HONG KONG.- Seoul Auction held its Modern & Contemporary Art Sale in Hong Kong at the Pacific Place Conference Centre. Over 50 excellent works by celebrated Western, Chinese, Korean and Japanese artists were offered and a total of HK$35,143,980/US$4,505,640 was achieved. In conjunction, Seoul Auction also held in the same venue a Special Exhibition of Impressionists & Modern Masters showcasing exceptional masterworks for private sales.

Seoul Auction is the first auction house to offer Western masterpieces in Hong Kong in October 2008. Misung Shim, Managing Director of Seoul Auction Hong Kong Ltd. said, “We are pleased by the results achieved in today’s sale which is the second autumn auction we held in Hong Kong this year. Of particular note, we presented a selection of fascinating pieces by young Korean artists including Kang SeKyung, Kim SungHo and Yoo YungWoon that boast unique artistic concepts and were highly sought after by collectors. Superb works by established Chinese, Japanese and Korean artists also commanded solid prices. We are also privileged to offer on the same occasion rare works by Impressionists and Modern Masters through the special private sales exhibition. Seoul Auction will continue to present to the market a diversity of outstanding works of art, and curate more exhibitions and sales next year.”

• Mountain by Kim Whanki is the top-selling lot. It commanded HK$7,832,000/US$1,004,100 after spirited bidding.

• From Point by another Korean master Lee UFan sold for HK$7,142,000/US$915,640.

About Seoul Auction Hong Kong Ltd
Established in 1998, Seoul Auction is Korea’s oldest established and leading art auction house. In 2008, Seoul Auction’s 10th anniversary, the company set up its Hong Kong office to expand business across the Asian art market. Its inaugural sale of Modern and Contemporary Art in Hong Kong in October 2008, which achieved HK$180 million, was the first-ever auction in Hong Kong to offer Western contemporary art.

In its second Hong Kong Sale on May 15, 2009, Tranquility from the renowned British artist Damien Hirst’s celebrated Butterfly Series achieved HK$13.37 million/US$1.71 million, becoming the most expensive work by Damien Hirst ever sold at auction in Asia. This record was then surpassed at Seoul Auction’s third Hong Kong Sale in October 2009, when The Importance of Elsewhere – The Kingdom of Heaven, also from Damien Hirst’s Butterfly Series, was sold for HK$17,222,000/US$2,236,623.

Most recently, Seoul Auction sold Marc Chagall’s Bestiaire et Musique in its October 2010 Hong Kong sale for an exceptional price of HK$32,172,000/US$4,183,615, setting a new record as the most expensive painting by a Modern Western artist ever sold at auction in Asia.