Vogue for Treating Art as Stocks Comes to China

By Louise Chen

Originally published on artinfo.com, July 16, 2010

http://fr.blouinartinfo.com/features/article/35237-vogue-for-treating-art-as-stocks-comes-to-china

In the latest sign that money is continuing to flow rapidly into the Chinese contemporary art market, a financial corporation has gone public with China's first openly traded art portfolio, on the Shenzhen Cultural Assets and Equity Exchange (SZCAEE).

Issued by the Shenzhen Artvip Cultural Corporation, the art portfolio comprises 12 paintings by contemporary artistYangPeijiang in the form of 1,000 shares, which sold out on the first day of trading, netting $354,480. As the artworks are traded by Artvip, which is managing the 12 works, profits are dispersed to shareholders.

Established in 2009 by the Chinese government, SZCAEE functions as an alternative platform for the trading of a wide range of cultural assets — including artworks, luxury goods, and films — as part of the Chinese government's attempt to commercialize, diversify, and regulate the public exchange of such cultural properties. SZCAEE plans to offer a second 1000-share portfolio, featuring 40 works by Yang Peijiang, sometime in the future.

Companies packaging art as an alternative-investment vehicle have struggled over the past year. In December 2009, Artistic Investment Advisers, a London-based group established in 2007 that billed itself as the world's first "art hedge fund," closed. At the time, the consulting group Fine Art Wealth Management estimated that the number of global art funds had declined by 40 percent since the September 2009 bankruptcy of Lehman Brothers.

 

At Chinese Classical Art Auctions, One Belgian Couple Has a Magic Touch

By Louise Chen

Originally published on artinfo.com, July 06, 2010

http://www.blouinartinfo.com/news/story/35017/at-chinese-classical-art-auctions-one-belgian-couple-has-a-magic-touch/

This spring, the Asian market for ancient Chinese artworks, which languished during the worldwide recession, rebounded dramatically, with numerous lots setting new records. However, amid all of that action, one set of lots, sold from the Guy & Myriam Ullens Collection at Beijing Poly International Auction Co., Ltd. last month, stood out. All 12 lots on offer from that collection — an assortment of works by ancient and modern Chinese artists, including seven antiquities that were exhibited at Beijing's Palace Museum in 2002 — sold, fetching RMB 146.2 million ($21.4 million).

The success of the auction was not entirely unexpected, considering that the Ullenses — a Belgian couple who started collecting rare ancient Chinese artworks in the 1980s and founded the nonprofit Ullens Center for Contemporary Art in 2007 in Beijing — are among the most prominent collectors of Chinese art worldwide. Last year, in Poly's fall sale, the Ullens' two lots — Ming court painter Wu Bin's 1615 Portraits of Eighteen Arhats (which the couple purchased in 1992 for only $620,000) and Letter Leaf by scholar Zeng Gong, who is considered one of eight greats of the Tang and Song dynasties — were respectively sold for RMB 16.9 million ($24.7 million) and RMB 10.8 million ($15.8 million), breaking records in ancient Chinese painting and calligraphy.

While questions about the Wu Bin work's attribution were raised by some Chinese art collectors before the painting headed to China, it was later authenticated by Poly auction specialists based on an inscription in the distinctive handwriting of Qing dynasty Emperor Qianlong, who was known for his connoisseurship.

Ambitious collectors and the newly-moneyed class in China are awaiting the next surprise from the Ullenses, who own an unknown amount of rare classical works.

Tagore Works Lead Sotheby's South Asian Art Sale to $8.2 Million

Published by Louise Chen

Originally published on artinfo.com, June 19, 2010

http://www.blouinartinfo.com/market-news/article/34923-tagore-works-lead-sothebys-south-asian-art-sale-to-82-million

Indian Nobel laureate Rabindranath Tagore headlined the South Asian Art Sale in London last night, not with his famous manuscripts, but with 12 paintings that fetched £1.6 million ($2.37 million), massively exceeding their £250,000 ($370,000) estimate. The evening sale, which also featured works by prominent South Asian artists Raza, Souza, and Chandra, managed a 78 percent sell-through rate and brought in £5.5 million ($8.2 million) for the house.

