Betting big in art's hard times

The economic outlook may be grim and the world art market on a rocky ride, but auctioneers in Hong Kong are undeterred - they have launched a series of sales with blockbuster names that they hope will defy the financial turmoil.

'There are definitely uncertainties ahead because of the global economy. The stock market has gone down drastically and this will be reflected in the auctions, especially with contemporary art,' said dealer Calvin Hui, the founder and artistic director of 3812 Contemporary Art Projects.

But auction houses are banking on pieces by artists whose works rarely come on the market, including Jeff Koons and Edgar Degas, and Chinese artists such as Zhang Xiaogang and Zhang Daqian , to sustain interest among Chinese buyers.

Hui also said interest in fine Chinese works of art and antiques would continue to grow because of their rarity, while mid-range art - works priced between HK$500,000 and HK$1.5 million - were likely to suffer.

'It depends on the quality, but mid-range art pieces by up-and-coming artists are not necessarily the must-buy items,' he said.

The sales began yesterday, with four regular players - Christie's, Bonhams, SeoulAuction and Est-Ouest Auctions - holding their autumn sessions, offering a combined total of more than 6,100 lots of contemporary and antique works of art, fine jewellery, rare wine and other collectibles estimated to be worth more than HK$3 billion.

United Asian Auctioneers, a consortium formed by Beijing Hanhai Auction, One East Larasati from Singapore, K-Auction from Korea and Asian Art Auction Alliance, will present more than 100 lots of artworks today. Tiancheng International, a new player based in Hong Kong, will hold its inaugural auction on Monday, offering 234 lots that it hopes will to fetch more than HK$280 million. One major piece among the lots is Rodin's Monumental Head of Pierre de Wissant.