The Zao Wou-ki market goes from strength to strength with new record prices having been set in recent years after a strong new player entered the market by acquiring a substantial number of paintings from the family. A work from that cache set the record a year ago in Hong Kong when it was sold for 202mHKD ($25.9m). There have been two confirming prices since then; one price in a similar range was achieved earlier in 2017 setting up the record sale.
Now Sotheby’s is trying to take advantage of the new price levels and out-do them with the announcement of a massive work from the 1980s. Estimated at 350m HKD or $45m, such a price were it achieved would shatter that record and put Zao Wou-ki in a totally new category of Chinese and European painters. The work was last on the market 13 years ago when it sold for a fraction of what Sotheby’s is hoping to achieve which is testimony to how far the Zao Wou-ki market has come in the last decade. The 2005 price paid for this work is no longer among the top 100 prices paid at auction for a Zao Wou-ki painting.
As always, there are several Zao Wou-ki works in the sale. Another carries a very significant 80-120m HKD estimate. Here’s Sotheby’s release for the work:Continue Reading