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HomeNewsChristie's Hong Kong Spring Sale in 2021 | Stable Performance in 20th And 21st Century Evening Sale, Experts’ Views on The Rise Of Young Artists That Could Become A Global Trend

Christie's Hong Kong Spring Sale in 2021 | Stable Performance in 20th And 21st Century Evening Sale, Experts’ Views on The Rise Of Young Artists That Could Become A Global Trend

25 May 2021, 00:22

On May 24 and 25, 2021, Christie’s "20th and 21st Century Art Evening Sale" kicked off, with global contemporary art oeuvres valued at over HK$1.36 billion, including masters like San Yu, Picasso and Basquiat. The auction received HK$1,585,295,000 in total, with a transaction rate of 97.3%, of which 3 lots were sold for more than 100 million and 27 of them were sold for over 10 million. Untitled of Basquiat led with 234 million Hong Kong dollars, which became the most expensive lot in this session. Chen Fei, Huang Yuxing, Ronald Ventura, Loie Hollowell, Kim Tschang Yeul, Avery Singer and other 11 artists have broken their own record. In addition, many classic masterpieces by artists such as San Yu, Zao Wou-ki, Chu The-Chun, Yoshitomo Nara, and Yayoi Kusama have also achieved good results, except for Xu Beihong's Slave and Lion has unfortunately be unsold.


On this occasion, ArtPro have spoken with the senior experts of industry, include the president of Art Gallery Association Beijing, Director of Triumph Art Gallery Li Lanfang, the senior art experts, Deputy Secretary-General of Art Gallery Association Beijing Lin Song, they will share the insight and opinions on the 2021 evening sale of Christie’s Hong Kong.


I. Stable Performance in Christie’s Evening Sale


Li Lanfang: The results of this evening sale at Christie's were generally within the expectation, and the transaction was stable. The auction is mainly based on Western modern and contemporary art and Eastern 20th century art with a few contemporary works. This combination of is a safe card, although it is unfortunate that Xu Beihong’s Slave and Lion has not been sold. If you have not seen the original work, there is a greater risk for collecting such representative works of the 20th century.

Lin Song: Christie's Hong Kong Evening Sale are very stable and enthusiastic. The total estimate of this art category before the auction in this season is the highest in history. It achieved three lots of more than 100 million, and also created new records for 11 new artist. Except for the unsold work of Xu Beihong, it is a perfect evening auction, which also proves the influence of Christie's.

The layout of Christie’s Hong Kong evening sale is clear:

1.The first section is Western contemporary art, such as Basquiat. This great transaction is his second new record in Asia.

2.The second section is traditional Chinese modern artists. The most important deal is Zhang Daqian. This Chinese painting and calligraphy work is a mix and match in the sale. This splash-color work is in relatively abstract style, which matches with other modern and contemporary art of this auction. The atmosphere and style are also similar, with a turnover of HK$209 million, which is also outstanding.


3.The third section is the traditional advantage of Christie’s evening sale. San Yu, Zao Wou-ki, Chu The-Chun, etc., including Yoshitomo Nara and Yayoi Kusama in Japan and South Korea have all achieved good results, especially in the part of young artists, whether it is the Chinese or Western young artists, they have all set the new records. Overall, the evening sale at Christie's Hong Kong is very clear and stable.



Top1 Lot in Auction:

Basquiat's Untitled is the highest-prices lot in this auction, with an estimate at 140-170 million Hong Kong dollars. This piece was created in 1982, a very important time in artist's career, and it was the heyday of his most creative and the most mature style. This is the second auction of Basquiat's Untitled. In March 2017, it was auctioned at Sotheby's London and sold with US$14.77 million. After a lapse of 4 years, it was auctioned at Christie's Hong Kong, and after fierce bidding, the price climbed rapidly, it was finally sold for HKD 202 million, the total include a commission fee is HKD 234 million. The price doubled in 4 years and became the second most expensive work of this artist that was sold in Asia.


Top2 Lot in Auction:
 


The estimated price of Zhang Daqian's Temple At The Mountain Peak was subject to inquiry. It was sold at HKD 180 million, the total include a commission fee is HKD 209 million, making it the second highest price in his personal sales list. This work was created in 1967 with huge size. It used the unique Japanese mounting of Dafengtang and was decorated with the scroll of "Babaoyaki" in Dafengtang that customized by Zhang Daqian in Japan with the words "San Qian Da Qian" in eaves tiles’ style which is very rare.


Top3 Lot in Auction:

Potted Chrysanthemums of San Yu was estimated at HKD 78-120 million. After an on-site bidding, it was hammering at HKD 101 million and the total including a commission fee is HKD 118 million. Flower is a common theme of San Yu's works throughout his life. Among all kinds of flowers, chrysanthemum is his favorite. This work is his largest pink chrysanthemum with blue branches. The peacock blue branches is reflecting the moonlight and blooms of the pink chrysanthemums are elegant and unconventional.


