Liquidity propels prices, Chinese Political Pop is back – Sothebys Contemporary Asian Art Auction 2009 Hong Kong

SOTHEBY’S AUCTIONS HONG KONG CONTEMPORARY ASIAN ART

Although called a Contemporary Asian Art auction, this sale was dominated by Chinese artists which was a canny move by Sotheby’s given that mainland liquidity is driving prices of property in Hong Kong to record high prices of US$1,000 per square foot and sending Chinese stock markets soaring. According to Bloomberg, Chinese money supply has grown by 55% since the beginning of 2007 compared with 20% in the UK and US.

Some of this liquidity has found its way into the art market at this auction. Mainland buyers were active and revealed some surprising preferences.

Hong Kong artists back in a second showcase

Sotheby’s followed up its inaugural and successful showcase of 8 Hong Kong artists in the ‘Spring auction earlier this year with an expanded selection of works by 10 artists. Affordable prices meant that all but two of the works found buyers with successful bids mostly coming in around estimates.

Simon Go, Hong Kong Old Shops, Inkjet on Bamboo Paper

Works by two artists, sculptor Danny Lee and photographer Simon Go who were both new to the auction this year, did better than estimates. Danny Lee produces stainless steel sculptures which are reminiscent  – though in a more organic liquid form –  of the stainless steel scholar rocks made by the world-renowned sculptor Zhan Wang  whose works have been collected by institutions such as the British Museum . Danny Lee’s Mountain and Stream IV sold for HK$170,000 against a top estimate of HK$160,000 (before premium). (US$1 = HK$7.7)

Danny Lee, Mountain and Stream IV, Steel wood

Simon Go’s set of 2 photographic works called Hong Kong Old Shops: Wing Wo Grocery and Keng Ming Mirror Shop achieved a price of HK$80,000 against an estimate of HK$30-50,000 (before premium). This lot points to several collector trends. According to Larry Warsh, a New York-based dealer, there is a growing interest in Chinese photography and Wing Wo Grocery ( an image of a family clan in an old-style grocery shop from the colonial era recently shut down in preparation for urban renewal) embodies trends identified at an ArtInsight seminar last month called ‘Trends and Opportunities in Photography” . The panelists identified documentary photography and ‘slice of lif’e’ photography as hot areas for collectors now.

The biggest story of the Hong Kong part of the sale was Tsang Tsou Choi’s calligraphy which saw excited bidding between several bidders in the room and on the phone resulting in a price (before premium) of HK$400,000 which was 8 times the lower estimate of HK$50,000. Work by this artist now deceased was also a surprising success in the Spring 2009 auction perhaps because of local media and public interest in the eccentric behaviour he displayed in his long art career.

Tsang Tsou Choi, Calligraphy, Acrylic on Canvas

In our Sotheby’s Spring 2009 auction post we wrote:

Tsang, Tsou Chin aka The Kowloon Emperor is a Hong Kong legend, famous for his calligraphy graffiti which he painted on public furniture. Undeterred by numerous warnings he roamed the streets for 50 years laying down his family genealogy and his personal history as an emperor in exile in blatant defiance of the Queen and English colonial rule. Deemed a lunatic by some, he was nevertheless recognised when in 2003 he became the very first Hong Kong artist to exhibit at the Venice Biennale.

Cynical Realist artists are back

In the next section of the sale a series of Chinese sixties-born artists, many from the Cynical Realist and Political Pop movements (Yue Minjun,  Feng Zhenghjie,  Zeng Fanzhi, Fang Lijun, Zhang Xiaogang) came under the hammer with hefty estimates of several hundred thousand and up to around $5 million per lot.

Yue Minjun, Hats Series - The Lovers, Oil on Canvas

On a visit to London last month Art Radar heard several Western commentators describing Chinese art as ‘old’, ‘tired’ and ‘done’. This auction showed clearly that there are keen buyers for Chinese artists of this era who are willing to pay robust prices. Room bidders were mainly middle-aged Chinese men, who are perhaps collectors or more likely dealers for a growing middle class market in the mainland. Most lots in this section sold at estimate and some well above. Yue Minjun’s ‘Hats Series – The Lovers’ attracted several room bidders and a phone bidder eventually selling for HK$5.3m against a top estimate of HK$3.5m.

