Korean art hit and miss at Seoul Auction Hong Kong: New York Times

SEOUL AUCTION HOUSE RESULTS

A recent article by The New York Times explains the market trends of recent Hong Kong newcomer, Seoul Auction’s two highly successful auctions held in 2009:  Korean collectors continue to acquire Western contemporary artists, Chinese artists buy modern Chinese paintings and Korean art sales are a hit and miss affair. Read on for more…

Seoul Auction was established in 1998, and was for many years was the city’s only auction house. In 2008, it opened an office in Hong Kong, and since then has been gaining international credibility as a top-rate Asian auction house. Seoul Auction uses the auction platform as a way to introduce Western art to the Asian market, as well as introducing relatively new work from South Korea and other Asian countries to the international market.

Damien Hirst, 'The Importance of Elsewhere – The Kingdom of Heaven,' 2006, butterflies and household paint on canvas, 292x243.9 cm.

Trends in Western art

Seoul Auction’s record-breaking 2.2 million dollar sale of Damien Hirst’s The Importance of Elsewhere – The Kingdom of Heaven, arguably its most notable achievement, and similarly pricey sales of other Western artists have revealed a flourishing market for Western Art in Asia. Works from Damien Hirst’s “Butterfly” series have proven very sell-able, although Seoul Auction has avoided his brush paintings – a pair of silk screen prints failed to sell at their April sale.

Donald Judd’s linear block sculpture Untitled (Progression 87-26) and Robert Indiana’s Eight from his number series are among those that fetched the highest prices. Roy Lichtenstein has also been introduced and has had a healthy reception.

According to the chief executive of Seoul Auction, Jun Lee, “Korean collectors are very sophisticated.” He adds that they had been collecting Western contemporary art “for the past twenty years, even when the market was not that active, even in New York. They are very open-minded. It’s a survival strategy under these circumstances, in periods of recession. We’re trying to persuade our contacts with whom we’ve built relationships over the past ten years to sell.”

Popular Asian contemporary artists

The “Infinity Nets” mixed media sculptures by Japanese artist Yayoi Kusama have been highly successful. Works by Anish Kapoor, introduced to Korea by Seoul Auction, have also been highlighted as having healthy sales.

A photographer takes a picture of Yayoi Kusama's 'Venus No.1, Statue of Venus, Obliterated by Infinity Nets' (1998) at the Hong Kong International Art Fair. Taken from freep.com.

Korean art hit and miss

Although Korean works account for forty percent of Seoul Auction’s offerings in Hong Kong, sales of Korean art have been hit and miss. Kim Whanki’s abstract geometry paintings have sold well, but video artist Nam Juin Paik’s work has failed to sell. The article accredits this to the relatively short history of South Korean art in the international market compared to that of Japanese and Chinese artists, although in recent years sales to Western collectors have increased.

Chinese collectors prefer traditional art

Chinese art has been undeniably popular among Chinese buyers. Sanyu’s Flowers in a White Vase, Wang Yi Dong’s Girl and Peaches and Zeng Fanzhi’s Mask Series no 21 3-1 sold for good prices, some even exceeding their estimates.

Also popular among Chinese buyers are traditional paintings, such as works by Impressionists Chagall, Renoir, and Picasso, but they are less interested in less familiar American pop artists. According to an article by the Hong Kong Trader, there is also a trend for crossover art.

With the growing trend for crossover art (Chinese buying Japanese art, Japanese buying Korean art, etc), Ms Shim expects more Asian auction houses will look to set up a base in Hong Kong. By moving early, she says, Seoul Auction will gain a strong foothold. ‘We are preparing now for the good times ahead.’

As expressed in The New York Times article, the buying power of China is told only too well through the popularity of traditional works when contemporary works are struggling to sell.

Read the full article here.

