WINE CONSULTANTS

JEWELRY CONSULTANTS

PHONE BIDS AND WRITTEN BIDS

Remarks:
If you are unable to attend the auction in person, you may tender the bid by phone or you may use the absentee bid form to tender your bid.

In view of the limited phone line services at the auction, please inform us 24 hours prior to the auction for arrangements. Particularly for those of you who need foreign language assistance of the bidding.

CATALOGUE SUBSCRIPTION

The catalogues are available for subscription. For details of subscription, please contact the above persons.

PAYMENT

Rachel Chuang
Tel: +886 2 2708 9868 ext. 682
Email: rachelchuang@ravenel.com

Payment details are described at the back of the catalogue. Please contact the above person if you need any further information.

COLLECTION AND SHIPPING

Remarks:
All the items auctioned may be collected upon receipt of payments. The Buyers are requested to arrange for collection as soon as possible to facilitate warehouse inventory circulation and centralize management. We accept personal and corporate checks, however collection may be made only when such checks are honored. We apologize for no acceptance of credit cards and traveler's checks. Other items may be collected at the Ravenel Ltd. The business hours are 9:30 am to 6:30 pm, Monday to Friday.

Our professional administration department may make recommendations of arrangement or the most appropriate transportation for you.

Ravenel is glad to provide you with the condition report of any of the items at the auction, however, the buyers must note that all the items at the auction are sold "as is". Please refer to the Transaction Agreement at the back of the catalogue. Please refer to the "Transaction Agreement to the Buyers".

Those intended to buy art crafts through Ravenel in public auction and bid with other buyers in the fair and justice mode are deemed to be the final buyer after getting the target with the highest competitive bidding.

Catalogue

The catalogue shall be published a month before the auction. Collectors intended to put into auction can negotiate about the purchase through telephone, or directly purchased from the company. In the catalogue, apart from the data about all articles for auction this time, there are also detailed statement about many business rules about the auction such as service charge, term of payment, matters about payment and transportation of the entrusted articles for auction. In addition, the last page of the catalogue is usually the written bidding document. Those cannot attend in person shall fill in the form and then entrust the auction company to compete the bidding in agency.

[Catalogue Order]

Preview Exhibition

Preview exhibition for Ravenel auction is generally conducted in Taizhong, Beijing, Hong Kong and Taipei for a period of 2 to 3 days. Auction is conducted on the second date after the preview exhibition ends. For those intended to participate auction, presence in the preview exhibition is very important, because that is the only chance to see the entrusted articles for auction before the auction.

Knowledge about the articles for auction can be obtained through preview exhibition and telephone inquiry to the auction company as well. Apart from knowledge about the entrusted articles for auction, there may be an outline about the articles bidding for price and possible bidding situation at present. Besides holding preview exhibition before the auction, Ravenel may also arrange a series of lectures in view of some special auctions, so that those intended to participate in auction can get to know more.

Registration

Those intended to participate in auction may fill in registration form on the site of the preview exhibition. Contents to be filled include name, address, telephone number, ID card number, data of current bank, email, etc. Identification is made by the number card that is registered in advance, so as to save entry and bidding time on the date of auction. Without registration in advance, you can get the plate at the plate obtaining zone and take a seat after filling in the form for registration in the auction.

Mode of Competitive Bidding

If you decide to take part in the auction but are unable to be present on the date, you can conduct the bidding through telephone or in written form. [absentee bid form]

Bidding through telephone: If the Client cannot be present for bidding but hopes to simultaneously conduct bidding onsite for the entrusted articles for auction, assignee in the bidding zone shall bid on behalf of the Client through telephone. However, if correct bidding is obstructed by break-off or trouble in receiving, the company shall have no responsibility.

Written bidding: If the Client cannot be present for bidding, bidding can be conducted through written entrustment. When it is the turn for the entrusted auction articles of the Client entrusting in writing, assignee in the bidding zone shall bid on behalf of the Client to show the sum the Client fills in time of entrustment. If price is closed within the sum of entrustment, the deal is clinched. Otherwise, if the closed price goes beyond the sum of entrustment, the assignee will not bid and let other attendees go on bidding.

On-line bid:

1. Please create an account at https://www.liveauctioneers.com/sign-up
2. Fill in the form and submit. For a complete guide on signing in or creating an account, please click - http://www.liveauctioneers.com/help/bidders/signin.html
3. You will receive an E-mail with "Sign up for your LiveAuctioneers.com account almost complete" in the subject line. If you don't receive the LiveAuctioneers email in your inbox, please check for it in your spam box.
4. Click "Verify Me" in the E-mail, and then you can login to your account.

Ravenel Auctions@LiveAuctioneers.com

The catalogues are available for subscription. For details of subscription, please refer to the explanations of the catalogue or contact:

On May 27, Ravenel Art Group will debut its first Hong Kong spring wine auction, "Finest and Rarest Wines," at Grissini, Grand Hyatt Hong Kong. Focusing on vintages sourced from French wine appellations, Ravenel is honored to open to our clients the private wine cellars of major collectors, and select classic vintages and limited wines from the regions of Bordeaux and Burgundy. Highlights include the Château Mouton Rothschild and Le Pin vertical vintage series, Richebourg Henri Jayer, Château Lafite Rothschild, DRC Assortment, Côte Rotie La Moulin, and the 1997 premium made-to-order gift box as well as other precious vintages from many major wineries. Wines from nearly perfect vintage years, including Pétrus, Salon, Krug Brut, Cristal Brut Millésimé, Dom Pérignon Brut, Taylor Fladgate Vintage Port, and W. & J. Graham's Vintage Port, will also make an appearance. All these comprise a truly eclectic and holistic array of valuable collectibles that have been awaited eagerly by collectors. This debut auction will feature 310 lots that have an estimated total value of HKD 20 million (around USD 2.6 million).

Wine Spring Auction 2012 Highlights

Vertical Vintage Series from Private Collection

Inviting artists to design its wine label each year, Mouton’s vintages have been graced with the works of such masters as Picasso, Miro, Kandinsky, and Andy Warhol. Included in this auction are the winery’s 1978 and 1993 vintages, which were years when two different label designs were used for one vintage year. Also available for bidding at this auction is the rare and valuable Le Pin vintage series. This collection contains the winery’s 1979 to 2002 vintages, and marks the first time a complete set like this has been made available since 2006. This set from a collector based in Taiwan has been kept in pristine condition. It is truly a rare find.

1. 1945-2009 Château Mouton Rothschild / 67 bottle set
   Estimation: HKD 800,000~ 1,000,000 / USD 101,900~127,400
2. 1979-2002 Le Pin / 24 bottle set
   Estimation: HKD 500,000~ 800,000 / USD 63,700~101,900

Crus Classés Vins of Bordeaux

The 1982 Bordeaux is an outstanding vintage that is extremely hard to come by, nevertheless, this spring auction proudly offers it for collectors. The auction also features a rich selection of 1982 vintages, such as Latour, Le Pin, Lafleur, and Pichon Lalande, which have received perfect scores during wine tasting competitions. Additionally, the highly-scored Lafite, Margaux, and Cheval Blanc will also be featured. With a complete collection of vintages from ranked wineries on both riverbanks still in their original crates, this is an auction that should not be missed by a serious wine collector.

1. Brilliant 1982 Bordeaux Series:
   Château Mouton Rothschild, Château Lafite Rothschild, Château Margaux, Château Latour, Château, Haut-Brion
   5 Bottles per set (5 Sets)
   Estimation: HKD 60,000 ~ 80,000 / USD 7,600~10,200
2. 1997 Premium Winery Gift Sets: Château Lafite Rothschild, Château Latour, Château Haut-Brion, Château Margaux, Château Mouton Rothschild, Château La Mission Haut Brion, Château Cheval Blanc, Château Ausone, Petrus
   9 Bottles per set (4 Sets)
   Estimation: HKD 40,000~60,000 / USD 5,100~7,600

Golden Era Series

The spring auction will specially introduce a set of ten bottles from a golden era, which includes the 1900 Margaux, 1945 Mouton, 1947 Cheval Blanc, 1950 Lafleur, 1953 Lafite, 1955 La Mission Haut-Brion, 1961 Pétrus, 1961 Latour, 1959 Romanée-Conti, and 1921 d’Yquem. Additionally, the 1985 La Mouline, which has a very strong aging potential, will be featured. And, finally, the dream addition to any collection, the 1865 Lafite, and a work by the revered “God of Winemakers,” Henri Jayer, will also be revealed. After he retired in 1995, production under the Henri Jayer label stopped, and such wine is now close to extinction.

1. Legends of the Dream Age 10 Bottles per set
   Estimation: HKD 600,000~800,000 / USD 76,400~101,900
2. 1865 Château Lafite Rothschild 1 Bottle per set
   Estimation：HKD 80,000~120,000 / USD 10,200~15,300
3. 1978 Richebourg Henri Jayer 1 Bottle per set (3 Sets)
   Estimation：HKD 100,000~140,000 / USD 12,700~17,800
4. 1985 Côte Rotie La Mouline 6 Bottles per set
   Estimation：HKD 60,000~80,000 / USD 8,300~10,200

Rare Wine from Burgundy

This auction features a carefully selected DRC Assortment from 1985 and 1997, including wines from six Grand Crus, the Romanée Conti, La Tâche, Romanée-St-Vivant, Échézeaux, Richebourg, and Grand Échézeaux. The world-renowned estate of Domaine de La Romanée-Conti (DRC) spans a total area of 506.2 acres. Within it, the monopole of Romanée-Conti covers an area of 67.5 acres and consists of 100% Pinot Noir grapes that have an average vine age of 50 years, and produces an annual output of 7,000 crates. Among the seven DRC vineyards, the Montrachet stands out as the only “great white wine,” and was a favorite of President Thomas Jefferson and famous novelist, Dumas. DRC takes on a rigorous approach towards the management of the Montrachet. Only hand-picked fruit from vines that are at least 35 years of age are used, and their harvest period is prolonged to ensure perfect ripeness. In addition to their low production volume (With an annual output of only 3,000 bottles, it is one of DRC’s rarest), DRC is also very demanding when it comes to this wine’s fermentation techniques and quality. This is evident with the 1992 vintage, which DRC discarded before it got to the market due to poor fermentation. Amongst DRC wines, the Montrachet is the only vintage whose price parallels that of Romanée-Conti. Particularly worth noting is the 2001 DRC Assortment (3-liter capacity of the bottle) featured at this auction. Production of these is limited to only 36 sets each year, greatly increasing their collection value. Previous to this event, this fine wine has never appeared in auctions. And, with a market price exceeding HKD 2,000,000, it will be sure to make an impressive showing.

1. 1985 DRC Assortment 12 Bottles per set
   Estimation：HKD 300,000~400,000 / USD 38,200~51,000
2. 1997 DRC Assortment 12 Bottles per set (2 sets)
   Estimation：HKD 200,000~260,000 / USD 25,500~33,100
3. 2001 DRC Assortment (Jeroboam) & Montrachet 7 Bottles per set
   Estimation：HKD 1,400,000~1,800,000 / USD 178,300~229,300

Auction Schedule

Ravenel Spring Auction 2012 Hong Kong - Finest and Rarest Wines

RAVENEL SPRING AUCTION 2012 HONG KONG
Modern and Contemporary Art

Monday, May 28, 2012, 11:30am - 2:00pm
Four Seasons Hotel Hong Kong - Four Seasons Grand Ballroom
8 Finance Street, Central, Hong Kong

Taichung
Saturday, April 28 - Sunday, April 29, 1:00pm - 7:00pm
GSR Gallery
1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Taipei
Saturday, May 5 - Sunday, May 6, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Dunhua South Road, Taipei, Taiwan

Beijing
Saturday, May 19 - Sunday, May 20, 10:00am - 7:00pm
China World Summit Wing - Summit Ballroom 62
1 Jianguomenwai Avenue, Beijing, China

Hong Kong
Saturday, May 26 - Sunday, May 27, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Tiffin Lounge
1 Harbour Road, Wanchai, Hong Kong

RAVENEL SPRING AUCTION 2012 TAIPEI
Modern and Contemporary Asian Art

Sunday, June 3, 2012, 2:30pm - 7:30pm
Fubon National Conference Center
B2, No. 108, Section 1, Dunhua South Road, Taipei, Taiwan

Taichung
Saturday, April 28 - Sunday, April 29, 1:00pm - 7:00pm
GSR Gallery
1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Beijing
Saturday, May 19 - Sunday, May 20, 10:00am - 7:00pm
China World Summit Wing - Summit Ballroom 62
1 Jianguomenwai Avenue, Beijing, China

Hong Kong
Saturday, May 26 - Sunday, May 27, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Salons
1 Harbour Road, Wanchai, Hong Kong

Taipei
Friday, June 1 - Saturday, June 2, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Dunhua South Road, Taipei, Taiwan

Presenting Masterpieces by Yayoi KUSAMA, Yoshitomo NARA, and Fernando BOTERO
Showing Collections of ZAO Wou-ki, ZHU Dequn, CHEN Cheng-po, JU Ming, ZHANG Xiaogang, and ZENG Fanzhi
Offering Ten Hotly Sought-After Wines at Hong Kong Auction

Ravenel International Art Group has taken on a new dimension under a new leader. Led by new CEO Lorries Chang, Ravenel’s 2012 spring auctions will be refreshingly different from its forerunners. In its offices in Taipei, Hong Kong, Beijing, and Shanghai, Ravenel is expanding its operations and recruiting new specialists. Building on its present main strength in “modern and contemporary arts,” Ravenel will seek to diversify the range of its artworks by adding more international masterpieces to its collection in the upcoming spring auction in Hong Kong. Furthermore, wines will be incorporated into this year’s spring auction, and jewelry will debut in this year’s autumn auction. Ravenel hopes to provide a wider range of buying and selling services to collectors.

The “Ravenel Spring Auction 2012 Hong Kong - Finest and Rarest Wines” is scheduled to take place at Grissini, Grand Hyatt Hong Kong, on May 27. In total, it will present more than 300 items. Highlights from this auction are ten hotly sought-after wines, including wines produced by Château Lafite-Rothschild, a 1985 DRC Assortment, and a bottle of Pétrus from the 1961 vintage. There will also be extremely rare vertical collections, such as the exquisite 24 year Le Pin and the 65 year Château Mouton Rothschild vertical collections. This auction is also highly anticipated because of its offering of a wide variety of labels designed by artists.

As for the auctions of artworks, Ravenel will hold one at the Four Seasons Grand Ballroom, Four Seasons Hotel Hong Kong on May 28 and one at the Fubon National Conference Center, Taipei, on June 3. From the end of April onward, reviews will take place in turn at the GSR Gallery (Taichung), China World Summit Wing (Beijing), Fubon National Conference Center (Taipei), Grand Hyatt Hong Kong, and Ravenel’s Hong Kong Office. Information about the wine auction will be available at these reviews, together with news of the autumn jewelry auction.

The “Ravenel Spring Auction 2012 Hong Kong – Modern and Contemporary Art” will present 72 exciting artworks. It is expected to bring in more than HK$100 million (about NT$400 million or $13 million). The “Ravenel Spring Auction 2012 Taipei – Modern and Contemporary Asian Art” will cover 146 works. It is also expected to bring in NT$400 million ($13 million). With the addition of 300 items from its wine auction, Ravenel will launch a series of creative gala events this spring for collectors, connoisseurs and investors. Ravenel will also introduce online auctions this spring to offer another bidding option for artwork and wine buyers.

The auctions in Hong Kong and Taipei are exciting in their own rights. Classic modern art presents Zao Wou-ki, Chu Teh-chun, Wu Guanzhong, Lin Fengmian, Chen Cheng-po, Ding Xiongquan, Ju Ming, and Luo Zhongli. Contemporary art covers important works by Zhang Xiaogang, Zeng Fanzhi, Zhou Chunya, Liu Wei, Su Xiaobai, Yeh Tzu-chi, and Li Chen. Newly added to this year’s Hong Kong auction is the International Art collection, which includes masterpieces by the Japanese artist Yayoi Kusama, whose works are currently on display at Tate Modern in London, the internationally renowned Yoshitomo Nara and Takashi Murakami, the South American artist Fernando Botero, America’s leading pop artist Andy Warhol, and the American artist Arman. Art collectors must not miss this auction.

Although the European debt crisis has dampened international enthusiasm for artworks, the art market in Asia is still prospering. Artworks have become an alternative option for financial hedging. Buyers select their collecting targets rationally and cautiously, so the appearance of a rare item can still attract considerable attention. This year, the Ravenel International Art Group will offer a wider range of buying and selling services concerning artworks, wines, and jewelry. In the future, it expects to launch fine art storage services.

RAVENEL SPRING AUCTIONS 2012 HONG KONG & TAIPEI Schedule

Unit E101, 1/F, East Tower, World Financial Centre, No. 1, East 3rd Ring Middle Road, Chaoyang District, Beijing 100020, China

• Tel：+86 (10) 8587-8099
• Fax: +86 (10) 8587-8199

View Larger Map

The following provisions (the “Agreement” or “Transaction Agreement”) are entered into by and between the Company, as the auctioneer, and the Seller (hereinafter the "Seller"). This Agreement is also entered into by and between the Company as the agent of the Seller and the Buyer (hereinafter the "Buyer"). Both the Buyer and the Seller must carefully review all provisions hereunder. The Buyer should pay special attention to Article 5 which provides limitations as to the legal responsibilities of the Company.

1. The Buyer
   1. Ravenel as the Agent

      The Company (or “We”), as the auctioning party, shall act as the agent of the Seller. Except otherwise provided, items successfully sold in the auction held by the Company shall be bound by the agreement made by and between the Seller, through the agency of the Company, and the Buyer.

   2. Prior to the Auction
      1. Authentication

         The prospective buyers should conduct their own authentication for the Lots they are interested in bidding prior to the auction. We provide no guarantees to the buyer (exception for the return with regard to counterfeits as defined in Section III and in accordance with Section I § 6 of the Transaction  Agreement).

      2. Important Notice

         We urge the prospective buyers to note that:  To the extend possible, the descriptions of auction items will mention obvious defects of the items; however, they do not necessarily include all flaws, defects, or incomplete aspects.  The description of the auction items do not imply that the items have not gone through readjustment or repair or allude anything about the current state or storage conditions of the items. Any omission in the catalogue description regarding the current condition or the appraisal of defects in the items would by no means represent that those items are in good condition.  Prospective buyers fully understand and will accept the auction items “as is” at the time of delivery to buyers, including but not limited to any natural wear and tear, and the actual condition of containers, labels, corks, seals and the wine.  Prospective buyers shall personally view the items for which they plan to bid before the auction. If a prospective buyer is unable to view an item for whatever reason, then in our role as a service provider, we would be more than happy to offer our opinion of an item's special characteristics and current condition at the request of prospective buyer. However, prospective buyers fully understand and agree that any description in the catalogue is purely the Company's subjective opinion and not a statement of fact.

         All of the items on auction are being sold in "as is" condition.   The Company does not provide any representation or guarantee as to the condition of any of the items. Unless otherwise stated, the Company does not provide any warranty with the items.

      3. Symbol Key

         The following key explains the symbol you may see inside this catalogue.

         PremiumLot
         In order to bid on "Premium Lots" the Buyer must complete the required pre-registration application and deliver to the Company such necessary financial references, guarantees, deposits and / or such other security as the Company may in its absolute discretion require for your bid.  The Company’s decision whether to accept any pre-registration application shall be final. We recommend you complete and return the Lot pre-registration form in this catalogue in the manner required therein or contact the Company at least 5 working days prior to the relevant sale in order to process the pre-registration. Please bear in mind that we are unable to obtain financial references over weekends or public holidays. The Company will provide a special paddle number for the register of "Premium Lot".

         ｏ Guaranteed Property
         The Seller of the Lots with this symbol next to the Lot number has been guaranteed a minimum price from one auction or a series of auctions. This guarantee may be provided by the Company, by a third party or jointly by the Company and a third party. A guarantee may be in the form of an irrevocable bid provided by a third party. Third parties providing or participating in a guarantee may benefit financially if a guaranteed Lot is sold successfully and may incur a loss if the sale is not successful. If third parties providing or participating in a guarantee is the successful bidder for the guaranteed Lot, they should be required to pay the full service fee.

      4. Catalogue Explanations

         Any statement of the origin, year, condition, material, rarity, authenticity, ownership, condition of preservation, value or estimated selling price of any of the Lots shown in the catalogue or the authentication opinion made by the Company, or any other verbal or written statements made separately shall be solely statements of subjective opinions of the Company and shall not be deemed the basis for the statements of actual facts nor representations or warranties made by the Company as to the condition of any auction items. The photographs shown in the catalogue shall serve as reference only and shall not be deemed as the basis for determining the color or tone of any Lots or disclosure of the defects of such item. The estimates of the auction price shall not be deemed the price at which such item will be successfully sold or the statement of the value of the item for other purposes.

         Many auction items fail to maintain their perfect condition because of time and other environmental factors. Some of the explanations in the catalogue or the authentication opinions will state defects and/or the repair background of the Lots. Such information is meant for reference only. Missing information in the statements does not mean the Lot has no defects or has not been repaired. Any statement of one particular defect does not mean there is no any other defect.

      5. Responsibility of the Buyer

         The Buyer is responsible for clarifying and satisfying himself about the condition of the items and any related matters stated in the catalogue descriptions.

   3. In the Auction
      1. Refusal of Admission

         The auction is held at the premises of the Company or any location where the Company has control of for the auction. The Company has full discretion to exercise the right to refuse entry to the premises for the auction or to prevent participation in the auction.

      2. Registration Prior to the Bidding

         Prospective buyers must fill in and sign the registration forms prior to the bidding and provide personal identification. Prospective buyers should also note that the Company may be requested to conduct credit checks against buyers.

      3. The Bidder is the Buyer

         Unless a written agreement has been made upon registration that the bidder will be the agent who acts on behalf of a third person and such third person is accepted by the Company, the bidder will be deemed as the Buyer who will bear individual legal responsibilities.

      4. Commission Bids

         The Company will make every effort to bid for the prospective buyers who instruct us to bid on their behalf by using the forms attached to the explanations of the catalogue; provided, however, bid commission instructions are delivered to the Company prior to the auction. If the Company receives several commission bids for one particular item, with all bid prices being equal and of the highest bid price at the auction, priority shall be given to the Buyer whose bid commission is delivered to the Company first. Commission bids are subject to auction conditions. The situation at the auction may prevent the Company from making the bid as commissioned. This is a free service provided by the Company to the prospective buyers pursuant to the provisions prescribed. The Company will not be held legally liable if it fails to make the bid as commissioned. Prospective Buyers should attend the auction in person if they wish to ensure a successful bid.

      5. Bid by Phone

         The Company will make proper effort to contact the bidder so he can participate in the auction by phone if the prospective buyer make arrangements with the Company prior to the auction. However, the Company will bear no responsibilities to the Seller or any prospective buyer if no contact is made under any circumstances.

      6. Real Time On-line Bid

         Please refer to the “Rules on Real Time On-line Bid” in the catalogue.

      7. Parcel Lots Bid/ Selective Bid

         “Parcel Lots Bid” refers to the bid placed for the items in a parcel which are equivalent in quality and style.  However, individual item may be different from others in the same parcel in its grade, condition or other aspects.   Buyers shall read the statements in the catalogue carefully. As far as the Auctioneer is concerned, the successful bidder placed a “parcel lots bid” of the first lot in a parcel has the right, but not obligation, to buy single or multiple item(s) in the same parcel at the same price of the first successful bid.  If no single lot of a parcel  was sold successfully, the Auctioneer may start the auction of the next lot, and the buyer who placed a “parcel lots bid” of the first successful bid has the right, but not obligation, to buy in sequential order the single or multiple lot(s) in the parcels which were not sold, and the purchase price of such items shall be negotiated based on the new price offered by the buyer in the successful bid.

      8. Exchange Rate Conversion Board

         There will be an exchange rate conversion board operating at some auctions. The exchange rate is calculated at the exchange rate of the one-month future goods reported to the Company from the bank when starting business on the day of the auction. Nonetheless, the auction will still be conducted in NT dollars. The exchange rate conversion board is not absolutely reliable. The accuracy of either the Lot numbering shown on the board or the equivalent of the bid price in any foreign currency is not within the control of the Company. The Company will not be responsible for any losses caused by the reliance of the Buyer on the exchange rate conversion board.

      9. Recorded Images

         There is image projection in some auctions; however, errors may occur during the operation. The Company is not liable for the color accuracy of the reproduced image and whether the projected image corresponds to the item being auctioned.

      10. Determining Power of the Auctioneer

          The auctioneer has the absolute power to reject any bid, push for bids at his discretion, withdraw any auction items, separate or combine two or more auction items, determine the successful bidder, and if there is any error or dispute, re-auction the items.  The auctioneer may announce important notice to buyers prior to the auction or the process of an individual item. Prospective buyers shall be responsible for taking note of all notices or announcements at the auction.  We recommend the prospective buyers using our Real Time On-line Bid Services log in the system prior to the commencement of the auction to ensure the timely awareness of any notices or announcements made prior to the auction.

      11. Successful Bids

          Under the discretion of the auctioneer, the fall of the hammer indicates the acceptance of the highest bid price, i.e., the Seller and the Buyer enter into a successful auction agreement.

   4. Following the Auction
      1. The Buyer should pay the hammer price and, in addition, the service fee to the Company. The service fee should be calculated at 16% of the hammer price.
         
         
      2. Taxes

         All the payments payable by the Buyer to the Company do not include any government tax any commodity or service taxes or any other value added taxes. The Buyer should be responsible for paying any applicable taxes as required by the law.

      3. Payment

         The Buyer should provide his name and permanent address to the Company upon the successful bid. Relevant bank information should also be provided upon request. All payments due (including the hammer price, service fee and any applicable taxes and other expenses) should be paid within 14 days following the auction date. The aforesaid provision also applies if the Buyer intends to export the Lot and (may) need the export permit.

         Although personal and company cheques are accepted, buyers are advised that purchases will not be released until such cheques have cleared. Payment by cash or banker’s draft will enable immediate release of purchases. It is Ravenel’s company policy not to make or accept single or multiple payments in cash or cash equivalents of more than HK$80,000 or the equivalent value in another currency. Ravenel accepts payments by credit cards (Visa, MasterCard, Union Pay) up to HK$250,000 per auction sale although conditions and restrictions apply. For details on credit card payments, please contact Ravenel Finance Department. Traveller’s cheques are not accepted. Please note that Ravenel will not accept payments for purchased Lots from any party other than the buyer, unless otherwise agreed between the buyer and Ravenel prior to the sale.

         If the Buyer fails to pay to the Company all the payments due, the Buyer will not claim the Lot nor acquire the ownership of the Lot even if the Company has delivered such item to the Buyer. If the payment to the Company are made in any currency other than HK dollars, the Company will collect from the Buyer any foreign exchange expenses incurred therefrom, including bank charges and foreign exchange service fees. The exchange rate of the payments to the Company in any currency other than HK dollars should be the exchange rate reported by the Hongkong and Shanghai Banking Corporation (HSBC) to the Company on the auction date and should be based on the certificates issued by the Company according to such exchange rate.

      4. Collection of the Lot Sold

         Unless otherwise agreed by the Company, the Company will hold temporarily the successfully sold Lots until all payments to the Company are made in full. The Lot will be covered by the insurance of the Company from the auction date for 14 days during the temporary holding period. The insurance coverage will terminate upon collection of such item. The Buyer should be responsible for all risks following expiration of the said 7-day period or the collection (whichever is the earlier).

      5. Packaging and Transportation

         The Buyer is requested to note that he should bear all the risks upon expiration of the said 14 days period or from collection of such items.

      6. Referral of Packaging or Transportation Companies

         The shipping department of the Company may act as the agent of the Buyer to arrange for delivery. Although we can refer freight forwarders and buy insurance on behalf of the buyer upon special request, the Company will not be held liable for any legal responsibilities in this regard.  Costs and expenses for shipping and insurance shall be paid in advance.

      7. Remedies for Non-Payment or Non-Collection of Items Sold

         The Company is entitled to exercise one or more of the following rights or remedies if the Buyer fails to make payment within 14 days:

         1. An interest at the annual rate of 10% plus the (lending) interest rate of Hongkong and Shanghai Banking Corporation (HSBC) will be imposed on all of the payment due if payment is not made within 14 days following the auction date. Besides, we have the right of charging also 1% selling price (including of hammer price and the commission) multiplied by the number of delayed days as fine for the default. The payment to be made by the Buyer should offset any payment owed by the Company or its subsidiaries to the Buyer for any other transactions.
         2. To exercise lien of any items owned by the Buyer and held by the Company for any purpose. The Company may arrange to sell such items after serving a 14-day notice to the Buyer about his non-payment. The proceeds shall make up for the payment due.
         3. If the Buyer owes the Company several payments as a result of different transactions, the payments will setoff any payments due in any particular transaction, regardless of whether the Buyer specifies to setoff such payments.
         4. Refuse the Buyer to make, or to make on behalf of others, bids in any future auctions and/or to require a security deposit from the Buyer before accepting any future bids from him.

            If the Buyer fails to make payment within 35 days, the Company is entitled to exercise one or several of the following rights listed in the para. 5 to 8 in addition to the aforementioned rights listed in the para. 1.to 4.:

         5. To bring legal proceedings against the Buyer on behalf of the Seller to claim the entire payment due and the legal fees (including but not limited to the lawyer fees) resulting from such proceeding based on a total claim.
         6. Cancel the transaction of Lots bid by the Buyer or any other auction items sold to the Buyer at the same or any other auctions.
         7. To arrange a public or private re-sale of the Lot. If the re-selling price is lower, the difference will be claimed against the Buyer together with any cost incurred as a result of the non-payment by the Buyer.
         8. Release the name and adderss of the Buyer to the Seller to enable the Seller to commence legal proceedings to recover the amounts due or claim damages for the Buyer’s breach of contract and legal costs.  The Company will take reasonable steps to notify the Buyer prior to releasing such details to the Seller.
         
         
      8. No Collection of the Lot Sold

         The Company will arrange for the storage of the Lot if such item sold is not collected within 30 days of the successful auction, regardless of payment. Such storage cost will be borne by the Buyer. Only when the storage, shipping, insurance cost and any other expenses together with any other payments due to the Company are paid can the sold Lot be collected.

      9. Export Permit

         Except where otherwise agreed in writing by the Company, the fact that the Buyer's wishes to apply for an export permit does not affect the Buyer's responsibility to make the payments in 14 days; nor does it affect the Company's right to impose interest on delayed payments.

         If the Buyer requests that the Company applies for the export permit on his behalf, the Company is entitled to collect monies made in connection with such an application and any expenses together with any relevant value added taxes.

         If the Buyer makes the payment regardless of the fact that an export permit is needed, the Company is not responsible for returning to the Buyer any interest or other expenses incurred therefrom.

   5. The Legal Responsibility of the Company

      The Company is responsible for returning payment to the Buyer pursuant to Article 6. Otherwise, whether the Buyer, the Company, any employees or agents of the Company will not be held liable for any statements of the origin, year, condition, material, rarity, authenticity, ownership, condition of preservation of any auction item or any errors with respect to any explanations and any flaws or defects of any auction item. The Seller, the Company, the employees or the agents of the Company make no guarantee with respect to any auction items. Any warrantee of any kind shall not be included herein.

   6. Return of Payments for Counterfeits

      The transaction will be cancelled and payments made will be returned to the Buyer if the Lot of the Company is confirmed to be a counterfeit. However, if:

      1. The catalogue explanations or the notice at the auction distributed on the auction day corresponds to the opinions generally accepted by the academic or professional fields;
      2. The method used to prove that the Lot is a counterfeit is a scientific procedure not generally accepted for use before the publication of the catalogue or a procedure unreasonably expensive on the day of the auction, or impractical, or may cause damage to the Lot; the Company is not liable for the return of any payment under any circumstances. In addition, the Buyer's payment can only be refunded when the following terms are met:
         1. The Buyer must notify the Company in writing within 10 days following the auction day that he considers the relevant auction item a counterfeit.
         2. The Buyer must return the Lot to the Company within the following 14 days and the condition of the item must be the same as on the auction day.
         3. Upon returning the Lot, the Buyer must present evidence as soon as possible to convince the Company that the Lot is a counterfeit. The Buyer may also assign the good ownership of the Lot to the Company, which shall not concern any third party claim.

         Under no circumstances is it necessary for the Company to pay the Buyer an amount more than what the Buyer pays in connection with the Lot and the Buyer can not claim interests.

         The interests of the warrantee cannot be assigned and belong solely to the Buyer who receives the original invoice from the Company when the Lot is sold. Such Buyers shall remain the owner of the auction Lot and cannot assign any interest of the Lot to any other person. The Company is entitled to ascertain that the Lot is not a counterfeit based on a scientific procedure or any other procedure, regardless of whether such procedure is being used on the day of the auction.

   7. Rules on Real Time On-line Bid
      1. The Company provide the real time on-line bid services for convenience of the prospective buyers.  The Company reserves the rights to reject any on-line bids,   withdraw any permission to on-line bids or stop the on-line bid services at any time during the auction.  The Company would not be liable for any omissions, errors or failure for implementing on-line bids, including but not limited to any interruption to on-line bid connections in either party, or the omissions or errors caused by any mistakes of the on-line bid software or system.
      2. The Auctioneer may announce important notice to buyers prior to the auction or the process of an individual item. Prospective buyers shall be responsible for taking note of all notices or announcements at the auction.  We recommend the prospective buyers using our Real Time On-line Bid Services log in the system prior to the commencement of the auction to ensure the timely awareness of any notices or announcements made prior to the auction.
      3. The bid is deemed submitted when the prospective buyer click on the “bid” button at auction.  The bidder is deemed to accept and agree with this Agreement and the terms and conditions of the Company upon arrival of the bid to the Company from the device of the prospective buyer.   The buyer also confirm at the same time that the bid so submitted is the final offer of the buyer which shall in no event be amended or withdrawn, and that the buyer agree to pay all amount due in full, including but not limited to all hammer price, service fee and any applicable taxes and other expenses.
      4. The “competing bid” shown on the screen at auction include the on-site bids, bids by phone, commission bids and the offers under the reserve price made by Auctioneer on behalf of the Seller.  If an on-line bid is made at the same time of a on-line bid, normally the bid on-site would prevail.  However, the Auctioneer has the absolute power to determine the successful bidder, or  re-auction the items.
      5. The increase offers of bids will be shown on the screen.  The Auctioneer has the right to amend the amount of the on-site bids and bids by phone.  The bidders participate by on-line bid shall offer in full competition additions.  On-line bidders will not see the Exchange Rate Conversion Board.
      6. On-line bids will be recorded.  If there are any disputes, or any discrepancies are found between the records provided by the bidders and the records of the acution, final decisions will be made in accordance with the auction records.
      7. Successful bidders will receive the notices and invoices after the auction.  If there is any difference between the on-line information and the contents of the invoices, the statements on invoices shall govern.  Buyers shall pay the amount due and collect the Lot(s) sold in accordance with the Agreement.
   
   
2. The Seller
   1. Ravenel as the Agent

      The Company acts as the agent of the Seller at a public auction. The Closing Agreement of the Lot is the agreement by and between the Buyer and the Seller. Term as Agent: starting from the date the Mandate is signed until 35 days after the auction. Seller agrees the Company to act as the agent during the term, with all authority and power, to deal with the sale of the auction items and other matters in relation with such transaction on behalf of the Seller.

   2. Expenses
      

      The Seller shall bear costs relating to the following:

      1. Packing of the Lot and shipping to the Company for the auction
      2. Any applicable shipping insurance
      3. The packaging and shipping if the item is delivered back to the Seller
      4. Insured under the Company art relic insurance policy (explained in detail later) indicate cohere (we point below)
      5. Any applicable custom duties
      6. Catalogue illustrations
      7. Any repairs made to the Lot as per prior agreement with the Seller
      8. Framing and mounting
      9. Authentication made by independent professionals which the Company believes to be necessary in preparing the catalogue explanations.
      10. Any independent professional opinions which the Company deems proper
      11. The storage of the Lot before and after the auction (if applicable)
      12. Any marketing and promotional
      13. Expenses (The administration cost of the Company): 10% of all the expenses incurred as a result of client services provided.
      
      
   3. Insurance Coverage to be Arranged by the Company
      1. Unless otherwise agreed by the Company, the Lot will be automatically insured under the the Company art relic policy in the amount as deemed appropriate by the Company. However, the insured amount is not the amount the Company undertakes to be successfully reached during the auction.
      2. The Company will collect an insurance fee from the Seller which is amounting 1.5% of the reserve price. If the shipping is arranged by the Company, an additional amount will be collected by the Company from the Seller as the shipping insurance. Such amount varies depending on the individual condition of each auction item. The Company will refer a freight forwarder if necessary. However, the Company is not responsible for any legal responsibilities incurred therefrom.
      3. The Lot will remain insured up to 14 days after the sale. If the Lot has not been sold, it will be at the Seller's risk upon the expiry of 14 days.
      4. We are unable to accept responsibility for damage caused by woodworm or changes in atmospheric conditions or other force majeure which is beyond the Company’s control.
      
      
   4. Insurance Purchased by the Owner

      If the Seller instructs the Company specifically that it is unnecessary to purchase insurance for the Lot, the risks shall be borne entirely by the Seller until the Buyer collects the Lot. The Seller must indemnify the Company, the employees, board members, supervisors, officers, affiliates and agents of the Company and the Buyer (if applicable) any claims in connection with the auction against the Company, the employees, board members, supervisors, officers, affiliates and agents of the Company and the Buyer, regardless of the cause of such claim. The Buyer must also pay for the expenses incurred as a result of such claim if requested by the Company, the employees, board members, supervisors, officers, affiliates and agents of the Company and the Buyer, even if such expenses are made as a result of negligence by the Company, the employees, board members, supervisors, officers, affiliates and agents of the Company and the Buyer without proof of legal responsibility. The Seller must inform the underwriter of the Seller the provision herein.

   5. Representations and Warranties Made by the Seller with Respect to the Lot

      The standards for the Company to handle the Lots are provided hereunder. These standards also limit the relationship between the Seller and Buyer. In the event such standards are incorrect in any aspect, the Company or the Buyer may bring legal actions against the Seller.

      The Company relies on the following undertakings made by the Seller to handle the Lots and the transactions:

      1. The Seller is the only owner of the Lot and has the unlimited right to assign his ownership in full to the Buyer which should not concern any third party right or claim (including copyright claims).
      2. The Seller complies with all the laws in connection with the import and export of Lots and any other laws and has notified the Company in writing any failure to comply with such rules in the past.
      3. The Seller has notified the Company in writing of any major modifications in the Lot to the best of his knowledge and any concern the third party has raised with respect to the ownership of the Lot and the condition.

      In the event of any inaccuracy of the above a, b and c, the Seller must guarantee, if requested, to identify fully the Company and/or the Buyer all the claims, costs and expenses (including but not limited to lawyers fees and other legal costs) arising herefrom, whether caused by the Lot or the auction proceeds.

   6. Auction Arrangements
      1. The Company has absolute discretion over the description of the auction in the  catalogue, display layouts, authentication opinions, location and method of the  auction, who will be allowed to bid and the acceptance of the bid price, whether to seek professional opinion and whether to combine or separate the Lots.
      2. Any price estimates, whether verbal or written are strictly opinions and shall not serve as a guarantee of the final price for the Lot to be sold.
      3. The Seller cannot withdraw the Lot without obtaining consent from the Company. The Company reserves the right to withdraw the Lots for the following reasons. These reasons include:
         1. The Company is doubtful about the definition or authenticity of the Lot or the accuracy of the statement referred to in Articles 5a, b. or c.
         2. Any violations of the Transaction Agreement.
         3. The Company deems it inappropriate to include the Lot in the auction.
         
         
      4. If the Company or the Seller withdraws the Lot, the Company may charge    30%   of  the Reserve set by the Seller and the amount equal to the service fee payable to the Company if the auction is successfully sold at the insured amount and applicable value added tax, insurance and other expenses.
      
      
   7. Auction Rules
      1. The Company will auction the Lot according to the Reserve. The Reserve may not be higher than the minimum of the estimates set in the catalogue except otherwise if the Reserve agreed is in a currency other than HK dollars and the Reserve is higher than the minimum of the estimates caused by the exchange rate fluctuation between the Reserve agreement day and the auction day. Under such circumstances, except where otherwise agreed by the Company, the Reserve shall be in HK dollars calculated by the exchange rate at the closing of the market the day immediately before the successful auction. If the bid price is lower than the Reserve, the Company is in no way to be held liable; however, the Company is entitled to auction the Lot at a price lower than the Reserve. If the Company so auctions the Lot, the Company is responsible to pay the Seller the difference between the closing price and the Reserve.
      2. The Seller may not increase the price of sale without fair reasons, nor participate in the bidding of his/her/its Lot(s), however, the Company is authorized to bid on behalf of the Seller at the price not higher than the Reserve Price.
      
      
   8. After the Successful Auction
      1. The Company will settle and remit amount payable to the Seller in accordance with the para 3. below after the the successful auction and the full settlement by the Seller of all outstanding payment to the Company.
         
      2. Handling Fees: the Company will collect a commission of 6% of the hammer price from the Seller for successful auction.
         
      3. Settlement

         Upon the successful auction, the Company will request the Buyer to make full payment no later than within 15 days, including the compensation payable by the Buyer. Upon payment by the Buyer, unless the Company receives a notice claiming such Lot is a counterfeit in accordance with Article I.  Section. 6 (as defined in Article 3 of the Transaction Agreement), the Company will remit to the Seller within 60 days following the successful auction day an amount equal to the closing price taking away all the expenses payable by the Seller. In the event the Buyer delays the payment, the Company will remit to the Seller within 14 days following the payment by the Buyer. If for any reason the Company pays the Seller before the Buyer makes his payments, the Company acquires the full ownership of the Lot. However, if the Company is forced to reclaim the Lot from the Buyer because such Lot is a counterfeit, the Seller must return all amount received to the Company and compensate all damages and loses of the Company.

         Unless otherwise instructed by the Seller in writing, the Company will make its payment in HK dollars. If the Seller requests to pay in currencies other than HK dollars, the exchange rate should be according to what the Hongkong and Shanghai Banking Corporation (HSBC) reports and the Company announces on the auction date.

      4. Non-payment by the Buyer

         If the Buyer fails to make all the payments due within 35 days following the auction day, the Company is entitled to negotiate special terms in connection with the payments, storage, and insurance on behalf of the Seller and act as deemed necessary by the Company to collect payments payable from the Buyer. However, the Company is not responsible for making remittance to the Seller nor for bringing any legal actions on behalf of the Seller. The Company will discuss with the Seller to adopt appropriate actions to claim auction payments from the Buyer.

      5. Counterfeits

         If the Buyer convinces the Company that the Lot is a counterfeit (as defined in Article 3 of the Transaction Agreement) within 10 days following the auction day, then

         1. If the Buyer has not paid all or part of the payment, the Company is entitled to call off the transaction and/or
         2. If the Company at that time has paid all or part of the payments payable to the Seller, the Seller must return all the payments made to the Company if requested. The Company will exercise lien for the latter. Any Lots belonging to the Seller under control of the Company will be kept as security of the payments to be returned.
         
         
      6. Lots Not Successfully Auctioned

         Any Lots not successfully auctioned, not included in the auction or withdrawn from the auction for any reason must be collected by the Seller within 30 days upon notification by the Company to the Seller that he must reclaim the Lot. A storage fee of HK$50 per day per piece will be imposed on each Lot not collected after such 30 day period together with an additional charge for purchasing insurance coverage. The Seller may not reclaim such Lot until all the payments due are made. Such Lots may be removed to a third party warehouse if not collected in 60 days after the notification of collection is issued. The expenses arising therefrom shall be borne by the Seller. Unless agreed otherwise by the Parties, the Company may dispose the Lot in the manner it deems appropriate if such Lot is not collected within 90 days following the date the first notice to collect Lots is issued. Such disposal includes but not limited to auction such Lots under terms deemed appropriate by the Company (including the terms of estimates and the Reserve). The Company will pay the Seller the auction proceeds after payments owed are offset.

         The Company is authorized to act as the sole agent of the Seller within 2 months following the auction for any Lot withdrawn from the auction or not sold. The Company may auction in private the Lot based on the net amount the Seller may receive (the amount after deducting all the expenses payable by the Seller) or sell such Lot in private at a lower price agreed upon by the Company and the Seller. Under such circumstances, the Seller's responsibilities and liabilities to the Company are the same as during an auction.

   9. Photographs and Display

      The Company owns non-exclusive rights to the photographs, recordings and other reproduced images of the Lot. All the rights of such images shall belong to the Company and the company is entitled to use such images in any manner it deems appropriate.

   10. Taxes
       1. The amount payable by Seller to the Company does not include any and all commodity    tax, service tax or other value added taxes (no matter applicable in Taiwan, Hong Kong or other jurisdictions).  If any tax is levied, Seller shall be responsible to pay such tax in accordance with the tax rate and time provided by laws.    
          
       2. The Company shall determine if the Seller is Hong Kong resident or not based on the representation made and document provided by the Seller and apply the following rules accordingly.
          
       3. If the Seller is a Hong Kong resident (corporation or individual), according to the tax laws of Hong Kong, no withholding amount of the profit tax will be deducted. However, the Company shall reserve the rights to claim for the tax amount and other related expenses (including but not limited to interests, penalty) from the Seller if the representation made or document provided by the Seller is not true.
          
       4. Where the Seller is non-Hong Kong resident (including corporation or individual), the Seller refuses to provide evidence to prove the status as Hong Kong resident, or the document provided is not sufficient, the Seller agrees that the Company will deduct a sum equal to 0.5% of the hammer price or the Reserve Price (if the Reserve Price is higher than hammer price) and submit such withholding amount as profit tax to the competent revenue agency. No withholding tax will be deducted for Hong Kong residents. The amount to be withheld by the Company shall be subject to change once the applicable tax rate is adjusted.
   
   
3. Definition

   Some of the phrases commonly seen herein are defined as follows:

   1. "The Buyer" shall mean highest bidder accepted by the auctioning party.
   2. "The Lot" shall mean the item delivered to the Company to be sold in an auction, especially the single or multiple pieces of items numbered in the catalogue.
   3. "Hammer price" shall mean the highest bid with respect to one particular auction item accepted by the auctioning party.
   4. "Compensation paid by the Buyer" shall mean the fee based on a certain percentage of the Hammer price paid by the Buyer; the percentage shall be as prescribed in Article 4a, section I.
   5. "The Reserve" shall mean the lowest price agreed by the Company and Seller. The Lot cannot be sold at a price lower than such price.
   6. "Counterfeit" shall mean the Lot constitutes imitation and the original concept of the imitation and its overall execution result in fraud to cause deception in connection with the origin, producer, history, year, age, culture or source of the Lot, for which the accurate description is not reflected in the catalogue and the value of the Lot on the auction day is far less than the value it should have according to the description in the catalogue. Therefore, no auction item will become a counterfeit as a result of any damage and/or any repairing in any manner (including repaints).
   7. "Insured amount" shall mean the value of the insurance purchased for the Lot which the Company considers necessary under its absolute power from time to time (regardless whether such insurance is purchased by the Company).
   
   
4. Terms Applicable to Both the Buyer and the Seller
   1. Copyright
      The copyright of all the images, photographs and written material in connection with the Lot shall maintain and belong to the Company at any time. The Seller, Buyer or any person may not use such items without obtaining prior written consent from the Company.
   2. Notices
      1. All the notices distributed according to the Transaction Agreement herein shall be made in writing. Any notice shall be deemed served to the recipient on the second day following delivery if sent by mail. If the recipient is abroad, the notice shall be deemed served on the fifth working day following delivery by mail.
         
      2. All notices sent in writing to the address, email account or fax number (the “Contact Details”) stated in the Mandate with Seller or the information provided by Buyer shall be deemed served and effective under agreement.  Seller or Buyer shall notify the Company in writing of any changes of the Contact Details.
      
      
   3. Severability

      If any part of the Transaction Agreement is deemed invalid, illegal or unenforceable by any court, such part can be ignored and the rest of the Transaction Agreement continues to be valid and enforceable to the maximum extent permitted by the law.

   4. Jurisdiction

      The Transaction Agreement are governed under the Hong Kong laws and the interpretation and effect of the Rules shall be subject to the laws of Hong Kong. The Buyer and Seller shall submit themselves to the exclusive jurisdiction of the Hong Kong courts for the interests of the Company.

The following provisions are entered into by and between the Company, as the auctioneer, and the Seller (hereinafter the "Seller"). This Agreement is also entered into by and between the Company as the agent of the Seller and the Buyer (hereinafter the "Buyer"). Both the Buyer and the Seller must carefully review all provisions hereunder. The Buyer should pay special attention to Article 5 which provides limitations as to the legal responsibilities of the Company.

1. The Buyer
   1. Ravenel as the Agent

      The Company, as the auctioning party, shall act as the agent of the Seller. Except otherwise provided, items successfully sold in the auction held by the Company shall be bound by the agreement made by and between the Seller, through the agency of the Company, and the Buyer.

   2. Prior to the Auction
      1. Authentication

         We strongly recommend that the prospective buyers conduct their own authentication for the items they are interested in bidding prior to the auction. We provide no guarantees to the buyer (with the exception of the guarantee with regard to counterfeits as defined in Section III of the Transaction Agreement).