Other highlights of the auction included Haider Raza's Rajasthan,which went for £527,250 ($780,000). Last week, Christie's London sold Raza’s Saurashtra for an artist-record $3.4 million.

Of the 12 Tagore lots on offer from the Dartington Hall Collection of Leonard and Dorothy Elmhirst,Portrait of a Woman went for £223,250 ($330,000), resetting the artist record achieved when his Death Scene sold for £144,500 ($214,000) at Sotheby's in 2008. The ink-on-paper work Lady with a Fan — purportedly a portrait of Lady Ranu Mukherjee, a famed Indian socialite and a close friend of Tagore in his twilight years — earned £103,250 ($153,000).

Originally a gift from Tagore to the Elmhirsts 71 years ago, the paintings had been kept in their Dartington Hall Trust in Devon since then. The announcement of the sale generated political tension, due to the belief of some Indian art organizations that the paintings should be returned to India. Before the sale, a senior official from India’s Culture Ministry went to London to press the issue, but Sotheby's officials argued that the Indian government had no legal claim on the paintings. The Indian government did not bid in the auction.

A prominent family with a 300-year history in the country’s culturalrealm, the Tagores played a significant role in the Bengal Renaissance, a social reform movement that began in the late 19th century and ran through the early20th century. A quintessential polymath, Tagore produced 2,000 paintings, composed 2,230 songs, and penned the national anthems for both Bangladeshand India.

After dropping out of law school at University College London, Tagore returned to India, founding the publication Sadhana while managing his family's estate between 1891 and 1895. After achieving success in the arts, he traveled the world as a cultural emissary, influencing authors from Japan's Yasunari Kawabata to France's Andre Gide.

India is currently staging a yearlong celebration of Tagore's 150th birthday, which has triggered a surge in sales of his literary worksin India. In New York, meanwhile, his family name continues on in the form of the Sundaram Tagore gallery in Chelsea, whose eponymous owner, a former director at PaceWildenstein (now Pace), is a descendant of Rabindranath Tagore.

A Feast by French Culinary Legend Escoffier Wings to Hong Kong

BY LOUISE CHEN

Originally published: June 14, 2010

http://www.blouinartinfo.com/news/story/34904/a-feast-by-french-culinary-legend-escoffier-wings-to-hong-kong/

Hong Kong is always a culinary destination, but later this month it will offer a gustatory experience notable both for its historic nature and the fact that it's not Chinese in the least: the recreation of a 12-course banquet that legendary chef Auguste Escoffier originally served at the Hôtel Ritz Paris over than a century ago. The menu will be resurrected for one night only at the luxurious Hullet House hotels St. George restaurant on June 26.

This gourmet event is being held to celebrate the restaurant location's 110th birthday. Priced at HK$1,888 ($242) per person, the banquet will feature such dated delicacies as Suprème de Vollaile aux Artichauts (chicken supreme with artichokes), Pommes nouvelles (new potatoes), and Cœurs de Romaine (hearts of romaine), which are the dishes that have so far been revealed.

When directing the Ritz's restaurant in the early 20th century, chef Escoffier not only gained a worldwide reputation for haute cuisine, but also transformed the modern day culinary profession. Among his many notable achievements are the invention of the first la carte menu, the reorganization of the professional kitchen, and the simplification of the menu format.

Though only founded in 2007, Hullet House occupies the former 19th-century headquarters of the British marine police, which is one of the four oldest buildings in Hong Kong’s 1881 Heritage area, a focus of the city’s project to revitalize historic neighborhoods. The design of the building takes cues from Chinese imperial architecture and English country house, offering magnificent views of Victoria Harbor from private suite balconies. It had been going through major renovation since 2002.

The feast is the latest effort by hotel owners David Yeo and Iain Ward — a historian and ex-mariner respectively — to channel old Hong Kong's colonial charm.

