SOTHEBY'S Press Release Hong Kong For Immediate Release
Hong Kong | Ruby Hung | +852 2822 8146 | ruby.hung@sothebys.com | Winnie Tang | +852 2822 8129 | winnie.tang@sothebys.com
London | Matthew Weigman | matthew.weigman@sothebys.com
New York | Dan Abernethy | dan.abernethy@sothebys.com
Modern And Contemporary Asian Art Evening Sale
Achieves HK$596 Million / US$76.4 Million Far Exceeding Pre-Sale Estimate (HK$420 Million / US$53.8 Million*)Top Lot of the Evening Kusama Yayoi's No. Red B
Realises HK$54.52 Million / US$7 Million- Works By Japanese and Korean Artists 100% Sold -
Other Notable Highlights Include:
Zeng Fanzhi and Jack Ma's Collective Effort, Paradise, Acquired By Mr Qian Fenglei For HK$42.2 Million / US$5.4 Million
- All Proceeds will benefit The Paradise International Foundation -
Wu Guanzhong's Peach Blossoms
Fetches HK$44.44 Million / US$5.7 Million
Sotheby's Largest-ever Evening Sale Grouping for Southeast Asian Art Achieves An Exceptional Sell-Through Rate of
Over 90% Sold by Lot and Value
Hong Kong, 4 October 2015 Kevin Ching, CEO of Sotheby's Asia, said: 'We are pleased that our evening sale of Modern & Contemporary Asian Art has achieved a solid result of HK$595,626,250 / US$76,362,340, with 85.7% of the lots sold and records set for two contemporary Asian artists. The sale was led by an important large, early abstract work by Kusama Yayoi which attracted competition from five bidders and sold well in excess of its high estimate to bring HK$54.52 million / US$7 million. We were thrilled to see the tremendous price achieved for the painting Paradise, a collective effort by Zeng Fanzhi and Jack Ma, founder and Executive Chairman of Alibaba Group, to raise awareness for environmental protection. After around 30 bids, the lot was sold to Chinese businessman Mr Qian Fenglei for HK$42.2 million / US$5.4 million, nearly seventeen times the high estimate of HK$2.5 million. All proceeds will benefit The Paradise International Foundation in support of its environmental conservation initiatives.'
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NOTES TO EDITORS:
UPCOMING AUCTIONS ON 5 OCTOBER
Fine Classical Chinese Paintings: Curiosity: 9:30am
Modern and Contemporary Southeast Asian Art (Day Sale): 10am
Modern Asian Art (Day Sale): 11am
Full Circle - Yoshihara Jiro Collection: 2pm
Contemporary Asian Art (Day Sale): 2:30pm
Contemporary Ink Art: 4pm
Venue: Hall 3, Hong Kong Convention and Exhibition Centre
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Sotheby's has been uniting collectors with world-class works of art since 1744. Sotheby's became the first international auction house when it expanded from London to New York (1955), the first to conduct sales in Hong Kong (1973), India (1992) and France (2001), and the first international fine art auction house in China (2012). Today, Sotheby's presents auctions in nine different salesrooms, including New York, London, Hong Kong and Paris, and Sotheby's BidNow program allows visitors to view all auctions live online and place bids from anywhere in the world. Sotheby's offers collectors the resources of Sotheby's Financial Services, the world's only full-service art financing company, as well as private sale opportunities in more than 70 categories, including S|2, the gallery arm of Sotheby's Contemporary Art department, and two retail businesses, Sotheby's Diamonds and Sotheby's Wine. Sotheby's has a global network of 90 offices in 40 countries and is the oldest company listed on the New York Stock Exchange (BID).
*Estimates do not include buyer's premium and prices achieved include the hammer price plus buyer's premium.
Images are available upon request
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