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:
Posted in Art, auction, Business, China, Chinese Art, Culture, Investment
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
Fund Managers Moving Towards Art As Investment Diversifier, Will These Managers Balance Their Art Portfolio Investments With A Global Mix?
Castlestone is investing in western artists like De Kooning. By focusing only on western art, is the fund going to miss out on higher returns later?
We have written before on Castlestone Management, a $660 million investment fund that focuses on works of art, which the fund feels is a better investment over the long term than traditional hedges like gold or other hard assets. Today, Bloomberg has an excellent profile of the fund, noting that it is designed to benefit from one of art’s great features — a resistance to the great asset de-valuer: inflation. Castlestone, and art investment funds like it are , Farah Nayeri writes, “designed as an anti-inflation shelter at a time when recession-busting stimulus packages are flooding the global economy with cash.” So with the number of these funds increasing, as investors look for inflation-defying destinations for their money, will they get with the program and look for a more global mix, made up of Chinese, Indian, and other emerging artists? Or will they stick to their Picassos and Warhols?
It looks like Castlestone may be up for anything as time goes on, but at the moment they seem to be a bit top-heavy with artists who are late in their career. However, with this sort of fund growing and becoming more popular with inflation-weary investors who aren’t up for the rollercoaster ride of investing in gold, stocks, or jewels, an art fund might be just the thing.
Posted in Art, Business, China, Chinese Art, Culture, Economics, Investment, Museums
Tagged alexander calder, australia, bloomberg, castlestone, China, contemporary art, farah nayeri, fine art fund group, fund, gold, google, hedge, Investment, investment fund, jean-michel basquiat, philip hoffman, picasso, reuters, warhol, willem de kooning, zhang huan
With Auctions Of Western Favorites Doing Better Than Expected, Will We See The Same Excitement Surround Upcoming Contemporary Asian and Chinese Art Auctions?
Up for auction later this month in Hong Kong: contemporary Chinese artist Tang Zhigang's "Chinese Fairytale" (2006). Will Asian collectors pounce on the best buyers' market in years?
As trend-watchers love to say, the art market may be down from last year, but it’s far from out. Yesterday’s auction at Christie’s suprised many, with better-than-expected bidding and several works exceeding their estimates. As the New York Times noted, works by historical favorites like Picasso and Giacometti brought solid prices, and the auction injected a dose of optimism into the auction market, which has recently been affected by the same drop in confidence as the rest of the economy. However, Christie’s success is not the main point that interested me in the New York Times article. This is what caught my eye:
Posted in Art, China, Chinese Art, Investment
Tagged AFP, Art, asian, auction, China, christie's, emerging markets, New York, new york times, picasso, qatar, reuters, sotheby's, warhol