      2. Important Notice

         Attention, prospective buyers: As far as possible, the descriptions of auction items will mention obvious defects of the items; however, they do not necessarily include all flaws, defects, or incomplete aspects. The Company regrets that it is unable to guarantee that the wristwatches on auction are in good working condition and the descriptions in the catalogue must not be construed as implying such. The description of the auction items also do not imply that the items have not gone through readjustment or repair or allude anything about the current state or storage conditions of the items. Any omission in the catalogue description regarding the current condition or the appraisal of defects in the items by no means represent that those items are in good condition, function normally, or that there will be any free repair or replacement of parts. We strongly recommend prospective buyers to personally view the items for which they plan to bid before the auction itself. If a prospective buyer is unable to view an item for whatever reason, then in our role as a service provider, we would be more than happy to offer our opinion of an item's special characteristics and current condition. However, the Company is not a professional restorer of wristwatches; therefore, any description in the catalogue is purely the Company's subjective opinion and not a statement of fact.

         Please note: The outer shells of many of the water-resistant watches have been opened in order to investigate their working condition and their type; therefore, it must not be assumed that they are currently water-resistant. We recommend buyers to have such watches checked by a competent watchmaker before use.

         Please note: The restoration of the items on auction may have resulted in original parts being replaced; therefore, we are unable to guarantee that any given watch's parts are from the original set of parts.

         All of the items on auction are being sold in "as is" condition.the Company does not provide any representation or guarantee as to the condition of any of the items. Unless otherwise stated, the Company does not provide any warranty with the items.

      3. Symbol Key

         The following key explains the symbol you may see inside this catalogue.

         Premium Lot
         In order to bid on "Premium Lots" the Buyer must complete the required pre-registration application and deliver to Ravenel such necessary financial references, guarantees, deposits and / or such other security as Ravenel's may in its absolute discretion require for your bid. Ravenel decision whether to accept any pre-registration application shall be final. We recommend you complete and return the Lot pre-registration form in this catalogue in the manner required therein or contact Ravenel at least 5 working days prior to the relevant sale in order to process the pre-registration. Please bear in mind that we are unable to obtain financial references over weekends or public holidays. Ravenel will provide a special paddle number for the register of "Premium Lot".

         ｏGuaranteed Property
         The Seller of the Lots with this symbol next to the Lot number has been guaranteed a minimum price from one auction or a series of auctions. This guarantee may be provided by the Company, by a third party or jointly by the Company and a third party. A guarantee may be in the form of an irrevocable bid provided by a third party. Third parties providing or participating in a guarantee may benefit financially if a guaranteed Lot is sold successfully and may incur a loss if the sale is not successful. If third parties providing or participating in a guarantee is the successful bidder for the guaranteed Lot, they should be required to pay the full service fee.

      4. Catalogue Explanations

         Any statement of the author, history, date, year, size, material, ownership, authenticity, origin, condition of preservation or estimated selling price of any of the Lots shown in the catalogue or the authentication opinion made by the Company, or any other verbal or written statements made separately shall be solely statements of opinions and shall not be deemed the basis for the statements of actual fact. The photographs shown in the catalogue shall serve as reference only and shall not be deemed as the basis for determining the color or tone of any Lots or disclosure of the defects of such item. The estimates of the auction price shall not be deemed the price at which such item will be successfully sold or the statement of the value of the item for other purposes.

         Many auction items fail to maintain their perfect condition because of time and other environmental factors. Some of the explanations in the catalogue or the authentication opinions will state defects and/or the repair background of the Lots. Such information is meant for reference only. Missing information in the statements does not mean the Lot has no defects or has not been repaired. Any statement of one particular defect does not mean there is no any other defect.

      5. Responsibility of the Buyer

         The Buyer is responsible for clarifying and satisfying himself about the condition of the items and any related matters stated in the catalogue descriptions.

   3. In the Auction
      1. Refusal of Admission

         The auction is held at the premises of the Company or any location where the Company has control of for the auction. The Company has full discretion to exercise the right to refuse entry to the premises for the auction or to prevent participation in the auction.

      2. Registration Prior to the Bidding

         Prospective buyers must fill in and sign the registration forms prior to the bidding and provide personal identification. Prospective buyers should also note that the Company may be requested to conduct credit checks against buyers.

      3. The Bidder is the Buyer

         Unless a written agreement has been made upon registration that the bidder will be the agent who acts on behalf of a third person and such third person is accepted by the Company, the bidder will be deemed as the Buyer who will bear individual legal responsibilities.

      4. Commission Bids

         The Company will make every effort to bid for the prospective buyers who instruct us to bid on their behalf by using the forms attached to the explanations of the catalogue; provided, however, bid commission instructions are delivered to the Company prior to the auction. If the Company receives several commission bids for one particular item, with all bid prices being equal and of the highest bid price at the auction, priority shall be given to the Buyer whose bid commission is delivered to the Company first. Commission bids are subject to auction conditions. The situation at the auction may prevent the Company from making the bid as commissioned. This is a free service provided by the Company to the prospective buyers pursuant to the provisions prescribed.The Company will not be held legally liable if it fails to make the bid as commissioned. Prospective Buyers should attend the auction in person if they wish to ensure a successful bid.

      5. Bid by Phone

         The Company will make proper effort to contact the bidder so he can participate in the auction by phone if the prospective buyer make arrangements with the Company prior to the auction. However, the Company will bear no responsibilities to the Seller or any prospective buyer if no contact is made under any circumstances.

      6. Online Bids via LiveAuctioneers

         If the bidder cannot attend the auction, it may be possible to bid online via LiveAuctioneers for selected Lots. This service is free and confidential. For information about registering to bid via LiveAuctioneers, please refer to ravenel.com. Bidders using the LiveAuctioneers service are subject to the additional terms and conditions for online bidding via LiveAuctioneers, which can be viewed at ravenel.com.

      7. Exchange Rate Conversion Board

         There will be an exchange rate conversion board operating at some auctions. The exchange rate is calculated at the exchange rate of the one-month future goods reported to the Company from the bank when starting business on the day of the auction. Nonetheless, the auction will still be conducted in NT dollars. The exchange rate conversion board is not absolutely reliable. The accuracy of either the Lot numbering shown on the board or the equivalent of the bid price in any foreign currency is not within the control of the Company. The Company will not be responsible for any losses caused by the reliance of the Buyer on the exchange rate conversion board.

      8. Recorded Images

         There is image projection in some auctions; however, errors may occur during the operation. The Company is not liable for the color accuracy of the reproduced image and whether the projected image corresponds to the item being auctioned.

      9. Determining Power of the Auctioneer

         The auctioneer has the absolute power to reject any bid, push for bids at his discretion, withdraw any auction items, separate or combine two or more auction items, and if there is any error or dispute, re-auction the items.

      10. Successful Bids

          Under the discretion of the auctioneer, the fall of the hammer indicates the acceptance of the highest bid price, i.e., the Seller and the Buyer enter into a successful auction agreement.

   4. Following the Auction
      1. The Service Fee of Each Lot Payable by the Buyer
         1. The Buyer should pay the hammer price and, in addition, the service fee to the Company. For hammer price below HK$ 8,000,000 (inclusive), the service fee should be calculated at 20% of the hammer price.
         2. For hammer price higher than HK$ 8,000,000, the first HK$ 8,000,000 should be calculated at 20% and the rest of the amount should be 12%.
         
         
      2. Taxes

         All the payments payable by the Buyer to the Company do not include any government tax any commodity or service taxes or any other value added taxes. The Buyer should be responsible for paying any applicable taxes as required by the law.

      3. Payment

         The Buyer should provide his name and permanent address to the Company upon the successful bid. Relevant bank information should also be provided upon request. All payments due (including the hammer price, service fee and any applicable taxes) should be paid within 7 days following the auction date. The aforesaid provision also applies if the Buyer intends to export the Lot and (may) need the export permit.

         If the Buyer fails to pay to the Company all the payments due, the Buyer will not acquire the ownership of the Lot even if the Company has delivered such item to the Buyer. If the payment to Ravenel are made in any currency other than HK dollars, the Company will collect from the Buyer any foreign exchange expense incurred therefrom, including bank charges and foreign exchange service fees. The exchange rate of the payments to the Company in any currency other than HK dollars should be the exchange rate reported by the Hongkong and Shanghai Banking Corporation (HSBC) to the Company on the auction date and should be based on the certificates issued by the Company according to such exchange rate.

      4. Collection of the Lot Sold

         Unless otherwise agreed by the Company, the Company will hold temporarily the successfully sold Lots until all payments to the Company are made in full. The Lot will be covered by the insurance of the Company from the auction date for 7 days during the temporary holding period. The insurance coverage will terminate upon collection of such item. The Buyer should be responsible for all risks following expiration of the said 7-day period or the collection (whichever is the earlier).

      5. Packaging and Transportation

         The Buyer is requested to note that he should bear all the risks upon expiration of the said 7 days period or from collection of such items.

      6. Referral of Packaging or Transportation Companies

         The shipping department of the Company may act as the agent of the Buyer to arrange for delivery. Although we can refer freight forwarders upon special request, the Company will not be held liable for any legal responsibilities in this regard.

      7. Remedies for Non-Payment or Non-Collection of Items Sold

         The Company is entitled to exercise one or more of the following rights or remedies if the Buyer fails to make payment within 7 days:

         1. An interest at the annual rate of no higher than 10% plus the base interest rate of Hongkong and Shanghai Banking Corporation (HSBC) will be imposed on all of the payment due if payment is not made within 7 days following the auction date. Besides, we have the right of charging also 1% selling price (including of hammer price and the commission) multiplied by the number of delayed days as fine for the default. The payment to be made by the Buyer should offset any payment owed by the Company or its subsidiaries to the Buyer for any other transactions.
         2. To exercise lien of any items owned by the Buyer and held by the Company for any purpose. The Company may arrange to sell such items after serving a 14-day notice to the Buyer about his non-payment. The proceeds shall make up for the payment due.
         3. If the Buyer owes the Company several payments as a result of different transactions, the payments will setoff any payments due in any particular transaction, regardless of whether the Buyer specifies to setoff such payments.
         4. Refuse the Buyer to make, or to make on behalf of others, bids in any future auctions and/or to require a security deposit from the Buyer before accepting any future bids from him. If the Buyer fails to make payment within 35 days, the Company is entitled to exercise the following rights in addition to the aforementioned:
         5. To bring legal proceedings against the Buyer on behalf of the Seller to claim the entire payment due and the legal fees resulting from such proceeding based on a total claim.
         6. Cancel the transaction of Lots bid by the Buyer or any other auction items sold to the Buyer at the same or any other auctions.
         7. To arrange a public or private re-sale of the Lot. If the re-selling price is lower, the difference will be claimed against the Buyer together with any cost incurred as a result of the non-payment by the Buyer.
         
         
      8. No Collection of the Lot Sold

         The Company will arrange for the storage of the Lot if such item sold is not collected within 7 days of the successful auction, regardless of payment. Such storage cost will be borne by the Buyer. Only when the storage, shipping, insurance cost and any other expenses together with any other payments due to the Company are paid can the sold Lot be collected.

      9. Export Permit

         Except where otherwise agreed in writing by the Company, the fact that the Buyer's wishes to apply for an export permit does not affect the Buyer's responsibility to make the payments in 7 days; nor does it affect the Company's right to impose interest on delayed payments.

         If the Buyer requests that the Company applies for the export permit on his behalf, the Company is entitled to collect monies made in connection with such an application and any miscellaneous expenses together with any relevant value added taxes.

         If the Buyer makes the payment regardless of the fact that an export permit is needed, the Company is not responsible for returning to the Buyer any interest or other expenses incurred therefrom.

   5. The Legal Responsibility of the Company

      The Company is responsible for returning payment to the Buyer pursuant to Article 6. Otherwise, whether the Buyer, the Company, any employees or agents of the Company will not be held liable for any statements of the author, history, date, year, ownership, authenticity or origin of any auction item or any errors with respect to any explanations and any flaws or defects of any auction item. The Buyer, the Company, the employees or the agents of the Company make no guarantee with respect to any auction items. Any warrantee of any kind shall not be included herein.

   6. Return of Payments for Counterfeits

      The transaction will be cancelled and payments made will be returned to the Buyer if the Lot of the Company is confirmed to be a counterfeit. However, if:

      1. The catalogue explanations or the notice at the auction distributed on the auction day corresponds to the opinions generally accepted by the academic or professional fields;
      2. The method used to prove that the Lot is a counterfeit is a scientific procedure not generally accepted for use before the publication of the catalogue or a procedure unreasonably expensive on the day of the auction, or impractical, or may cause damage to the Lot; the Company is not liable for the return of any payment under any circumstances. In addition, the Buyer's payment can only be refunded when the following terms are met:
         1. The Buyer must notify the Company in writing within 10 days following the auction day that he considers the relevant auction item a counterfeit.
         2. The Buyer must return the Lot to the Company within the following 14 days and the condition of the item must be the same as on the auction day.
         3. Upon returning the Lot, the Buyer must present evidence as soon as possible to convince the Company that the Lot is a counterfeit. The Buyer may also assign the good ownership of the Lot to the Company, which shall not concern any third party claim.

      Under no circumstances is it necessary for the Company to pay the Buyer an amount more than what the Buyer pays in connection with the Lot and the Buyer can not claim interests.

      The interests of the warrantee cannot be assigned and belong solely to the Buyer who receives the original invoice from the Company when the Lot is sold. Such Buyers shall remain the owner of the auction Lot and cannot assign any interest of the Lot to any other person. The Company is entitled to ascertain that the Lot is not a counterfeit based on a scientific procedure or any other procedure, regardless of whether such procedure is being used on the day of the auction.

      The aforementioned does not apply to coins, medals, jewelry and paintings.

2. The Seller
   1. Ravenel as the Agent

      The Company acts as the agent of the Seller at a public auction. The Closing Agreement of the Lot is the agreement by and between the Buyer and the Seller.

   2. Expenses

      The Seller shall bear costs relating to the following:

      1. Packing of the Lot and shipping to the Company for the auction
      2. Any applicable shipping insurance
      3. The packaging and shipping if the item is delivered back to the Seller
      4. Insured under the Company art relic insurance policy (explained in detail later) indicate cohere (we point below)
      5. Any applicable custom duties
      6. Catalogue illustrations
      7. Any repairs made to the Lot as per prior agreement with the Seller
      8. Framing and mounting
      9. Authentication made by independent professionals which the Company believes to be necessary in preparing the catalogue explanations.
      10. Any independent professional opinions which the Company deems proper
      11. The storage of the Lot after the auction (if applicable)
      12. The administration cost of the Company reaches 10% of all the expenses incurred as a result of client services provided.
      13. Any marketing and promotional expenses
      
      
   3. Insurance Coverage to be Arranged by the Company
      1. Unless otherwise agreed by the Company, the Lot will be automatically insured under the the Company art relic policy in the amount as deemed appropriate by the Company. However, the insured amount is not the amount the Company undertakes to be successfully reached during the auction.
      2. The Company will collect 1% of the hammer price from the Seller or 1% of the reserve price if the Lot is not successfully auctioned. If the shipping is arranged by the Company, an additional amount will be collected by the Company from the Seller as the shipping insurance. Such amount varies depending on the individual condition of each auction item. The Company will refer a freight forwarder if necessary. However, the Company is not responsible for any legal responsibilities incurred therefrom.
      3. The Lot will remain insured up to 7 days after the sale. If the Lot has not been sold, it will be at the Seller's risk upon the expiry of 7 days.
      4. We are unable to accept responsibility for damage caused by woodworm or changes in atmospheric conditions.
      
      
   4. Insurance Purchased by the Owner

      If the Seller instructs the Company specifically that it is unnecessary to purchase insurance for the Lot, the risks shall be borne entirely by the Seller until the Buyer makes all the payments. The Seller must indemnify the Company, the employees and agents of the Company and the Buyer (if applicable) any claims in connection with the auction against the Company, the employees and agents of the Company and the Buyer, regardless of the cause of such claim. The Buyer must also pay for the expenses incurred as a result of such claim if requested by the Company, the employees and agents of the Company and the Buyer, even if such expenses are made as a result of negligence by the Company, the employees and agents of the Company and the Buyer without proof of legal responsibility. The Seller must inform the underwriter of the Seller the provision herein.

   5. Commitments Made by the Seller with Respect to the Lot

      The standards for the Company to handle the Lots are provided hereunder. These standards also limit the relationship between the Seller and Buyer. In the event such standards are incorrect in any aspect, the Company or the Buyer may bring legal actions against the Seller.

      The Company should base the purchase and handling of auction items on the following undertaking made by the Seller:

      1. The Seller is the only owner of the Lot and has the unlimited right to assign his ownership to the Buyer which should not concern any third party right or claim (including copyright claims).
      2. The Seller complies with all the laws in connection with the import and export of auction items and any other laws and has notified the Company in writing any failure to comply with such rules in the past.
      3. The Seller has notified the Company in writing of any major modifications in the Lot to the best of his knowledge and any concern the third party has raised with respect to the ownership of the Lot and the condition.

      In the event of any inaccuracy of the above a, b and c, the Seller must guarantee, if requested, to identify fully the Company and/or the Buyer all the claims, costs and expenses arising herefrom, whether caused by the Lot or the auction proceeds.

   6. Auction Arrangements
      1. The Company has absolute discretion over the description of the auction in the catalogue, display layouts, authentication opinions, location and method of the auction, who will be allowed to bid and the acceptance of the bid price, whether to seek professional opinion and whether to combine or separate the Lots.
      2. Any price estimates, whether verbal or written are strictly opinions and shall not serve as a guarantee of the final price for the Lot to be sold.
      3. The Seller cannot withdraw the Lot without obtaining consent from the Company. The Company reserves the right to withdraw the Lots for the following reasons. These reasons include:
         1. The Company is doubtful about the definition or authenticity of the Lot or the accuracy of the statement referred to in Articles 5a, b. or c.
         2. Any violations of the Transaction Agreement.
         3. The Company deems it inappropriate to include the Lot in the auction.
         
         
      4. If the Company or the Seller withdraws the Lot, the Company may charge 40% of the Reserve set by the Seller and the amount equal to the service fee payable to the Company if the auction is successfully sold at the insured amount and applicable value added tax, insurance and other expenses.
      
      
   7. Auction Rules
      1. The Company will auction the item according to the Reserve. The Reserve may not be higher than the minimum of the estimates set in the catalogue except otherwise if the Reserve agreed is in a currency other than HK dollars and the Reserve is higher than the minimum of the estimates caused by the exchange rate fluctuation between the Reserve agreement day and the auction day. Under such circumstances, except where otherwise agreed by the Company, the Reserve shall be in HK dollars calculated by the exchange rate at the closing of the market the day immediately before the successful auction. If the bid price is lower than the Reserve, the Company is in no way to be held liable; however, the Company is entitled to auction the item at a price lower than the Reserve. If the Company so auctions the item, the Company is responsible to pay the Seller the difference between the closing price and the Reserve.
      2. The Seller may not increase the price of sale without fair reasons, nor participate in the bidding of his/her/its auction item(s), however, Ravenel is authorized to bid on behalf of the Seller at the price not higher than the Reserve Price.
      
      
   8. After the Successful Auction
      1. Settlement

         Upon the successful auction, the Company will request the Buyer to make full payment no later than within 15 days, including the compensation payable by the Buyer. Upon payment by the Buyer, unless the Company receives a notice claiming such auction item is a counterfeit (as defined in Article 1 of the Transaction Agreement), the Company will remit to the Seller within 60 days following the successful auction day an amount equal to the closing price taking away all the expenses payable by the Seller. In the event the Buyer delays the payment, the Company will remit to the Seller within 7 days following the payment by the Buyer. If for any reason the Company pays the Seller before the Buyer makes his payments, the Company acquires the full ownership of the item. However, if the Company is forced to reclaim the Lot from the Buyer because such item is a counterfeit, the Seller must return the auction proceeds to the Company.

         Unless otherwise instructed by the Seller in writing, the Company will make its payment in HK dollars. If the Seller requests to pay in currencies other than HK dollars, the exchange rate should be according to what the Hongkong and Shanghai Banking Corporation (HSBC) reports and the Company announces on the auction date.

      2. Non-payment by the Buyer

         If the Buyer fails to make all the payments due within 35 days following the auction day, the Company is entitled to negotiate special terms in connection with the payments, storage, and insurance on behalf of the Seller and act as deemed necessary by the Company to collect payments payable from the Buyer. However, the Company is not responsible for making remittance to the Seller nor for bringing any legal actions on behalf of the Seller. The Company will discuss with the Seller to adopt appropriate actions to claim auction payments from the Buyer.

      3. Counterfeits

         If the Buyer convinces the Company that the Lot is a counterfeit (as defined in Article 1 of the Transaction Agreement) within 10 days following the auction day, then

         1. If the Buyer has not paid all or part of the payment, the Company is entitled to call off the transaction and/or
         2. If the Company at that time has paid all or part of the payments payable to the Seller, the Seller must return all the payments made to the Company if requested. The Company will exercise lien for the latter. Any items belonging to the Seller under control of the Company will be kept as security of the payments to be returned.
         
         
      4. Items Not Successfully Auctioned

         Any items not successfully auctioned, not included in the auction or withdrawn from the auction for any reason must be collected by the Seller within 35 days upon notification by the Company to the Seller that he must reclaim the Lot. A storage fee of HK$300 per day per piece will be imposed on each item not collected after such 35 day period together with an additional charge for purchasing insurance coverage. The Seller may not reclaim such item until all the payments due are made. Such items may be removed to a third party warehouse if not collected in 60 days after the notification of collection is issued. The expenses arising therefrom shall be borne by the Seller. The Company may dispose of the Lot in the manner it deems appropriate if such item is not collected within 90 days following the auction date or the notice date (whichever is the earlier). Such disposal includes removing the item to a third party warehouse with the associated expenses borne by the Seller and to auction such items under terms deemed appropriate by the Company (including the terms of estimates and the Reserve). The Company will pay the Seller the auction proceeds after payments owed are offset.

         The Company is authorized to act as the sole agent of the Seller within 2 months following the auction for any auction item withdrawn from the auction or not sold. The Company may auction in private the item based on the net amount the Seller may receive (the amount after deducting all the expenses payable by the Seller) or sell such item in private at a lower price agreed upon by the Company and the Seller. Under such circumstances, the Seller's responsibilities and liabilities to the Company are the same as during an auction.

   9. Photographs and Display

      The Company owns non-exclusive rights to the photographs, recordings and other reproduced images of the Lot. All the rights of such images shall belong to the Company and the company is entitled to use such images in any manner it deems appropriate.

   10. Taxes
       1. Ravenel shall determine if the Mandator is Hong Kong resident or not based on the representation made and document provided by the Mandator and apply the following rules accordingly.
       2. If the Mandator is a Hong Kong resident (corporation or individual), according to the tax laws of Hong Kong, no withholding amount of the profit tax will be deducted. However, Ravenel shall reserve the rights to claim for the tax amount and other related expenses (including but not limited to interests, penalty) from the Mandator if the representation made or document provided by the Mandator is not true.
       3. Where the Mandator is non-Hong Kong resident (including corporation or individual), the Mandator refuses to provide evidence to prove the status as Hong Kong resident, or the document provided is not sufficient, the Mandator agrees that Ravenel will deduct a sum equal to 0.5% of the hammer price or the Reserve Price (if the Reserve Price is higher than hammer price) and submit such withholding amount as profit tax to the competent revenue agency. The amount to be withheld by Ravenel shall be subject to change once the applicable tax rate is adjusted. No withholding tax will be deducted for Hong Kong residents.
   
   
   11. Other Matters
       1. Electrical and Mechanical Parts

          The Seller must be responsible for maintaining the safe operating condition of the electrical and mechanical parts of the Lots. The Seller must return to the Company all the claims, costs and expenses arising out of any violation of the said guarantee and warrantee by the Seller.

       There are other special additional conditions apply to this provision. The relevant conditions are available at the Company.

3. Definition

   Some of the phrases commonly seen herein are defined as follows:

   1. "The Buyer" shall mean highest bidder accepted by the auctioning party.
   2. "The Lot" shall mean the item delivered to the Company to be sold in an auction, especially the single or multiple pieces of items numbered in the catalogue.
   3. "Hammer price" shall mean the highest bid with respect to one particular auction item accepted by the auctioning party.
   4. "Compensation paid by the Buyer" shall mean the fee based on a certain percentage of the Hammer price paid by the Buyer; the percentage shall be as prescribed in Article 4a, section I.
   5. "The Reserve" shall mean the lowest price agreed by the Company and Seller. the Lot cannot be sold at a price lower than such price.
   6. "Counterfeit" shall mean the Lot constitutes imitation and the original concept of the imitation and its overall execution result in fraud to cause deception in connection with the author, history, year, age, culture or origin of the Lot, for which the accurate description is not reflected in the catalogue and the value of the Lot on the auction day is far less than the value it should have according to the description in the catalogue. Therefore, no auction item will become a counterfeit as a result of any damage and/or any repairing in any manner (including repaints).
   7. "Insured amount" shall mean the value of the insurance purchased for the Lot which the Company considers necessary under its absolute power from time to time (regardless whether such insurance is purchased by the Company).
   
   
4. Terms Applicable to Both the Buyer and the Seller
   1. Copyright

      The copyright of all the images, photographs and written material in connection with the Lot shall maintain and belong to the Company at any time. The Buyer or any person may not use such items without obtaining prior written consent from the Company.

   2. Notices

      All the notices distributed according to the Transaction Agreement herein shall be made in writing. Any notice shall be deemed served to the recipient on the second day following delivery if sent by mail. If the recipient is abroad, the notice shall be deemed served on the fifth working day following delivery by mail.

   3. Severability

      If any part of the Transaction Agreement is deemed invalid, illegal or unenforceable by any court, such part can be ignored and the rest of the Transaction Agreement continues to be valid and enforceable to the maximum extent permitted by the law.

   4. Jurisdiction

      The Transaction Agreement are governed under the Hong Kong laws and the interpretation and effect of the Rules shall be subject to the laws of Hong Kong. The Buyer and Seller shall submit themselves to the exclusive jurisdiction of the Hong Kong courts for the interests of the Company.

The following provisions are entered into by and between the Company, as the auctioneer, and the Seller (hereinafter the "Seller"). This Agreement is also entered into by and between the Company as the agent of the Seller and the Buyer (hereinafter the "Buyer"). Both the Buyer and the Seller must carefully review all provisions hereunder. The Buyer should pay special attention to Article 5 which provides limitations as to the legal responsibilities of the Company.

1. The Buyer
   1. Ravenel as the Agent

      The Company, as the auctioning party, shall act as the agent of the Seller. Except otherwise provided, items successfully sold in the auction held by the Company shall be bound by the agreement made by and between the Seller, through the agency of the Company, and the Buyer.

   2. Prior to the Auction
      1. Authentication

         We strongly recommend that the prospective buyers conduct their own authentication for the items they are interested in bidding prior to the auction. We provide no guarantees to the buyer (with the exception of the guarantee with regard to counterfeits as defined in Section III of the Transaction Agreement).

      2. Important Notice

         Attention, prospective buyers: As far as possible, the descriptions of auction items will mention obvious defects of the items; however, they do not necessarily include all flaws, defects, or incomplete aspects. The Company regrets that it is unable to guarantee that the wristwatches on auction are in good working condition and the descriptions in the catalogue must not be construed as implying such. The description of the auction items also do not imply that the items have not gone through readjustment or repair or allude anything about the current state or storage conditions of the items. Any omission in the catalogue description regarding the current condition or the appraisal of defects in the items by no means represent that those items are in good condition, function normally, or that there will be any free repair or replacement of parts. We strongly recommend prospective buyers to personally view the items for which they plan to bid before the auction itself. If a prospective buyer is unable to view an item for whatever reason, then in our role as a service provider, we would be more than happy to offer our opinion of an item's special characteristics and current condition. However, the Company is not a professional restorer of wristwatches; therefore, any description in the catalogue is purely the Company's subjective opinion and not a statement of fact.

         Please note: The outer shells of many of the water-resistant watches have been opened in order to investigate their working condition and their type; therefore, it must not be assumed that they are currently water-resistant. We recommend buyers to have such watches checked by a competent watchmaker before use.

         Please note: The restoration of the items on auction may have resulted in original parts being replaced; therefore, we are unable to guarantee that any given watch's parts are from the original set of parts.

         All of the items on auction are being sold in "as is" condition.the Company does not provide any representation or guarantee as to the condition of any of the items. Unless otherwise stated, the Company does not provide any warranty with the items.

      3. Symbol Key

         The following key explains the symbol you may see inside this catalogue.

         ｏGuaranteed Property
         The Seller of the Lots with this symbol next to the Lot number has been guaranteed a minimum price from one auction or a series of auctions. This guarantee may be provided by the Company, by a third party or jointly by the Company and a third party. A guarantee may be in the form of an irrevocable bid provided by a third party. Third parties providing or participating in a guarantee may benefit financially if a guaranteed Lot is sold successfully and may incur a loss if the sale is not successful. If third parties providing or participating in a guarantee is the successful bidder for the guaranteed Lot, they should be required to pay the full service fee.

      4. Catalogue Explanations

         Any statement of the author, history, date, year, size, material, ownership, authenticity, origin, condition of preservation or estimated selling price of any of the Lots shown in the catalogue or the authentication opinion made by the Company, or any other verbal or written statements made separately shall be solely statements of opinions and shall not be deemed the basis for the statements of actual fact. The photographs shown in the catalogue shall serve as reference only and shall not be deemed as the basis for determining the color or tone of any Lots or disclosure of the defects of such item. The estimates of the auction price shall not be deemed the price at which such item will be successfully sold or the statement of the value of the item for other purposes.

         Many auction items fail to maintain their perfect condition because of time and other environmental factors. Some of the explanations in the catalogue or the authentication opinions will state defects and/or the repair background of the Lots. Such information is meant for reference only. Missing information in the statements does not mean the Lot has no defects or has not been repaired. Any statement of one particular defect does not mean there is no any other defect.

      5. Responsibility of the Buyer

         The Buyer is responsible for clarifying and satisfying himself about the condition of the items and any related matters stated in the catalogue descriptions.

   3. In the Auction
      1. Sales Tax Payable by the Buyer

         The Buyer shall pay (value added) sales tax in the amount of 5% of the Hammer Price with respect to imported works of art collected by the Buyer in Taiwan pursuant to the laws of the R.O.C. The Buyer is not required to pay sales tax if such imported works of art (with * marks by the number in the catalogue) are delivered to the buyer outside the R.O.C. and are handled by Ravenel for the relevant shipments. The buyer shall notify Ravenel in writing within two business days following the auction day if he desires to collect the items auctioned outside the R.O.C.

      2. Estimates

         The prices in US dollars or other currencies reproduced in the auction and this catalogue are for reference only. The Buyer is requested to pay by New Taiwan dollars or other foreign currencies in its equivalency based on the exchange rate of the payment day.

      3. Refusal of Admission

         The auction is held at the premises of the Company or any location where the Company has control of for the auction. The Company has full discretion to exercise the right to refuse entry to the premises for the auction or to prevent participation in the auction.

      4. Registration Prior to the Bidding

         Prospective buyers must fill in and sign the registration forms prior to the bidding and provide personal identification. Prospective buyers should also note that the Company may be requested to conduct credit checks against buyers.

      5. The Bidder is the Buyer

         Unless a written agreement has been made upon registration that the bidder will be the agent who acts on behalf of a third person and such third person is accepted by the Company, the bidder will be deemed as the Buyer who will bear individual legal responsibilities.

      6. Commission Bids

         The Company will make every effort to bid for the prospective buyers who instruct us to bid on their behalf by using the forms attached to the explanations of the catalogue; provided, however, bid commission instructions are delivered to the Company prior to the auction. If the Company receives several commission bids for one particular item, with all bid prices being equal and of the highest bid price at the auction, priority shall be given to the Buyer whose bid commission is delivered to the Company first. Commission bids are subject to auction conditions. The situation at the auction may prevent the Company from making the bid as commissioned. This is a free service provided by the Company to the prospective buyers pursuant to the provisions prescribed.The Company will not be held legally liable if it fails to make the bid as commissioned. Prospective Buyers should attend the auction in person if they wish to ensure a successful bid.

      7. Bid by Phone

         The Company will make proper effort to contact the bidder so he can participate in the auction by phone if the prospective buyer make arrangements with the Company prior to the auction. However, the Company will bear no responsibilities to the Seller or any prospective buyer if no contact is made under any circumstances.

      8. Online Bids via LiveAuctioneers

         If the bidder cannot attend the auction, it may be possible to bid online via LiveAuctioneers for selected Lots. This service is free and confidential. For information about registering to bid via LiveAuctioneers, please refer to ravenel.com. Bidders using the LiveAuctioneers service are subject to the additional terms and conditions for online bidding via LiveAuctioneers, which can be viewed at ravenel.com.

      9. Exchange Rate Conversion Board

         There will be an exchange rate conversion board operating at some auctions. The exchange rate is calculated at the exchange rate of the one-month future goods reported to the Company from the bank when starting business on the day of the auction. Nonetheless, the auction will still be conducted in NT dollars. The exchange rate conversion board is not absolutely reliable. The accuracy of either the Lot numbering shown on the board or the equivalent of the bid price in any foreign currency is not within the control of the Company. The Company will not be responsible for any losses caused by the reliance of the Buyer on the exchange rate conversion board.

      10. Recorded Images

          There is image projection in some auctions; however, errors may occur during the operation. The Company is not liable for the color accuracy of the reproduced image and whether the projected image corresponds to the item being auctioned.

      11. Determining Power of the Auctioneer

          The auctioneer has the absolute power to reject any bid, push for bids at his discretion, withdraw any auction items, separate or combine two or more auction items, and if there is any error or dispute, re-auction the items.

      12. Successful Bids

          Under the discretion of the auctioneer, the fall of the hammer indicates the acceptance of the highest bid price, i.e., the Seller and the Buyer enter into a successful auction agreement.

   4. Following the Auction
      1. The Service Fee of Each Lot Payable by the Buyer
         1. The Buyer should pay the hammer price and, in addition, the service fee to the Company. For hammer price below NT$ 32,000,000 (inclusive), the service fee should be calculated at 20% of the hammer price.
         2. For hammer price higher than NT$ 32,000,000, the first NT$ 32,000,000 should be calculated at 20% and the rest of the amount should be 12%.
         
         
      2. Taxes

         All the payments payable by the Buyer to the Company do not include any commodity or service taxes or any other value added taxes (whether imposed by the Taiwanese government or elsewhere). The Buyer should be responsible for paying any applicable taxes as required by the law.

      3. Payment

         The Buyer should provide his name and permanent address to the Company upon the successful bid. Relevant bank information should also be provided upon request. All payments due (including the hammer price, service fee and any applicable taxes) should be paid within 7 days following the auction date. The aforesaid provision also applies if the Buyer intends to export the Lot and (may) need the export permit.

         If the Buyer fails to pay to the Company all the payments due, the Buyer will not acquire the ownership of the Lot even if the Company has delivered such item to the Buyer. If the payment to Ravenel are made in any currency other than NT dollars, the Company will collect from the Buyer any foreign exchange expense incurred therefrom, including bank charges and foreign exchange service fees. The exchange rate of the payments to the Company in any currency other than NT dollars should be the exchange rate reported by the Bank of Taiwan to the Company on the auction date and should be based on the certificates issued by the Company according to such exchange rate.

      4. Collection of the Lot Sold

         Unless otherwise agreed by the Company, the Company will hold temporarily the successfully sold Lots until all payments to the Company are made in full. The Lot will be covered by the insurance of the Company from the auction date for 7 days during the temporary holding period. The insurance coverage will terminate upon collection of such item. The Buyer should be responsible for all risks following expiration of the said 7-day period or the collection (whichever is the earlier).

      5. Packaging and Transportation

         The Buyer is requested to note that he should bear all the risks upon expiration of the said 7 days period or from collection of such items.

      6. Referral of Packaging or Transportation Companies

         The shipping department of the Company may act as the agent of the Buyer to arrange for delivery. Although we can refer freight forwarders upon special request, the Company will not be held liable for any legal responsibilities in this regard.

      7. Remedies for Non-Payment or Non-Collection of Items Sold

         The Company is entitled to exercise one or more of the following rights or remedies if the Buyer fails to make payment within 7 days:

         1. An interest at the annual rate of no higher than 10% plus the base interest rate of Bank of Taiwan will be imposed on all of the payment due if payment is not made within 7 days following the auction date. Besides, we have the right of charging also 1% selling price (including of hammer price and the commission) multiplied by the number of delayed days as fine for the default. The payment to be made by the Buyer should offset any payment owed by the Company or its subsidiaries to the Buyer for any other transactions.
         2. To exercise lien of any items owned by the Buyer and held by the Company for any purpose. The Company may arrange to sell such items after serving a 14-day notice to the Buyer about his non-payment. The proceeds shall make up for the payment due.
         3. If the Buyer owes the Company several payments as a result of different transactions, the payments will setoff any payments due in any particular transaction, regardless of whether the Buyer specifies to setoff such payments.
         4. Refuse the Buyer to make, or to make on behalf of others, bids in any future auctions and/or to require a security deposit from the Buyer before accepting any future bids from him. If the Buyer fails to make payment within 35 days, the Company is entitled to exercise the following rights in addition to the aforementioned:
         5. To bring legal proceedings against the Buyer on behalf of the Seller to claim the entire payment due and the legal fees resulting from such proceeding based on a total claim.
         6. Cancel the transaction of Lots bid by the Buyer or any other auction items sold to the Buyer at the same or any other auctions.
         7. To arrange a public or private re-sale of the Lot. If the re-selling price is lower, the difference will be claimed against the Buyer together with any cost incurred as a result of the non-payment by the Buyer.
         
         
      8. No Collection of the Lot Sold

         The Company will arrange for the storage of the Lot if such item sold is not collected within 7 days of the successful auction, regardless of payment. Such storage cost will be borne by the Buyer. Only when the storage, shipping, insurance cost and any other expenses together with any other payments due to the Company are paid can the sold Lot be collected.

      9. Export Permit

         Except where otherwise agreed in writing by the Company, the fact that the Buyer's wishes to apply for an export permit does not affect the Buyer's responsibility to make the payments in 7 days; nor does it affect the Company's right to impose interest on delayed payments.

         If the Buyer requests that the Company applies for the export permit on his behalf, the Company is entitled to collect monies made in connection with such an application and any miscellaneous expenses together with any relevant value added taxes.

         If the Buyer makes the payment regardless of the fact that an export permit is needed, the Company is not responsible for returning to the Buyer any interest or other expenses incurred therefrom.

   5. The Legal Responsibility of the Company

      The Company is responsible for returning payment to the Buyer pursuant to Article 6. Otherwise, whether the Buyer, the Company, any employees or agents of the Company will not be held liable for any statements of the author, history, date, year, ownership, authenticity or origin of any auction item or any errors with respect to any explanations and any flaws or defects of any auction item. The Buyer, the Company, the employees or the agents of the Company make no guarantee with respect to any auction items. Any warrantee of any kind shall not be included herein.

   6. Return of Payments for Counterfeits

      The transaction will be cancelled and payments made will be returned to the Buyer if the Lot of the Company is confirmed to be a counterfeit. However, if:

      1. The catalogue explanations or the notice at the auction distributed on the auction day corresponds to the opinions generally accepted by the academic or professional fields;
      2. The method used to prove that the Lot is a counterfeit is a scientific procedure not generally accepted for use before the publication of the catalogue or a procedure unreasonably expensive on the day of the auction, or impractical, or may cause damage to the Lot; the Company is not liable for the return of any payment under any circumstances. In addition, the Buyer's payment can only be refunded when the following terms are met:
         1. The Buyer must notify the Company in writing within 10 days following the auction day that he considers the relevant auction item a counterfeit.
         2. The Buyer must return the Lot to the Company within the following 14 days and the condition of the item must be the same as on the auction day.
         3. Upon returning the Lot, the Buyer must present evidence as soon as possible to convince the Company that the Lot is a counterfeit. The Buyer may also assign the good ownership of the Lot to the Company, which shall not concern any third party claim.

      Under no circumstances is it necessary for the Company to pay the Buyer an amount more than what the Buyer pays in connection with the Lot and the Buyer can not claim interests.

      The interests of the warrantee cannot be assigned and belong solely to the Buyer who receives the original invoice from the Company when the Lot is sold. Such Buyers shall remain the owner of the auction Lot and cannot assign any interest of the Lot to any other person. The Company is entitled to ascertain that the Lot is not a counterfeit based on a scientific procedure or any other procedure, regardless of whether such procedure is being used on the day of the auction.

      The aforementioned does not apply to coins, medals, jewelry and paintings.

2. The Seller
   1. Ravenel as the Agent

      The Company acts as the agent of the Seller at a public auction. The Closing Agreement of the Lot is the agreement by and between the Buyer and the Seller.

   2. Expenses

      The Seller shall bear costs relating to the following:

      1. Packing of the Lot and shipping to the Company for the auction
      2. Any applicable shipping insurance
      3. The packaging and shipping if the item is delivered back to the Seller
      4. Insured under the Company art relic insurance policy (explained in detail later) indicate cohere (we point below)
      5. Any applicable custom duties
      6. Catalogue illustrations
      7. Any repairs made to the Lot as per prior agreement with the Seller
      8. Framing and mounting
      9. Authentication made by independent professionals which the Company believes to be necessary in preparing the catalogue explanations.
      10. Any independent professional opinions which the Company deems proper
      11. The storage of the Lot after the auction (if applicable)
      12. The administration cost of the Company reaches 10% of all the expenses incurred as a result of client services provided.
      13. Any marketing and promotional expenses
      
      
   3. Insurance Coverage to be Arranged by the Company
      1. Unless otherwise agreed by the Company, the Lot will be automatically insured under the the Company art relic policy in the amount as deemed appropriate by the Company. However, the insured amount is not the amount the Company undertakes to be successfully reached during the auction.
      2. The Company will collect 1% of the hammer price from the Seller or 1% of the reserve price if the Lot is not successfully auctioned. If the shipping is arranged by the Company, an additional amount will be collected by the Company from the Seller as the shipping insurance. Such amount varies depending on the individual condition of each auction item. The Company will refer a freight forwarder if necessary. However, the Company is not responsible for any legal responsibilities incurred therefrom.
      3. The Lot will remain insured up to 7 days after the sale. If the Lot has not been sold, it will be at the Seller's risk upon the expiry of 7 days.
      4. We are unable to accept responsibility for damage caused by woodworm or changes in atmospheric conditions.
      
      
   4. Insurance Purchased by the Owner

      If the Seller instructs the Company specifically that it is unnecessary to purchase insurance for the Lot, the risks shall be borne entirely by the Seller until the Buyer makes all the payments. The Seller must indemnify the Company, the employees and agents of the Company and the Buyer (if applicable) any claims in connection with the auction against the Company, the employees and agents of the Company and the Buyer, regardless of the cause of such claim. The Buyer must also pay for the expenses incurred as a result of such claim if requested by the Company, the employees and agents of the Company and the Buyer, even if such expenses are made as a result of negligence by the Company, the employees and agents of the Company and the Buyer without proof of legal responsibility. The Seller must inform the underwriter of the Seller the provision herein.

   5. Commitments Made by the Seller with Respect to the Lot

      The standards for the Company to handle the Lots are provided hereunder. These standards also limit the relationship between the Seller and Buyer. In the event such standards are incorrect in any aspect, the Company or the Buyer may bring legal actions against the Seller.

      The Company should base the purchase and handling of auction items on the following undertaking made by the Seller:

      1. The Seller is the only owner of the Lot and has the unlimited right to assign his ownership to the Buyer which should not concern any third party right or claim (including copyright claims).
      2. The Seller complies with all the laws in connection with the import and export of auction items and any other laws and has notified the Company in writing any failure to comply with such rules in the past.
      3. The Seller has notified the Company in writing of any major modifications in the Lot to the best of his knowledge and any concern the third party has raised with respect to the ownership of the Lot and the condition.

      In the event of any inaccuracy of the above a, b and c, the Seller must guarantee, if requested, to identify fully the Company and/or the Buyer all the claims, costs and expenses arising herefrom, whether caused by the Lot or the auction proceeds.

   6. Auction Arrangements
      1. The Company has absolute discretion over the description of the auction in the catalogue, display layouts, authentication opinions, location and method of the auction, who will be allowed to bid and the acceptance of the bid price, whether to seek professional opinion and whether to combine or separate the Lots.
      2. Any price estimates, whether verbal or written are strictly opinions and shall not serve as a guarantee of the final price for the Lot to be sold.
      3. The Seller cannot withdraw the Lot without obtaining consent from the Company. The Company reserves the right to withdraw the Lots for the following reasons. These reasons include:
         1. The Company is doubtful about the definition or authenticity of the Lot or the accuracy of the statement referred to in Articles 5a, b. or c.
         2. Any violations of the Transaction Agreement.
         3. The Company deems it inappropriate to include the Lot in the auction.
         
         
      4. If the Company or the Seller withdraws the Lot, the Company may charge 40% of the Reserve set by the Seller and the amount equal to the service fee payable to the Company if the auction is successfully sold at the insured amount and applicable value added tax, insurance and other expenses.
      
      
   7. Auction Rules
      1. The Company will auction the item according to the Reserve. The Reserve may not be higher than the minimum of the estimates set in the catalogue except otherwise if the Reserve agreed is in a currency other than NT dollars and the Reserve is higher than the minimum of the estimates caused by the exchange rate fluctuation between the Reserve agreement day and the auction day. Under such circumstances, except where otherwise agreed by the Company, the Reserve shall be in NT dollars calculated by the exchange rate at the closing of the market the day immediately before the successful auction. If the bid price is lower than the Reserve, the Company is in no way to be held liable; however, the Company is entitled to auction the item at a price lower than the Reserve. If the Company so auctions the item, the Company is responsible to pay the Seller the difference between the closing price and the Reserve.
      2. The Seller may not increase the price of sale without fair reasons, nor participate in the bidding of his/her/its auction item(s), however, Ravenel is authorized to bid on behalf of the Seller at the price not higher than the Reserve Price.
      
      
   8. After the Successful Auction
      1. Settlement

         Upon the successful auction, the Company will request the Buyer to make full payment no later than within 15 days, including the compensation payable by the Buyer. Upon payment by the Buyer, unless the Company receives a notice claiming such auction item is a counterfeit (as defined in Article 1 of the Transaction Agreement), the Company will remit to the Seller within 60 days following the successful auction day an amount equal to the closing price taking away all the expenses payable by the Seller. In the event the Buyer delays the payment, the Company will remit to the Seller within 7 days following the payment by the Buyer. If for any reason the Company pays the Seller before the Buyer makes his payments, the Company acquires the full ownership of the item. However, if the Company is forced to reclaim the Lot from the Buyer because such item is a counterfeit, the Seller must return the auction proceeds to the Company.

         Unless otherwise instructed by the Seller in writing, the Company will make its payment in NT dollars. If the Seller requests to pay in currencies other than NT dollars, the exchange rate should be according to what the Bank of Taiwan reports and the Company announces on the auction date.

      2. Non-payment by the Buyer

         If the Buyer fails to make all the payments due within 35 days following the auction day, the Company is entitled to negotiate special terms in connection with the payments, storage, and insurance on behalf of the Seller and act as deemed necessary by the Company to collect payments payable from the Buyer. However, the Company is not responsible for making remittance to the Seller nor for bringing any legal actions on behalf of the Seller. The Company will discuss with the Seller to adopt appropriate actions to claim auction payments from the Buyer.

      3. Counterfeits

         If the Buyer convinces the Company that the Lot is a counterfeit (as defined in Article 1 of the Transaction Agreement) within 10 days following the auction day, then

         1. If the Buyer has not paid all or part of the payment, the Company is entitled to call off the transaction and/or
         2. If the Company at that time has paid all or part of the payments payable to the Seller, the Seller must return all the payments made to the Company if requested. The Company will exercise lien for the latter. Any items belonging to the Seller under control of the Company will be kept as security of the payments to be returned.
         
         
      4. Items Not Successfully Auctioned

         Any items not successfully auctioned, not included in the auction or withdrawn from the auction for any reason must be collected by the Seller within 35 days upon notification by the Company to the Seller that he must reclaim the Lot. A storage fee of NT$1,000 per day per piece will be imposed on each item not collected after such 35 day period together with an additional charge for purchasing insurance coverage. The Seller may not reclaim such item until all the payments due are made. Such items may be removed to a third party warehouse if not collected in 60 days after the notification of collection is issued. The expenses arising therefrom shall be borne by the Seller. The Company may dispose of the Lot in the manner it deems appropriate if such item is not collected within 90 days following the auction date or the notice date (whichever is the earlier). Such disposal includes removing the item to a third party warehouse with the associated expenses borne by the Seller and to auction such items under terms deemed appropriate by the Company (including the terms of estimates and the Reserve). The Company will pay the Seller the auction proceeds after payments owed are offset.

         The Company is authorized to act as the sole agent of the Seller within 2 months following the auction for any auction item withdrawn from the auction or not sold. The Company may auction in private the item based on the net amount the Seller may receive (the amount after deducting all the expenses payable by the Seller) or sell such item in private at a lower price agreed upon by the Company and the Seller. Under such circumstances, the Seller's responsibilities and liabilities to the Company are the same as during an auction.

   9. Photographs and Display

      The Company owns non-exclusive rights to the photographs, recordings and other reproduced images of the Lot. All the rights of such images shall belong to the Company and the company is entitled to use such images in any manner it deems appropriate.

   10. Other Matters
       1. Taxes

          The payments payable by the Seller to the Company does not include any commodity or service tax or any other value added tax (whether imposed in the Taiwan or elsewhere). The Buyer should be responsible for paying such taxes pursuant to the tax rates and time provided by the law if there is any such applicable tax.

