Major auction houses focus on ‘undervalued’ Hong Kong artworks amid economic downturn

SixteenofWilliamLim’sworksgoondsplayatSotheby’s,buttheyarenotforsale.Photo:EdmondSo

(SOUTH CHINA MORNING POST) AuctionhousesareplacingtheirbetsonHongKongartamidtheeconomicdownturnastwoleadingplayersareemphasisingaffordableworkswhichtheybelievehavebeenundervaluedinthemarket.

WhileSotheby’sishostingasellingexhibition,Christie’swillbepromotinglocalartworksinaMarchsalethatwillcoincidewithArtBasel.

Pricesofworksavailablefallbetweentensofthousandsandhundredsofthousands–afractionofpricesforblue-chippieces.

RebeccaWei,presidentofChristie’sAsia,whichisnowinits30thyearintheregion,toldthePostthatthemacroeconomy,particularlyChina,wasfacingalotofchallenges,butavolatilefinancialmarketwouldaffectmostlysalesofworksinthemiddlerange,nottoplotsandthoseatentry-levelprices.

RunninguntilMarch10atSotheby’sgalleryinAdmiraltyisNextDestination:HongKong,theauctionhouse’sfirstshowcasededicatedtocontemporaryartworksbyhomegrownartists.Sixteenofsome50worksonshowarenotonsaleandwillbedisplayedataneventcalledExhibitionofWilliamLim’sLivingCollection.

AstillfromKwanSheung-chi’svideoonthethemeofthe1997handover.Photo:K.Y.Cheng

Worksonsaleincludepoliticalworks,suchasKwanSheung-chi’svideopieceAFlags-Raising-LoweringCeremonyatmyHome’sClothesDryingRack(2007),whichmocksthe10thanniversaryofthe1997handover.

PaintingsbyChowChun-fai,includingSouthChinaMorningPost,“NewCompetitionLaw”,aderivativeworkofthenewspaper’swebpage,isalsoupforgrabs.

JonathanWong,seniorspecialistofcontemporaryAsianartatSotheby’s,saiditwashopedtheshowcouldinspirepeopletocollectHongKongart,whichhaslongbeenundervalued.

“Themarkettodayhasmatured.Peoplestarttolookatundervaluedworks,”Wongsaid,addingthatmainlandcollectorsalsowantedHongKongart.

LimsaidwiththemomentumbroughtbyArtBaselandanticipationovertheopeningofvisualculturemuseumM+intheWestKowloonCulturalDistrictandCentralPoliceStation,“thisisdefinitelyagoodtimetogetintothemarketforHongKongart.”

WeisaidtheauctionhousewouldfeatureHongKongartforthefirsttimeinitsMarchoff-seasonsalestotapthe“funky”ArtBaselcrowdlookingforavant-gardeworks.

“Therearelotsofnewbuyersaroundthattime.Theywantsomethingspecialandlowrisk,”shesaid.

“HongKonghasverycreativetalentandtheirworkshavebeenunderrecognisedbythemarket.Weshouldbepromotingthem.”