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

Subscribe to Art Radar Asia for more on auction houses in Asia

Advertisement

Chinese, Indian leading artists fail to sell at Sotheby’s Asian Art evening sale October 2008

Kang Hyung-Koo

 

 

 

REPORT FROM THE AUCTION ROOM

Big name Chinese and Indian artists and several premium lot artworks failed to sell at Sotheby’s October 2008 evening sale of contemporary and modern Asian art but the sale pointed to a new trend of enthusiastic collecting interest in South East Asian art.

Sotheby’s presented its first evening sale of Asian art in Hong Kong 4 October 2008 following Christie’s lead in the Spring auctions. Although Sotheby’s was more aggressive in the number of lots offered (Sotheby’s 47, Christie’s 32), Sotheby’s sale was generally a more diverse cautious offering compared with Christie’s. Sotheby’s presented:

• artworks covering more time periods (Sotheby’s contemporary and modern, Christie’s contemporary only)
• artworks from more geographical markets ( Both: Chinese, Indian, Korean, Japanese, Sotheby’s added Filipino and Indonesian)
• a greater price range at Sothebys with given estimates ranging from US$13,000 to more than US$3.85 million (Christie’s lowest given estimate was US$64,100 and ranged up to US$3.2m).

The results however could not have been more different. While Christie’s sale was a resounding success Sotheby’s sold only 28 of the 47 lots on offer.

The auction room was packed with all of the 200 or so seats taken and though more seats were brought in 30-40 people had to remain standing at the back. There were two rows of Sothebys staff (30-40 people) taking telephone bids. The auction room hummed with anticipation and got off to a roaring start with the first two lots. Filipino artist Ronald Ventura’s ‘Pinamumugaran’ attracted furious bidding and achieved a price of US$230,000 ex premium compared with estimates in the range US$13,000 to US$23,000. The next lot Indonesian artist Handiwirman Saputra’s ‘Mental Series No 8’ estimated at US$25,000- US$40,000 was also successful and eventually sold for US$140,000 ex premium.

Enthusiasm quickly waned during the next two lots of Indian art: lot 3 by  Thukral and Tagra just exceeded the estimate and lot 4 by Jagannath Panda missed its estimate.

The first big upset was lot 5 Subodh Gupta’s ‘Untitled’ estimated at US$1.5 – 2million. Known as the leading Indian contemporary artist Gupta was the first Indian contemporary artist to be included in international auction sales. Sotheby’s had high hopes for this lot but it failed to meet the reserve and went unsold. This set the tone for the next 7 lots; although the works were by  big name Indian and Chinese contemporary artists only 2 (Zhang Xiaogang and Feng Zhengjie) sold just scraping the bottom end of the estimates.

I Nyoman Masriadi

The remainder of the sale was slow and bidding was sticky apart from a couple of bright spots. Indonesian artist I Nyoman Masriadi’s ‘Sorry Hero, Saya Lupa’ estimated at US$48 – 75,000 attracted wide bidding from the room and phones and was finally sold for over US$500,000. Other artists who attracted several bidders and sold above estimates included Korean artists Lee Bul and Kang Hyung-Koo and Indonesian artists Agus Suwage and Affandi.

Contemporary Chinese artists who failed to sell any works in the sale included Liu Wei, Wang Guangyi, Tang Zhigang, Zeng Fanzhi, Yan Pei-ming, Feng Lijun. Chinese Moderns were not spared and lots by Liao Jichun, Chang Yu, Zhu Dequn were not sold. Other Asian artists who were not successful included Indians Subodh Gupta, Justin Ponmany, Japanese artist Takashi Murakami and founder of new media art Nam June Paik.

Some commentators suggest that this sale has been less successful because it coincides with a structural turning point in buyers’ tastes which are speculative and fad-led by nature and that interest in Chinese contemporary art has been replaced with a new enthusiasm for Korean and South East Asian art.

