Art Market Monitor

Global Coverage ~ Unique Analysis

What Sold in Shanghai at Art021 + West Bund Art Fair

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Richard T Zhang went to the Shanghai fairs and filed this report for us:

Perrotin

  • Takashi Murakami, Untitled, 2017, 150 x 300 x 50.8 cm, 1.2million USD
  • Takashi Murakami, Untitled (In collaboration with Madsaki), 2017, 141 x 120 cm, 950.000 USD
  • Kaws ( NTY, 2017, Largeur : 213.4 cm / Width : 84 in) and Izumi Kato

Galleria Continua

  • State XVII, Antony Gormley, One Cast iron, 2012, 192 x 42 x 35.5 cm,  350.000 GBP
  • 2 Large-size Photographies from Carlos Garaicoa, 320.000 CNY

Shanghart

  • Painting from Yu Youhan “20101101”, 3.500.000 CNY
  • Painting from Ding Yi, “Appearance of Crosses, 2015-B18” 500.000 CNY
  • Sculpture from Lu Lei, “Night”, 400.000 CNY

Hive Art Center

  • 15 pieces sold, including
  • Wang Qing, Block, 2015,  Mixed media on paper mount on canvas, 200×200cm, 120.000 CNY
  • Leng Guangmin, Directional Bending, 2017, Mixed media on canvas, (200~240)×160cm 171.000 CNY
  • Gong Chenyu, Display-Circus Horse, 2017, Oil on canvas, 200×200cm, 80.000 CNY

Marlborough

  • Francis Bacon, “Study from the Human Body – Figure in Movement”,1982, 198cm X 147.5cm, 20 million CNY

Gallery Krinzinger

  • Painting from Secudion Hernandez, 55.000 USD

Kukje/Tina Kim gallery

  • Jean-Michel Othoniel, Purple Lotus, 2015, Mirrored Glass, Stainless Steel, 142cm X 135cm X 122cm, 1.6 million CNY

Cassia Besseiche(Asia) Arts Centre

  • Jiang Zhi, The World is Yours，as well as Ours-B9, 62x52cm, 2015, 100.000 CNY

A+ Contemporary & Asia Art Center

  • Jiang Cheng, Oil on canvas 210x170cm, 76,000 CNY
  • Chen Xi , Single Layer Acrylic No.53_2017 | Acrylic on canvas, 120x100cm, 50,600CNY
  • Kao Jun Honn Reflection of Li-Fong Coal, Mine 2009 | Single channel video, color, sound_38’02”, 30,000 CNY.
  • Zheng Wenxin-three pieces
  • Peng Yihsuan – one small work

Tokyo Galleries +BTAP

  • Kishio Suga, Nature of Mutiple Sites, 2006, 20.2×14.2×21.8cm, wood, paint. 80.000 CNY
  • Lin Yu Si, Night Escape, 2016, 68x90cm, ink on paper, 80.000 CNY

Madein Gallery

  • Paintings by Chen Ying
  • one story by artist from Lu Pingyuan

EGG Gallery

  • Gei Ziyu,  Lattice  Series No.3, Mixed Material, 48*58cm, 2015, 30.000 CNY
  • Yu Yang, I need to keep you –cut piece no 1, waste work, mix-media, 232x100x14cm, 2017, 120.000 CNY
  • Liu Shuang, Hic Et Nunc, Mixed-material, 170x150x100cm, 2017, 68.000 CNY

C5 Art Center

  • Jin Ningning, 3 carpet pieces at 20.000 CNY and 1 digital work at 12.000 CNY

Lucie Chang Fine Art

  • three small-scale oil paintings by Morgan Xinmo Wu, from her recent Jellyfish series, are sold around CNY 65,000
  • Two monochrome works by Zhiyuan Wang at CNY 30,000