Institution-endorsed Chinese artists of the  fifties and sixties meet price resistance

Wang Keping, Untitled, Wood

It is no secret that Western critics regard some of the Cynical Realist artists as lightweight and lacking in intellectual rigour.  Instead major institutions such as the Royal Academy and British Museum in London have favoured and endorsed other mid-century born artists such as gunpowder artist Cai Guo-Qiang and Xu Bing, famous for his invented calligraphy . These artists sold well at lower price levels but lots with high estimates met resistance and failed. Cai Guo-Qiang’s Money Net No 2, part of Royal Academy of Art Project (estimate HK$4.7m – 5.5m) and Xu Bing’s Silkwom Series – The Foolish Old Man Who Tried to Remove the Mountain (estimate HK$5m – 5.5m) were bought in.

Frowns for part-increment bids

What we did see at this auction was a much stronger resistance by the two auctioneers in this marathon four-and-a-half  hour sale to partial bids. In recent auctions we have seen bidders make counter-offer bids at increments lower than standard. In the recent past these were accepted with alacrity by genial auctioneers. At this auction bidders were left waiting, frowned at and as often as not turned down.

Zhang Huan upset

Zhang Huan, My New York, Chromogenic Print

Zhang Huan

, formerly a performance artist and more recently a sculptor and installation artist known for his works in ash and animal skins had 5 lots in the sale. Despite  backing by big-boy galleries in London and New York (Zhang Huan currently has an installation at White Cube in Picadilly London) four of his works including two sculptures and two chromogenic prints were bought in. The only work which was successful was a chromogenic print (numbered 3/8) recording his early endurance performance art which sees him running barefoot along the streets covered in raw meat. This work exemplifies another trend identified at the Artinsight photography seminar: growing interest in photographic documentation of performance art.

Sculpture mixed

Sculpture had a mixed performance. Apart from Zhang Huan’s two failed lots and one by Hong Kong artist Kum Chi Keung, there was a surprise pass on Japanese artist Yayoi Kusama’s pink polyester mannequin Self-Obliteration (estimate $550-650,000). Most of the rest of the ten or so sculptures including Wang Keping’s wooden female forms, Zhang Wan’s scholar rocks, kitsch sculptures by the Luo Brothers and Huang Yan and a run of five works featuring sculpted heads  and figures (by various artists) sold at or above estimate.

Li Hui, Amber Dragon, Neon and steel

Two lots by neon and steel sculptor Li Hui (1977) were highly sought after and attracted across-the-room bidding. Both pieces were purchased by an Asian family who were active bidders in the preceding sale of South East Asian art. The family also acquired an acrylic on canvas by Japanese artist Hiroyuki Matsuura and another by Ryuki Yamamoto. Traditionally collectors’ interests cluster geographically and more often than not collectors prefer to buy their national artists though there have been signs of changes. Despite the recession there is still momentum  behind this trend of pan-Asia buying.

Chinese photography fluid bidding

A handful of photographs were scattered through the sale but the bulk was found in an eleven lot run in the middle.  This run featured sixties-born Chinese photographers such as Hai Bo, Hong Hao, Wang Qingsong, Huang Yan, Cang Xin and Sheng Qi who were active in the nineties and many of whom came to international prominence in 2004 with Christopher Phillips’ seminal exhibition Between Past and Future at the International Center of Photography in New York. Since then major US institutions have been collecting the work of this group as we reported in April 2009:

Hai Bo, Red Guard, Chromogenic Print and Gelatin Silver Print

The J. Paul Getty Museum is the latest institution to add works by Chinese contemporary artists to its holdings. Others include New York’s Museum of Modern Art, which recently acquired 28 works for its photography collection, the Museum of Contemporary Art in Los Angeles, and the Brooklyn Museum, as well as global institutions such as the Tate and the Pompidou Center.

