Again, in the midst of what is supposed to be a severe pullback in the Chinese art market, Poly Auction set a record of $30m for a oil painting by a Chinese artist. Wu Guanzhong is among the Chinese painters who drive the most consistent sales. According to Artprice, last year Wu had sales of $103m with $11m as the top price paid for his work.
Poly Auction had $160m in sales this week, according to Bloomberg’s Frederick Balfour:
Mainland China-backed Poly Culture Group Corp. exceeded its pre-sale estimate of HK$700 million by earning HK$1.27 billion, boosted by the sale of a HK$236 million painting by Wu Guanzhong, an auction record for the artist. Bonhams and Seoul Auction also reported strong sales.
Sotheby’s Hong Kong Auction Earns $400 Million, Defying Downturn (Bloomberg)
More from Art Market Monitor
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Sotheby’s Increases Auction Commission Margin in Q1
China Poly’s Beijing Sale Nearly Matches Christie’s HK Rival
Chinese Auction Sales Down But Poly Still Dominates, Expands to Hong Kong
China’s Poly Gets Ready for a Hong Kong IPO
Chinese Art Market Falls as Fast as It Rose
