Tags: zao | sothebys

Zao's $14.7 Million Work Sets Auction Record at Sotheby's

Image: Zao's $14.7 Million Work Sets Auction Record at Sotheby's A woman looks at Zhao Wou-ki's "Abstraction" at a Sotheby's exhibition in Beijing on Nov. 28.

Sunday, 01 Dec 2013 08:00 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Chinese-French artist Zao Wou-ki’s oil painting titled “Abstraction” sold for $14.7 million, including fees, at Sotheby’s in Beijing today, setting an auction record for the artist.

Sotheby’s, holding its first commercial auction in mainland China, sold 227 million yuan worth of modern and contemporary Chinese art, compared with a pre-sale estimate of 123 million yuan.

Zao’s work, painted in 1958, was sold by the Art Institute of Chicago and carried a pre-sale high estimate of 45 million yuan. The previous record for Zao, who died in April, was $11 million, set on Oct. 5 at Sotheby’s in Hong Kong.

The buyer was a mainland Chinese collector who competed with at least four other bidders in the room and on the telephone, illustrating how important Chinese clients have become for auction houses.

“This shows that there are strong buyers on the mainland,” said Pascal de Sarthe, a Hong Kong-based dealer. “Five years ago, they wouldn’t have been buying at the top end.”

Zao’s work was the most expensive of the 141 lots offered.

 

© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

States Hit Snag Issuing Driver Licenses to Illegals

Thursday, 31 Jul 2014 07:24 AM

The rollout of special driver licenses for illegal immigrants has been delayed in some states by high demand and the nee . . .

House Republicans Cope With Immigration Bills

Thursday, 31 Jul 2014 07:00 AM

The GOP-controlled House of Representatives is set to vote on a series of measures that would provide emergency funding  . . .

George W Bush Gives Derek Jeter Presidential Farewell in Texas

Thursday, 31 Jul 2014 06:44 AM

Derek Jeter got a surprise presidential farewell before playing his final game in Texas, when former President George W. . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved