New York Auctions - March 2001

By Margaret Tao

The 'Asian Works of Art' sale at Doyle's on 19 March suffered from recent market conditions. There was no demand for material which was not of top quality. Despite the crowd, bids were few and most pieces sold for prices close to or below the estimate. The total for 314 lots was US$387,000, with 53 per cent sold by lot (150 lots unsold). Several pieces, previously sold at Nagel's in May 2000, brought the highest prices in the Indian, Tibetan, Nepalese and Southeast Asian section. Lot 25, a 14th century Tibetan bronze Amitabha brought US$13,800 (estimate US$12/14,000). Lot 39, a 13th century Khmer bronze Muchalinda, Prajnaparamita and Avalokiteshvara group sold to a telephone bidder for the same price (estimate US$8/10,000).

Fanglei China, late Shang/early Western Zhou period (c. 1500-771 BCE) Bronze Height 63.6 cm Christie's `Fine Chinese Ceramics and Works of Art' sale, New York, 20 March 2001, lot 156 Price: US$9.246 million (unpublished estimate US$3/5 million)

According to expert-in-charge Martin Lorber, with the exception of Satsuma ware and some Meiji period ivories, there was little activity. Lots 123 and 126, ivory groups of oni and a giant shell with a 'Gyoho' signature on a carved red-lacquer plaque, and of a farmer with chickens, signed Ranzan sold for US$10,925. Both had an estimate of US$3/4,000. Some of the Chinese works exceeded their estimates by a wide margin. An 18th or 19th century three-colour overlay glass vase brought US$14,950, the highest price in the sale (lot 223; estimate US$2,500/3,000). A rock crystal covered vase (lot 295) sold for US$11,500, almost ten times the estimate of US$800/1,200. Lot 299, a pale green jade shallow dish, was bought by a Hong Kong dealer for US$10,350 (estimate US$1/1,500).

Christie's 'Fine Chinese Ceramics and Works of Art' sale on 20 March was a completely different story. There was an atmosphere of anticipation and standing room only. By far the most successful sale, it was the talk of Asia Week. The total of US$13,918,370 was the highest ever achieved for a sale of Chinese works of art in New York and the second highest worldwide. 234 lots were offered with 64 per cent sold by lot (84 lots unsold).Two lots contributed to the amazing total. The top lot (156), a massive fanglei from the late Shang or early Western Zhou period, broke three records when it sold for US$9.246 million to a collector bidding on the telephone. This is the highest price ever paid for an Asian work of art. Although the estimate was unpublished, it was expected to fetch between US$3 and US$5 million. The piece is in excellent condition and was first published in 1928. Its cover is now in the Hunan Provincial Museum in Changsha. Anthony Lin, Christie's International Departments Specialist Head, had persuaded the eminent Tokyo dealer Nita Muneichi to consign the bronze, which had been in his possession for over 25 years. James Lally observed that such an event is unlikely to be repeated. Giuseppe Eskenazi, who had tried unsuccessfully on several occasions to buy it, noted that it was a major achievement by Christie's to find two anonymous potential buyers for it.

Alan and Simone Hartman's collection of Tang sancai pottery (sold as lot 102 and comprising lots 103 to 150) was also part of this sale. Assembled primarily during the 1980s by well-known New York dealer Hartman, most of the pieces had been acquired at auction for significant prices. In the hope of keeping it intact, the consignors specifically instructed Christie's to try and sell all 48 pieces as one lot. They were only to be sold individually if the reserve was not met. A European collector bidding on the telephone, acquired the whole group for US$1.381 million. Although Eskenazi thought that this was cheap, others felt that selling the pieces individually would not necessarily have yielded a better result, given the extremely selective market for Tang sancai. The Hartmans were very pleased with the outcome. Athena Zonars, Head of the Chinese Works of Art department, felt that proceeding in this manner created more of a buzz before the sale.

