In the second evening sale Saturday, featuring Chinese 20th century work, only 73 percent of the 26 lots were sold, raising 151.4 million dollars within the estimate of 130.7 million to 168.3 million dollars but lacking in excitement. The next day went a little better, when 83 percent of the lots were sold, raising another 91.1 million dollars.
Some pieces went very high, but maybe the estimates were on the high side, Chang acknowledged.
Of six lots by the Taiwanese artist Kuo Po Chuan, only one was sold. Sunset at Danshui went for 2.64 million dollars, at the lower end of its estimate of 2.5 million to 3 million dollars. His star lot, The Forbidden City , estimated at 5 million to 7 million dollars, failed to find a buyer. A piece from the same series was sold for a less-than-expect-ed 27.2 million dollars at a Sotheby s Hong Kong auction last month.
Chinese collectors might have been turned off by the latest developments on the local stock market, as well as the Sichuan earthquake, he said. But I think the market prices will come back up.
1. Zhang Xiaoming has settled in China and she found that the Chinese contemporary art really touches her.
2. According to Zhang, many artists are repeating themselves.
3. Zhang thinks tradition, history and culture are the sources of the artists inspiration.
4. Zhang is the senior global specialist and vice president for Chinese contemporary art at Sotheby s in New York.
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