Auction Surpasses Expectations, Stabilizes, Poised to Grow
As previously discussed, recent developments have shown that contemporary Chinese art continues to show enduring strength despite an overall weakness in the global art market. As I wrote on Saturday, this weekend’s auction of Southeast Asian art in Hong Kong was a bit of a disappointment, but all eyes were on Sunday’s auction of fine wines and Asian art — which included a mix of modernist and contemporary Chinese works by artists like Lin Fengmian, Zhu Yuanzhi, Huang Yongping, and Sui Jianguo. Unlike the Southeast Asian auction, Sunday’s results most certainly did not disappoint. Showing their resiliance amid a global financial slump, Chinese works destroyed expectations and records alike, bringing in over $20 million. And, as many observers have noted, competition for Chinese pieces was stiff, particularly from buyers from mainland China.