New York Auctions - March 2002

By Margaret Tao

No one was quite sure what to expect from Asia Week in New York this March. The United States economy has faltered, and those of Japan, Taiwan and Hong Kong have also been struggling. Dealers had been reporting that business was patchy so far this year. There was strong speculation about the first sale of the week in particular, on 19 March, of `The Robert Hatfield Ellsworth Collection of Chinese Archaic and Gilt Bronzes' at Sotheby's.

Camel with Sogdian rider and hunting owl Early Tang period (618-906) Pottery with pigments Height 99.1 cm Sotheby's `Fine Chinese Ceramics and Works of Art' sale, New York, 20 March 2002, lot 55 Price: US$412,750 (estimate US$200/300,000)

Although highly publicized, the sale did not appear to be a great success. The total achieved was US$1,678,280 for the 171 lots offered - well below the low estimate (US$2,700,000), with only 60.23 per cent sold by lot (68 lots unsold). Nonetheless it was actually a remarkable achievement. To many in the field, this was not truly a collection, since it was really the bronze inventory of a famous dealer. Ellsworth's name carries weight, but there are few collectors in this esoteric area, and this was a large group for the small market to absorb. Many of the bronzes were known to the major players, and a number were not of tremendous interest. Finding new buyers was imperative. Ellsworth had originally consigned the bronzes to Christie's but had pulled them in mid-January because, he said, they were unwilling to sell them in March with other bronzes that were already scheduled for sale. A more important reason for Christie's postponing the sale until September was their belief that an effective marketing campaign would require several months. Ellsworth, seeking to increase his liquidity sooner, put his faith in Sotheby's ability to pull this off in a scant two months, and they did. The cover lot, the Ellsworth chariot group, an important set comprising an Eastern Han dynasty carriage and horses, failed to find a buyer at the sale, as it was not fresh to the market, and there was a good deal of restoration to the horses' legs (lot 50; estimate US$750,000/1 million). However, the next day a collector bought the set for US$600,000 - a strong price, noted specialist-in-charge Joe-Hynn Yang - raising the total percentage sold by dollar to 86.

The room was not crowded, and much of the bidding was by telephone or order bid, with nine of the top ten lots selling to collectors. Dealers were not terribly active. Generally the more attractive or unusual pieces sold best, but less interesting examples fell flat. A bidder on the telephone purchased the `Shi Yu' ying, a rare late Western Zhou water kettle and linked cover, regarded as the finest piece in the sale, for US$467,750, the highest price (lot 20; estimate US$300/400,000). New York dealer James J. Lally was the underbidder. The shape of the vessel was rare, and both the casting and patina were superb. Lot 28, a large Spring and Autumn Period copper-inlaid hu and cover, was also bought by a collector on the telephone for a good price: US$95,625 (estimate US$30/40,000). The original cover and inlay were intact. A number of less important but unusual pieces were also in demand.

"Winter" By Park Sookeun (1914-65) Oil and mixed media on board Height 22.5 cm, width 44.3 cm Christie's `Japanese and Korean Art' sale, New York, 22 March 2002, lot 223 Price: US$578,000 (estimate US$150/250,000)

New York dealer Andrew Kahane competed with Lally for a Dian culture, Western Han dynasty axe head with captive slaves (lot 77; estimate US$30/40,000). Kahane bought it for US$47,900. Lally was the successful bidder at US$32,950 for lot 151, an interesting Tang gilt-bronze figure slaying a lion (estimate US$20/30,000). Lot 163, a Ming period gilt-bronze seated Guandi, found favour with Asian collectors, eventually selling for US$41,000 (estimate US$8/10,000). Low reserves allowed a number of pieces to squeak by and sell below estimate, such as lot 7, a large late Shang/early Western Zhou ding, which only fetched US$126,750 (estimate US$150/250,000). Lot 45, a rare Eastern Han bronze inscribed kettle and brazier stand, met a similar fate, purchased by a collector in the room for US$69,750 (estimate US$100/150,000).

Finding as many new buyers as they did was a tour de force by Sotheby's, even if fewer lots were sold than had been hoped, but the results also reflected the sophistication of the buyers who took part. According to Yang, Ellsworth was satisfied with the presentation and the response at the pre-sale viewing.

The first `Fine Chinese Ceramics and Works of Art' sale of the week was at Sotheby's on 20 March. From the beginning, few lots sold. The room was only two-thirds full, and no one appeared to take much interest.

