27/08/2001
by Pierre Martin

It is only very recently that Christie’s (in 1991) and Sotheby’s (in 1993) started auctions of Modern and contemporary Chinese art, the most important being in Taipei, Taiwan (Christie’s) followed by Hong Kong (Christie’s and Sotheby’s). It is still a new market, but has expanded very rapidly over the past 10 years. Some already established modern Chinese artists like Zhang Daqian, Zao Wou-Ki and Chang Yu saw their prices skyrocket during these years, while the work of contemporary Chinese artists began to receive unprecedented attention throughout the world. Cai Guo Qiang, in winning top honors at Venice Biennale in 1999, was foremost among a group of artists from mainland China, Taiwan and other areas who had begun to gain notoriety.

Collectors in Asia and particularly in Taiwan are very active in the market. But the trend is spreading; there is now also a trend toward collecting works by modern and contemporary Chinese artists in Europe and the US. For example at the Christie’s Taipei 1998 spring auction a work by Zao Wou-Ki 21-4-68 sold for $ 246,000 (€ 269,084), setting a record for the work of a Chinese artist sold in Taiwan.

The most recent sales at Christie’s confirm the movement. In Hong Kong last April 29 – Fine Modern and Contemporary Chinese paintings – sales were impressive with a total of $ 2,878,000 (€ 3,148,300). Mist Clearing Over Pine Covered Peaks by the blue chip valued Zhang Daqian (1899-1983) fetched $ 677,950 (€ 741,570). Christie’s Taipei 20^th Century Chinese art auction last April 22 was even stronger and realized $ 3,000,000 (€ 3,281,600), nearly 30% higher than the original forecast with 93% sold by value and 70% sold by lot. This sale set several important new records. Chang Yu’s Still Life of the flowering and fruit plant with a green ground realized $ 507,500 (€ 555,140), a new record for this artist who will have a very important retrospective at the Taipei Fine Art Museum this Autumn, and the highest price ever achieved by a Chinese artist in oil painting in history.

Self-Portrait, a work by contemporary Chinese artist Cai Guo Qiang attracted a great deal of attention; competition was fierce bringing the painting to the final price of $ 165,300 (€ 180,815), approximately five times the estimates. Both these record breaking works by Chang Yu and Cai Guo Qiang had been exhibited at Christie’s Rockefeller Center in New York. The second highest price in the sale was for Zao Wou-Ki's Paysage dans la lune which sold for $ 290,100 (€ 317,330). Of the top ten pieces sold, four lots were works by Zao Wou-Ki. The third highest price was for Zhu Yuanzhi’s Mr Andre Salmon, which sold for $ 233,200 (€ 255,100) followed by Liao Jichun’s The bridge at $ 223,200 (€ 244,128). Other artists in the top ten were Li Zhongshen and Lin Fengmian.