Strong interest from Asian buyers expected to spark October sale in HK
As we reported recently, the Sotheby’s autumn auction of Asian art — which highlights important contemporary Chinese pieces — will take place in Hong Kong on October 6. With combined estimates at over $12 Million US (HK $98 Million), this sale is expected to be one of the year’s biggest and most-watched auctions. As we have noticed in recent sales — both in Hong Kong and elsewhere — one thing we can expect in this auction is a high proportion of domestic Chinese buyers in the room, and we can expect them to be motivated to buy. Today, in preparation for the upcoming auction season, Forbes published an article on the market for Chinese art, noting that it is becoming gradually more difficult for western collectors to buy a range of Chinese art because of the growing collector base within the country. Describing the increasing numbers of Chinese bidders at antiquities auctions, Sallie Brady writes, “there’s a new dynamic afoot that promises to drive up prices: Mainland Chinese are entering the market in ever greater numbers.”
So for collectors who are interested in making bids on lots in the upcoming Sotheby’s auction, what should they know before they go head-to-head with Chinese buyers? Aside from doing their research to stay up-to-date on recent developments and informed about the past work and possible future longevity of the historical artworks that are up for grabs, it pays to know which lots are the “all stars.” I have looked through the catalog, and here is my list of the “Top 10” lots up for auction on October 6:
1.) Cai Guo-Qiang: Money Net No. 2 (2002)
Estimate: US$ 605,000-705,000 (HK$ 4,700,000-5,500,000)
Cai Guo-Qiang (born 1957, Quanzhou, Fujian Province) was educated in stage design at the Shanghai Drama Institute from 1981 to 1985. Gunpowder is his trademark medium, from drawings and paintings made by igniting carefully monitored explosions on paper and canvas to massive explosion events like Projects for Extraterrestrials. He is also known for sculptural installation works such as Borrowing Your Enemy’s Arrows (1998), a massive wooden boat riddled with arrows that recalls a legendary tactic of an ancient Chinese general. Cai has had many solo exhibitions, including Cai Guo-Qiang on the Roof: Transparent Monument at the Metropolitan Museum of Art (2006) and Cai Guo-Qiang: I Want to Believe at the Guggenheim Museum in New York (2008). He was awarded the International Golden Lion prize at the 48th Venice Biennale (1999), and curated the first China Pavilion at the 51st Venice Biennale (2005). He was the Chief Special Effects Designer for the 2008 Beijing Olympics’ creative team. Cai lives in Brooklyn.