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China: Sotheby's contemporary art auction exceeds expectations

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Upon the sale of the twentieth century Chinese art sale which took place on October, 3rd at theHong Kong's headquarters of Sotheby's auction house, the auction has been slipped away by the works of Chinese artist Zao Wou-Ki. A record was even set for an abstract oil on canvas from 1968, entitled 10.1.1968, which was awarded $ 8.85 million, doubling its initial highest estimate.

The paintings by this French-Chinese artist, born in Beijing in 1921, trained at the Academy of Fine Arts in Hangzhou and settled in France since 1947 continue to raise the enthusiasm of collectors both at the West and the Asian scene. Zao Wou-Ki represents a great value for the art market. Other works by the artist presented for sale in HongKong have also far exceeded their estimates.

The Sotheby's sale totaled more than $ 43 million, proving that the Chinese market is doing extremely well. Chinese buyers are currently very keen to buy the works of artists from their country, mostly those belonging to the modern and contemporary scene. For example, the canvas by painter Wu Guanzhong, who died in 2010, View of the Lijiang River, dating 1975, was purchased for nearly $ 3.4 million (it was initially estimated between 1.5 and $ 2.3 million).

[exibart]










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