In a $42m sale of Chinese art at Poly International Auction Co, the Shanghai auctioneers, the Ullens foundation divested itself of an additional 18 works that brought in a very strong $22m, according to Bloomberg (all bullet points quoted from Bloomberg article):
“Rare Birds Painted From Life,” a 5.25 meter (17 feet) long ink scroll painted by the Northern Song Dynasty’s Huizong Emperor (1082-1135), was sold to a Shanghai buyer for 55.1 million yuan Chen Yifei’s seminal 1979 oil painting “Thinking of History at My Space” sold for 36.1 million yuan Zhang Xiaogang’s 2001 “Bloodline Series” went for 15 million yuan Liu Xiaodong’s 1990 “Showered in Sunlight” sold for 6.1 million yuan before a 12 percent commission “Leisurely Summers Day” by Wen Zhengming (1470-1559) sold for 3.25 million yuan Fu Baoshi’s “Orchid Pavilion” sold for 3.2 million yuan, 14 percent above Poly’s high estimate.
“This is an endorsement by buyers of the quality of the Ullens Collection,” said Dimitri de Failly, Ullens’ chief representative in China. “The result is another sign that the Chinese auction market is not out of oxygen. Chinese collectors are still present and very passionate about their acquisitions.”