Poly Auction Hong Kong Modern and Contemporary Art Auctions realise a combined total of HKD 450 million

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Poly Auction Hong Kong Modern and Contemporary Art Auctions realise a combined total of HKD 450 million
Auctioneer, Jenny Lok, sold the Evening Sale highlight: Jean-Michel Basquiat’s Masterpiece Untitled.

HONG KONG.- The 10th Anniversary Auctions of Poly Auction Hong Kong, Modern and Contemporary Art Evening and Day Sales totalled HKD 450 million, and well concluded with an exceptional result.

Jamie Yu, Head of Modern and Contemporary Art Department, Poly Auction Hong Kong, commented, “To celebrate our 10thAnniversary, we are greatly honoured to realise a combined total of HKD 450 million and setting an unprecedented record in our history. Simultaneously, we have also pulled off a white glove sale at the debut of our Evening Sale. All Western artists’ masterpieces received extraordinary results, among which, Jean-Michel Basquiat’s Masterpiece Untitled achieved an exceptional HKD 106 million, marking the highest-selling lot and establishing our highest Western Art sold price over the decade. The Day Sale also achieving sell-through rate 82% by lot. We would like to express our sincere gratitude to collectors around the globe, who have shown their unyielding trust and support. In the future, we will strive for excellence to curate more exceptional auctions, offering the world’s top-notch artworks.”

The first-ever Evening Sale attracted competitive bids from collectors worldwide, it achieved a white-glove sale and realised over HKD 410 million. In addition, one masterpiece surpassed HKD 100 million while seven lots achieved prices above HKD 10 million, witnessing a superb result. The top lot of the evening was Jean-Michel Basquiat’s Masterpiece Untitled, which was sold at HKD 106 million after competitive bids, becoming the highest-selling lot at the Evening Sale, and marked the highest price of Western Art ever sold at the auction house over the decade. This was one of the earliest works from the legendary artist who marked his signature visual symbols with the three-pointed crown, which was unseen for more than 20 years. While the Encased Cakes by American Post-War Art Master Wayne Thiebaud performed well and fetched HKD 79.2 million, setting the second-highest price for the artist. Another highlight offered at the Evening Sale was Lidless Eye by Adrian Ghenie realised HKD 60 million, and Jean-Michel Basquiat’s Logoachieved HKD 25.2 million. In addition, the 20th Century Chinese and Asia Contemporary Art also recorded significant success in the evening. Warm Spring in the Mountain Village by Wu Guanzhong was sold for HKD 28.2 million, whereas Infinity Nets (BSGK) by Yayoi Kusama was sold for HKD 19.8 million.

While the Modern and Contemporary Art Day Sale also achieved a remarkable result, realised over HKD 35 million, with a sell-through rate of 82% by lot. Peach Blossom by Zhou Chunya and The Trees in Autumn 3 by Zhang Enli were sold for HKD 3 million and HKD 2.16 million respectively. The sale also presented the most sought-after young artists’ works, including The Beauty in Mindby Zhang Kai which was sold for HKD 1.02 million, breaking the artist’s auction record.

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