BEIJING - There has been an unmistakable momentum building in the market for the recently deceased Chinese abstract master Zao Wou-ki, whose 1958 Abstraction is set to be auctioned by Sotheby's in Beijing on 1 December. Currently in the collection of the Art Institute of Chicago, the work is expected to bring RMB35 to 45 million / USD5.7 to 7.3 million.
Zao Wou-ki’s Abstraction will be offered in Beijing on 1 December.
It has been a remarkable year for Zao Wou-ki, the onetime Paris-based artist, whose auction prices are reaching heights that few could have predicted. The successes of the Hong Kong 40th Anniversary Evening sale on 5 October were testament to the growing appetite for the artist’s work, with three paintings surpassing the previously-held record for the artist at auction. The new high water mark was achieved when 15.01.82 (Triptych) sold for HKD85.2 million / USD10.9 million.
Zao Wou-ki’s 15.01.82 (Triptych) sold for HKD85.2 million / USD10.9 million at Sotheby’s Hong Kong.
Following just weeks after the triumphs of Zao Wou-ki in Hong Kong, the sale of Abstraction in Beijing, the long-established center of the Chinese art market, looks to be an opportunity for an even wider group of collectors to acquire a work by the artist. Kevin Ching, CEO of Sotheby’s Asia points out that “There is no question that such an important work, which is from a key period in the artist’s oeuvre and has a particularly distinguished provenance, will generate immense interest among discerning collectors worldwide.”