MM/KN/KCE

Related Topics: venues- Hong Kong, collectors, market watch – auctions

Related Posts:

• Hong Kong a desert for new media art? New gallery I/O an oasis – interview – July 2010 – Is traditional favored over contemporary?
• Is Hong Kong a cultural desert? How can you become a better collector? Answers revealed at Asia Art Forum – June 2010 – collectors in Hong Kong
• World’s Top collectors and art professionals attend ART HK: a testament to fair’s growing importance – June 2010 – importance of Hong Kong in international art market
• Hong Kong hailed as art’s Promised Land by Art+Auction Magazine – April 2010 – trends in Hong Kong art scene
• Surprising sell-through rates for Chinese art recorded in London’s February auctions – March 2010 – Chinese art in Western market

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Hong Kong hailed as art’s Promised Land by Art+Auction Magazine

HONG KONG ART MARKET

Sanyu, Lotus et poissons rouges, 1955

The state of the arts in Hong Kong are strong and flourishing, earning Hong Kong the high praise of being touted as Asia’s arts ‘promised land’ by Art +Auction Magazine in the March 2010 issue.

The article entitled ‘Promised Land’ describes the active art market in the city, which has recently expanded financially and creatively.

David Spalding writes for Art +Auction that:

‘Hong Kong is rising as a major art center, thanks to its thriving auction market and rapidly growing contemporary-art scene.’

‘The Hong Kong art scene has evolved rapidly, overcoming its regional myopia to become a key continentwide player and gaining prominence within the local cultural landscape.’

Auction Market

Hong Kong achieved the distinction as the 3rd largest auction market in the world in 2007, after the U.S. and U.K, and has maintained this positioning through 2009. A March 2010 article in The Economist titled How China Bucked the Trend: What Really Happened in 2009, states:

In 2009, when the global art market shrunk by more than a third to $43.5 billion, compared with $63.9 billion at its peak two years earlier, the Chinese art market bucked the trend. Sales in mainland China and Hong Kong reached a record high of $5.5 billion, up from $5 billion in 2008, boosting China’s share of the world art market that year to 14%, its highest share ever.

Indeed money freely flowed at Hong Kong’s various art auctions in late 2009, which set records and continually surpassed expectations. The following Fall 2009 Hong Kong auctions caught the attention of art world:

Zeng Fanzhi’s Untitled (Hospital Series), 1994

Sotheby’s

Sotheby’s October 6th sale of 20th-Century Chinese Art was estimated to generate $10.4 million USD in sales, but instead produced an impressive $14 million USD. This successful sale included Sanyu’s Lotus et poissons rouges, 1955,  which sold for $4.7 million, 31% higher than its greatest estimated price.  This is the artist’s 2nd highest auction price to date, and solely accounted for a third of the show’s total revenue.

The Modern and Contemporary Southeast Asian Paintings sale yielded $6.4 million, more than double its estimated yield and 76% more than the spring sale in this category.

The sale’s standout work was Indonesian painter Lee Man Fong’s Magnificent Horses, 1966, which was estimated to sell for approximately $200,000–$320,000 USD, but raked in an artist-record of $1 million USD.

Christie’s

Christie’s also experienced successful sales in November that produced $213 million USD over 5 days. A reported 47% of the buyers of contemporary Asian works were from mainland China, and favored pieces by more-established artists.

In the November 29th sale of Asian Contemporary Art and Chinese 20th-Century Art, Zeng Fanzhi’s Untitled (Hospital Series), 1994, surpassed its expected high of $1.5 million to attain $2.5 million. The November 30th Southeast Asian Modern and Contemporary sale featured Indonesian painter I Nyoman Masriadi’s Master Yoga, 2009, which also exceeded its high estimate of $130,000 to realize $467,102.

Socially active gallery scene, international flavor

Hong Kong has also earned the designation as Asia’s visual contemporary arts ‘promised land’ due to its vibrant and growing gallery scene, which features fine art not only from Asia, but the entire world. In addition, many of these socially responsible Hong Kong galleries have taken it as their mission to connect to and nurture the larger creative community. Hong Kong’s 10th annual ArtWalk, which was held on March 17th,  included 62 participating galleries that opened their doors to the public for this charity event that supported Hong Kong’s Society for Community Organization (SoCo).