The remainder of the sale was also strong. Those participating in the room were mainly from Britain or Hong Kong. Americans bought 51 per cent of the sale by lot. All the Song, Yuan and Ming ceramics sold. A small Northern Song purple-splashed Jun ware dish was acquired by Eskenazi for US$70,500 (lot 204; estimate US$30/40,000). The paucity of such material brought high prices. In Lally's view, they remain quite reasonable when compared to Ming and Qing pieces. The focus among unmarked Qing ceramics was on monochromes rather than the more decorative export pieces. Imperial mark and period pieces continued to be sought after. This includes Beijing glass, once an under valued category. Fine examples sold for strong and sustainable prices. Lot 4, a Qianlong mark and period opaque yellow glass bottle, was bought by London dealer Hugh Moss for US$39,950 (estimate US$6/9,000). Another example of the Imperial phenomenon was lot 59, an otherwise unappealing pair of Qianlong mark and period enamel, gilt-copper and glass cache pots of lingzhi fungus, bought by a London dealer on the telephone for US$110,500 (estimate US$100/120,000). Hong Kong dealers competed for several Imperial famille-rose pieces. Lot 273, a rare Yongzheng moulded hexagonal vase sold for US$215,000 (estimate US$60/80,000) to Elegant Wong. However, an American collector outbid Hong Kong dealer William Chak for lot 237, a Yongzheng blue-and-white cylindrical vase, paying US$215,000 (estimate US$120/180,000).Zonars was especially pleased with the success of the Song ceramics and monochromes, because this bodes well for the September sale of the Falk Collection, arguably the finest collection of Chinese ceramics in the United States.

The momentum generated by this sale was maintained at Sotheby's 'Fine Chinese Ceramics and Works of Art' sale on 22 March. The total for 263 lots offered was US$3,113,600 with 70.34 per cent sold by lot (78 lots unsold). James Godfrey, Senior Vice-President and Director of Sotheby's Chinese Works of Art department, commented that the sale illustrated that the market responded well to fresh pieces with good American provenance and reasonable estimates.

Many in the trade were surprised by the active bidding given the relatively unimpressive selection and current economic uncertainty. The market, especially the high end, still appears healthy, and all the top lots sold. Archaic bronzes, which opened the sale, set a positive tone. Ming and Qing Imperial wares had the best results. The highest price in the sale was US$533,750 for a Yongle seal mark and period 'wintergreen'-glazed stemcup with anhua decoration (lot 90, estimate US$130/150,000), bought by an anonymous collector on the telephone. While noting its conservative estimate, Lally felt that it was the masterpiece of the sale. The stemcup had been sold at Sotheby's in Hong Kong in November 1981 and had fetched HK$660,000 then. A rare Kangxi peachbloom-glazed waterpot belonging to Marilynn Alsdorf, sold to a telephone bidder for US$335,750 (lot 119; estimate US$300/350,000). Lot 101, a Qianlong seal mark and period blue-and-white basin in the Ming style, was the object of active bidding in the room, and was eventually acquired by a collector on the telephone for US$192,750 (estimate US$80/100,000). Lot 121, a Qianlong celadon and underglaze-blue moonflask soared above its estimate of US$15/20,000 and sold to a Hong Kong dealer for US$104,250. Although it is a unique model of an unusually large size, its estimate was low because the reign mark had been polished away. Two areas that were barely represented in the Christie's sale also sold consistently. The 115 snuff bottles of varying quality were well received with order bids as well as activity in the room. The few lots of furniture were also surprisingly successful, selling primarily to absentee bidders.

Results for the rest of the auctions were not nearly as spectacular. The 'Indian and Southeast Asian Art' sale at Sotheby's on 20 March was somewhat disappointing. The total was US$2,399,416 for 162 lots offered, with only 43.21 per cent sold by lot (92 lots unsold). Although expert-in-charge Edward Wilkinson had been confident about the level of the offerings, the pre-sale interest did not translate into bids at auction. The strength of the sale lay in the Himalayan material, with even levels of participation in all areas. There may also have been some crossover buying by collectors. The two highest prices achieved were for 13th century Himalayan gilt-copper Buddhas. The top lot was a Shakyamuni, which, according to Wilkinson, was the most important Tibetan Buddha to come on the market. It was bought by an anonymous bidder for US$390,750 (lot 108; estimate US$400/600,000). Lot 92, a standing Buddha from Nepal, sold to a collector for US$346,750 (estimate US$300/400,000). The piece had previously been acquired at Sotheby's New York in September 1998 for US$508,500. Many other impressive Himalayan gilt bronzes failed to sell, possibly victims of 'Buddha fatigue' as they were grouped together. Several experts commented on the homogeneously high quality and the correspondingly high estimates. There were a few affordably priced pieces to draw people in, but nothing for new collectors unless they were prepared to start at the top. Wilkinson explained that it had been necessary to raise the average lot value due to the cool response in September to mid-range material. This has been the recent trend and probably reflects Sotheby's attempts to increase the minimum lot value to US$8,000. A number of pieces were sold after the sale. Unusual pieces such as Tashrih ul Akwam, a bound Delhi manuscript with 122 illustrations in colour and gold, sold well. This is the only intact example apart from one in the British Library in London. It was a real discovery as the consignor had been unaware of its rarity. Wilkinson was delighted with the result of US$98,500 (lot 28; estimate US$40/60,000). However, practically all the other Company School paintings, an experiment, remained unsold even though they had been published and were important works. Although half the Southeast Asian pieces remained unsold, two important 11th century Khmer Baphuon-style sandstone figures of Vishnu and Uma (lots 162 and 163; estimate US$80/120,000) were acquired by the Chinese Porcelain Company for US$69,750 and US$81,250 respectively.

