Will Christie’s Asia Contemporary HK ride from Global Trends
Coming after a successful Auction week in New York, Christie’s will put up their Fall sale this weekend in Hong Kong. Strong bidding is expected by a more optimistic buyer market, greater scarcity of top Chinese pieces and relatively lower prices for blue-chip Chinese and Asian art.
In recent years we have seen prices for top works of Chinese traditional, modern and contemporary art. So why does the record breaking Sotheby’s sale in New York has to do with Hong Kong and China? In recent years, sales in HK/China illustrate that the boundaries of prices for artwork will continue to rise, driven by motivated buyers and collectors and investors that have sent prices for Chinese artists to a higher altitude.
The desire for large scale pieces were highlighted by the sale of Mark Rothko $ 75 million painting that was 9.5 feet tall. At Christie’s the highlight will be the work by Zeng Fanzhi Mask Series that is seven by eleven feet estimated at $ 2,6-3.2 million.
Given the right environment and motivation will determine for Chinese collectors appetite for putting new record prices.