       2. Electrical and Mechanical Parts

          The Seller must be responsible for maintaining the safe operating condition of the electrical and mechanical parts of the Lots. The Seller must return to the Company all the claims, costs and expenses arising out of any violation of the said guarantee and warrantee by the Seller.

       There are other special additional conditions apply to this provision. The relevant conditions are available at the Company.

3. Definition

   Some of the phrases commonly seen herein are defined as follows:

   1. "The Buyer" shall mean highest bidder accepted by the auctioning party.
   2. "The Lot" shall mean the item delivered to the Company to be sold in an auction, especially the single or multiple pieces of items numbered in the catalogue.
   3. "Hammer price" shall mean the highest bid with respect to one particular auction item accepted by the auctioning party.
   4. "Compensation paid by the Buyer" shall mean the fee based on a certain percentage of the Hammer price paid by the Buyer; the percentage shall be as prescribed in Article 4a, section I.
   5. "The Reserve" shall mean the lowest price agreed by the Company and Seller. the Lot cannot be sold at a price lower than such price.
   6. "Counterfeit" shall mean the Lot constitutes imitation and the original concept of the imitation and its overall execution result in fraud to cause deception in connection with the author, history, year, age, culture or origin of the Lot, for which the accurate description is not reflected in the catalogue and the value of the Lot on the auction day is far less than the value it should have according to the description in the catalogue. Therefore, no auction item will become a counterfeit as a result of any damage and/or any repairing in any manner (including repaints).
   7. "Insured amount" shall mean the value of the insurance purchased for the Lot which the Company considers necessary under its absolute power from time to time (regardless whether such insurance is purchased by the Company).
   
   
4. Terms Applicable to Both the Buyer and the Seller
   1. Copyright

      The copyright of all the images, photographs and written material in connection with the Lot shall maintain and belong to the Company at any time. The Buyer or any person may not use such items without obtaining prior written consent from the Company.

   2. Notices

      All the notices distributed according to the Transaction Agreement herein shall be made in writing. Any notice shall be deemed served to the recipient on the second day following delivery if sent by mail. If the recipient is abroad, the notice shall be deemed served on the fifth working day following delivery by mail.

   3. Severability

      If any part of the Transaction Agreement is deemed invalid, illegal or unenforceable by any court, such part can be ignored and the rest of the Transaction Agreement continues to be valid and enforceable to the maximum extent permitted by the law.

   4. Jurisdiction

      The Transaction Agreement are governed under the ROC law and the interpretation and effect of the Rules shall be subject to the laws of Taiwan. The Buyer and Seller shall submit themselves to the exclusive jurisdiction of the Taiwanese court for the interests of the Company.

I foresee that Yayoi Kusama, the outstanding woman artist from Japan, with her infectious artistic appeal and growing market potential, is set to become the brightest Asian star in the art market in 2012.

Retrospective Exhibition at the Tate Modern, London

In a few months’ time, London will host the Olympic Games 2012. This four-yearly sporting extravaganza will attract visitors and viewers from around the globe, and the hosts are eager and ready to use this opportunity to also assert their status as one of the world’s leading culture capitals. England has long had the image of a country that combines conservatism and tradition with rebellious avantgardism, a place capable of harboring contradictory movements and contrasting styles, be it in politics, literature, music, or popular culture. Throughout history, the ability to tolerate and utilize seesawing developments and approaches, and make them mutually fertile, has been a driving force behind the country’s position on the cultural stage. Among the many fine art events and exhibitions on in London in the first half of this year, I especially recommend the Yayoi Kusama Retrospective held at the Tate Modern Gallery. Born in Japan, a country whose culture highly values conventional values and self-control, Kusama had to go all the way to the United States to find an audience for her unorthodox, highly controversial and always avant-garde creative work. Between 1960 and 1970, her work was almost completely ignored by Japanese art circles, yet today she is widely acknowledged as Japan’s greatest living artist. In many ways, her unusual career resonates with the same mixture of extreme conservatism and groundbreaking modernity that is the hallmark of England’s art and history.

The English media praise Yayoi Kusama as “one of the worlds most interesting, arresting and intriguing artists” over the past 60 years. She was once one of only two Asian artists to be shortlisted among “the world’s 100 most important artists,” and today she is considered a national treasure of her native country. In addition to the grand retrospective at Tate Modern, collectors may also want to check out the exhibition of New Works by Kusama currently showing at the Victoria Miro Gallery, well-known for representing winners of the Turner Prize. Also worth mentioning is the upcoming collaboration between Kusama and fashion house Louis Vuitton, which is being broadcasted extensively in the media and will see the artist’s designs on handbags, shoes, and accessories beginning in summer; at the same time, an LV-sponsored exhibition of her paintings has begun at an earlier date and will last for half a year. It is no exaggeration to say that the English capital is buzzing with the name of Yayoi Kusama.

A Struggle between Imagination and Reality - Kasumi’s Career as an Artist

Wherever she goes, Yayoi Kasumi sports her trademark red wig, bright and shiny as a tomato, wearing standout eye shadow and one of her self-designed polka dot dresses—in terms of impressive appearance and unforgettably eccentric outfits, she’s easily in the same league as the grand old dame of fashion design, Vivienne Westwood, or pop superstar Lady Gaga. Many years ago, Karl Lagerfeld, head designer and creative director for Chanel, paid homage to Kusama with a polka dot-inspired fashion line. Polka dots were also one of the important emblems of the hippie era, the 1960s with its wild mélange of sexual liberation and anti-war protests. This was the period when Kusama first rose to prominence. Riding the crest of the counterculture wave, she became one of the stars of the international art scene, and her success earned her monikers such as “the Queen of Polka Dots,” “Queen of Hippies,” or “Priestess of Avantgarde.” Her fame and influence were right on par with those of the grandmaster of pop art, Any Warhol, and her repeated use of polka dot patterns and designs was an inspiration to big names of the following generation, including contemporary artists Damien Hirst and Takashi Murakami.

Kusama works in a wide variety of mediums. Besides being a painter and sculptor, she is also a performance artist, fashion designer, poet, and novelist. But this list by no means exhausts the range of her different identities: for many years, she has also been a sufferer from mental illness and hallucinations, adding yet another layer to her multi-faceted personality. Looking back over the years, one finds that she had a hard life in which she had to fight to overcome all kinds of difficulties. Born on March 22, 1929, as the youngest child of a well-off upper middle-class family in Matsumoto, Nagano, she did not have an easy childhood. Her mother’s family ran a business of wholesale seed nurseries; her father had married into the money as an adopted son-in-law, and was a notorious womanizer to boot. A tough person of formidable character and strong principles, her mother was yet unable to solve the many problems festering in the family, and as an outlet much of her energy was devoted to providing her youngest daughter with an extremely strict upbringing. The mistreatment she suffered in her early childhood and youth continued to affect Kusama throughout her life, as did the philandering behavior of her father. To this day, she admits to being afraid of men and professes extreme distaste for sex. Despite this aversion, and being practically a “sexless” person herself, she yet is very supportive of the gay movement and sexual liberation.

From childhood, Kusama displayed outstanding artistic talent, and during her youth she learned to paint traditional Japanese-style paintings in a variety of mediums, including gouache and pastel. Encouraged by eminent American female artist Georgia O’Keeffe, she moved to New York in 1957, where her creative abilities soon blossomed in a much more open and tolerant environment. She greatly expanded her vision, and her oeuvre soon comprised not just paintings, but also soft sculptures, performance art, installations, and films. Her themes and formats ranged from pop art, feminism and surrealism to Art Brut (outsider art), abstract expressionism, and happenings.

Pumpkins and flowers are Kusama’s all-time favorite subjects, partly due to her family background on her mother’s side. Still back in Japan, when she was about 17 or 18 years old, Kusama won a prize and much acclaim for a painting showing several pumpkins arranged in a horizontal line, executed in the traditional Japanese style. She says that pumpkins have a cute and lovable shape, and give her a strong sense of security with their “big bellies.” Between 1967 and 1970, Kusama turned to sculpture and produced many environmental installations, something she often combined with public happenings, in which she painted polka dots and similar patterns on human bodies. Her way of dealing with her innermost fears and apprehensions is to repeatedly paint the things she is afraid of, or sublimate them into recurring designs, until, gradually, she is completely surrounded by them, allowing her “self” to disappear in, and merge with, the originally fearsome environment. This kind of “self-dissolution” marks a return to the natural state, which is one of oneness with the universe. Eventually, after 17 years in New York, she returned to live in Japan in 1973. Two years later, in 1975, she began to do collages, and in 1979 expanded her repertoire to include prints. She also started to work as a writer, and her 1983 novel The Hustler’s Grotto of Christopher Street won the Tenth Literary Award for New Writers from the monthly magazine Yasei Jidai. Generally speaking, Kusama enjoyed much success and created numerous new works after returning to her native country. Finally, her life had entered a phase of relative stability, and the hardships and efforts of her earlier life were now paying off.

Kusama’s paintings are brimming with intense, even obsessive, personal thought and powerful autobiographical themes. When she picks up a paintbrush, she lets intuition guide the creative process, and the hand follows were the mind leads. She then connects with fantastic worlds that are filled with mystery, and as strange motivations and sheer physical force bubble to the surface from the depths of her subconscious, they inevitably explode into a whole cosmos of eerily configurated space. Kusama’s passion for painting borders on religious zeal, and it is this exceptional fervor and devotion that has sustained her through the long years of fighting agonizing psychiatric problems.

Collaboration with Fashion Houses: The Grand Artist and the Name Brands

Kusama has been a household name on the global art scene since the 1960s, and remains active today at the age of 83. Unsurprisingly, her off-the-wall rig-outs and unique personality have also attracted a fair share of criticism, but nothing can obscure the fact that she has already achieved legendary status. After returning to Japan, she checked herself into an open mental health facility, where she has lived ever since. But that has not prevented her from going to her studio—located just opposite the hospital—every day and working on some new project, a routine she maintains to this day. She is still frequently invited to show her work at international galleries and exhibitions, and the past year has been a particularly busy one, seeing Kusama prepare for a slew of current and upcoming events, including a retrospective of her work at the Centre Georges Pompidou in Paris in October last year, which has now moved to the Tate Modern in London (February 9 through June 5), and will head to the Whitney Museum of American Art in New York in July. These events are sponsored by Louis Vuitton.

During the time of the retrospective at Tate Modern, Louis Vuitton’s London flagship store on New Bond Street is also putting on an exhibition titled “Yayoi Kusama,” showing films, paintings and installations by the artist. This parallel event also serves as a “warm-up” for the upcoming collaboration between Kusama and the fashion house. As reported, Louis Vuitton will officially present a new line in July that comprises leather goods, dresses, jewelry and accessories featuring the famous polka dots and other similar round and elliptical designs by the female artist.

A driving force behind the fashion house’s cooperation with Kusama is Marc Jacobs, genius out-of-the-box designer and longstanding creative director of LV, who declares himself to be a great admirer of Yayoi Kusama’s art. In 2006, Jacobs visited the artist at her studio in Tokyo, and was given by her an LV handbag that she had personally adorned with white polka dots. It was this gift that got things going, and ever since then Jacobs has been promoting Kusama’s art in fashion circles. His hope is that the new line of products to be launched in summer will introduce many more people to Kusama’s art, and lead to a wider appreciation of her exceptional talent.

Internationally, collaboration between big fashion houses and contemporary artists has been a big trend for many years now, with name brands further increasing their visibility and mass appeal through art sponsorships. LV in particular continue to draw much attention with their regular collaborations with living contemporary artists. Marc Jacobs has injected new life and creative vibes into the venerable old brand with more than 150 years of history, creating a win-win situation both for LV and the commissioned artists: sales improve through aesthetical designs and added artistic value, and at the same time support and publicity is provided for contemporary art and artists. Previous LV collaborations include those with American designer and artist Stephen Sprouse (2001, “letters and roses graffiti”), Japanese artist Takashi Murakami (2002, “cherry blossom” and other handbag collections), and American painter and photographer Richard Prince (2008, “Big City After Dark” classic collection).

Yayoi Kusama is no stranger to collaborations with big corporations, either. Her involvement in fashion design reaches back as far as the 1990s. In 2009, she designed mobile phones, boxes and packages for iida, a sub brand of KDDI, Japan’s second largest cell phone carrier. The limited edition polka dot dog cell box issued by KDDI came with a price tag of one million yen (roughly NT$ 340,000), while the cell bags went for about 100,000 yen each (roughly NT$ 34,000). In recent years, she also designed polka dot cosmetic bags and boxes for international beauty companies such as Guerlain and Lancôme. Meanwhile, a number of products featuring pumpkinthemed sculptures or graphic designs have been released over the years and have become sought-after collector’s items, including accessories, decorative items, prints, haute couture, and memorabilia. The commercialization of art and corporate sponsorship for art and culture are two sides of the same coin, and, if done properly, is beneficial to all parties involved. In fact, quite a few artists have profited considerably from these trends, having seen their market value rise as a result of sponsor support and collaboration with major brands.

Record Sales of Yayoi Kusama Artwork in 2011
Collectors Are Hoarding Her Work

Even though Yayoi Kusama is an internationally renowned artist whose work is found in the collections of more than 90 museums around the world, her eminent status and critical acclaim are not quite reflected in the sales of her artwork, or the degree of visibility her oeuvre enjoys with global collectors. Around 1995, Kusama’s works were shown at Art Taipei, together with other exhibits from the Fukuoka MOMA Contemporary Arts Gallery. This helped to increase her name recognition somewhat, and also attracted the interest of some collectors, but overall her pieces did not achieve very high prices. In fact, in terms of commercial success, there remained a huge gap between Kusama’s works and those of other, long-established grand-masters. In recent years, however, we have seen a “China wave” sweep across the contemporary arts market, and in its wake artists from other Asian countries have also begun to register on the radar of international collectors. The previous long-term neglect suffered by most contemporary Japanese artists, especially in their own country and East Asia in general, also means that prices in this specific segment are still comparatively affordable, explaining why Kusama is actually quite popular in the overseas market.

In addition to the MOMA Contemporary Art Gallery in Fukuoka, the Ota Fine Arts Gallery in Tokyo has been representing Kusama’s work since 1997, as did the Robert Miller Gallery in New York, before the artist switched to the Gagosian Gallery, one of the most influential agents in the world. Also representing her work is Victoria Miro, London. Her affiliation with these principal art galleries and agents on the global scene will certainly give Kusama’s market value a significant boost. A number of agents in Taiwan and Japan have also become aware of Kusama’s potential, and have started to organize occasional exhibitions and special events to promote her work. Meanwhile, Art Taipei frequently features her works as one of the main attractions and selling points.

Considering the great number of paintings Kusama has produced over her long career, the fact that in 2011 only 97 of her oil paintings changed hands (generating a total roughly US$ 8.27 million in sales) only serves to confirm the fact that there is much room for improving the artist’s commercial profile. Personally I believe that Yayoi Kusama’s art is still undervalued, and that the future is very likely to bring a rise in prices. Currently, many collectors are reluctant to part with their items, and this hoarding mentality means that demand is outstripping supply. This is also confirmed by the extremely small number of Kusama lots that go begging at auctions.

The majority of Kusama paintings appearing in auctions are items that were done after her return to Japan, and they enjoy a fair amount of popularity both in Asia and Europe. However, the pieces that go for really high prices—commensurate with a grand master’s reputation—are invariably those from her New York period, in particular items from the “Infinity Nets” series. The most expensive piece to date is one of her rare larger paintings, “No. 2” from 1959 (black dots on white canvas; 183× 274cm), which sold on Nov 12, 2008, in New York for US$ 5,794,500 (roughly NT$ 200 million). The buyer was Philippe Ségalot, an art consultant and private dealer based in Manhattan who specializes in high-end items. It was the second highest prize ever paid for a painting by a living female artist. According to one of Kusama’s agents, there are a total of only five such large oil paintings by the artist, and the other four have all been secured by Japanese museums for their collections.

The single most expensive three-dimensional work ever to change hands at auction is “Self Obliteration” (1966-1974), a large installation featuring a model of a human body, table and chairs, all painted with colored polka dots. It was sold on May 12, 2011, in New York for US$ 1,022,500 (about NT$ 30 million). It is also worth mentioning that more than half of the 20 most expensive sales of Kusama’s works happened during the last three years.

Looking at the data provided by Artprice.com, one finds that Yayoi Kusama’s price index since 1998 shows an almost uninterrupted upwards trend, and that prices for works in all mediums combined are peaking in 2012. If we look only at the index for oil paintings, we find that prices in this specific category peaked in 2008, but that shortly afterwards prices experienced a downward correction in the wake of the international financial crisis. However, over the past four years, prices for Kusama art have almost reached the 2008 pre-crisis level again. In other words, the bigger picture clearly shows that collectors have seen a marked appreciation of Kusama items, especially in comparison with the early years. For example, if a collector had bought a Kusama oil painting for US$ 100 back in 1998, the same painting would now be worth US$ 824, marking a more than eightfold increase in value.

With the great retrospective shown at the Tate Modern and, later in the year, at the Whitney Museum of American Art in New York, and with the major exposure afforded by the LV collaboration, it is not difficult to predict that Yayoi Kusama’s market value is set to soar in 2012. We are particularly looking forward to the kick-off in July of the Louis Vuitton collection featuring a range of products with the artist’s designs—this will bring the boundless magic of Kusama’s art to a bigger and broader audience than ever before!

Ravenel has positions available for high-caliber, enthusiastic and highly motivated individuals who have a strong background or interest in art. As Ravenel continues to grow and consolidate its position as a leading player in both the sale of Asian and Western art, we welcome strong candidates to join our expanding and winning teams in Taipei, Hong Kong and Beijing.

Senior Administrative Officer (Hong Kong)

Responsibilities:

1. Administer and oversee the day to day operations of the office, including human resources, accounting and finance, logistics, IT, sales and marketing;
2. Set goals and direct the activities of the subordinate staff in various departments;
3. Maintain proper documentation and filing system;
4. Analyze variable costs of production, provide monthly financial statements, budget plans and reports on annual sales, staffing needs, marketing plans, etc.;
5. Oversee building repair and maintenance requests;
6. Other duties as assigned by Vice President.

Qualifications:

1. Bachelor's degree in Business Administration, Finance or related subjects;
2. A minimum of 5 years of administrative experience which includes 3 years of management experience in a fast-pace and highly competitive business environment;
3. Demonstrated knowledge of budget execution procedures and strategies; business management and supervisory principles and practices;
4. Strong problem solving and analytical skills to work across many departments which include human resources, accounting and finance, logistics, IT, sales and marketing.
5. Excellent verbal and written communication skills in both Chinese and English;
6. Technically competent in using software for word processing, spreadsheets, presentations, databases, e-mail and Internet browsing.
   * An interest in art would be beneficial but is not essential.

Recruitment E-mail: hkadm@ravenel.com

Client Service Executive (Hong Kong)

Responsibilities

1. Work closely with the sales team and departmental heads in Hong Kong, Taiwan and Beijing and report directly to the vice president;
2. Liaise with art gallery owners, art dealers, private collectors and museums; identify and acquire secondary market artworks for auction sales;
3. Cultivate relationships with existing and potential clients and implement long-term sales strategies;
4. Review market trends and pricing of artworks;
5. Assist in running auctions, support clients on telephone, internet and on-site bidding.

Qualifications:

1. A university degree holder with major in Art History, Art Administration, Marketing, Business Administration or related subjects;
2. A minimum of 3 years sales experience in an auction house, arts advisory or gallery along with a proven track record in sales and strong client bases;
3. Extensive knowledge of modern and contemporary Chinese Art and trends of the global art market; knowledge of western contemporary art a plus;
4. Demonstrated ability in appraising artworks for sale;
5. Excellent interpersonal, networking and negotiating skills and ability to deliver the highest levels of customer service;
6. Must speak fluent English & Mandarin to a business level; Knowledge of other languages is an advantage

Recruitment E-mail: hkadm@ravenel.com

601-3, 50 Connaught Road Central, Hong Kong

• Tel：+852 2889 0859
• Fax：+852 2889 0850

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As at Ravenel Art's Hong Kong auction on November 28th, the venue for its Autumn Taipei Auction was standing room only with many participants watching on large TV screens outside the room. As the opening lots all found new owners the auction settled into a strong rhythm. While prices were strong, they were realistic and reflect the great knowledge and passion of not only the local Taiwanese collectors but of all Ravenel's international bidders of whom there were many today.

The auction realized a total of NTD431,194,000, USD14,301,625 which was 133% of value. 130 of 161 lots sold representing a sale through rate of 81%, a great result in the present economic situation.

The two top lots of the auction were both works by Zeng Fanzhi, one of the leading and most admired Chinese Contemporary artists. His "Mask Series" brought in NTD52,960,000, USD1,756,551 including commission, beating its high estimate of NTD48million. A superb rendition of his iconic masked urbanite, lost and confounded in a bewildering modern world, the painting is a classic of Zeng's "Mask Series" with sublime coloring in both the character and the background. It saw major bidding from the floor and the telephones, as the staff doing the telephone bidding frantically communicated prices in US dollars, HK dollars, Reminbi and Euros to clients around the world. It eventually went to an international bidder as did many other lots during the auction consolidating Ravenel Art's outstanding reputation for expertise and reliability among collectors worldwide. "Woman", which drew considerable attention and discussion during the previews, likewise saw tremendous bidding activity easily reaching its high estimate, realizing NTD40,640,000, USD 1,347,927 including commission. It is a very rare female portrait by Zeng, and it pulsates with the raw emotion of its depiction of a seated woman, perhaps unrequited in love, and as with all Zeng's portraitures unrequited in life. It is reportedly one of Zeng's own favorite works.

The modern section of the auction saw active, sustained and strong bidding as a number of lots vied for position as the leading work in the this section. That honor went to Wang Huaiqing's "Lute Table" which brought in NTD39,520,000, USD1,310,779 including commission and within its estimate. An abstract rendering of a Ming Dynasty piece of furniture against a white background it resonates with the subtleties of great Chinese masterworks. Zao Wou-ki's "5.6.54" (Herbes), an important work from 1954 when Zao was developing his abstract concepts, closely followed with NTD38,400,000, USD1,273,632 including commission close to its high estimate. Another Zao work "17.9.80" an atmospheric pure abstraction raised NTD22,800,000, USD756,219 including commission.

Two of the lots which saw the most intense bidding and set the atmosphere for the auction were works by Chu Teh-chun. "Rime Bleue", a dazzling abstract of blazing jewel-like light sold for the remarkable NTD20,400,000, USD676,617 including commission outpacing its high estimate of NTD15million. Two other Chu Teh-chun works from the same consignee UMC, Untied Microelectronics Corporation of Taiwan, also far surpassed their high estimates. "Vibrations Lumineuse" fetched NTD10,080,000, USD334,328 including commission against a high estimate of NTD5million. "Composition 538" brought in NTD9,120,000, USD302,488 including commission against a high estimate of NTD4.6million. Ms. Clara Kuo, auctioneer on the day, and Vice-Chairman of Ravenel Art said, "It's very pleasing to have realized such a great result for such an important client. UMC have been one of our leading clients for many years and we have been instrumental in guiding them in their art collection. In this series of auctions they consigned five Chu Teh-chun works to us, two in Hong Kong and three here in Taiwan. With a combined estimated value of NTD26,900,000, USD850,300, Ravenel Art was able to realize the incredible total of NTD65,446,000, USD2,176,000 including commission. It's always so satisfying to please our clients with such successful outcomes."

Mr. Lorries Chang, CEO of Ravenel Art, said he was extremely happy with the results as was everyone in Ravenel. "Ravenel Art has become synonymous with reliability, expertise, knowledge and understanding of the market and our clients' needs. Today's very satisfying, and great success is no accident, as well as collecting the best works for our auctions, we have also established an enviable international and local client base that no other Asian auction house can match. Today numerous international bidders took part in the auction helping us realize success for everyone involved."

Ravenel Art will now turn its focus to its spring series of Auctions in Hong Kong and Taipei. Ravenel is intending to internationalize its Hong Kong auction through the addition of international works of art. It also intends to hold a red wine auction in Hong Kong. 'With the success of today's auction, we are excited and emboldened about our expansion plans in Hong Kong, where we intend to become one of the most important players in the market' commented a very happy Mr. Lorries Chang.

Modern and Contemporary Asian Art

Download Auction Results PDF

Sale Date / Venue: Sunday 4th December 2011, Taipei
Value of Lots Sold: TWD 431,194,000 (USD 14,301,625)
Number of Lots Sold / Total Lots: 130 / 161
Percentage of Lots Sold: 80.75%
Value of Lots Sold: 133.41%
On the date of the sale, exchange rates were approximately as follows:
USD 1 = TWD 30.15; HKD 1 = TWD 3.88; EUR 1 = TWD 40.65

The following prices in New Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest New Taiwan Dollar.

Ravenel Art’s Autumn Auction of Modern and Contemporary Asian Art took place today in the Grand Ballroom of the Grand Hyatt Hotel, Hong Kong. The huge attendance, in excess of 500 people, Ravenel’s largest in Hong Kong yet, promised an exciting auction, and combined with enthusiastic telephone bidders from around the world, as well as numerous absentee bids, bidding on highlighted lots was strong. In uncertain economic times, collectors were drawn to well-established names, and were willing to pay top prices, while bidding on lesser known artists was more reserved. The total raised was HK$137,107,600, US$17,600,462 with a value of lots sold of 157.57%. 63 of 100 lots were sold.

The auction was led by Zao Wou-ki’s magnificent “4.4.85” from the former collection of Pierre Matisse Gallery in New York. With access to many of Zao’s works, the son of Henri Matisse, chose the most outstanding for his own collection. With a bidding war between two telephone bidders, the final price was HK$44,320,000, US$5,689,345 including commission, a top three price for Zao in auction. A second work by the same artist, “5.2.81”, sold for HK$8,400,000, US$1,078,306. Mr Lorries Chang, the new CEO of Ravenel Art, expressed great satisfaction that both works were bought by Hong Kong collectors. “One of the aims of Ravenel’s auctions in Hong Kong is to introduce modern and contemporary art to local Hong Kong collectors, who have been conservative focusing on collecting traditional Chinese art.”

The Modern Section showed further strength with Chu Teh-chun’s “Composition 149” selling for HK$10,720,000, US$1,376,123 including commission, and beating its high estimate of HK$8.5million. Painted in 1963, it displays the full power of Chu’s use of light and abstraction with brilliant light breaking through the reds and blacks of the background. The painting saw frantic bidding with many floor and telephone bids actively competing before being finally sold to a floor bidder. Another painting which witnessed intense bidding was Wu Guanzhong’s “Plum Blossom in the Snow”, which far surpassed its high estimate of HK$4.2million, being hammered for HK$6,600,000, US$847,240 including commission. A wonderfully atmospheric representation of a nature scene close to Chinese hearts, the bidding drew the most active participation of the sale with numerous floor bidders raising the price quickly before it settled down to a dual between 2 committed collectors. A second Chu Teh-chun painting “Sublime perspectives” in Chu’s iconic blues and greens from 1992, also sold for above its high estimate of HK$3.2million, fetching a price of HK$4,080,000, US$523,748 including commission.

The top painting in the Contemporary section was Zeng Fanzhi’s “Sky Series-Distant View”, with 2 modern and urbane youths standing on a grass covered hill staring into the distance. It sold for HK$10,496,000, US$1,347,368 including commission, passing its high estimate of HK$9.5million. Works by other leading artists Cai Guo-Qiang, Zhou Chunya, Zhang Xiaogang and Xu Bing also brought in strong prices. Mr. Lorries Chang commented that, Ravenel now in its fourth year of biannual auctions in Hong Kong has seen a marked increase in interest by Hong Kong collectors in contemporary art. “As well as strong interest in contemporary Chinese art, today we saw local collectors buy contemporary Taiwanese, Japanese, Korean and South East Asian art. Ravenel Art is determined to expand and internationalize the modern and contemporary art market in Hong Kong and is considering adding international works to its spring 2012 auction. We will also hold a red wine auction next spring in Hong Kong. To further solidify our Hong Kong base we are opening new offices in early 2012 at 50 Connaught Road in Central, a prestigious address which is becoming a magnet for top art houses.”

Ravenel now turns its attention to its home base of Taipei where it will hold its autumn auction next week on Sunday 4 December in the Fubon Center. With 161 lots of modern and contemporary Asian art, and many highlights it also promises great success.

Modern and Contemporary Art

Download Auction Results PDF

Sale Date / Venue: Monday 28th November 2011, Hong Kong
Value of Lots Sold: HKD 137,107,600 (USD 17,600,462)
Number of Lots Sold / Total Lots: 63 / 100
Percentage of Lots Sold: 63%
Value of Lots Sold: 157.57%
On the date of the sale, exchange rates were approximately as follows:
TWD 1 = HKD 0.26; USD 1 = HKD 7.79; EUR 1 = HKD 10.38

The following prices in Hong Kong Dollars include the hammer price, the buyer's premium and are rounded to the nearest Hong Kong Dollar.

There have been some changes at Ravenel recently. To stimulate further sales growth and help Ravenel develop international markets, as of October 1, former Ravenel CEO Clara Kuo has taken up the position of Vice Chairman of the Ravenel Art Group, with responsibility for formulating strategy for the Group as a whole and monitoring the Group’s operational performance. In addition, Mr. Lorries Chang (who has an in-depth knowledge of both the Hong Kong and Taipei markets) has been invited to join the Group as CEO. In the spring of 2011, Ravenel made history with the first ever sale of an oil painting by a Chinese artist for more than 100 million RMB, while also posting record sales for a single quarter. Ravenel’s autumn auction will include 261 lots, with an estimated total value in excess of NT$1 billion, the highest seasonal total estimate ever. Today, more and more people are becoming aware of the value of art as an investment that keeps its value, particularly in the aftermath of the global financial crisis. Ravenel’s autumn auction will present collectors with an impressive selection of works that combine high aesthetic value with significant investment value.

The Ravenel Autumn Auction 2011 Hong Kong: Modern and Contemporary Art and the Ravenel Autumn Auction 2011 Taipei: Asian Modern and Contemporary Art will be held on November 28 through and December 4, 2011 respectively. Pre-show events will be getting underway in late October, with a touring exhibition that will be visiting Taichung, Taipei, Beijing and Hong Kong.

Newly-appointed Ravenel Art Group CEO Mr. Lorries Chang notes that “For this year’s Autumn Sales we have brought together a large number of outstanding works, both domestic and overseas. A high percentage of the works being auctioned in Hong Kong fall under the category of classic modern Chinese or avant-garde contemporary works. In Taipei, we are continuing to promote some of the best contemporary Taiwanese artists. The works of contemporary Japanese and Korean artists are currently undervalued; in line with our policy of maintaining an ongoing commitment to the Asia region as a whole, we have included a number of works by leading Japanese and Korean artists in the Taipei auction. We are confident that this year’s Autumn Sales will be a resounding success!

One of the main themes of this year’s Ravenel sales is Modern Chinese Art. The autumn auctions include works by a large number of abstract artists, including Overseas Chinese artists Zao Wou-ki, Chu Teh-chun, John Way and Tang Haywen, Chinese abstract painter Su Xiaobai, Taiwanese abstract artists Liu Kuo-sung and Yang Chihung, and Japanese artist Toshimitsu Imai. Another theme is Expressionist Landscapes, with works by Liao Chi-chun, Xu Bing, Zhou Chunya, Zeng Fanzhi, Fang Lijun, etc. The third theme is Portraits by Contemporary Artists, with paintings by artists that include Zhang Xiaogang, Zeng Fanzhi, Liu Xiaodong, Yue Minjun, Li Shan, Feng Zhengjie, Zhou Tiehai, Ling Jian, Yin Zhaoyang, and Lo Chan-peng.

The Ravenel Autumn Auction 2011 Hong Kong will include 100 works of art. They include many outstanding pieces, such as the painting “4.4.85” by Zao Wou-ki, from the estate of Pierre Matisse (the son of the leading Fauvist painter Henri Matisse), a large abstract work of museum quality which constitutes a brilliant example of Chinese literati painting on a grand scale. Another work by Zao Wou-ki, “5.2.81,” has a musical rhythm evocative of flying spray. The Hong Kong sale also includes an early work by the leading abstract artist Chu Teh-chun, “Composition No. 149,” which comes from the collection of a private collector in France, and which was exhibited at the Carnegie Museum of Art in the U.S. in 1964. There are also a number of beautiful oil paintings by Chu Teh-chun from the collection of Taiwan’s United Microelectronics Corporation (UMC), including “Sublime perspectives,” which constitute one of the highlights of the sale. Wu Guanzhong’s large ink and color (with drip painting effects) work “Plum Blossom in the Snow” has a compositional style similar to that of his “Parrot Paradise” in the British Museum; the painting exudes a remarkable vigor and energy.

There are also a number of pleasant surprises in the works included in the contemporary art portion of the Hong Kong sale. These include: Zeng Fanzhi’s “Sky Series – Distant View” and “Grass Series”; Zhang Xiaogang’s “Bloodline Series”; Fang Lijun’s “2000.12.4”; Zhou Chunya’s “Peach Blossoms Series” and “Vase of Flowers”; Yue Minjun’s “Salute”; Xu Bing’s “Landscript”; Cai Guo-Qiang’s “Skybound UFO and Shrine”; Wang Guangyi’s “Great Criticism Series – Art Nation”; Liu Xiaodong’s “Betel Nut Beauty”; and Tang Zhigang’s “Chinese Fairytale.” There are also a number of works by Taiwanese artists, including: Su Wong-shen’s “Before the Election”; Lien Chien-hsing’s “Secret Dance in Frivolous Mood 2”; and Lo Chan-peng’s “Journal of Strawberry Generation 24,” which is highly reflective of contemporary society. There is a work from sculptor Ju Ming’s “Taichi Series,” and “Golden Rain,” one of Li Chen’s best-known works. In addition, there is a self-portrait by Japanese artist Yayoi Kusama, and a major work by Yoshitaka Amano.

The Ravenel Autumn Auction 2011 Taipei features a number of outstanding classic works, including: Zao Wouki’s “5.6.54 (Herbes),” “17.9.80” and “11.10.78,” as well as two smaller works by this artist; Chu Teh-chun’s “Rime bleue” (“Rhyme in Blue”) and “Vibrations Lumineuse (Splendid Light)”; Wang Huaiqing’s “Lute Table,” with its semi-abstract Ming Dynasty furniture motif; Liao Chi-chun’s “Northeast Coast,” an oil painting from the Liao family’s collection; carved wooden statutes from Ju Ming’s “Taichi Series” depicting figures in Taichi postures; Yuyu Yang’s imposing “Advent of the Phoenix (3)”, a red-colored outdoor statue; and several watercolors by Shiy De-jinn from the collection of a famous foreign collector. This auction really is an opportunity not to be missed!

Zeng Fanzhi’s “Mask Series” and “Woman” have become a major focus of attention in contemporary art circles in Taipei. Making effective use of the color pink’s connotations of artificial make-up, these two works successfully draw attention to the contradictions of contemporary society. Two paintings by internationally-renowned artist Su Xiaobai, the masterpiece “White Collar” and “Red Float on Bizarre Water,” employ geometric color patches and exquisite lacquer effects to create abstract meaning characterized by East Asian simplicity. Liu Wei’s “Flowers” and one of Cai Guo-Qiang’s early oil paintings both embody a very high level of artistic creativity. With their effective use of different media, Li Hui’s installation “Ark No. 2” and Huang Gang’s “When Wind Springs Up” and “Between the Moon and the Sun” reflect the diversity of contemporary art. Tzu-chi Yeh’s exquisite oil painting “Shamao Mountain in May” and Li Chen’s sculpture “Soothing Breezes Floating Clouds” are both also outstanding works. There is a strong international flavor to this year’s Ravenel Autumn Sale, with paintings and sculptures by the leading Japanese artist Yayoi Kusuma, noted abstract artist Toshimitsu Imai’s “Floraison,” and works by Yoshitaka Amano, Hiroyuki Matsuura, Masao Kinoshita, and Takashi Murakami, as well as works by Korean artists Kim Duck Yong, Kwon Ki Soo, and Lee Jae-hyo. The work of contemporary Japanese and Korean artists is currently undervalued; this is a segment of the market with significant growth potential, and this is the ideal time for collectors to purchase some of these artists’ finest works.

｜ Auction Highlights | Auction Schedule ｜

Everywhere in the world, Ravenel Art Group is the symbol of refined art culture. It also plays the role of collection advisor for the "20th & 21st Centuries' Chinese Art".

Ravenel Art Group, incorporated in June 1999, receives the complete professional and technical support from Drouot – a major French artwork auctioneer with long-lasting history. Its tenet is to introduce refined European culture, synchronize artistic creation and investment, and push forward contemporary Chinese art. Ravenel brings about dedicated and systematic collection and artistic works investment to enterprises, collectors and foundations across Asia by means of artwork auction which focuses on oil painting and sculpture, intermediary service, art fund investment etc.

It provides important overseas media and art institutions with Chinese artists and dynamic information in China's contemporary art market via the online platform (http://ravenel.com) by presenting exhibition for contemporary Chinese artists in cooperation with major overseas art institutions, in order to facilitate long-term development of Chinese art in international arena.

Ravenel Art Group has two major art-related departments: Ravenel European Art Auctioneer and Ravenel Art Investment. Through 10 years' unremitting efforts, the numerous businesses including auction, intermediary service, web site, exhibition etc. have achieved remarkable results. New programs such as insurance, fund, foundation and so on are now under preparation. In 2006, along with the strategic expansion in China mainland, Ravenel Beijing was established. Ravenel Art Group will inevitably provide enterprises, collectors, foundations as well as other institutions and individuals with abundant and more professional collection and investment services.

Purpose

Introducing refined European culture

We cannot talk about the evolvement of art without mentioning Europe. Europe represents delicacy and particulars and embodies richness and plurality. The unique cultural connotation in Europe has received recognitions from numerous artists and scholars for centuries. In this regard, the 19th century's Salon Culture in France represents an important stage. In France during the reign of Louis XIV, the expressions from castle, yard and art mean the ultimate goals in Europe and even in the world. From then on, the Salon Culture was penetrating into other European countries with an overwhelming tendency.

It was not only the vogue of the then literary circle, but also means the refined and pluralized cultural connotation and traditional modality through accumulation. In following changes of the trend of thought, the Salon Culture had contributed mentally to the French Revolution, the Democratic Movement, and artistic reform etc. Its contribution cannot be ignored even to the flourishing cultural enlightenment in Europe.

Ravenel is dedicated to introducing the Salon Culture and expects to bring into play the fundamental spirit of that culture – establishing refined life style, to promote exchanges of culture and thought, and to introduce the Chinese art and culture to international arena.

Pushing forward contemporary Chinese art

China, with over five-thousand-year civilization, is now in an era of changes. In the middle of edification, stimulation, discrepancy and struggling for traditional Chinese culture and modern Western civilization, those artists have created a wording culturally suitable for this period through impact. Contemporary art just represents a much featured aspect in this wording. The particularity is that it is close to life and expresses the potential insaneness and strength in the era and life with unique spiritual connotation. Based on traditional Chinese culture and driven by economic boom, contemporary China is drawing numerous strange and yet curious attentions in international arena. The contemporary Chinese art, which just echoes to the times, has naturally become a highlight.

Ravenel is willing to play a role that bridges the Eastern and Western culture, and it is dedicated to recommending the most representative artworks of this era directly to key collectors, enterprises and funds in the world. Meanwhile, Ravenel is making unremitting efforts to bring into play the essence of Chinese art in international market with its unique demeanor.

Synchronizing artistic creation and investment

Artwork is provided with a variety of complicated and peculiar factors such as rareness, history, aesthetics, philosophy etc. This way, the monetary value of a specific artwork cannot be defined under general concept of commodity on the one hand, and the artwork is always hard-won because of its unique spiritual attribution on the other hand. These factors have defined that a fine artwork will have increasing value as the time goes, so it is an optimum tool for long-term investment.

Dedicated to providing masterships of top-class Chinese and Western artists, Ravenel Art Group defines the current value of potential artists and their works to enter the future history of art with professional standard and international vision. In light of this concept, Ravenel extends most scientific data analysis in cooperation with major banks around the world and follows the trend of global art market on a long-term basis. Interaction is favorable between Ravenel and personages in the art industry, so the group is kept informed on latest trend of the global market.

The Art & Investment magazine, a refined quarterly publication, gives detailed and in-depth description and analysis on situation of Chinese art market and artworks by Chinese when recommending works to the West. Thus, the quarterly magazine with auction catalog has become a basis and guideline for collectors in terms of price and quality.

Based on above advantages and specialty, Ravenel Art Group has planned art investment projects for several enterprises and foundations; meanwhile, generous return is guaranteed.

Professional and pluralized art collection

Art investment must be established based on considerable financial strength for distribution of risks. The key lies in professional insight and control over the market. To better serve the collectors and investment institutions, Ravenel European Art Auctioneer and Ravenel Art Investment Consulting under Ravenel Art Group are focusing on oil painting and sculpture by professional operation, so most specialized art investment is assured. As the pluralized investment pattern has been set up, Ravenel is extending optimum options to those in love of art by the most prudential, most opened and most objective means in cooperation with related financial sectors on the basis of auction, intermediary service, art foundation and so on.

As a window of collection and investment tailored for collectors by Ravenel Art Group, Ravenel European Art Auctioneer presents every artwork perfectly with rich connotation and without neglecting any detail, through the flows of auction, by strengthening all particulars from preview with refined arrangement to set off different themes before official auction and appreciation events in salon to creation of auction catalog and in-depth description to the pieces. An auction is just an interaction between art and soul; an artwork may also become a legend and a much-told story.

Characteristics

Drouot Auction Consortia (Drouot Commissaire-Priseurs), Paris

Drouot Auction Consortia (Drouot Commissaire-Priseurs), Paris, is the most ancient artwork auction organization existing in the world. Every year, auctions accounting for one-third of the turnover in global art auction market are called here, and 16 auctions are sponsored every day on average.

Four-hundred-year Commissaire-Priseur system

The foundation of Drouot is closely related to the Commissaire-Priseur system with a history of four hundred years in France. In 1552, Henry II, then French Emperor, launched the firm for the "maîtres priseurs-vendeurs". Those professional auctioneers became the "Commissaire-Priseurs" later. Traditionally, Commissaire-Priseur is the official auction executor in France who, in the capacity of judicial officer, must play a neutral role of arbitration.

Professional, precise college education and concrete training

To be qualified for that hammer, a Commissaire-Priseur must receive professional and precise college training (especially for the history of art and law), intern for three years in a Commissaire-Priseur firm, and then pass the national examinations. Upon receiving the qualification, the Commissaire-Priseur cannot serve genuinely until practicing in France only. The Drouot Auction Consortia (Drouot Commissaire-Priseurs) is just established by responding to this tradition. In this period, any auction could not be performed until it was sponsored by a French organization; no such event was allowed if executed by people from other institutions in France.

Swift transformation, orientation to the world

However, such situation has changed when J. Toubon, former Minister of Justice in France, promulgated the act of opening the auction market on January 1st, 1998, upon buildup of the European Union. This way, Commissaire-Priseur is no longer the professional in France that can perform all auction activities than mandatory auction in court within the French territory.

Thinking highly of the great China region, a booming art market, Drouot has launched a series of planning enthusiastically. While exploring source of funds and transforming to a genuine corporate entity, it also engages in business in other countries besides France, earnestly supporting the Ravenel Art Group in Taipei. Drouot, a time-honored auction consortia with a pool of specialists, is challenging the booming international art market with a brand-new pose.

Drouot Auction Headquarters, Paris

Richelieu Auction House

Drouot Auction Headquarters, located in Richelieu, Paris, represents the French history of auction. The auction house was built during the Second Republic of France, with a history of over one hundred years. The original building was rebuilt in 1980 because of time-wearing. The entire building, three-story, occupies a site area of 10,000m², consisting of sixteen halls. The auction house sponsors shows and auctions every day. It is capable of performing 3,300 auctions in a year, and as many as 700,000 articles could be sold. The north corner of the auction house is a paradise for dealers of used goods, as liquidation sale for modern furniture, electric household appliance and spare parts of gears is available here. In addition, two used vehicle auction spaces are supplied outside the north exit, of which one is 7,000 m² and the other is 4,500 m². Special-purpose used vehicles are auctioned including public utility vehicle, mini antique car, wagon car etc. However, there are also second-hand new vehicles because of cancellation of loan contract or equipment lease contract. The headquarters in Richelieu is a witness of intermittent auctions, colorful, pluralized and dynamic.

Montaigne Auction House

Montaigne Auction House is situated on the beautiful and elegant Avenue Montaigne in Paris, on both sides of which are gathered head offices of all world-top luxury brands such as Chanel, Christian Dior, Louis Vuitton and so on. In September, the fashion brands in this avenue will jointly sponsor a grand gathering for announcing the vogue and trend of next year. This gathering has also become an important annual congregation for upper class in France. In the boutiques, the shopfronts will be decorated and finished meticulously during the event, and most delicate shows and displays are extended. Personages and distinguished guests are received with champagne, and goblets flash from hand to hand. Drouot Montaigne Auction House has been in this gathering since 1987. The auction only sells premium-priced masterpieces during this period. As long as there is important artwork for auction, the scene is transmitted to US and Japan via satellite for synchronized auction. Numerous media will be attracted, waiting for those rare and world-class pieces to be brought.

Ravenel Art Space

The Ravenel Headquarters is located on Dunhua South Road, eastern Taipei. The Beijing Office is located on Jianguo Road, surrounded by a lot of well-known enterprises and vogue-leading international flagship stores. The two places are both ideal landmarks in metropolis. Selection of office place is of symbolic significance as a part of corporate culture. This way, Ravenel Art Space is designed on the basis of three key factors: future, professionalism, and internationalization. They echo to the concept for operation of Ravenel as well – introducing refined European culture, promoting the concept of contemporary art, and bringing Chinese art to international arena.

Refined and professional art space

Unsophisticated materials such as glass, metal and silver foil contribute to the main structural elements of the Ravenel Art Space, corresponding to the interior traffic flow planning, exhibit display, lighting arrangement, and color utilization. The lighted wall of front door perfectly matches luminous yarn curtain; soft beams and silver-foiled columns bring a futuristic space. In a visit to Ravenel, the light changes from the entrance. The artistic quality is advent that emphasizes refinement and particulars. In general, the tone of lighting in front door is vibrant. As long as there is any visitor, the luminance turns darker to avoid disturbance by irrelevant matters, delivering the information of "no disturbance". In the evening, the pattern of lighting is from backward and penetrating. Even when all staff is off duty, the intense artistic feeling is still touchable. The colorful lighting design actually comes from one of the design concepts looking into the next century. In terms of traffic flow, the column at the silver-foiled entrance is the axis, echoing the embedded space on the wall. Flower arrangement highlights the mastermind combining art with life. The meeting room, showroom and VIP lounge, office area, and storage room deliver a style of simplicity on the basis of pro-white or transparent colors and materials. The overall style extends to the General Manager's Office, where office desks and chairs by well-known designers fill the space with a modern feeling. B&O telephone meets well the style of wall deco perfectly. In the corner beside the window, the round table and chair creates a small conversation area, ensuring that even professional consulting can carry on within such a short distance and under leisure.

Online Personal Data Privacy and Protection Policy

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When providing personal information on our website you may have the option of choosing to, or not to, receive promotional information from us. You may request us to discontinue such correspondence at any time by sending us an e-mail.

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We will not share your Personal Data with anyone outside the Ravenel Art Group.

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In general, you may browse our Internet site anonymously. However, some online services require the collection of personally identifying information, such as your name, address, and, if appropriate, your credit information.

For transactions over the Ravenel Art web-site involving particularly sensitive information, such as credit card numbers and accounting information, Ravenel Art will employ accepted transmission and storage protocols, such as encryption, to prevent this information from being disclosed. This means that when you type in sensitive information such as credit card details, it will be automatically converted into codes before being securely sent to us over the Internet.

This information will be used for processing transactions but may also be used for internal data processing, such as compiling statistical information about your interests and the use of our Internet site. As a service to you, we may also use this information to customize the content we offer.

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Establishing integrative collection for professional collectors

Taking into consideration different requirements of collectors on space allocation, artwork layout or investment and taxation planning for art collection etc., Ravenel Art Group tailor-makes professional, objective and precise artwork collection consulting service for every individual collector on a project-oriented basis with the aim to improving the standard of living aesthetics and advancing professional investment collection.

During consulting service, Ravenel emphasizes the target-oriented principle of communication, addresses client's favor and idea about artwork, and centers on diversity other than unilateral position and market analysis. Through comprehensive view on the trend of world art market and general analysis for client, Ravenel will definitely leave a space for every client to run their own aesthetics. Then, adjustment and suggestions will be given so as to consolidate the client's own taste and work towards the investment in art.

Planning for enterprises and foundations

Many major enterprises and related foundations around the world have now engaged in the field of art with such purposes: firstly, to improve corporate image; secondly, to diffuse the influence of enterprises or foundations in history from generation to generation by art collection. Moreover, artwork is often the best investment tool that belongs to the key program of enterprise's taxation planning.

Thanks to advantageous related industries operated by the group such as the affiliated insurance company, financial group, shipping group etc., Ravenel Art Group is now planning the mid- and long-term development projects on the basis of its global resources everywhere in the world according to needs of a variety of enterprises and foundations.

Professional art consulting service for private luxury residences and enterprise headquarters

Ravenel provides professional, objective and precise art consulting services on a project-specific basis according to diversified requirements of luxury residences and enterprises headquarters, including the need on space allocation and artistic deco, improvement of life aesthetics, specialized investment, or pure love of art. In the process of consultancy, Ravenel addresses interactive communication and pays attention to opinions and thoughts of clients. It does not impose any unilateral standing, but it reserves an orientation for client to operate its own aesthetics. In comparison with operation of one's own aesthetics and improvement of the genuine image of a luxury house, the enterprise's investment plan for art is more important.