MENASA Fair Debuts in a Crowded Regional Art Market

By Louise Chen

Originally published on artinfo.com, July 15, 2010

http://www.blouinartinfo.com/contemporary-arts/article/35219-menasa-fair-debuts-in-a-crowded-regional-art-market

Building on the early successes of fledgling Middle-Eastern art fairs like Art Dubai and Abu Dhabi Art, the inaugural edition of MENASART Fair opened in Beirut on Tuesday — the latest attempt to promote the region's artists and cultivate the growing interest in contemporary-art collecting among wealthy buyers in the Middle East, North Africa, and South Asia. 

The fair, which was sponsored by Lebanese financial groups MENA Capital and Al-Mawarid Bank, concluded yesterday at the Pavilion Royal in Beirut International Exhibition and Leisure Center. Among the 30 exhibitors the fair attracted were the U.K.’s Waterhouse & Dodd and Beijing-based nonprofit Ullens Center for Contemporary Art, which presented Zhang Huans large-scale stainless panda sculptures, previously seen at the Shanghai World Expo.

The fair also hosted conferences for dealers, collectors, and curators to address issues such as recent trends for contemporary art inSouth Asia and challenges for emerging Middle Eastern artists in light of globalization.

The board of the fair includes Laure d’Hauteville, who created Beirut's first contemporary art fair, ArtSud, in 1998, and helped the ArtParis fair expand to Abu Dhabi, and Jean-Marc Decrop, who is a former French cultural attache in Paraguay. "This fair is designed to represent art from the cradle of civilization," said MENASART artistic director Pascal Odille in a statement, "and boost the political, social and artistic representation in the region."

Poly Auction Sells a Hand Scroll for $63.8 Million, Shattering a Record

BY LOUISE CHEN

Originally published: June 09, 2010

http://fr.blouinartinfo.com/market-news/article/34833-poly-auction-sells-a-hand-scroll-for-638-million-shattering-a-record

Auction houses across Asia have enjoyed major triumphs in Chinese classical sales so far this month, and last night proved especially memorable, as Poly Auction — leading, army-founded auction house in mainland China — reset the record for an individual ancient Chinese workat auction, selling a 15-meter-long calligraphic hand scroll by Song Dynasty master Huang Tingjian for RMB 436,800,000 ($63.8 million)in a packed auction room.

The longest extant calligraphic hand scroll by Huang Tingjian boasts an unparalleled history and provenance. Completed in 1095, it wasextended from the original length of 8.24 meters to 15 meters over the span of 800 years as owners — from prominent ancient Chinese literati and royal court officials — added additional inscriptions to the piece. The work is also believed to hold significant value for the study of Chinese history and literature, as it bears an eloquent essay on the morality and justice exemplified by legendary Tang Dynasty statesman Wei Zheng.

Starting at RMB 80,000,000 ($11.7 million), the bidding price quickly jumped to RMB 200,000,000 ($29.3 million), climbing by increments of RMB5,000,000 ($730,000). A vicious duel ensued between a collectorin the auction room and an anonymous telephone bidder. The latter eventually won the lot but only after 70 bids had been logged over the course of the fierce 30-minute battle.

The evening sale of ancient Chinese works totaled RMB 2,560,000,000 ($375 million). Now, all eyes are on the upcoming auctions at Poly, which continue through June 5 and offer the house a chance to outshine its rival Christie’s Hong Kong and celebrate its fifth anniversary in high style.

- See more at: http://fr.blouinartinfo.com/market-news/article/34833-poly-auction-sells-a-hand-scroll-for-638-million-shattering-a-record#sthash.YPbgBKS8.dpuf


An Ill-Fated Masterpiece Brings Together China and Taiwan

BY LOUISE CHEN

Published: July 30, 2010

http://www.blouinartinfo.com/old-masters/renaissance/article/35369-an-ill-fated-masterpiece-brings-together-china-and-taiwan

After several months of diplomatic talks, the Zhejiang Provincial Museum in Hangzhou announced its decision yesterday to loan the painting Broken Mountains, one of two remaining fragments of Yuan Dynasty painter Huang Gongwang's "Dwelling in the Fuchun Mountains," to Taiwan’s National Palace Museum, which holds the other section of the painting. A joint exhibition to mark the historic reunion of the two pieces, which have been separated for 350 years, is now scheduled to run from June through September of 2011 as an unusually warm cultural exchange between China and Taiwan.

