Asian Art Sector Remains Strong

As in the recent past sales for the Asian Art sector, Sotheby's NY had successful sales during Asia Art Week in New York.  The sale saw several Sotheby's record prices, including a new record for a Classical Chinese Painting when Bada Shanren’s Two Mynas on a Rock sells for $2.9 million. The Sotheby's sale totaled $22.6 million, which was $7 million above the high estimate.

The Fine Chinese Ceramics and Works of Art Sale alone totaled $14.4 million, with 245 lots being offered and 185 selling for a respectable 76.7% sell through rate. The Indian and SE Asian sale totaled $$8.17 million, with 180 lots being offered and selling 131 for a 72.8% sell through rate.

Although the sell through rates could have been higher, the prices for the property that did sell, sold well as evidenced by being $7 million over the high sale estimate with nearly 25% of the property not selling.

Sotheby's stated about the sale

Discussing the Fine Chinese Ceramics and Works of Art sale, Dr. Caroline Schulten, Head of the Chinese Works of Art Department at Sotheby’s New York, said “We are delighted with the result of the spring sale. The price of nearly $3 million for Bada Shanren’s Two Mynas on a Rock is a reflection of the compelling beauty of the painting. We are thrilled to have achieved such a stunning price for this masterful depiction of two birds that has not appeared on the market for over 25 years. Jades, ceramics and furniture also performed well with particularly strong prices for fresh to the market works priced conservatively.”

Commenting on the result of the Indian and South East Asian Art sale today Zara Porter Hill, International Head of Indian Art at Sotheby’s said: “We are delighted to have set a new world record price for a work by Manjit Bawa at auction; the $602,500 price was far above our pre sale expectations. It is by far the most important work by Bawa to have appeared at auction in the past 10 years and it attracted interest from all around the world. We are also very proud of the many other exceptional prices for modern Indian paintings, where 74 works sold for $5.4 million – the dynamic bidding leading to a staggering 97% sold by value rate. The $1,058,500 fetched for a highly important Untitled painting from 1955 by MF Husain was a stunning success, as was the Schlesinger Collection where all the works sold, totaling $921,650 against an estimate of $237/352,000. These results again show the appetite for good quality works with distinguished provenance
offered at attractive estimates.”