The total for the 330 lots offered was US$3,119,843, with just 31.52 per cent sold by lot (226 lots unsold). Christie's and Sotheby's appeared to have switched roles this time. In this first sale under his direction, and in contrast to previous sales at Sotheby's , which were small and select with an emphasis on provenance, Joe-Hynn Yang, the expert-in-charge, included a wide variety of material, no doubt in an effort to expand the sale's appeal and to meet a target total set by the business managers.

Yang explained that as a team, he and Mee-Seen Loong, who has recently returned from Hong Kong, succeeded in showing they have the ability to select good-quality material from what is available. However, too many pieces had high estimates or were familiar to the market, and they met with little response. Nonetheless, several of the most important pieces sold. A collector paid the highest price, US$412,750, for the cover lot, a magnificent early Tang dynasty painted pottery camel with a Sogdian rider and hunting owl, elaborately modelled and of unusually large size (lot 55; estimate US$200/300,000). The next item, lot 56, a pair of similar but slightly smaller camels, one carrying a rider with pet monkey, the other with a monkey only, went to an Asian collector in the room for US$225,750, the second highest price (estimate US$140/160,000). Each is extremely rare, nothing similar having been published. These were exactly the type of pieces that appeal to collectors of Tang ceramics, as they are of great quality and unlike anything that they would already have. It was also interesting that Chinese bidders, who had never favoured tomb ceramics before, bid here.

A number of other more classical early pieces did not find buyers. Buying was also selective for the Song porcelain, often because of high estimates. However, the two most expensive pieces did sell. A bidder on the telephone bought lot 102, a Northern Song carved brown slip-decorated Ding ware meiping for US$115,750 (estimate US$100/150,000). Lot 115, a Southern Song Longquan `bamboo neck' vase of unusual form and good colour also sold to a collector bidding on the telephone for US$187,250 (estimate US$70/90,000).

It was certainly a mistake to try to sell pieces from another well-known dealer in Chinese art the day after the Ellsworth sale. Of the 47 jades and hardstones in the Collection of Alan & Simone Hartman, all but seven were unsold, ending the first session on a low note and dragging down the total. The predominantly Chinese buyers did not consider these jades to be of particular interest, which seemed to affect their response to the rest of the jades and hardstones in the afternoon session - these did not appeal either. Many of the Qing ceramics, consistently strong in recent sales, met with resistance, as did the two 15th century Vietnamese ceramics (lots 184 and 185), despite having been published. Only one of the bigger lots sold, a large Ming-style blue-and-white Qianlong mark and period moonflask, for US$69,750 (lot 188; estimate US$60/80,000). The only consistently strong segment was a group of superb early rhinoceros horn carvings from a private collection. Chinese bidders competed for the best examples, which sold well. Lot 286, a 17th century Ming rhinoceros horn `lotus-leaf' water dropper, went for US$101,950 (estimate US$70/90,000). Yang noted that nine of the top ten lots in the sale were bought by private collectors, some of whom were new buyers, and that he needs to nurture the private client base. It is necessary, he added, to find the right balance between catering to a sophisticated clientele and an enthusiastic, broader-based group who just want to have a few pieces of Chinese art.

In contrast, on 21 March, Christie's Fine Chinese Ceramics and Works of Art was a much smaller sale, strongly focused on ceramics with impressive private provenance. Tina Zonars, head of the Chinese department at Christie's New York, was delighted with the high total of US$6,827,535 for the 246 lots offered (69 per cent sold by lot; 76 lots unsold). Zonars had deliberately kept the sale small and select because, in March, there is so much material on offer. It was standing-room only in the saleroom, but the works of art segment dragged along slowly at first, and auctioneer Anthony Lin feared the worst. The mood changed when a European collector bought a rare brass-mounted huanghuali folding chair, from a Scandinavian collection, for US$248,000, underbid by Giuseppe Eskenazi (lot 24; estimate US$200/250,000), and the sale improved thereafter. Here the archaic bronzes, especially those of unusual form with good patina, were in great demand. A notable example was lot 65, a Warring States support in the form of a mythical beast, bought by French dealer Christian Deydier on behalf of a European collector for US$171,000 (estimate US$200/300,000). Many of these pieces came from the same unnamed but recognized private collection.

