Art Basel Hong Kong opens with sale of US$35 million painting
The region’s biggest contemporary art fair opened with a bang with the sale of Willem de Kooning’s Untitled XII, while dealers expressed confidence in Asian demand for contemporary art and US artist Jeff Koons showed off his works
Dealers at the sixth edition of Art Basel Hong Kong said that sales of big-ticket items within the first few hours showed the fair had recovered from nervousness caused by both China’s capital controls and regional political uncertainties, including North Korea and China’s leadership reshuffling.
A 1975 painting by Willem de Kooning called Untitled XII sold for US$35 million at 3.30pm, just an hour and a half after the opening of the fair, making it the most expensive work known to have been sold at the Hong Kong event (though galleries often don’t broadcast prices).
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Brett Gorvy of Lévy Gorvy Gallery, which conducted the sale, said that it helped that the seller was Paul Allen, co-founder of Microsoft and owner of a respected art collection.
“But it’s also to do with the fact that concerns about Chinese capital controls have calmed down,” he added. “By comparison, lots of things were happening politically around the world last year and the situation today seems clearer. In terms of our sales so far, it’s been transformative.”
Stuart Shave of the Modern Art gallery from London said a solo presentation of new paintings by Peter Halley sold out within the first couple of hours.
While dealers continued to express confidence in Asian demand for international contemporary art, they said more buyers were coming from Europe and North America this year because of the added draw of new galleries opening in Hong Kong’s H Queen’s building in Central. Hauser & Wirth Gallery said it sold all works by American artist Mark Bradford at its H Queen’s gallery, which opened on Monday.