Christie's 'Indian and Southeast Asian Art' sale on 21 March seemed more buoyant. The total for 200 lots offered was US$2,614,743, with 57 per cent sold by lot (86 lots unsold). There had been a lot of interest at the viewing, and the room was packed during the auction, with significant bidding throughout. The cover lot fetched US$226,000, the second highest price in the sale (lot 34; estimate US$200/300,000). The 10th century sandstone frieze of Vishnu, Lakshmi, Shiva and Parvati from Uttar Pradesh was bought by a new American buyer. Hugo Weihe, International Specialist Head of the Indian and Southeast Asian Art department, was extremely satisfied with the gradual rise in total and sold rates in his sales. He was selective and the chosen pieces were good examples of each category. This resulted in variety with wide-ranging estimates. Unusual pieces, primarily of academic interest, met with mixed results, and some unsold pieces found buyers afterwards.

More than half the sale was composed of Himalayan art, including thangkas, manuscript covers and ritual implements, with gilt bronzes achieving the highest prices. The highlight was a large Tibeto-Chinese Yongle mark and period Manjushri. It was bought by an American collector for US$248,000, the top price in the sale and a record at auction for a Yongle bronze (lot 88; estimate US$150/180,000). Lot 80, a 13th/14th century gilt-bronze makara finial from Tibet sold to a European collector, who owns the mate to it for US$149,000 (estimate US$30/40,000). One of the manuscript covers, a 12th century gilt-copper repousse example from Tibet or Nepal, sold to a European collector for US$49,350 (lot 113; estimate US$15/20,000).Two Chola pieces consigned by a Louisiana collector were both bought by a new American collector bidding on the telephone. Lot 39, a 13th century bronze Parvati fetched US$70,500 (estimate US$60/80,000), while the more unusual lot 38, an 11th century granite Shiva Dakshinamurti realized US$76,375 (estimate US$80/100,000).

The sales of 'Japanese and Korean Works of Art' were difficult. At Sotheby's on 21 March, the total for 514 lots offered was US$1,926,620 with 54.09 per cent sold by lot (236 lots unsold). Several factors are responsible. The weakening market resulted in fewer important pieces being consigned for auction. There has been a decline in interest and buyers are more cautious. Strong competition between the auction houses for better pieces resulted in higher estimates which were sometimes unreasonable. According to Sachiko Hori, Co-Director of Sotheby's Japanese department, netsuke was successful, particularly the final group from the Bushell Collection, bringing a total of US$455,610. A 19th century ivory netsuke of a hare, signed Kaigyoku sold to a Tokyo dealer for US$37,550 (lot 129; estimate US$4/5,000). The department seems likely to be affected by the minimum lot value and could be obliged to move away from selling certain lower-priced categories such as netsuke.

Hori added that there was a limited market for metalwork, as evidenced by the low estimates. One of the highlights was a late 19th/early 20th century Myochin School articulated shachi (signed Kozan sei Muneyoshi), with an impressive provenance. It was bought by a new buyer on the telephone for US$49,625 (lot 277; estimate US$18/22,000). Signed Satsuma ware sold for solid prices to American, European and Japanese bidders. Some pieces found buyers after the sale.

