Auction house Christie’s is currently holding its first-ever sale of Western art masterpieces in Hong Kong in response to a surge in interest from wealthy Asian collectors.
The works by contemporary and classical artists including Willem de Kooning, Andy Warhol and Claude Monet are designed to appeal to an elite pool of buyers in the region who are increasingly making their presence felt on the global art scene.
Worth more than $250 million (Bt89.06 billion) in total, the works are not going under the hammer, but became available for private sale and show to the public from last Thursday as part of an exhibition called “The Loaded Brush”.
In the past three to four years Asian collectors from across the region have “driven the art market at the highest level”, says Brett Gorvy, chairman and international head of post-war and contemporary art at Christie’s.
Although the sale includes some works at the lower end of the price range, its key pieces are all Western masterpieces aimed at Asia’s big hitters.
“We wanted to respond to the type of collectors who are buying in our field – $20, $30, $40 million and above – and in Asia there are at least between 25 and 30 collectors who are active at the moment in that area,” Gorvy says.
China’s economic slowdown, a corruption crackdown by Beijing and global instability have affected art markets, but auctioneers have always remained optimistic that the highest quality pieces would find homes among the super rich.
Chinese tycoon Liu Yiqian proved the point in November 2015, when he bought Modigliani’s “Nu Couche” in New York for a record $170.4 million.
Liu, who has a track record of major acquisitions of Chinese art, said at the time that he wants to exhibit Western works at his Long Museum in Shanghai.
Those who started out years ago collecting Asian artworks are now increasingly interested and able to afford Western masterpieces with top-end price tags.
“Its a maturity of wealth as much as a maturity of taste,” Gorvy says.
Wealthy collectors are also confident that quality artworks are retaining their value as assets, Gorvy adds.
The region’s top collectors come from countries, including China, Malaysia, Japan and Korea, with abstract styles particularly popular.
The works currently for sale come from collectors in Europe and the United States.
“The Loaded Brush” also features major pieces on loan from prominent Asian collectors including paintings by Picasso and Van Gogh.