Sandwiches with chicken instead of Peking Duck: Chinese art market has become more modest
ARTinvestment.RU   03 декабря 2008

November 30, Christie's auction in Hong Kong made a modern art. The most expensive lot was the painting from the collection of filmmaker Oliver Stone

November 30 in Hong Kong held auctions Christie's, which were mainly works of contemporary Chinese artists - the same that, tag in the expression of Gary Tatintsyan,« razdrakonili the entire world ». Chinese art market in recent years has been nothing less than a paradise for speculators of all stripes: the prices on some of the superstars of Chinese have grown ten times (see At Christie's on 30 November were exhibited not only the work of the Chinese, but also the creations of artists from other Asian countries. Auction has 65.9 million HK dollars (8.5 million U.S. dollars). It sold 18 works from 32 that the current times is considered a decent result. But if you compare these bids with the «pre-crisis» auctions of contemporary Asian art, the outcome may indeed seem disappointing. In the past five years, these trades were beaten all the records: works «art brands» type Syaogana Zhang (Zhang Xiaogang) completely bought and brought the amount many times greater than estimeyt. November 30, above estimeyta was sold only one work: a portrait of Lincoln (Abraham Lincoln) brush painter Caen South Korean Hyun-Ku (Kang Hyung Koo). Preliminary assessment zhutkovatoy painting was 450-700 thousand HK dollars, and it has a million.

The most expensive work at auction has become a «Pedigree: Big Family, № 2» Chinese Zhang Syaogana record. She went for 26.4 million Hong Kong dollars. The result is not very impressed by the organizers: they hoped that the canvas will be sold for 30 million. «Points» picture added that it comes from a collection of famous film director Oliver Stone (Oliver Stone). Stone, who created such films as The Doors, «born killers», «Alexander» and bayopik George W. Bush «W.», in recent years has gathered a decent collection of contemporary Chinese art. At the auction on 30 November he exhibited five works.

Auction in Hong Kong have been a victim of the same circumstances as the November auction Sotheby's and Christie's in New York *. The thing is that the auction was prepared during the summer, when the collapse of Lehman Brothers was not even thought - hence the high estimeyty. Shortly before the auction Christie's convinced the buyers that the lower the reserve price is essential. A collector of modern art reported that representatives from the auction house contacted him and reported on the reduction of reserves by one-fifth part.

Eyewitnesses, by comparing the auction on 30 November to May sales at Christie's Hong Kong, noted that this time everything was organized much more modest. Last time in the auction room allowed by invitation only, and the visitors were to arrive in elegant costumes. Sunday trading was much less pafosnymi (the hall even ran a child who came to the woman, dressed in sports clothes). Visitors as of May, were treated to an elite Champagne Perrier-Jouët, but instead of Peking ducks they regale pelmeshkami «WIR himself» and little sandwiches with the chicken.

* About the November auction Sotheby's and Christie's, you can read here:

Sotheby's Nov. 3: Malevich painting sold for 60 million

Christie's 5 and 6 November: Juan GRIS and record unsold Rothko

Sotheby's Nov. 11: rarities like hot cakes

Christie's November 12: the leaders, Jean-Michel Basque and Yaei Kusama

Material prepared Yulia Maksimova

Sources: ,

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