HONG KONG.- Tonight in Hong Kong, bidders from across Asia and beyond battled enthusiastically, driving Sotheby’s Modern Art Evening Sale total to an outstanding HK$793 million / US$101 million, well above pre-sale expectations (estimate: HK$385-574 million / US$49-73 million), and with an impressive sell-through rate of 92.3%.

Vinci Chang, Sotheby’s Head of Modern Asian Art, commented, “Tonight’s sale thoughtfully brought together works from both East and West and we were thrilled at how the global marketplace responded, with new records set and intense competition felt across the entire spectrum of tonight’s offering. Wu Guanzhong’s Lotus Flowers (I) was a special highlight for all of us, which was received with huge excitement both during the auction preview and in the room tonight. We were also delighted this season to present six outstanding works by Zao Wu-Ki, whose market we are proud to continue to nurture and lead.”

The undisputed highlight of the evening was Wu Guanzhong’s Lotus Flowers (I) from 1974, which exceeded all expectations selling for HK$130.8 million / US$16.7 million (est. HK$15/25 million) and securing its place among the top five highest prices ever achieved for the artist at auction. The painting, one of only a small number of large scale works that the artist painted for himself, was pursued by two determined telephone bidders for at least fifteen minutes before auctioneer Harry Dalmeny brought the final hammer down.

An unrivaled group of six works by Zao Wou-Ki was 100% sold and totalled HK$440 million / US$56 million, over the high estimate. The group was led by a seminal work from the artist’s Oracle Bone period, Untitled (1958), which exceeded the high estimate of HK$80 million to sell for HK$116 million / US$14.8 million. Coming directly from the collection of the Solomon R. Guggenheim Museum, the painting made its auction debut more than six decades after its creation, and proceeds from the sale will benefit the museum’s art fund.

The sale also included eight works by Guan Liang that sparked fierce competition, selling for a combined HK$43.9 million / US$5.6 million, 4.6 times of the low estimate for the group. Leading the offering was Monkey King Making Havoc in Heaven, which sold for HK$13.4 million / US$1.7 million.