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:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Washington Museum Won't Give up Guns After All

Saturday, 22 Nov 2014 20:47 PM

A small museum in northwestern Washington state says it won't be removing all of the weapons from its World War II exhib . . .

State Senator Protesting Ferguson a Victim of Attempted Carjacking

Saturday, 22 Nov 2014 19:56 PM

A Missouri state senator and gun-control advocate who has protested police actions in Ferguson surrounding the Michael B . . .

FBI Arrests 2 Would-be Ferguson Bomb Suspects

Saturday, 22 Nov 2014 18:05 PM

Two men suspected of buying explosives they planned to detonate during protests in Ferguson, Missouri, once a grand jury . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

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