Westbund

Lisson

  • Anish Kapoor, Spire, 2014, Stainless steel, 1 million GBP

David Zwirner

  • Mutipule Photographies by Wolfgang Tillmans from 20.000 to 100.000 USD

Sadie HQ

  • 3 works by Laura Owens & Borna Sammak

Blain丨Southern

  • Paintings by Jonas Burgert, price arranged at 1 million CNY

Shanghart

  • 3 paintings by David Diao, from 70.000 CNY -100.000CNY

Pace

  • Yoshitomo Nara, Head(eyes closed), 2017, acrylic on wood, 174.5x90cm, 450.000 USD
  • One Installation by Song Dong, 50.000 USD

Lin&Lin Gallery

  • Shenliang, 2017 No 3, 280.000 CNY999

Boser-Li Gallery

  • 7 paintings by Huang Yuxing
  • Zhang Peili, Uncertain Pleasure (II), 6-channel/12-screen video installation (PAL), silent, color, 1996

Bank

  • Xubing, Background Story: The Yellow Mountain, 2017, Mix-Media/Various material behind the frosted glass. 1,600,000 CNY

Galerie Urs Melie

  • 1 new painting from Wang Xingwei, 2 million CNY

Hive Art Center

  • 11 works sold
  • Zhou Li, Lines – The Tender Sea, 2016-2017, Mixed media on canvas, 300×400cm, 700.000 CNY
  • Liang Quan, Snow Country, 2016, Ink,color and rice paper collage, 160×122cm, 420.000 CNY
  • 5 edition video from Pu Yingwei,  Montage of the Photos-Symptom of the memoir, 2017, HD color video, no sound, 2’25’’

Capsule Shanghai

  • 10 sold pieces
  • 1 piece by Sarah Faux
  • 5 piece by Louis Fratino
  • 1 piece by Alice Wang
  • 1 piece by Doron Langberg 
  • 2 piece by Ivy Haldeman

Alexander Forbes had a busy weekend in Shanghai at the West Bund Art & Design fair and Art021 Continue Reading

What’s At Stake in China for Christie’s

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Francois Pinault & Patricia Barbizet of Christie's
Francois Pinault & Patricia Barbizet of Christie’s

Georgina Adam reporting for BBC News reminds us of the mismatch in goals between public, stand-alone Sotheby’s and privately-held luxury-goods-conglomerate-component Christie’s when it comes to China strategies. For Sotheby’s, China is a growth market, to be sure. But for Christie’s its mainland sales become part and parcel of a broader play. Here’s her report on the first-ever Mainland China sale held by Christie’s in Shanghai:

“China in the 21st Century will be what the US was in the 20th and Europe in the 19th,” Christie’s owner François Pinault told me just before the auction: “It’s terribly important for our future to be here.”

Pinault, along with an impressive line-up of Christie’s staff and top clients, had jetted in for a three-day round of cultural visits, forums and parties in advance of the auction – and hosted a sumptuous dinner catered by the renowned French chef Pierre Gagnaire, featuring a Chinese opera performance. For the preview and auction, the firm had constructed a series of rooms within the immense ballroom of the Shangri-la. As well as showing off the jewellery, art, wine and watches due to be sold, it boasted a ‘salon privé’ where works for private sale were displayed, along with tasters from its online and upcoming New York sales. “The point is to show the range of what we do,” said Murphy. […]

The market for  luxury goods in China is enormous, with consumers eagerly snapping up brand names like Gucci, Saint Laurent and Alexander McQueen – all part of Pinault’s sprawling Kering group. Christie’s orchestrated the auction as a major branding exercise, with scarlet banners in the streets and its name splashed across a huge building overlooking the river. Mindful of the Chinese respect for longevity, on every occasion they hammered home the age of the company, which was founded in 1766.

Auction Houses Vie for Foothold in China (BBC News)

Christie’s Successful $25m Shanghai Sale Means What?

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Christie's Shanghai sale

In the aftermath of Christie’s ground-breaking Shanghai sale where $25m was raised for an assortment of auctionable luxury goods, most observers are trying to make sense of what the sale means. After all, no foreign company has been allowed to hold an auction on the mainland. Yet Christie’s remains constrained by local laws from dealing in the most lucrative class of objects—pre-1949 works of art—that drive the domestic market.

