Record price of Western Art in Asia
Hong Kong recently had their Art week with Art Basel HK and Art Central attracting over 60,000 visitors. It was a huge success and the visible trend of more modern art than contemporary art. Perhaps a direction from the organisers. The mix is definitely good and educational for Asia as the art market is getting more and more global. Hopefully we will then also see more Asian art in Art Basel, Basel and Art Basel Miami.
Last weekend Sotheby’s had their spring auctions in HK and an Andy Warhol painting of Mao Zedong from 1973 was sold for HK$ 98.5 million (US$ 12.6 Million), setting a new record price for any western work of contemporary art sold in Asia. Well, it has to be a Asian icon of course so a daring move by Sotheby’s for such blue chip artwork. The previous owner bought it from Sotheby’s in London in 2014 for almost the same amount, meaning the value of the work failed to keep up with inflation. An Asian private collector is now the happy owner of this great artwork.