Ceramics, which realized seven of the top ten prices, were the highlight of the sale both in terms of quality and results. The finest pieces with good provenance did extremely well. Lot 103, a massive Tang dynasty sancai-glazed Ferghana horse, was a beautiful classic example with old honest repairs and provenance, which had been handled by Eskenazi, Zonars said. Two new buyers on the telephone competed for it, the successful collector paying US$534,000, the highest price (unpublished estimate US$450/550,000). Several Song pieces brought extraordinary prices. Lally commented that as people come to understand their relative rarity, they appreciate beauty over condition. An American collector bought the cover lot, a rare 10th/11th century xingyao octagonal mortar, probably the finest published example, for US$501,000 (lot 129; estimate US$300/400,000). Again, the good provenance helped. In December 1989 at a peak moment in the market, it had sold as lot 74 from the collection of the British Rail Pension Fund at Sotheby's London for L330,000. Zonars noted that the success of the Falk sale last October had strengthened the market for Song pieces. Provenance, rarity and a reasonable estimate led to the remarkable success of lot 158, a small and exquisite Yuan dynasty blue-and-white meiping acquired by Eskenazi for US$391,000 (estimate US$60/80,000). Among the Qing pieces, one of the stars was lot 234, a fine Kangxi mark and period clair-de-lune brushwasher with a beautiful glaze (estimate US$100/150,000). An East Asian collector paid US$248,000, not that much more than the HK$1,650,000 (around US$211,500) it had fetched when it had been sold at Sotheby's Hong Kong in 1988 (`The Paul and Helen Bernat Collection of Important Qing Imperial Porcelain and Works of Art'; lot 63).

Eskenazi felt that the success of the sale was not only the result of the quality of the material, but also due to the hard work of the staff as evidenced by the large number of bidders.

The sale of `The Blanche B. Exstein Collection of Fine Chinese Snuff Bottles' in the afternoon brought the day to a brilliant conclusion. The auction was 100 per cent sold, and the total was US$1,322,521. The bottles were considered to be of wonderful quality, and many had good provenance. Exstein was well liked by the snuff bottle collecting community, which greatly contributed to the appeal of the collection. The major dealers in this field, many of whom are based in London, dominated the bidding, in particular Hugh Moss, and prices were consistently high. The top price was US$76,375, for lot 260, a rare and superbly carved black-and-white Zhiting School bottle (estimate US$80/120,000).

The results of the `Indian and Southeast Asian Art' sale at Christie's on 20 March illustrated the current direction of the market. The total was US$2,381,440 for the 149 lots offered, with 55 per cent sold by lot (67 lots unsold). It was a small, select sale and most of the major lots sold quite well, demonstrating that the market is solid at the high-quality level, according to Hugo Weihe, International Specialist Head of the Indian and Southeast Asian Art department, but the rest was uneven. Another welcome development was the participation of new clients who collect contemporary art.

Unfortunately, the cover lot (66), a 14th century Tibeto-Chinese imperial silk and gold-embroidered thangka of Mahachakra Vajrapani, with an unpublished estimate of US$500,000, did not find a buyer, lowering the sale total. It was hard to sell at that price, because despite its beauty and rarity, it had been offered privately at US$1 million to US$1.5 million, and the way it had been restored was not to everyone's taste. However, Weihe believes it is only a matter of time before it sells.

He had tried to assemble a cohesive group of Tibeto-Chinese material, and these pieces fared well. Among the highlights of this group was lot 69, a rare Yongle mark and period Tibeto-Chinese zitan and gilt-lacquered Shakyamuni, which sold to a New York collector for US$116,000 (estimate US$100/150,000). Otherwise the unusual and rare pieces with provenance were the most appreciated. Seven of the top ten prices were for bronzes, both Himalayan and Southeast Asian, with the larger pieces more sought after. The top price was US$226,000, for an 8th/9th century Medicine Buddha (Baishajyaguru) from Central Java, a one-of-a-kind piece because of its unusual size (lot 14; estimate US$200/300,000). It went to a specialized New York collection. It had once belonged to Samuel Eilenberg; another piece from the same collector was a Khmer Bayon style late 12th/early 13th century Muchalinda, which sold to a collector for US$94,000, a good price for a Khmer bronze (lot 11; estimate US$80/100,000). Bronzes from Kashmir were also sought after, and a European collector bought lot 15, an 8th/9th century large Buddha, for US$138,000 (estimate US$120/ 150,000). Weihe also included several less common pieces, such as lot 35, an 18th century large gilt-bronze Shakyamuni from Sri Lanka. These rarely appear on the market, and this one fetched US$64,625, a record price for a Sri Lankan bronze (estimate US$60/80,000).

