 | |
Lee U-fan¡¯s "Untitled, 1982"
|
 |
|
Last Friday, on the seventh floor of the Sotheby's building, Korean artist Lee U-fan¡¯s "Untitled, 1982" sold for US140,000 after fierce bidding, about twice the price the auction house had expected. Adding fees, the picture fetched $168,000, the highest price for a Korean work on the day.
It was the first-ever New York auction of contemporary Korean paintings, and 22 out of 24 works by living artists found buyers. Collectively, they fetched $700,000, far surpassing Sotheby¡¯s initial estimate of $370,000 to $490,000. Hong Kyong-tack¡¯s "Library I" went for $42,000, Bae Joon-sung¡¯s "The costume of painter - Whistler" for $38,000 and Bae Bien-u¡¯s "From Pine Tree" (a photograph pop singer Elton John bought for some W$27,000 at an art fair in London last May) for $48,000
So far, Korean art auctioned by Sotheby¡¯s New York has usually translated into ceramics or traditional paintings. In a few instances, works by leading, internationally known artists Park Soo-keun or Paik Nam-june turned up, but this was the first time so many works by living Korean artists made a collective appearance in an auction in New York.
 |
|
Hong Kyong-tack¡¯s "Library I"
|
|
|
The day¡¯s Asian contemporary art sale at Sotheby's brought 247 paintings from Korea, China and Japan under the hammer. They fetched US$13 million in total, outpacing the auctioneers¡¯ estimate of $8 million. Buyers, too, were more diverse than usual. Bidders came from Korea, the U.S., Canada, Germany, France, Columbia, China and Japan.
Contemporary Asian art as a whole has seen a rise in investment value over recent years, with Korean art among the latest additions. What is behind that surge in interest? A Sotheby's staffer says Asian works appeal to Westerners who look for a fresh perspective, and Bae Hae-kyung, the president of Christie's Korean branch, adds that Korean works are also attractive because they remain relatively affordable.
 |
|
Bae Bien-u¡¯s "From Pine Tree"
|
|
|
Asia¡¯s nouveau riche also help drive up prices. "Bloodline series: Comrade no.120" by Zhang Xiaogang, which fetched the highest price on the day, was bought by an collector in Singapore.
New York's art world has been quick to respond to the trend, with a plethora of Asian art fairs, sales, and exhibitions going on as part of the city's Asia Week.
(englishnews@chousn.com )
|
