Who Surpassed Expectations at Sotheby’s Singapore Auction?
Courtesy Sotheby's.
Over half the lots in Sotheby’s Singapore Auction of Modern & Contemporary Art sold above their high estimates over the weekend.
The live auction, marking 50 years of Sotheby’s in Asia, brought in US $11.1 million with 93% of lots sold.
‘Our auction’s strong performance has made it clear that the art market in Singapore and greater Southeast Asia is robust,’ said Jasmine Prasetio, Managing Director, Sotheby’s Southeast Asia.
‘Many collectors participated in the auction, some flying in to attend from wider Asia, and we are pleased to reiterate Sotheby’s longer-term vision and commitment to interact with clients where they are and contribute to nurturing the art, luxury and cultural ecosystems in Southeast Asia,’ she said.
Singaporean artist Georgette Chen‘s Lychees and Peaches (circa 1940) sold for US $1.5 million, exceeding the pre-sale estimate.
An auction record was set for Liu Kang, a pioneer of the Singapore-centered Nanyang Style, whose Pounding Rice (1953) sold for US $516,000, surpassing the high estimate.
New records were also set for two Southeast Asia-based contemporary artists. Indonesia-based artist Kei Imazu‘s Wooo (2017) sold for US $253,578, more than tripling the high estimate. Multi-petalled Beauty (2013), a painting by the Philippines’ Rodel Tapaya, doubled its high-estimate selling for US $159,660.
Other contemporary artists whose works sold above their estimates include Jane Lee, Christine Ay Tjoe, and Liu Ye.
The Singapore auction demonstrated market resilience in Asia following some poor auction performances in New York in May and last week in London.
The sale of Gustav Klimt‘s Dame mit Fächer (Lady with a Fan) (1917–18) propped up Sotheby’s recent London auctions, but sales declined almost US $126 million at Christie’s June 20th/21st Century: London Evening Sale compared to last year.
Phillips’ 20th Century to Now auction on 30 June, meanwhile, accumulated just £9 million (US $11.4 million) with 18 unsold lots, including a George Condo, two Warhols, and a Banksy.
The result fell short of Phillips’ low estimate for the sale, and was a significant decline from sales of £23.6 million ($28.7 million) in 2022 and £45.5 million ($57.7 million) in 2019. —[O]
Main image: Courtesy Sotheby's.
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