Monday, December 1, 2008
ZHANG XIAOGANG : BLOODLINE : BIG FAMILY, No. 2
Zhang Xiaogang’s Bloodline: Big Family, No. 2, was the session’s most expensive lot of Honk Kong's Christie's sale of this month of December 2008. The famous 1995 oil on canvas by one of the best known Chinese painters went for HK $ 26,4 million ($3,4 million) to an anonymous phone bidder.
Still, it was a disappointing result. The work had been expected to sell for about HK$ 30 million and boasted considerable star power: the piece has been exhibited prominently by U.S. museums and was from the collection of Hollywood filmmaker Oliver Stone who has been quietly buying and selling for years. What a difference a deepening global economic meltdown can make.
During the first portion of the sale, billed as the highlight in the contemporary category, only 56 percent of the 32 works on offer sold, with many failing to meet the reserve price. The total sales amounted to HK$ 65,9 million.
In 2007 the total sales of his work reached $US 57 million including 15 lots that passed the million-dollar mark. Of the 35 Contemporary artists who have achieved 7 digits sales (>$1 million)last year 15 were Chinese.