“The acquisition of these works (Wang Qingsong, Hai Bo) affirms an important new direction for the Getty,” says noted photography dealer and collector Daniel Wolf, who helped establish the museum’s collection in the 1980s. “It reflects an interest in expanding the collection in this category.”

Prices were affordable and bidding was fluid. While editions were limited to the 8-20 range and many of the lots were made up of multiple images, sales were made at estimates which were surprisingly affordable. Most lots sold for between HK$40-75,000. Wang Qingsong’s triptych photograph Past Present, Future which sold at estimate for HK$260,000 was the exception.  One buyer snapped up several lots.

One upset was lot 765 by Cao Fei which was passed in. Her works are inspired by the internet, video games, role-playing and the virtual world and she has received wide coverage in London and beyond after a recent show at Battersea Power Station organised in conjunction with the Serpentine Gallery.

Japanese and Korean art

The sale was dominated by Chinese artists but there was a run of cartoon-style art, many by young Japanese artists, a third of the way through the sale which sold at prices HK$50-150,000. Heavyweight Japanese artists were priced much higher but did not always sell or meet the estimate.  Yoshimoto Nara’s It’s Everything sold at HK$3.3m compared with an estimate of HK$3.8-HK$5m. Work by Yoshitaka Amano (described by Time Out as ”the Japanese anime legend behind the Final Fantasy video game” and who attracted spirited phone bidding in the spring sale 2009) was passed in. Takashi Murakami was the exception achieving HK$520,000 for an untitled 1/50 edition screenprint carrying an estimate of just HK$50-70,000. Korean works also achieved mixed results.

Long long auction

The final run of 11 lots saw 6 passes despite affordable prices. This result is probably not worth analysing in depth as it likely had more to do with the numbing length of the 4-5 hour 2 auctioneer sale which saw a packed room of 200 or so dwindle away to 30 or 40 tired stalwarts at what felt like the dog-end of the sale. Perhaps Sotheby’s who charged for coffee and catalogues again this year is still in cost-slashing mode. Let’s hope that by next year there will be enough new money supply for a return to more coffee breaks and free coffee.

Related posts:

• Outlook for Chinese art market – Larry Warsh podcast – May 09
• Hong Kong artists showcased for first time at Sotheby’s – Apr 09
• Getty acquires Chinese contemporary photographs by Hai Bo, Wang Qingsong – Apr 09
• Japanese art scene – changes and trends – Apr 09
• What inspires Zhang Huan and why he is taking a break from performance art – video – Feb 09
• Emerging Chinese artist Cao Fei’s first solo exhibition in Germany – Jan 09
• Emerging Chinese conceptual artist Li Hui defies recession Christies 2008 – Dec 08

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Newslink round up Art Basel 2009 – Indian, Japanese artists dominate coverage of Asians

ART FAIR

Much of the traditional coverage of Art Basel takes the same format: descriptions of some highlighted artworks are interwoven with information about sales generally and, dealers willing, specifically. From this gathering of anecdotal, far-from-objective evidence some kind of assessment of the buoyancy of the market is made.

This year the consensus view emerges that, from a base of very low expectations and to the relief of dealers, sales were made and perhaps were even quite strong.

Blogs offer some alternative reporting – see in particular the Sojones blog about the fast-selling artwork “Simple Things” – made of everyday objects encrusted with tens of thousands of precious jewels – which was a collaboration between musician Pharrell Williams and Takashi Murakami. This post by a non-fine arts blog took one small element of the fair and provided a link-rich comprehensive report. This may be a glimpse of the future of arts reporting. We hope so because there remain many untold stories about the fair …

Other themes extensively reported by the papers and blogs included  Brad Pitt’s purchases. Less predictable was the wide coverage given to “Il Tempo del Postino“, described as a show in time rather in space and as the “world’s first visual arts opera”.

For a list of Asian artists given press coverage see the tags at the bottom. Their names are also highlighted in grey in the article descriptions. It is interesting to note that these were mostly Japanese and Indian.

