- Marionville mayor ‘kind of agreed’ with Kansas City shooter’s views
- Rev. Al Sharpton’s Easter message: Politically ‘crucified’ Obama has risen again
- Supreme Court to weigh challenge to ban on campaign lies
- UNICEF launches ‘Mr. Poo’ mascot in India to curb public defecation
- Teen taking selfie by train: ‘Wow, that guy just kicked me in the head’
- Goodbye, Afghanistan — hello, Africa: Air Force to shift as U.S. exits Middle East
- Iran mulls ban on vasectomies, decrease on abortions to bolster population
- CNN op-ed claims right-wingers ‘more deadly than jihadists’
- Classes resume at high school rocked by stabbings
- ABC News accuses Center for Public Integrity of stealing Pulitzer-winning work
China art auctioneers face off with foreign rivals
HONG KONG (AP) - Chinese and international auction houses are encroaching on each other’s territory in Hong Kong and Beijing for the first time as they step up the battle for the Asian art market.
China Guardian Auctions Co., the country’s second biggest auction house, held a small sale of Chinese ink paintings, calligraphy and furniture last weekend in Hong Kong, its first outside mainland China. The firm, founded less than two decades ago, went head-to-head with 268-year-old global giant Sotheby's fall sales in the former British colony.
China’s other big player, Beijing Poly International Auction Co., also plans its first sale in Hong Kong next month. The two firms are little known outside of China, but their forays into Hong Kong, now a semiautonomous Chinese territory, are aimed at changing that.
Sotheby's, meanwhile, has big plans to expand into mainland China after setting up a joint venture allowing it to be the first foreign company to hold art auctions there, in a big leap over rival Christie’s.
The expansion plans highlight how the thriving demand for art from Asia’s growing class of wealthy collectors is leading to intensifying competition in Hong Kong, the region’s auction hub. Many of the collectors flocking to the city for twice-yearly sales by a number of companies are mainland Chinese, but a growing number come from other Asian countries such as Indonesia.
Guardian and Poly have “been watching and seeing what Sotheby's and Christies have been doing (in Hong Kong), and I personally think they’ve been sat back in the wings saying `The time is right’,” said Jonathan Macey, senior broker with the Art Futures Group.
“You’ve got a sea of money coming into this business from across Southeast Asia” in addition to Hong Kong and Chinese collectors, he said.
Hong Kong is “a logical place for us to step out and to fulfill our international expansion plan,” said Guardian’s president, Yannan Wang, who founded the company in 1993 with Chen Dongsheng.
The southern Chinese city is also an attractive place for art auctions because there are no taxes, unlike in mainland China where buyers have to pay up to 23 percent in taxes and import duties.
Wang said expanding in Hong Kong was also symbolically important because the buyer of the company’s first-ever lot at an auction 19 years ago was a Hong Kong collector.
Guardian’s Hong Kong auction, held Sunday in a ballroom in the Mandarin Oriental hotel, raised $58.6 million, more than double the pre-sale estimate. It drew people such as Wu Jia-lin, who lives in the manufacturing hub of Dongguan in China’s southern Guangdong province and has been collecting art for 10 years.
“There are fewer artworks here but they’re good quality,” said Wu, who had his eye on a Wu Guanzhong scroll painting of a bamboo grove with a presale estimate of $52,000-$77,400.
The sale room was jammed with hundreds of bidders, including more than 100 that the company brought in from Beijing. At times, the chatter from the crowd standing at the back of the room drowned out the auctioneer, who spoke only Mandarin.
But the din died down when the highlight of the daylong sale, a landscape series by Qi Bashi, went on the block. Bidding opened at 10 million Hong Kong dollars ($1.3 million) and rose rapidly until the hammer went down at HK$40 million ($5.2 million), which didn’t include a 15 percent commission.
In a bold move, the event was held the same day as Sotheby's auction of contemporary Asian art, traditionally the most prestigious of the company’s multi-day semi-annual sales.
TWT Video Picks
By John R. Bolton
Reality calls for attaching Gaza to Egypt and the West Bank to Jordan
- 'Culture of intimidation' seen in Nevada ranch standoff
- Rand and Ron Paul ride to the rescue for Bundy in Nevada standoff with feds
- Atheists rush to stage Easter display: 'Jesus Christ is a myth'
- Removal of military gear limits options for U.S., NATO in Ukraine
- CNN op-ed claims right-wingers 'more deadly than jihadists'
- U.S. Navy to turn seawater into jet fuel
- Army goes to war with National Guard, seizes Apache attack helicopters
- Nevada Bundy ranch standoff could leave dirt on Harry Reid reputation
- CARSON: Recovering Tocqueville's vision of American exceptionalism
- GOP writes legislation to deny Attorney General Eric Holder his salary
Celebrity deaths in 2014
Top 10 handguns in the U.S.