Christie’s Shanghai confirms record-breaking Autumn 2017 sales results.
The results of the Christie’s Shanghai Autumn sales in 2017 are up a huge 35 percent on last years Autumn auctions.
Christie’s Shanghai‘s autumn auction season opened on Sunday, 24 September 2017 with two auctions of contemporary and modern art. Sales for Christie’s Shanghai have been far from consistent since they opened office in 2012. Now in its fifth year the world renowned auction house is starting to stabilise. The improved auction results also reflect the increased spending power of an emerging generation of buyers and collectors based in the Asia-Pacific region.
First Open focused on contemporary art by Asian and Western artists with a focus on emerging Chinese artists. Around 80 art and contemporary design works went under the hammer. 85 percent of the lots sold with half of that exceeding the expected prices, and in total the sale realised RMB15,432,000.
According to the trend since the auction house opened, Chinese and North American artists raked in the most cash. The sale’s top lot was Untitled, by Zao Wou-Ki, which sold for RMB1,680,000. The second highest selling work was Zeng Fanzhi’s Untitled (Mask Series) (1999), while US artist Kaws’ sculpture work and toy Companion (2009) was close behind, selling for RMB900,000.
The top lot of the evening auction of 20th Century and Contemporary Art was also a work by abstract painter Zao Wou-ki. The painting entitled 24-12-2002-Diptyqe (2002) was sold for USD5.09 million, which is the highest bidding price for a single collection by Christie’s in mainland China. Compared with other 2017 auction results, 24-12-2002-Diptyqe’s price tag is still only around 5 percent of the world’s most expensive piece of art ever sold at auction: a large-abstract painting of a skull by Jean-Michel Basquiat bought by Japanese billionaire Yusaku Maezawa at a Sotheby’s auction on 17 May this year.
Another record was broken for the highest selling work by a Western master at Chrisite’s Shanghai with Eléphant du Triomphe by Salvador Dalí selling for RMB13,200,000. Collections from Marc Chagall and Andy Warhol were also up for bidding with a Pablo Picasso piece entitled Tête d’Homme selling for USD200,000, while Andy Warhol’s Monkey (1983) was sold at USD218,516.
Guillaume Cerutti, Chief Executive Officer commented thus:
Christie’s remains dedicated to contributing to the art market in China. While we are 251 years old, we are still a young saleroom here, and as we celebrate our fifth anniversary in Shanghai we continue to invest in our operations in Mainland China and play a role in contributing to the fast-developing cultural landscape.
Estimates do not include buyer’s premium. Sales totals are hammer price plus buyer’s premium and are reported net of applicable fees.
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