HONG KONG.- The Hong Kong Spring Sale of New Art Est-Ouest Auctions concluded on 29 March with impressive results. The top lot of the sale was Letters from the Ming Dynasty from the exquisite private collection of Tsuyoshi Inukai (1855-1932) which appeared at auction for the first time. There was intense bidding in the saleroom and on the telephone during the prolonged bidding battle of nearly 20 bids. It was finally hammered at 2,210 million/ CNY 2,056 million and sold to an Asian telephone bidder represented by Ms Elaine Zhang, Head of sale, Chinese Paintings Department, China region, at New Art Est-Ouest Auctions. The final price with premium was a staggering HK$26,520,000/ CNY 24,760,000, 26 times over its pre-sale estimate.

Ms Elaine Zhang, Head of sale, Chinese Paintings Department, China region, at New Art Est-Ouest Auctions, commented: “We are thrilled with the results of the sale which exceeded our expectations. In a packed saleroom, we witnessed spirited bidding among collectors, driving the price of the top lot well above its pre-sale estimate. The enthusiastic participation in the sale is a testament that works of excellent provenance, superb quality and rarity are eagerly sought after by collectors. We are committed to present more exceptional works and collections in our autumn sale.”

The third volume of Letters From The Ming Dynasty sold previously at auction had created a sensation among collectors worldwide. All the five volumes of the collection offered in the sale have survived the ravages of time and remained well preserved. It features an unparalleled assembly of works from over forty esteemed figures, including Wen Zhengming, Wang Shouren, Zhu Yunming, Tang Yin and Dong Qichang — giants in the realms of literature and painting including both court officials and reclusive scholars. Over time, letters transcended their original function as mere correspondence and evolved into vehicles for expressing personal feelings. They vividly documented the social culture and academic interactions of the era, making them highly valuable for historical research. It showcases a rich spectrum of calligraphic styles, reflecting the sophisticated interplay of calligraphy, paper selection, seals, and inscriptions.

Located in Tokyo's Ginza district, New Art Est-Ouest Auctions was established in 1984 and stands as Japan's first and longest-running international auction house. The name "Est-Ouest" symbolizes the company's pivotal role in connecting and advancing the Japanese and Western art markets. In 2021, New Art Est-Ouest became a significant member of New Art Holdings, the parent company of the Whitestone Gallery. Chairman Mr. Yukio Shiraishi, a visionary leader with over half a century of experience in the art industry, has not only cultivated the domestic market but also established a solid presence for New Art Est-Ouest on the global art stage.