HONG KONG, April 1, 2019 /PRNewswire/ -- Last night in in Hong Kong, Sotheby's (NYSE: BID) Modern Art Evening Sale and Modern & Contemporary Southeast Asian Art Evening Sale both achieved outstanding results.
MODERN ART EVENING SALE TOTALS $101 MILLION
– Far Exceeding Pre-Sale High Estimate
92.3% Sell Through Rate
Top Lot of the Sale
Wu Guanzhong's Lotus Flowers (I)
Sells for a Stunning $16.7 Million – More than 8.5 Times the Estimate
An Unrivalled Group Of Six Works By Zao Wou-Ki Spanning Three Decades – 100% Sold
Sold to Benefit the Art Fund of the Solomon R. Guggenheim Museum
Achieves HK$116 Million / US$14.8 Million
MODERN & CONTEMPORARY SOUTHEAST ASIAN ART EVENING SALE TOTALS $13.6 MILLION
Exceptional Sell-Through Rate of 93.8%
Top Lot of the Sale
Lee Man Fong's Bali Life
Achieves $3.7 Million
Vinci Chang, Sotheby's Head of Modern Asian Art, commented, "Tonight's sale thoughtfully brought together works from both East and West and we were thrilled at how the global marketplace responded, with new records set and intense competition felt across the entire spectrum of tonight's offering. Wu Guanzhong's Lotus Flowers (I) was a special highlight for all of us, which was received with huge excitement both during the auction preview and in the room tonight. We were also delighted this season to present six outstanding works by Zao Wu-Ki, whose market we are proud to continue to nurture and lead."
Kim Chuan Mok, Sotheby's Head of Southeast Asian Art, commented, "We are delighted with tonight's results, which demonstrate continued demand for the category from collectors across Asia. We were particularly pleased with the prices achieved for works by Lee Man Fong and Adrien Jean Le Mayeur de Merprès, as well as with the new auction record set for Pham Hau, whose Nine Carps in the Water doubled its high estimate."
Sotheby's has been uniting collectors with world-class works of art since 1744. Sotheby's became the first international auction house when it expanded from London to New York (1955), the first to conduct sales in Hong Kong (1973), India (1992) and France (2001), and the first international fine art auction house in China (2012). Today, Sotheby's presents auctions in 10 different salesrooms, including New York, London, Hong Kong and Paris, and Sotheby's BidNow program allows visitors to view all auctions live online and place bids from anywhere in the world. Sotheby's offers collectors the resources of Sotheby's Financial Services, the world's only full-service art financing company, as well as the collection, artist, estate & foundation advisory services of its subsidiary, Art Agency, Partners. Sotheby's presents private sale opportunities in more than 70 categories, including S|2, the gallery arm of Sotheby's Global Fine Art Division, and three retail businesses: Sotheby's Wine, Sotheby's Diamonds, and Sotheby's Home, the online marketplace for interior design. Sotheby's has a global network of 80 offices in 40 countries and is the oldest company listed on the New York Stock Exchange (BID).
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