Similar trends were exhibited at both the `Indian' sales at Sotheby's. The first, `Indian and Southeast Asian Art' on 21 March was their best in the last 18 months, and put them back in a position of dominance in this field. The total for the 222 lots offered was US$3,253,285, with 74.32 per cent sold by lot (57 lots unsold). According to Edward Wilkinson, Director of Sotheby's Indian and Southeast Asian department, the sale got off to a strong start, with the Gandharan material selling well. He was especially pleased with lot 9, a 2nd/3rd century dark grey schist Buddha head, consigned by the Estate of Ambassador Robert M. McKinney, as he had only expected it to fetch around US$100,000. Instead a collector, underbid by Daniel Eskenazi of Eskenazi Ltd., acquired it for US$236,750 (estimate US$30/50,000). Giuseppe Eskenazi, who had bought it at Sotheby's London in 1970 for L920, sold it to McKinney in 1971 `for a small profit'. Other stone sculpture was also well received. Lot 26, a light buff sandstone Varaha from Madhya Pradesh, formerly in the Pan Asian Collection, sold to an institution for US$291,750, the highest price in the sale (estimate US$150/200,000). Wilkinson was pleased that, although not an easy subject, its quality had been recognized.

However, 120 gilt bronzes from the collection of Philip Goldman, which sold for US$1.7 million, considerably more than the pre-sale estimate of 1.3 million, attracted the most interest. Goldman was a dealer in London in the 1960s and 70s. Just before closing his space, Gallery 43, in 1982, he provided a lot of material for Ulrich von Schroeder's book, Indo-Tibetan Bronzes, and the pieces have been in storage in North London and unseen ever since. He decided to sell to put his affairs in order. It was an excellent collection which included a variety of pieces at different price levels, accessible not only to institutions and specialized collectors but also to those new to the field. A collector bought the highlight, a 14th/15th century inscribed Tibetan statue of Raktayamari and Vajravetali in gilt copper alloy, silver, gems and polychrome, for US$176,250 (lot 135; estimate US$60/90,000). Wilkinson said that to have a collection of this calibre, which allows one to do the research and present it to the market at an attractive level, was the dream of a lifetime. Only five of the bronzes were left following after-sale transactions, he added. Among the other bronzes on offer was lot 73, a circa 12th century statue from Eastern India of Kurukulla in copper alloy, silver and coppery. It was a fantastic piece, and it is hard to find a figure still on its base with its nimbus. This was reflected in the price, US$104,250, paid by a collector (estimate US$50/70,000).

The sale of `Important Indian Paintings from the Gloria Katz and Willard Huyck Collection' on 22 March achieved a record total, US$1,478,995, for a sale of Indian paintings in North America. 72 lots were offered, with 87.5 per cent sold by lot (9 lots unsold). Few private collections of classical Indian paintings come on the market; the last one of this quality was more than ten years ago. Many of the wide-ranging selection of paintings had been published and had good provenance. It was therefore a rare opportunity for collectors, dealers and institutions from America and Europe. The sale became a venue for them all to meet as well as participate in the bidding, with the result that many paintings sold well above estimate. The highest prices were for two illustrations to the Gita Govinda. Lot 52, Krishna and Radha Make Love, an opaque watercolor and gold on paper, brought US$148,750, a record price for a painting from that series. It was eventually bought by a London dealer bidding on the telephone and competing against three others (estimate US$50/70,000). Another bidder on the telephone purchased the cover lot, Radha Enters the Bower of Govinda, a rare example of this night scene, with the same attribution and date as the previous lot, for US$89,875 (lot 53; estimate US$60/90,000). Buyers at this sale included many new collectors, an added bonus for Sotheby's.

The results of the sale of `Japanese and Korean Art' at Christie's on March 22 were quite good, even though several of the top lots were unsold, and the material was not particularly exciting. Katsura Yamaguchi, one of the specialists in charge of the Japanese sale, was pleasantly surprised with the total of US$2,817,869 for the 221 lots offered (72 per cent sold by lot; 62 lots unsold). He also remarked on a new development: 80 per cent of the lots sold were bought by non-Japanese clients, an indication of the continuing weakness of the Japanese economy. The sale was nonetheless well attended, as it was the only Japanese sale this Asia Week.

The Japanese section was small, with few categories, since netsuke and metalwork were not included. The well-known print by Hokusai, South Wind, Clear Weather (`Red Fuji') from the series Thirty-six Views of Mount Fuji remains a classic, and sold for US$37,600 (lot 14; estimate US$25/35,000). Both the modern and contemporary prints, and the ceramics, attracted a good deal of interest and sold consistently. The less expensive scroll paintings and the decorative screens also sold.

