Sotheby's Hong Kong Achieves Highest-Ever Sale Series by a Global Arts Business in Asia
Five-Day Autumn Sale Series (4 to 8 October 2013) Realises HK$4.196 Billion / US$538 Million
3,162 Lots Sold In Five Days
A photo from the auction is available at http://www.globenewswire.com/newsroom/prs/?pkgid=21425
Sotheby's Announces a Major Auction of Modern & Contemporary Chinese Art in Beijing, Selling Exhibitions, Educational Programme From 28 November - 1 December 2013
Seminal Work by Zao Wou-Ki From the Collection of the Art Institute of Chicago to Lead Sotheby's Auction in Beijing
HONG KONG, Oct. 8, 2013 (GLOBE NEWSWIRE) -- Today brought the curtain down on a remarkable five-day run of 16 record-breaking auctions staged by Sotheby's in Hong Kong, with numerous new benchmarks set in many categories. Together they realised HK$4.196 billion / US$538 million, the highest grand total ever achieved by any global arts business operating in Asia.
In the wake of these exceptional results, Sotheby's today unveils the top lot from its December sale in Beijing, the company's second auction in mainland China. Estimated at RMB 35 – 45 million / US$5.7 – 7.3 million, and consigned to sale by the Art Institute of Chicago, one of the foremost museums in the United States, Abstraction by Zao Wou-Ki comes to the market as demand for the artist's work is at an all-time high (Sotheby's set a new record of US$10.9 million just two days ago in Hong Kong). Proceeds of the sale will be used for acquisitions.
Highest-Ever Sale Series by a Global Arts Business in Asia
World Auction Record For Contemporary Asian Art, World Record For A Work By A Living Chinese Artist
Zeng Fanzhi's The Last Supper
Sold for HK$180.44 million / US$23.1 million
A photo of Zeng Fanzhi's The Last Supper is available at http://www.globenewswire.com/newsroom/prs/?pkgid=21426
World Auction Record For A White Diamond
A 118.28-Carat Oval D-Colour Flawless Diamond Achieves HK$238.68 Million / US$30.6 Million
A photo of the diamond is available at http://www.globenewswire.com/newsroom/prs/?pkgid=21427
World Auction Record For A Chinese Sculpture
A Massive Ming Gilt-Bronze Figure Of A Seated Shakyamuni Buddha Sold For HK$236.44 Million / US$30.3 Million
A photo of the sculpture is available at http://www.globenewswire.com/newsroom/prs/?pkgid=21428
Patti Wong, Chairman of Sotheby's Asia, said: "With these, our 40th Anniversary sales in Hong Kong, we've taken the pulse of the Asian art market – it's racing, and we are racing with it. Sotheby's Hong Kong Autumn 2013 sale season demonstrates the importance of Hong Kong as an international selling centre: we sourced exceptional properties from 44 countries and worldwide bidding was evident as clients from 41 countries participated. Our reach extends in Asia with around 15% of the clients who participated in this sale series new to Sotheby's.
In our Hong Kong sale rooms these last few days, countless records have tumbled, sale after sale has made more than any previous auction of its kind, and now – with a final total of HK$4.196 billion / US$538 million – we've reached a high watermark for auctions in Asia. From this vantage point, we now look with a keen eye towards Beijing, the capital of China and centre of its art market, where our December auction will be led by a rare work by Zao Wou-ki consigned by an important American institution."
Sotheby's Brings Major Series of Arts Events to Beijing
Speaking of Sotheby's Beijing, Kevin Ching, Chief Executive Officer of Sotheby's Asia, said: "Taking full advantage of the vibrant arts scene in the capital of China, Sotheby's is delighted to announce our plans to mount an exciting and comprehensive series of arts events in Beijing that we have tailored to appeal to both new and established Chinese collectors and our clients. Timed to the height of Beijing's prime sales season, these will commence on 28 November with selling exhibitions and an educational programme and will culminate in a major auction of Modern & Contemporary Chinese Art on 1 December. Continuing Sotheby's tradition of bringing great works of art to market, the sale will be led by Abstraction, a 1958 painting by Zao Wou-ki, one of the leading Chinese artists of his generation. The work (separate release available), which has a pre-sale estimate of RMB35 - 45 million / US$5.7 – 7.3 million*, comes from the collection of the Art Institute of Chicago, one of the foremost museums in the United States. There is no question that such an important work from a key period in the artist's oeuvre and with a particularly distinguished provenance will generate immense interest among discerning collectors worldwide. The December auction, Sotheby's second in the capital city of China, will be the culmination of the Company's celebration of its 40th Anniversary in Asia."