Appraising and valuating Western art

It is just under the technical support of France-based Drouot that Ravenel can invite internationally recognized and most authoritative special art appraisers or living important artists from the West to provide clients with most professional appraisal service. The field of valuation ensures availability of latest trend of any artwork in international market and the most accurate evaluation of its market price because of frequent exchanges with the information network in global market.

Planning for public art

Ravenel plans for large-scale, important public art and engages in construction of urban culture. The planning and implementation of all public arts shall focus on Western contemporary art masters. Until now, Ravenel has been entrusted by quite a few well-known enterprises in China mainland to plan public space or invite international artists to Taiwan or even purchase masterpieces from the West on an agent basis.

Building an international platform for dissemination of Chinese art

Ravenel is dedicated to building a top-grade online art platform, which does not only specify the origin of Ravenel, professional services, illustration of the auction flows and procedures, detailed information of pieces for auction etc., it also carries out online auction simultaneously in the middle auction. Usually, there are also online auctions on a regular basis. In addition, Ravenel supplies relevant information concerning international art market to artists, art institutions and overseas media, as well as online display, multimedia information sharing platform etc.

Running art foundation for pluralized investment

In the long run, Ravenel operates art foundations for clients and is dedicated to the pursuit of favorable and potential artworks for investment. In 2005, the art foundation achieved over 50% return rate for its clients. In comparison with other investment tools including real estate and equities, the yield is remarkable. This also proves that art is also a fine investment channel in addition to its interest of collection and value of appreciation. Ravenel emphasizes operation of art foundation with pluralized investment approaches. It is worth mentioning that investment return will not be guaranteed until refined selection is made on quality through purchase of artwork.

Exploring overseas market for Chinese artists

Ravenel is not only provided with international vision and qualification, thanks to years' efforts, it has established favorable and long-term cooperation with major art museums in the world, foundations, collection institutions, and exhibition planners. Ravenel, based on integrating the essences from the East and West, adheres to professionalism and refinement by sponsoring important overseas shows for contemporary Chinese artists and building a broader art platform for the artists. Ravenel is bringing contemporary art in China to a more splendid international arena.

Financing art education effectively

The corporate culture of Ravenel contains return to the society and continuous attention to art education. More importantly, the culture has always maintained intense focus on the integral development of the contemporary art in China, all-round improvement of the education on arts for the Chinese people, and the care about living environment of young artists, especially the progress of arts education started when the learner is still young. Ever since its establishment, Ravenel Art Education Foundation has been dedicated to a variety of colorful approaches to support the art education in China and considerable financial support with the funds.

Persistence of Ravenel

Ravenel is persistent towards this cause without ignoring any detail and shines professionally in every aspect of its services, even for a single piece of auction catalog or a preview

Auction Catalog

The information of all works has been elaborated meticulously, including shows the appraised pieces have engaged in, published albums the works were ever in, as well as previous owners, availability of particular legendary stories etc. In each auction, the price is defined only if in-depth study has been carried out across the global art market. Indeed, the Ravenel auction catalog is a reference of art which deserves collection as well.

Auction Preview

The pieces for auction are always presented in a variety of forms according to professional display space planning. Different auction atmospheres are designed according to diversified themes. In light of the meticulous arrangement by Ravenel, the preview is similar to an international standard feast of art.

Sharing of experience for art

Ravenel sticks to the attitude that art service is a kind of sharing of experience from time to time. Ravenel provides clients with detailed information on international art market on a long-term basis and initiates interaction among arts lovers, in order to build a broader vision for the Chinese circle.

The following terms and conditions (the "Terms") govern the use of the Website of Ravenel Art Group (the "Company") at ravenel.com (the "Website"). BY ACCESSING AND USING THE WEBSITE, YOU ACCEPT AND AGREE TO BE BOUND BY THESE TERMS AND CONDITIONS. If you do not accept or agree to be bound by any of these Terms, you may not access or use the website. The Company may change, modify or revise the Terms at any time by updating the text of this page, without notice to you. You are bound by any such modification or revision and should therefore visit this page periodically to review the Terms.

Specific rules, in addition to these Terms, are provided with respect to transactions conducted on or in connection with the Website, and other rules may be provided for the use of certain other items, areas or services provided on or in connection with the Website, and you agree to be bound by such rules.

WARNING: The Website contains uncensored images and literature on a wide range of art, and may include nudity that some people may consider offensive. This content is not intended for minors.

Propriety Rights

The contents of the Website, such as text, graphics, images, photographs, illustrations, logos, button icons, audio, other visuals, video, copy, data, software, coding, scripts, computer programs and other material (the "Material"), are protected by copyright under the laws of Taiwan as well as other countries, and are owned or controlled by the Company or by third parties that have licensed their Material to the Company.

Limited Use and Prohibited Use

Unauthorized use of the Material may violate copyright, trademark, and other laws. Any commercial use, distribution or publishing of material from the website is strictly prohibited unless you have the express written permission of the Company. The Company authorizes you to view and download a single copy of the Material solely for your personal, internal use. Some of the Material may contain digital "watermarks" to indicate their source and ownership. You agree not to attempt to remove, deactivate, reverse engineer, modify, tamper with or obscure any such watermarks.

Copyright Agent

If you believe that your work has been copied in a way that constitutes copyright infringement, please provide the Company's Copyright Agent the following information:

• an electronic or physical signature of the person authorized to act on behalf of the owner of the copyright interest
• a description of the copyrighted work that you claim has been infringed
• a description of where the Material that you claim is infringing is located on the site
• your address, telephone number, and e-mail address
• a statement by you that you have a good faith belief that the disputed use is not authorized by the copyright owner, its agent, or the law
• a statement by you, made under penalty of perjury, that the above information in your Notice is accurate and that you are the copyright owner or authorized to act on the copyright owner's behalf

The Company's Copyright Agent for Notice of claims of copyright infringement on its site is David Kearney who can be reached as follows:

David Kearney
Ravenel Art Group
15F-2, No. 76, Sec. 2, Dunhua S. Rd.,
Da-an District, Taipei 10683, Taiwan
+886 2 2708 9868
Email: davidkearney@ravenel.com

Trademarks

The trademarks, logos and service marks (the "Marks") displayed on the Website are owned by the Company or third parties. You are prohibited from using the Marks without the express, prior written permission of the Company or such third party.
If you violate any provision of these Terms, your permission to use the Material and the Website automatically terminate and you must immediately destroy any copies you have made of the Material.

Privacy Policy

The Company maintains a strict privacy policy concerning users of the Website. The Company does, however, gather certain information that you provide to the Website. The Company polices regarding user information is contained in our Privacy Policy to which you are directed to study.

Submitted Materials

By posting any communications or materials to the Website, you grant the Company irrevocable and perpetual non-exclusive use of all such material in any way whatsoever deemed by the Company without the need to pay royalties.
The Company does not screen communications in advance and is not responsible for screening or monitoring material posted by Users. As a User, you are responsible for your own communications and are responsible for the consequences of their posting. You must not do any of the following things while accessing or using the Web Site or using the Material:

1. post or transmit any material unless you are the owner of all patent, trademark, copyright, trade secret or other proprietary rights ("Rights") therein, or have the permission of the owner of the Rights to post or transmit such material to the Web Site
2. post material that otherwise violates any Rights of any third party or violates or infringes on the privacy or publicity rights of third parties
3. post material that is obscene, defamatory, threatening, harassing, abusive, hateful, embarrassing or otherwise objectionable to another User or any other person or entity
4. post sexually-explicit language or images
5. post advertisements or solicitations of business
6. post or transmit any chain letters or pyramid schemes
7. impersonate another person or entity
8. intentionally or unintentionally violate any applicable local, state, national or international law while using or accessing the Web Site or the Materia
9. post or transmit any information containing a virus or other harmful component.

The Company reserves the right to monitor and review all material posted by you on the Website, and may delete or destroy any material submitted to the Website at any time without the necessity of providing any reason by the Company

Prohibited Engagement

When using the Website you agree that you will not in any way engage in: any illegal behavior, impersonation, inserting any third party material or advertising, attempting to access any restricted databases or computer systems, harvesting information, disrupting, impairing or damaging the Website in any way. 

Links to the Website

You agree that if you include a link from any other web site to this Website, such link will opened in a new browser window: and link to the full version of an HTML formatted page of this Website. You are not permitted to link directly to any image hosted on the Website or our services, such as using an "in-line" linking method to cause the image hosted by the Company to be displayed on another web site. The Company reserves the right to insist that any link to the Website be discontinued, and to revoke your right to link to the Website from any other web site at any time upon written notice to you.

Third Party Web Site Links

You may be able to link from the Website to third party web sites and third party web sites may link to the Website ("Linked Sites"). Examples of Linked Sites include artnet.com, Ravenel Art International Realty, Ravenel Art Institute of Art, and Ravenel Art Diamonds. You acknowledge and agree that the Company has no responsibility for the information, content, products, services, advertising, code or other materials which may or may not be provided by or through Linked Sites, even if they are owned or operated by affiliates of the company.

Links to Linked Sites do not constitute an endorsement or sponsorship by the Company of such web sites or the information, content, products, services, advertising, code or other materials presented on or through such web sites. Any reliance on the contents of a third party web site is done at your own risk and you assume all responsibilities and consequences resulting from such reliance. Under no circumstances will the Company be held responsible or liable, directly or indirectly, for any loss or damage that is caused or alleged to have been caused to you in connection with your use of, or reliance on, any content, goods or services available on any other site. You should direct any concerns to that site's administrator or webmaster.

Orders for Products and Services of the Website

The Company may make certain products available for purchase through the Website, including, for example, the Company’s auction catalogue. You may only order products if you are 18 years old or older. You agree to pay in full the prices for any purchases you make either by credit/debit card concurrent with your online order or by other payment means acceptable to Ravenel Art. You agree to pay all applicable taxes. If payment is not received by the Company from your credit or debit card issuer or its agents, you agree to pay all amounts due upon demand by the Company. Certain products that you purchase and/or download on or through the Website may be subject to additional terms and conditions presented to you at the time of such purchase or download.

Disclaimer of Warranties

THE COMPANY MAKES NO WARRANTY OF ANY KIND REGARDING THE WEBSITE, ITS CONTENTS, MATERIALS OR FUNCTIONS. THE COMPANY DISCLAIMS ANY WARRANTY REGARDING ACCUARACY AND TIMELINESS OF ANY INFORMATION CONTAINED ON THE WEBSITE. THE COMPANY TRIES TO ENSURE THAT THE INFORMATION POSTED ON THE SITE IS CORRECT AND UP-TO-DATE, HOWEVER THE COMPANY WILL NOT BE LIABLE FOR ANY INACCURACY OR OMISSION CONCERNING ANY OF THE INFORMATION PROVIDED ON THE WEBSITE. YOU USE THE WEBSITE AND THE MATERIAL AT YOUR OWN RISK. WE RESERVE THE RIGHT TO CHANGE OR MAKE CORRECTIONS TO ANY OF THE INFORMATION PROVIDED ON THE SITE AT ANY TIME AND WITHOUT ANY PRIOR WARNING.

Limitation of Libility

IN NO EVENT SHALL RAVENEL ART, OR ANY OF ITS DIRECTORS, EMPLOYEES, AGENTS OR CONTENT OR SERVICE PROVIDERS (COLLECTIVELY, THE "PROTECTED ENTITIES") BE LIABLE, WHETHER IN AN ACTION BASED ON A CONTRACT INDEMNIFICATION, OBLIGATION, TORT (INCLUDING WITHOUT LIMITATION NEGLIGENCE), COLLATERALLY OR ARISING FROM ANY STATUTORY DUTY, PRE-CONTRACT OR OTHER REPRESENTATIONS, OR OTHERWISE, HOWEVER ARISING, FOR ANY ECONOMIC LOSSES (INCLUDING, WITHOUT LIMITATION, LOSS OF REVENUES, PROFITS, CONTRACTS, BUSINESS, GOODWILL OR ANTICIPATED SAVINGS) OR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES ARISING FROM, OR DIRECTLY OR INDIRECTLY RELATED TO, THE USE OF, OR THE INABILITY TO USE, THE SITE OR THE CONTENT, MATERIALS AND FUNCTIONS RELATED THERETO, YOUR PROVISION OF INFORMATION VIA THE SITE, LOST BUSINESS OR LOST SALES, EVEN IF SUCH PROTECTED ENTITY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SOME JURISDICTIONS DO NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES SO SOME OF THE ABOVE LIMITATIONS MAY NOT APPLY TO CERTAIN USERS. IN NO EVENT SHALL THE PROTECTED ENTITIES BE LIABLE FOR OR IN CONNECTION WITH ANY CONTENT POSTED, TRANSMITTED, EXCHANGED OR RECEIVED BY OR ON BEHALF OF ANY USER OR OTHER PERSON ON OR THROUGH THE SITE. IN NO EVENT SHALL THE TOTAL AGGREGATE LIABILITY OF THE PROTECTED ENTITIES TO YOU FOR ALL DAMAGES, LOSSES, AND CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT, INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE OR OTHERWISE) ARISING FROM THE TERMS AND CONDITIONS OR YOUR USE OF THE SITE EXCEED, IN THE AGGREGATE, THE AMOUNT, IF ANY, PAID BY YOU TO RAVENEL ART FOR YOUR USE OF THE SITE OR PURCHASE OF PRODUCTS VIA THE SITE (NOT INCLUDING AUCTION ITEM PURCHASES).

Indemnity

You agree to defend, indemnify and hold harmless the Company, its directors, employees and agents from any and all claims, liabilities, costs, losses, indirect losses, and expenses, including reasonable attorneys' fees, without limitation, arising in any way from your use of the Website, materials or the services thereon, your breach of the Terms, and/or your violation of the law, including infringement of any intellectual property or other right of any person or entity. 

Local Legal Standards

The Company makes no claim that the Materials are appropriate for any particular purpose or audience, or that they may be downloaded outside of Taiwan. Access to the Materials (including Software) may not be legal by certain persons or in certain countries. If you access the Website from outside of Taiwan, you are responsible for compliance with the laws of your jurisdiction. Persons who choose to access the Website do so on their own initiative, and are responsible for compliance with local laws, if and to the extent local laws are applicable.

Legal Jurisdiction

The Terms and the relationship between you and the Company will be governed by the laws of Taiwan, without regard to its conflict of law provisions. You agree that any cause of action that may arise under the Terms will be commenced and be heard in the appropriate court in Taipei, Taiwan. You agree to submit to the personal and exclusive jurisdiction of the courts located in Taipei. The Company’s failure to exercise or enforce any right or provision of the Terms will not constitute a waiver of such right or provision. Any waiver of any provision of these Terms by Ravenel Art must be made in writing and signed by an authorized representative of Ravenel Art specifically referencing these Terms and the provision to be waived. If any provision of the Terms is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties' intentions as reflected in the provision, and the other provisions of the Terms remain in full force and effect.

Further Inquiries

You may direct questions about these Terms and Conditions, or other issues, to:
Ravenel Art Group
15F-2, No. 76, Sec. 2, Dunhua S. Rd.,
Da-an District, Taipei 10683, Taiwan

I deeply appreciate your longtime support and encouragement of Ravenel. With your support and encouragement, Ravenel has been able to continuously produce and embellish a stellar track record, achieving the highest all-time auction prices for oil paintings by Chinese painters. In the spring of this year, Sanyu’s seminal work “Five Nudes” was sold for HKD 128.32 million (TWD 475 million or USD 16.50 million), not only setting a new highest transaction record for a Chinese oil painting, but also creating a proud moment for Ravenel making history in the Chinese oil painting market, breaking the RMB100 million barrier. We are extremely honored to be able to be a part of this historical moment with you.

In order to advance Ravenel’s growth and to promote expansion in international markets, I will take on new responsibilities as Vice Chairman of the Ravenel Art Group as of October 1, 2011 focusing on establishing operational strategy and supervising overall company performance. Taking over the reins as CEO as of October 1, 2011 will be Mr. Lorries Chang, who I am sure you will fully support.

Mr. Lorries Chang, a Hong Kong native, and long term Taiwan resident, has an abundance of management and hands-on operational experience gained in his former position as the President of Yi&C, where he was responsible for bringing many top-end brands into the Taiwan furnishings market, successfully establishing new concepts in Chinese home and space aesthetics, and then further advancing into the art investment market area, researching and gaining a deep understanding of the international art market. I trust that under the outstanding leadership of Mr. Lorries Chang, our team will go on to achieve even greater accomplishments and to continue to lead the way in the development of the modern and contemporary art market.

With the rise of China, Hong Kong has risen to become the third largest art auction market hub in the world. Ravenel will focus even greater energy on further developing the China, Hong Kong and Taiwan market, with Hong Kong serving as the principal place for its overseas business development and connection to international markets. To satisfy the diverse needs of top collectors, Ravenel will continue to expand the scale of the company’s operations with plans to create Red Wine, Jewelry and other auction departments. We are quite optimistic about the development and future of the Asian auction market and also have great confidence in the company’s new management team.

Looking to the future, Ravenel will, as always, continue to adhere to its corporate philosophy of pursuing excellence and is committed to introducing the finest world class art and promoting art culture, providing international art collectors with expert consulting service of superior quality.

On behalf of our art team, I offer you my sincerest gratitude and my greatest hopes for the future.

Best regards,

Clara Kuo
Vice Chairman
Ravenel Art Group

Ms. Michelle LIN is promoted to President of Administration Division.
Ms. Flora FU is promoted to President of Art Auction Division.
Ms. Odile CHEN is promoted to Chief Specialist.
Ms. Daisy HSU is promoted to President of Personnel Division.
Ms. Maggie LIN is promoted to Vice President of Sales Department.

We are pleased to announce that Ms. Wendy LEE has joined our group in the new department of Wine Cellar Auction Division with the position of Vice President.

The members of Ravenel Art Group will continue to provide high quality and professional diversified services, and look forward to your continued support.

Lorries CHANG
Chief Executive Officer

RAVENEL AUTUMN AUCTION 2011 HONG KONG
Modern and Contemporary Art

Monday, November 28, 2011, 11:30am - 2:00pm
Grand Hyatt Hong Kong - Grand Ballroom
1 Harbour Road, Wanchai, Hong Kong

Taichung
Saturday, October 29 - Sunday, October 30, 1:00pm - 7:00pm
GSR Gallery
1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Taipei
Saturday, November 5 - Sunday, November 6, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Dunhua South Road, Taipei, Taiwan

Beijing
Saturday, November 19 - Sunday, November 20, 10:00am - 7:00pm
China World Summit Wing - Summit Ballroom C
1 Jianguomenwai Avenue, Beijing, China

Hong Kong
Saturday, November 26 - Sunday, November 27, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Grand Ballroom
1 Harbour Road, Wanchai, Hong Kong

RAVENEL AUTUMN AUCTION 2011 TAIPEI
Modern and Contemporary Asian Art

AUCTION

Sunday, December 4, 2011, 2:30pm - 7:30pm
Fubon National Conference Center
B2, No. 108, Section 1, Dunhua South Road, Taipei, Taiwan

PREVIEWS

Taichung
Saturday, October 29 - Sunday, October 30, 1:00pm - 7:00pm
GSR Gallery
1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Beijing
Saturday, November 19 - Sunday, November 20, 10:00am - 7:00pm
China World Summit Wing - Summit Ballroom C
1 Jianguomenwai Avenue, Beijing, China

Hong Kong
Saturday, November 26 - Sunday, November 27, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Tiffin Lounge
1 Harbour Road, Wanchai, Hong Kong

Taipei
Friday, December 2 - Saturday, December 3, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Dunhua South Road, Taipei, Taiwan

Those intended to sell art crafts through Ravenel in public auction in the fair and justice mode are deemed to be the sellers after recognition of the company and appraisal of the expert.

Before Auction

You may call the adjacent office; or you can send an e-mail to odilechen@ravenel.com; you can also bring auctioned articles to an auction site during the business time from Monday to Friday to receive consultancy service.

In order to ensure that experts are present to inspect your articles for auction, we suggest that you make an appointment in advance. Before negotiation with our experts, please do not consign your articles for auction to us or leave behind. In order to have adequate time for data collection, catalogue generation and photographing, each auction has a term for consignment, usually two or three months before the auction.

For sale of articles on consignment, Ravenel shall adopt the commission system that is gradually reduced as per transaction sum of the article for auction. For any need, we will collect from the Client premium/ damage compensation, photo making, repair of articles for auction, consignment and other service charge. Unless especially noted, there is no base price for the articles of auction entrusted to Ravenel.

After the entrustment of auction is agreed, you may bring articles for auction in person, or have you consigned company to deliver the articles to Ravenel, or require experts department of Ravenel assisting in arrangement of the consignment matters. The Client shall concluded with Ravenel an agreement of entrustment, which is a contract for sale of articles, including the contents of entrustment provisions and service charge, such as premium/ damage compensation, consignment, photo making, etc.

After Auction

Shortly after auction, Ravenel will send you a post-auction notice, listing out the final concluded price. If your articles are not sold out, you will be informed that your articles have been withdrawn. In view of the articles that are not sold out, we suggested that you contact the expert who provide proposal to you, so as to discuss whether to sell the articles for auction again, or arrange withdrawal of the articles for auction.

In term of fund, once receiving the fund paid by the final buyer, Ravenel will pay the Client 35 days after the date of auction and send to the Client together with settlement bills for commission and other fees.

Formalities of Entrustment

When the Client entrusts, it is required to present effective ID certificate and sign auction contract with the company. If you entrust our company for auction through the Client, it is required to produce power of attorney and effective ID certificate.

The Client shall assure the company and the final buyer in written form that ownership of the entrusted articles for auction is free from any liability or purview. It shall undertake any possible legal liability related to the entrusted articles for auction since the date of auction. Economic loss incurred to the company and the final buyer here from shall be compensated.

The Client shall make adequate and real written description to the company about source and flaw in the entrusted articles for auction and shall undertake legal liability in case of falseness.

If the entrusted articles for auction are brought in from abroad, formalities for entry shall be conducted as per Law of the People's Republic of China on the Control of the Exit and Entry. In case of cultural relics that are forbidden to export by Chinese Government, seal of Customs of the People's Republic of China is required in order to entrust the company to conduct auction.

15F-2, No. 76, Sec. 2, Dunhua S. Rd., Da-an District, Taipei 10683, Taiwan

• Tel：+886 (2) 2708-9868
• Fax：+886 (2) 2701-3306

View Larger Map

“8.10.84” by Zao Wou-ki Sold for NTD78,72 Million (US$2,745,727)
“Study of Sunflowers” Donated by Cai Guo-Qiang Fetched NTD 40.64 Million (US$1,417,510)

【Press Release 2011.06.05】

Ravenel Art enjoyed a very successful Taipei auction of Modern and Contemporary Asian Art on June 5, extending its Hong Kong success where Sanyu’s “Five Nudes” created history in Chinese oil painting by breaking the RMB100 million barrier on Monday, May 30. Lots at the Taipei Auction were snapped up by eager buyers, who showed their discernment and knowledge as floor bidders, many telephone bidders from home and abroad as well as written bids competed against each other. The sale realized the very satisfying total of NT$ 358,352,000 (US$ 12,499,198), which was 131.82% of value of lots sold, with 121 of 140 finding buyers, for a lots sold rate of 86.43%.

Ravenel Art’s Spring Season has achieved an outstanding result, combined with the success of the HK Auction which made NT$ 732,330,000 (US$ 25,415,116), the two auctions realized a combined total of NT$ 1,090,682,000 (US$ 37,914,314), an increase in sales of more than 50% compared to the spring season in 2010. The exceptional result sets a new record for the Spring Sales for the 12-year-old group.

At 2:30 pm, Fubon National Conference Center was filled with upwards of hundreds art lovers who were eagerly waiting to bid on their favored works. The top result of the afternoon was for an expansive and splendid work “8.10.84” by Zao Wou-ki, which was sold to an anonymous phone bidder, fetching NT$ 78.72 million (US$ 2.745 million). Two other works from different time periods also fetched very strong prices; “25.11.71” changed hands at NT$ 17.64 million (US$ 615,277), while “23.6.50” sold for NT$ 11.16 million (US$ 389,257).

In addition to the Zao Wou-ki works, masterpieces by Shiy De-jinn, Tzu-chi Yeh, Liu Kuo-sung, and Walasse Ting drew fierce bidding. Wood sculptures by master sculptor Ju Ming Lot 149 “Taichi Series” and Lot 150 “Taichi-Shadow Boxing” changed hands at NT$ 10.2 million (US$ 355,773) and NT$ 16.8 million (US$ 585,978) respectively, above their high estimates. Lot 151 Chu Teh-chun’s “Composition No. 116” fetched NT$ 12 million (US$ 418,556).

Especially worth noting is Lot 154 “Study of Sunflowers” donated by US-based Chinese artist Cai Guo-Qiang for the reconstruction fund of Cloud Gate Dance Theater, whose studio was destroyed by a fire. The starting bid was NT$ 13.5 million (US$ 470,875). It was finally hammered at NT$ 34 million (US$ 1.417 million) and sold for NT$ 40.64 Million (US$ 1,417,510) including buyer’s premium. It realized the second highest price in the auction.

Taiwanese artist Liao Chi-chun’s “Tamkang Scenery” also fetched a high price. In Chinese Contemporary Art Wang Huaiqing’s “Imperial Porcelains”, Zhou Chunya’s “Green Dog” and “Peach Blossoms” along with Huang Gang’s “Golden Mandara” all realized strong prices.

Ravenel Art is now firmly established as one of the leading players in the Modern and Contemporary Asian Art market. Its dominant position in the Taiwan market has been underlined by the strong result of today’s auction, and this combined with its great success in Hong Kong, points to a very strong future. Ravenel is now planning its Autumn Auction Schedule.

Ravenel Spring Auction 2011 Taipei Results

Modern and Contemporary Asian Art

Download Auction Results PDF

Sale Date / Venue: Sunday 5th June 2011, Taipei
Value of Lots Sold: TWD 358,352,000 (USD 12,499,198)
Number of Lots Sold / Total Lots: 121 / 140
Percentage of Lots Sold: 86.43%
Value of Lots Sold: 131.82%
On the date of the sale, exchange rates were approximately as follows:
HKD 1 = TWD 3.69; USD 1 = TWD 28.67; EUR 1 = TWD 41.51

The following prices in New Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest New Taiwan Dollar.

【Press Release】2011/5/30

Ravenel Art has once again recorded an outstanding success with its Spring 2011 Hong Kong Auction which was held in the Ballroom of the Grand Hyatt Hotel on Monday 30 May. Ravenel's forth twice yearly auction of Modern and Contemporary Asian Art in Hong Kong saw 82.5% of lots sold and 157.13% by value, realizing a total of HK$197,729,600 (US$25,415,116).

The focus of the auction was lot 019, a spectacular "Five Nudes" painting by Chinese-French artist Sanyu. When the auctioneer announced the starting bid at HK$80 million, there was intense bidding from multiple participants on the telephone and in the room. As the amount broke HK$100 million, the bidding became intense as one phone bidder and one bidder in the room see-sawed for more than ten minutes. It was finally won by the room buyer for HK$128.32 million (US$16,493,573), not only breaking the artist's own record "Potted Chrysanthemum in a Blue and White Jardinière" of HK$53.3 million made last fall but also setting a new record as the most expensive Chinese oil painting, far beyond the record made by Zhang Xiaogang of HK$79 million last month.

The Sanyu record for "Five Nudes" is a milestone for Chinese painting as the Ravenel spring auction in Hong Kong witnessed the making of history in Chinese oil paintings breaking the HK$100 million and the RMB100 million barriers, proving the value of Chinese art has exceled to the level of Western art in the international art market.

In addition to the Sanyu painting, some other highlights drew fierce bidding: lot 017 Wu Guanzhong's "Spring to the North" fetched the 2nd highest price of HK$12.4 million (US$1,593,830); lot 018, a small panting by Zao Wou-ki "29.2.80" realized HK$6 million (US$771,208); lot 015 Chu Teh-chun's "No. 167" changed hands at HK$3.84 million (US$493,573), four times the low estimate; lot 014 from the former collection of abstract painter Sam Francis – Walasse Ting's "We Waiting for You to Go to Restaurant" was sold for HK$1.68 million (US$215,938), more than three times the original estimated price.

The contemporary field was led by Zhang Xiaogang and Zeng Fanzhi. Zhang's magnificent "Bloodlines Series – Big Family" sold for HK$11,280,000 (US$1,449,871) above its high estimate as did a smaller work "Amnesia and Memory" HK$1.8 million (US$231,362). Zheng Fanzhi's provocative "Andy Warhol is Shooting Picture" fetched HK$7.8 million (US$1,002,571) very near its high estimate. Two works by Zhou Chunya featuring his beloved dog Heigen also brought in strong prices with "Green Dog No. 2" easily beating its high estimate at HK$2.04 million (US$262,211). The results for the Taiwanese artists such as Kuo Wei-kuo's "Riding a Rocking Horse"; Lien Chien-hsing's "Navigation with Romance"; Chiu Ya-tsai's "Profile of a Young Man" are all sold at higher than expected prices.

With its record breaking success in Hong Kong, Ravenel Art now turns its attention to its Taipei auction of Modern and Contemporary Asian Art on Sunday June 5, 2011, where it fully expects to continue producing record breaking prices.

Ravenel Spring Auction 2011 Hong Kong Auction Results

Modern and Contemporary Art

Download Auction Results PDF

Sale Date / Venue: Monday 30th May 2011, Hong Kong
Value of Lots Sold: HKD 197,729,600 (USD 25,415,116)
Number of Lots Sold / Total Lots: 66 / 80
Percentage of Lots Sold: 82.5%
Value of Lots Sold: 157.13%
On the date of the sale, exchange rates were approximately as follows:
TWD 1 = HKD 0.27；USD 1 = HKD 7.78；EUR 1 = HKD 11.12

The following prices in Hong Kong Dollars include the hammer price, the buyer's premium and are rounded to the nearest Hong Kong Dollar.

Sanyu’s largest nude “Five Nudes” takes the stage in Hong Kong,
joined by masterworks by Zhang Xiaogang, Zeng Fanzhi,
Zhou Chunya and Liu Wei
Taipei Viewing: May 1-2 at Fubon National Conference Center

【Press Release】

The Ravenel Art Group, founded in 1999, has steadily grown in recent years. Aside from the twice-yearly auctions held in Taiwan, it has been holding auction previews abroad since 2004, successfully expanding into the international market. Its first overseas art auction, held in Hong Kong in 2008 was warmly received. The 4th Ravenel Hong Kong Art Auction, “Modern and Contemporary Art”, will be held at the Grand Hyatt Hotel ballroom on May 30, 2011, listing a total of 80 artworks estimated at over HK$ 100 million (US$ 12.85 million). The Ravenel Taipei Auction, held at the Fubon National Conference Center, will list 142 artworks estimated at over NT$ 300 million (US$ 10.3 million). The two auctions are expected to bring record results for Ravenel.

Among this spring’s offerings, the most anticipated work is "Five Nudes" by artist Sanyu (Chang Yu), which will be offered at Ravenel Hong Kong. This is Sanyu’s largest female nude oil painting. It was first revealed at the “China – Paris: Seven Chinese Artists who Studied in France” exhibition at the Taipei Fine Arts Museum in 1988, and it was the cover and title page artwork for the Collected Works of Chinese Artists – Chang Yu, edited by Antoine Chen. Over the years, most of the Sanyu artworks to be offered at auction were his flower themes. Few of his female nudes were ever publicly auctioned. There are currently a total of 51 known female nude oil paintings by Sanyu, with most of them depicting reclining women. The release of the spectacular "Five Nudes" (price estimate on request) depicting standing women will attract the attention of many fans of his work.

There are many other eye-catching works at the same auction. Wu Guanzhong’s "Spring to the North" (estimate: HK$ 9-15 million; US$ 1,184,200-1,973,700) is a wonderful oil depiction of a birch forest. The lovely "29.2.80" (estimate: HK$ 4.5-6.5; US$ 592,100-855,300) by master overseas painter Zao Wou-Ki depicts a beautifully poetic abstract space. "Composition No. 167" (estimate: HK$ 8-11 million; US$ 105,300-144,700 ), an early work by Chu Teh-Chun, is a forceful, confident expression rendered in red and brown tones. A rare oil work by late artist Walasse Ting, "We’re Waiting for You to Go to the Restaurant" (estimate: HK$ 500,000-800,000; US$ 65,800-105,300 ), was created in 1985 while the artist was in Holland, and uses bold colors to evoke a youthful atmosphere. These are all classics of 20th century Chinese art.

The contemporary art category will feature the large 2006 oil painting "Bloodlines – Big Family" (estimate: HK$ 7.2-11 million; US$ 947,400-1,447,400) and a small 2001 painting from the "Amnesia and Memory" series (estimate: HK$ 1-1.7 million; US$ 131,600-223,700) by Zhang Xiaogang, who has broken numerous auction records in recent years. The 2004 "Andy Warhol is Shooting a Picture" (estimate: HK$ 5-8 million; US$ 657,900-1,052,600) by Zeng Fanzhi expresses the artist’s keen insight into humanity. Yue Minjun’s sculpture Contemporary Terracotta Warriors No. 8 (estimate: HK$ 700,000-900,000; US$ 92,100-118,400) plumbs the depths of the contemporary mindset with its picture-perfect grin. Fang Lijun’s color woodcut "1997.1.15" (estimate: HK$ 250,000-400,000; US$ 32,900-52,600) is a prime example of the artist’s most classic theme. Zhou Chunya’s early oil painting "Heigen Standing on a Platform" (estimate: HK$ 2.6-4 million; US$ 342,100-526,300) and his 2005 "Green Dog No. 2" (estimate: HK$ 1.3-1.9 million; US$ 171,100-250,000) are highly representative works from two of the most important creative periods in the artist’s career. Wang Guangyi’s 2002 Great Criticism – Pierre Cardin (estimate: HK$ 190,000-280,000; US$ 25,000-36,800) is small in size but big on tension. Rising new generation artist Liu Wei’s 2003 "Pixilation" (estimate: HK$ 300,000-500,000; US$ 39,500-65,800) shows a rare mixture of technology and futurism. These are some of the more promising highlights of the contemporary art auction.

RAVENEL SPRING AUCTION 2011 HONG KONG
Modern and Contemporary Art

Taipei
Sunday, May 1 - Monday, May 2, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Dunhua South Road, Taipei, Taiwan

Taichung
Saturday, May 7 - Sunday, May 8, 1:00pm - 7:00pm
GSR Gallery
1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Beijing
Saturday, May 21 - Sunday, May 22, 10:00am - 7:00pm
Grand Hyatt Beijing - The Residence
1 East Chang An Avenue, Dongcheng District, Beijing

Hong Kong
Saturday, May 28 - Sunday, May 29, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Tiffin Lounge
1 Harbour Road, Wanchai, Hong Kong

RAVENEL SPRING AUCTION 2011 TAIPEI
Modern and Contemporary Asian Art

AUCTION

Sunday, June 5, 2011, 2:30pm - 7:30pm
Fubon National Conference Center
B2, No. 108, Section 1, Dunhua South Road, Taipei, Taiwan

PREVIEWS

Taichung
Saturday, May 7 - Sunday, May 8, 1:00pm - 7:00pm
GSR Gallery
1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Beijing
Saturday, May 21 - Sunday, May 22, 10:00am - 7:00pm
Grand Hyatt Beijing - The Residence
1 East Chang An Avenue, Dongcheng District, Beijing

Hong Kong
Saturday, May 28 - Sunday, May 29, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Residence
1 Harbour Road, Wanchai, Hong Kong

Taipei
Friday, June 3 - Saturday, June 4, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Dunhua South Road, Taipei, Taiwan

Returning to its home base of Taipei on Sunday 5 December 2010 after its third highly successful auction in Hong Kong on Monday 29 November 2010, Ravenel continued its winning ways as all the top lots witnessed substantial bidding and realized substantial prices. The combined total of the two sales reached the high amount of NTD 620 million (USD 20.5 million). The auction of Modern and Contemporary Asian art in Taipei ended with a total of NTD 370,780,000 (USD 12,224,860) with a value of lots sold of 120.63% and lot sold rate of 75.57% with 133 lots of 176 finding bidders.

The star of the show a magnificent and monumental bronze sculpture from the Taiwanese artist Ju Ming broke Ravenel Art's own world record for a single Ju Ming piece which it had set just 6 months ago at its Hong Kong Spring Auction. "Taichi Series – Single Whip" reached the incredible price of NTD 82,240,000 (USD 2,711,507) including commission also substantially breaking the world record of USD 1.9 million for Ju Ming which had been set for a two part sculpture in Hong Kong in May 2007. The work saw paddles raised by many rival floor bidders along with telephone bidders as the price began to rise. The hammer finally fell to a hushed silence as the tension mounted in the room, and was then greeted with spontaneous applause.

Right from the beginning of the auction, the huge attendance in the room suggested all the major works on offer would find buyers. As Ravenel's profile worldwide is increasingly raised with its now twice annual auctions in Hong Kong as well as Taipei, many Hong Kong and other overseas bidders were seen on the floor. The staff handling the telephone bids was kept exceptionally busy throughout the auction, as an unprecedented amount of Hong Kong, Mainland Chinese and Western collectors had registered to bid.

In the modern section of the auction "Paysage" a stunning and important work from Zao Wou-ki painted in 1952 as he was transitioning from a figurative to a fully abstract style, realized NTD 46,400,000 (USD 1,529,838) including commission close to its high estimate. Another two Zao works also saw strong prices. "27.12.00" a mesmerizing blue abstract brought in NTD 21,600,000 (USD 712,166) including commission while "Le jardin abandonné" a smaller work from 1955 a key period in Zao's oeuvre raised NTD 15,600,000 (USD 514,342) including commission. A dazzling Chu Teh-chun "Clarté immatérielle" realized NTD 5,760,000 (USD 189,911) including commission beating its high estimate.

The contemporary section saw an iconic "Bloodline Series – Big Family" by Zhang Xiaogang bring in a price of NTD 38,560,000 (USD1,271,348) including commission close to it's high estimate. Xu Bing's "Landscript" a large and powerful work raised NTD 12,600,000 (USD 12,600,000) including commission. A beautiful and haunting work from Yan Pei Ming "The Little Shanghai Girl" realized NTD 9,600,000 (USD 316,518) including commission. Zhou Chunya's "The Stone and a Naked Woman" a very evocative and arresting work saw a price of NTD 6,960,000 (USD 229,476) including commission substantially passing its high estimate.

Just as the top ten works was led by a sculpture so it is rounded out by one too. Fellow Taiwanese sculptor Li Chen's "Avalokitesvara" imbued with calmness and serenity brought in the high price of NTD 6,000,000 (USD 197,824) including commission easily beating its high estimate.

As Ravenel consolidates its position as a market leader in modern and contemporary Asian art auction, the success of its four yearly auctions is guaranteed through its enviable relationships with key collectors in the Asia region, its ability to bring very fine and important works under the hammer, and its growing reputation overseas for outstanding service and reliability.

Modern and Contemporary Asian Art

Download Auction Results PDF

Sale Date / Venue: Sunday 5th December 2010, Taipei
Value of Lots Sold: TWD 370,780,000 (USD 12,224,860)
Number of Lots Sold / Total Lots: 133 / 176
Percentage of Lots Sold: 75.57%
Value of Lots Sold: 120.63%
On the date of the sale, exchange rates were approximately as follows:
USD 1 = TWD 30.33 ; HKD 1 = TWD 3.91 ; EUR 1 = TWD 40.06

The following prices in New Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest New Taiwan Dollar.

Ravenel Art has once again recorded an outstanding success with its Autumn 2010 Hong Kong Auction which was held in the Ballroom of the Grand Hyatt Hotel on Monday 29 November. Ravenel's third twice yearly auction of Modern and Contemporary Art in Hong Kong saw 81.5% of lots sold and 137.4% by value, realizing a total of HK$64,203,200 (US$8,273,608).

As leader in the modern and contemporary art auction market in Taiwan over the last 11 years Ravenel has built up an unrivalled client base enabling it to bring outstanding works of art to the market. Now firmly ensconsed in the Hong Kong art auction market, Ravenel has quickly established its reputation with Art connoisseurs in Hong Kong, and has become known for its outstanding service and expertise. The crowds which attended the two day preview and the very large turnout for the auction are a testament to Ravenel's strong position in the Hong Kong art market.

Leading the auction in Hong Kong was an important and major work from Zeng Fanzhi. The magnificent painting from his 'Sky Series' portraying two seemingly similar men, who on closer inspection are seen to be radically different representing the new and old China, fetched an amazing HK$10,032,000 (US$1,292,784) including commission easily beating its high estimate and becoming the expensive painting of the artist's Sky Series. Bidding was intense from the floor and numerous telephone bids, as the work eventually sold to a telephone bidder. The price realized is indicative of the strong recovery in prices for Contemporary Chinese Art as exemplified not only with this piece but also for works by Cai Guo-Qiang, Zhou Chunya and Luo Zhongli.

The modern section of the auction saw a worthy price of HK$8,240,000 (US$1,061,856) including commission for Zao Wou-ki's '25.2.77' an extraordinarily atmospheric abstract from a key period in Zao's oeuvre. Two works by Chu Teh-chun also saw intense bidding with the hauntingly beautiful 'Lueur de l'horizon' (Composition in Blue) finally selling for HK$1,560,000 (US$201,031) including commission

The real surprises though continued in the contemporary section. A truly inspiring work by Cai Gou-Qiang, 'Furious Tiger Going Down a Mountain' with it's iconic representation of a powerful tiger created with gunpowder saw intense bidding as it sold for HK$7,680,000 (US$989,691) including commission. Luo Zhongli's 'Peasant Life of Ban Shan' witnessed the most frantic bidding of the day as it almost tripled its estimate reaching HK$4,800,000 (US$618,567). 'We are TT, We are Angry Youth' depicting Chinese youth as two powerful, colorful and playful Alsatian dogs, also saw frenetic bidding reaching HK$4,320,000 (US$556,701) including commission passing its high estimate. Another Zhou Chunya work 'Mountain Rock Series' also saw keen interest as it was snapped up for HK$1,680,000 (US$216,495) including commission.

Works by leading Taiwanese Sculptors Ju Ming and Li Chen were favorites once again and witnessed intense rival bidding from both the floor and telephones. An iconic work from Ju Ming's 'Taichi Series-Below Elbow Watch First Lean' raised HK$1,800,000 (US$231,959) including commission. The beautiful and spiritual 'Float to Sukhavati' a smaller example of Li Chen's work saw unprecedented bidding ending at HK$1,560,000 (US$201,031) including commission.

Perhaps one of the biggest surprises of the day was the intense interest in works by Walasse Ting. A magnificent portrait of a semi-clad woman 'Do you like Sunset?' witnessed hurried bidding as it sold for double its high estimate at HK$1,260,000 (US$162,371). Two smaller works also experienced frantic bidding.

Odile Chen, Vice President and Head of Sales, said as Ravenel's position as a market leader in Hong Kong is firmly established, they attract the top collectors in Hong Kong and throughout Asia to both sell and buy, thus ensuring the success of all their auctions in the Territory. 'Today we had many new and important clients both on the floor and on the telephones ensuring the great success of the auction and the remarkable prices realized for many works'.

Ravenel now turns its eyes to its home-based auction of Modern and Contemporary Asian Art in Taipei on Sunday 5th of December, where once again expectations are high of hosting another extraordinarily successful auction.

Modern and Contemporary Art

Download Auction Results PDF

Sale Date / Venue: Monday 29th November 2010, Hong Kong
Value of Lots Sold: HKD 64,203,200 (USD 8,273,608)
Number of Lots Sold / Total Lots: 62 / 76
Percentage of Lots Sold: 81.58%
Value of Lots Sold: 137.40%
On the date of the sale, exchange rates were approximately as follows:
NTD 1 = HKD 0.26；USD 1 = HKD 7.76；EUR 1 = HKD 10.25

The following prices in Hong Kong Dollars include the hammer price, the buyer's premium and are rounded to the nearest Hong Kong Dollar.

【Press Release 2010.10.15】

The exceptional result of the 2010 spring auction set the highest record for Ravenel group. Following this major achievement, the group continues to provide collectors with more exciting and rare modern and contemporary artworks. As the autumn auction period approaches in the second half of the year, the Ravenel team has made great efforts in organizing two auctions on November 29 & December 5 in the Hong Kong Grand Hyatt Hotel and Taipei Fubon National Conference Center respectively. The two events will bring together 252 lots of artworks, the scale of which is the largest in Ravenel's history, with a total estimate of NT$700,000,000 (approximately HK$170,000,000 or US$23,000,000). The auction previews will start in the beginning of November in Taichung, Taipei and Hong Kong.

The theme for the Hong Kong autumn auction is "Modern and Contemporary Art", focusing on classic modern and contemporary fine art. 76 lots from 53 artists will come under the hammer, including works from the famous "Sky Series" by Zeng Fanzhi, a combination of his portrait and the grass series; the gunpowder work on paper "Furious Tiger Going Down a Mountain" by Cai Guo-Qiang; "We are TT, We are Angry Youth" by Zhou Chunya from his "Dog Series" and earlier works including the "Red Rock", "Rock Series" and "The Artist and His Friend". The interpretation of the new generation of Red Classics "Don't Love the Beauty – Love Army's Power! Mao" by Ling Jian. In the classic modern art, "Romance of the Western Chamber", Lin Fengmian has combined cubism and traditional Chinese art elements together. It is a dream piece for Lin collectors. While Lin's rare "Landscape" created before the Chinese Cultural Revolution was once in the collections of the famous Chinese cartoonist Mi Gu and the printmaker Liqun. There are also masterpieces from abstract artists "25.2.77" by Zao Wou-ki; "Réfléchit dans l'obscur" and "Lueur de l'horizon" (Composition in Blue) by Chu Teh-chun; ink and acrylic painting "Pearls of Roses" by Chao Chung-hsiang; "Do You Like Sunset?" by Walasse Ting who passed away this year and Luo Zhongli's "Peasant Life of Ban Shan". Also, there is a work by the Indian artist Jitish Kallat – "Dawn Chorus-23". There are also different varieties of works from Japanese artists: Showichi Kaneda, Yoshitaka Amano, Mayuka Yamamoto, Toul Otsuki; Korean artists: Chun Kwang-Young, Kwon Ki Soo and others.

The theme for the Taipei autumn auction is "Modern and Contemporary Asian Art". A comprehensive collection of the most popular subjects of recent years, the Taipei auction is introducing 176 lots of artworks from 115 artists. Important selections include a 303cm long bronze sculpture "Single Whip" by Ju Ming, estimated NT$58,000,000 – NT$80,000,000 (approx. US$1,933,300 – US$2,666,700). It is the largest sized work from the ‘Taichi Series – Single Whip' offered in the auction market to date. It is expected to challenge the highest auction price for a single piece Ju Ming sculpture which was set by Ravenel in its Hong Kong 2010 Spring auction at HK$14,400,000 (approx. NT$59,120,000 or US$1,848,524), a world auction record. From the abstract masters, there are two pieces from Zao Wou-ki's early paintings from the 1950s "Le jardin abandonné" and "Paysage" as well as his millennium creation "27.12.00"; Chu Teh-chun's "Clarté immatérielle" and"L'arbre de vie I". Yun Gee's "Female Nude Bust" painted during his New York period. In contemporary art, Zhang Xiaogang's "Bloodline Series–Big Family" reflects the collective and family connection during the special era in China; Xu Bing's "Landscript" in which the Shan Xi landscape are represented by their corresponding Chinese characters. The creation of "The Little Shanghai Girl" by Yan Pei Ming in 2004 can be said as the inspiration for the France Pavilion in the Shanghai Expo this year. The "Artificial Garden Rock" sculpture by Zhan Wang is a metaphor to the existing cultural breakdown phenomenon. "Scent of Grass" by Liu Xiaodong is a work painted during his travels in Taiwan. The largest "Ginger Lily" painting by Taiwanese artist Tzu-chi Yeh will be auctioned. The early work "Hope" by Michell Hwang, and "Zeelandia Memorandum L9307" by Yang Mao-lin are the main focus in the Taipei auction.

Along with renowned artists from China, Taiwan and overseas Chinese, Ravenel is showcasing artists from Japan and Korea including Yayoi Kusama, Hiroyuki Matsuura, Yoshitaka Amano, Hiroto Kitagawa, Mayuka Yamamoto, Ai Haibara, Ryoko Kata, Ai Yamaguchi, Kwon Ki Soo, Ji Yong Ho, Yujin Kang, Yoon Jongseok, Han Young Wook, and others.

RAVENEL AUTUMN AUCTION 2010 HONG KONG
Modern and Contemporary Art

Taichung
Saturday, November 6 - Sunday, November 7, 1:00pm - 7:00pm
GSR Gallery
1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Taipei
Saturday, November 13 - Sunday, November 14, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan

Hong Kong
Saturday, November 27 - Sunday, November 28, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Tiffin Lounge
1 Harbour Road, Wanchai, Hong Kong

RAVENEL AUTUMN AUCTION 2010 TAIPEI
Modern and Contemporary Asian Art

AUCTION

Sunday, December 5, 2010, 2:30pm - 7:30pm
Fubon National Conference Center
B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan

PREVIEWS

Taichung
Saturday, November 6 - Sunday, November 7, 1:00pm - 7:00pm
GSR Gallery
1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Hong Kong
Saturday, November 27 - Sunday, November 28, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Salons
1 Harbour Road, Wanchai, Hong Kong

Taipei
Friday, December 3 - Saturday, December 4, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan

Modern and Contemporary Asian Art

Download Auction Results PDF

Sale Date / Venue： Sunday 6th June 2010, Taipei
Value of Lots Sold：NTD 444,284,000 (USD 13,767,710)
Number of Lots Sold / Total Lots：130 / 150
Percentage of Lots Sold：86.67%
Value of Lots Sold：123.99%
On the date of the sale, exchange rates were approximately as follows：
USD 1 = NTD 32.27     HKD 1 = NTD 4.142     EUR 1 = NTD 39.35

The following prices in New Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest New Taiwan Dollar.