Notable galleries featuring Asian artworks include:

Hanart TZ, founded in 1983 by the local critic and curator Johnson Chang Tsong-zung, has helped bring international exposure to mainland Chinese artists throughout the 1990s. This work has continued most recently with a solo exhibition of new paintings and mixed-media work by the young Fo Tan artist Lam Tung-pang (who is also represented in a concurrent group show at the Hong Kong Museum of Art through April 25).

The Osage Gallery focuses on East and Southeast Asian art, while 10 Chancery Lane Gallery holds exhibitions of Vietnamese and Cambodian contemporary art. The Thai gallery Tang Contemporary Art — which has become significant here since opening a space on Hollywood Road in 2008 — offers an eclectic mix. The artists represented in its booth at last year’s Hong Kong art fair included the Thai-Indian Navin Rawanchaikul, the Beijing-based Yan Lei and longtime Paris resident Wang Du.

Western art represented in Asia

There is also a growing local Hong Kong market for Western art, and numerous galleries have risen to meet this need.

The London gallery Ben Brown Fine Arts opened a Hong Kong space last November showing works by leading Western artists Gerhard Richter, Thomas Ruff and Jeff Wall, alongside those of established Asian artists like the Japanese Yayoi Kusama and the Calcutta-born, Brooklyn-based Rina Banerjee.

The Schoeni Art Gallery, which opened in 1993 with an exhibition of works by Chinese, Russian and Swiss artists, is boldly mixing things up, with the 2008 launch of Adapta, a collaboration with the U.K.-based Web magazine UKAdapta on projects involving urban and  graffiti artists like Banksy.

Additional galleries facilitating the introduction of Western art to Asia include: the Cat Street Gallery, Art Statements, and the Fabrik Gallery.

EW/KCE

Related Posts:

• Fotan 2010 – a growing cluster of art studios in Hong Kong– Feb 10
• More art, better art, riskier art at Art HK 09– May 09
• Is Singapore threatening Hong Kong as next Asian art mecca? Wall Street Journal– Nov 09
• Luck for Sothebys at Southeast Asian auction 2009 in Hong Kong– Apr 09

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Top price for Oliver Stone’s Zhang Xiaogang, half lots unsold at Christies Hong Kong sale – Bloomberg

Zhang Xiaogang

ASIAN ART AUCTIONS

A painting by Chinese contemporary artist Zhang Xiaogang offered by Hollywood director Oliver Stone fetched HK$26.4 million ($3.4 million) at a Hong Kong art sale where half the lots were unsold, reflecting the prevailing gloom.

Zhang’s “Bloodline: Big Family, No. 2,” from 1995, was the most-expensive lot sold at Christie’s International’s evening sale yesterday. There was less enthusiasm for most other lots: buyers shunned 44 percent of Asian contemporary works and more than half of 20th-century Chinese paintings for a sale that tallied HK$140.6 million.

“You could sense the caution; no one wants to make a rash move,” said Tian Kai, a Beijing-based art dealer who flew in to attend the sale. “It’s a sign of the times.”

Hong Kong’s art market remains in the throes of a slump it heralded in October when Sotheby’s auction in the city missed its target by half. Subsequent major auctions in New York, London and Dubai fell short of estimates, spelling an art-world rout sparked by the Sept. 15 bankruptcy of Lehman Brothers Holdings Inc. and the ensuing global credit and stock-market crisis.

Zhang’s 1.8 meter-by-2.3 meter work shows a pursed-lipped couple with a tuft-haired toddler painted yellow. It went to an anonymous buyer after a 2-minute tussle between phone and salesroom bidders.

Last night’s sale was the most-glamorous part of Christie’s five-day Hong Kong auction (Nov. 29-Dec. 3) of 2,500 antiques, gems and art that the company expects to raise HK$1.75 billion. At least 500 people, some decked in their evening best of chiffon, silks and gems, packed the standing-room-only auction- hall at the Exhibition Center which overlooks the harbor.

