Zao

Hong Kong Christie's Auction Sets Records

The top lot at Christie's Asian art auctions brought in a record $5.9 million in Hong Kong. A large abstract painting by Chu Teh-Chun, "Vertige Neigeux," surprised bidders and spectators alike, with an unidentified Asian private buyer ultimately winning in front of an audience of 400 people. Overall, the auction brought in $79 million.

Buyers from mainland China pushed prices higher at the Christie's sale, especially with local art collectors picking up artwork as a way to protect their wealth from inflation and a struggling U.S. dollar. Chu, Zao Wou-ki and Fu Baoshi are among the hottest artists on the market right now in Asia. A piece by Baoshi set a record during the day sale, moving for $7.8 million. One by Sanyu nearly tripled its presale estimate. According to Anthony Lin, an art consultant in Hong Kong, contemporary Chinese art is starting to recover.

On the first day of the five-day sale, Christie's also sold more than $5 million in wine.

[Photo courtesy of Christie's]

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Tags: art auction, art auctions, art collecting, art collection, art collector, art market, ArtAuction, ArtAuctions, ArtCollecting, ArtCollection, ArtCollector, ArtMarket, artwork, Asia, china, Christies, Hong Kong, HongKong, Zao

Giacometti on the Block: Family Collection to Move at Christie's in Paris

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

Surrealist, modern and postwar pieces will go under the gavel next week at the Christie's Impressioniste et Moderne auction in Paris. More than 140 lots will be offered on December 1, 2009, with presale estimates ranging from $6 million to $9 million. Among the artists represented in the auction, which consists of the Lefebvre-Foinet collection, are Alberto Giacometti, Max Ernst, Henri Matisse and Zao Wou-Ki. The collection was amassed over five generations, with the latest in the family making the decision to sell.

A portrait of Maurice Lefebvre by Giacometti could fetch between $1 million and $1.5 million, but other lots are more attainable. "Lyrical Explosion C," by Alberto Magnelli, is expected to sell for $210,000 to $270,000, and Sonia Delaunay's "Colored Rhythms No. 615" could go for up to $160,000. Playing on the success of the market for Chinese art, Zao Wou-Ki's "5.11.64" could move for as much as $600,000.

Paris has done pretty well through the art market slump, especially when the auctions deviate at least somewhat from the norm. Though there aren't any guarantees, let's keep an eye on this one. It could be the touch of fresh air we need.

[Photo via Christie's]

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Tags: art, art auction, art auctions, art market, ArtAuction, ArtAuctions, Artists, ArtMarket, artwork, auction, auction-house, AuctionHouse, auctions, Christies, contemporary art, ContemporaryArt, giacometti, matisse, max ernst, MaxErnst, modern art, ModernArt, paris, paris france, ParisFrance, PostwarArt, surreal, surrealism, surrealist, Zao