Christie's Inaugural Shanghai Auction Sets Records

 

Cheong Soo Pieng's By The River II

Christie’s inaugural auction in mainland China has proven to be immensely successful garnering RMB 154 million (US$25 million) in total sales. Not only did the auction exceed initial estimates, it also set auction records and achieved historic firsts. The auction in Shanghai marked the first time a Picasso (Homme Assis) was sold at auction in mainland China. The painting sold for RMB 11,534,500 (US$1,875,528).

The auction also saw a new record set for Singaporean artist Cheong Soo Pieng with his work, By The River II, that sold for RMB 4,110,000 (US$678,326). This also marked a record for Singaporean art sold by an international auction house in mainland China. Nyoman Masriadi’s, Fatman, achieved the highest price ever paid for a similar sized work of the artist at RMB 4,590,000 (US$757,547).

Other highlights of the auction include Cai Guo-Qiang’s, Homeland, that sold for an impressive RMB 15 million (USD$2,439,024) and a Ruby And Diamond 'Butterfly' Necklace By Faidee that fetched RMB 18 million (US$3,405,285).

“Our first auction in Shanghai has illustrated how much demand and appreciation there is for art across categories. A red ruby necklace achieved the highest sales figure at RMB 18 million (USD$3,405,285) and records were broken for Singaporean art…We saw bidders participate from all over the world with online and telephone bidders joining the nearly 1,000 clients in the room tonight. This is an extraordinary start for Christie’s in mainland China and indicates there will be exciting times ahead for the industry as a whole and art enthusiasts everywhere.” said Francois Curiel, President of Christie’s Asia.

Christies Inaugural Shanghai Auction Sets Records 1

Nyoman Masriadi’s Fatman

Christies Inaugural Shanghai Auction Sets Records 2

Cai Guo-Qiang’s Homeland

Christies Inaugural Shanghai Auction Sets Records 3

Picasso's Homme Assis

Christies Inaugural Shanghai Auction Sets Records 4

Ruby And Diamond 'Butterfly' Necklace By Faidee

Christie's

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