Xu Beihong's work was sold for 266.8 million yuan at auction - ranking first in the list of single items in this season's autumn auction so far

by xyxgyp1998 on 2012-02-11 18:59:52

Xu Beihong's Work Auctioned for 266.8 Million Yuan, Tops the List of Single Items in This Season's Autumn Auction

Xu Beihong's "Tilling" was auctioned off yesterday for 266.8 million yuan.

This may just be an isolated case, as cautious buyers have cooled down the autumn auction atmosphere at Poly Auction.

Reported by Lin Shaoqing,

The third day of Beijing Poly 2011 Autumn Auctions has concluded in Beijing. In last night's "Twelve Major Masters of Modern Chinese Art Night Session [Calligraphy and Painting Wholesale]," Xu Beihong's 1951 creation "Joyful Tilling in a Peaceful Land" was acquired by bidder number 9078 for 266.8 million yuan, setting a new world record for the auction price of Xu Beihong's works and temporarily ranking as the top single item in this season's Chinese art autumn auctions.

Over the past three days, whether it is modern or ancient calligraphy and painting, the concentrated night sessions have produced numerous high-priced items. However, these cannot offset the overall calm mood in the art auction market.

Observing the three-day calligraphy and painting daytime sessions, most works were sold only at or slightly above their reserve prices, with frequent unsold items causing sighs among on-site bidders. Especially in the modern section, renowned artists like Zhang Daqian, Qi Baishi, Li Keran, and Wang Xue涛 who were previously highly sought after by the market could not escape this downturn.

Experts have stated: "This year's spring auction took place under conditions of excessive liquidity, but starting from the second half of the year, the tightening of private funds and cash flow shortages have become characteristics of private enterprises and the macroeconomy, directly reflected in the results of the autumn auctions." Many industry insiders believe that the art market will enter a two to three-year adjustment period.

Zhang Daqian's once popular works also faced unsold status in this autumn auction.

For this autumn auction, Zhao Xu, the head of Poly Auction, had foreseen the market trend early on, significantly reducing the number of auction items — usually around 8,000 pieces in one autumn auction, this year saw a nearly 10% reduction — while simultaneously lowering estimated prices considerably.

However, the coldness of the market still exceeded expectations.

The hardest hit area was undoubtedly the modern calligraphy and paintings that have been universally rising since 2009. The prices of modern masters such as Zhang Daqian, Qi Baishi, Li Keran, and Wang Xue涛 who were previously favored by the market have generally fallen, even facing consecutive unsold statuses.

In the modern session, out of 13 works by Lu Yan少 numbered 692 to 704, four were unsold, and eight were hammered down either slightly above or exactly at their reserve prices. Only one piece, "Evening Stone Mist," was hammered down at 2.2 million yuan, exceeding its highest estimate of 1.8 million yuan.

When Qi Baishi's "Tea Flower" was hammered down at its reserve price of 1.8 million yuan, a Hong Kong buyer sitting next to the reporter sighed, "If this was during the spring auction, it would absolutely exceed 3 million yuan."

Poly's chief auctioneer Liu Xin惠 also remarked several times upon hammering down items: "Too cheap, too cheap."

Subsequently, nine folding fans by Xu Beihong, Zhang Daqian, and other famous artists, numbered 1196 to 1204, consecutively faced unsold status, even leading to unusual situations where items were sold below their reserve prices, surprising many buyers.

Lu Yan少's "Yellow Mountain Pine and Clouds" had a reserve price of 450,000 yuan, started bidding at 400,000 yuan, with a Nanjing buyer raising the bid to 430,000 yuan. After receiving confirmation from the responsible person, the work was hammered down at 430,000 yuan, shocking the audience.

Poly's Market Department Manager Liu Jing explained: "Under such market conditions, some consignors communicate with our company, willing to accept discounted sales at reserve prices." This is an exceptional concession made by auction companies in bleak markets.

With the poor market conditions, ancient calligraphy and painting masterpieces proved to be the most resilient.

Frequent unsold items chilled the on-site atmosphere, affecting the auctioneer's mood.

What revived some life in the auction room were the three concentrated night sessions, as the works were all well-documented masterpieces, thus producing numerous high-priced items.

Xu Beihong's 1951 "Joyful Tilling in a Peaceful Land" was the highlight of the modern calligraphy and painting section in this autumn auction at Poly.

Xu Beihong and Guo Moruo met in 1925 and maintained a relationship for 28 years. In 1951, after attending the "Third World Peace Preservation Conference" and being awarded the "Stalin Gold Medal for Strengthening International Peace" at the Moscow Kremlin, Guo Moruo received this grand masterpiece painted by Xu Beihong despite his illness. This work was once housed in the Guo Moruo Memorial Hall and is considered a first-class national cultural relic.

Additionally, Qi Baishi's fine piece "Landscape Collection" was sold for 51.75 million yuan; Wu Guanzhong's milestone work "Tiger Plateau" fetched 20.7 million yuan; Dong Gao's "Spring Landscape and Floral Album" recorded in the "Shi Qu Bao Ji" was purchased by collector number 8502 for 52.9 million yuan, setting a new auction record for Dong Gao's works...

It can be seen that under the cooling market and generally tight budgets among buyers, their eyesight has become particularly selective, and they are very cautious when making bids.

In comparison, ancient calligraphy and painting masterpieces are the most resistant to falling prices. For example, the Yuan Dynasty’s "Chongzhen Wanshou Palace Auspicious Crane Poem and Singing Scroll," which appeared for the first time at Beijing Changshi a few days ago, started bidding at 5 million yuan. After nearly an hour of fierce competition, it was acquired by Shanghai collector Liu Yiqian for 101 million yuan, becoming the most fiercely contested item in this season's autumn auctions.

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