Chinese art sale fetches $40m

Over US$40 million was grossed yesterday (5th April) in a sale at Sotheby’s in Hong Kong. The sale exceeded presale estimates and reflects the buoyant nature of the art market following the economic turbulence that began in 2008.

Seven pieces in the sale exceeded the US$1 million mark, with Liu Ye’s acrylic-oil painting Bright Road fetching the highest price in the auction: US$2.5 million. This was the most paid for a piece in the genre since May 2008when Zeng Fanzhi’s painting of Red Guards sold for US$9.7 million.

Speaking to The New York Times, Evelyn Lin, head of Sotheby’s contemporary Asian art department, said that the latest sales demonstrated a strong return in demand for contemporary Chinese art.

“There is no question that these results show pent-up demand for great art,” she said. Buyers of Asian art, “have become much more mature, more sophisticated, more discerning,” helping lift prices for such works*.

In 2008 China was the third largest buyer of art in the world, following the United States of America (1) and the United Kingdom (2). In 2009, France overtook China in the art market stakes, helped by sales of Yves Saint Laurent and Pierre Bergé; however 2010 may well see a reversal in these rankings.

Regardless of the art’s origin, high value pieces should be protected by art insurance. Regal Insurance covers individual items up to the value of £150,000.

*Quote from The New York Times. Accessible from: http://www.nytimes.com/2010/04/07/business/global/07auction.html