Measuring only 20 inches in length, "Broken Mountains" was separated from the rest of the originally 28-foot work — considered one of the masterpieces of Chinese landscape painting — after the Ming Dynasty collector Wu Hongyu ordered the painting burnt on his funeral pyre in 1650. The fragment, along with the far larger 21-foot section, were saved from destruction by Wu's nephew. Completed by the artist in his twilight years in 1350, the ink-on-paper handscroll "Dwelling in the Fuchun Mountains" vividly depicts the magnificent landscape along the Fuchun River in Zhejiang.

Before entering the collection of the Zhejiang Provincial Museum, "Broken Mountains" was owned by renowned Shanghai collector Wu Hufan. The other section, distinguished by its dramatic natural sceneries, was once housed in 18th century's Qing royal court and was among Emperor Qianlongs most treasured artworks. It has been in the collection of Taiwan’s National Palace Museum since the late 1940s.

 

Sotheby's Totals $21 Million in 21-Lot Sale of "Treasures"

Courtesy of Sotheby's

Last night on New Bond Street, Sotheby’s presented 21 pieces of extraordinary European decorative artworks in a special auction devoted to what the house dubbed "Treasures Aristocratic Heirlooms." Seventeen lots beat their estimates, fetching a total of $21,177,998.

Topping the sale was the Great Silver Wine Cistern of Thomas Wentworth, which weighs 168 pounds and measures about three feet across, sold to an Asian buyer for $3,802,970, setting the record price for a piece of English silver at auction. The second-highest lot of the evening was a pair of Imperial Porcelain Palace Vases, featuring reproductions of paintings by the Dutch Old Master Jan Van Loo, which realized $2,952,890.

The pieces on offer in the sale belonged at one point to such princely characters as Queen Marie Antoinette, the Duke of Devonshire,the Rothschild family, the imperial family of Russia, the Dukeof Urbino, and the Medici family.

Previously featured in the Medici Family Collection, a 16th century Italian ivory inlaid rosewood table fetched $1,244,746. Attributed to Maestro Giorgio Tedesco and Giulio Lupi, the table, was adorned with the arms of the della Rovere family and the insignia of the Order of the Golden Fleece. Marie Antoinettes three ivory painted and parcel-gilt Royal Pliants were sold for $821,618, while the amber casket bearing the arms of Prince William IV of orange and Anne, achieved $997,706.

The first aristocratically themed auction ever at Sotheby's, the sale generated fierce competitions among private and institutional collectors from across the world. “Today’s very successful results represent a fantastic achievement in the field of decorative arts,” remarked Mario Tavella, Sotheby’s Europe deputy chairman, said in a statement.

Secret Treasures of Imperial China to Emerge in Salem, Mass.

Within Beijing's Forbidden City, a garden complex housing artworks, jewelry, and exquisite furniture and crafts collected by Qing Dynasty's Emperor Qianlong has not been open to the public for the past 250 years. Now part of the immense Palace Museum, the 27-building compound served as the emperor’s retreat and was accessible only to him and a few royal confidants and concubines.

This summer, Peabody Essex Museum curator Nancy Berliner is bringing the imperial park's treasures to her museum with "The Emperor's Private Paradise: Treasures from the Forbidden City," an exhibition of 90 objects from the Qianlong garden that will run at the Salem, Massachusetts, institution from September 14 to January 9, 2011. The show means that Asian art enthusiasts in the United States will have a chance to experience the splendor of China's artistic golden age even before Chinese audiences. 

Currently under a $25 million restoration project that was begun in 2001, the emperor’s private garden won’t be open to visitors until after 2019, when the project is set to be completed. The exhibition in Salem will present the finest murals, paintings, wall coverings, furniture, architectural elements, jades, and cloisonné — all of which unveil the never-before-seen private life of the Qianlong Emperor, who was one of the 18th century’s richest and most influential men.

