Still, if the latest auction results for Asian contemporary artwork at Christie s are anything to go by, buyers are still extremely bullish, though increasingly selective.
The inaugural evening sale of Asian Contemporary Art at Christie s in Hong Kong raised 318.38 million Hong Kong dollars, or $40.8 million, well above the presale estimate of 174.6 to 231.8 million dollars.
Christie s was offering a small, highly selective list of high-caliber works by leading artists, including Zeng Fanzhi, Yue Minjun, Zhang Xiaogang, Cai Guoqiang and Takashi Murakami, and the buyers snapped them up. Only two of the 34 lots failed to meet their reserve and several records were set, including a new world auction record for any Chinese contemporary artwork, for Zeng Fanzhi s monumental Mask Series 1996 No.6 which sold for 75.3 million dollars.
There was quite an even bidding between the room and the phones, though the phones seem to win in the end on the top lots, said Eric Chang, head of Asian contemporary art and Chinese 20th century art at Christie s. I think this evening sale has opened another gate for Asian contemporary art.
The auction continued equally strongly Sunday, with 341 lots raising 253.1 million dollars. While many buyers remain enthusiastic, they are also becoming more discerning.
Gweong-Gweong, by Yue Minjun, sold for 54 million dollars, a record for the artist and well above the 4.9 million dollars that it fetched in November 2005. But Great Solidarity , painted by Yue in 1992, was one of the lots that failed to sell, despite being a historically significant piece that established the artist s trademark motif of rows of repeated figures of himself.
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