Collectors pleased with Art Basel 40 Fair – Japan Times – 19 June – “Art market is surprisingly healthy” Sep 09 to Mar 09 was difficult for dealers but Basel has coincided with an uptick in activity. Sales by Hiroshi Sugimoto. Other Asian artists mentioned included veteran Yayoi Kusama, and new or under-rcognised artists such as Teppei Kaneuji, Ei Arakawa.

After Art Basel, dealers have high hopes for London sales – Wall Street Journal – 19 June – Fair organisers talked of ‘unexpectedly strong’ sales and dealers seemed happy though no final sales figure has been released. 61000 visitors the highest number ever.

Recession appeal – The Economist – 18 June – A piece about sales – “by all nebulous barometers, business in Basel was satisfactory, possibly even very good”. Sales included Indian artists Anish Kapoor, Raqib Shaw. Posits 4 reasons for buoyant sales: return of collectors in down market, discounting, diversion of money out of Swiss bank accounts and perception art a stronger asset class.

Art Unlimited Part 2 – Art Basel video – Vernissage TV – 16 June – In this video walkthrough find works by Gabriele di Matteo, Li Dafang, Willem Boshoff, David Shrigley, Marcel van Eeden, Mel Bochner, Anthony McCall, Sigmar Polke, Steven Shearer, Lawrence Weiner, Goran Petercol, Aernout Mik, Stephan Balkenhol, Tatjana Doll, Chen Zhen, Natalie Djurberg, Sarah Oppenheimer, Bharti Kher, Falke Pisano, Clegg & Guttmann, Banks Violette, and Hans op de Beeck.

Art Basel Vernissage – Arrested Motion – 16 June – Over 60 images of artworks

Jeppe Hein loop bench at Art Basel – Designcrave – 15 June – Good pics of this piece of large crossover art.

Pharrell Williams’ and Takashi Murakami’s “Simple Things” sold for more than $2million – Sojones – 15 June 2009 – One of the most comprehensive pieces to cover the sale within 30 minutes of the opening of Simple Things, an artwork encrusted with 26,000 jewels by music man Pharrell Williams in conjunction with Takashi Murakami. A link to a great video interview with Farrell talking about the artwork.

 Art 40 Basel: Extraordinary quality, surprisingly strong results – Art Basel press release – 14 June – This press release is a closing statement rounding up the fair’s achievements and successes. Lists artists who attended including Subodh Gupta. Over 50 museum groups attended. Over 61000 visitors, over 300 galleries from 29 countries, more than 2500 artists. “Il Tempo del Postino”

 

Art Basel 2009 – video – Vernissage TV – 13 June – video walkthrough

Surprise success: Art Basel dispels credit crunch blues – The Art Newspaper – 12 June – Lists celebrities and collectors present. Fewer American collectors mostly Europeans did the buying. “The recession compelled dealers to bring their best”. Everyone was “sniffing”‘ for discounts and if dealers were flexible sales were made. Long list of specific artwork sales made.

Window shoppers – seasoned collectors spend carefully at Art Basel – Wall Street Journal – 12 June –  A list of collectors who visited (American collectors: the Horts and Craig Robins) and art advisers (Sandy Heller who buys for Steve Cohen and Philippe Segalot adviser to Francois Pinault owner of Christie’s).  Also lists some of 101 artists who were also at Venice Biennale. Relief that some sales were made. Describes ways galleries saved money. Asian artists mentioned On Kawara, Subodh Gupta.

A Thriftier Lot comes to Art Basel this year – New York Times – 11 June – This piece lists some of the artwork highlights on show and collectors and curators who attended. Art was more conservative than last year and focused on big rather than new names. Expectations so low that there was relief that some business was done.

Warhol price slashed as Art Basel fights slump with bargains – Bloomberg – 9 June – Long 25 paragraph piece made up of snippets of market information based on gallery interviews. Leading para is about trimming of prices this year – other interesting comments: Art Basel will be 2 shows this year both work on show and discreet consignment sales on behalf of collectors; Kapoor prices holding steady, pure New York market gone with some dealers missing this year but still interest from Asia and some parts of Europe.

