Sotheby′s auction in Hong Kong brought $ 13.8 million

Sotheby’s Hong Kong Spring Southeast Asian Contemporary and Contemporary Art Auction Brings $ 13.8 Million Numerous records were set for artists, including the works of such artists as Andres Barriokinto, Samsul Arifin, Nguyen Gia Tri and Indigerillas.

The Hong Kong spring auction of modernist and contemporary painting of Southeast Asia raised an incredible amount of 108 million Hong Kong dollars (about 13.8 million US dollars), thereby tripling the amount of the preliminary estimate (36.6 million Hong Kong or 4.6 American dollars *). Bidding set a world record among auctions devoted to contemporary Asian painting. Another record, this time in relation to a particular artist, was set when the philosophical work “Grayground” by Philippine artist Ronald Ventura was sold for 8.4 million Hong Kong dollars ($ 1.1 million). The active interest in high-class art, backed up by animations in the hall and fierce bidding by phone, allowed to set records for many artists, including Hendra Gunawan, Andres Barrioquinto, Samsul Arifin, Namsen Ji Tri (Nguyen Gia Tri) and Indiguerillas (Indieguerillas).

Sotheby’s head of Southeast Asia’s painting department said: “Today’s auction - with a total of HK $ 108 million - set a world record for Sotheby’s painting sales, set numerous records for artists, and also proved that the market wonderful new works of art continue to appear. Brilliant - for both masters and young artists - the auction results illustrate that the market is on an optimal path of development. The maximum price of 16,340,000 Hong Kong dollars was paid for the “Penari Ular” (“Dancer with Snakes”) Hendra Ganawan. The painting went under the hammer after a long struggle, many times increasing the preliminary estimate and setting a record for the artist. The most outstanding auction of the day was the auction for "Grayground" by Ronald Ventur, a complex combination of hyperrealism and graffiti. The struggle for the painting was waged by 15 interested parties before it was sold for 8,420,000 Hong Kong dollars, increasing the estimated amount by more than 24 times and setting a record for the artist, as well as for all modern painting in Southeast Asia. These figures, as well as the 275 thousand Hong Kong dollars paid for "Alice’s Song" by Jon Jaylo, demonstrate the highest quality of the works put up for auction. The debut in photography / new media was also successful, and our collection base is constantly growing thanks to the participation of younger collectors and their struggle for new media. ”

The painting "Grayground", the initial cost of which was 300 thousand Hong Kong dollars, after 50 large bets was sold for an incredible amount of 8.4 million ($ 1.1 million) to the collector who made a bid by phone. The final cost is 24 times higher than the base estimate of the painting and sets a new price record (the previous record was set by Sotheby’s in Hong Kong when, in October 2008, the painting by Yi Noman Masriadi “The Man from Bantula (Final Round)” was sold for HK $ 7,820,000 / US $ 1,000,725).

Hendra Ganawan’s "Dancer with Snakes", which went under the hammer for 16.3 million Hong Kong dollars or $ 2.1 million (the maximum preliminary estimate is 2.2 million Hong Kong dollars / $ 283,000), was a bestseller, putting a new world auction Record for the artist. Already in the first minute of trading, the price jumped from 800 thousand to 7 million Hong Kong dollars, and after an intense struggle it reached the level of 16.3 million, which is more than seven times higher than the basic estimate of the canvas.

Bidding on Chinese painting will take place tomorrow at 10 am at the Hong Kong Exhibition Center.

* Pricing does not include buyer premium

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