- Title: CHINA: Chinese oil painting fetches record price in Hong Kong auction
- Date: 26th November 2006
- Summary: (W3) HONG KONG, CHINA (NOVEMBER 26, 2006) (REUTERS): ENTRANCE TO CHRISTIE'S AUCTION HALL IN HONG KONG BIDDERS WALKING INTO AUCTION HALL BIDDERS LOOKING AT CATALOGUES AUCTION OF 'SLAVE AND LION' PAINTING LADY AUCTIONEER ANNOUNCES FINAL BID FOR 'SLAVE AND LION' PAINTING - AT US$6.9 MILLION PRESS CALL FOR 'SLAVE AND LION' PAINTING CLOSEUP OF 'SLAVE AND LION' PAINTING JOURNALI
- Embargoed: 11th December 2006 12:00
- Keywords:
- Location: China
- Country: China
- Topics: Arts / Culture / Entertainment / Showbiz
- Reuters ID: LVABJXOEE9QTIZ02LU7LV0S3LJC9
- Story Text: A rare piece by renowned Chinese artist Xu Beihong has smashed the record for a Chinese oil painting, selling for HK$53.9 million (US$6.9 million) at the auction in Hong Kong on Sunday (November 26).
The work "Slave and Lion", far exceeded the pre-auction estimate of HK$32 million (US$4.1 million), underscoring the sustained feverish demand from buyers for top quality works by Chinese artists.
"The price achieved today will set the benchmark for Chinese art. So I'm actually quite positive looking forward to the future, that more record prices will be broken," said Vinci Chang, a Christie's Vice President and expert in 20th century Chinese Art at the start of the auction house's autumn sales season on Sunday.
The price exceeded the previous mark by Taiwanese artist Chen Chengbo's oil on canvas "Danshui" which fetched HK$34.8 million (US$4.5 million) at a Sotheby's auction only last month.
Jing Xuan Zhang, Director of Shenzhen GWJB Art, said: "Until now most of the buyers want to buy paintings not just for decor. They need to buy some original paintings to make the price more than before, so it is not only for decor. It is also for investment. In China I think we have long time experience in collecting and something else, so the Chinese can buy a lot of paintings in the future."
Xu Beihong's "Slave and Lion" dates from the artist's stay in Berlin in the early 1920s and depicts the story of the Roman slave Androcles who pulled a thorn from a lion's paw.
A dark work rendered in Xu's realistic technique, it carries a distinct Western form and subject, though with unmistakable Chinese line drawing touches.
The seller was an unnamed Singapore collector and the buyer anonymous.
Another highlight of the afternoon was "Tiananmen Square," an important conceptual painting by Zhang Xiaogang, which went for HK$18.0 million (US$2.3 million), a record price for the artist.
Competition was keen for some of the other notable works on offer at the 20th Century Chinese Art Sale. These included "Potted Chrysanthemum in a Blue and White Jardiniere" by Sanyu, which almost quadrupled its pre-auction estimate to go for HK$29.2 million (US$3.8 million) after spirited, snappy bidding.
The fine art auction market is booming thanks to a robust global economy and the belief that art is a solid investment.
"Actually you can see the result achieved today also reflects how strong the economic situation is in Asia and globally. Also, how people see Chinese art as a potential area especially for art collecting. Actually Chinese contemporary or modern art has been really undervalued, so even the rapid raise in the price in the market shows people really get recognition and also interest to this field", said Vinci Chen.
In Asia, bullish stock markets and robust economies are helping fuel the art frenzy. Experts say they expect Asian art prices to surge, due to the seemingly insatiable demand from international and Chinese buyers for Chinese art, particularly contemporary paintings.
Christie's says at least 25 percent of its buyers are Chinese and that number is rising with each auction.
The firm says that Hong Kong is the world's third most important art market in in terms of turnover after New York and London. Its proximity to China and low taxes have helped turn it into the region's auction hub.
It's the largest auction house in Asia and includes some 2,500 classical and modern paintings, luxury watches, jewellery and ceramics, predominantly from the region. - Copyright Holder: REUTERS
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