The auction was among a series of evening sales that could point to art market softness; a work by Amedeo Modigliani fetches nearly US$35 million, short of...
A sale of 40 major works of art stretching from the modern period through today from the collection of billionaire Liu Yiqian and his wife, Wang Wei, fell short of expectations at Sotheby’s in Hong Kong on Thursday, generating HK$544.5 million .
Several works from Liu and Wang’s extensive collection failed to sell, including paintings by David Hockney, Stanley Whitney, Zao Wou-Ki, and a sculpture by Yayoi Kusama. Still, the auction—which was expected to realize at least HK$745 million—represents the highest total for a single-owner sale in Asia, and included records for the region for several Western artists, including Jonas Wood, Mark Bradford, and Alex Katz, Sotheby’s said.
René Magritte’s Le miroir universel, 1938-39, sold for HK$77.6 million, with fees, a price within its estimate range that achieved a record for the artist in Asia. The Magritte did not include a guarantee, although the Modigliani did. The subsequent auction of a fancy vivid blue diamond and diamond ring achieved HK$198.2 million, with fees, short of a HK$208 million low estimate.
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