A consultant on the Palace Museum complex's restoration, Berliner is planning to re-create part of the 18th-century imperial complex for the show, which has also posed a $1.5 million financial challenge to the museum even after a combined $300,000 funding from sponsors including the Carpenter Foundation, the National Endowment for the Arts, American Express, and the Mandarin Oriental.

Yet according to the museum, 85,000 visitors are expected to see the exhibition, which would make for the second-most-attended show at the museum since it reopened in 2003. The exhibition will later travel to the Metropolitan Museum of Art and the Milwaukee Art Museum.

 

How a Chinese Teapot Fetched $2 Million

By Louise Chen

Originally published on Artinfo.com, June 22, 2010

http://www.blouinartinfo.com/news/story/34957/how-a-chinese-teapot-fetched-2-million

In addition to a cultivated taste for tea, the Chinese also have a penchant for teapots. Last month, a 1948 purple clay Yixing zisha teapot by the master ceramicist Gu Jingzhou sold for nearly $2 million at a China Guardian auction in Beijing, topping the list of the most expensive Yixing teapots in the world.

A living legend at almost 100 years old, Gu has honed a sophisticated craftsmanship that can measure up to that of Ming court artisans of the 14th century. This teapot is made from a clay that can only be found in the town of Yixing in China, where the zisha clay usually comes in five natural colors — of which purple is the rarest, containing no lead but a variety of minerals that are healthy for tea drinkers.

Yixing teapots often interest buyers for their engagement with ancient Chinese literature, as poems and designs are engraved on them by calligraphers and artists. This multimillion-dollar pot is adorned with notable calligraphic engravings by modern master Wu Hufan and bamboo carvings by painter Jiang Handing.

Though historically they are most often coveted by Chinese collectors, a few teapots have also been purchased by foreign collectors at auctions at Christie's and Sotheby’s in Hong Kong. If $2 million dollars seems extravagant for a clay pot, just wait until another Yixing piece comes up for auction — the prices of these vessels are expected to continue to rise.

China Adopts New Rules for Auctions of Cultural Relics

By Louise Chen

Originally published on Artinfo.com, July 02, 2010

http://www.blouinartinfo.com/market-news/article/35104-china-adopts-new-rules-for-auctions-of-cultural-relics

Today in China new rules went into effect that are aimed at bringing uniformity to the sale of cultural relics at auction, a practice that has historically been governed by vague and contradictory rules. The new guidelines, codified as the Standard for Auction of Cultural Relics and Art Works, were drafted by the nonprofit organization China Association of Auctioneers (CAA) under the supervision of the Ministry of Commerce (MOFCOM).

The new regulations define auction terminology and outline standard practices for various parts of the auction process, including consignments, catalog production, and the archiving of auction records. The new standards also reinforce a provision passed by the State Administration of Cultural Heritage in 2003 that requires owners of cultural relics to acquire and provide ownership certificate to auction houses.

The adoption of the new rules marks the end of a three-year process of legal research and investigations of the auction business in China and reached an important milestone in December when the CAA hosted the International Cultural Relics and Art Auction Forum in Beijing, a meeting that made important progress toward finalizing the new rules. That meeting focused on market regulations and strategies for reclaiming stolen cultural treasures, and involved the participation of presidents from international auction houses, experts on cultural relics, and government officials.

In recent years, China has vigorously pursued cultural relics that it believes were removed from the country illegally. One notable case was Christie's sale of the collection of Yves Saint Laurent and Pierre Bergé lastyear, which featured two bronze animal heads taken out of the Old Summer Palace during the 1860 Opium War. In addition, another major efflux of early cultural artifacts took place between 1980s and 1990s as some Chinese families sold their family heirlooms to the foreign collectors.

According to the recent statistic released by deputy mayor of Beijing Cai Fuchao, about 1,000 auctions featuring classical art and cultural relics have been held in the city during the past six years, generating RMB 40 billion ($590 million) in sales. “The capital city has become the market hub of primary artworks & cultural relics in China,” Cai said in a statement. “Ten-thousand pieces of looted cultural relics are estimated to return every year, and the number will be increasing year by year.” With the new Standard, auction officials hope that number will continue to grow.