Fads aside, the correlation between prices of works and demand is certainly striking demonstrating a new price sensitivity by buyers of Asian art. September’s financial meltdown is no doubt the leading cause of the many failures in this sale but other factors may also be involved. The number of auctions and fairs has exploded in the last two years providing excess supply of art just when demand is reducing. This Sotheby’s auction competes with the concurrent Hong Kong International Art and Antiques Fair in which art is shown by over 80 galleries in 5000 sq metres of space on the floor above Sotheby’s sale at the Hong Kong Convention and Exhibition Centre. The Sotheby’s sale also overlaps with Korea’s leading auction house Seoul Auction’s first auction in Hong Kong which is offering high quality Korean Japanese Chinese and Western modern and contemporary works.

Latest posts on related topics:

•  art recession, globalisation, auction watch
• Indonesian, Korean, Chinese, Indian Japanese  Filipino art news

Stay up to date, subscribe to Art Radar Asia

Korean contemporary art spread through Asia threatened by meltdown

Ham Jin Aewan 1025 c-print

 

 

 

 

 

KOREAN CONTEMPORARY ART

Korean artists and galleries have made a huge impact on Beijing recently with the presence of PKM Gallery, Do Art and Arario Beijing in the Brewery International Art Garden says Theme magazine. All three spaces showcase Korean artists but throw Chinese and international artists into the mix as well.  “Today some of the best galleries in Beijing are Korean” agrees Dr Katie Hill, writer curator and lecturer specialising who is currently writing a book on Visual Modernity in China to be published by Lund Humphries in 2009.

Further south, Seoul Auction, Korea’s largest and longest-established saleroom, has announced its move into the Hong Kong market.

Seoul Auction will be the first Asian saleroom to enter the Hong Kong market reports the Financial Times and is kicking off on October 7 2008 with a $38.5m sale of modern and contemporary art. “Hong Kong is now the world’s third biggest art market and has huge growth potential,” says the firm’s marketing director Misung Shim. Among the offerings is Roy Lichtenstein’s “Still Life with Stretcher, Mirror, Bowl of Fruit” (1972), with an estimated sale price of $9m-$10m and Willem de Kooning’s “Untitled XVI” (1982), with an estimated price of $5.85m-$7.8m, as well as contemporary Chinese and Korean art.

To the west ARTSingapore 2008, held this year 10 – 13 October 2008 and known in the past for its focus on South East Asian works, will for the first time in its history have significant representation from India, Japan and particularly Korea. This year 22 new Korean galleries will participate including Park Ryu Sook Gallery, Gallery Neo, Gallery Yeh, Gallery SP and Gallery Bhak.

But with financial markets floundering, is the timing right for Korean artists and galleries to realise their ambitions?

Absolutely not claims the Financial Times , after all visitors were thin on the ground at this month’s Korean International Art Fair, ‘which opened its doors on the “day of days”, when international financial markets were in meltdown’. With the Kospi (Korean stock index) in freefall and the won plummeting, “it was hardly the time to expect Koreans to buy art”. What a contrast to last year, when the Korean art market was booming, Korean buyers were active in auctions in New York and three new art funds were launched.  “The problem is, 80 per cent of Korean art buyers are pure speculators,” said Juhl Joohyun Lee, director of Arario gallery, “and the international situation is having a drastic effect on the Asian art markets.”

Further discouraging buyers is the fallout from the Samsung scandal. Earlier this year Korea’s golden couple, Samsung chairman Lee Kun-Hee and his wife Hong Ra-Hee were accused of using money from a $64m slush fund to buy art for the Leeum, Samsung’s art museum. Lee stepped down from his chairmanship of Samsung, and while Hong was cleared of these charges, buying by Samsung, previously one of the country’s biggest art collectors, has apparently come to a total halt.

Click here for more on collectors, Korean contemporary art, art recession, globalisation of art markets.

Subscribe to Art Radar Asia here