Sotheby's Beijing Art Week concluded last Sunday with an auction that achieved RMB227,133,480 (US$37,278,386), which was estimated at more than RMB123 million*, and set a record for Chinese modern master Zao Wou-Ki when Abstraction, from The Collection of The Art Institute of Chicago, sold for RMB89,680,000 (US$14,718,771). The painting was estimated at RMB35 – 45 million*. Artist records were also set for Li Guijun, Chen Fei, Duan Jianwei, Liu Renjie and Ma Ke.
Taking full advantage of the vibrant arts scene in the capital of China, Sotheby’s is delighted to announce our plans to mount an exciting and comprehensive series of arts events in Beijing that we have tailored to appeal to both new and established Chinese collectors and our clients. Timed to the height of Beijing’s prime sales season, these will commence on 28 November with selling exhibitions and an educational programme and will culminate in a major auction of Modern & Contemporary Chinese Art on 1 December. Continuing Sotheby’s tradition of bringing great works of art to market, the sale will be led by Abstraction, a 1958 painting by Zao Wou-ki, one of the leading Chinese artists of his generation. The work comes from the collection of the Art Institute of Chicago, one of the foremost museums in the United States. There is no question that such an important work from a key period in the artist’s oeuvre and with a particularly distinguished provenance will generate immense interest among discerning collectors worldwide. The December auction, Sotheby’s second in the capital city of China, will be the culmination of the Company’s celebration of its 40th Anniversary in Asia.
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