Christie’s Asian Art Week New York, which took place from March 21 to 24, 2023, has been a resounding success.
The total sales amounted to an impressive $63,332,004, which is 164% above the low estimate, and there was global participation with more than 500 bidders from six continents. The week included various sales, such as Japanese and Korean Art, Indian, Himalayan, and Southeast Asian Works of Art, and South Asian Modern and Contemporary Art.
However, it was the J. J. Lally & Co. and Important Chinese Ceramics and Works of Art sales that made the headlines, achieving a staggering $18,699,528 and $18,288,012, respectively.
J. J. Lally & Co.: A Landmark Sale
The J. J. Lally & Co. sale featured fine and rare Chinese ceramics and works of art that defined an era of collecting in this category.
The sale made $18,699,528, which is three times the low estimate. The sale attracted almost 200 bidders from around the world, dominated by the Asia Pacific region, which accounted for almost 80% of participants.
One in 10 participants was new to the category, and one in five buyers was Generation Z.
The sale was led by two outstanding pieces: A Very Rare Guan Bottle Vase brought three times its low estimate, achieving $2,580,000, and a Very Rare Imperial Fahua Jar, Guan made $1,500,000, more than seven times its low estimate.
Important Chinese Ceramics and Works of Art: Impressive Results
The Important Chinese Ceramics and Works of Art sale achieved $18,288,012, which was 164% above the low estimate.
The top lot of the sale was an Exceptional and Very Rare Huanghuali Folding Chair, which made $2,820,000.
Other notable lots included a Rare Huanghuali Daybed, which achieved $1,260,000, a Rare Painted Wood Figure of a Standing Bodhisattva, which brought $894,600, more than eight times its low estimate, and a Very Rare Set of Four Zitan Stools, which fetched $781,200, more than five times the low estimate.
Price Realized: $2,820,000
South Asian Modern + Contemporary Art: Setting Multiple Auction Records
South Asian Modern + Contemporary Art achieved a total of $11,978,670 and was 100% sold by lot, and 263% sold by low estimate.
The auction set multiple auction records, including a new global auction record for the artist Manjit Bawa’s Untitled (Durga), which realized $1,980,000.
The sale also achieved notable results for Francis Newton Souza’s View From Crawford Market, Bombay, which brought $1,740,000, almost six times its low estimate, and Sayed Haider Raza’s Untitled (Houses) making $756,000, five times its low estimate, and Akabar Padamsee’s Rouen, which also made $756,000, three times its low estimate.
Japanese and Korean Art: Records for Hokusai’s Great Wave and the Korean Moon Jar
The Japanese and Korean Art sales achieved a total of $11,413,992, an impressive 253% hammer above the low estimate.
The sale attracted registered bidders from 22 countries in Asia, the Middle East, Europe, and North America, with heavy bidding and spirited applause as records fell for pieces in two legendary categories.
A fine and rare impression of one of the most reproduced images in all of art history, Under the Well of the Great Wave Off Kanagawa, the Japanese woodblock print by Katsushika Hokusai, brought a record price of $2,760,000.
An Important White Porcelain Moon Jar sold for $4,560,000, setting a new record for an example of this prototypical category of Korean pottery.
Indian, Himalayan and Southeast Asian Works of Art: Strong Prices for Pieces from Tibet
The sale of Indian, Himalayan, and Southeast Asian Works of Art achieved a total of $2,951,802, with participation from bidders and buyers in 14 countries across Australia, Asia, Europe, and North America.
The top lot of the sale was a Large and Important Grey Schist Figure of Buddha Shakyamuni, which realized $693,000. Pieces from Tibet made particularly strong prices, including a Rare Painting of Milarepa, which made $226,800, a Large Gilt-Bronze Figure of Akshobhya that brought almost twice its low estimate at $214,000, and a Very Rare Copper-and-Silver-Inlaid Bronze Figure of Vira Vajradharma, which sold for $100,800, almost seven times its low estimate.
Co-Chairman of Asian Art, Christie’s, Tina Zonars, expressed her delight in the outstanding results of Christie’s Asian Art Week New York. She commented on the excellent results across all sales and the outstanding records achieved during the week. Christie’s international team has once again shown its expertise and energy in this consistently strong market.
Christie’s Senior Specialist, Chinese Ceramics and Works of Art, Margi Gristina, also commented on the strong results for the J. J. Lally sale, which reflected the esteemed reputation of the dealer James J. Lally and his unwavering dedication to quality and scholarship throughout his career. The market demand for top-quality pieces with exceptional provenance was demonstrated by the noteworthy prices for Song-dynasty ceramics as well as Ming and Qing imperial porcelains.
In conclusion, Christie’s Asian Art Week New York has been a remarkable success, with record-breaking sales and global participation from bidders and buyers across continents.
The outstanding results across all sales are a testament to the high regard connoisseurs and collectors have for the exceptional quality and provenance of the pieces offered by Christie’s.
Images: Christie’s