A photo of Abstraction, a 1958 painting by Zao Wou-ki, is available at http://www.globenewswire.com/newsroom/prs/?pkgid=21429
Sotheby's Commitment to Beijing
Mr. Ching continued, "Sotheby's commitment to Beijing arises from the capital's pre-eminence as the arts centre of China: four of the top five auction houses are located in Beijing; virtually all of the top Chinese artists and the vast majority of leading art galleries are Beijing-based."
Sotheby's Comprehensive Arts Events in Beijing(More details to be announced)
Venue: China World Summit Wing Beijing
| AUCTION (1 December) | |
| Auction of Modern and Contemporary Chinese Art | A major auction of Modern and Contemporary Chinese Art will be led by a rare work, Abstraction, by Zao Wou-ki(est. RMB 35 – 45 million / US$5.7 – 7.3 million). |
| SELLING EXHIBITIONS (28 November – 1 December) | |
| The Third Edition of Modern Masters* | Following the success of the inaugural selling exhibitions of Modern Masters in 2010 and in 2012* in Hong Kong, Sotheby's is delighted to present the third edition of this series in Beijing, which focuses on depictions of the figure. Over the ages, the depictions of the figure were always the most highly prized and considered the most significant in Western art. The third installment of Modern Masters provides a glimpse at the evolution of the representation of the figure from the mid-19th century symbolism of Gustave Moreau through Barbizon school works by Jean-Baptiste-Camille Corot to classic Impressionist pieces by Renoir and Toulouse Lautrec. |
| Age of Elegance* | Sotheby's Hong Kong presented Age of Elegance, a selling exhibition of European Paintings, Furniture and Works of Art from the nineteenth-century at the Company's Hong Kong Gallery last November. The exhibition marked the first occasion Sotheby's offered European decorative arts for sale in Asia. The second edition of this selling exhibition will be brought to Beijing, showcasing the artistic and technical excellence that flourished in the European decorative arts in the nineteenth century. |
| SOTHEBY'S DIAMONDS | Sotheby's is pleased to present once again important diamonds and stunning contemporary diamond jewellery from SOTHEBY'S DIAMONDS. Collectors and connoisseurs in the region will have an opportunity to acquire rare gems and beautiful jewels from a diverse range of styles. (Details to be announced) |
| AUCTION PREVIEW (28 November – 1 December) | |
| Highlights of the New York sale of Important Old Master Paintings will be exhibited. | |
| EDUCATIONAL PROGRAMMES (28 November – 1 December) | |
| A series of educational programmes, including open-to-the-public lectures, panel discussion and other components, organised by Sotheby's Institute will also be held to promote art appreciation | |
| MORE EVENTS AND EXHIBITIONS TO BE ANNOUNCED | |
| *Both selling exhibitions - Modern Masters and Age of Elegance - will travel to Hong Kong in January 2014. | |
NOTES TO EDITOR
1) Sale Statistics For Reference
Sotheby's Hong Kong Autumn 2013 Sale season demonstrates the importance of Hong Kong as an international selling centre:
- We sourced property from 44 countries and worldwide bidding was evident as clients from 41 countries participated.
- Around 15% of clients in this sale series were new to Sotheby's, with many new clients from mainland China.
2) Totals Of Sotheby's Hong Kong Recent Sale Series
- Sotheby's HK Spring 2013 Sale Series was HK$2,184,786,300 / US$280,100,808
- Sotheby's HK Autumn 2012 Sale Series was HK$2,045,444,301 / US$262,236,449
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Sotheby's has been uniting collectors with world-class works of art since 1744. Sotheby's became the first international auction house when it expanded from London to New York (1955), the first to conduct sales in Hong Kong (1973) and France (2001), and the first international fine art auction house in China (2012). Today, Sotheby's presents auctions in eight different salesrooms, including New York, London, Hong Kong and Paris, and Sotheby's BidNow program allows visitors to view all auctions live online and place bids in real-time from anywhere in the world. Sotheby's offers collectors the resources of Sotheby's Financial Services, the world's only full-service art financing company, as well as private sale opportunities in more than 70 categories, including S|2, the gallery arm of Sotheby's Contemporary Art department, as well as Sotheby's Diamonds and Sotheby's Wine. Sotheby's has a global network of 90 offices in 40 countries and is the oldest company listed on the New York Stock Exchange (BID).
*Estimates do not include buyer's premium and prices achieved include the hammer price plus buyer's premium.
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