Christie’s HK 20th C & Cont Asian Art = $140.34m; Phillips HK 20th C & Cont Asian Art = $30.66m; Hauser + Wirth already made an Art Basel sale; Jerry Saltz declares victory.
This commentary by Marion Maneker is available to AMMpro subscribers. (The first month of AMMpro is free and subscribers are welcome to sign up for the first month and cancel before they are billed.)
KAWS & Tomoo Gokita Have Strong Weekends in HK
It was a big weekend in Hong Kong with both Phillips and Christie’s holding sales cycles. Phillips was able to clear $30m in a day and evening sale that combined Western, Asian and Design works. There were directional sales for Eddie Martinez ($318k, $135k and $119k), Tomoo Gokita ($540k, $151k and $98k) and, of course, KAWS who posted strong numbers in the lower tier of his market that had previously been priced as collectibles and now may be getting priced as works of art.
There were strong single sales at Phillips for Takashi Murakami at $478k, Zao at $936k, Botero at $477k, Dana Schutz for $350k, Stanley Whitney for $302.5k.
Christie’s posted $140.34m in the comparable sales in Hong Kong this weekend with a disappointing centerpiece lot from Zao Wou-ki which was estimated quite low and sold for $22.7m even though a comparable triptych from the same series of seven massive works was sold last October at Sotheby’s for $65m. Works of art, even from the same series, cannot be priced like commodities. But the re-calibration of this sub-category of Zao’s oeuvre so soon after its unexpected success suggests the Sotheby’s sale, executed through a third-party guarantee will not further accelerate Zao’s market as many thought. The next highest Zao work in Christie’s Evening sale made a very healthy $12.5m. Another work was bought-in.
Sign up to Art Market Monitor Premium today
You need a membership to AMMpro to view this article and other exclusive content daily.
You can register today for $90 per month—with your first month free!—or for $756 per year (no free trial period.)
If you already have an account, sign in here: