While the art auction market remains healthy in Europe, it is no match for the Chinese appetite for auctions.
The 10 most expensive works sold in the previous month totalled £58M (€69.6)($94.2M). What is striking about the list is that it only contains 1 piece of Western art sold in London at Sotheby’s. The rest were Chinese works sold to art collectors in China and mostly via Sotheby’s in Hong Kong.
9 out of 10 highest bids are Chinese
The one Western entry to the list weighs in at number 7. It is a canvas by Glenn Brown titled Ornamental Despair. The Lot item went on October 17 October for the net sum of £3.6M (3,554,500).
All signs indicate that the Chinese art market is going to overtake both the North American and the European in sheer sales volume. It is not a question so much of ‘if’ but when it is going to happen. With 9 out of 10 global auction records being Chinese in one month alone, it may already be a reality.
The top 10 list of works sold at auctions in October 2013*
1) Zeng Fanzhi, The Last Supper; oil on canvas: 220 x 395cm.
Sold at Sotheby’s Hong Kong on Saturday 5 October 2013.
Selling price: 180,440,000 HKD (23,269,069 US$) premium.
2) Zao Wou-Ki, 15.01.82 (triptych); oil on canvas: 195 x 390cm.
Sold at Sotheby’s Hong Kong on Saturday 5 October 2013.
Selling price: 85,240,000 HKD (10,992,327 US$) premium.
3) Zao Wou-Ki, 16.5.66; oil on canvas: 195 x 130cm.
Sold at Sotheby’s Hong Kong on Saturday 5 October 2013
Selling price: 79,640,000 HKD (10,270,165 US$) Premium.
4) Chen Yifei, Red flag 1; oil on canvas: 300 x 159cm.
Sold at Sotheby’s Hong Kong on Saturday 5 October 2013.
Selling price: 79,640,000 HKD (10,270,165 US$) Premium.
5) Zao Wou-Ki, 3.4.60-1.2.69; oil on canvas: 195 x 130cm.
Sold at Sotheby’s Hong Kong on Saturday 5 October 2013.
Selling price: 70,680,000 HKD (9,114,707 US$) Premium.
6) Sanyu, Goldfish; oil on canvas: 73.8 x 50.2cm.
Sold at Sotheby’s Hong Kong on Saturday 5 October 2013.
Selling price: 67,320,000 HKD (8,681,410 US$) Premium.
7) Glenn Brown, Ornamental despair; oil on canvas: 201 x 300cm.
Sale Of: Sotheby’s London on Thursday 17 October 2013.
Selling price: 3,554,500 GBP (5,746,039 US$) Premium.
8) Liu Ye, Sword; oil and acrylic on canvas: 180 x 360cm.
Sale Of: Sotheby’s Hong Kong: Saturday 5 October 2013.
Selling price: 42,680,000 HKD (5,503,900 US$) Premium.
9) Unknown, Emperor Lizong; ink on silk: 37.6 x 37cm.
Sold at China Guardian Auctions Co Ltd on Saturday 5 October 2013.
Selling price: 42,550,000 HKD (5,487,136 US$) Premium.
10) Zao Wou-Ki, 30.7.64; oil on canvas: 149.8 x 161.8cm.
Sold at Sotheby’s Hong Kong on Saturday 5 October 2013
Sold For: 38,200,000 HKD (4,926,171 US$) Pewmium.
(*) Source: artnet Price Database.
Related articles: The global art market according to artprice™
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