Sotheby's taps into Chinese art market
Saturday 03 September 2011
Sotheby's said Thursday it hopes a sale of Chinese paintings in Hong Kong will fetch $26 million, as the auction house taps into a growing enthusiasm for art among wealthy Chinese collectors.
The auction giant said over 360 works will go under the hammer in the Fine Chinese Paintings sale on October 4, which will feature works by masters including Zhang Daqian and Fu Baoshi.
"We are having one of the biggest sales this year because Chinese paintings have been increasingly popular in recent years," Carmen Ip, a specialist in Sotheby's Chinese paintings department, told a news conference.
"More and more Chinese are appreciating Chinese art. In the past two years, mainland Chinese have become richer and wealthier and more likely to spend.
"Their taste is getting more sophisticated. They know what's good and what's not - they can differentiate."
Fu's "Pavilion in the Solitude of the Mountains" is expected to fetch at least HK$12 million ($1.54 million) while Zhang's "Morning Mist in Spring" has a guide price of at least HK$5.5 million.
Hong Kong has emerged as the world's third-largest auction centre after New York and London, thanks in large part to China's rapidly growing number of millionaires.
Mainland Chinese regularly snap up the top lots at auctions of art, jewellery and wine and Hong Kong has positioned itself as the gateway to China's vast market.
A The film has amassed an estimated $28.7 million in its opening weekend
A statement was published on his fansite, True To You, following release of new album
Arts & Ents blogs
- 1 Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
- 2 James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – and warns Obama of more to come
- 3 Reading Festival 2014: Tesco branch replaces salad and potatoes for Jagermesiter and vodka
- 4 Here’s the damning letter Robin Williams wrote to his Mrs Doubtfire co-star's principal after they expelled her
- 5 Ferguson protests: 90-year-old Holocaust survivor Hedy Epstein ‘arrested’ by police during St Louis demonstrations
The late Peter O'Toole shines in 'Katherine of Alexandria' despite illness
JK Rowling releases new Harry Potter story on Pottermore: Introducing Celestina Warbuck, the 'Singing Sorceress'
Best movies on Netflix UK and US: 32 films that will end your endless scrolling
Reading Festival 2014: Tesco branch replaces salad and potatoes for Jagermesiter and vodka
Kate Bush: Previously unseen photographs reveal new side to comeback star
Isis threat: Cameron wants an alliance with Iran
Crisis? What crisis? A visiting US doctor gives the NHS a rave review
Ukip MEP calls for reintroduction of death penalty on fiftieth anniversary of last deaths
Russell Brand calls for Israel boycott: Comedian urges big businesses that 'facilitate the oppression of people in Gaza' to pull funding
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
World peace? These are the only 11 countries in the world that are actually free from conflict