Silence and anticipation will grip the S.A.R. this Sunday as Christie’s Hong Kong gears up for its biannual auction. Going on the block is a mix of 2,400 pieces of classic and contemporary art valued at HK$1.8 billion, said to be the largest collection of Asian finery up for grabs. Jonathan Stone, international business director of Asian art at Christie’s said, “I think we can look forward to one of the highest (Asian) sales we’ve had.” According to Reuters, Christie’s previous record for a Hong Kong auction was US$210 million set last autumn. With growing interest in all things China, it seems as if Chinese art is the new bling. Will Ne-Yo have a couple of Yue Minjun paintings in his next video? As the infamous heiress currently traipsing all over Shanghai would say, “that’s hot.”
Art aficionados out there, there’s still time to listen to the good governor of California’s advice about pumping iron in preparation for the auction. Your arms have to be ready to go the distance as the bidding is going to be fast and furious, and, as I’m sure Barry Bonds secretly agrees, an extra edge never hurts. Interestingly enough, according to Bloomberg, unlike buyers in the West, this mix of mostly Chinese and Taiwanese art connoisseurs won’t be looking for modern art. Instead, they’ll be keeping an eye on the classics. Like property in China, the art market is overheating which, in turn, has valuations skyrocketing. As such, local buyers may be backing off of those newfangled pieces in favor of something that has been witness to the ebb and flow of history. Bloomberg found one art lover who talked about this return to the old school:
There’s an essence, a spirit in fine antique pieces that is absent in contemporary artworks,” said Cai Mingchao, 43, general manager of Xiamen Harmony Art International Auction Co., who paid a record HK$116.6 million last year for a Ming Dynasty Buddhist bronze statue. “Many people are speculating on Chinese contemporary art, that’s why prices have risen so much. They have no one but themselves to blame should prices collapse.”
In the end, whether vintage or contemporary, a scroll or a canvas, there is one constant of the Hong Kong Christie’s auction: nothing will be cheap.
Image: France Magazine
Comments (2) to “It’s Hammer Time: Christie’s Auction Hits Hong Kong”
Tobias said:
Wow!! People are crazee!
But isn’t Mr Cai Mingchao one of the very people he refers to when he talks of
“Many people are speculating on Chinese contemporary art, that’s why prices have risen so much. They have no one but themselves to blame should prices collapse.”
I mean 116.1million HKD on a statue! I hope it was 10 feet tall, diamonds secretly hidden inside and the centerpiece of his shiny showroom…
Posted on 11.23.07 at 3:20 am | Permalink
Jerry said:
Yea seriously! Imagine having so much money that you could happily spend all that cash on a piece of art, statue or the ‘red scroll painting’
Its nuts!
Posted on 11.23.07 at 3:26 am | Permalink