Instead of framing the sale as one of a protected domestic market under siege from foreigners claiming to offer fair play and transparency as The Economist neatly sums up here:

Cai Jinqing, head of Christie’s in China, says her firm plans to take them on with its depth of knowledge (it offered expert art lectures before this week’s auction), innovation (it does online art auctions) and its trusted global brand.

Zhao Xu, the boss of Poly International, a giant auction firm owned by a conglomerate controlled by the army, is supremely confident that the arrival of foreign rivals “will change little”. He argues that the newcomers have no competitive advantages inside China.

That’s surely true. What the Christie’s—and Sotheby’s which will partner with a local auctioneer soon—has as an advantage is global cachet. A fact not lost on the auction house’s strategists.  The Shanghai sale was long on luxury goods: wine, watches and Western masters like Picasso, Calder and Morandi that would sell best as trophies for wealthy first-time buyers. This was no connoisseurs sale. Nor was it meant to be.

Picasso, Homme Assis ($750k-1m) $1.9mThe evening was a window into a different sort of art market from the one mainland buyers are used to. To amplify the evening, Christie’s encouraged an air of excitement. The auctioneer and Christie’s staff encouraged frequent applause, sometimes after successive bids, as the New York Times noted:

Mostly Chinese buyers attended the sale in a vast ballroom at the Shangri La hotel here, where the auctioneer, Jin Ling, in a vermilion dress, conducted the bidding in Chinese, often in excited tones. […] Before the auction, Christie’s experts said the company decided to offer what they called an array of categories rather than concentrate on paintings and sculpture. In that sense, the sale was a test of Chinese taste that would set the trend for future auctions, they said.

The wheel of Chinese tastes will turn slowly. And the second front in the war between the Chinese way of doing auction business and the Western way—where objects long outside of China are bid upon simultaneously by mainland and overseas buyers—will remain in Hong Kong for obvious reasons. But Christie’s has established an important beachhead from which it can develop something even more valuable than taking a piece of China’s antiquities market. That is, it is continuing to develop a global market for goods that are equally valuable to Chinese buyers, Europeans, South Americans and Ultra High Net Worth Individuals wherever they may be.

Christie’s v. The People’s Army (Economist)

Christie’s Opens for Business in Mainland China With Its First Auction (NYTimes)

Fifth SH Contemporary Anchors Art Week

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The WSJ’s Scene Asia blog covers the opening of SH Contemporary:

Shanghai’s independent galleries and museums unveiled their best works this week alongside SH Contemporary — many are calling it “Art Week,” with the end in sight at a Sept. 11 event dubbed “Art Detox.”

Several dozen galleries and studios located in the Moganshan Road art district of converted factories threw open their doors Wednesday night and concluded the festivities at a raucous group dinner for hundreds of artists, gallerists, curators and collectors. Moganshan Road highlights include the “Waterworks” group exhibition and a solo show of husband-wife team Ji Wenyu and Zhu Weibing at ShanghArt’s two Moganshan Lu spaces. One of Mr. Ji and Ms. Zhu’s cloth sculptures also joined “Learning from the Literati II,” a collection of modern takes on Chinese traditions at OV Gallery.

SH Contemporary has struggled to define itself against regional Asian fairs, particularly due to competition from Art HK, and to appeal to the local contemporary art scenes in Shanghai and the rest of China. This year it has aggressively pursued local galleries, and domestic participants this year include Beijing Art Now, Beijing Commune, Red Gate, ShanghArt and Tang Contemporary.

Shanghai’s Art Fair Begins (Scene Asia/WSJ)

Shanghai Art Fair Does $10.4m in Business

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The China Post reflects on both the Shanghai Art Fair and ShContemporary which both were held earlier this month in China:

The 14th Shanghai Art Fair, held from Sept 8. to 12, at Shanghaimart, announced the total trade volume of this year’s fair rose to almost 70 million yuan (US$10.4 million), 40 percent higher than last year.

“China’s art market is picking up slowly after the bubble burst at the end of 2008,” said Mauro Malfatti, director of the International Division of BolognaFiere, organizer of ShContemporary.

The publication reports many complaints that China’s heavy taxation of imported art was a damper on sales at the fair.

China’s Art Market Still Has a Long Way to Go (The China Post)

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