II. Has The Rise Of Young Artists Become A Global Trend?


A total of 11 artists broke the auction record, among them the contemporary artists born in the 70s and 80s occupied nine places. Avery Singer, Ronald Ventura, Christine Ay Tjoe, Huang Yuxing, Chen Fei, Kohei Nawa, Loie Hollowell, Izumi Kato, and MADSAKI has set new auction records.

Lin Song: The rise of young artists is obvious. Post-70s and 80s artists gradually stepped into the stage of history and became the protagonist of the market. This trend is clear in Christie’s New York auctions. Eight of the nine new records were created in this section, which already accounted for an overwhelming majority. It is also obvious in the Hong Kong market. For example, the new record of 9.25 million by the Chinese contemporary artist Huang Yuxing and the new record of more than 7.2 million by Chen Fei have all increased significantly. These are all good records.

This is already a clear signal, and other artists are also following up. Artists such as Wang Xingwei are very stable. I believe that if the high quality works are made, they will sell a good price. The appearance of young artists from all over the world and from Asia have become the main force, which is obvious.

Li Lanfang: Whether it is Western or Chinese post-70s or post-80s young artists, some of them are now have more prominent price, which can be viewed for a long term and on the front line. For example, some young Western artists have also sold prices of over 10 million in the first two years, but the current estimation has fallen to one or two million, and the current transaction is basically within the range of estimate. The market for young artists still needs to be reviewed and considered. The current pricing and positioning can not determine whether they are the trend of the market. The new works and core sectors are definitely needed, but each field has a growth period and a cooling-off period. Under this point of view, there are no final conclusion at present, it takes a long time to observe.



III. The Transaction of Chinese Contemporary Art Is Within Expectation
Lack of representative works of the Chinese contemporary artists


Works of Chinese contemporary artists who were born in 50s and 60s have sold for a total HKD 69.26 million. The European and American contemporary artists have sold nearly HKD 300 million, of which Basquiat's Untitled accounted for HKD234 million. The total turnover of Western contemporary art is five times more than Chinese contemporary art. Among them, Liu Ye, Zeng Fanzhi and other artists have sold within the estimate. Western contemporary artists performed significantly, Adrian Ghenie’s Collector I was sold for HK$65.97 million to the No.1778 buyer, which became the second highest priced work of artist and the most expensive work of him that was sold in Asia. (The last most expensive record of Ghenie in Hong Kong was created in October 2020. In 2020, "Lidless Eye" was sold at a price of HKD 54.92 million, which became the most expensive auction record of him in Hong Kong.)


Li Lanfang: In general, Chinese contemporary arts accounted for a very small part of the market (14 pieces of Chinese contemporary artists who were born after the 50s, accounting for 19%). The post-70s are the majority of Chinese contemporary artists. The works found in this section are relatively safe and scarce in the market. Compared with Southeast Asia, Japan, South Korea, and even Europe and United States, the Chinese section is still very small. The sales of Chinese contemporary art are all within expection and reasonable prices. They will not sell at prices much higher than the reserve price, or even several times higher than the reserve price of young contemporary Western artists. Zhang Xiaogang, Wang Xingwei, and even young artists such as Jia Aili, Huang Yuxing, Chen Fei, etc. are among the popularr works in the primary and secondary markets.


Lin Song: In this auction session, there is a big gap between Chinese contemporary art and Western contemporary art in terms of total turnover. There is a lack of heavyweights like Basquiat with 200 million priced work. The price of Chinese contemporary art works is very stable in this auction, but lacking highlights and key works of particularly representative artists, so there is still a certain distance with Western contemporary art.

The contemporary part of Southeast Asia is still relatively weak compared to Chinese contemporary art. It still need to catch up, although the number of their representative artists is slightly less than others.


Other Featured Lots:

2021 is the 100th birthday of Zao Wou-Ki, his work 24.01.63 was sold for HK$76.28 million and Port-29.04.52 was sold for HK$30.01 million.
 


On May 25 in 2021, "20th and 21st Century Art Morning Session", "20th and 21st Century Art Afternoon Session" and "Mr. Doodle: Caravan Chaos" will continue to be exciting. For more information and updates of the spring auctions in Hong Kong, please follow ArtPro.



Click to view more information on lots of the session

20th And 21st Century Art Evening Sale
Christie's Hong Kong
24 May 2021, 19:15
Hong Kong Convention and Exhibition Centre 1 Expo Drive, Wanchai Hong Kong
Source: ArtPro