Asian Auction Houses Looking Forward To Major Sales Of Chinese Contemporary Art, As More And More People Join Chinese Art Collectors
Top Chinese artists like Yue Minjun remain popular among Asian auctioneers and art collectors alike
Earlier this summer, we profiled several major art auctions, which brought in millions more than expected, in both Hong Kong and Taipei. The success of the HK09 art festival and Ravenel’s 10th Anniversary Spring Auction gave the Chinese contemporary art market a vote of confidence in May and June, and this fall Ravenel hopes to continue its momentum while further cementing its reputation as one of Asia’s preeminent auction houses with two upcoming auctions, to be held in both Hong Kong and Taiwan.
Ravenel’s first autumn auction of 2009, set to take place on November 30 in Hong Kong at the Four Seasons ballroom, should attract a good deal of attention from local and overseas collectors — particularly as it will take place after many other western and Hong Kong auctions in October — but particular interest may be paid to the second autumn sale, which will take place on December 6 at Taipei’s Fubon National Conference Center. As Ravenel is celebrating its 10th anniversary with this sale, and Taiwanese art collectors are renowned for their enthusiasm and occasional aggressiveness, this sale might be a highlight of the season. This is not to say that the Hong Kong auction will be low-key. Trend-watchers will keep a close eye on the makeup of bidders in Hong Kong, and if the demographics follow what we saw in the spring and early summer, it looks like local Chinese buyers will maintain their spot as one of the world’s fastest-rising collector classes.
Clearly, momentum in the contemporary Chinese art market shows that the global financial crisis, while it has bruised nearly anything and everything that can be an investment, has not slowed the new buyers from entering the market. Although Chinese collectors have “joined the party” later than many of their western counterparts, they are more than making up for it now as they become far more prevalent at contemporary art auctions in Hong Kong and elsewhere.
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Tagged Art, asia, asian, asian art, auction, China, Chinese Art, chinese contemporary art, guardian, hong kong, poly, ravenel, taipei, taiwan
Contemporary Chinese Artist Assures Place Among Top Contemporary Artists, Selling For $685,694
Yue Minjun's "Untitled" (2005) brought in nearly $200,000 more than its top estimate. Image © Phillips de Pury & Company
Tentative signs of optimism are starting to show in the contemporary art world, which has not been spared by the economic downturn. Although recent auctions of Chinese and other Asian art have indicated that this region’s contemporary art remains popular among local collectors — who snapped up artwork at recent Ravenel auctions and festivals like HK09 — many predominantly Western art auctions have recently been met by restrained bidding. At last week’s Phillips de Pury & Company Contemporary Art auction in London, however, sometimes frenzied bidding has allowed major auction houses to breathe a slight sigh of relief. 30 of the auction’s 39 pieces sold, bringing in $8,451,540, just shy of the target of 8,692,240. Compared to some other recent sales, this is a huge success, and indicates that buyers are finally getting back into the game as prices have adjusted somewhat and created excellent buying opportunities.
Among the pieces by Koons, Warhol, Ruscha and others, one piece in particular surprised some observers — “Untitled” (2005) by contemporary Chinese artist Yue Minjun. The painting by Yue, who has become one of the world’s top 10-selling contemporary artists over the course of the last 10 years, brought in $196,959 more than its highest estimate, proving that even in tough economic times, historical artists and good quality art will always attract bidders. As Artinfo writes on the sale:
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Tagged Art, artinfo, asia, auction, China, contemporary art, contemporary chinese art, hk09, koons, phillips de pury & company, ravenel, ruscha, warhol, yue minjun, zeng fanzhi, zhang xiaogang
Chinese Buyers Fill The Room At Taiwanese Auction House’s Spring Asian Art Sale
Chinese artist Wang Huaiqing's 'Flying Apsaras' brought in more than $1.3 million at this weekend's Ravenel auction in Taipei
While the auction market has been somewhat sluggish this year — despite good showings in western markets over the last few months — the recent buzz building in Hong Kong, the mainland, and Taiwan recently is starting to get more attention. After last month’s hugely successful HK09 Festival in Hong Kong, where western and Asian artists were exhibited and sold briskly, there have been a rash of sales from home-grown auction houses like the mainland’s Poly and Guardian and Taiwan’s Ravenel, and the surprising sales at these auctions to mainland and Greater China collectors have stunned some onlookers, who had underestimated the motivation of these New Collectors. Going with this trend, Ravenel’s weekend sale of modern and contemporary Asian art in Taipei was both the company’s biggest sale to date and a huge success for Asian art auctions in general.
The sale, which all told brought in $6.5 million in sales, with the top lot going for $1.3 million, has positioned the 10-year-old Ravenel as one of the top Asian auction houses. With prices having become somewhat more affordable as a result of the global economic slowdown, we have seen Chinese and Asian art collectors step up to take their place among major global art buyers, and the buying demographic of the Taipei sale — which was predominantly populated by local and mainland collectors — goes to show that this emerging group of collectors will become increasingly influential in coming auctions, both in the region and globally.
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Tagged Art, asia, asian, auction, cai guo-qiang, cai guoqiang, China, Chinese Art, chu teh-chun, guardian, hk09, hong kong, liao chi-chun, lin fengmian, Luxury, millions, money, poly, ravenel, sale, sanyu, taipei, taiwan, wang huaiqing, zeng fangzhi, zou wou-ki
Taiwan’s Ravenel Art Group Is Rapidly Becoming A Leader Among Asian Auction Houses
Included in Ravenel's December HK auction: Contemporary Chinese artist Feng Zhengjie's, "Chinese Portrait Series No. 2" (2008)
Hong Kong has been the center of attention in the art world over recently, with everyone still talking about the city’s successful HK 09 Art Festival, which took place last month. Alongside the exhibitions of artwork from around the world, the stage was been set for a number of exciting auctions of contemporary Chinese and Western art to take place, both from established houses and newer, Asian auction houses.
Taiwan’s Ravenel Art Group, a relative newcomer, held a major preview of its upcoming Taipei auction in Hong Kong on May 23-24, highlighting the auction house’s focus on a number of high-profile contemporary Chinese artists. Coming later this week, Ravenel’s auction of contemporary Chinese and Southeast Asian art has all eyes on Taipei. A Chinese auction house selling in China to a bidding base that is expected to be primarily Chinese is nothing if not a significant move in the contemporary art world. As we have written often in the past, the “New Chinese Collector” is a mysterious buyer base, one whose art-buying habits are not yet quantified.
Posted in Art, China, Chinese Art, Culture, Investment
Tagged Art, auction, China, greater china, hk09, hong kong, ravenel, taiwan