【Press Release 2010.06.06】

Ravenel Art enjoyed a very successful Taipei auction of Modern and Contemporary Asian Art on Sunday June 6, extending its Hong Kong success from the previous Monday 31 May, as the major lots were snapped up by eager buyers, while bidding on other lots showed the discernment and knowledge of not only floor bidders but also the numerous telephone bids from home and abroad, and the many written bids. The sale realized the very satisfying total of NTD 444,284,000 (USD 13,767,710), which was 124% of value of lots sold, with 130 of 150 finding buyers, for a lots sold rate of 87%. This total combined with Ravenel’s exceptional result in Hong Kong sets a new record for Spring Sales for the 11-year-old group. The combined total of NTD 724,537,790 (USD 22,517,082) beats the NTD 722 million (USD 22.3 million) of Ravenel’s autumn sale in December 2007.

From the beginning of the auction, the pace was steady and stable, as buyers appraised carefully each lot before deciding to raise their paddles. In the new maturer market, buyers carefully choose individual works by key artists, and the frenzy of snapping up almost everything on offer as in previous years is gone. However, the crowds are still here and more than 600 people attended the auction. Ravenel with its experience and knowledge of the market has an exceptional advantage in bringing together a collection of works that appeal to collectors and connoisseurs and thus ensured the very strong sale through rate of 87% as well as very strong results for important works.

The auction was led by Sanyu’s “Two Pink Nudes”, which fetched NTD 75,520,000 (USD 2,340,254) including commission, a strong result for this important painting from 1929. A seminal work, the female nude was to become one of the most important subjects in Sanyu’s oeuvre. His depiction of the voluptuous female form is one of his hallmarks. Works by Sanyu’s fellow French-based compatriot Zao Wou-ki also realized strong prices. His “19.7.63”, a magnificent abstract from 1963 imbued with cascading light, brought in NTD 50,880,000 (USD 1,576,697) including commission. A striking work from Zao’s transitional year 1954 when he moved from non-figurative to abstract art, “Paysage Abstrait” raised NTD 35,200,00 (USD 1,090,796) including commission. Two works by Chu Teh-chun, another French-based Chinese artist saw strong prices.

Taiwanese Modern Art was led by Liao Chi-chun’s “Guanyin Mountain” which fetched NTD 12,720,00 (USD 394,174) including commission. A wonderfully evocative work capturing the magic of the famous Guanyin Mountain across from Damshui harbour in Liao’s magical colors. 2 works by Yang San-lang also brought in strong prices as did Yun Gee’s “Central Park – New York” which raised NTD 10,560,000 (USD 327,239) including commission.

The Contemporary Section was led by Wang Huaiqing’s “House in a House – Bed of Han Xizai (Han Xizai’s Night Revels 3)” which finished within its estimate fetching NTD 49,760,000 (USD 1,541,989) including commission. Part of a set of 4 works reinterpreting the great 10th century scroll of the emperor Han Xizai, it has had an illustrious exhibition history. Works by Zhou Chunya, particularly his ‘Rock Series’ brought steady bidding and finished within their estimates. Three works by Huang Gang, saw competitive bidding and finished close to their high estimates. Three works by younger artists fetched exceptional prices as keen collectors recognize the quality of their work and their future potential. Works by Liu Baomin, Xiong Yu and Qiu Xiaofei easily surpassed their estimates.

Two Taiwanese sculptors, the giant Ju Ming, and the rising Li Chen witnessed intense bidding and very strong results. Two “Taichi Series – Single Whip sculptures by Ju Ming, one in wood, the other in bronze fetched NTD 12,600,000 (USD 390,456) each including commission after active bidding. Li Chen’s “Float to Sukhavati” easily beat its high estimate with NTD 6,960,000 (USD 215,680) including commission. Within the Taiwanese section a new record was set for a work by Tzu-chi Yeh. “Yan-Ming Mountain in June”, a photographic realistic depiction of the famous mountain covered in luxuriant foliage fetched NTD 4,080,000 (USD 126,433) including commission. Japanese works also saw steady and stable bidding. Works by established artists such as Yayoi Kusama easily found buyers, and works by younger artists such as Yoshitomo Nara and Hiroyuki Matsuura.

Ravenel is now firmly established as one of the leading players in the Modern and Contemporary Asian Art market. Its dominant position in the Taiwan market has been underlined by the strong result of today’s auction, and this combined with its great success in Hong Kong, points to a very strong future. Ravenel is now planning its Autumn Auction Schedule.

Ravenel Spring Auction 2010 Hong Kong Auction Results

On Monday morning, 31 May 2010, around 1 hour before Ravenel’s Modern and Contemporary Hong Kong Spring auction began in the Ballroom of the Grand Hyatt Hotel, bidders had already begun arriving suggesting that a vigorous and energetic auction would ensue. This proved to be the case as Ravenel claimed 81% of lots sold with 48 of 59 works changing hands, realizing a grand total of HKD 68,157,600 or USD 8,749,372, which is 133% of value, a very excellent result.

Attendance at the preview on Saturday and Sunday also suggested very strong interest in the auction, which was composed of major works by important Modern and Contemporary Chinese Artists as well as Japanese, Korean and South East Asian Masters. The attendees came from all parts of the world, and during the auction Westerners competed avidly with bidders from Hong Kong, China, Korea, Japan, South East Asia and Taiwan. The amount of active floor bidders as well as the huge total of telephone bidders ensured strong results.

The auction was led by two magnificent works by two giants of the modern art world, Ju Ming and Sanyu. Sanyu’s “Chrysanthemums with Green Leaves” is a seminal work from his early period and it realized HKD 14,400,000 (USD 1,848,524) including commission, within its estimates. Signed and dated 1929, which is rare for a Sanyu painting, he painted it when he was 28 years old and had just begun to use Western oil painting techniques. The theme of chrysanthemums, the composition of the flowers, particularly their line and poise, and the plain background were all to become hallmarks of Sanyu’s mature style.

Ju Ming’s large and impressive sculpture “Single Whip” also brought in a price of HKD 14,400,000 (USD 1,848,524) including commission, close to its high estimate. This is the second highest world auction record price for a Ju Ming sculpture, next to the Big Sparring sculpture sold at auction in Hong Kong in May 2007 for HKD 14.88m. A splendid, large scale work from 1988, companion works have been collected by major museums and some are displayed in public spaces in major corporation headquarters. “Single Whip” is a representative example of Ju Ming’s Taichi series and embodies the grace, tension, latent power and spiritualism of a Taichi movement.

In the Chinese Modern section, as well as the spectacular result for Sanyu’s piece, other works also achieved remarkable prices. Zao Wou-ki’s “Ville Chinoise” sold for HKD 3,600,000 (USD 462,131) including commission, just above its high estimate. From 1955, a very important year in Zao’s artistic expression, the work is representative of his movement from non-figurative art to abstraction. Painted in wonderful hues of blues and greens, it embodies the essence of the melding of Zao’s Chineseness with Western oil painting technique while creating the feeling and atmosphere of a Chinese village in a traditional ink and brush painting. Another of his works, 15.7.93 fetched HKD 3,120,000 (USD 400,513) including commission, almost double its high estimate.

Two works by Chu Teh-chun, a contemporary of Zao’s also living in Paris, realized strong results. His “Paysage Hivernal” from his snow series saw fierce bidding as it brought in HKD 3,120,000 (USD 400,513) including commission, above its high estimate. A splendid work depicting an abstract snow scene, it resonates with light and energy. The second Chu work on offer “Le souffle qui libére la matière” doubled its high estimate as it fetched HKD 2,280,000 (USD 292,663) including commission. Again suffused in Chu’s trademark light and reflections, this abstract work dances with jewel like splendor. Works by Lin Fengmian, and Wu Guanzhong also realized good results.

The Chinese Contemporary Section was led by a key work from Fang Lijun. “2001.7.31”, a classic representation of Fang’s Cynical Realism style brought in HKD 3,120,000 (USD 400,513) including commission, a great result in the present day market. Fetching above its high estimate, the piece portrays Fang’s iconic ‘bald-headed youth’ as he explores the angst and anguish of China’s youth as they try to come to terms with living in a complex social environment. An excellently executed work from his most recent ‘Wild Grasses’ period, Zeng Fanzhi’s ‘Landscape’ fetched HKD 2,888,000 (USD 369,705) including commission, after very competitive bidding, and just above its high estimate. With strong and wild brush strokes, and dark colors set against a white and blood-red sky as the sun sets, its evocative atmosphere suggests the inner psychological mind and turmoil of this most sensitive of contemporary artists.

Two works by the expressionist influenced Zhou Chunya also fetched excellent prices. His “Peach Blossoms Series – Flower Blooms, Flower Fades, Year after Year” realized close to its high estimate as it brought in HKD 2,640,000 (USD 338,896). Zhou explores the mortality and fragility of life through his wonderfully rendered peach blossoms which are indicative of the creation of new but short-lived life. His large-scale “Green Dog” from 2002 raised HKD 2,640,000 (USD 338,896) including commission, within its estimated range. A magnificent portrait of Heigen set against an empty background, the figure explodes with energy, fun and affability from the canvas. Strong results were also seen for Wang Guangyi’s “Art Nation”, Yin Zhaoyang’s “Red Mao” and Li Shan’s “Rouge Series – Mao”. Xu Bing’s two panel New English Calligraphy piece saw very active bidding from Western clients and fetched above its high estimate.

Works by Japanese artists, while starting from a lower price base, saw a lot of bidding activity. Two works by Toul Otsuki and Hiroaki Tsujii fetched much more than their high estimates with Otsuki’s work finishing three times higher. A work by Yayoi Kusama also brought in more than its high estimate. “MTV-TV” by the Korean-American artist Nam June Paik saw very active bidding. A work by Heri Dono of Indonesia saw very competitive bidding and fetched close to its high estimate.

The positive results in its second Hong Kong auction suggest that Ravenel will continue to enjoy future success in what has become Asia’s premiere Art Market and the third largest in the world after London and New York. Already with its eyes on its Autumn 2010 Hong Kong auction, Ravenel is also looking forward to its Spring auction in Taipei, Taiwan, which will take place on June 6th in the Fubon Centre on Tun-hua South Road, Section 1. A total of 150 lots will be offered, and with another important Sanyu painting from 1929 coming under the hammer, the auction is expected to be thronged with excited bidders.

Ravenel Spring Auction 2010 Hong Kong Auction Results

Modern and Contemporary Art

Download Auction Results PDF

Sale Date / Venue: Monday 31th May 2010, Hong Kong
Value of Lots Sold: HKD 68,157,600（USD 8,749,372）
Number of Lots Sold / Total Lots: 48 / 59
Percentage of Lots Sold: 81%
Value of Lots Sold: 133%
On the date of the sale, exchange rates were approximately as follows:
USD 1 = HKD 7.79     NTD 1 = HKD 0.2432     EUR 1= HKD 9.6     RMB 1 = HKD 1.14

The following prices in Hong Kong Dollars include the hammer price, the buyer's premium and are rounded to the nearest Hong Kong Dollar.

The Phoenix Project is the single largest work of art featured at Expo 2010 Shanghai. The two Phoenixes which comprise this installation measure 27 meters and 28 meters long, respectively, with a total weight of 12 tons; they are assembled from urban construction debris, construction tools and items used in the daily lives of construction workers. The methods used to produce the Phoenix Project present the beauty of a uniquely Chinese creative process. Exhibited here amidst the remains of an old factory building, the Phoenixes create a distinct contrast with the modern glitz and glamour of the surrounding pavilions that form the Expo.

The Phoenix Project, which both directly and metaphorically explores the urban footprint, wealth accumulation and modern life, functions as a multi-dimensional commentary on the Expo's “City” theme. Expo 2010 Shanghai focuses on urban splendor and the results of urbanization, whereas the Phoenix Project focuses on the true substance that underlies these processes. These two Phoenixes are at once fierce and beautiful, and the sense of divinity that each feather emits is a divinity transmitted by each worker with whom the Phoenixes have come into contact.

Ravenel Hong Kong & Taipei 2010 Spring Auction

Modern and Contemporary Asian Art
Leading the Market

【Press Release】

Ravenel Art Group was founded in 1999 and is the largest and most successful art house headquartered in Taiwan. In celebration of the 10th Anniversary of the renowned auction house, Ravenel held a glittering "Andy Warhol Night" with an exhibition of paintings and a cocktail party in Hong Kong on Nov 27th last year. A week later, Ravenel realized its second best auction result in its 10-year history on Dec 6, 2009 in Taipei. The remarkable result enhanced Ravenel' s position as a leading auction house in the Asia region. A work shown on the cover page of the catalogue, and painted by the pioneer of Chinese-Western abstract art, Zao Wou-ki, sold for TWD15,840,000 (US$4,925,373). the highest price ever bid for a painting in a Taiwan auction and the second highest world auction record price for a Zao Wou-ki painting.

As the art market continues its strong recovery, Ravenel Art Group has actively expanded its operations and fully engaged in the art market this year : Ravenel sponsored a major exhibition of Xu Bing's towering sculpture masterpiece, The Phoenix, at the Today Art Museum in Beijing in March, 2010. Ravenel is also proud to announce that it will hold its 2nd auction in Hong Kong along with its spring auction in Taipei. Over the last ten years Ravenel Art Group has been a major player in the Hong Kong art market holding previews for its two annual Taipei Spring and Autumn auctions. Ravenel also held a very successful debut Hong Kong auction of Modern and Contemporary Art in 2008.

This spring, Ravenel will hold its second auction in Hong Kong of Modern and Contemporary Art on Monday May 31, 11:30am - 1:00pm, in the Grand Hyatt Hong Kong – Ballroom, 1 Harbour Road, Wanchai, Hong Kong. Along with its Hong Kong auction, Ravenel will also hold its Taipei Auction of Modern and Contemporary Asian Art on Sunday June 6, 2:30pm – 7:30pm, in the Fubon National Conference Center B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan. In May, previews for the two auctions will be held in Taichung, Hong Kong and Taipei.

Ravenel will present more than 200 lots of the highest quality Modern and Contemporary Asian artworks at its Hong Kong and Taipei spring auctions. Along with major works by Chinese and overseas Chinese artists, Ravenel will also offer important works by Japanese, Korean, Indian and South East Asian artists. The auction in Hong Kong will feature 60 lots with a total estimate of HK$50 million (NT$200 million). The larger-scale Taipei auction with 150 lots has an estimate of NT$400 million. The total estimate for both auctions is NT$600 million.

Although many regional auction houses have struggled in the strained Hong Kong market, Ravenel Art Group, as a leading auction house in the Asia region, has used its experience and knowledge of the market to present a group of very high quality artworks. Ravenel Art Group aims to introduce refined art culture, synchronize artistic creation and investment. The consultants of Ravenel Art Group define the current value of art with professional standards and international vision. The details and in-depth description and analysis of artworks have become a basis and guideline for collectors in terms of price and quality. Ravenel Art Group provides professional, objective and precise art consulting services and has gained its strong reputation in the present art market.

SANYU, Chrysanthemums with Green Leaves, 1929

A major hightlight of the Hong Kong auction is Sanyu's "Chrysanthemums with Green Leaves" (est. HK$12,500,000-17,000,00). Painted in 1929, when the artist was just 28 years of age, it is one of his first oil paintings and is unusual in that it is dated. A classic work of 'Les annees folles', the painting captures the exuberance and spirit of the epoch. The background is mostly kept in pastel whites, with hints of blue intimating space and depth. The chrysanthemums, executed with particular care, are brimming with an understated beauty that is both refined and down-to-earth: an impression that is further enhanced by the lush green leaves and stalks, standing out particularly vividly against the white backdrop and the pink-and-white blossoms. As a whole, this lot is overflowing with a sense of serene happiness blended with inspirational vigor, as epitomized by the pastel chrysanthemums reaching right to the top of the painting.

ZAO Wou-ki, Ville Chinoise (Chinese Village), 1955

Zao Wou-Ki's "Ville Chinoise" (Chinese Village) (est. HK$2,600,000-4,500,000) was painted in 1955 when Zou was moving from figurative to abstract art. Paintings from this period are housed in many of the great art galleries worldwide and are much sought after. Featuring a nostalgic subject matter, with a poetic depiction of the scenery of the Chiang Nan region of China; it has a broadly rectangular arrangement and a largely blue color scheme. It is a very evocative work, expressing Zao's deep connection with his homeland.

CHU Teh-chun, Paysage Hivernal (Winter Landscape), 1985-1986

Chu Teh-chun's "Paysage Hivernal" (Winter Landscape) (est. HK$2,000, 000-2,800,000) comes from the much praised and exquisite "Snow Scenes" series. "Paysage Hivernal" (Winter Landscape), imbued with a poetic lair and aesthetic image, is like the playing of an impromptu musical episode. Its free-style brush strokes, dabs and daubs being dimly visible are reminiscent of traditional Chinese techniques. The falling night occupies the center of the canvas, as a snowstorm creates a flurry of what seem like pearls, sleek lines twist and turn forming nets, while a grey curtain descends speckled with stars, as the world becomes a silverish grey. A sense of warmth is somewhat created by the use of light yellow hues.

LIN Fengmian, Oriental Beauty with Fan, c.1950s

"Oriental Beauty with Fan" (est. HKS2,000,000-2,800,000) is a wonderful painting of a stylized Eastern woman from the 1950s in Lin Fengmian's inimitable style. he sketching and coloring of "Oriental Beauty with Fan" emphasizes a strict symmetry. The court lady looks dignified and demure; the way she lowers her head and holds the fan reminds us of the elegance of Guan Yin. The dark coloring of the figure appears to have been influenced by the Dunhuang murals. His use of layered colors and meticulous application together create the splendid texture of an ancient mural.

WU Guanzhong, Hometown, 1980s

Wu Guanzhong's "Hometown" (est. HKS1,100,000-1,700,00) is magnificently evocative of traditional Chinese artwork, and a major expression of Wu's deep connection with his hometown. Portraying a typical village in the south of China, the houses are depicted with black tiles and white walls, with water flowing under willow trees in spring. After spending a month in 1981 in his home village, Wu produced this wonderfully nostalgic work.

WANG Guangyi, Great Criticism Series – Art Nation, 2005

"Art Nation" (est. HK$1,200,000-2,000,000) is a classic representation of Wang's "Great Criticism" series. The work is filled with great tension and drama as an armed group of peasants and soldiers are placed in the centre. The serious expressions on their faces as they wield guns, bayonets and the little red book, and their forward movement create a sense of fear and latent violence. The background of red flags and black sky add to the sinister atmosphere. Then in a superbly ironic statement, "Art Nation" is blazoned across the top of the painting in the purity of the color "white". Wang has juxtaposed two human activities which could not be more removed from each other, war and art. The white arrow on the bottom right-hand corner in the same style as "Art Nation" seems to be suggesting which activity is the way forward.

LI Shan, Rouge Series – Mao, 2007

Li Shan's "Rouge Series-Mao" (est. HKS800,000-1,200,000) is an important work from his popular Rouge series. The portrait is of Mao as a young and handsome man in Yan'an with a rose in his mouth. Normally the use of Chairman Mao's image has a political association. The painting of the leader in a jesting and humorous way has also reminded us the Mao painted by Andy Warhol. The real intention of Li Shan is the same as in the story of "Twist Flower Smile" - The Artist means nothing political. Instead, he believes that the society has placed too heavy a responsibility on the shoulder of art; in his opinion, art is art itself. His painting of Comrade Mao's is only a comical reflection of history, to relieve the heavy burden of art and to say farewell to the history by using the once sacred object or image.

ZHOU Chunya, Green Dog, 2002

"Green Dog" (est. HK$2,500,000,4,500,00) is a major work from perhaps Zhou's most famous series. Zhou sees the green dog as a symbol, a sign. 'Green' represents tranquility, romanticism, lyricism, a state of quietness before an outburst of energy. Such a symbol makes sense when it is understood to represent the image of Heigen, his beloved dog. In 1999, the death of Heigen from illness caused Zhou great pain and he stopped painting green dogs. Then, in early 2001, once he had come to terms with his loss, he began to paint again his green dog. Almost in celebration of Heigen, he painted very big green dogs and the images produced were much more striking and exciting than before. This present painting, created in 2002, is an early work of this big green dog series.

ZHOU Chunya, Peach Blossoms Series – Flower Blooms, Flower Fades, Years after Years, 2009

Zhou Chunya's "Peach Blossom Series-Flower" (est. HK$1,800,000-2,800,000) displays all the greatness of his expressionistic techniques. The "Peach Blossoms" series resonates with bright greens, pinks and reds, which are worked with free and flowing brush strokes creating a vivid and enticing scene. Although reminiscent of traditional Chinese paintings the energetic and vivid strokes set the works apart from the soft and elegant images traditionally rendered. Both the colors and the compositions have a bold and unrestrained expression as if emotions have been set free. Zhou is considered the greatest master in the use of colors in Chinese contemporary painting.

ZENG Fanzhi, Landscape, 2006

Zeng Fanzhi's "Landscape" (est. HK$1,800,000-2,800,000) comes from his newest series. "Landscape" depicts wild grasses growing luxuriantly around a dark brooding mountain set against a white sky splashed with red at dusk. Zeng has moved away from his earlier expressionism and has moved closer to the abstractness and spiritualism of traditional Chinese art.

YUE Minjun, Maze 4, 2006

"Maze 4" (est. HK$1,500,000-2,500,000) presents what at first seems like a happy, everyday, normal scene, a crowd of shoppers in a well-stocked supermarket. However, we soon notice the figures all have wild crazy grins. Animated and excited, they all seem to be having a good time going about their business. But they are also eyeless, and therefore are not aware of what is around them, in this case figures dressed as Arabs. As part of the "Searching for Terrorist" series the painting is mocking our inability to see, let alone find, what we should be looking for. Once again Yue is employing mockery to point our human fallibility.

JU Ming, Single Whip, 1988

"Single Whip" (est. HK$9,500,000-15,000,000) is a major work from Ju's Taichi series. Currently, monumental bronzes of "Single Whip" can be found in many museums and public collections, including Japan's Hakone Open-Air Museum (created in 1977-1978, around 150cm high), Bank of China in Central Hong Kong, Exchange Square in Hong Kong (created in 1986, 280cm high), and Taiwan's Juming Museum (created in 1986, 467x188x267cm; created in 1999, 185.5x94x123cm).

RAVENEL SPRING AUCTION 2010 TAIPEI

SANYU, Two Pink Nudes, 1929

"Two Pink Nudes" (est. NT$52,000,000-68,000,000) is one of Sanyu's earliest oil paintings and is very unusual in that it is dated 1929 when he was just 28. "Two Pink Nudes" is kept entirely in tones of white and pink, belonging to the artist's pink period, and the composition is brimming with the air and mood of Paris in the twenties. The two nudes in this lot show all the typical features of Sanyu's compositions of naked human figures, in particular exaggerated distortions of shape and size. Sanyu was fond of big and tall women, a predilection that goes a long way in explaining why his nudes generally seem "larger than life," and why their legs often appear disproportionally large and bulky.

Yun GEE, Central Park (New York), c.1940

The undated "Central Park (New York)" (est. NT$9,500,000-13,500,000) was probably completed around 1940, when the artist was in his thirties at the height of creativity. Having recently returned to New York from Paris, he lived for six months at an upscale apartment on East 67th Street near Madison Avenue, two blocks from Central Park, where he took frequent walks. There are several sketches of the park from the 1940s by Yun Gee, hence the dating of this painting. The body of water in the center is the famous Pond, which was portrayed by the artist in another painting, a blue-colored bleak winter scene.

ZAO Wou-ki, Paysage Abstrait (Abstract Landscape), 1954

In 1954, Zao Wou-ki began to create art that was wholly abstract, throwing off Klee's influence and developing his own, highly personal form of abstract painting. This particular work, "Paysage Abstrait" (Abstract Landscape) (est. NT$20,000,000-40,000,000), dates from 1954, making it one of Zao's earliest fully-abstract paintings. There are no recognizable physical objects in the painting, which is shot through with symbols and images that resemble some ancient script. These symbols in fact derive from the ancient "oracle bone script" of the Shang Dynasty; they recall the mystery of the inscriptions on bronze vessels from China's Bronze Age.

ZAO Wou-ki, 19.7.63,1963

Zao Wou-ki's "19.7.63" (NT$45,000,000-60,000,000) is a major work from the period of unrestrained and dynamic style recognized as a major time in Zao's development. The bold, sweeping bushstrokes first attract the observer's eye in "19.7.63", and at a closer look one finds that the interconnected powerful lines that dominate the picture are very reminiscent of traditional Chinese calligraphy.

ZAO Wou-ki, 31.3.63, 1963

"31.3.63" (est. NT$9,000,000-12,000,00), which was completed in the spring of 1963, expresses the artist's thoughts and feelings through brushstrokes that seem to rise up out of the canvas, against a reddish-brown background. The painting exudes joy and self-assurance, as well as a bright radiance. This work is a classic example of Zao Wou-ki's work from the 1960s, which combines elegance and beauty with great depth of meaning.

ZAO Wou-ki, 30.7.67, 1967

This oil painting, "30.11.67" (NT$20,000,000-40,000,000), was completed sometime in the late fall or early winter of 1967, at a point in Zao's career when he had lived in Paris for 20 years and found his mature individual style as a painter. While an abstract work, the color and compositional structure of "30.11.67" immediately put the viewer in mind of a dramatic ocean view. The foreground is kept in dark shades of brown, interspersed with subtly blended hues of jasper, Prussian blue, lilac and pink, all applied in layers of delicate strokes that intermingle to form a shifting kaleidoscope of color – a reflection of the artist's complex mood and innermost emotions.

WANG Huaiqing, House in a House – Bed of Han Xizai (Han Xizai's Night Revels 3), 2002

"House in a House - Bed of Han Xizai" (NT$44,000,000-NT$58,000,000), is the third piece in a series of paintings titled "Han Xizai's Night Revels" from 1996, a 200x300cm double horizontal scroll painting. The bright vermilion background with its strong ethnic connotations ("China red") sets off the bold, thick strokes of the black structure that represents the bed of the banquet's host, Han Xizai. The painting's immense visual impact takes no backseat to that of Wang's 1998 triptych masterpiece "Golden Stone", and its compositional structure and organic abstraction are reminiscent of Chinese calligraphy: cool and rational, sweeping yet economical. In 2003, "House in a House - Bed of Han Xizai" was shown at the National Art Museum of China's 40th anniversary exhibition called "An Open Era," and received many positive critiques for its expansive and forceful style.

LIAO Chi-chun, Guanyin Mountain, 1974

"Guanyin Mountain" (est. NT$11,000,000-20,000,000) with its bright and expressive colors was finished in 1974, at the peak of Liao's later career. Liao Chi-chun was praised as the magician of colors for his unique perspective and bold use of vivid, primary colors. His depiction of Guanyin Mountain is a magnificent river scene. Though not huge in size, the painting impresses its viewers with its confident grandeur. From the top to the bottom, the picture is divided into three sections – the pale blue sky presenting the azure Guanyin Mountain, the Tamsui River flowing slowly, and the houses sitting tightly next to each other – all artistically spaced, and presents a harmonious and balanced whole. And the riotous colors of the bright yellow sailboat, the brilliant red church spire, the chalk-white walls, and the verdant trees decorate the picture with a vigorous playfulness, making it a feast for the viewer's eyes.

Taichung
Saturday, May 8 - Sunday, May 9, 2010, 1:00pm - 7:00pm
GSR Gallery, 1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Taipei
Saturday, May 15 - Sunday, May 16, 2010, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan

Hong Kong
Saturday, May 29, 1:30pm - 7:00pm
Sunday, May 30, 2010, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Ballroom
1 Harbour Road, Wanchai, Hong Kong

RAVENEL SPRING AUCTION 2010 TAIPEI
Modern and Contemporary Asian Art

Taichung
Saturday, May 8 - Sunday, May 9, 2010, 1:00pm - 7:00pm
GSR Gallery, 1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Hong Kong
Saturday, May 29 2010, 1:30pm - 7:00pm
Sunday, May 30 2010, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Ballroom
1 Harbour Road, Wanchai, Hong Kong

Taipei
Friday, June 4 - Saturday, June 5, 2010, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan

On March 27 at 4pm, Ravenel Art will host the opening of a major exhibition of Xu Bing’s masterpiece, The Phoenix, at the Art Square & Building, No. 1, Today Art Museum in the Chaoyang District of Beijing. 6 large cranes will be present as the huge sculpture is moved into place for its first public display since its creation. The sculptural masterpiece comprising 2 enormous phoenixes is truly impressive in size. Measuring 15 meters in height with 1 phoenix of 28 meters in length and the other 27 meters, it is 8 meters wide and weighs a total of 12 tons. Created as a reflection of modern Beijing, its display in the CBD will exemplify its underlying realization of the contrast between the new and old Beijing, its creation from waste building materials contrasting with the glamour of the CBD’s new buildings such as CCTV. At night it will glow with star-like lights further enhancing its examination of real and unreal things.

The Phoenix is the most impressive and powerful expression of the world-renowned contemporary Chinese artist Xu Bing.  Created on his return to China after a prolonged stay in the USA, The Phoenix was inspired by Xu Bing’s experience of the new Chinese society and the reality of the new Beijing. The work took 3 years to reach fruition and Xu Being devoted all his energies for 2 years to its creation using waste construction materials. The Phoenix exemplifies Chinese art as it examines the profound realities of modern society and life in China, and is thus far removed from the concerns of Western Art. The viewer is invited to witness developing China, contemplate the backbreaking work of laborers, and pause to consider the accumulation of wealth: the masterpiece invites the viewer to behold Modern China. The work also reflects care and concern for the environment, made of low cost waste materials it has become a beautiful work of art reflecting Chinese energy and emotions, it is a work of the people using recycled materials.

The Phoenix was commissioned by the President and CEO of Ravenel Art Group, Ms Clara Kuo, one of the foremost experts in contemporary Asian art. The entire creation process was organized by the Ravenel group, which oversaw the complete project from birth to fruition. The work has been collected by one of the leading collectors of Chinese art, Mr. Barry Lam, an acclaimed entrepreneur. The Phoenix masterpiece works on 2 levels of meaning, a reflection of reality, and a profound contemplation of modern Chinese concerns.

The Exhibition in the Today Art Museum will feature many illuminating insights into the creation of this masterpiece. Documents outlining the creation process along with photographs of each stage of creation will be exhibited. Ravenel will also publish a book with articles by Xu Bing on the creation of his masterpiece and it will contain many illustrations. A seminar will also be held where discussions concerning the work will take place. Ravenel has invited experts from the worlds of art, architecture and construction to lead the talks as the public explore the greatness of Xu Bing’s masterpiece.

Original Link

Modern and Contemporary Asian Art

Download Auction Results PDF File

Sale Date / Venue: Sunday 6th December 2009, Taipei
Value of Lots Sold: TWD 668,144,000 (USD 20,775,622)
Number of Lots Sold / Total Lots: 192 / 227
Percentage of Lots Sold: 84.58%
Value of Lots Sold: 163.63%
On the date of the sale, exchange rates were approximately as follows: USD 1 = TWD 32.16   HKD 1 = TWD 4.15    EUR 1 = TWD 48.47   CNY 1 = TWD 4.65

The following prices in New Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest New Taiwan Dollar.

Ravenel Taipei Autumn Auction 2009 Result Reaches US$20.78 Million

Zao Wou-ki《17.4.64》Record Highest Auction Price for a Painting in Taiwan

【Press Release】

2009/12/6

"Ravenel Autumn Auction 2009 Taipei - Modern and Contemporary Asian Art" took place on December 6 at 2:30pm at the Fubon National Conference Center. The large and enthusiastic crowds during the two-day preview suggested that the auction was going to produce some major results. On Sunday hundreds of highly motivated art lovers and buyers turned up and engaged in very aggressive bidding as they competed for the very high-quality works on offer. As a result the auction enjoyed an enormous success with the total value far above any reasonable estimates. The original estimated total amount was between US$12,500,000 to US$17,700,000, and the final amount realized was US$20,775,622, with a value of lots sold at 164%. 192 out of 227 art pieces found buyers, a turnover rate of 85% and an incredible success for Ravenel Art, which is now a firm leader in Modern and Contemporary art in the Asian region.

In celebration of its 10th Anniversary, Ravenel presented its largest-scale auction this autumn. And the result of the auction stands as a testimony to Ravenel's expertise, knowledge and foresight in the market. The total amount realized is the second best auction result in Ravenel's history next to the 2007 autumn auction at US$22,356,541 when the art market was at its peak. Even though the market today has not yet fully recovered, the result is a major achievement, and indicates Ravenel's pivotal position in the Asian art market.

The highlight of the afternoon was lot 103, an oil painting by Zao Wou-ki, titled “17.4.64". The estimated price was between US$1,430,348 to US$1,927,860. The bidding was very intense between floor buyers and phone bidders. It was finally won by a floor buyer who paid more than three times the estimate, fetching US$4,925,373 including buyer's premium. The result is a record for the highest price for a painting in a Taiwan auction. It is also the second highest world auction record price for a Zao Wou-ki painting, next to “Hommage à Tou Fu" which was sold in Hong Kong last year.

Another smaller work by Zao Wou-ki titled "Oiseaux volent partout" dated 1952 was another highlight of the auction. It realized the second highest price this afternoon selling for US$1,965,174. Three much smaller oil paintings by Zao Wou-ki also drew intense bidding and focus from the auction participants. "Petit pont et l'eau coule" & "30.11.74" sold for US$485,075 each. "Lotus Flowers" was sold for twice its estimated price at US$186,567. The results show Zao Wou-ki's standing among collectors and solidifies his position as a favourite for Asian collectors.

Sanyu's "Vase of Flower with blue Ground" fetched US$1,860,697, almost twice its estimated price. It was the third highest price of the afternoon. Bidding was also very fierce on paintings by the French-Chinese artist Chu Teh-chun. All three paintings raised very high prices: The quadptych painting "Force d'âme" fetched US$1,373,134; a rare snow scene "Evocation hivernale C" was sold for US$1,094,527 and "Composition No.166" fetched US$522,388 far above its estimate. Lot 101 "Still Life, Figure, Fish, Cactus", an ink and color painting on paper by Lin Fengmian was sold for US$354,478. The bidding was also very intense for the small painting "Forest in Central Park" by Yun Gee. It realized US$194,030. The oil painting "Red Horse" by Walasse Ting was also a popular bidding item. The subject of the painting was a "Red Horse", the heritage of the famous American abstract artist Sam Francis. The piece was finally sold at US$111,940, an outstanding result.

While the great Chinese Modern artists are adored by today's art collectors; Asian Contemporary art is also a strong favorite of many art lovers. The triptych "Coca Cola" and the "Great Criticism Series – Channel V" by Wang Guangyi fetched US$447,761 and US$156,716 respectively. The diptych "Rotation of Sun and Moon" by Huang Gang sold for US$171,642; "Mid-Spring" by Hong Ling raised US$149,254; "Me" by Yin Zhaoyang realized US$134,328. The enthusiastic bidding on these lots was unexpected as the market corrects itself after the high points of 2007. Taiwanese artists Tzu-chi Yeh's "Yan-Ming Mountain in June", Michell Hwang's " Water Buffalos" also saw active bidding during the auction; Japanese artists Yoshitake Amano's "Gatchaman" and Yayoi Kusama's "Pumpkin" were well-liked by collectors and so had excellent results. The video installation "TV Rabbit" by American-Korean artist Nam June Paik was also a very popular item, fetching US$134,328.

Ravenel Art Group's "Ravenel auction" has once again set the record for auctions in Taipei. The Group has actively expanded its operation overseas; in addition to its Taipei headquarters, its Beijing and Hong Kong offices also provide professional services in auction and private sales. From 2010, the company plans to expand the size of its auction previews and will organize auctions in Hong Kong. The remarkable results of the 10th Anniversary of Ravenel autumn auction has written an extraordinary record for the company and we look forward to creating other outstanding records in the coming decade.

Ravenel Autumn Auction 2009 Taipei—Modern & Contemporary Asian Art

TOP TEN

[Hong Kong－30th Nov 2009] Ravenel Art Group, Taiwan's largest Art Auction House, threw a glittering cocktail party at SEVVA Hong Kong on 27th November. Named "Ravenel 10th Anniversary Celebration and Exclusive Exhibition of Works from Masters of Art", the extraordinary occasion united prestigious clients and guests such as Ms. Bonnie Gokson, Mr. and Mrs. Robert Yau, Mr. and Mrs. Moses Tsang, Dr. Daniel Lee, Ms. Kai-Yin Lo, Mr. and Mrs. Philip Tse, and many more hall-of-fame socialites.

This star-studded VIP event took place on the eve of Ravenel's Autumn Auction Hong Kong Preview at Grand Hyatt Hong Kong. In celebration of the 10th Anniversary of the legendary group, the cocktail party showcased magnum opus by some of the best-known art mavericks, including Andy Warhol, Damien Hirst, Anish Kapoor, and Jean Dubuffet. A two-hour Andy Warhol-inspired art performance made the party an unforgettable one, thanks to the six amusing talents dressed as the pop art icon of our time. Ms. Clara Kuo, CEO and President of Ravenel Art Group, gave an opening speech titled "Ravenel's unparalleled success over the last 10 years", followed by the address "Market Movements and Trends in Global Contemporary Art" presented by Mr. Jerome Le Blay, world-renowned Parisian art specialist and Auguste Rodin expert. In her address, Ms. Kuo shared with the guests Ravenel's future plans in Hong Kong and some highlights of the upcoming Autumn Auction.

The guests indulged themselves in the artistic ambiance of the outdoor terrace in the venue, which offers a panoramic night view of the spectacular Victoria Harbour. 
"Private Sales is another major business of Ravenel Art Group apart from art auction. Ravenel's Autumn Auction of Modern and Contemporary Asian Art 2009 is another significant event of the Group, following our sponsorship to a Louvre Gallery's world tour exhibition in Taiwan earlier this year." said Clara Kuo, CEO and President of Ravenel Art Group.

Art exhibits at the 10th Anniversary Celebration Cocktail

• Andy WARHOL – Yves Saint Laurent
• Damien HIRST - Lovely and Kind (b.1965)
• Jean DUBUFFET – Les Galeries Lafayette (l'ascenseur) (1961)
• Andy WARHOL – Mao (Orange) (1973)
• Anish KAPOOR – Untitled (Sky Mirror, Wine) (2008)

Modern and Contemporary Asian Art

Download Auction Results PDF File

Sale Date / Venue: Sunday 7th June 2009, Taipei
Value of Lots Sold: TWD 212,804,000 (USD 6,507,768)
Number of Lots Sold / Total Lots: 136 / 175
Percentage of Lots Sold: 77.71%
Value of Lots Sold: 111.14%
On the date of the sale, exchange rates were approximately as follows: USD 1 = TWD 32.7   HKD 1 = TWD 4.22   EUR 1 = TWD 45.7

The following prices in New Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest New Taiwan Dollar.

Ravenel Art's 10th Anniversary Spring Auction Taipei
Modern and Contemporary Asian Art

Ravenel Art, once again, has set the standard for auctions of modern and contemporary Asian art with outstanding results at its Taipei Spring auction on Sunday June 7,2009. The total amount realized at the auction was 212,804,000 NT Dollars, 6,507,768 million US Dollars. 77.7% of lots were sold, 136/175, with a value of lots sold at 111.4%. A truly great result in today's market.

The highlight of the afternoon was Wang Huaiqing's 'Flying Apsaras' Triptych, which fetched 43,760,000 NT Dollars, 1,338,226 US Dollars including commission. A magnificent work of abstract expressionism, 'Flying Apsaras' is imbued with oriental religious awesomeness, with visualized figures of flying goddesses and heavenly beauties. 'Ferry Boat', a work by the most respected Taiwanese artist, Liao Chi-chun, brought in 24,160,000 NT Dollars, 738,838 US Dollars including commission. One of his celebrated great paintings, 'Ferry Boat', is a lively and gorgeous representation of a traditional harbor scene in Taiwan, celebrated in soft and beautiful colors, changes of light, shadow, and wonderful tones.

Another highlight was Cai Guo Qiang's 'Art Shopping Network' which was bought for 16,520,000 NT Dollars, 505,199 US Dollars. A collaborative work created with Tsai Kang-yung a famous Taiwan TV personality, the piece was made in Taiwan as an exploration of the commercialization of art. Famous for his 'explosion art', Cai blew up 'Golden Yuan Bills' which had been issued in 1948 by the Nationalist Government of China in an attempt to control inflation which miserably failed. These 'blown up' bills were then sold on a TV shopping network, treating art as a commodity. The work on offer today is the original three panels on which the bills were exploded along with a video of the 'selling on TV'.

A work by the pioneer of Chinese abstract painting, the Chinese-French artist Zou Wou-ki realized 9,204,000 NT Dollars, 281,468 Dollars including commission. The work, titled 28.4.75, is dominated by orange-yellows and golds, the earthy and sunny colors used by Zou in the 1970s as a refection of his search for warmth and tranquility as he dealt with the grief of losing his wife in 1972. 'Effusion' by Chu Teh-chun, another leader of Chinese abstract painting, and also a Chinese-French artist, fetched 6,372,000 NT Dollars, 194,862 US Dollars. A master of incorporating rays of light dancing among blocks of bright and brilliant reds, yellows and blues, Chu dazzles the viewer with multifaceted layers of space and color. Some works easily beat their high estimates. In the contemporary Chinese section, 'Portrait' by Zeng Fanzhi, a study of an isolated and alone half-figure with his mask removed, brought in 4,956,000 NT Dollars, 151,560 US Dollars including commission against a high-estimate of 3 million NT Dollars. 'Golden Sunshine', a wonderfully evocative study of a young Western Chinese girl in traditional garb bathed in sunlight realized 5,428,000 NT Dollars, 165,994 US Dollars including commission against a high-estimate of 4.5 million NT Dollars.

Japanese and Korean artists maintained their popularity with strong bidding seen for many pieces. Mayuka Yamamoto's soulful 'Red Lamb' was particularly appealing to families and beat its high-estimate. Three works by Yoshitaka Amano saw intense bidding with a wide interest from the Asian region. Two pieces by Ayako Rokkaku both beat their high-estimate and saw very competitive bidding. Two paintings and one sculpture by Korean artist, Kwon Ki Soo also attracted major bidding fetching high prices. Results for Indonesian, Indian, Malaysian and Philippino artists suggest that art from South-East Asia is going to continue growing from strength to strength at auction. Works from this region saw active and intense bidding from buyers throughout the Asian region. Ravenel Art, in its tenth anniversary year, has shown that with its strong reputation, professionalism, and stellar client base, that even in tough economic times, there is still a market for high quality art works.

The art intermediary service is the bridge connecting artists and collectors. To better serve collectors and investment institutions, Ravenel Art & Investment under Ravenel Art Group provides professional, objective and precise art consultancy service through dedicated operation and with the form of project. It has established the specialized collection and investment system for enterprises, collectors and funds around the world.

In the process of consultancy, Ravenel Art & Investment addresses interaction and pays attention to opinions and thoughts of clients. It does not impose any unilateral standing, but it reserves an orientation for client to operate the system and investment belonging to the his own aesthetics. It is dedicated to recommending the most representative artworks of this era directly to key collectors, enterprises and funds in the world. Through providing masterpieces of top-class Chinese and Western artists, Ravenel defines the current value of potential artists and their works to enter the future history of art with professional standard and international vision.

Art investment must be established on considerable financial strength for distribution of risks. The key lies in professional insight and control over the market. By means of intermediary service, Ravenel Art & Investment is making every effort to promote exchanges and interaction between the Eastern and Western cultures. On the one hand, it recommends Occidental artworks to China; on the other hand, it introduces the Chinese art to the international arena.

In terms of investment, one of the key points of evading investment risk is not to put all eggs in one basket. The investment in Western art relates to the most important part of art investment: risk management. Western artworks feature mature market, relatively high price, as well as low risk.

Today's world is an international community, and pluralized collection urges collectors to treat their collection at a higher level. This way, the national and the international have to be interfaced. In terms of investment or requirements by international market, it requires collectors to accept different kinds of stimulation and carry out this undertaking with open mind and from a more objective standpoint. Meanwhile, it also requires Chinese collectors to draw attention of overseas collectors to the development of contemporary art in China and to invite them for systematic collection with the open vision and pluralized stand.

Important Assurance for Reducing Risk

Art insurance is an indispensable part of art market. This does not only include the modality of insurance during routine handling and the safety assurance invested to potential accident during transport of exhibits and handled pieces, but it also covers, most importantly, the evasion of specific risks and the further guaranteed financial means in the process of collection. In terms of art collection, the collector shall have the prerequisite on the knowledge about art deposit and insurance, in addition to sharp insight, to have the value added in the future.

In the project of Ravenel Art Group, the cooperation with Taian Insurance Co., Ltd. is a fairly important task for the appraisal and valuation of boundless artworks.

The highest risk for accepting insurance of artwork lies in damage during transport and handling. Furthermore, the artwork is also accompanied by a lot of risks including fire, flood and other natural disasters. Insurance company plays a role of deposit and assurance for collectors actually.

The commonest form of insurance for art is the insurance during exhibition and auction, which is generally procured by sponsor and organizer of the exhibition or collecting unit. Safety is the top priority no matter for collection by individual or by institution. Further safety measures shall be provided with the artwork is subject to exhibition or transaction in auction market, including commercial insurance.

Concerning collector, collection features certain risk. The significance for this part is also the functionality of regular insurance companies. Once risk occurs, the insurance company is willing to compensate under stipulated price, meaning the company recognizes this price.

The most important value of an art insurance company is that the company is a neutral third party who is willing to recognize price of the artwork and will provide risk assurance under this price. In addition, the artwork is provided with more practical value provided an object in a financial system. The reason for real estate which is allowed to loan money is that its value is already recognized and the bank may find a confident third party to verify the price. However, it is not easy for a bank to find a fair and objective third party to recognize the value of a specific artwork. Generally, the bank will find an insurance company for guarantee and appraisal. The important role the insurance company plays inside is the neutral third party: a unit that can be trusted by collectors, loan applicants and lenders.

Core Aspect of Insurance: Artwork Valuation

For an insurance company, the biggest problem lies in valuation. Though artwork is provided with a set of independent norms of valuation, the accurate valuated price is hard-won because there is often no specialist in insurance companies. More importantly, moral risk still cannot be checked, even if the insurance company has reached consensus on price with policy holder. At present, the situation of fraudulence in art market is serious, and some fake products may even outsmart professionals. In some cases, after the insurance company reviews a genuine painting, the collector may even replace with a fraudulent one or make a story on that the painting is stolen. Moral risk of collector will add to the loss of insurance companies.

To solve the problem, it does not only require the insurance company to assign special personnel for appraisal and valuation, but it also requires the special personnel to be familiar with the collector and to be able to prove personal character of the collector. There are rare insurance companies willing to guarantee artwork, especially in Asia. However, this also applies to the whole world. An insurance company will not provide assurance for any artwork until introduced by somebody. Quite a few companies engage in art insurance, and all of us understand this is a big market. However, there will be basically no large-scale propaganda because this may result in some unnecessary risks. The situation also applies to Taian Insurance: the insurance company cannot accept the insurance until relative confidence and recommendation. So, our role is to help insurance company screen applicants.

The expense of insurance is directly related to storage conditions, availability of safety equipment, provision of handling, destination etc. Every single point may increase or decrease the insurance premium.

In addition, an insurance company usually wishes to accept the insurance locally, so it can review the artwork directly, otherwise more manpower shall be invested in judgment of storage conditions. All of these have determined the necessity of more specific, more professional and more careful procedures in this huge market, so as to ensure smooth and secure development. In this regard, the key role is to find proper recommender and institution of appraisal and valuation.

The concept of art foundation was raised in 1960s. It is a means of investment which profiteers from operation of art transaction. In international market, the relatively successful art foundation includes the British Rail Pension Fund. In mid-1970s, it invested in art with USD 100 million and has collected 2,400 pieces of artwork. The average yield rate is between 10%~15%.

Ravenel Art & Investment is experienced in Taiwan in operating art funds. According to the total amount of fund and client's requirements, the company tailors different investment plans and generates specialized art funds, so as to find excellent, potential artworks for the clients. In 2005, the art fund achieved over 50% return rate for its clients. In comparison with other investment tools including real estate and equities, the yield is remarkable. This also proves that art is also a fine investment channel in addition to its interest of collection and value of appreciation. Ravenel emphasizes operation of art funds with pluralized investment approaches. It is worth mentioning that investment return will not be guaranteed until refined selection is made on quality through purchase of artwork.

Investment projects of Ravenel Art Foundation cover a variety of art forms in China and the West. They concentrate on combination of the integrative modality of finance so as to reduce investment risk. This concerns cooperation with domestic and overseas major banks and insurance companies. It also summarizes the most professional and most authoritative appraisal and valuation on artwork and predicts in a most accurate way latest trend and price of artwork in international market, so as to achieve long-term, stable and remarkable return for investors.