Screens brought the highest prices. The cover lot, Fishermen by Goshun, two pairs of six-panelled screens, fetched US$203,750, the top price in the sale (lot 475; estimate US$200/300,000). Ryoichi Iida, Co-Director of Sotheby's Japanese department, was glad they sold; buyers of such expensive screens are usually Japanese, who are now unwilling to spend more than US$60,000. Lot 469, a pair of 17th century Rakuchu Rakugai-zu screens sold to a California dealer for US$58,250 (estimate US$20/30,000). Late Edo paintings also did well. They are popular with American collectors provided the subject is appealing and the estimates are conservative. Wisteria and Weasel by Nagasawa Rosetsu, a hanging scroll in ink and colour on silk, fetched US$36,400 (lot 451; estimate US$10/15,000).

Korean art was problematic. Only six of the 25 lots sold, although a few paintings sold later. Iida explained that due to the preponderance of fakes, there is great reluctance to purchase Korean paintings. Moreover, the estimates for several objects were probably too high. For example, lot 515, a 14th or 15th century silver-inlaid bronze incense burner estimated at US$180/200,000 was considered too expensive and remained unsold. The lack of participation from Korea makes it difficult to place expensive dealer property. There is a need for reasonable estimates and to stimulate interest from American collectors.

Christie's sale on 22 March had a better result. The total was US$2,562,179, for 326 lots offered with 64 per cent sold by lot (116 lots unsold). Buying was also selective. Korean art yielded the highest prices and a significant proportion of the sale total. 70 per cent of the Korean pieces were sold by lot, totalling US$951,624. Nonetheless, the two most expensive lots, 310 and 311, failed to sell (both estimated at US$500/700,000). Audience at Court, a 19th century ten-panel screen, was of great historical interest and came from a European collection. It sold for US$127,000 (lot 309; estimate US$70/90,000). Such screens seldom come onto the market. 19th century, modern and contemporary paintings were also in demand.

Korean ceramics were strong and contributed five of the top prices in the sale. Highlights included a 15th century punch'ong stoneware bottle, which fetched US$226,000, the highest price (lot 296; estimate US$200/220,000). Lot 290, a Koryo celadon and reverse-inlaid stoneware ewer in good condition and with an important provenance, brought US$204,000 (estimate US$180/200,00). Kim concluded that the sale results demonstrated that carefully chosen property which is rare and correctly estimated can sell well. Japanese art was mixed: lacquer and works of art were uneven but there were some strong prices for ceramics. A massive 12th century Tokoname stoneware jar sold for US$70,500 (lot 203; estimate US$60/80,000). Lot 205, an Edo period Arita jar in Kakiemon style, was bought by an Asian collector for US$94,000 (estimate US$30/40,000). The low estimate had been due to its poor condition. According to Katsura Yamaguchi, Senior Specialist of the Japanese department, it would have fetched twice that if it had been in good condition.

Armour, screens and paintings fared quite well. A large 17th century helmet shaped like a scallop shell was sold to a European collector for US$82,250 despite some condition problems (estimate US$35/45,000). Another pair of 17th century Rakuchu-Rakugai-zu screens fetched US$105,000, (lot 259; estimate US$100/150,000). The last group of modern and contemporary paintings sold by R.H. Ellsworth Ltd on behalf of the owner was not as successful as those previously sold. According to Susan Lewis, Senior Specialist of the Japanese Art department, these were not as vibrant as the others, and the number of Japanese buyers was dramatically down from previous sales. However, all sold after the sale. Prints performed predictably. Lot 71, Ohashi Atake no yudachi (Ohashi, Sudden Shower at Atake), a famous print by Utagawa Hiroshige, sold for US$70,500 (estimate US$60/80,000).

Sloan's of Washington, DC, held their 'Asian Ceramics and Works of Art' sale in New York on 2 April. The results were solid, and expert-in-charge Alexandra Grais was pleased with the active bidding and the presence of the main players in the market. The viewing was attended by several Hong Kong dealers as well as numerous members of the Snuff Bottle Society. The total for 685 lots offered was US$450,593, with 65 per cent sold by lot (243 lots unsold). Many pieces were from private collections and estates, and generally had low estimates. The response to certain pieces was positive. The top lot (90), a Meiji period cloisonn‚ vase signed by Namikawa Yasuyuki, was bought by a New York dealer acting for a Japanese collector for US$37,950 (estimate US$3/5,000).