To Art + Auction, the Hong Kong sale of Contemporary Chinese art was a disappointment:
Zhang Xiaogang’s Bloodline: Big Family, No. 2, was the session’s most expensive lot; the 1995 oil on canvas went for HK$26,420,000 to an anonymous phone bidder. Still, it was a disappointing result. The work had been expected to sell for about HK$30 million and boasted considerable star power: The piece has been exhibited prominently by U.S. museums and was from the collection of Hollywood filmmaker Oliver Stone. The director, who has been quietly buying and selling for years, even made a rare personal appearance on the Christie’s floor the day before the auction to be seen with the five Chinese contemporary paintings he had put up for sale.
But Colin Gleadell tells another story in the Telegraph:
Hollywood film director Oliver Stone, who recently completed the George W Bush biopic W, sold three contemporary Chinese paintings at Christie’s in Hong Kong on Sunday for £2.9million. Stone will have realised a handsome profit as the paintings, including Liu Wei’s Revolutionary Family, a portrait of the artist with his father which sold below estimate for £243,000, were bought in the early 1990s when contemporary Chinese art was barely a glimmer in the market’s eye. The contemporary Asian art sale was otherwise a lacklustre event in which nearly half the lots went unsold.
Has the Asian Contemporary Bubble Burst? (ArtInfo)
Oliver Stone Nets a Profit from Chinese Art (Telegraph)