USD 52 Million Sotheby’s Sale of Traditional Chinese Paintings Hits Market’s Sweet Spot 0
HONG KONG— Yesterday’s “Fine Chinese Paintings” auction at Sotheby’s proved once again that traditional painting holds the strongest sway over the imagination of Chinese art connoisseurs — and over the Chinese market. While sales results in other sectors, such as contemporary and modern Chinese art, have been uneven this season, the results for Chinese painting at this auction were so impressive that works reaching merely their highest estimate seemed to be failures. Lot after lot, the hammer fell on prices that were multiples of the high estimate.
The star painting of the day — Fu Baoshi’s “Court Ladies” (1945) — was hammered down for HK$29 million ($3.7 million), three times its high estimate of HK$7 million. Ninety one percent of the lots today were sold above the high estimate, and only three out of 270 works on offer were unable to find buyers. All of this added up to the best result ever achieved by Sotheby’s for a various owners sale of fine Chinese paintings, with a total haul (including buyer’s premium) of HK$407 million ($52 million)
The sale also installed five particular artists at the top of the market for traditional painting: Fu Baoshi, Qi Baishi, Wu Guanzhong, Xu Beihong, and Zhang Daqian. Of these five, four were represented in the auction’s top ten lots.