HONG KONG.- The 20th Century Chinese Art & Asian Contemporary Art sale at Christie's Hong Kong was a great success. Eric Chang, Head of Christie’s 20th Century Chinese Art Department, said: “We are thrilled with the results of this extremely successful sale, which totaled over HK$144 million. This sale, together with the sale of the Yageo Foundation Collection, fetched a combined total of HK$208 million. This is highest total ever achieved in this category anywhere in the world.

We are particularly pleased that the top lot by Zao Wou-Ki established a new world record for a Chinese oil painting, along with more than ten world auction records for other artists. Three Chinese artists have now achieved prices in excess of US$1 million. The amazing prices realized by first generation artists bring them closer to Western post-war masters, but we still believe that there are tremendous prices to be achieved. Works by the Chinese modern artists, like Sanyu, Lin Fengmian, Zao Wou-Ki and Chu The-Chun, performed particularly well today and are taking the lead in the market.

We are now offering a full slate of Pan-Asian contemporary art. The sale earlier today of Southeast Asian art showed great strength in prices of Indian and Indonesian works. The Japanese works, offered for the first time in this category, and the Korean works were both keenly sought-after today, achieving spectacular prices. Chinese contemporary art sold amazingly well. The contemporary section also represents a record total for this art area, and is a testament to Hong Kong’s role as the leading market for Chinese art and Asian contemporary art. We will continue to strategically expand Asian contemporary art, and we are especially pleased by the strong participation of the Western buyers.”