The corporate culture of Ravenel contains return to the society and the continuous attention to art education. More importantly, the culture has always maintained intensive focus on the integral development of the contemporary art in China, improvement of the education on arts for the people, and the care about the living environment of young artists, especially the progress of art education started when the learner is still young. Ravenel Art Education Foundation is founded under the fine aspiration of promoting the development of art among the Chinese and pushing forward the education of aesthetics in China. It is dedicated to provision of rich means of support and considerable financial backup to the art education in China.

The major projects under planning include: "Chinese Art Recording Activity".

Chinese Art Recording Activity

Chinese Art Recording Activity, a project initiated in China mainland by Ravenel Art Education Foundation, invites Mr. Wang Weizhong, one of the most authoritative program producers in Taiwan, as the principal producer. The international production team will fabricate a series of documentaries on contemporary art, of which each volume lasts 60 minutes, in three languages including Chinese, English and French that focus on contemporary artists in China. The purpose of this program is to present the Chinese art, especially the contemporary art in China, to a more internationalized stage. This way, the art development and change of social life for more than twenty years in China will be fully reflected on through the mastership of creation by the artists and the personal temperament by presenting the unique historical background and development of the contemporary artists on the basis of global development of art.

Ravenel Art Education Foundation, under the tenet of dedication to aesthetic education and promotion of Chinese art, expects to make the Chinese art accessible to more foreigners in an international stage with the help of this program. This way, this series of documentary is not only produced in Chinese, English and French, it will also focus on other parts of the world than China in terms of issuance and promotion. In particular, the documentaries will strengthen the interaction and cooperation with major foundations, art museums, media and other professional organizations and institutions.

• "Party" general term for auctioneer, the Client, bidder and final buyer
• "Auctioneer" means the enterprise legal person engaged in auction as per Auction Law of the People's Republic of China and Company Law of the People's Republic of China.
• "Client" means the citizen, legal person or other organization (also 'the seller') that entrusts the auction company to auction the articles or property right to which it has ownership or disposition.
• "Bidder" means the citizen, legal person or other organization participating in bidding for the target for auction.
• "Final buyer" means the bidder buying the target of auction at the highest bid price.
• "Target of auction" means article or property right the Client entrusts the auction company to sell in the mode of auction.
• "Due charge" means relevant fees the auction company properly collects from the Client and the final buyer concerning premium, graphic catalogue publication, package and transportation, cultural relic and sealing wax, appraisal and valuation, etc.
• "Closed price" also called "hammer price", means the price that the auctioneer drops the hammer to determine to a buyer in the auction.
• "Reference price" also called "valuating price", means the markedly-indicated price on the printed auction graphic catalogue for every piece of entrusted article for auction. The price shall be decided by the auction company and shall not be deemed as the final sales price.
• "Base price of auction" also called "reserved price", means the final sales price that is required to indicate on the power of attorney after the auction company and the Client make agreement about the entrusted articles for auction.
• "Final auctioned article" means the bargained target of auction.
• "Number plate" means the bidding number plate that the bidder obtains after finishing the bidding registration. Only those obtaining bidding number plate can be deemed as formal bidders.
• "Commotion" also called "agency fee", means fees the auction company collects from the Client and final buyer after the bargain according to relevant laws and regulations.
• "Auction income" means the net fund the auction company pays to the Client after the auction is bargained for sale of the entrusted articles for auction, namely the closed price of the entrusted articles for auction after deduction of commission and payables due for the Client.
• "Power of attorney" means a contract for the Client to sell article, including various auction terms and service charges of the auction company, such as premium, damage compensation, freightage, photo making, commission, etc.
• "Registration for bidding" means the necessary procedures for the bidder to participate in the bidding. If the bidder is the natural person, it is required to fill in and sign on the registration certificate before the auction by holding effective ID card or passport or other effective ID certificate recognized by Chinese Government; if the bidder is legal person or other organization, it is required to fill in and sign on the registration certificate before the auction by holding effective registration certificates, ID certificate of the legal representative or legal authorized certificate, and then obtain the number plate number; otherwise, the bidder cannot be deemed as formal bidder.
• "Entrusted auction" After carefully reading and abides by auction rules of the auction company and taking responsibility to its behavior to participate in the company's auction, the Client consigns the article to the company for auction. If the Client is natural person, it is required to hold effective ID card or passport or other effective ID certificate recognized by Chinese Government and sign contract of entrusted auction with the company; if the client is legal person or other organization, it is required to hold effective registration certificates, ID certificate of the legal representative or legal authorized certificate and sign contract of entrusted auction with the company.

Promoting Asian Art Auctions

Through a worldwide competition strategy, regional integration between countries is being established in the 21st century. Regional economic units, such as with North America, and the European Union, points to a sure trend for the forming of an Asian economic unit. Economic cooperation in the region will stimulate interaction in art and culture. In April 2009, the Boao Forum for Asia was first established, the "Boao Asian Contemporary Art Salon". Its purpose is to allow different Asian countries build a common consensus on the value of art and culture. Ravenel had its debut Hong Kong auction in 2008, and its success enhanced our reputation. Ravenel Spring auction 2009 expands the theme to Asian art.

In celebration of our 10th anniversary, despite the global financial crisis, Ravenel is fully engaged in the art world, sponsoring art exhibitions and holding auctions to promote art for art lovers. Ravenel is sponsoring the "Sculptures in Movement" exhibition from the Louvre Museum on its Asian tour. It will visit Taipei, Kaohsiung, Beijing, Wuhan, Hangzhou, Hong Kong, and Macau. The first opening was held in the National Museum of History, Taipei in April 2009. Ravenel's Spring Auction 2009 Taipei will take place on June 7, with 3 previews in Taichung, Hong Kong and Taipei. In the second half of the year, Ravenel will hold auctions in both Hong Kong and Taipei as in 2008.

"Ravenel Spring Auction 2009 Taipei" will be held on June 7, 2009, in the Fubon National Conference center, Taipei. The auction includes works by more than 130 renowned Asian artists. The total value of the 175 lots is estimated to reach NT$200 million to NT$300 million (approx. HK$50 million to HK$70 million; US$6 million to US$9 million). Works by 20th century Chinese art masters, along with works by contemporary Taiwanese, Chinese, Korean, Japanese, Indian, Indonesian, Philipino and Malaysian artists are included. The most valuable piece on offer is Wang Huaiqing's triptych creation, "Flying Apsaras", estimated NT$29 million to NT$42 million (US$865,700-1,253,700), which was part of the artist's solo exhibition in Shanghai Art Museum in 2007. It is imbued with a strong sense of abstract expressionism, interpreting flying immortals in a fluent calligraphic sense. "Flying Apsaras" has an extraordinary vigor, and is a representative work of Wang's creation when he was evolving a new artistic style.

Other highlights include Taiwanese art master, Liao Chi-chun's 1974-1975 beautiful oil painting, "Ferryboat". This masterpiece was shown in "The 30th Taiwan Provincial Art Exhibition" in 1975, the last art exhibition Liao participated in while living. Rich in composition, color and arrangement, it is a work from the artist's most important creative period. The estimate is NT$18 million to NT$28 million (US$537,300-835,800). The owner will donate half the hammer price of a successful sale to Fo Guang Shan Pumen Temple and Dizang Temple. Internationally renowned master Zao Wou-ki's "28.4.75" is one of his classic 70s creations, provenance Galerie Kutter in Luxemburg. It has been owned by Luxemburg collectors for more than thirty years, and has rarely been shown. The estimate is NT$10 million to NT$20 million (US$298,500-597,000); "Still Life with Flowers and Fish" which Lin Fengmian painted circa 1977 has a Cubist form and Matisse style. It is owned by Lin Fengmian expert, Sanhuai House, and was illustrated in Modern Artists Theory, Work, biography: Lin Fengmian published in 1988. Two paintings from Yun Gee's San Francisco period, "California Landscape", and "Lady in Pink Hat" are also highlights of the sale. "Lady in Pink Hat" belonged to Yun Gee's daughter, and "California Landscape" was a gift to his teacher Otis Oldfield in the late 20s. Otis' widow later returned it to the artist's wife Helen Gee. The previous ownership of this work makes this painting particularly precious. Paintings from the first generation of Chinese oil painters include, Guan Liang's "Bergen, Germany", Wei Tianlin's "Fish", Taiwanese art master Shiy De-jinn's "Woman", overseas Chinese George Chann's "Bronze and Stone Variation X", Sanyu's watercolor piece "Nude" and Wu Guanzhong's "Viewing Fish at Flower Harbour". They are all great works, which are very rare to find on the art market.

Cai Guo-Qiang's explosion installation work, "Art Shopping Network" is especially noteworthy. The idea of the work was originally conceived by a Taiwanese mass media person, Tsai Kang-yung and was executed at the invitation of the Museum of Contemporary Art Taipei. Tsai wanted to explore the concept of art as a commodity. Cai Guo-Qiang exploded Golden Yuan bills issued by the Chinese Nationalist government in Shanghai to counteract inflation but which failed miserably within 10 months . Tsai Kang-yung was in charge of the mass marketing of the resulting 66 sets of exploded notes on a TV shopping network, and pointed out the value and meaning of artworks in the commercial market. The work combines exploded notes, performance, and a multimedia installation. This collective work "Art Shopping Network" by Cai Guo-Qiang and Tsai Kang-yung is estimated between NT$16 million to NT$24 million (US$477,600-716,400). Yue Minjun's bronze sculpture "Contemporary Terracotta Warriors No. 6", was exhibited in Queen's Museum in New York. This piece demonstrates the irony and humor of history, while subverting the concepts of new heroism and idolatry. Other works by Chinese contemporary artists include, Zeng Fanzhi's "Portrait", Wang Guangyi's "Louis Vuitton", Zhou Chunya's "Red Rock Series", and "Peach Blossom in Long Quan", Li Shan's "Reading Series", and "Mao (Rouge Series)", Qi Zhilong's "A Chinese Girl in Male Military Uniform", Feng Zhengjie's "Chinese Portrait Series No. 2" and Yang Shaobin's figure oil painting.

Taiwanese contemporary works include Michell Hwang's "Woman in the Modern City", and "Woman and Cat", Yang Mao-lin's "Zealandia Memorandum M9301", Tsu-chi Yeh's "Taimali-Taitung", Chiu Ya-tsai's "Professor of Jurisprudence", Kuo Wei-kuo's "A Photo with Imperfection on Its Shape". These works demonstrate Taiwanese artists' sensitive point of view and rich expressive methods. Li Chen's brilliant sculptures "Snow Wonderland", and "Clear Soul" adopt different features from both the East and West. North- East Asian contemporary art also shows different features. Ravenel is offering works from Japanese artists: Yoshitaka Amano, Korehiko Hino, Ayako Rokkaku, Kiriki Iida, Taira Hisaya, and Lyntalo Torii. A strong list of Korean contemporary artists are also represented, such as Chun Kwang Young, his "Aggregation" conveys oriental thought with Korean mulberry paper, Lee Lee Nam with a multimedia installation, Kwon Ki Soo, Yoon Jongseok, Lee Jaesun, Kim Ji Min, Lee Ho Ryon, Hwang Hyun Seung, Yim Tae Kyu, Lee Youjin, and Yim Man Hyeok. The Korean section has works of high artistry and a variety of creative possibility for which Korean artists are renowned.

Works from South-East Asia are also outstanding. Chintan Upadhyay from India has participated in the Asian Art Biennial held by the National Taiwan Museum of Fine Arts. His "Bhogi to Yogi" depicts his iconic figure. Bose Krishnamachari's abstract piece unites Western skills and Indian original color tones. Indonesian artist I Nyoman Masriadi's early period painting "Save the Land" already shows an aspect of black humor in comic style. Haris Purnomo's "Alienated Baby No. 3" implies the violence hidden in real society through a tattooed infant. Agus Suwage's "Swimming", and "Man with Fans", and Budi Kustarto's "See Something which is Upsidedown" narrate serious social issues that Indonesia has to deal with currently.

So only in the long term can we tell which artists are with the potential or not. Our company has devoted much time and energy to the investment analyses, including the investment trend of artists, the location of the buyers, the general collectors group and the future trend. These analyses are based on the scientific statistic methods. The art works are bought on the basis of sound information. The value of artworks is not just heard from others, but selected by very clear data, which is totally trustworthy.

Like Zhao Wuji, Zhu Dequn once resided in France. He begins to enjoy popularity gradually in Taiwan, Singapore, Indonesia with our continous recommending. Now the price of his works is rising steeply. Few Taiwan collectors paid great attention to his work when we commended him at the first time. Later one collector bought that piece with exceptional insight. In the auction 2005, its price rose to 12 million TWD ( 3 million HKD), but the collector bought it only at 0.96 million TWD (0.24 million HKD). We treat our clients as well as our friends. We establish strong trusting relations with them bit by bit in daily life, which is very unique in my opinnion. Clients' trust mainly bases on our good sercive. It is very easy for clients to buy or sell art works. And we will consider for clients that whether it's easy to sell later when they buy it.

Trust is not based on how many staff one company has. How to think for clients is the key to gain trust.

Introduction

Cette exposition tactile invite le visiteur à toucher la sculpture. Les œuvres présentées sont des surmoulages, en plâtre ou en résine, de sculptures dont les originaux sont exposés au Louvre.

Les œuvres présentées dans cette exposition évoquent cinq mouvements qu'ont cherché à traduire les sculpteurs en Occident en comparaison avec les recherches sur le mouvement en Orient. L'effort, la course, la danse, l'envol et la chute expriment leur recherche sur l'équilibre et la gestuelle.

1. L'effort est la tension de tout le corps afin de vaincre une résistance. Il exprime la pénibilité et se traduit par une opposition violente et contrebalancée des membres.
2. La course est un déplacement rapide du corps caractérisée par une succession d'élans ou les phases d'appui au sol alternent à intervalles réguliers.
3. La danse est une suite de mouvements gracieux et rythmés. La répétition de gestes tournoyants peut se traduire par une ronde lorsqu'il y a plusieurs danseurs.
4. L'envol est l'action de quitter le sol. Il se traduit par un élan ascendant où tout le corps tend vers le haut. Le lien avec le sol se réduit au minimum défiant la pesanteur.
5. La chute est l'effondrement au sol qui aboutit à la dislocation du corps qui s'étale sur le sol. Il exprime l'immobilité et est caractérisée par l'horizontalité.

	1	Aphrodite, dite "Vénus de Milo" IIe siècle avant J.-C. Original en marbre, musée du Louvre H. 2,16 m. x L. 0,60 m. x Pr. 0,65 m. © 2006 Musée du Louvre / Daniel Lebée et Carine Deambrosis
Effort	2	Amazone domptant un cheval 1843 Jean-Jacques Feuchère original en bronze, musée du Louvre H. 0,44 m. x L. 0,48 m. x Pr. 0,25 m. © 1994 Musée du Louvre / Pierre Philibert
	3	Milon de Crotone 1768 Edme Dumont original en marbre, musée du Louvre H. 0,78 m. x L. 0,40 m. x Pr. 0,38 m. © 1994 Musée du Louvre / Pierre Philibert
	4	Soldat bandant son arc 1715 Jacques Bousseau original en marbre, musée du Louvre H. 0,89 m. x L. 0,38 m. x Pr. 0,32 m. © 2007 Musée du Louvre / Pierre Philibert
	5	l'Esclave rebelle 1513-1515 Michelangelo Buonarroti, dit Michel-Ange original en marbre, musée du Louvre H. 2,20 m. x L. 0,8 m. x Pr. 0,5 m. © 2005 Musée du Louvre / Pierre Philibert
	6	Héros combattant, dit "Gladiateur Borghèse" Ier siècle après J.-C. Agasias d'Ephèse original en marbre, musée du Louvre H. 1,65 m. x L. 1,70 m. x Pr. 1,40 m © 2003 Musée du Louvre / Etienne Revault
Run	7	Hippomène 1703-1705 Guillaume 1er Coustou original en marbre, musée du Louvre H. 1,31 m. x L. 1,25 m. x Pr. 0,60 m. © 2009 Musée du Louvre / Pierre Philibert
	8	Atalante 1703-1705 Pierre Lepautre original en marbre, musée du Louvre H. 1,28 m. x L. 0,57 m. x Pr. 0,98 m. © 2009 Musée du Louvre / Pierre Philibert
	9	Diane chasseresse Jean-Antoine Houdon Réduction au tiers du bronze de 1790 original en bronze, musée du Louvre réduction H. 0,71 m. x L. 0,52 m. x Pr. 0,31 m. © 1994 Musée du Louvre / Pierre Philibert
Dance	10	Les Danseuses Borghèse IIe siècle après J.-C., restaure au XVIIe siècle original en marbre, musée du Louvre relief : H. 0,73 m. x L. 1,85 m. © 2003 Musèe du Louvre / Etienne Revault
	11	Les trois Grâces Vers 1650 Gérard Van Opstal original en marbre, musée du Louvre relief : H. 0,42 m. x L. 0,27 m. © 2004 Musée du Louvre / Pierre Philibert
	12	Danseuse Vers 1820 Jean-François Lorta original en marbre, musée du Louvre H. 0,90 m. x L. 0,35 m. x Pr. 0,35 m. © 1997 Musée du Louvre / Pierre Philibert
Take off	13	Mercure volant 1565 Jean Boulogne dit Giambologna original en bronze, musée du Louvre H. 1,70 m. x L. 0,57 m. x Pr. 1,4 m. © 2009 Musée du Louvre / Pierre Philibert
	14	Icare et Dédale XVIIIe s. original en marbre, musée du Louvre relief : H. 0,67 m. x L. 0,99 m. © 2009 Musée du Louvre / Pierre Philibert
	15	Mercure attachant ses talonnières 1744 Jean-Baptiste Pigalle original en marbre, musée du Louvre H. 0,58 m. x L. 0,35 m. x Pr. 0,33 m. © 2004 Musée du Louvre / Pierre Philibert
Fall	16	Le soldat de Marathon annonçant la victoire Jean-Pierre Cortot Réduction au cinquième, 1834 original en marbre, musée du Louvre H. 0,38 m. x L. 0,40 m. x Pr. 0,25 m. © 1994 Musée du Louvre / Pierre Philibert
	17	La chute d'Icare 1743 Paul-Ambroise Slodtz original en marbre, musée du Louvre H. 0,38 m. x L. 0,54 m. x Pr. 0,64 m. © 2007 Musée du Louvre / Pierre Philibert
	18	Abel expirant 1785 Jean-Baptiste Stouf original en marbre, musée du Louvre H. 0,30 m. x L. 1,02 m. x Pr. 0,46 m. © 1994 Musée du Louvre / Pierre Philibert

The 20th & 21st Century Chinese Art, Japanese & Korean Contemporary Art

Download Auction Results PDF File

Sale Date / Venue: Sunday 7th December 2008, Taipei
Value of Lots Sold: NTD 243,015,400　(USD 7,245,540)
Number of Lots Sold / Total Lots: 102 / 147
Percentage of Lots Sold: 69.39%
Value of Lots Sold: 66.41%
On the date of the sale, exchange rates were approximately as follows：USD 1 = NTD 33.54   HKD 1 = NTD 4.33   EUR 1 = NTD 42.81

The following prices in New Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest New Taiwan Dollar.

Once again for Ravenel Art, the auction auditorium in the Fubon National Conference Center on Sunday December 7, 2008 was packed with more than 500 people and 250 registered bidders but bidding reflected the new realities of a challenging market. Total sales reached USD 7, 245, 540, which was 66.41% of value, a very respectable result in difficult market conditions. 102 of 147 lots were sold representing 69.39%.

As has been witnessed in New York, London and Hong Kong over the last few months, there is still a market for high quality works at attractive prices. The top selling lot on Sunday was Cai Guo Qiang's 'Descending Wolves for the Guggenheim International Gala', which realized USD 903, 995 among intense early bidding. One of the best of Cai's 'explosion pictures', it is truly a masterpiece of the artist's technique and expression. Created on five paper panels, it depicts a pack of wolves descending a rocky mountain. Cai has captured the full power, beauty and energy of the wolves through his use of explosives and created a magnificent picture where the tones and hues evoke the greatness of traditional Chinese ink and brush painting.

Zhang Xiaogang's 'Bloodline Series – Big Family' brought in a winning bid of USD 837, 209. Painted in 1998, the work reflects the mature abilities of Zhang in this series. The painting is of particular note because of the intenseness of the expression in the eyes of the mother, father and son created by an artist at the height of his powers. Based on old black and white family photographs, the Bloodline Series depicts the soul and character of the Chinese people who have alert yet distant gazes.

A superb work from Wang Huaiqing's Ming Furniture Series, 'Separation and Reunion' fetched USD 703, 637. Depicting a deconstructed Ming chair, the work is a profound study of a symbol at the heart of Chinese Culture.

Works by Ju Ming, world famous for his Taichi Series of sculptures, continued to perform well. 'Taichi Series – Shadow Boxing', a pair of wood sculptures raised USD 474, 955. Exquisitely carved, the sculptures capture the full power, energy and calmness of Taichi.

'Composition No. 190', [USD 369, 410] an abstract by Chu Teh-chun, attracted a lot of interest because of the rarity of its style. A very beautiful work, created in dark colors, and bursting with energy, it evokes a rocky landscape. The full power of Chu's merging of traditional Chinese expression in ink and brush paintings and Western oil painting techniques is seen in the picture. Another Work by Chu 'Souffle de la nature' fetched USD 182, 946. A more traditional work by Chu, it is suffused with light and color.

There were some surprising results considering the present market. Two statues by Li Chen, a Taiwanese sculptor, renowned for his Buddhist works attracted fierce bidding. 'Landscape in Heaven' a large Buddha holding a golden mountain in one hand and silver water in the other while standing on a cloud, brought in USD 154, 800. Rounded and smooth, and imbued with calmness and serenity the work is sure to bring peaceful feelings to its new owner. Another smaller sculpture 'Cultivated by Mist and Cloud' also attracted intense bidding and realized USD 42, 218.

Huang Gang's works continue to surprise the market this autumn and 'Beijing My Home' was no exception fetching USD 84, 436, more than double its high estimate. Huang renowned for creating collages from Tibetan wooden sutras and various artifacts from Tibet, this time has created a magnificent work using materials from his hometown, Beijing. Centered round a large red star, symbol of China, Huang has placed traditional woodcuts used to print records of ancestors. The work is a splendid example of Huang's artistic sensibilities and captures the full power of his belief in remembering the past.

A very rare oil painting by Shiy De-jinn, a Taiwanese master artist 'Portrait of Painter Tian Mian-shi', brought in USD 73, 882, close to its high estimate. A really beautiful portrait executed in blues, black and touches of red with a white background, it demonstrates Shiy's knowledge and understanding of the use of space, tone and hue in traditional Chinese painting.

Two records were set for young Chinese Contemporary artists. Chen Liu's 'Door Gods (diptych)', a magnificent depiction of temple door Gods brought in the artist's record price at USD 38, 000. The pictures are mesmerizing in detail and execution, painted in wonderful browns, golds and oranges, the door gods are displayed in splendid attire with their guard dogs. The detail is almost magical and is created through fine swirls in the paint. A record was also set for Jia Gang's 'It Takes Strength to Speak Out', USD 35, 182, doubling its high estimate. In the vein of Political Pop it depicts a group of young people grouped around microphones with only one willing as it were to stick his neck out. Another painting by a young Chinese artist also attracted strong bidding. Wei Jia's 'Say Goodbye V' an atmospheric portrayal of a young black-cloaked man sitting with his back to us on a branch of a huge tree is reflective of the artist's introverted nature.

As the market adjusts to new realities, Ravenel Art has shown that with high quality works and reasonable price estimates, the art market in Taiwan is alive and well. Bidders are still willing to buy as long as the works on offer meet their expectations.

Modern and Contemporary Asian Art

Download Auction Results PDF File

Sale Date / Venue: Monday 1st December 2008, Hong Kong
Value of Lots Sold: HKD 72,603,140　(USD 9,368,147)
Number of Lots Sold / Total Lots: 45 / 62
Percentage of Lots Sold: 72.58%
Value of Lots Sold: 88.03%
On the date of the sale, exchange rates were approximately as follows：TWD 1 = HKD 0.23    USD 1 = HKD 7.75

The following prices in Hong Kong Dollars include the hammer price, the buyer's premium and are rounded to the nearest Hong Kong Dollar.

Art Enjoys Success with Hong Kong Auction

Ravenel Art surprised the art world with a very successful first auction of Modern and Contemporary Art in Hong Kong on Monday December 1, 2008. As other auction houses struggle in a strained market, Ravenel, the leading Taipei based art auction house, used its experience and knowledge of the market to present a group of very high quality artworks.

The auction hall in the Four Season's Hotel was thronged with bidders and the approximately 300 people present exceeded expectations. Major Hong Kong collectors were there in large numbers as were big collectors from Taiwan. There were also many foreign collectors spread around the hall.

Total sales reached HK$ 72,603,140 [US$ 9,368,147] which was 88.03% of value, a major achievement in present market conditions. 72.58% of lots were sold with 45 of 62 attracting successful bids. This is a remarkable result in present times, and is due to the high quality of the works on offer. Major works by important artists all sold well.

Yue Minjun's 'Enchanted Spring' fetched the top price, HK$ 11,500,000 [US$ 1,483,871]. This large painting depicts a joyous, laughing androgynous self-portrait, kicking up his high-heels against a purple flag with a laughing Mao. This work is seminal to Yue's style and expression and it attracted very active bidding.

A stunning abstract expressionist painting by Zao Wou-ki '22.3.1979' brought in HK$ 8,140,000 [US$ 1,050,324]. The painting in warm yellows and oranges is a magnificent landscape representation embodying the full power of Zao's language and technique which combines Chinese sensibilities with Western oil painting techniques.

Further proof that quality will still sell well at auction came with Sanyu's 'Chrysanthemums on a Red Table with Yellow Background. A magnificent still-life, painted in simple colors of yellow, black and red, is centred on a powerful composition of Sanyu's favorite flowers. The painting is deeply affecting, with a strong calming influence and full of serenity.

Other highlights of the auction included works which easily beat their high estimates again due to the high quality of the works. Wu Guanzhong's 'The Blooming Mountain', a superb abstract expressionist depiction of the famous scenic area near Beijing, attracted intense bidding. It realized HK$ 6,460,000 [US$ 833,548] against a high estimate of 4.5 million HKD. Yan Pei Ming's 'Mao Soleil rouge' also attracted fierce bidding and brought in HK$ 6,460,000 [US$ 833,548].

Two works by Zeng Fanzhi 'Man with Bamboo' and 'Red Clouds' attracted significant bids selling for HK$ 4,720,000 [US$ 609,032] and HK$ 5,900,000 [US$ 761,000]

12 of 14 Taiwanese paintings found buyers, and one of Ravenel Art's aims was to introduce major Taiwanese artists who have developed very personal and different artistic voices. Two works by Michell Hwang 'Young Girl – Chasing Dreams' and 'Story' attracted spirited bidding. Japanese and Korean works all sold well as did works from South East Asia and India.

After its success today, Ravenel is looking forward to 2009 and further consolidating its position in Hong Kong.

Ravenel Art

Hong Kong & Taipei Autumn Auctions

Modern and Contemporary Asian Art

Ravenel Art Group is pleased to announce that it will hold two auctions this autumn in Hong Kong and Taipei. Our first Hong Kong auction of Contemporary Asian Art with 62 lots offered will be held on Monday December 1, 2008. Our Taipei auction of Contemporary Chinese, Korean and Japanese Art with 147 lots offered will take place on Sunday December 7, 2008.

Ravenel Art has been the leading Modern and Contemporary Art House in Taiwan since our founding in 1999. With offices in Hong Kong and Beijing, Ravenel has played a major part in the growth of the art market over the last 10 years not just in Taiwan but also in the North Asia region. Our biannual spring and autumn sales in Taipei have met with unprecedented success and have continuously broken total sales records for auctions as well as setting numerous records for individual artists.

As China opened to the world at the beginning of the 20th Century, many of its artists chose to study Western Art in Europe. These artists then introduced Western Art techniques and concepts into Chinese painting. Chinese painting was very traditional, preferring ink and brush painting, and portraying scenery. These new artists who ventured to Europe started to adopt oil painting techniques, which they combined with a Chinese sensibility. Ravenel will offer works by some of these artists including Sanyu, Zao Wou-ki and Chu Teh-chun. These three artists settled in France. Sanyu is appreciated for his still-lifes combining elements of traditional Chinese painting with Western oil techniques. Zao Wou-ki is famous for his dramatic abstracts, which use light in an unique way to create profoundly deep works in oil imbued with Chinese sentiment. Chu Teh-chun, also creates dramatic abstracts. Chinese Contemporary Art has enjoyed enormous success over the last five years with a strong appeal for both Western and Regional collectors. Ravenel will offer works by the leading artists in this field including Zhang Xiaogang, Zeng Fanzhi, Wang Guangyi, Yue Minjun and Yan Pei Ming. Zhang Xiaogang is renowned for his ''Big Family – Bloodline'' series, which portrays Chinese faces taken from old photographs. Zeng Fanzhi''s ''Wild Grass'' series as with all his works is concerned with portraying the inner self. Wang Guangyi''s ''Great Criticism'' series is one of the best known in the West. Wang is part of the ''Political Pop Art'' group and in his works he combines images from Cultural Revolution posters with modern consumerist images to comment on present day life in China. Yue Minjun''s laughing self-portraits have become an iconic image of Contemporary Chinese art. Part of the ''Cynical Realism'' group, Yue''s laughing faces make a profound comment on life in China. Korean art will be represented by Kim Tschang-Yeul and Park Seo-Bo. Paintings by Japanese artists Hino Korehiko and Hiroyuki Matsuura will attract much interest. Two of the most sought after S. E. Asian artists, Augus Suwage and Budi Kustaro will have works included. A work by Justin Ponmany, a rising star of Indian Contemporary Art will be on offer.   The auction will be held in: The Four Seasons Hotel Ballroom, 8 Finance Street, Central, Hong Kong on Monday December 1. Previews will be held in: Taichung Saturday, November 8-Sunday, November 9, 1:00pm-7:00pm GSR Gallery 1F, No. 83, Gong Zheng Road, Taichung, Taiwan Taipei Friday, November 15-Saturday, November 16, 10:00am-7:00pm Fubon National Conference Center B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan Hong Kong Friday, November 28-Sunday, November 30, 10:00am-7:30pm Grand Hyatt Hong Kong-Salon 1 Harbour Road, Wanchai, Hong Kong

The December 7 auction will present works in four key categories. In Modern Chinese Art, paintings by artists influenced by Western oil painting including Zao Wou-ki, Sanyu and Chen Baoyi will be offered. Zao Wou-ki, who settled in France, is famous for his dramatic abstracts combining Chinese sensibilities with Western painting methods. Sanyu, who also moved to Paris, is appreciated for his still-lifes, which combine elements of traditional Chinese painting with Western oil techniques. Chen Baoyi, who studied Western painting in Japan and who was one of the leaders in bringing Western styles to China, is acknowledged for his outstanding still-lifes. Other artists included in this section are Wang Huaiqing, Liao Chi-chun and Chu Teh-chun. In the Taiwanese Art section key works by many renowned artists will be offered. Taiwanese Modern and Contemporary Art is defined by the unique voices developed by its artists as they engaged with their personal concerns and particularly with the major changes that have taken place in Taiwanese society over the last 30 years. Sculptures by the world-renowned artist Ju Ming will be on offer. He is most famous for his ''Tai-chi Boxing'' series. Works by Lien Chien-hsin will also be featured. His paintings of Taiwanese localities, now touched by the effects of industrialization are always much sought after. Kuo Wei-kun, whose intensely personal works often combining Chinese mythology will also be represented. Other artists included in this section are Michelle Hwang, Chiu Ya-tsai and Liu Kuo-song. Contemporary Chinese art has been top of the market for the last five years. Ravenel will offer works by many of the top artists of this new generation. Cai Guo-qiang, famous for his gunpowder drawings, which he literally explodes onto paper, will be featured. Zhang Xiaogang will be represented by his ''Big Family – Bloodline'' series. Taking his inspiration from old family photographs, Zhang was one of the first Chinese artists to present the Chinese person in an entirely new way. New works from Zeng Fanzhi''s ''Wild Grass'' series will be on offer. Zeng has always been concerned with the inner world of his subjects and their relationship to the outside world. Other artists included are Zhou Chunya, Zhang Linhai, Ma Liuming (Photography) and Luo Zhongli. New interest has arisen in Korean and Japanese art and works by leading artists in these countries will be featured. Japanese artists will include Nara Yoshitomo, famous for his characters with big eyes and a bewildered look on their faces as they face a modern technological society. Hiroyuki Matsuura will also have a work offered. Korean art will be represented by Bahk Seonghi and Kwon Ki-soo.   The auction will be held in: The Fubon National Conference Center B2, No, 108, Section1, Tun-Hwa South Road, Taipei, Taiwan on Sunday December 7, 2008. Previews will be held in: Taichung Saturday, November 8-Sunday, November 9, 1:00pm-7:00pm GSR Gallery 1F, No. 83, Gong Zheng Road, Taichung, Taiwan Hong Kong Friday, November 28, 1:00pm-7:30pm; Saturday, November 29, 10:00am-7:30pm Grand Hyatt Hong Kong-Residence 1 Harbour Road, Wanchai, Hong Kong Taipei Friday, December 5-Saturday, December 6, 10:00am-7:00pm Fubon National Conference Center B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan

Ravenel's Spring Auction of Modern and Contemporary Chinese, Korean and Japanese Art in Taipei on June 1 was a resounding success. Reaching a total of over 500 million NT Dollars or 16.5 million US Dollars, it far exceeded expectations in the present economic climate, and emphasizes that great results can be achieved through a strong professional approach and the offer of high quality works. 171 of 189 lots were sold representing a sale rate of 90.5% and the value of lots sold was 112.8% of estimates showing the strength of the Taiwan art market.

The auction venue was thronged with excited bidders. More than 600 people turned up for the event and with 300 bidders on the floor and numerous telephone and absentee bids the atmosphere was at times electrifying. One of the highlights of the afternoon was a Mao painting by Yan Pei-Ming which sold for 49, 880, 000 NT Dollars or US$1, 640, 520 million including commission a record for the artist. The strength and feeling of this painting had attracted major attention during the previews in Taiwan and Hong Kong. The highest price 73, 400, 000 NT Dollars or US$2, 414, 077 including commission came for a Zao Wou-Ki abstract entitled '1.12.68 (13.2.77)'. This expressive work combining Western painting techniques, especially the use of light, with Chinese feeling is one of the artist's favorite pieces. Zao kept this painting in his personal collection for many years and added some strokes in 1977 thus titling it with two dates.

There was a very strong showing for Taiwanese artists, who are always popular among local collectors. In particular, 2 sculptors did very well. A personal record 8, 850, 000 NT Dollars or US$291, 071 including commission was set for Li Chen with his Golden Rain Bronze, a stunning piece evoking Buddhist sympathies. Two pieces by Yuyu Yang also did very well. A record 3, 186, 000 NT Dollars or US$104, 785 including commission was set for Yang Chihung with his abstract 'Looking for light' a magnificent piece almost seeming to invite us to experience the universe. Chuang Che's abstract, 'Night Town' also set a personal record of 4, 484, 000 NT Dollars or US$155, 238 including commission for this artist. Frantic bidding was witnessed for 3 works by Lien Chien-Hsing whose representation of scenes in Taiwan are close to local collectors' hearts. Also, 2 works by Kuo Wei-guo saw keen interest.

Another highlight of the night was the reception for 2 Huang Gang works. This Beijing artist, whose travels to Tibet deeply influence his art, saw frenetic bidding. Both his works doubled their high estimates. Collages composed in part from sutras, and leather boxes from Tibet along with paint work, they evoke many feelings ranging from spiritualism to the sense of loss. 'Golden Iced Lake (diptych) achieved 8, 260, 000 NT Dollars or US$271, 666 including commission. A work by Zeng Fanzhi, who broke the record for a living Chinese artist a week ago in Hong Kong, saw incredible bidding. The work from his 'We series: Mao Zedong' is a mesmerizing piece which far exceeded its high estimate reaching 14, 600, 000 NT Dollars or US$480, 184 including commission. 'Mother' a work by Chen Ke, a young female artist quickly gaining renown attracted much bidding. Ravenel also introduced some young Chinese artists such as Gao Yu, Cui Wei and Xu Maomao to auction in Taiwan for the first time. Gao Yu's large 'Hello Panda –GG' appealed widely and sold above its high estimate. Xu Maomao's 'Romeo and Juliet' cartoon and robot inspired painting drew a lot of attention from younger viewers and much interest in the auction.

Works by Japanese and Korean artists were well received with all lots selling successfully.Two works by Japanese artist Hiroyuki Matsuura saw frantic bidding with excellent results. 'Maintenance' reached 3, 422, 000 NT Dollars or US$ 112, 547 including commission. This rising star of the Japanese art world uses graphic art techniques. 'Gaya' a work by Choi Do-Young who constructs her works from jeans exceeded its high estimate achieving 2, 478, 000 NT Dollars or US$81, 500 including commission.

Ravenel Art has once again set the standard for auction houses in Asia, building strong and long-term relationships with collectors and offering outstanding works by both major established artists and new emerging artists from China, Korea and Japan. Along with the passion of Taiwanese collectors, this auction also achieved its success through the participation of a wide range of overseas bidders including many Westerners.

Sale Date/Venue: Sunday 1st June 2008, Taipei
Number of Lots Sold / Total Lots: 171 / 189
Value of Lots Sold: USD 16,479,802.664 (TWD 501,068,400)

The following prices in Taiwan Dollars include the hammer price, the buyer premium and are rounded to the nearest Taiwan Dollar.
On the date of the sale, exchange rates were as follows：USD 1 = TWD 30.405 . HKD 1 = TWD 3.896

At the exhibition in Kwangju that year, the walls of one exhibition hall were packed with a series of black-and- white portrait "Au bord de l'eau, 108 Brigands", created by Yan Pei-Ming. The audience could not help but be impressed by the tremendous vigor of huge paintings. These works were completed in 1993-1994, when he was studying at the Villa Medici, the Académie de France for one year. He was the winner of "Prix de Rome", the award issued by French Government, so he was able to study at Villa Medici for one year. "Prix de Rome" has its ancient historical heritage, and it was set up in the 17th century during King Louis XIV era. The aim was to cultivate various young artists with potential. Over the years, well-known artists who won the award included Ingres, Poussin, David, as well as the Impressionist musician, Debussy, Berlioz, and so on. "Au bord de l'eau, 108 Brigands" was collected by French Fonds National d'Art Contemporain.

Apart from the Fonds National d'Art Contemporain, many works of Yan Pei-Ming were collected by top art museums. For example, the huge works "Survivants" created in 2000 is the collection of the Centre Georges Pompidou, Musée national d'art moderne, Paris. Yan Pei-Ming is the third Chinese-origin artist, who followed Zao Wou-ki and the late Chen Zhen, whose works were designated to be the collection in Centre Georges Pompidou. Yan Pei-Ming has very high cultural prestige in France. At the end of 2007, he was invited to visit China with French President, Nicolas Sarkozy, and commissioned to paint three portraits of French hero, Guy Moquet, in the resistance movement. According to the French Ministry of Culture, one of the three portraits would be displayed in the former secondary school of Guy Moquet, the second one is currently on display in the office of the Prime Minister, Francois Fillon, and the third will go to Nicolas Sarkozy's own office. Located at the south of France, Maeght Fondation is famous for its long history, and at the end of 2007, the solo exhibition for paintings and sculptures of Yan Pei-Ming was held with the theme, "Yan Pei- Ming, Portraits d'artistes Peintures Sculptures". Yan Pei-Ming expressed his view through painting portraits and sculpture of the sculptor, Giacometti, Mao Zedong, unknown figures, as well as his own. At Galleria d'Arte Moderna e Contemporanea di Bergamo in Italy, the solo exhibition of Yan Pei-Ming is now being held and this is the irst time for Italian oficial art museum to display his works. It can be inferred that how significant he is in Europe.

Despite Yan Pei-Ming often took part in various art museums in Europe or international Biennales, he was most concerned about the exhibition held in Shanghai, his hometown, in 2005. He believed that national art museum in China, such as in Beijing and Shanghai, any exhibition could be held for only eight or nine days, as long as the money spoke, but the condition was so bad. He mentioned that Centre Georges Pompidou in France, the Tate Modern in London and MoMA in New York, low grade of works would not be allowed to exhibit there. Once the works are selected, the art museums will not charge any money from the artists. Therefore, he insisted on exhibiting his works without any conditions. Later, Shanghai Art Museum and Guangdong Art Museum allowed him to hold an exhibition unconditionally for a full month. It is understood that because of his persistence, some Chinese media have deliberately blocked the news of his exhibition in Shanghai Art Museum. Yan Pei-Ming will never compromise for his profession. For the China rush in the art market, Yan Pei-Ming has his self-adherence, and hope that paintings should not be speculated, nor ups and downs with the market.

I will never compromise my efforts of 30 years

Yan Pei-Ming, who boasted as a world-class professional artist, only maintains the relationship with two galleries in Italy and the United States, respectively. He does not accept other agents of the galleries, nor direct contacts with the auction company, as he respects the professional agency mechanism. All his works at current auctions on the market were released from the hands of collectors. He once clearly said that somebody from China wanted to be the agent for his works, but he refused. He said frankly that no Asian art galleries were eligible to be his agent. He has created for more than 30 years, how can I take my artistic life as a joke? He irmly said, "I will never compromise my efforts of 30 years." Born in a worker's family in Shanghai, he had to be a dishwasher in a French restaurant for many years, in order to study in France. But step by step, he climbed upwards, with few requirements for the material, and not craving for wealth. However, when facing his art life, he will be surely persistent to the end.

Based on respect for the independent creative, Yan Pei-Ming is away from the hubbub of the market, and the market value of his paintings were keep low at the auction market a few years ago. The number or amount of his works is far less than that of other artists at the same age. Before 2005, less than 10 pieces of his works were appeared at auction market in the global and the annual transaction volume was less than US$210,000 in total, which was equivalent to less than NT$7 million. The market was mostly concentrated in Paris, France. However, as the trend of overall price rising in Chinese contemporary art, his paintings has in fact become the focus of attention at auction market, though he lives in Dijon, France, far away from Asia. So, irst at auction market in Hong Kong in 2005, then at other auction markets, such as in London, New York, Brussels, Cologne, Beijing in 2006, and in Taiwan, Shanghai and other places in 2007. Throughout the year of 2007, 44 pieces of works were displayed and the annual transaction volume was US$15.51 million (about NT$488.63 million). According to the news report, Yan Pei-Ming has accumulated about thousand of his creative works up till now. However, up to the irst quarter of 2008, only 132 lots of Yan Pei- Ming's works were appeared at the auction market. 120 lots were for his oil paintings, 10 lots for his watercolors, drawings and other works, and two auctions for prints. In fact, several oil paintings have been auctioned for the second time. He hopes that collectors will cherish forever his works, but the supply and demand of the economy exists in the market mechanism. When the demand is far greater than the supply, the second time auction is also well received by the market, though prices have been rising.

According to the report, "Art Market Trend 2007", issued by Artprice in March 2008, Yan Pei-Ming's accumulated trading volume at auction markets in 2007 has been ranked 109 among all artists in the world (including the ancient masters and the late artists). In 2006, he was only ranked in the 308. How interesting it is that there were "108 Brigands" ranked in front of him in 2007! Among the irst 100, there are 18 Chinese artists in all, with contemporary artist, Zhang Xiaogang, (No. 22) in the highest rank, followed by other contemporary artists, such as Yue Minjun (No. 26), Zeng Fanzhi (No. 27), Wang Guangyi (No. 77), Fan Lijun (No. 82), Cai Guo Qiang (No. 89), Liu Ye (No. 93), Zhou Chunya (No. 64); the artistic predecessor, Zao Wou-ki (No. 30), Wu Guanzhong (No. 39), Xu Beihong (No. 52), Zhang Daqian (No. 65), Qi Baishi (No. 70), Li Keran (No. 71), Chu Teh-chun (No. 75), Fu Baoshi (No. 86), Chen Yifei (No. 90); and Taiwanese sculpture master, Ju Ming (No. 95) is also on the list.

Yan Pei-Ming's paintings have become hot at the auction market in the past one year. Moreover, he is also very popular at the exhibition gallery in the primary market. Last year, when Milan agent gallery held his solo exhibition, many celebrities and large masses visited the exhibition, as some audience mentioned. At the opening party of the exhibition, no labels with red dots or price lists had been seen. After asking the curator of the gallery, people then knew that all works in the exhibition had been completely sold out, and each piece of works cost about 500,000 Euros (approx. NT$23 million) in average. Hence, Yan Pei-Ming entrusted the agent gallery to deal with all the affairs in the market. His Italian agent is a world-class art dealer. The active auction market has no doubt led the gallery market booming of buyers.

Underestimated value expected to be made up in 2008

Chinese contemporary art market climbed up the peak in 2007 and it brought up the contemporary artists at the market around the Asian. Regardless of the Mainland China, Taiwan and Hong Kong, or in New York, London, Paris, the new records have always been reported at the major auction markets in the world. Though rumors about the sub-prime mortgage crises in the US triggered the economy bubble are constantly heard, the investment in art as an alternative hedge has been advocated by many investors. It is certain that the international art market as a whole will become more rational in 2008 than in the past. Those artists whose works had been raised too much a few years will probably have the tendency of adjustment in the market. Thus, it is good and healthy impact on the market. In 2005, Chinese ink painting and calligraphy market had reached its peak, after that, it was declining, and the market had to be reshuffled. However, the ink market was apparently warmed in 2007. With positive proof of calligraphy and paintings markets, modern and contemporary painting markets can avoid overheating concerns. Unless heavyweight auction, the high prices in general will not be easy to have a new record in short-term for artists whose works are already higher. But prices for those important artists whose works are not too high, a make up for the price can be expected. The situation is similar to Taiwanese contemporary artists, as well as to Japanese, South Korean and other Asian contemporary artists.

In the past, because of the place of residence, Yan Pei- Ming was well known in Europe as a great artist, and his works are mainly concentrated in the European market. From the beginning of 2007, as he has joined the cooperation of New York gallery agency, his solo exhibition began to launch. The works of Yan Pei- Ming with potential of more international buying in future have promising prospect. It fully complies with the conditions of underestimated value in the market. He is expected to follow Cai Guo Qiang and becomes a star artist in international auction market.

In the addendum, a copy of "Top 20 Most Expensive Paintings of Yan Pei-Ming Ever Sold at Auction" has been sorted, and the source is from the data published by major auction companies in the world before March 31, 2008. It can be seen that all new records in the auction market were set up after 2007, except for the black-and-white portrait of "Mao", which ranked No. 12, was set up on October 15, 2006. The prices of ive pieces of works were updated in the irst quarter of 2008. At present, the highest price in the auction market is the red portrait of "Mao", which hit the highest new record in New York on November 14, 2007, and it reached US$1,609,000, equivalent to about NT$50.7 million. The works of the second highest price is "Vermillion de Chine No. 3", set up in Taipei Ravenel on December 2, 2007, which reached NT$45.4 million, equivalent to about US$1.44 million. In contrast to several other high- level contemporary artists, "Family portrait" created by Zhang Xiaogang reached US$4,699,000 at the auction in last autumn. "Xiehe hospital series (triptych)" created by Zeng Fanzhi reached US$5.88 million, "Execution" created by Yue Minjun reached US$5.9 million, "Mao Zedong AO" created by Wang Guangyi reached US$4.07 million, "Set of Fourteen Drawings for Asia-Paciic Economic Cooperation" created by Cai Guo Qiang reached US$9.5 million. It is expected that Yan Pei- Ming's works should be promising in the future market.

The portraits of Mao Zedong occupy half of top 20 highest price

According to media reports, having about 30 years of creative qualifications, Yan Pei-Ming has accumulated about 1,000 pieces of creation, of which about 100 pieces are large and small portraits of Mao Zedong. Other works are self-portraits, portraits of his father, and most of them are decent portrait of the unknown characters. Mao Zedong is indeed the world-renowned figure, although only a small part of the creation are with the subject of Mao, half of 20 pieces of Yan Pei-Ming's works with the highest price at current auction market are portraits of Mao Zedong. From 1987, Yan Pei-Ming began to paint the portraits of Mao in France. In fact, it is also a kind of self-portrait to some extent. Experienced with different times, these portraits have reflected the current thinking about the past culture. The creation of Chairman Mao has shown the personality of Yan Pei-Ming, though they are created in different times. His style could be recognized at a glance. He has long been identified as the significant contemporary portrait artist by art critics.

It is worth mentioning that Yan Pei-Ming began to paint portraits of Chinese ilm star, Bruce Lee, recently. It was stated at his art monograph, "Yan Pei-Ming - The Way of the Dragon". In order to enter the art market and hold solo exhibition in the United States, he deliberately chose a theme to cater with American cultural background with a familiar Chinese face. The result of strategy was successful. London based auction company promoted a portrait of Bruce Lee in February this year and it was auctioned at ￡692,500 (about NT$ 42,935,000 or US$1.36 million). It is good performance for the portrait of Bruce Lee irst appeared in the auction market.

Yan Pei-Ming's works accounted for the largest sales in London auction market

In the past few years, Chinese auction market was booming, and it made Southeast Asia, Northeast Asia and even the local auction companies in New York organize special exhibition for "Chinese Contemporary Art". Based on this, some companies held the auction with the expanded theme as "Asian Contemporary Art". They joined into this unprecedented era of the Warring States Period. One of the largest scales is the promotion of New York Sotheby's, who has promoted special auction themed as "Chinese Contemporary Art" since March 2006, aiming to take the advantage of New York market, which has always been prosperous. But before it succeeds, several auction companies in London, which is the second largest auction distribution center, have aggressively increased the mainstream Chinese artists on a large scale in the original "Contemporary Art" category, hoping to improve the market share. At several auctions in the fall of 2007, a few auction companies in London had indeed made excellent performance and they could rewrite the past records set up by other auction markets frequently. These initiatives undoubtedly facilitate Chinese contemporary art into international art market and this is what we would like to see, as more and more people and global funds to buy Chinese art works.

