Modern and Contemporary Art Department adopts a quality-over-quantity strategy in establishing a new direction for and concept of art collection, and aims to foster a closer relationship between art history and art collection with a precise academic standpoint, so as to spearhead a trend in the market, as well as to provide a comprehensive and systematic direction for collecting for art connoisseurs.
In 2016 spring auctions, "Modern and Contemporary Art" was a great success, with total receipts of HK$400 million, a historical high. Bidding for Wu Guanzhong's The Zhou Village began at HK$138 million, and sold for the high price of HK$236 million, not only setting a new auction record for any Wu Guanzhong work, but also a new world auction record for any modern or contemporary Chinese oil painting.
A unique strategy for the Department has made possible superb results over the other industry players: average auction rate reaching almost 90% (calculated at auction value) in the past three years, and every item fetching as high as HK$2.368 million on average. A further reason for this success is that each auction has a distinct theme, attempting to expand the taste and horizon of collectors. Various important themes have reached new heights: for example, “The Trajectory – An Overseas Collection of Oil Paintings from the Republican Era of China”, “New Wave – Oil Paintings in 1920s-1950s: A Prologue to Chinese Contemporary Art”, “Connecting Oil and Ink Media – Wu Guanzhong’s Important Works”, “Property from the Guy & Myriam Ullens Collection of Chinese Contemporary Art”, etc. “The Chinese Pioneers: To Artistic Freedom” even attracted bidding from international collectors, which shows the academically-oriented approach is much sought after. In the future, we will continue to provide the best collectibles with comprehensive perspective and historic research, and will expand to other parts of Asia or elsewhere in looking for treasures from Chinese artists, exploring the facets of art works and the possibility of contemplation. Through an auction platform that knows no boundaries between cultures from various parts of the world, we are integrating the East and the West, connecting the traditional with the modern, and striving for the possibility of maximum value.
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