However, some important paintings, in particular lot 94, Chrysanthemums and Insects, a hanging scroll in ink, colour and gold on silk, and lot 115, Amusements of the Thirty-six Immortal Poets, twelve paintings in ink on paper mounted as a pair of six-panel screens both by Ito Jakuchu, failed to sell. On the other hand, the cover lot, two hanging scrolls in ink and colour on silk by Geiai, Cotton Rose and Small Birds; Hollyhocks and Small Bird, was bought by New York dealer Sebastian Izzard for US$204,000 (lot 91; estimate US$40/60,000). Since these rare paintings had been found in the Estate of Mathilda Goldman, the estimate was reasonable, and after doing a lot of research, Christie's discovered a good Japanese provenance.

Lot 126, a late 16th century lacquered wood portable Christian altar inlaid with mother-of-pearl, which has been exhibited in Japan, was bought by a European dealer bidding on the telephone for US$94,000 (estimate US$80/120,000). Some of the major ceramics did not find buyers because the estimates were too high, for example lot 148, a pair of Edo period Arita ware porcelain `Hampton Court' jars (estimate US$120/180,000).

31 Korean lots sold out of the 39 offered, and this was the strongest part of the whole sale, bringing in US$1,546,559 - more than half the total. Specialist-in-charge Heakyum Kim noted that the Korean economy is recovering, so many Korean dealers came, while other buyers bid on the telephone. Although the ceramics sold well, the paintings brought the highest prices. The top lot, and the most expensive sold at auction this Asia Week, was Winter, a small framed oil and mixed media on board. This was by Park Sookeun, the most prized modern Korean artist in the eight years that Christie's been selling his work. It sold for US$578,000 (lot 223; estimate US$150/200,000), a record price for the artist, and ended the sale on a positive note. The painting had been bought by an American in the early 1960s as a souvenir of Korea. The owner had no idea of its value until he accidentally came across works by Park Sookeun illustrated in a Christie's catalogue, and inquired about his own painting. He was thrilled with the result and clapped when the hammer went down. Lot 210, a late 18th/19th century ten-panel screen in ink and colour on silk depicting immortals, was bought by a museum bidding on the telephone for US$226,000 (estimate US$150/200,000). It is a rare subject, and such works seldom appear on the market. The most expensive of the ceramics, lot 190, a 12th century inlaid celadon stoneware ewer, did not sell because the estimate, US$300/350,000, was thought high for celadon. Lot 202, a beautiful and rare 18th century blue-and-white porcelain bottle did not fetch quite as much as Kim had hoped for. Its condition kept the price paid by an Asian dealer (US$204,000) below the estimate (US$220/260,000). These results were a clear indication that it is worth holding auctions of Japanese and Korean art in New York.

According to expert-in-charge, Alexandra Grais, the sale of `Asian Ceramics & Works of Art at Sloan's in Washington, DC on 8 April 2002 was very successful. The total for the 521 lots offered was US$296,695, with 74 per cent sold by lot (138 lots unsold). The sale began with a group of Japanese prints from the Estate of Margarita Arias Hoover in Maryland, which sold well at low retail prices. The room was full and animated and continued that way all the way through the sale. The sale was also being held simultaneously on iCollector, an independent website with links to auction houses around the world. Instant bids came through from all over the world, adding to the success of the sale.

Grais was particularly pleased that the cover lot (197), a Meiji period cloisonné enamel covered vase signed Namikawa Yasuyuki, sold for US$7,762.50 (estimate US$3/5,000). Textiles were also in demand, and several from the aforementioned Hoover estate fetched particularly strong prices. Among these, the top lot, a late Qing/Early Republican Period Chinese embroidered silk dragon robe, beautifully stitched with five-clawed dragons and in excellent condition, realized US$10,350 (lot 214; estimate US$1,500/2,000). Another Chinese robe of the same period and from the same estate, lot 208, a burgundy kesi dragon robe, elicited a great deal of interest and brought US$6,325 (estimate US$1/2,000). Many out-of-town dealers and collectors participated. Among the Chinese ceramics, lot 323, a 19th century famille-rose porcelain figure of Guanyin sold for US$4,715 in spite of being restored (estimate US$200/300). 19th century Chinese furniture sold quite consistently. Grais commented that the sale had gone well as the estimates were reasonable and the material came mainly from private collections.