Yan Pei-Ming has high reputation in Europe, but New York is still a relatively new market for him. Nevertheless, it can also accept this Chinese artist who came from France. Since 2006, Yan Pei-Ming's works have been transacted for over 35 times in a short span of two years. The amount of sales has reached US$12.64 million (approx. NT$398.2 million), which is the largest share 48% of Yan Pei-Ming at the auction market. It is followed by the New York market, which accounted for 18%. The third market is Paris, which accounted for 12%. Taipei's auction market started from December 2007 to auction the works of Yan Pei-Ming, but only accounted for 7%. However, "Chinese Vermilion #3" has been auctioned at Ravenel, and the second highest record was set up at one stroke. It should also be mentioned that before and after the auction, several major collectors abroad had also paid attention to this auction, with a high degree of inquiry. June 2008, Ravenel will continue to promote the red portrait of Mao Zedong, "Mao. Chinese Vermilion #5". It is a rare piece of red portrait of Chairman Mao, which is estimated at NT$35-44 million, equivalent to US$1.206 million to US$1.517 million. The works has a good chance to set up an excellent record.

Chinese art market this year is a rational one, and it is better to maintain a cautious and optimistic attitude to welcome the forthcoming hot season of auction this year. It is believed that many people have already had their favorite artists in their minds. The artists with high popularity or international buying market can be put on the list. Yan Pei-Ming's works are certainly the first choice in respect of various conditions. We can expect that the artist with self-persistence in his creation will surely bring good evaluation on his valuable works. The market will certainly make up the underestimated works in future, and this will be the focus of art auction market this year, which will absolutely be admired by art lovers.

Press Release

Highlights of Modern and Contemporary Chinese Artists and Outstanding Works by Japanese and Korean Artists

Ravenel Spring Auction 2008 will take place in the Fubon Financial Center in Taipei on June 1, 2008, and will include 189 major works from Chinese, Taiwanese, Japanese, Korean, and overseas Chinese artists. The total value of the Spring Auction 2008 is estimated to reach NT$500 million [approx US$17.2 million]. Among the works, the most valuable piece is the grand work "1.12.68 (13.2.77)" by Chinese Art Master Zao Wou-ki. Painted in the 1960s, it has an estimated price of between 72 to 95 million Taiwan Dollars (approx. US$2,482,800-3,275,900). Influenced by both his Chinese origins and Western learning, Zao follows the composition pattern of a traditional Chinese landscape painting employing Western abstract. The dark red background covered with churning dark strokes stands in juxtaposition to the soft radiance of gold and silver light creating great power. The light source is reminiscent of Western Art techniques. Zao Wou-ki has created a concept of nature and space that is both mysterious and profound.

Great Artists' Masterpieces Transcend Time and Space. This is a Great Time for Collectors.

Along with Zao Wou-ki's work, the Spring Auction 2008 brings together some classic paintings by well-known artists, including three by Lin Fengmian—"Lady with flowers", "Layers of Mountain Scene", and "Rain and the Mountain". There are also early oil paintings by Lin's counterparts, Guan Liang and Yee Bon, a scenery painting of New York by Yun Gee, and the original ink and color painting "Fruit Tree" by Wu Guanzhong, which was later replicated in lithograph. In addition, there are four oil paintings by abstract master Chu Teh-chun, including his classic painting "L'hiver poètique", which reveals gorgeous dancing snow scenery. This piece is illustrated in "Chu Teh-chun" published by the Ueno Royal Museum in 2007. There are two portrait oil paintings by George Chann, which were collected by Michael D. Brown, an important American curator who helped discover early overseas Chinese artists. There is also an unprecedented minimal abstract oil painting by Richard Lin, and an ink and color "Tibet" series from Liu Kuo-sung. Finally, in this category there are oil paintings by Hsiao Chin. All these paintings add a great sense of anticipation to the Spring Auction 2008.

Highlights of Contemporary Arts

Along with the classic paintings of renowned masters Ravenel Spring Auction 2008 is also proud to present major works by Chinese contemporary artists. Contemporary Artists are represented from three regions, — overseas contemporary group, Chinese contemporary group, and Taiwanese contemporary group. Outstanding and fine examples of the great work coming from these regions are represented. The first highlight is Yan Pei Ming's "Mao. Chinese Vermilion #5", a gigantic Chairman Mao Portrait. Ravenel's Autumn Auction 2007 set a record for Yan Pei Ming so it is with great excitement that this painting is presented. Yan, who is greatly admired and respected by French arts society, has resided overseas for many years. His personal experience of the Cultural Revolution, his unique cultural origin as well as his own artistic exploration, are all portrayed in this gigantic portrait of Mao. Another highlight from contemporary artists is Zeng Fanzhi's "We Series: Mao" employing rare circular strokes to depict a transitional piece between "Mask" series and "Portrait" series. The disappearance of the personal mask and the abstraction of the image help single out the subsequent "Portrait" and "Wild Cursive" series. Yin Zhaoyang's large oil painting, "Rent Collection Courtyard," based on the rent collection courtyard during the Cultural Revolution, is a milestone in his contemporary work. Wang Guangyi's "V" from his Great Criticism Series reveals his reflections on consumer society and is full of contemporary significance. Ye Yongqing's "The Nine Bird Cages in Winter" was one of the exhibitions at the Shanghai Biennial 1996. In addition, other great works include Qi Zhilong's large oil painting "Woman Solider" and Zhang Xiaotao's "The Decay of Landscape: Cloud and Mist," Su Xinping's "Banquet Series" and "Sea of Desire No. 32," Zhou Chunya's "Green Dog" and "Mountain Rocks," Xu Jiang "Charm of Autumn," as well as Huang Gang's "My Box" and "Golden Iced Lake." Wang Huaiqing's "Lute Table" 2003 portrays a simple image in black and white representing the unique space effect of the classic Chinese platform. Wang's "Antique Jade Series" in 1999, completed after Commoner's House and Ming-Style Furniture Series blends colors in an abstract painting.

Great works by contemporary Taiwanese artists include Yang Mao-lin's "Yun Mountain Memorandum L9215," Michell Hwang's "Group Portraits-Lovers in the City," Wu Tien-chang's "Aboriginal Melody," and fine works by other artists, including Chiu Ya-tsai, Cheng Tsai-tung, Li Chen, Hou Chun-ming, Kuo Wei-guo, Lien Chien-hsing, Hwang Jyi, Lu Hsien-ming, Su Wong-shen, and Huang Chih-yang. The magnificent achievements from these artists have contributed to the great success of the auction market for Chinese artworks.

Since its establishment in 1999, Ravenel Auction has dedicated tremendous effort in promoting artistic and high quality Chinese works and has won great admiration from its peers. In the autumn of 2007, a Korean contemporary art section was added. Each piece was admired and achieved excellent results. Following from this success, Ravenel Auction will include a Japanese section in a new "Japanese and Korean Contemporary Arts Section' in our Spring Auction 2008. This new section will enrich our original "20th and 21st Century Chinese Arts". The Japanese contemporary artworks include works of avant-garde pioneer Yayoi Kusama, animation cartoon artists—Hiroyuki Matsuura and Rieko Sakurai, Flat Art artist Ai Yamaguchi, and classical descriptive artist Lyntalo Torii. The Korean artworks come a diverse field including modern Korean masters—Kim Tschang-yuel and Park Seo-Bo, negative sculptures form the young artist Lee Yong Deok, denim scenery by Choi So-Young, and cartoon paintings by Kwon Ki-soo. All these works show the beautiful representation of multi-dimensional Korean arts.

on last Saturday, the Ravenel auction on Sunday was more vehement. It was hustle and bustle in the auction and the volume of transaction broke new high again, reaching NTD 760 million. Artist Wang Huaiqing's "Sincerity makes metal and stone crack" got the champion at the closing price of NTD 87.96 million. Meanwhile, the price for the works of Taiwan artists also rose accordingly. Hou Junming's "Body Splitting Technique" was only initially quoted NTD 300,000. After severe bidding, the final closing price was 17 times higher than the quotation price, reaching a height of NTD 5.42 million (including commission), breaking the highest auction record for individual single works.

The "Ravenel Autumn Auction 2007" held in Fubang Building on South Dunhua Road of Taipei yesterday demonstrated an extraordinary popularity. The auction is hustle and bustle. The bidders were vying and the scene can be described as "vehement". That indicates that the artist works market in Taiwan has gradually developed to a higher level. "Ravenel" auction is generally described by market insiders as the most wonderful one among the five auctions this year.

Huang He, Deputy Director of Art Galleries Association R.O.C., indicated that the most outstanding point in this auction was the upswing of contemporary Taiwan artists. Price for the works of many artists is over 5 to 6 times of the estimated price. Though the price for the works of contemporary Taiwan artists has marked into the market in autumn this year, it is unexpected that there is such a vying scene among the bidders in the autumn auction and the price is rising increasingly.

Works of contemporary Taiwan artists such as Lian Jianxing's "Astonishing Encounter", Huang Mingzhe's "Bird", Hou Junming's "Body Splitting Technique", Yang Renming's "Unstable Binding" and Guo Weiguo's "Memory about Countrymen", etc. were all closed at a high price. Huang Ji's works, the "Fracture of the Colony-Decadent God of Beauty", was closed at NTD at the price of 4.8 million, also breaking the highest auction record for individual.

Chen Huidai, the expert on the Ravenel Auction indicated that, compared with auctioned works of contemporary Chinese artists, the works of contemporary Taiwan artists have competitive edge in price. The reason that works of contemporary Taiwan artists can rise directly to a high position is not only the price parity. The senses of quality of creativity of contemporary Taiwan arts are the main reasons that contemporary Taiwan artists have gradually won the favor of the collectors.

Additionally, the focus on the auction is that the auctioned works with the highest price estimation is Wang Huaiqing's "Sincerity Makes Metal and Stone Crack", a triplicate painting. The estimated price is between NTD 80 million to NTD 98 million and the closing price is NTD 87.96 million. The work was finished in 1998. It has once been published on the cover for Wang Huaiqing's individual exhibition and was selected as Wang Huaiqing's representative work in the millennium "Exhibition of Chinese Oil Paintings in 20th Century", indicating its great importance. The painting work has been originally collected by a domestic renowned estate businessman.

Another highlight is Yan Peiming's "Chinese cinnabar" with Mao zedong's portrait as the topic, which is closed at the price of NTD 45.4 million.

Sale Date/Venue: Sunday, 2 December, 2007, Taipei
Number of Lots Sold: 174
Value of Lots Sold: approx. USD 22,356,541 (TWD 721,333,800)

The following prices in Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest Taiwan Dollar.
On the date of the sale, exchange rates were approximately as follows: USD 1 = TWD 32.265   HKD 1 = TWD 4.143

Wang Huaiqing's "Gold Stone" Set the Artist's Record for US$2,726,174 Masters' Works Like Zao Wou-ki's Maintaining High Standard
Works by Hong Ling,Yang Din, Li Chen and Hwang Jyi Broke Artists' Auction Records

Ravenel Autumn Auction 2007 attracted hundreds of collectors and celebrated people from the art circuit on Sunday, December 2nd. The crowd filled the whole saleroom. The total sale of "The 20th & 21st Century Chinese Art, Korean Contemporary Art" brought over NT$720,000,000 (US$22,356,541), also a new record for the past Ravenel sales and in Taiwan auction scene.

This sale assembled 203 pieces of artworks, among them 174 lots found buyers successfully. It was 85.7% sold by lot, 129.6% sold by value. The top lot was lot 069 Wang Huaiqing's gorgeous triptych "Gold Stone", setting the artists' new record for NT$87,960,000 (US$2,726,174), breaking the last record NT$39,970,000 (RMB 9,296,000) in Shanghai this spring; the second highest lot in this sale was lot 071, Zao Wou-ki "19.7.63", was sold for NT$48,760,000 (US$1,511,235); The third highest lot was lot 156 "Vermillion de Chine No. 3" by Yan Pei Ming, gained by a phone bidder for NT$45,400,000 (US$1,407,097). Other Zao Wou-ki's pieces obtained brilliant results as well, such as NT$44,280,000 (US$1,372,385) of lot 070 "20.11.89", and NT$34,200,000 (US$1,059,972) of lot 078 "5.11.62".

20th century modern masters' works were very present this time, Chu Teh-chun's "Nature hivernale" was sold for NT$31,960,000 (US$990,547), the rest of Chu's works offered in this auction obtained good results as well; Liao Chi-chun's "Venice" went for NT$21,880,000 (US$678,134), Wu Guanzhong's "Mountain Bamboo" went for NT$17,400,000 (US$539,284), Ju Ming's wood sculpture "Taichi Series- Single Whip" sold for NT$16,280,000 (US$504,572).

In addition to the said Wang Huaiqing, some Chinese contemporary artists also established their new world records or their works went for more than their presale estimates. Hong Ling's "Surge" fetched NT$14,040,000 (US$435,146), Zhou Chunya's "Vase of Flowers" sold for NT$10,856,000 (US$336,464), twice higher than the estimate. Zeng Fanzhi's "Watermelon" went for NT$7,316,000 (US$226,747), even over twice higher than the estimate. France sojourning artist Yan Pei Ming's "Vermillion de Chine No. 3" fetched a spectacular price here. "Woods on Blue Background" by Yang Din, its rare wonderfulness, addition of the French films, established the artist's new record for NT$2,832,000 (US$87,773).

Taiwanese contemporary artists had tremendous results in this sale, Hwang Jyi's "Fault in a Colony- Three Graces" set the artist's record for NT$5,664,000 (US$175,546), Hou Chun-ming's "Chakra, Clone Technique" renewed the record of single piece by the artist; Li Chen's sculptures "Avalokitesvara" and "Float to Sukhavati" set new records in sequence with NT$5,900,000 (US$182,861) and

NT$6,136,000 (US$190,175). The final prices of works by Chuang Che, Michell Hwang, Kuo Wei-guo and Lien Chien-hsing all reached at results several times higher than their estimates.

The debut of Korean contemporary art had a great result. Kwon Ki-soo's "Grey Forest", estimates NT$360,000-600,000 (US$10,900-18,200), sold for NT$2,124,000 (US$65,830); "Library" by Hong Kyong-tack, "Words in the Water" by Kim Tschang-yeui, "Brush" by Lee Jung-woong and "Looking 050301" by Lee Yong Deok brought about the strong bidding between the present buyers and phone bidders. This sale was full of excitements and the bustling had never been seen before in Taiwan. There were many newly collectors, and buyers from abroad. Ravenel autumn auction 2007 was considered as the most thronged sale ever in Taiwan art scene.

RAVENEL'S AUCTION TO FEATURE PROMINENT CHINESE

CONTEMPORARY ARTISTS

WANG HUAIQING'S GOLD STONE TAKES THE STAGE IN GRAND MANNER
YAN PEI MING'S VERMILLION DE CHINE RECORDS THE HISTORY OF MAO ZEDONG

MODERN MASTERS INCLUDING ZAO WOU-KI, CHU TEH-CHUN, WU GUANZHONG,
LIN FENGMIAN, WU DAYU AND LIAO CHI-CHUN

NEW FOCUS ON CHINESE CONTEMPORARY SCULPTURE AND KOREAN
CONTEMPORARY ART

【Press Release】

Chinese art auction market contains stunning energy and for years it has kept rewriting the world record for many Chinese artists or turnovers of auction in succession. Besides the continuous increasing Greater Chinese Region market, more international collectors have also favored this market, especially Chinese modern and contemporary art categories catch up with the trend and drawn near the level of market status for Western masters. Established in June 1999, boasting professional and high-quality consultation and services, Ravenel has a proven track record in international auction market. In the "Art China, Annual influence 2006" held at the beginning of 2007 in Beijing, Ravenel was recommended as one of the most influential auction houses in Hong Kong, Macao and Taiwan. In order to recommend more works of art and efficient services the majority of collectors, in April 2007, Ravenel established its branch in Beijing and in the future it will make efforts towards auctions on Asian art, private sale of Western art, art fund, art insurance, etc. In 2007, the Ravenel spring auction established a transaction value of NT$ 562 million (approx. US$17 million), a new record for any single auction of Taiwan.

Ravenel's team of Taipei and Beijing assembles an excellent selection for upcoming auction from international and Chinese markets and create exquisite professional platform for Chinese art auction. "Ravenel Autumn Auction 2007" this time has larger scale and higher sum than ever. The sale is expected to bring NT$560-760 million (approx. US$17-23 million), the highest value ever staged for the company. Besides original "The 20th & 21st Century Chinese Art ", it has increased "Korean Contemporary Art" in a hope that due to market demands the scope of service gradually expands to other fields of contemporary art in Asia.

"Ravenel Autumn Auction 2007" in Taipei will take place on Sunday, December 2, 2007 at Fubon National Conference Center. The sale includes 203 lots by 118 artists from Chinese, Taiwan, oversea Chinese and Korea. The auction preview exhibitions will make tour in various places at Taichung's GSR Gallery (Oct 27 and Oct 28), Beijing's Grand Hyatt Beijing – The Residence (Nov 11 and Nov 12), Hong Hong's Grand Hyatt Hotel – Salon (Nov 23 to Nov 25) and Taipei's Fubon National Conference Center (Nov 30 and Dec 1).

Highlights of Ravenel Autumn Auction 2007

Wang Huaiqing's "Gold Stone" triptych and YAN Pei Ming's "Vermillion de Chine No. 3" The top lot of Ravenel Autumn Auction 2007 is the triptych "Gold Stone" by Wang Huaiqing, whose pre-sale estimate is NT$80-98 million (approx. US$2.4-3 million). It is the artist's most monumental painting in scale and in meaning appearing in auction market up till now. Finished in 1998, "Gold Stone" has once been illustrated as the cover of Wang Huaiqing's solo exhibition and was selected as Wang Huaiqing magnum opus in millennium "20th Century Chinese Oil Painting Exhibition" held in National Art Museum of China in Beijing, which could be a reflection to its importance. "Gold Stone" is Wang Huaiqing's abstract painting with "black" and "gold" as the base tone, which is different from previous black and white elements. The painter has attempted in portrait with the third color besides black and white. In his early works, he adopted some golden color to express holiness and permanent significance. In Western religious civilization, gold used to be the major color in painting. "Black" and "gold" that are hard to be classified into color yet represented the most classic color application in the painting history at home and abroad. Eastern black and Western gold respectively represent two types of special cultural connotations and get integrated artfully in Wang Huaiqing's "Gold Stone". Fin a series of YAN Pei Ming's portraits, Mao Zedong is the most primitive and the most important topic and Mao Zedong in vermilion red is the most powerful subject. Vermillion is color of traditional China. It has been once the elixir for the warlock's pursuit for eternal life. Being elixir, it also has toxic feature. In 2001, Berlin, YAN Pei Ming named his exhibition as "Vermillion de Chine: Portrait de Mao Zedong" exhibition, reflecting great significance of the theme. In 1993, YAN Pei Ming won "Prix de Rome" and entered Académie de France, Villa Medici, Roma for one year of study. The award was firstly established in the era of Louis XIV in the 17th Century. Artists that have won the award include Ingres, Poussin and David and musicians like Debussy, Berlioz, etc. "Vermillion de Chine No.3" (est. NT$28-42 million or US$847,700-1,271,600) that is created in 1995 in this auction participated in 1998 exhibition in Académie de France, Villa Medici, Roma, which could be a reflection to its importance. Modern Masterpieces——Four oil painting by ZAO Wou-ki, Eight oil painting by CHU Teh-chun Ravenel Autumn Auction 2007 has altogether collected four wonderful paintings of ZAO Wou-ki the international master in different periods: two from early 1960's and are of brown tone "5.11.62" (est. NT$27-42 million or US$817,400-1,271,600) and yellow tone"19.7.63" (est. NT$36-48 million or US$1,089,900-1,453,200); the sentimental works of "11.1.72"(est. NT$11-18 million or US$333,000-545,000) for May, his sick-laden ex-wife in 1972 and "20.11.89" in homage to Henri Matisse who's the master of 20th century (est. NT$ 45-55 million or US$1,362,400-1,665,200). All are ZAO Wou-ki's key magnum opus in various times. "5.11.62" was once in the possession of Laing Galleries in Toronto, which is the leading gallery in Canada with great contribution to abstract arts after World War II. The works adopts the sea scenery horizontal composition that is most typical of 1960 with grand and vivid manner. The painting is divided into three paralleled sections. Upper and lower scope containing sky and earth are almost ochre and copper color. The mid part is bright yellow and green. The light rushes out of the center of the painting. Black lines move across in between resembling the shadow left behind after racing. Actual and imaginary connotations have mingled into dragging and pushing power. ZAO Wou-ki's "19.7.63" from 1963 was once in the possession of famous New York Kootz Gallery. The painting catches viewer's eyes with rapid strokes. The style full of uninhibited strokes of brush is the tradition of Chinese calligraphy. The work has combined with calligraphy and painting. Another painting, namely "11.1.72" is a painting finished by the artist two months before May died from disease. The painting contains private codes and sentiments of the artist. The superfine tension emanates a concise and mysterious poetic flavor. The wretched and boundless world is tinted by pinkish purple featuring the gentle mood. In his oil painting, the wretched and boundless world is tinted with pinkish purple, featuring gentle mood. In the oil painting of"20.11.89", ZAO Wou-ki has also explored into Matisse's abstract scope. "20.11.89" is more concise as compared to other two works of "Homage to Matisse". The central black is displaying the vast universe, as the black door mentioned by Matisse. Blue and green and purple recede to the skyline and the pure black make a vertical cut on the greenish white background. It resembles the free strokes free strokes in Chinese landscape painting indicating unfathomable valley. In the vertical composition of ZAO Wou-ki enlightened by Matisse, link of Chinese calligraphy can be found as well as harmony between yin and yang actual and imagery scopes. There are 8 works of CHU Teh-chun from his significant periods were presented in the auction: including the "Composition in Red" (est. NT$2.4-3.6 million or US$72,700-109,000) in 1979. The orange light source reflected from inside source out. In the red background, the black calligraphy lines have composed powerful flavor and displayed the artist's up-heaving sentiment. The snow scenery completed from 1987 to 1988, namely the "Nature hivernale" (est. NT$19-28 million or US$575,200-847,700) is the rare vertical composition in the series presenting the cozy and elegant snow scenery. In 1988, his "Lightening Shadow II" (est. NT$9.8-16 million or US$296,700-484,400), has stroke with definite layers and bright tempo. In 1989, the sapphire blue series of "Ombres bleues" (Blue Shadows) (NT$9.5-12 million or US$287,600-363,300) is a detailed blue color painting giving the impression of profoundness. Abstract painting as it is, it is close to the splendid scenery in Chinese landscape painting. 1989 the brown color "Échos lumineux" (est. NT$6-7 million or US$181,700-211,900) displays the artist's large brush skills, smooth and affluent in music connotation. In 1992, the works of "Revelation dans les ténèbres" (est. NT$8.2-9.6 million or US$248,300-290,600), the colors wake up from the dark. The image of the mountains gives a happy astonishment of "When one door shuts, another opens." In 1995, the fresh vernal charm in "La Nature" (est. NT$9.5-12 million or US$ US$287,600-363,300) has reflected endless vividness of the nature. "Hong Kong No. 25" (est. NT$2.3-2.6 million or US$69,600-78,700) is the masterpiece in response to return of Hong Kong. 12 LIN Fengmian's stunning color ink paintings from various ce In the autumn auction, there is "LIN Fengmian Collection" made up of 12 exquisite paintings. They are years of collection of the literature personnel in Taiwan and the veteran collectors. The works have rich book publishing record. Four of the paintings are shown in the "Colours of East and West: Paintings by Lin Fengmian" exhibition held in Fine Arts Museum of Hong Kong University in 2003. There are "Lady in Front of Mirror" (1940's), "Flowers in Vase" (1950's), "Bird" (1977) and "Still Life" (early 1980's). Among these, "Still Life" has been appraised by Shen Roujian, the late Chairman of Shanghai Artist Society, as LIN Fengmian's precious works and recommended. We are honored to have support from the owner of Sanhuai House in Hong Kong, who offers 6 works he has kept for years. "Dongpo Appreciating Bamboo" (1950's), "Pot of Flowers" (1960's) and "Autumn Forest" (1950's-1960's) during his stay in Shanghai and "Reclining Nude in Modigliani's Style" (about 1979), "Reeds and Wild lebrities' collection Geese", "Village in the Maple Forest" (mid 1980's), etc. during his stay in Hong Kong. Most of the works have literature references. "Reclining Nude in Modigliani's Style" has been owned by Jin Dongfang, LIN Fengmian's female disciple. The work was painted for Jin Dongfang's biography of "Modigliani" and has been published on the cover of the book. The painting adopts the gesture like female nude of Amedo Modigliani, Italian artist of École de Paris and displays as compared to uninhibited sentimental of Modigliani nude woman painting. LIN Fengmian's nude painting displays the refrained oriental sentiments. Autumn Forest is the key works for exhibition in 1992 in "The Art of Lin Feng Mian" held in Hong Kong Arts Center. The exhibition is in memory of anniversary of LIN Fengmian's death. "Village in the Maple Forest" has been selected to print on cover of ArtLink, journal of the Arts Center and its estimate is at NT$13.5-22 million or US$408,700-666,100. This "LIN Fengmian Collection" contains other precious works: a colorful "Lady" that belongs to the exquisite works in 1980's in Hong Kong. It has been exhibited in Taiwan Mountain Art Museum and published in its catalogue, with estimate of NT$5.6-8 million or US$169,500-242,200; the other painting, "Flowers and Bird", has been painted for fellow artists in Taiwan as LIN Fengmian held retrospective exhibition in Taiwan in 1989, so as to express their friendship. Rare works of WU Dayu, GUAN Liang and WU Guanzhong In this auction, an oil painting is solicited, namely WU Dayu's "Flower Symphony". It is one of the artist's rare paintings in his late stage. The painting adopts an overall classic blue color. The color patches of various sizes match tempo of the lines and the dubbing is used for the artful statement. Abstract indication and association gives vent to dream in mind. It is WU Dayu's confident creation. "Flower Symphony' is estimated at NT$3.6-5 million (approx. US$109,000-151,400). GUAN Liang, the Chinese first generation painter, two of his works are presented in the auction. One is "German Scenery", the small oil paining of 1950's. Though in small size, it is full of vividness. The other is "Chinese Opera Figure", the colored ink painting for figure in drama, presenting GUAN Liang's consummate master of mien contained in figures. The forthcoming Ravenel's autumn auction has solicited three of WU Guanzhong's works, one of which is "Mountain Bamboo" in 1975, collected by Wu Guiping, friend of the painter, who has been gifted by WU Guanzhong and colleted it for nearly 30 years. In the summer of 2006, it was identified by WU Guanzhong in person and determined as the painting in the period of Cultural Revolution. After that he happily talked about the past of friendship with Wu Guiping. "Mountain Bamboo" is extremely precious in the eyes of WU Guanzhong. He said, "It is my creation rather than sketch!" Estimate of "Mountain Bamboo" is NT$16-20 million (approx. US$484,400-605,500). WU Guanzhong' "Mansion in Jiangnan" is his magnum opus in 1985 depicting vernal charm of Jiangnan. Another landscape titled "Hong Kong" from 1997 turns the rows of modernized high-rises in Hong Kong into beautiful lines, demonstrating the landscape painting in WU Guanzhong's style. 3 LIAO Chi-chun's classic waterscape paintings: "Sun-Moon Lake", "Scenery in Yehliu" and "Venice" LIAO Chi-chun, predecessor painter of Taiwan, is good at expression in color. In the autumn auction he has three classic works: "Venice" of 1973 (est. NT$15-22 million or US$454,100-666,100), "Scenery in Yehliu" in 1972 (est. NT$7.2-8.2 million or US$218,000-248,300) and "Sun-Moon Lake" in 1957 (est. NT$6-7 million or US$181,700-211,900). Sun-Moon Lake, his early oil paintings in 1957 has been exhibited in the 19th Taiyang Art Exhibition and 1950-2000 "From the Ground Up: Artists Association in 1950s Taiwan" unit of Taiwan Art Exhibition planned by Taipei Fine Arts Museum in 2003 and become one of the magnum opus for fine arts development of Taiwan in 1950's. LIAO Chi-chun's "Sun-Moon Lake" has used cursive strokes and adopted rough and outlining style of Fauvism. The subject is special and rare. In early 1970's, LIAO Chi-chun has for times depicted sceneries of seashores near Yehliu and each time he presented different expressions. The "Scenery in Yeliu" finished in 1972, it adopts blue thick pen to outline and present the scene of sea and sky combination in a pristine manner. One or two persons sauntering in the beach have added vividness to the picture. LIAO Chi-chun is good at depicting landscapes, especially sceneries of river and port. In the work "Venice", 1973, LIAO Chi-chun construing "Venice" has not emphasized external pursuit or the subtle water light change typical of impressionist, but recreated romantic nostalgia in mind about Venice through alternating interactive tempo of the colors, strokes, lines, actual and imaginary. Chinese elite contemporary artists like ZHOU Chunya, ZENG Fanzhi and HUANG Gang take presence There are 6 ZHOU Chunya's oil paintings about to come onto the stage in Ravenel autumn auction, including "Mountain Rocks – Red Rocks" in 1999 (est. NT$11-15 million or US$333,000-454,100), "Landscape Series V" in 2001 (est. NT$4-5 million or US$121,100-151,400); antecedent of Green Dog series: "Running Heigen" in 1995 (est. NT$3.2-4.2 million or US$96,900-127,200), "Frisking Heigen" in 2000 (est. NT$4.2-5.4 million or US$127,200-163,500); as well as "Vase of Flowers" in 1994 (est. NT$3.2-4.8 million or US$96,600-145,300) and "Lilies" in 2003 (est. NT$1.6-2.2 million or US$484,00-66,600). Mountain Rocks series has pushed ZHOU Chunya to the summit of contemporary art of most typical Chinese style and internationalization. He has used the skills of Neo-Expressionism to reinterpret traditional Chinese mountain rocks and vase of flower topics. "Watermelon", ZENG Fanzhi's works in 2004 has strong symbolic implication. The cut open red pulp associates with silent violence and protest, extending previous claiming of topics like Peking Union Medical College Hospital, mask, etc. Image of watermelon has once appeared in his early self-portrait or in the theme of Last Supper, symbolizing blood and flesh. Here, the independently existing "Watermelon" presents the full visual sense resembling silentmonolog of the painter. "Watermelon" is estimated NT$2.9-3.8 million (approx. US$87,800-115,000). After getting to know Tibetan arts in 1980's, HUANG Gang was convinced by its strong humanistic color and political status, so his raw materials often have something to do with Tibet or red China. "My Box" depicts concurrence of sun and moon in the sky on the splendid background of the snow mountain, resembling ancient skin trunk floating in the air. It symbolizes family warmth and elapse of times. "1966" responds to the year when Cultural Revolution began. Red figures are silhouettes of the Red Guards inspected by Mao Zedong at Tian'anmen Square of Beijing in August 8, 1966. The background is the Tibetan lection printing. The bright highlighted image of Mao Zedong forms a sharp contrast with the tranquil Tibetan characters. Chinese contemporary sculpture reveals market potential Contemporary sculpture array in this Ravenel autumn auction is great. There are JU Ming's five Taichi series. "Taichi Series - Single Whip" wood carving created in 1982 is JU Ming's early works that is rarely seen. Its estimate is at NT$16-22 million (US$484,400-666,100); "Taichi Series" in 1991 is similar to the poses in Single Whip and its estimate is at NT$9.2-15 million (US$278,500-454,100). There are also "Taichi Series" large bronze in 1988 presenting the kinetics of side tick and its estimate is at NT$5.5-7 million (US$166,500-211,900); "Taichi Series- Boxing" bronze sculpture in 1990, whose estimate is at NT$920,000-1,200,000 (US$27,900-36,300); and "Taichi Arch" bronze sculpture executed in 1991, whose estimate is at NT$1.2-2.2 million (US$36,300-66,600). There are abundant works by contemporary Chinese sculptors, including WANG Keping's abstract wood carving: "Allies"; XIANG Jing's figurative sculpture in fiberglass, "Virgin with a Cigarette"; CHEN Wenling's "Red Memories" depicting the course of life; LI Jikai's jocose "Box"; JIANG Shuo's bronze sculpture: "Red Guard with Fish"; REN Sihong's "Broadcast Exercise– Sidebend Action" in preparation for Olympics; PANG Yongjie's "Women" (a pair); JIAO Xingtao's "Yellow Arrow" appealing for culture of consumption; and REN Zhe's Neo-Classicism bronze sculpture: "Dashing and Spirited". All have demonstrated development of creative contemporary Chinese sculpture. Works of contemporary Taiwan sculptors include: The "Haunted Axe Works Miraculously", Yuyu YANG's early bronze sculpture, and stainless steel "Heaven and Earth Destiny"; Sculptor LI Chen's "Avalokitesvara" and "Float to Sukhavati" that are selected into Venice biennial exhibition in this year; YANG Mao-lin's "Astro Bodhisattiva" bronze sculpture combining cartoon caricature and national religious styles to present diversified contemporary cultural integration; PENG Kuan-jun's "Listen to Spring" bronze sculpture also presents the elegant oriental Chan; CHU Chen-yung's "China Dolls Series-Elegancy and Poise" has conveyed female image of modern pattern through terra cotta crafts. Both WONG Kuo-chen's terra cotta sculpture and CHEN Yi-lang's wood carving are the attempting to start from tradition and then embody with new connotation; Standing Woman iron carving created by WU De-chun, the oversea famous sculptor, explores relationship between structure and space. Abundant sculptural topics expose the collectors to various options. Taiwan contemporary artists have become focus of the market; Korean Contemporary Art has expanded the collection cluster Motivated by the overall market, works of contemporary Taiwan artists have also become one of the market focuses. These artists include CHIU Ya-tsai, LIEN Chien-hsing, HOU Chun-ming, JAN Chin-shui, HWANG Jyi, Michell HWANG, HUANG Chih-yang, CHENG Tsai-tung, PANG Jiun, KUO Wei-guo, etc. Most of them have rich experiences in international exhibition and have established their own style in the artistic circle. Their popularity is gaining recently. Especially recommend here are: "Fault in a Colony-Three Graces", finished by HWANG Jyi between 1982 and 1985 is an important magnum opus of the painter. Hou Junming's "Chakra, Clone Technique", the large-scale engraved painting created in 1997 represent energy of contemporary Taiwan artists. One of the features of Ravenel Autumn Auction 2007 is adding of five works from Korean Contemporary Art in a hope of gradual incorporating arts of other regions in Asia. These Korean artists have high reputation and their works include: KWON Ki-soo's "Grey Forest", whose estimate is NT$360,000-600,000 (approx. US$10,900-18,200). There is reputed Donguri cartoon figure he has created in the paining, where there are also super-modern elements and ancient and traditional plum and bamboo topics interestingly intermingled; HONG Kyong-tack has used numberless books clubbed together to form the "Library" (polyptych) has strong individual style; KIM Tschang-yeui, termed as water dripping painter, has used a strongly oriental tinted "Words in the Water" in 2003 to participate in the auction, with estimate NT$1.6-2.5 million (approx. US$48,400-75,700); LEE Jung-woong has been praised by all circles as . worthy of being written into Korean Fine Arts history. "Brush", his classic works, is also in the auction, with estimate of NT$1.6-2.2 million (approx. US$48,400-66,600); LEE Yong Deok's negative sculpture, "Looking", has broken through limit of old sculpture and use the concave sculpture to present the embossing impression, presenting innovative aesthetic sense and response to oriental yin and yang, actual and imaginational philosophy. Its estimate is at NT$2.9-3.8 million (approx. US$87,800-115,000)

Within two years, the market prices of twentysix Chinese modern and contemporary artists' artworks have crossed the threshold of one million US dollars.

Even though the American financial crisis of the secondlevel house loans has resulted in a global stock market chaos, the heat wave in the international art market is not influenced by it. Especially, Chinese contemporary arts have been the dominating mainstream in the global art market. International art collectors or art dealers are eager to take part in this circle. This continuing trend pushes up the record-high market prices of Chinese artists. The period for hitting new high prices has come to them. In Art & Investment of 2006, No. 15, it is mentioned that in 2005 there were 8 Chinese artists excellent at western paintings whose market prices have crossed the threshold of 1 million US dollars (about NT$ 33,000,000). In some cases, a single deal even reaches more than two million US dollars (about NT$66,000,000). The eight Chinese artists are Xu Beihong, Zao Wou-ki, Sanyu, Liao Chi-chun, Chen Yanning, Pan Yu-liang, Wu Guanzhong, and Chen Yifei. Among them, only Zao Wou-ki, Wu Guanzhong and Chen Yanning are still alive. The rest of them already passed away.

Nevertheless, in just two years, the market prices of Chinese contemporary and modern artists have made a huge step furthur once more. In fact, they are soaring. In the spring auction of 2007, the oil-painting price of Xu Beihong, a pioneer in Chinese modern paintings, reached US$ 9,200,000 (more than NT$300,000,000) and that of Wu Guanzhong exceeded US$4,900,000 (about NT$160,000,000). Last year, the sales of the artworks of Chen Cheng-po, a respected Taiwanese artist, even broke a record of US$4,400,000 (about NT$ 140,000,000). Moreover, the painting sales of other overseas Chinese painters such as Sanyu, Chu Teh-chun and Zao Wou-ki also marked a record, crossing the threshold of US$3,000,000 (about NT$120,000,000) in one year.

The following international art collectors who continuously pay close attention to the Chinese contemporary art market, Asian collectors with strong economic power, also have taken steps to catch up rather than falling behind. They have steadily brought in a huge amount of capital into the Chinese art market. In this Chinese capital flow, Zhang Xiaogang's paintings initially stimulated the market price. Afterwards, the other Chinese contemporary artists also joined in. Between 2006 and 2007, many Chinese avant-garde artists have squeezed into the millions of the US dollars art club. This June, the art deal of Yue Minjun's oil painting, Pope, marked a sky-high price in London, US$4,200,000, more than any living artists all around the world. Moreover, this September, one of Zhang Xiaogang's paintings was also auctioned for US$ 3,065,000 (about NT$100,000,000) in New York. The price is indeed astonishing! Until September of 2007, the global art auction market has sold 17 pieces of Zhang Xiaogang's paintings. In all, the total sales reached more than US$1,000,000, and the period of these sales is not more than two years. In addition, there are other Chinese avant-garde artists whose market prices have also soared. For example, seven pieces of Yue Minjun's artworks have bee sold and the accumulated sales price is more than US$1,000,000. Moreover, five pieces of Zeng Fanzhi's artworks, four pieces of Fang lijun's, one piece of Fang Lijun's, of Cai Guo Qiang's, of Mao Yan's and of Yan Pei Ming's respectively have been sold for more than US$1,000,000. In terms of Chinese realistic artists, from 2006 until the present, five of Chen Yifei's artworks have been sold for more than US$1,000,000. Each of Chen Danqing, Wang Yidong, Liu Xiaodong, Leng Jun and Shi Chong has one artwork sold for more than US$1,000,000. Moreover, an internationally well-known Taiwanese sculptor, Ju Ming has three of his sculpture works of Taichi Series sold out and the value of these deals marks more than US$1,000,000 as well. What is more, another senior Chinese contemporary artist whose unique art style is hard to classify (his name is Wang Huaiqing) just sold two artworks valued at more than US$1,000,000 this June. He was chosen as one of the ten "Top People" selected by Contemporary Art Magazine. At the apex of Chinese contemporary art market, he is the first Chinese artist discussed in this month's issue of our Art & Investment. Now let us discuss the past, present and future conditions for Wang's paintings on the art market.

A senior Chinese contemporary artist -- Wang Huaiqing

Wang Huaiqing, born in 1944 in Beijing, China, is 63 years old. Among Chinese contemporary artists, he is said to be the most senior of the senior. Since his childhood, he has came to love painting. In 1956 he entered Fine Arts School attached to the Central Academy of Fine Arts and studied there. Later on, he advanced his study of art in Central Academy of Arts and Crafts. There he acquired his bachelor and master's degrees. On the one hand, he received academic training. On the other hand he also involved himself in knowing folk art crafts, architecture and western painting. Thus, his creative concepts are quite broad. During the 1970s Cultural Revolution, he followed Wu Guanzhong to the countryside where Wang was being greatly inspired by Wu's personality and ideas about art. Wang, since he started paintings at 12, has had more than half a century of experience in art creation.

At present, Wang is a member of Chinese Artists' Association, and also a member of Chinese Oil Painting Association and a master painter of Beijing Huayuan. Apart from the professional hierarchy, he is a heavyweight in the art cycle of Beijing. He has numerous artistic achievements to his credit. In 1980, he became famous for the first time with his realistic painting, "Bo Le Choosing a Horse", in the exhibition named Same Generation Painting Society in National Art Museum of China. He also has other award-winning experiences: For instance, his "Struggle" (1984) won the Excellence award of Beijing City Artworks; with "Hometown" (1989) he received a bronze medal from the "National 7th Fine Arts Exhibition;" with his artworks, "The Great Ming Manner" and "A Person Goes towards the World" (1991), inspired by Ming-style furniture, he consecutively attained a gold medal in "Chinese Oil Painting Annual Exhibition" and the silver medal in the "Contemporary International Book-and-Arts Exhibition in Memorial of Mr. Huang Zhen-sian." In 2001, he received an Excellence Award in the "Science and Arts Exhibition" of National Art Museum of China. In 2003, he was presented with an Academy Award in the "National Huayuan Biennale" and so on. His awards are countless because of his continuing creative excellence.

Since the 1980s, Wang has become very famous. Many of his paintings have been collected by museums or institutions, such as "Bo Le Choosing a Horse" (1980), "Jujube Tree" (1980) and "April" (1985) collected in National Art Museum of China; his "Struggle" (1984) collected by Beijing Artists Association; "Hometown" (1989) collected by Shanghai Art Museum, etc. Additionally, Art Retreat Museum, privately founded in Singapore, also collects lots of Wang's recent works. The owner of Art Retreat Museum, Mr. Kwee, is also the largest art collector of Wu Guanzhong's paintings in the southeastern Asia. Because of his social contacts, Mr. Kwee's art dealers in both Hong Kong and Singapore, Yan Gallery and Soobin Art Gallery have arranged sales of Wu's and Wang's artworks. In 2005, Wang's exhibition, "Traces of Nature", in Centre Exchange Plaza in Hong Kong, was organized by Mr. Kwee and Yang Gallery in Hong Kong.

The early collection of overseas art markets boosts new market prices of Chinese artworks

The time at which Wang Huaiqing's paintings began to enter the commercial mechanism of art markets was quite early. Most of his art deals centered in Hong Kong and Singapore and Taiwan. Since 1991, his paintings appeared in the auction market in Hong Kong and a few of his paintings were quickly sold there. In 1991, a joint exhibition in Hanart Gallery in Taipei initially introduced Wang and one of his prize-winning oil paintings, size No. 100: "The Great Ming Manner" (1991, 145x130cm). It was said that the fixed price of his paintings at that time was $10,000 each. In other words, each painting was valued at NT$1,000,000 (about US$33,000 now). Since 1992 and the following year, Soobin Art Gallery in Singapore held "Wang Huaiqing's Water-Ink Painting Exhibition." At that time, the oil painting market was not booming, hence, water-ink paintings were more appeal to the local art collection. Every painting cost around NT$120,000 to 150,000 (about US$3,000 to 4,000).

Judging from the art collectors and distributing galleries of Wang's early paintings, it was apparent that the earlier market of his work benefited from the care of Wu Guanzhong. In the early 1980s, Wu became famous in Hong Kong and Singapore. In both places, he had his cooperating art dealers and supporting collectors. Mr. Fong, the person in charge of Yan Gallery, recalled that once he accompanied Wu to visit a contemporary art museum in the United Kingdom. He heard Wu's comment on Wang's oil paintings. He said that if Wang's works could be exhibited together with those of western master sculptors, his works would be very favorable compare to these of sculptors'. Mr. Fong bore in mind what Wu said and hence had a positive impression on the potential of Wang's creation. In May of 1991, Museum of History in Beijing held an exhibition, "Selected Art Works by Wu Guanzhong & His Students." Several of Wang's works we r e al so e xhibi t ed i n that exhibition. The hand behind the exhibition, pushing it through, was Yan Gallery in Hong Kong . The exhibition displayed his works, "Four Vertical Logs against the White Wall" (1990, 117x80.8cm) and "Black Windows Frame Cutting White Paper" ( 1991, 145.5x112cm) . In the same year, on September 30th, these two artworks of his appeared and sold at Sotheby's Auction in Hong Kong. The dealing price was somewhere between US$12,000 to 15,000. The average market price of his paintings was NT$6,000 to 8,000 pe r numbe r. Compared with the regular price of the deal at that time, the market price of Wang's paintings in the initial market performance was quite fair.

Since 1991, Wang's works have been seen in the auction market every year. For the entire 1990s, the market price of Wang's works was kept at NT$10,000 per number. Because the space of Wang's residence was limited, it was difficult for him to do large paintings. Therefore, the size of his paintings in the early 1990s was not more than two meters. The donedeal values were under NT$1,000,000 (about US$33,000). After 1996, large paintings occasionally appeared in twoor three-joint paintings. Since 1999, Lin & Keng Gallery in Taipei began to exhibit Wang's paintings. At the beginning, the market price remained around NT$10,000 per number. Later on, the single price of his paintings started to grow dramatically. From 2004, every number of his paintings soared to NT$30,000 to 70,000. In 2006, the price rose up to NT$150,000 to 200,000 every number. In 2007, there was even a new market price of his paintings, NT$280,000 per number.

From 1991 to August of 2007, the ac cumulated number of Wang's artworks in the auc t ions i s 6 6 . There were 56 deals on his paintings (47 deals on his oil paintings, 6 deals on his water-ink paintings, and 3 deals on his graphics.) There were ten occasions of lost bids. The ones failed to deal focus mainly on the years between 1993 and 1999. Apparently, at that time his unique style was difficult to be accepted in a period when realistic paintings were in a better position. Nevertheless, after 2000, there were only two lost bids. All of them were graphics. It means that in the past seven years, the trading ratio of all the deals on his oil paintings was 100%.

Art values are in quality rather than quantity; good paintings are in scarce supply

Being painter for more than half a century, and has been wellknown for 27 years, Wang's record of having his paintings being auctioned for 66 times in 16 years is considered low.

Moreover, among them, there are at least 10 oil paintings with 22 auction times. For example, "San Wei Book Room" (On November 26th, 2006 in Hong Kong, May 14th, 2006 in Beijing, and May 14th, 2005 in Beijing); "Combining Two into One" (May 31st, 2007 in Beijin and November 21st, 2006 in Beijing); "Double Chairs" (November 26th, 2006 in Hong Kong and November 15th, 2000 in Hong Kong); "Ting Ting" (November 21st, 2006 in Beijing and July 16th, 2003 in Beijing); "The Great Wall" (December 20th, 2006 in Shanghai and June 24th, 2006 in Beijing); "Local Dwellings" (April 11th, 2006 in Taipei and November 5th, 2000 in Beijing); "Portrait of Stool" (June 4th, 2006 in Taipei and October 31st, 2004 in Hong Kong); "Split in Blackness" (May 28th, 2006 in Hong Kong and October 26th, 1999 in Beijing, a lost bid); "Concave and Convex" (July 6th, 2003 in Hong Kong and October 27th, 1998 in Beijing, a lost bid and April 30th, 1995 in Hong Kong a lost bid) and "A Man's Home" (April 22nd, 2001 in Taipei and May 10th, 1998 Beijing), etc.

Some artists can complete dozens of paintings every year. However, Wang insists on: "no inspirations, no painting." Thus, the speed of his creation is very low. Sometimes, he only finishes 6 artworks in 2 years. From my decade-long observation of art markets, I suspect that the number of Wang's oil paintings should not exceed 200. No wonder that the auction markets have been searching again and again for the repetitively-shown auction artworks of his. Reasonably, the auction prices of his paintings climb higher time after time. Some of them are even only one-season difference. "San Wei Book Room" has shown up three times in the auctions and the price has grown 378%.

Short collecting cycle is neither normal in the art market nor worth encouraged. However, it is almost the shared feelings among the admirers or collectors that Wang's paintings are of scarce quantity. Fortunately, the painter does not lose himself in the heat waves of the art market. As usual, he insists on his feelings of creation. Looking at this from another perspective, the guarantee of a painter's quality is the luck of collectors. The paintings of Wang have entered in the auction market for more than 16 years. Though the initial market price of his paintings stayed average for quite a long period of time and sometimes lost bids do occur, his market got stronger and went steadily up. In order to compensate his fans who could not wait for or could not afford high-priced oil paintings, Lin & Keng Gallery entrusted a Spanish company, Poligrafa, to produce 50 pieces of copperplate paintings out of Wang's 5 artworks. Therefore, there were at least 250 pieces of graphics released to the art market. In 2005 the auction market began selling Wang's works. This year, in the auction market every copperplate painting of his has reached NT$180,000 to 200,000 (about US$5,500 to 6,000).

Last year, the total value of the deals was NT$138,660,000. This year, the value of the first-half-year deals already exceeds that of the last year's.

