Works of renowned western artists sell for $37mn at Beijing auction

Paintings by Monet, Picasso, and impressionists, the Dutch-French Camille Pissarro and French Paul Cezanne were sold at China Guardian Auction’s, a leading auction house, “Impressionist and Modern Art Evening Sales” for the first time
An attendee photographs a painting prior to the auction of 11 Picasso paintings and works at the Bellagio Hotel in Las Vegas, Nevada, US on October 23, 2021. Picasso’s Woman in a Hat was sold for 23.575 million yuan ($3.69mn) at a Beijing auction on Sunday. (REUTERS)
An attendee photographs a painting prior to the auction of 11 Picasso paintings and works at the Bellagio Hotel in Las Vegas, Nevada, US on October 23, 2021. Picasso’s Woman in a Hat was sold for 23.575 million yuan ($3.69mn) at a Beijing auction on Sunday. (REUTERS)
Published on Nov 29, 2021 04:57 PM IST
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Paintings by Monet, Picasso, and impressionists, the Dutch-French Camille Pissarro and French Paul Cezanne were sold at China Guardian Auction’s, a leading auction house, “Impressionist and Modern Art Evening Sales” for the first time.

Sutirtho Patranobis I Edited by Amit Chanda

Five paintings by world-renowned artists including Claude Monet and Pablo Picasso sold for a whopping $37 million at an auction held in Beijing on Sunday.

Paintings by Monet, Picasso, and impressionists, the Dutch-French Camille Pissarro and French Paul Cezanne were sold at China Guardian Auction’s, a leading auction house, “Impressionist and Modern Art Evening Sales” for the first time.

The average time it took each painting to be sold was “four minutes”, the auction house said.

Monet’s Water Lily Pond and Rose sold for 154.1 million yuan ($24.14mn), which is the world’s most valuable Monet water lily.

Monet’s other masterpiece Steps was sold for 28.75 million yuan ($4.5mn); Picasso’s Woman in a Hat was sold for 23.575 million yuan ($3.69mn); Camille Pissarro’s Bazincourt’s Laundry Pool was sold for more than 20 million yuan ($3.13mn) and Paul Cézanne’s Portrai” was sold for 12.65 million yuan ($1.98mn).

According to a Chinese state media report, the auction of Monet’s Water Lily Pond and Rose started at 90 million yuan, ($14.1mn) and soon exceeded 120 million yuan ($18.8mn) before being sold for 154.1 million yuan ($24.14mn) with a commission.

According to the background on the painting by the auction house, the painting, which was created in 1913, is a representative work of Monet’s mature style, depicting the Giverny Gardens with unique brushstrokes and vibrant tones.

“This is the garden he built by himself, and it is also his most prestigious painting theme… From this perspective, Monet has only three works depicting the Giverny Gardens. This Water Lily Pond and Rose is the widest of the three.”

“In the Asian art market, the appetite for masterpieces of Western modern and contemporary art has proliferated in recent years in Hong Kong - setting record prices at auctions. This trend could gradually spread northward into mainland China,” the website Artists Studio said in an article ahead of the auction.

The market for world-renowned western artists in China has huge potential, wrote Crystal Wilde for CKGSB Knowledge, the quarterly publication for the CKGSB Business School.

“As the art market has matured, buyers have developed an interest in Western art, driven by the popularity of international art fairs like “Art021” and the “West Bund Art and Design” fair in Shanghai, as well as an increasing presence of foreign galleries. With a better support network of museums, galleries and experts behind it, Western art, whether it be works of masters like Monet or those of more modern blue-chip artists like Andy Warhol, is now seen by many as a safer investment bet.”

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Sunday, January 23, 2022