Art Unlimited – Art Basel video part 1 – Vernissage TV – 9 June – This year’s Art Unlimited exhibition of the international art fair Art 40 Basel in Basel, Switzerland, marks the tenth edition of Art Basel’s sector for large sculptures, and installation and video art. Works by Elisabetta Benassi, Yoshitomo Nara, Beat Zoderer, Sislej Xhafa, Ayse Erkmen, Pascale Marthine Tayou, Fabrice Gygi, Surdashan Shetty, Farhad Moshiri, Jesús Fafael Soto, Sterling Ruby, Laurence Weiner, Franz Erhard Walter, Steven Shearer, Nedko Solakov, :Mentalklinik, Natsuyuki Nakanishi, Stephan Balkenhol, and Matthew Day Jackson.

Editor’s Picks: Art Basel Preview – Artinfo – 8 June – Useful link to an image carousel showing works being presented at 42 galleries, many with price information.

For art lovers Basel doesn’t end at the fair – New York Times Travel Section – 7 June – Long comprehensive post covering what to eat, where to sleep and what to see in Basel. Brief overview of Art Basel (40th anniversary, 300 galleries, 2500 artists, not much art after 1970s) and an interesting look at the exhibitions by museums (the result of 5 centuries of wealth and “public-mindedness”).

Locals Rule: Alternative Art spaces gear up for Art Basel – Artinfo – 6 June – List of activities offered on Basel’s alternative art scene.

Basel, more than a fair city – New York Times Travel section – undated – 9 enticing images of hotels and restaurants

The Art Market: the biggest fairs around the world – Financial Times – Georgina Adams – 6 June – A few paragraphs of Basel coverage in this piece covering art fairs. Two distinguishing events at Art Basel: Art Unlimited an exhibition of large scale works in 12000 sq m hall and Il Tempo del Postino which sets time limits on art display. Two more paragraphs speculate about pricing strategies.

Meanwhile in Basel Contemporary Works you can buy – Wall Street Journal – 5 June – Short prefair description of event and some works

Related links: To see the online catalogue visit http://artbasel-online.com/

Related posts:

Newslink round up – Art HK 09 – May 09

Japanese photographer Hiroshi Sugimoto – 4 fascinating video interviews – May 09

Which 5 Indian artists would you dare to buy now? – May 09

Art Dubai 2009 – who sold what to whom? – Mar 09

Who are the top artists at art fairs? – Mar 09

Newslink round up Arco Madrid 2009 – Feb 09

Subscribe to Art Radar Asia for round ups of art news coverage

Indian born sculptor Anish Kapoor in top 10 at Sothebys London Contemporary Day Sale July 2008

AUCTION LONDON Bombay born UK based sculptor Anish Kapoor was the only Asian artist in the top 10 prices achieved at Sotheby’s Contemporary Day Sale at Bond Street London on July 2 2008.

Kapoor’s untitled black belgian granite work achieved a price of US$960,575. Born in 1954 and educated at the Chelsea School of Art and Design, Kapoor emerged in the 1980’s as one of a number of British sculptors working in a new style.

Chinese and Japanese artists dominated the Asian showing at this 371 lot sale of international contemporary art. They were presented together with a handful of other Asian artists from India Pakistan and Korea (including the up and coming TV Santosh,  art Basel show stopper Subodh Gupta and Raqib Shaw from India, the increasingly popular Pakistani artist Rashid Rana and Kang Hyung Koo from Korea).

Chinese artists included Zao Wouki, Yue Minjun, Yang Shaobin, Ai Weiwei, Wang Guangyi, Yan Pei Ming, Zhan Wang, Li Shan, Ling Jian.

Japanese artists included Yoshimoto Nara, Takashi Murakami, On Kawara, Hiroshi Sugimoto and others.

Source: www.sothebys.com
Image details: Anish Kapoor, Cloud Gate, Millennium Park, Chicago

See

• latest posts on Anish Kapoor including news about his Royal Academy 2009 retrospective, his participation in the largest public artwork in the world, his ICA Boston show 2008 and more
• more posts on auction news
• for books on Anish Kapoor visit Art Radar store

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