Speculation inflates Chinese contemporary art prices
2006 : les prix s'envolent, les grandes salles de vente aux enchères enregistrent des records...
13.05.2006 NEW YORK.
By Jonathan Napack and Charmaine Picard
Yue Minjun, Lions, 1998, sold to an anonymous bidder for $564,800 |
The inaugural sale of contemporary Asian art at Sotheby’s in New York,
which took place last month as part of Asia Week, saw ferocious bidding
and a final total more than 50% higher than the upper estimate.
Although the auction included work by Japanese and Korean
artists, the real focus was Chinese painting, one of the fastest
growing segments of the contemporary art market. The sale brought in
$13.2m, well above the auction’s upper estimate of $8m, and set new
auction records for 20 artists.
Many collectors from mainland China came to the sale, several
at Sotheby’s for the first time. But most of the bidders in the room
were New York dealers. An exception was a Chinese bidder, resident in
Singapore, who purchased the day’s top lot: $979,200 for Zhang
Xiaogang’s Bloodline Series: Comrade No. 120, 1998, more than doubling
the pre-sale estimate of $350,000 and beating 11 other bidders.
Two smaller portraits by Zhang also drew energetic bidding.
Zhang’s Bloodline Series: Comrade No. 4 (Yellow), 1998, sold to a
telephone bidder for $419,000. Zhang’s Sailor (Girl), 2004, later went
for $486,400 to a private New York dealer, more than four times its
upper estimate of $110,000.
Yue Minjun’s painting Lions, 1998, depicting five grinning
figures crouched on marble pedestals, sold to an anonymous bidder for
$564,800. Michael Goedhuis, a longtime dealer of Chinese antiquities
who recently entered the contemporary market, purchased Xu Bing’s
mixed-media installation The Living World, 2001, for $408,000, setting
a record for the artist at auction.
A week later, on 8 April, Sotheby’s held its third sale of
Chinese contemporary art in Hong Kong, with equally good results: the
sale total was HK$132 million ($17m). Bidding was fierce, but with a
larger Asian contingent.
Many of the top lots—such as San Yu’s Pink Lotus (est
HK$5m-7m) painted in the 1940s—came from the early years of Chinese
modern painting, which is little known to international collectors but
is highly sought after by Taiwanese and Indonesian Chinese (most of
whom keep their collections in Singapore). It sold for HK$28m ($3.6m).
“It’s becoming difficult to find anything,” said one Shanghai
dealer. “People are coming from overseas with long shopping lists and
leaving empty-handed.” Many believe that works have been deliberately
withdrawn from sale in order to push prices up, at least until after
these auctions. Buying seemed at times indiscriminate, with marginal
works by artists with famous names going for several times their
estimates. “It was exactly like this in the 1980s in Japan,” said a
director of Sotheby’s. “People don’t even know what they’re buying. Or
care.” A Hong Kong conservator said many pieces had severe conservation
problems: “Last year there was a Yue Minjun that looked like it was
about to fall apart. I hope buyers are actually inspecting these
pictures.”
The most pressing issue is that these auctions do not
constitute a true secondary market, since the overwhelming majority of
pieces were consigned directly by the artists. Yue Minjun sat in the
front row in New York while prices for his work soared. There are
unconfirmed reports that artists have bid up the prices of their own
works in previous Hong Kong sales.
Nonetheless, most analysts attribute the rise in prices to
speculative buyers from mainland China, where an under-regulated,
cash-based financial system encourages wealthy people to seek easily
portable vehicles for their investments. But the biggest market for
Chinese art is still the US, with the Taiwanese dominating the Asian
contingent. According to Sotheby’s Chinese contemporary art head Zhang
Xiaoming, more than 50% of the buyers in New York were American. She
added that 43% were new to Sotheby’s, testifying to the dynamism of
this young market.
http://www.sgallery.net/news/05_2006/13.php