Strong demand for Chinese Modern art

In the autumn of 2008, Hong Kong was the first art marketplace to suffer the effects of the economic crisis on the art market. Now that the art market has recovered, the autumn 2010 sales in Hong Kong confirm two clear trends: renewed buoyancy for the Chinese, Indian and Indonesian Contemporary art stars and an explosion in the prices of works by Modern artists.

The sales figures from Christie’s Hong Kong branch show an impressive total for Modern works. Contributing to that total, ZAO Wou-Ki generated three million-plus results on 27 and 28 November (8-2-72, 4-6-62 and Cathédrale et ses environs) and SAN Yu’s Potted chrysanthemum in a blue and white jardinière fetched a record result on 27 November, progressing from $3.34m in 2006 (Christie’s 26 November) to $6.05m in 2010!

Christie’s most successful sale was undeniably its Fine Chinese Modern Paintings sale on 30 November 2010 (Hong Kong). At $60.58m, the sale’s taking were indeed spectacular and the unsold rate was exceptionally low (4.6% of the 239 lots offered). Nearly a third of this total came from three works by FU Baoshi and ZHANG Daqian (two million-plus results for Zhang Daqian). Fu Baochi’s roll entitled The Song of the Pipa Player (1945) flirted with $8m. This is a new record for the artist and an exceptional result at triple its low estimate. Another major artist from the Modern period, Zhang Daqian, generated some of his best-ever auction results in 2010: three rolls, Temple at the Mountain Peak ($6.95m), Dwelling in the Qinbian Mountains ($3.6m) and Flying Deity ($3.35m) fetched three of his five top auction scores. Collectors have shown particular enthusiasm for his delicate ink-on-silk works since 17 May this year when his Aachensee (76.2 x 264.2 cm, 1968) scored a new personal record – equivalent to $13.2m – at China Guardian.

While China’s Modern art is enjoying considerable inflation, its Contemporary segment is picking up speed despite the somewhat partial success of Christie’s Asian Contemporary Art sale of 28 November November with, notably, a high rate of works remaining unsold (35.7%).
The two days of Contemporary art sales at Christie’s (27 and 28 November) generated $15m less than the Modern paintings sold on 30 November; but a number of results suggested the return of strong demand for China’s star Contemporary artists, of whom ZENG Fanzhi is a perfect representative.
Christie’s offered no less than eight works by Feng over two days of sales! Only one was bought in (a very early work entitled A Pair of tigers); the other seven totalled $7.6m!

The top lot at the Ravenel sale on 29 November 2010 was also a work by Zeng that had already been offered at auction on two occasions. Entitled Sky series and dated 2005, it is one of a series that has attracted less attention than his Mask series, but which is nevertheless growing in value at a steady pace: in November 2006 in fact, Sky series fetched the equivalent of $230,000 at Beijing Huachen, then $604,000 a year later at China Guardian. This year at Ravenel it sold for $1.07m. The work has therefore accreted in value by 800 000 dollars in just four years! Contemporary Chinese art seems likely to enjoy a particularly prosperous future.