‘Price Readjustment’

“Overall, there’s clearly been a price readjustment,” said Jonathan Stone, Christie’s Hong Kong-based international business director, in an interview after the sale. Stone, not related to Oliver, said the company is pleased that it set several artist records at the sale, “economic circumstances notwithstanding.”

Artist record for Zao Wou-ki

“Hommage a Tou-Fou,” a painting by China-born, Paris-based Zao Wou-ki sold for an artist record of HK$45.5 million. Chinese artist Sanyu’s “Potted Chrysanthemums” fetched HK$8.4 million, against the presale top forecast of HK$5 million.

Biggest upset Zeng Fanzhi’s Mao

Last evening’s biggest upset was a 1993 painting of Mao Zedong by China’s most-expensive contemporary artist Zeng Fanzhi, which failed to sell against a presale estimate of HK$30 million.

Bidding on Zeng’s oil-on-canvas “Mao I: From the Masses, to the Masses” was labored, even with auctioneer Andrea Fiuczynskic’s effort at coaxing more bids. The last offer of HK$28 million wasn’t good enough for Fiuczynskic, who rapped the gavel and called in the lot.

“Mao I,” is the twin of a like-sized painting “Chairman Mao II,” also dated 1993, that fetched 2.17 million pounds ($3.3 million) at Phillips de Pury & Co.’s London auction on June 29.

Other Oliver Stone owned works sold at near low estimates

Oliver Stone had consigned five Chinese contemporary paintings at this sale, three of which featured at last night’s event. The other two, both Liu Weis, sold for a combined HK$7.5 million, near the low end of estimates. Two last paintings will be offered at Christie’s day sale this afternoon.

“These are challenging times,” said Tian. “Both sellers and buyers are trying to make the best of a difficult situation.”

Southeast Asian art prices eased

Demand for Southeast Asian art, whose prices defied the demand weakness at Sotheby’s October auction, eased at this sale.

A mixed-media painting by the region’s most-expensive painter I Nyoman Masriadi fetched HK$2.1 million, against the work’s top estimate of HK$1.6 million. The priciest lot sold at the Southeast Asian auction was Filipina Juan Luna’s “Roman Maidens,” which fetched HK$4.7 million, against the painting’s low estimate of HK$8 million.

Except for wines, Christie’s charges buyers 25 percent on the first HK$400,000 of the hammer price, 20 percent of the amount above that, up to and including HK$8 million, and 12 percent of subsequent sums.

Ravenel Art announces first Hong Kong auction of modern and contemporary art

Hino Korehiko My Elegance

 

AUCTION NEWS HONG KONG

In a move which supports the growing status of Hong Kong as Asia’s art market hub, Taiwanese auction house Ravenel Art announces its first Hong Kong auction of Contemporary and Modern Asian Art on Monday December 1, 2008.

Categories include:
In Modern Chinese Art  works by Sanyu, Zao Wou-ki and Chu Teh-chun will be offered. In the Chinese Contemporary section important works by Zhang Xiaogang, Zeng Fanzhi, Wang Guangyi, Yue Minjun and Yan Pei Ming will come under the hammer.

Ravenel Art will also include works by Korean, Japanese, S. E. Asian and Indian artists. Kim Tschang-yeul and Park Seo-Bo, two of the most important Korean artists will be represented. Paintings by Japanese artists Hino Korehiko and Hiroyuki Matsuura are sure to attract much attention. The S. E. Asian section will include works by Agus Suwage and Budi Kustarto, two of the most sought after artists at the moment. A work by Justin Ponmany, one of the leading Indian contemporary artists will also be on offer.

Zhang Xiaotao Picture of Early Spring

The auction will be held in the Four Seasons Hotel Ballroom, 8 Finance Street, Central, Hong Kong on Monday December 1.

Ravenel Art was founded in 1999 and it holds two annual Spring and Autumn auctions in Taipei and will hold Spring and Autumn auctions in Hong Kong. It specializes in Modern and Contemporary Chinese Art, Korean, Japanese, S. E. Asian and Indian Contemporary Art. The company has offices in Taipei, Hong Kong and Beijing.

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