Sotheby's tempts collectors of ancient Chinese art again

Buyers of ancient Chinese art will reappear in Sotheby's salesroom in Hong Kong next month.

The last time Sotheby's auctioned classical ink art in the city was some 15 years ago.

More than 50 lots of ink paintings and works of calligraphy of prominent artists from the Song (960-1279) to the Qing (1644-1911) dynasties will go under the hammer at Hong Kong Convention and Exhibition Center on Oct 5.

The sale features pieces by the Four Wangs (painters all surnamed Wang) and the Four Monk Painters. The works represent two artistic trends in the early Qing Dynasty.

The paintings include a landscape by Hongren, one of the Four Monk Painters who was also a member of the Anhui school of painting. The work is titled Summit Lotus. Here the artist visualizes a magnificent view during a trip to the Huangshan Mountain in Anhui province.

Another highlight of the auction is Huang Yanlyu Traveling across Mountains, a landscape by Qing master painter Shitao. He recorded a scene from the extensive travels by his friend and patron Huang Yanlyu, who he put in the center of the painting.

Huang came from a well-off family involved in the salt trade. He supported several painters including Shitao and Bada Shanren not only because of his appreciation of their art but also because they had rebelled against the Qing Dynasty and shared nostalgia for the Ming Dynasty (1368-1644).

Sotheby's has held sales of ancient Chinese paintings in New York twice a year since 2011.

It hopes that the reintroduction of the sales in Hong Kong will solidify the category's steady performance in the art market.

The New York sales coincide with Asia Week New York, a cultural event held in March and September annually that attracts Chinese mainland buyers. This deep-pocketed group seeks Chinese antiquities with a sound provenance and often starts a bidding war in the salesrooms of Christie's and Sotheby's.

Among the group is Shanghai billionaire Liu Yiqian. He has often made headlines for his extravagant purchases.

He bought Gong Fu Tie Calligraphy with a signature by Su Shi, a Song Dynasty literati, for $8.23 million in Sotheby's sale in September 2013.

The piece's authenticity was questioned by several experts from the Shanghai Museum.

At the just-concluded Asia Week sales, art news portals, however, said they sensed a waning of interest from Chinese collectors.

Private collectors and art dealers said they saw an obvious decline in the amount and quality of works on offer, especially when compared to the March sales which were prompted by the auctioning of the collection of the late Asian art dealer, Robert H Ellsworth.

A key reason for the declining interest is the gradual drying up of sources of classical Chinese art in the European and American markets. The markets have consumed top-notch accumulations by prominent Chinese art collections over the past decade, while a new generation of collectors have not yet come out or have lost interest in Asian art.

Sotheby's response to the change has been to shift its attention from old masters to second-and third-tier ancient painters, such as Ming Dynasty painters Huang Daozhou and Ju Jie.

Works by both painters were auctioned at Thursday's sale in New York.

"Overseas buyers care a lot about building a collection hierarchy," says Fang Xian from Sotheby's classical Chinese painting department in New York. "They've already put together works of masters. Now they need quality works of lesser-known artists, offered at a modest price range, to enrich their collection.

"Hence we will keep looking for 'fresh goods (an auction term for works that seldom or first appear in the market)', and cater to their diversified needs," he told China Daily during Sotheby's Beijing preview.

The cooling of the New York market will help Hong Kong enhance its stature as a world trade center of Asian art.

After buying in New York's salesroom, many Chinese buyers store the works in Hong Kong, an ideal port because of its tax-free policy and art storage service.

Fang says the Hong Kong market will still be dominated by quality works by established artists, a long-lasting taste of Chinese buyers.

He adds that the flow of classical Chinese art from overseas back to Asia will boost communication between Asian collectors and those in Europe and the United States, reigniting their interest in collecting Asian art.