High End, November 2010
The shift in global economic gravity to Asia has paved the way for the growth of art market in Asian countries.
Bestiaire et Musique
by Marc Chagall achieved a striking hammer price of HK$ 32,172,000 or US$ 4,183,615 to an Asian buyer after a heated competition at an auction held by Seoul Auction in Hong Kong last month. The painting has set a new record as “the most expensive painting by a modern Western artist ever sold at auction in Asia.” Bestiaire et Musique
reflects Chagall’s passionate 80-year career and is highly acclaimed as a monumental work of his late period.
Seoul Auction held its Modern & Contemporary Art Autumn Sale on October 4, 2010 at the Grand Hyatt Hong Kong offering dozens of masterpieces by worldwide artists. A painting by Pablo Picasso, Le Modèle dans L’atelier
, was also sold to an Asian collector during this auction for a well-deserved price of HK$ 18,172,000 or US$ 2,363,069. After Picasso married Jacqueline Roque in 1961, many of his works were inspired by his wife. And Le Modèle dans L’atelier
was painted in 1965 portraying what seems to be Jacqueline.
Misung Shim, managing director of Seoul Auction Hong Kong Ltd, expresses his delight that the exceptional works renowned Western artists such as Chagall and Picasso are highly pursued by bidders in Asian art market. “There seems to be very strong indication that the art market in Asia is leading a recovery after experiencing a slow down because of the global economic crisis.
At a recent Sotheby’s auction, Chapter of a New Century - Birth of the People’s Republic of China II
, a painting by Chinese artist Zhang Xiaogang fetched an awesome HK$ 52.18 million or US$ 6.69 million. At the same auction, Court Ladies
by Fu Baoshi was sold for HK $33 million or US$ 4.2 million. The seven-day auction staggeringly collected HK$ 407 million or US$52.2 million during the first four days. The figure is the highest ever for the Sotheby’s sales of fine Chinese paintings. Evelyn Lin, head of Sotheby’s Contemporary Asian Art Department, remarks that “As China is now playing its major role in the world economy, Chinese arts are getting more popular. This steadily improving economic condition is very conducive to the Asian art market.
The improved art market and art scene in Asia are marked by a significant increase in the number of art enthusiasts and collectors in the region. Correspondingly, more artists are collaborating with galleries in order to penetrate the art market. Indonesia is no exception.
Hingkie H.P., owner of Zola Zolu Gallery; is delighted with the presence of galleries in Indonesia showcasing the works of new talents. “As the Indonesian economy gets better, more people start appreciating the value behind a masterpiece. And I’ve seen more Indonesian art lovers are entering the world of art investment.
There are many good artists in Indonesia, but Hingkie is aware that there are only a few of talented artists that are ready to compete in the international arena. For that reason, Zola Zolu Gallery only collaborates with internationally reputable artists. “There are a lot of themes that can be expressed by an artist on canvas, such as social issues, politics, culture, tradition and so on. A good artist is able to express his or her imagination and translates what in his or her mind into an interesting object of art
,” he explains.
Hingkie first opened Zola Zolu Gallery in 1998 in Bandung. The business has branched out, as there are currently two galleries in Bandung and one in Jakarta. With the Asian art being in international radar, new hopes emerge among Indonesian artists and galleries. Benefiting from the condition, Zola Zolu Gallery often takes part in international events such as Singapore Art Fair and Taipei Art in Taiwan. Arifien Neif and Richard Winkler are two of the gallery’s highlighted artists whose works have been acknowledged by two leading international auction houses, Christie’s and Sotheby’s. (Aulia R Sungkar)
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