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Zhang Daqian Painting Sells for $504,000 at 888 Auctions

Richmond Hill, Canada -- 14 January 2012
  • Lot 38: Zhang Daqian (1899-1983) Chinese Watercolour 1936

    Zhang Daqian ‘Wuxia Mountain Clear Autumn’, 1936, achieved an astounding $504,000, more than double its high estimate of $400,000.

  • Lot 37: Li Kuchan (1898-1984) Chinese Watercolour Two Birds

    Li Kuchan Chinese watercolour on paper featuring Two Birds realized $11,400.

  • Lot 447: Chinese Gilt Bronze Square Hu-Shaped Vase Qianlong

    Rare Chinese square hu-shaped Gutoncai enameled porcelain vase, six-character Qianlong Mark, reached a winning bid of $16,000.

Richmond Hill, ON – 888 Auctions concluded its first auction of the year January 12th, featuring sales of fine Chinese Paintings & Asian Works of Art with a triumphant total of $717,180. The sale, comprising 598 lots, witnessed robust participation from around the world.

 

Collectors bid enthusiastically for works by Zhang Daqian and Li Kuchan, as 96% of the 49 lots sold in the Classical Chinese Paintings and Calligraphy. In all, the category alone achieved $537,090 alone and well above the pre-sale high estimate of $259,200.

Estimated at $100,000-200,000, the featured lot of the sale was unquestionably Zhang Daqian’s Wuxia Mountain Clear Autumn 1936 with exceptional provenance. In a saleroom filled to capacity and eagerly awaiting the action to ensue, bidders in the room, on the telephone, and the internet competed fiercely for Zhang Daqian’s watercolour painting. Starting at $5,000, the bidding for lot 38 kicked off at a feverish pace. After a protracted battle between an international telephone bidder and a local floor bidder, the local floor bidder emerged victorious after 64 bids with a winning bid of $504,000, bringing thunderous applause from the crowd seated in the gallery. In addition to the spectacular sale of Lot 38, a Li Kuchan (1898-1984) watercolour painting achieved $11,400 at lot 37.

From the collection of Chinese ceramics, lot 447 garnered a great deal of interest. This large and imposing Chinese square hu-shaped vase and decorated in rare Gutoncai enamelling, realized $19,200.

In light of the high prices achieved in the Chinese Classical Paintings and Calligraphy category, the collection of porcelains did not perform up to par. Whether the performance of the ceramics was because of the saturation of ceramics in the Asian art market remain to be seen; however, it is clear that collectors around the world are thirsting for authentic high quality items with exceptional provenance. And the numbers do not lie; high quality items with an estimate of over $10,000 nearly doubled the estimate across all categories of art in this sale.

With a sell-through rate of over 50%, connoisseurs of Chinese art have realized they do not need to pay an arm and a leg for an authentic piece of Chinese art and antique at 888 Auctions.

For consignment inquiries or additional information, please contact 888 Auctions at 905.763.7201 or by email at info@888auctions.com. For detailed post-auction results and hammer prices, please visit us at www.888auctions.com.

About 888 Auctions:

888 Auctions provide consignors a friendly and professional venue to sell their Asian fine art and antique. 888 Auctions is located within the Greater Toronto Area at the heart of the largest Chinese communities of Richmond Hill, Markham and Scarborough. Connected to over five million buyers through Artfact, Live Auctioneers, and iCollector, 888 Auctions achieve the best prices possible. 888 Auctions consign over 1000 pieces of fine Asian art and antique monthly and provide live and online bidding, absentee bidding, as well as telephone bidding. Offering valuations based upon 50 years of experience in the Asian fine art world, our knowledgeable and multilingual staff can guide buyers and sellers through the simple steps to ensure ownership of a desired object or a successful sale of a prized possession.

Press Contact:

Eojin Lim
888 Auctions
P: 905.763.7201
eojin@888auctions.com