Art
Chinese collectors’ art sale flops at Sotheby’s auction in Hong Kong
A high-profile Chinese billionaire couple suffered a setback on Thursday as they began trimming their hoard of art to raise funds amid a downturn in the market, as many of the pieces failed to meet presale estimates or went unsold at an auction in Hong Kong.
“The Long Journey” sale, named after Liu Yiqian and Wang Wei’s chain of three Long Museums in Shanghai and Chongqing, sold only 28 of the 39 paintings on offer for a total haul of HK$455 million (US$58.1 million) during Sotheby’s annual autumn auction, 24 per cent less than the conservative estimate of HK$597 million excluding fees.
This was the first of three sales of their collection, with two more in London and New York in the coming weeks.
In a packed hall at the Hong Kong Convention and Exhibition Centre in Wan Chai, the top lot – Amedeo Modigliani’s 1919 Paulette Jourdain – went to dealer Patti Wong, bidding for a client, for HK$235 million net of fees, which represented a massive HK$97.2 million loss for Liu and Wang compared with its 2015 purchase price.
Rene Magritte’s Le Miroir Universel (1939), also bought in 2015 for US$6.7 million (HK$51.7 million), fetched HK$65 million against the presale estimate of HK$70 million, a HK$13.3 million profit for the sellers.
Among the 10 works which did not sell were David Hockney’s A Picture of a Lion, with a low estimate of HK$42 million, which the couple had bought directly from Pace Gallery in New York for an undisclosed price. One 2003 work by Wang Xingwei was withdrawn just before the auction.
The two pieces in the sale which the couple had owned the longest were Ding Yi’s Appearance of Crosses 2007-14 (2007), which was passed, and the late Japanese artist Tetsuya Ishida’s Wild (1999), which sold for HK$3.5 million excluding fees.
They were both bought in 2009 before the couple began their high-profile foray into the high-end Western art market in the mid-2010s.
The sale also raised eyebrows for including works by young international artists that the couple acquired in the past three years from top galleries, which take care to place in-demand “hot” artists with established collections that do not have a track record of “flipping” – buying and selling quickly to make a profit.
“About 25 per cent of the artworks offered have been acquired over the past three years, mostly through top galleries,” said Wu Kejia, art historian and author of A Modern History of China’s Art Market.
“The fact that they are circulating within such a short period of time may be a concern for Western blue-chip galleries.”
In 2014, the Chinese stock market was in the middle of a year-long rally which turned Liu, a former taxi driver born in 1963, into a dollar billionaire through canny investments in the stock market and in companies spanning technology to pharmaceuticals.
According to the Hurun China Rich List 2022, Liu and his family were ranked 131st with an estimated wealth of 37 billion yuan (US$5 billion), up 33 places from the previous year.
It is unclear why the couple, who have not responded to interview requests and, who people close to the matter say, have not been able to attend the Hong Kong auction, opted to sell during a downturn in the art market.
Out of the couple’s three museums, only the one in West Bund, which recently celebrated its 10th anniversary, is currently open. The oldest museum, which opened in Shanghai Pudong in 2012, has not had an exhibition since 2020, according to the official website.
Sotheby’s downplayed the significance of the sale and further sales in New York and London later this year. Earlier, the Art Newspaper reported that another 50 works could be sold in New York, including “a major work from the collection”.
“Like all great collections, this collection should evolve,” said Alex Branczik, senior director of Sotheby’s modern and contemporary art department. “As collectors, their collecting journey will continue.”
“The Long Museum still holds a large number of significant artworks Liu and Wang have collected since the 1990s,” art historian Wu said, adding that the sale may be a “pilot” to test the market’s reception.
“What is offered in this sale is only a very small portion of the museum’s permanent collection.”
Of the two, Liu in particular is known for his eccentricity, as he became one of the very few collectors who publicly announced his acquisitions, a daring move in a notoriously opaque market that cherished anonymity and discretion.
He famously drank tea from a Ming dynasty porcelain cup that he paid US$36 million for in 2014, after swiping his American Express Centurion card 24 times, gathering 422 million reward points in the process.
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The Courtauld Gallery at Somerset House has reopened its doors to the public after a fire swept through the historic building in central London. While the gallery has resumed operations, the rest of the iconic site remains closed “until further notice.”
On Saturday, approximately 125 firefighters were called to the scene to battle the blaze, which sent smoke billowing across the city. Fortunately, the fire occurred in a part of the building not housing valuable artworks, and no injuries were reported. Authorities are still investigating the cause of the fire.
Despite the disruption, art lovers queued outside the gallery before it reopened at 10:00 BST on Sunday. One visitor expressed his relief, saying, “I was sad to see the fire, but I’m relieved the art is safe.”
The Clark family, visiting London from Washington state, USA, had a unique perspective on the incident. While sightseeing on the London Eye, they watched as firefighters tackled the flames. Paul Clark, accompanied by his wife Jiorgia and their four children, shared their concern for the safety of the artwork inside Somerset House. “It was sad to see,” Mr. Clark told the BBC. As a fan of Vincent Van Gogh, he was particularly relieved to learn that the painter’s famous Self-Portrait with Bandaged Ear had not been affected by the fire.
Blaze in the West Wing
The fire broke out around midday on Saturday in the west wing of Somerset House, a section of the building primarily used for offices and storage. Jonathan Reekie, director of Somerset House Trust, assured the public that “no valuable artefacts or artworks” were located in that part of the building. By Sunday, fire engines were still stationed outside as investigations into the fire’s origin continued.
About Somerset House
Located on the Strand in central London, Somerset House is a prominent arts venue with a rich history dating back to the Georgian era. Built on the site of a former Tudor palace, the complex is known for its iconic courtyard and is home to the Courtauld Gallery. The gallery houses a prestigious collection from the Samuel Courtauld Trust, showcasing masterpieces from the Middle Ages to the 20th century. Among the notable works are pieces by impressionist legends such as Edouard Manet, Claude Monet, Paul Cézanne, and Vincent Van Gogh.
Somerset House regularly hosts cultural exhibitions and public events, including its popular winter ice skating sessions in the courtyard. However, for now, the venue remains partially closed as authorities ensure the safety of the site following the fire.
Art lovers and the Somerset House community can take solace in knowing that the invaluable collection remains unharmed, and the Courtauld Gallery continues to welcome visitors, offering a reprieve amid the disruption.
Sudbury’s annual art and music festival is marking a significant milestone this year, celebrating its long-standing impact on the local cultural scene. The festival, which has grown from a small community event to a major celebration of creativity, brings together artists, musicians, and visitors from across the region for a weekend of vibrant performances and exhibitions.
The event features a diverse range of activities, from live music performances to art installations, workshops, and interactive exhibits that highlight both emerging and established talent. This year’s milestone celebration will also honor the festival’s history by showcasing some of the artists and performers who have contributed to its success over the years.
Organizers are excited to see how the festival has evolved, becoming a cornerstone of Sudbury’s cultural landscape. “This festival is a celebration of creativity, community, and the incredible talent we have here in Sudbury,” said one of the event’s coordinators. “It’s amazing to see how it has grown and the impact it continues to have on the arts community.”
With this year’s milestone celebration, the festival promises to be bigger and better than ever, with a full lineup of exciting events, workshops, and performances that will inspire and engage attendees of all ages.
The festival’s milestone is not just a reflection of its past success but a celebration of the continued vibrancy of Sudbury’s arts scene.
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