On Monday morning, 31 May 2010, around 1 hour before Ravenel’s Modern and Contemporary Hong Kong Spring auction began in the Ballroom of the Grand Hyatt Hotel, bidders had already begun arriving suggesting that a vigorous and energetic auction would ensue. This proved to be the case as Ravenel claimed 81% of lots sold with 48 of 59 works changing hands, realizing a grand total of HKD68,157,600 or USD8,749,372, which is 133% of value, a very excellent result.
Attendance at the preview on Saturday and Sunday also suggested very strong interest in the auction, which was composed of major works by important Modern and Contemporary Chinese Artists as well as Japanese, Korean and South East Asian Masters. The attendees came from all parts of the world, and during the auction Westerners competed avidly with bidders from Hong Kong, China, Korea, Japan, South East Asia and Taiwan. The amount of active floor bidders as well as the huge total of telephone bidders ensured strong results.
The auction was led by two magnificent works by two giants of the modern art world, Ju Ming and Sanyu. Sanyu’s “Chrysanthemums with Green Leaves” is a seminal work from his early period and it realized HKD14,400,000 [USD1,848,524] including commission, within its estimates. Signed and dated 1929, which is rare for a Sanyu painting, he painted it when he was 28 years old and had just begun to use Western oil painting techniques. The theme of chrysanthemums, the composition of the flowers, particularly their line and poise, and the plain background were all to become hallmarks of Sanyu’s mature style.
Ju Ming’s large and impressive sculpture “Single Whip” also brought in a price of HKD14,400,000 [USD1,848,524] including commission, close to its high estimate. This is the second highest world auction record price for a Ju Ming sculpture, next to the Big Sparring sculpture sold at auction in Hong Kong in May 2007 for HKD14.88. A splendid, large scale work from 1988, companion works have been collected by major museums and some are displayed in public spaces in major corporation headquarters. “Single Whip” is a representative example of Ju Ming’s Taichi series and embodies the grace, tension, latent power and spiritualism of a Taichi movement.
In the Chinese Modern section, as well as the spectacular result for Sanyu’s piece, other works also achieved remarkable prices. Zao Wou-ki’s “Ville Chinoise” sold for HKD3,600,000 [USD462,131] including commission, just above its high estimate. From 1955, a very important year in Zao’s artistic expression, the work is representative of his movement from non-figurative art to abstraction. Painted in wonderful hues of blues and greens, it embodies the essence of the melding of Zao’s Chineseness with Western oil painting technique while creating the feeling and atmosphere of a Chinese village in a traditional ink and brush painting. Another of his works, 15.7.93 fetched HKD3,120,000 [USD400,513] including commission, almost double its high estimate.
Two works by Chu Teh-chun, a contemporary of Zao’s also living in Paris, realized strong results. His “Paysage Hivernal” from his snow series saw fierce bidding as it brought in HKD3,120,000 [USD400,513] including commission, above its high estimate. A splendid work depicting an abstract snow scene, it resonates with light and energy. The second Chu work on offer “Le souffle qui libére la matière” doubled its high estimate as it fetched HKD2,280,000 [USD292,663] including commission. Again suffused in Chu’s trademark light and reflections, this abstract work dances with jewel like splendor. Works by Lin Fengmian, and Wu Guanzhong also realized good results.
The Chinese Contemporary Section was led by a key work from Fang Lijun. “2001.7.31”, a classic representation of Fang’s Cynical Realism style brought in HKD3,120,000 [USD400,513] including commission, a great result in the present day market. Fetching above its high estimate, the piece portrays Fang’s iconic ‘bald-headed youth’ as he explores the angst and anguish of China’s youth as they try to come to terms with living in a complex social environment. An excellently executed work from his most recent ‘Wild Grasses’ period, Zeng Fanzhi’s ‘Landscape’ fetched HKD2,888,000 [USD369,705] including commission, after very competitive bidding, and just above its high estimate. With strong and wild brush strokes, and dark colors set against a white and blood-red sky as the sun sets, its evocative atmosphere suggests the inner psychological mind and turmoil of this most sensitive of contemporary artists.
Two works by the expressionist influenced Zhou Chunya also fetched excellent prices. His “Peach Blossoms Series – Flower Blooms, Flower Fades, Year after Year” realized close to its high estimate as it brought in HKD2,640,000 [USD338,896]. Zhou explores the mortality and fragility of life through his wonderfully rendered peach blossoms which are indicative of the creation of new but short-lived life. His large-scale “Green Dog” from 2002 raised HKD2,640,000 [USD338,896] including commission, within its estimated range. A magnificent portrait of Heigen set against an empty background, the figure explodes with energy, fun and affability from the canvas. Strong results were also seen for Wang Guangyi’s “Art Nation”, Yin Zhaoyang’s “Red Mao” and Li Shan’s “Rouge Series – Mao”. Xu Bing’s two panel New English Calligraphy piece saw very active bidding from Western clients and fetched above its high estimate.
Works by Japanese artists, while starting from a lower price base, saw a lot of bidding activity. Two works by Toul Otsuki and Hiroaki Tsujii fetched much more than their high estimates with Otsuki’s work finishing three times higher. A work by Yayoi Kusama also brought in more than its high estimate. “MTV-TV” by the Korean-American artist Nam June Paik saw very active bidding. A work by Heri Dono of Indonesia saw very competitive bidding and fetched close to its high estimate.
The positive results in its second Hong Kong auction suggest that Ravenel will continue to enjoy future success in what has become Asia’s premiere Art Market and the third largest in the world after London and New York. Already with its eyes on its Autumn 2010 Hong Kong auction, Ravenel is also looking forward to its Spring auction in Taipei, Taiwan, which will take place on June 6th in the Fubon Centre on Tun-hua South Road, Section 1. A total of 150 lots will be offered, and with another important Sanyu painting from 1929 coming under the hammer, the auction is expected to be thronged with excited bidders.
