian contemporary art paintings.

Close to 80% of the 22 lots of Asian and Southeast Asian artworks were sold out at the Amsterdam auction, most of them by up-and-coming artists from the region.

Of this, 40% went to European collectors, proving that there is a growing interest in contemporary Asian and Southeast Asian art and increased support for work by new and emerging artists. Over 20% of total sales came from the Asian collection, which amounted to €120,000 as numerous lots were bidding at prices significantly above their estimates.

Top performing Asian artists at the auction include Indonesian Tommy Wondra whose artwork “Yearning for Answer 3 (no. 9) – Imbalance”, sold at €8,750, 219% above estimates; Vietnamese Dang Xuan Hoa’s “My Family” fetched €6,875, 172% over estimate; Indonesian Ugy Sugiarto’s “Mystery” sold for €9,375, 156% over estimate and Indonesian Saftari’s “Natural Room I” fetched €11,875, 148% over estimate.

The auction set another ‘high’ for Ugy Sugiarto, after a series of record prices achieved at Larasati auctions in Singapore, confirming the artist’s status as a new rising star.

Highest bids went to Malaysian artists – Ahmad Zakii Anwar’s “Seated Figure 6”, at €13,750 and Chang Fee Ming’s “September 27th” at €13,750.  (All prices include premium).

Daniel Komala, CEO of Larasati Auctioneers said, “More and more international art collectors are falling under the spell of the mystical charms of Asian art. I am very proud to say that we are breaking new ground here with Larasati’s inaugural show outside of Asia. Although this is the first international show for an Asian auction house, response has been very encouraging with most of the Asian artworks on display sold. Southeast Asian art, in particular, is growing in popularity and influence as the artworks by artists in this region exceeded sales estimates and secured very high bids.”

To sustain and promote the interest in Asian contemporary art, Larasati plans to hold more auctions in Hong Kong and Singapore later this year.

Source: www.larasati.com

 

Christie’s June 2008 South Asian Modern + Contemporary Sale records dominated by Indian works

INDIA Christie’s South Asian Modern and Contemporary 111 lot sale, held on on June 11 2008 in London, realised US$10,614,225.

While 30% of the lots by over 50 Asian artists remained unsold, Indian master Francis Newton Souza’s ‘Birth’ realised US$2,487,931 setting a world auction record for both the artist and any work of contemporary or modern Indian art .

“12 artists’ records were set in total and reflects the continuing strength of this important category” said Hugo Weihe, Christie’s International Director of Asian Art.     

The top ten highest prices at Christie’s South Asian Modern and Contemporary Art Sale:

Francis Newton Souza – Birth 1955 – US$2,487,931
Tyeb Mehta – Figure on a Rickshaw 1984 – US$1,918,926
Subodh Gupta – Intitled 2007 – US$1,174,842
Rameshwar Broota – Havaldar – III 1980 – US$658,986
Subodh Gupta – Magic Wands 2002 – US$330,714
T.V. Santhosh – Untitled 2005 – US$283,818
Subodh Gupta – Bucket 2007 – US$236,922
Ashim Purkayastha – Attached Wings 2004 – US$213,474
Justin Ponmany – Staple Agony – II (Plastic Memory) 2006 – US$213,474
Syed Haider Raza – Rajput House 1965-66 – US$190,026

Source: Christies http://www.christies.com/presscenter/pdf/06122008/103447.pdf
Image details:  Justin Ponmany, Staple Agony – II (Plastic Memory)

How Asians, Russians are changing the art market

RUSSIA Auction houses claim that today the auction market is better protected from a slump than in the early nineties. Then most buyers were American or Japanese and both countries were hit by the recession of the early nineties but today buyers are spread over more countries says the Economist. For example buyers who spent over US$500,000 on art at Sotheby’s auctions came from 36 countries but today they come from 58.

Americans struggling with the weakness of the dollar have become net sellers of art and while Asians – in particular new buyers from Russia. India, China and the Middle East – have taken up the slack.

Only last month, Roman Abramovich, a London-based billionaire, paid $86m for Francis Bacon’s “Triptych, 1976”, the highest price ever paid for a work of art at auction, and $34m for Lucian Freud’s “Benefits Supervisor Sleeping”, making Mr Freud the highest-selling living artist at auction.

Mr Abramovich has never been known as a major buyer but on Wednesday, June 4th, Mr Abramovich was seen touring Art Basel, a contemporary-art fair, accompanied by a new girlfriend, Daria Zhukova, who is transforming a disused bus garage designed by Konstantin Melnikov, a Constructivist architect, into the Centre for Contemporary Culture Moscow, due to open in September.

Mr Abramovich’s new art advisor, who accompanied the couple to Art Basel, is Mollie Dent-Brocklehurst, a former director of the Gagosian gallery in London and Damien Hirst’s agent. But Mr Abramovich is only the tip of the iceberg. In 2004, Viktor Vekselberg, an oil and metals baron, unexpectedly paid more than $90m for the Forbes family collection of Fabergé imperial Easter eggs.

The contemporary Russian market, where prices can leap from a few thousand pounds to millions in a short space of time, is where the richest pickings are. The traditional market is already more mature.

Source: Economist

http://www.economist.com/research/articlesBySubject/displaystory.cfm?subjectid=7933608&story_id=11520677

Benefit art auction for new contemporary art museum in Hong Kong opening fall 2008

 

CHINA On 29 June 2008 a fund-raising auction will be held to raise capital to build and operate a new contemporary art museum in Causeway Bay, Hong Kong. Indonesian auctioneers Larasati will put 35 lots donated by Hong Kong gallerists and Chinese and overseas artists under the hammer at the gala dinner sale in the JW Marriott hotel. Executive director of the Moca China museums group envisions that the museum due to open in fall 2008 “could eventually be considered to be one of the finest museums of contemporary art in the world”. Highlights include a piece from the highly sought after emerging artist Shen Hua’s “Manual Workers Series” and a C-Print by the Preview 19th to 28th June 2008. 

More details www.mocachina.org