Displaying items by tag: Asian Buyers

Christie’s sold $134.6 million of contemporary art in New York in an hour as international buyers from 26 countries chased after works including Andy Warhol’s electric chair silkscreen and Martin Kippenberger’s slouching man in his underwear.

Titled “If I Live I’ll See You Tuesday,” the auction yesterday surpassed its high target of $124.1 million as 11 artist records were set, including those for Richard Prince, On Kawara, Wade Guyton, Dan Colen and Kippenberger. Of the 35 lots offered, all but one found buyers. Similar to last week’s Impressionist and modern art auctions, Asian collectors competed fiercely, winning at least two of the top 10 lots, Christie’s said.

Hong Kong’s aspirations to become an art hub took another step forward when White Cube Gallery, best-known as the London home to artists such as Damien Hirst and Tracy Emin, revealed plans to set up shop in the south China metropolis.

The news confirms rumors that were swirling in Hong Kong’s relatively small art scene.

“We’ve tried to be discreet, but it’s hard to do things discreetly in Hong Kong, and we’ve been looking for space concretely for about a year,” Tim Marlow, director of exhibitions at White Cube, said in an interview from London.

The new gallery will take up two floors at the new office tower designed by architect Robert A.M. Stern at 50 Connaught Rd. in Hong Kong’s Central neighborhood. The main exhibition space is on the ground floor, which has 6-meter (20-foot) ceilings. The second floor has an additional 4,000 square feet of space, Mr. Marlow said.

“The timing is because only right now the right space has opened up,” he added. “Finding space in Hong Kong is extremely difficult. If you don’t have good gallery space to put ambitious shows on, it’s not worth looking at from our perspective.”

Mr. Marlow said he just signed the lease last week and that he expects to open in May 2012. He has already been in discussions with artists to begin programming for the gallery but declined to say who they were or what the opening exhibition would be.

While many artists on White Cube’s roster are already represented in major markets like New York, few have gallery homes in Asia, and Mr. Marlow said they’re eager to sell in the region. Already, White Cube has been a participant in the Art HK fair and sold a work by the Chapman Brothers titled “Dass Kapital is Kaput? Ja? Nein! Dummkopf!” to an Asian collector for £525,000 ($821,000).

Nearby China’s art boom is a major factor. Its art market has grown rapidly, surpassing London to become the world’s second-largest market, according to a study by the European Fine Art Foundation. Earlier this month, Christie’s said its sales in Hong Kong so far in 2011 were up 60% from 2010.