Because of the scarcity and the demand is more than supply, the paintings of Wang Huaiqing not only notch up a new record of market prices in the auction but the dealing value has kept going up. In 2006, the global auction market recorded 15 deals of his artworks, which had made an apex of art deals, and had created a total value of NT$386,600,000 (about US$4,200,000). In the first half of this year, there have been 8 deals. The value of these art deals reaches NT$153,830,000 (about US$4,660,000), exceeding last year's total value of his art sales. As predicted, at the end of this year, the total value of his art deals will amount NT$300,000,000

Analyzing Wang's market performance of the past 7 years, in the aspect of painting materials, the ratio of oil-painting in all deals is 99.4%. The ratios of water-ink and copperplate are 0.3% and 0.2% respectively. In the distribution of his art market, most art deals were done in Hong Kong; the ratio is 46%. The second best-selling place is Beijing; the ratio is 25%, followed by Taiwan, with the ratio of 15%, and Shanghai, where the ratio is 14%.

In spring of 2007, two of Wang's oil paintings. "Han Xizai's Night Revel", "3 and Three and Half Pairs of Chopstick" have set other record of selling at NT$39,970,000 (about US$1,210,000) and NT$34,170,000 (about US$1,035,000) respectively, and are the most expensive among Wang's oil paintings. In the autumn auction of Ravenel, his triptych, "Gold Stone" will be on the auction list. There might be a chance to break these two records. The painting, No. 500, is a large painting with an innovative spirit and structure. The estimated price is NT$80,000,000 to 98,000,000 (about Hong Kong Dollar $18,880,000 to 23,130,000 or US$2,420,000 to 2,967,000). The average single price per number is NT$160,000 to 196,000. Gold Stone is the largest painting of the artist in the auction market. In July of 2000, the painting was displayed in the "20th Century Chinese Oil Painting Exhibition." As predicted, this painting will create another high wave in the auction market.

Wang's paintings mingle the eastern spirit of Zen with the Western abstract form. Therefore, foreign art collectors are also fond of his artwork. In the marching parades of realistic painters and Chinese avant-garde artists, his unique topics and humanistic style is undoubtedly very outstanding and different, like a crystal stream in the art cycle. In the early period, Wang's market was connected with and attentive to Wu Guanzhong's success. However, later on, his enthusiasm in creation and the quality of his artworks lead to a different path from Wu's. His art collectors might be more international than Wu's. It is most likely that he is the most significant contemporary Chinese artist and that he deserves most attention in the near future.

Few if any Chinese sculptors have secured a place in the history of art in the past century. Fortunately, stimulated by western sculpture, with the revolution in the sculpting materials, more and more contemporary sculptors sur faced in the lat ter par t of 20th century, many of whom win affirmations and acclaim in international art biennials, for instance, Cai Guo Qiang, Huang Yong Ping, Xu Bing, Wang Du, etc. In terms of influences in the art market, Taiwanese sculptor Ju Ming ranks the first: he is the first Chinese artist whose sculpture was sold for more than a million dollars. In the past, the majority of the collectors of Ju Ming concentrated in Taiwan; in recent years, with the internationalization of the Chinese auction industry, his collectors spread wide: not only in Asia, but also in Europe and America. Before 2000, the highest price for Ju Ming's works had not exceeded US$ 100,000 (about NT$ 3,300,000), however, his large bronze sculpture "Taichi Series, the Single Whip", was first sold at a price more than a million dollars in an auction last autumn. It broke last year's record when sold at US$ 1.91 million (about NT$ 63.24 million) this year. The steady growth of Ju Ming's works marks the emergence of a Chinese sculpture market.

The Arrival of High-price Sculptures

A price discrepancy exists between painting and sculptures even in the west. In 1990, the oil paintings of Van Gogh and Renoir were sold at the price of more than US$ 82.5 million or US$ 78.1 million respectively in auction. By comparison, the highest price of the works of the modern Romanian sculptor Constantin Brancusi was only US$ 8.8 million at its highest level in 1989. The high-price era of Western sculpture did not start until the 21st century. Besides Constantin Brancusi, Alberto Giacometti (1901-1966), Henri Mat i s se (1869-1954) , Edgar Degas (1834-1917), David Smith (1906-1965) are among the modern sculptors whose works have been valued at more US$ 10 million in auction. The most valued contemporary artist is the English conceptual artist Damien Hirst (b. 1965), whose medicine cabinet installation was sold 9.65 million pounds (US$ 19 million) in London this June.

The most expensive sculpture in public sale is a bronze sculpture from the Greco-Roman times, "Ar temi s and the Stag". Thi s graceful work of art has just set the record at US$ 28.60 million (about NT$ 0.94 billion) this June in New York. Before that, the marble sculpture "Bird in Space" by Constantin Brancusi (1876-1957) remains the most expensive modern sculpture, with a record of US$ 27.50 million (about NT$ 0.9 billion) set in May, 2005, also in New York.

In term of private sales, rumor has that there are also sculpture and installation sold for more than 10 million dollars. However, because of the different nature of private sale and public sales, it is difficult for outsiders to obtain information concerning the price. In 2004, the Guggenheim Museum, Bilbao in Spain placed a US$ 20 million order for the huge iron sculpture of the American sculptor Richard Serra (b. 1939). A stabile by Alexander Calder (1898-1976) reappeared in the market in the middle of last year, with a reserve of US$ 10 million. It was sold to a Korean company by its original owner Toledo Museum of Art, Ohio, USA in 1995. Additionally, the most controversial Damien Hirst sold one taxidermy shark for more than US$ 10 million. Last year, his "For the Love of God", real human skull decorated with platinum and diamonds whose cost exceeds more than US$ 28 million, was sold at an astronomical price of US$ 100 million (about NT$ 3.3 billion) in London this late August, surpassing the price record of all the living artists. The boom in west contemporary sculpture market set an example for the contemporary Chinese sculpture.

Limited Edition Accepted by the Collectors

Scheduled to be auctioned off this October in Hong Kong, the bronze horse head from the Old Summer Palace of the late Qing dynasty stirred the scene of Chinese auction market recently, due to its peculiar status as a purloined antique. Several days ago the decision of the richest man in Macau to purchase it before the auction at the price of HK$ 69.1 million (about US$ 8.9 million, or NT$ 290 million) and return it to the Chinese government became a hot topic in the art market. Though antique sculptures tend to be sold at high prices, it is not applicable to use their sales situation as a reference to the current situation in the whole market, because of the interference of none-market factors. In terms of contemporary art, the price of an art work is still determined by the demand and supply situation in the market. Take Ju Ming, the Taiwanese sculptor for example, only wooden sculptures like "Taichi" could be sold at a high price because of their uniqueness which appeals to the collectors. Fortunately, the concept of 'limited edition' is being accepted by the collectors. Thus the bronze art works of Ju Ming or other contemporary Chinese artists can also achieve a high price as long as they are legitimate editions.

I have made two reports concerning the auction situation of the emerging contemporary Chinese sculpture market: Selected Contemporary Chinese Artists & Their Auction Record for a Sculpture Established in 2006/2007 and Selected Taiwanese Contemporary Artists & Their Auction Record for a Sculpture Established in 2006/2007. Judging from these two reports, no matter the Taiwanese contemporary sculpture or contemporary Chinese sculpture both have brilliant performance in auction, especially the young contemporary Chinese artist like Ai Weiwei, Xu Bing, Zhang Huan, Xiang Jing, Huang Yong Ping, whose works all have limited editions. Their works all have a price of more than NT$ 10 million.

Historically, the idea of "limited edition" was subject to debate over copyright owner ship and market values, because of the doubt about copyright and replication clouded especially over bronze

works, which, unlike wooden, stone or plaster sculptures, do not enjoy uniqueness or irreplicability. Since early 1920s, the French government has invited artists, casting engineers, antique appraisers, art gallery staff as well as legal experts to drafted laws concerning bronze sculpture. After several decades of revision, a clear concept concerning the copyright of bronze sculpture came into being in 1980s. The French laws about bronze sculpture influenced western contemporary sculpture to a certain extant. Today, copyright and market value are clearly defined: limited edition art works that is legally casted are regarded as original works instead of replicas, hence the huge gape in the market price between them and the reproductions.

Artists all have a clear definition of limited-edition art works, but the number of editions vary. Some work has only one edition, while others have 3, 4, 6, 7, 8, 9, even 10 editions circulating in the market. Additionally, there is the Artist Proof, preserved by the artist, which could also be traded in the market. It is certain that the fewer the editions are, the higher the price is. An art work with many editions may have a reduced growing potential in terms of its price, simply because it is not rare. However, as long as the sculptor and agents follow the principle of limited edition, the value of a sculpture can be maintained.

More Growing Potentials in Sculpture

The diversified contemporary Chinese art has become a new favorite of the international auction market. This booming market also propels the rise in the price of sculpture. Therefore, compared with paintings, the recent contemporary Chinese sculpture market allows a larger potential of growth in terms of price.

Works of the leading figures in cont emporary Chine s e art can be sold at very high prices. For example, one of Yue Minjun's classic paintings has reached the astounding price level of US$ 4.02 million (about NT$ 138.6 million) this June, and one painting of Zhang Xiaogang was also sold at a high price of US$ 306.5 million (about NT$ 100 million). Paintings of many other contemporary artists have all exceeded the threshold of 100 million dollars, including Zeng Fanzhi , Liu Ye, Fang Lijun, Cai Guo Qiang, Mao Yan, Yan Pei Ming, Chen Yifei, Wanghuaiqing, Chen Danqing, Wang Yidong, Liu Xiaodong, Leng Jun and Shi Chong, but the works of no Chinese sculptor or installationist other than Ju Ming have reached this level.

The reason why there is a great room for growth in the price of sculptures is the huge discrepancy between the works of sculpting master and that of the contemporary avant-garde paintings which can easily be sold for thousands of dollars. Take Qu Guangci and his sculpting series "Standing at the Knoll" for example, one edition made of fibre glass was sold at a mere NT$ 1,239,000 (about US$ 37,517) on June 3rd this year, while another bronze edition of the same series was sold at a record-setting NT$ 3,201,000 (about US$ 97,000) three months later, 2.58 times of the previous price. The best-selling Chinese avant-garde artist Yue Minjun first sold his "Contemporary Terracotta Warriors" at NT$ 944,000 (about US$ 28,606); only two years later, the same series were auctioned off at NT$ 5,181,000 (about US$ 157,000) in September 2007, 5.5 times the previous price and price record of the artist's sculptures.

Cultural China, the Red Classics: Sculptures from the Paintings

Strong criticism and nostalgia for the traditional classic culture dominates the works of the Chinese avant-garde artists who have lived through the Culture Revolution and the June Fourth Movement. No matter what kind of material they choose to use, the theme of their creation tend to refer to the origins of the Chinese culture pointblankly, especially the case with the overseas artists like Cai Guo Qiang, Huang Yong Ping, Xu Bing, Zhang Huan or the late Chen Zhen; this also include Ai Weiwei in China, who shares this traditional perspect ive. Works of the Chinese-culture-related themes are highly popular in the international art market because of the uniqueness, highly distinguishable personal traits as well as the cultural origin of the artists contained in them. Additionally, portraying the spirit of the times, works about the so-called "Red China" or the "Red Classics" theme that grows out of the Cultural Revolution are also very popular in recent years. Both the Chinese domestic market and overseas market have shown a great interest in it. Artist known for this theme include Jiang Shuo, Qu Guangci, Wang Guangyi, Sui Jianguo, Ren Sihong, etc.

A larger part of the contemporary Chinese artists are conceptual artists working with oil painting and synthesized materials. Professional sculptors are relatively fewer, wellknown sculptor are Xiang Jing and Jiang Shuo (two female sculptors), as well as male sculptors like Qu Guangci, Wang Keping, Zhan Wang, Chen Wenling, Cai Zhisong, Pan Yongjie, Ren Zhe, and Jiao Xingtao. They utilize their own life experience Zen or Pop art and consumerism as the themes of theirs works, closing the distance between the artist and the audiences with distinct features of the contemporarity.

Besides painting, some artists also try their hands at sculpting. Thanks to the deep impression their paintings have already left on people's mind, their sculptures-like figures directly walk out of their paintings- win the acknowledgement of the collectors, for instance, the aforementioned grinning figures of Yue Minjun, the "Worker-Peasant-Solder" of Wang Guangyi, the violent images of Yang Shaobing, the green dogs of Zhou Chunya, and the tiny nobodies of Li Jikai. These sculptures easily appeal to the collectors of the paintings of these artists. Both of the twin stars of the Japanese Pop art Takashi Murakami (b. 1963) and Yoshitomo Nara (b. 1959) are artists whose works transcend the boundary of materials and whose successful marketing strategy is widely acknowledged. DOB and Miss Ko2 cartoon doll by Takashi Murakami as well as Yoshitomo Nara's white dog and pilgrim remain highly inquired works in the art market.

Limited-edition Dolls with Investment Value

The link between the rising of the luxurious house and the development of the sculpture market has been noted by many. Besides brand-name furniture and lightings, the modern people also need genuine works of art to decorate their homes or offices, in order to beautify the space and give it a higher taste. Works featuring Zen or rich in cultural symbols, like the modern sculptures by Ju Ming, Yuyu Yang, or Li Chen, fit in well with these spaces and are greatly sought even by the construction firms building the luxurious houses. However, the author also noted another phenomenon i.e. the "limited-edition doll" conception of the younger generation of collectors. Collectors now in their thirties and forties have all been exposed to the influence of cartoon subculture of Japan or America. The younger generation has more visual stimulants. Now, as they are gradually becoming the backbone of the society, they acquired the capacity to collect works of art. It is sure that this generation will be after works that better express their own era and cultural styles.

Contemporary Chinese art after 1989 is heavily influenced by Pop Art. The trailblazer of Pop Art Jeff Koons is the favourite of the market. His 3-edition ceramic sculpture "Michael Jackson and Bubbles" was sold at an astonishing price of NT$ 185.22 million (US$ 5,615,000) in as early as 2001.Some one joked at that time that it was the most expensive doll. As the rock star Michael Jackson is a cultural icon of 1980s and 1990s, this work suited the needs of many people. For years, Jeff Koons is an active member of the market, selling his sculptures for millions of dollars, and he may still be the most important artist that represents contemporary America.

Although contemporary Chinese sculpture does not have a long history, but it has already demonstrated a wide range of interest, facing the rapid change of time and the impact of diversified culture. The true era for "Da Ming Da Fang, Bai Hua Qi Fang (Freely airing the view and let the art have free expression)" is not before the Cultural Revolution, but today in the 21st century. The contemporary Chinese sculpture prompts thought of a different kind, a heart-warming contact. These big toys and dolls are also rich in colleting value. If you are a fan of the dolls or a collector of them, why not try entering the world of contemporary sculpture? You are sure in for a surprise!

Bank of Scotland totalART Andy Warhol is the first in a series of two major modern art exhibitions at the National Gallery Complex featuring Andy Warhol and Joseph Beuys. Bank of Scotland will invest over £400,000 in the programme over the next two years.

Andy Warhol, Dolly Parton, 1985

The show will present a broad range of Warhol's work from the early 1950s to 1986 in a wide range of media – painting, sculpture, drawing, collage, film, photography and installation. Many of the works are being lent by the Andy Warhol Museum in Pittsburgh and there will also be loans from other museums and private collections in Britain and Europe.

Special displays will be dedicated to 'Marilyn, Liz, Jackie and Elvis', 'Portraits of the 1970s and 1980s', 'Consumer Products', 'Death and Disaster', 'Skulls', 'Stitched Photographs', and 'War, Death and Religion'.

Andy Warhol (1928 – 1987) is one of the seminal artists of the twentieth century. The recent sale of his 1963 painting Green Car Crash (Green Burning Car I) from his Death and Disaster series set a new record for the artist at auction when it was sold for $71.7 million at Christies in New York on 16 May 2007. The Warhol Museum in Pittsburgh is lending the white version of this painting, White Burning Car III, to the Edinburgh exhibition.

Phillip's Skull, 1985 Green Car Crash, 1963 Torso, 1977

Born Andrew Warhola in Pittsburgh, Warhol showed an interest in photography and drawing from a young age, attending free classes at Carnegie Institute. He studied pictorial design at the Carnegie Institute of Technology (now Carnegie Melon University) 1945 – 1949. He moved to New York in 1949 and throughout the 1950s, enjoyed a successful career as a commercial artist, winning several commendations from the Art Directors Club and the American Institute of Graphic Arts. His first one-man exhibition of drawings was at the Hugo Gallery, New York in 1952 where he exhibited Fifteen Drawings Based on the Writings of Truman Capote.

In the 1970's, Warhol renewed his focus on painting and worked extensively on a commissioned basis both for corporations and for individuals whose portrait he painted. Works created in this decade include Skulls, Hammer and Sickles, Torsos, Maos and Shadows. Firmly established as a major 20th-century artist and international celebrity.

New York will hold post-war and contemporary art evening sale on Nov 13,and present a group of great works by contemporary art masters. The one draws the most attention is Andy Warhol's 1963 creation Elizabeth Taylor, the expected sold price is 25 million dollars. And this paintings will be exhibited for previews in Hong Kong, London and Moscow before the sale.

Elizabeth Taylor is offered by a private collector, belonging to a series of 12 works based on Elizabeth Taylor, and it's a brilliant one. The artist revealed this star's sexy side by utilizing vivid color tones. Green eye shadow responds to the background color, creating a bright image. Red lips, charming eyes, all of these showed her unusual fascination and unique personality. Direct and ebullient lines, simple and clear composition reflects Elizabeth Taylor's glamorous moment.

During the 60s, Andy Warhol started to make works based on legendary people like Elizabeth Taylor, Marilyn Monroe. Beyond every beautiful and familiar portrait, there's a hidden desire of obtaining fame and public attention from the artist. Elizabeth Taylor for this sale is a masterpiece between them, it not only show the artist's style different to others', but also reflects his own personal prospects. It's truly a great art work to possess.

Until today, Andy Warhol is still considered the master in Pop art. His works are highly appreciated by international collectors. In this May, Christie's New York had presented Green Car Crash(Green Burning Car)，After a very busy bidding, it was sold for a price superior to $71.7 million, renewing his world auction record. (Credit:Art news Chinese website)

Hirst is always famous for his stunning installation works-such as soaking the shark into formalin. He hold a solo exhibition in White Cube titled "Beyond Belief" The work For the Love of God- a platinum skull beset with 8601 diamonds draw a broad attention. The estimate for this art work is $ 10,050,000. This exhibition comprised also a dove taxidermy, bloody painting Damien Hirst, describing a Caesarian birth.

For the Love of God, 2007

Although the work mentioned above is still not sold. But the sale total only for other 20 (set of) works already fetched almost $250 million. It is reported that artist himself will obtain 70 % of the sale amount. Last month, one of his installation works was sold for $ 9,600,000 at Sotheby's auction. Undoubtedly, he's the most expensive contemporary artist.

61 guest rooms, 21 cartoonists, each room contains a solo exhibition of an artist. The styles are really wide, from grotesque to a serious interior design.

Cleaning up: David goes under the laser

The 18-month restoration, boosted by €200,000 (£135,000) in government funding, will be carried out in front of visitors to Florence's Bargello museum. Instead of moving the bronze figure to a laboratory, restorers have brought their lights, cleaning utensils, microscopes and lasers into the display room.

Television cameras and monitors will give onlookers a glimpse of close-up work, while dark screens will shield eyes from the laser light.

Restorer Ludovica Nicolai said David would be sparkling by the time she was done. "The laser will be used to clean and render visible the gold leaf which we know is in his hair, but also probably decorates David's boots," she said.

Apart from boots and a hat, Donatello's David stands naked, with one foot on the severed head of Goliath. First shown in the 1440s, the 158cm (5ft 2in) boyish figure was probably the first nude sculpture created in Italy since antiquity and caused a storm. It contrasts with Michelangelo's later, more masculine David, sculpted between 1500 and 1504.

Donatello, David,1430-1435

Ms Nicolai said newly developed chemical treatments would be used to strip off a waxy coating David was given in the late 1700s. "When he was housed at the Uffizi Gallery at that time he was covered with a mixture of wax, oils and pigment to give him the same dark colour as the other sculptures," she said.

The treatment will reveal a lighter bronze hue to match the gold leaf. Currently lying face up, David will be shifted on to his front when it is time for his back to be scrubbed, said Ms Nicolai.

Damien Hirst summed it up succinctly in a recent Artnet Magazine interview with Joe La Placa, "Art is the most fabulous currency." From the celebrated Hirst to the failed painter in the garret, money constantly whispers in the ear of the artist. We all have known artists who squirrel away unwanted works, only to finally get a show. Then these artists wildly overprice their canvases so that nothing will sell.

Jim Shaw, Money Bags, 2001

That is the call of money, the fear of art as exchange value. Conversely, Claude Monet, the original Andy, would crank out his haystacks, take a small number to Marseilles, telling his buyers, "There are only a few, buy them while you can." Then he'd float another dozen stacks back in Paris.

Claude Monet, Haystacks, at the End of Summer, 1890

This is more than making a living, or refusing to: It is the love call of currency at its most fetishistic. Steve Rubell famously showered Andy Warhol with buckets of bills at Andy's birthday bash. No artist was more the victim, and yet exploiter, of money lust than Warhol, wandering the souks of Soho with Stuart Pivar buying up everything in sight then dumping the unopened packages in his closets at night, full of unsatisfied shame. The pull of mammon was murderous even on someone so intelligent. For money is a form of behavior, abstract, hidden and irrational.

We in our world of art are currently amused by the hairy men of mystery bringing home the Bacons from London bazaars. The pounds are limitless and the Bacons scarce, and Bacon himself, he's dead. What has changed in the relationship between art and money is time. Huge amounts hedged on art made last week are the symptom of a new art-world dynamic, the living buyers grasping at totems of life from living artists.

John Baldessari, Money, 1994

Like the blackest hole, this behavior must collapse upon itself, because, as the critic Peter Schjeldahl told me the other night, "The only time is the present." Parse that present like a hedged derivative into minutes, seconds and milliseconds and pretty soon, like the diminished spiritual significance of overpriced art, nothing is there.

Better to quote the ancient Sanskrit saying, "For today well lived makes every yesterday a dream of happiness and every tomorrow a vision of hope. Such is the salutation of the dawn."

Bourgeois, whose sculptures I Do, I Undo, I Redo were the first Turbine Hall commission in Tate Modern, is still active as an artist, though she now rarely leaves her home in New York. "She is still in her prime mentally and producing remarkable stuff; but she is extremely frail," said Ms Morris.

Louise Bourgeois photographed By Robert Mapplethorpe in 1982

Bourgeois was present during the birth pangs ofmodern art (she knew Marcel Duchamp personally)and has seen every avant-garde movement of the 20th century unfold. Her works can be seen as a reaction to movements such as surrealism, minimalism and abstract expressionism. To younger artists such as Tracey Emin she is a heroic figure.

Louise Bourgeois, The Destruction of The Father, 1974

Louise Bourgeois, I do, I Undo, I Redo, 2000

Bourgeois started out painting and in her 90s is still printmaking and working with textiles. In between she has worked in every medium except video. The Tate will show more than 200 works, half never seen before in the UK. They include her seminal work The Destruction of the Father.

Academy student's entire graduation show doesn't come as much of a surprise in the art world. Saatchi is famous for this kind of thing. The exhibition by 26-year-old James Howard, a postgraduate at the Royal Academy Schools, features a series of digital prints: photographic collages made up to look like internet ads. A former adman himself, Saatchi likes these little ironies, and I'm sure he would have enjoyed purchasing a Visa logo with a credit card.

Jake & Dinos Chapman,What the Hell I-IX, 2000

The question is, who wins? Saatchi gets a bargain - three years' work for the rock-bottom price of £4,500 - and Howard gets notoriety, so it would seem that both of them have a reason to smile. Yet more than a few artists have suffered at the hands of Saatchi's generosity in the past. The work of the Dublin-born abstract painter Sean Scully was devalued when, in the late 80s, Saatchi decided to turn his attention to the more gimmicky antics of a younger generation - and promptly off-loaded his collection of Scully's works. A similar thing happened to Jake and Dinos Chapman, but both Scully and the Chapman brothers have returned, and mightier for it.

Stella Vine, Hi Paul Can You Come Over

Howard's wake-up call (quite literally - he was asleep when Saatchi rang) will certainly have caught the attention of London's art dealers, who, whether they offer to represent him or not, cannot now ignore him. But the Saatchi branding can still have its problems. The dancer-turned-painter Stella Vine is for ever tagged as a "Saatchi darling" thanks to the collector's purchase of her picture of Princess Diana in 2004. Depicting her as a sloppy drunk, with the words "Hi Paul can you come over I'm really frightened" scrawled next to her makeup-smeared face, it naturally made headline news in the Daily Mail and it has been impossible to judge her work fairly since.

Ultimately, we enjoy Saatchi's extravagance, and the art world is more entertaining for it. I just wish he'd get out more. There are lots of art graduates in other British cities who could do with the cash and publicity.

LONDON, UK, June 20, 2007 Christie's held auction exclusively for impressionist and modernist works in King's Road of London center. Two paintings by French impressionist master Claude Monet were sold for individually ￡17,940,000 and￡8,980,000. 63 pieces of 73 lots found new buyers at this auction lasting for two hours. The total sold out value fetched ￡121,000,000, set new record for European Art auction scene. The data reveals most of the lots were won by European and American collectors. "Roses Lose" out of Nympheas series created by Monet in 1913, had been highly supported by Christie's being printed as the cover of the auction catalogue. Christie's had estimated it in between ￡9,000,000 to ￡12,000,000, the eventual hammer price was only ￡8,980,000 which The painting had been predicted to somehow surprised the crowd. And right after this fetch between ￡6-8m lot, "Waterloo Bridge, Temps Couvert" completed in 1904 pushed the auction mood to the climax. Many buyers were bidding eagerly. The work originally estimated at between ￡6,000,000 and ￡8,000,000 was sold for ￡17,940,000. When the hammer rapped on the table, the auction venue was filled with a burst of applause.

TOP 10 ART AUCTION PRICES IN MAY

Monet Has Become Fashionable Again

The expressionless pose of Tom Friedman's bigbluefigure consciously recalls the conventions of classical sculpture. The almost fluid interchangeability of Styrofoam and marble and exaggerated spatial proportions mark an experimental approach to form and material that Friedman takes in many of his sculptural works.

Tom Friedman, BigBlueFigure

Although sharing a similar affinity for the monumental, Jenny Saville's paintings of grotesques exploit the organic qualities of paint that compose her semi-abstract corporeal figures, in this instance a slaughtered pig. Marked by broad, messy brushstrokes, Suspension is firmly rooted in the physical world of blood and decay.

Jenny Saville, Stare, 2004-2005

Damien Hirst's triptych, The Sun, The Moon and The Earth, expands on his career-long preoccupation with life, death, and mortality. Part of an ongoing series of paintings, Hirst's use of real butterflies as a metaphor for nature and beauty symbolize the precarious balance of life.

Damien Hirst, The Sun, The Moon, the Earth, 2003

Mike Kelley's Farm Girl and Beard, Betty, Veronica expand on the themes of Day is Done, a multi-part installation that explores the masquerades of identity and the nature of memory through varied media, including sculpture and photography. With these two works, Kelley targets both Californian identity and the artifice of representation.

Mike Kelley, Butter Dog Gold

Alec Soth's photographs combine the often-anonymous conditions of his locations with a warmth and familiarity that resonates from his subjects. Part of his Niagara series, Soth's double portrait of Michele and James reflects the fragile balance of harsh reality and humanity embodied by this couple.

Alec Soth, Michele and James, 2004

Franz West's furniture, much like his sculpture, combines common materials that invite us to interact with it. Facing West's Divan, Douglas Gordon's video Blue II (featuring Franz West and Guests) captures playfully suggestive hand gestures that seem to signal the promise of another peaceful summer.

Franz West, Divan, 1989

It brings together disparate works of modern artists, including photo series by Palestinian artist Ahlam Schibli focusing on the lives of her people. There is also a performance art piece by Chinese artist Ai Weiwei that will see 1,001 Chinese people — including farmers, workers and police officers — fly to Germany and then walk through the streets of Kassel for a week.

Ai Weiwei, Coca Cola Pottery, 1994

"We think of the exhibition as a medium, a move away from representation toward production," said organizers Ruth Noack and Roger M. Buergel in a statement. "Rather than simply lining up 'best artists of the world,' we have considered the format of the exhibition in terms of spectatorial experience as a space in which both 'art work' and 'audience' challenge each other and are qualified."

The exhibition is primarily spread out over several locations in Kassel, but also includes a presentation of food-as-art by star cook Ferran Adria at Spain's famous El Bulli restaurant, about two hours north of Barcelona.

Ferran Adria with His Cloud of Carrot

Anish Kapoor, Svayambh, 2007

Staying true to his interest in forms produced by forces or stresses that modify an object's shape, the artist offers a work generated by the architecture of the space. Whence the title Svayambh, a Sanskrit word whose literal meaning – something like "self-engendered, shaped by one's own energy" – hints at the cosmic connotations underpinning the work of an artist whose current explorations also focus in part on the representation of the original explosion. From 12 October–13 January this deeply metaphysical sculpture will be on show at the Haus der Kunst in Munich.

8 of the Top 10 selling contemporary artists are from English-speaking countries, and promoted by such prestigious art galleries as Gagosian, Anthony d´Offay, Saatchi, Sonnabend, Sperone Westwater, etc. The other two are the Italian artist Maurizio Cattelan and Takashi Murakami of Japan. The previous records of both were beaten at the May 2004 contemporary art auctions in New York. Cattelan ranks second on our list thanks to his The Ballad of Trosky which fetched USD 1.85 million. The American Jean-Michel Basquiat still ranks number one, a position he has occupied since 14 May 2002 when his Profit I sold for USD 5 million. (Credit: Artprice Website)

Sale Date/Venue: Sunday, 3 June, 2007, Taipei
Number of Lots Sold: 149
Value of Lots Sold: USD 17,025,983 (approx. TWD 562,283,100)

The following prices in Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest Taiwan Dollar.
On the date of the sale, exchange rates were approximately as follows: USD 1 = TWD 33.025 . HKD 1 = TWD 4.229

ZAO WOU-KI "4.4.85" REACHED NT$118 MILLION-SET A BRAND NEW RECORD IN TAIWAN ART AUCTION SCENE
CHU TEH-CHUN'S SNOW SCENE, PAN YU-LIANG'S COLOR INK WORK ESTABLISHED NEW LANDMARKS
INTENSE BIDDING FOR LIN FENGMIAN, JU MING, SHIY DE-JINN,ZHOU CHUNYA, HUANG GANG
SEVERAL CONTEMPORARY ARTISTS SET NEW WORLD AUCTION RECORDS

TAIPEI- The "Ravenel Spring Auction 2007" held on June 3rd set several new auction records once again. It totaled NT$562,283,100 (US$17,025,983) breaking through the precedent record that Ravenel set at last auction. A mood of climax pervaded the whole duration of auction which took over 5 hours to complete 160 lots. 149 pieces were sold, 93.1% sold by lot and 171.1% sold by value.

Following the cover lot for Ravenel Autumn Auction 2006 held in last December: the work by Zao Wou-Ki had set a record of NT$90,930,000 in Taiwan auction history; The cover lot for this auction—Zao Wou-Ki "4.4.85" oil painting renewed the last record once again, fetched NT$118,200,000 (approx. US$3,579,107), the most expensive painting ever in Taiwan auction scene. The open vigor of this great work had been an old collection of Pierre Matisse, son of French fauvist painter Henri Matisse, won by a phone bidder.

The second high priced lot at Ravenel Spring Auction 2007 was an oil painting by Chu Teh-chun completed in 1987 "Présence Hivernale II", renewing the artist's snow scene series record by a value of NT$53,800,000 (approx US$1,629,069). A color ink work by Pan Yu-liang executed in 1955 "Four Beauties after Bath" was sold at value of NT$37,560,000 (approx. US$1,137,320) creating new world record for the artist's color ink works, which is also the second high price for this female artist's works, right after anotherself-portrait oil painting by this artist.

One of the top highlights at this auction is "Sanhuai House Collection of Lin Fengmian's Paintings", all of 9 lots were sold. Among these works, "Green Willows, West Lake" was eventually bade for a price of NT$18,520,000 (US$560,787) . "Pines of Mount Huang" was sold at NT$14,600,000 (US$442,089) . These two works had been requested frequently during previews period. Art works by modern masters were showing their non-stop wonderfulness and sold out spectacularly. Another Zao Wou-Ki small scale format painting "20.10.69" was sold at NT$16,840,000 (approx. US$509,917), Liao Chi-chun's "Tamshui" sold at NT$16,840,000 (approx. US$509,917), Yun Gee's "Saint-Germain-en-Laye" went for NT$14,600,000 (approx. US$442,089), Wu Guanzhong's "By the Li River" sold at NT$14,600,000 (approx. US$442,089). Sculpture master Ju Ming's work "Taichi Series-Arch" was sold at NT$17,400,000 (approx. US$526,874), and the artist's other 3 pieces of sculpture were all sold at prices superior to the estimates; In chorus, Lin Fengmian's disciple from the master's Hangzhou period, Shiy De-Jinn, whose 7 lots of watercolor works were sold out for prices much more superior to their high estimate, three of them even hit over million (TWD) and set new records for the artist's works on paper.

About Chinese contemporary art, the painter Zhou Chunya from Sichuan, China, was the focus of this auction, "Stone. A View to Ya'anshangh" was sold at NT$16,840,000 (approx. US$509,917), four times higher than its original estimate. Oil painting works "Green Dog", "Vase of Flower" were announced settled to different collectors individually by price NT$9,204,000 (approx. US$278,698) and NT$8,260,000 (approx. US$250,114). Chinese contemporary artist Huang Gang's two painting works also participated in this auction, "Sutra from Snowland" setting the artist's brand new world auction record with a bidding price of NT$4,720,000 (approx. US$142,922)

Several renowned contemporary artists set up their personal world new records at Ravenel auctions, such as "Landscape" by Pang Jiun for NT$4,484,000 (approx. US$135,776), "Bo-han" by Chiu Ya-tsai for NT$3,186,000 (approx. US$96,472), "Misty River, Layered peaks" by Chuang Che for NT$3,186,000 (approx. US$96,472), "Yami Tau" by Wu Tien-chang for NT$2,006,000 (approx. US$60,742), works by Li Lei, Cao Hui and Chu Chen-yung…et cetera. Cao Hui made his debut in this auction, his representative sculpture work "Pure Wool Mark" was sold out at NT$2,360,000
(approx. US$71,461), that's impressing. A strong and great cast in contemporary sculptures, also made an excellent performance in this auction.

Xiaodong Liu, Newly Displaced Population, 2005

The most successful sales took place in New York or China. The major auction houses have established offices there to be closer to supply and demand. To date, Xiaodong Liu is achieving the highest valuations of the Chinese contemporary artists. His work was offered at auction for the first time in 1991 in Hong Kong. Back then, Christie's-Swire brought the hammer down at 7,851 euros. Last November, his work New Displaced Population was sold for 20,000,000 CNY (1,982,600 euros) by Poly International Auction Co, Ltd in Beijing. Yifei Chen was also introduced at auction in 1991 with Lingering Melodies from the Xunyang River already selling for 150,925 euros at Christie's-Swire. On 27 June 2006, the Shangai Hosane auction house achieved 11,000,000 CNY (1,097,470 euros) for WarmSpring in the Jade Pavillon.

Attracted by the amazing results being achieved by the New York or Chinese auction houses, numerous European auctioneers have recently been organising sales dedicated to Chinese contemporary art. The prices reached are not yet up with the leaders in the market; the opportunity to open this market to a wider public.

Yifei Chen, Lingering Melodies from the Xunyang River, 1991

In France, Artcurial now dedicates whole catalogues to this sector. No less than 109 lots will be up for sale on 5 June. Once again Xiaogang Zhang has top billing. Two small canvases measuring 40x30 cm, created in 1999, are estimated at between 150,000 and 200,000 euros apiece. Wuji Zhao will see one of his 1998 canvases offered for sale at an estimate of between 170,000 and 200,000 euros. His price index shows an increase of +406 over the last decade. For less than 10,000 euros the choice is wide: not less than 59 works offered for sale at under this estimate, including pieces by An Hong, Fengzhi Liu,Xiaofan Lu, Lizi Mao, Haiwen Tang, Yan Huang or Desheng Ma. Worthy of mention: an untitled, 100cmx100cm oil on canvas by Li Shuang, with an estimate of 5,000 to 7,000 euros. The artist made his auction debut in 1996 in Beijing with China Guardian. At that time, he achieved 22,000 CNY (2,300 euros) for an oil on canvas with collage, measuring 150x100cm. In 2005, he saw his work sold for 230,000 HKD (24,863 euros) by Sotheby's Hong Kong followed by 350,000 CNY (34,738 euros) in 2006 in Beijing by China Guardian. (Credit: Artprice Website)

Christie's New York. Impressionist and modern art evening sale on Nov. 8, 2006

An overview on Christie's New York. Impressionist and modern art evening sale , Nov. 8, 2006

Christie's evening sale of Impressionist and modern art on Nov. 8, 2006, sold 78 of the 84 lots offered, or 93 percent, for a total of $491,472,000, including the auction-house premium (20 percent on the first $200,000, and 12 percent on the rest). The total was the highest for any art auction, ever (though this sale admittedly had 20 more lots than a typical evening sale). The sale set nine new auction records, including for Gustav Klimt, Egon Schiele, Ernst Ludwig Kirchner and Paul Gauguin. Klimt's Portrait of Adele Bloch-Bauer II sold for $87,936,000 (with premium), the third highest price for a painting at auction, and altogether, the four restituted Klimt paintings from the Bloch-Bauer family sold for $192,704,000.

Lot 9, Paul Gauguin's L'homme a la hache (1891), 36 x 27 in., estimated at $35,000,000-$45,000,000, made this the most expensive Gauguin ever offered at auction, even before a paddle was raised. But not, by anecdotal evidence, the most desirable. Sotheby's London sold Deux Femmes, a picture of two Tahitian women, for $22,000,000 in February 2006. Sotheby's New York sold Gauguin's Maternité II for $39,000,000 in November of 2004. Prior to that, one looks to the fantastical prices of the late '80s to find paintings of this ilk and cost. The picture sold to someone on the phone for $36,000,000 after slow, spare bidding.

Lot 37, Ernst Ludwig Kirchner's Berliner Strassenszenem (1913-14), 47 x 35 in., was estimated at $18,000,000-$24,000,000. A very pretty picture and a treasure restituted to the heirs of Alfred and Thekla Hess from the Brücke Museum in Berlin. Obviously great, thus ideal, especially when you can back-story restitution into the awkward verb form and serve justice and economic revenge simultaneously. However, some Strassenszenes have appeared at auction before, and their sales serve as a backdrop to Christie's star of German Modernism. Christie's London sold Strassenszenes for $3,800,000 over an estimate of $3,000,000-$4,400,000 in February 2006. It was the same picture that the firm sold in June 1997 for $2,400,000. Sotheby's London sold another Strassenszenes at the same time for $3,000,000. You parse the values and see if they add up. The highest price ever paid for a Kirchner was just under $9,000,000, made this past February. Our beautiful picture, however, sold in a lengthy ballet for $34,000,000 to the aforementioned Daniella Luxembourg, who, it turns out, was working for the Neue Gallerie in New York.

Lot 51, Gustav Klimt's Birch Forest (1903), 43 x 43 in., was estimated at $20,000,000-$30,000,000. This was the first of the four works consigned to Christie's by the heirs of Adele and Ferdinand Bloch-Bauer, represented now by Maria Altmann, and as restituted by the Austrian government. Ronald Lauder's auspicious purchase of the fifth picture, Portrait of Adele I, for a reputed $135,000,000 set a gilded tone for tonight's auction. Lot 53, Klimt's Apple Tree I (1912), with its utterly fabulous in its context, was sold for $29,500,000.

Phillip & de Pury Co., Contemporary Art Sale, Nov 16, 2006

An Overview on Phillip & de Pury Co., Contemporary Art Sale, Nov 16, 2006

While works by Willem de Kooning and Andy Warhol are the gold standard at the uptown auction houses, at Phillips, de Pury & Co. in Chelsea the coin of the realm is Richard Prince and Christopher Wool. The room is fairly raw and much smaller, the crowd certainly is younger and prettier, and the totals considerably less. Phillips' contemporary art sale of Nov. 16, 2006, totaled $29,694,800, with 60 of 68 lots finding buyers, or 88 percent.

And despite a sense that the sale was lackluster, auction records were set for 18 artists. Among these are several names relatively new to the evening sales, including Hernan Bas ($168,000), Jim Lambie ($144,000), Qiu Shi-Hua ($137,000), Banks Violette ($117,000) and Mark Handforth ($114,000). Clearly, Phillips remains a place for market movers to put new names in play.

The top lot was Mike Kelley's Deodorized Central Mass with Satellites (1991-99), a room-sized installation of nine hanging "planets" made of found stuffed animals, which sold for $2,704,000, below the presale low estimate of $3,000,000. The work was previously exhibited only in Germany, originally in a smaller form at the Jablonka Gallery in Cologne. The buyer was megacollector Peter Brant. Another top lot was a Richard Prince nurse painting that was first exhibited at Barbara Gladstone Gallery in 2003. Tender Nurse (2002) sold for $2,256,000 to Hollywood B-movie producer Stavros Merjos after some typically theatrical cajoling by auctioneer Simon de Pury. "Can you go up just one last little bit," he asked, urgently, "One tiny, tiny little bit?" By the way, de Pury's new practice of marking bought-in lots by bringing the hammer down sharply, without saying "passed" as is the common practice at other New York auction houses, may not be in exact compliance with the New York commercial code rules governing auctions.

Sotheby's New York, Contemporary art evening sale, Nov 14, 2006

An overview on Sotheby's New York, Contemporary art evening sale, Nov 14, 2006

It was just another record-breaking auction at Sotheby's New York on the evening of Nov. 14, 2006. In the first sale in a week of contemporary art sales, Sotheby's totaled $125,132,800, with 76 of 83 lots finding buyers, or almost 91 percent.

The Nov. 14 sale opened with 27 lots from the extensive contemporary art holdings of the late Belgian collector Roger Vanthournout and his wife Josette, which was 100 percent sold for a total of $42.1 million.

The sale's star lot, Francis Bacon's Version No. 2 of Lying Figure with Hypodermic Syringe (1968), sold for $15,024,000 to an anonymous collector, well above the presale high estimate of $12,000,000 and a new auction record for the artist. The extensive catalogue entry imaginatively compared the painting to Henry Fuseli's 1781 The Nightmare and Bernini's marble Ecstasy of St. Theresa.

The sale's other eight-figure lot was Willem de Kooning's Untitled XXX (1977), a pink and blue "seascape" that was last sold by Matthew Marks Gallery in 1998.

　　　　　　　　　　　　Henry Fuseli, The Nightmare　　　　 Gianlorenzo Bernini, The Ecstasy of St. Theresa

This time around it went to a telephone bidder for $10,656,000, just above its presale high estimate of $9,500,000.

The sale set 15 new artists' records in all: Josef Albers ($912,000), Niki de Saint Phalle ($1,136,000), Enrico Castellani ($352,000), Piero Manzoni ($2,592,000), Carl Andre ($912,000), Robert Mangold ($430,400), Anish Kapoor ($2,256,000), Isamu Noguchi ($1,248,000), Dan Flavin ($744,000), Barnaby Furnas ($520,000), Jenny Saville ($1,024,000), Glenn Brown ($688,000), Martin Eder ($520,000) and Jonathan Meese ($251,200).

In the late 1980s and the early 1990s, Taipei Fine Arts Museum and Taipei National Museum of History had both held special exhibitions, gradually introducing their art into Taiwan. With the active management by several Taiwanese painting dealers and auction dealers, they became star artists with the fame burning to the touch in the Chinese Western painting market in the 1990s, even more popular than Zao Wou-ki and Chu Teh-chun at that time. Some media then even called Sanyu and Yun Gee Heavenly Kings in the Western painting market, which implied the vigorous activity of the market.

Although Yun Gee is a name familiar to Taiwanese collectors, in other Chinese areas, his fame is far less than that of the artists such as Sanyu and Pan Yu-liang in his generation. The following is the brief introduction of this Leader of Modernism who had considerable experience of exhibition but died in depression.

He is a Leader of Modernism, an important representative Asian artist in the United States

Yun Gee was born in Zhujia Village, Kaiping County, Guangdong Province of China on February 22, 1906. He once took pride in mentioning his birthday which was on the same day as that of Washington, Father of the United States. He was educated until junior middle school in a traditional way in his hometown. According to the records around 1931 in Who's Who in China, Yun Gee was dismissed from school at the age of thirteen because he doubted the morality outlook of the Chinese in the times of the Three Kingdoms, which was considered to have rebelled against orthodox teachings. Afterwards, he learned Chinese traditional painting from a teacher surnamed Chu. His works before 1925 were mostly Chinese traditional paintings, none of which remain in existence.

Yun Gee left China in 1921 for San Francisco to seek refuge with relatives when he was fifteen. Quong On Gee, Yun Gee's father, made a living in US at a tender age presumably by offering labor like most Chinese then and there. Quong On Gee was said to own a store in San Francisco later, who should have been able to bring Yun Gee to the United States. Since it was already difficult for most American Chinese to have adequate food and clothing, it was really not easy for Yun Gee's father to allow him later to have paining as profession. Yun Gee entered California School of Arts in 1924 and later delved into human body sketching and oil painting courses at San Francisco Art Institute. In 1925 and 1926, he took Gottardo Piazzone (1872-1945) as a master to learn scenery painting and in 1926 learned sketching, still life painting and human body oil painting from Otis Oldfiled (1890-1964). California School of Arts was founded in 1874, already one of the best arts institutions in the west coast of the United States at that time, which was closely related to the development of modern arts of California. In the 1920s, almost all of the teachers in California School of Arts had study experience in Europe, who were in a very important status in the art circles of San Francisco.

Art critics think that Yun Gee had been deeply influenced by Piazzone and Oldfiled not in style but that he got exposed to modern art of Europe under the guide of the two masters. Yun Gee's works made during his stay at New York revealed his preference to the exuberant coloration of expressionism. The exploration of that kind coloration, which is a key element in his painting, lasted until his late years. In addition, Orphism, a branch of French Cubism, also inspired Yun Gee, who had come to pay much attention to the relations between colors and structure on the painting. The theory of Color Zones of Professor Oldfiled put emphasis on the organization of the tableau and rhythm on the painting, daubing solid colors directly to form small color lumps. In fact, the basis of the theory of Oldfiled, Synchromism, is American Orphism. In this period, Yun Gee devoted himself in the study of coloration structure, developing his own theory of Diamondism, emphasizing the concept of intellectuality of obsering objects objectively. Many small triangles appeared in his paintings, indicating each facet of the Diamond of the Universe. He continued the study of Diamondism until the 1950s.

With a special qual i ty of creat ivi ty, Yun Gee made preparations and founded of Chinese Revolutionary Artists' Club in 1926, teaching modern art to the Chinese and offered assistance to establish Modern Gallery in San Francisco. In his first personal exhibition there, he met with Prince and Princess Achille Murat from Paris who bought several of his paintings and encouraged him to Paris for further development. Therefore, Yun Gee went to Paris in 1927. Through the introduction of Murat Couple, he got to know a lot of celebrities in Paris art circles such as Gertrude Stein, a woman litterateur, André Lhote, a painter, Paul Guillaume, an art agent as well as Paule de Reuss, a poetess, who later became his first wife. His art turned out very popular after he moved to Paris. He succeeded in becoming one member in the art circles there and obtained the opportunity to hold four personal exhibitions in the topclass gallery in Paris. In 1929, his works were even selected in Salon des Indépendants. Owing to the experience, the future, to young Yun Gee in his twenties, seemed greatly promising. During his stay in Paris, he strived for the cultural ferment of the East and the West, having created some paintings with themes of religious scriptures and portraits for famous figures in ancient China. There is less abstract graveness, sternness and detached sense characteristic of the works during his stay in San Francisco and more gentleness and deep gloom in the style of this period which was much closer to the special quality of humanism in Paris at that time.

Yun Gee married Paule in 1930. The barrier of the Great Depression to his development forced him back to the United States and waited for opportunities in his rented studio in New York. In the early 1930s, he participated in some significant joint exhibitions by Brooklyn Art Museum, Museum of Modern Art, New York and so on. After his return to New York, Yun Gee was still active in the art circles and enthusiastic in the activities concerning overseas Chinese and China. The theme of his first works in New York centered on the metropolis skyscrapers and the Central Park and other well-known scenic spots there. In 1932, he got divorced with Paule living apart. He met with Helen Wimmer (1919-2004) a student of fine arts in 1935 and fell in love. In 1942, they got married and had a daughter the next year, named Li-lan, a famous woman artist today.

In 1936, Yun Gee went to Paris again. His works were once exhibited together with the works by the European top artists such as Bonnard, Braque, Modigliani and Picasso. There were abundant exhibition records of his works in the late 1930s. A personal art exhibition with 37 pieces was held in 1938, the themes of which were mainly sketches of Paris scenery and portraits. However, as if fooled by fate, since World War II burst out in Europe, he had to return to New York upset. In the 1940s, Yun Gee continued his efforts in painting, holding several personal exhibitions, but poverty as well as sense of intense constraint led to his illness from constant overwork. Generally, there is not much information recorded about his life and painting in his last years. Finally, his life faded away tragically like a mysery.

Because of Chinese Exclusion Act in the early twentieth century, most Chinese fell into a discrimination environment, which also made Yun Gee dismayed but able to do nothing in his artist working course. As Professor Oldfiled once said, Yun Gee was one of the leading painters of modernism but facing the upgrowing of the later abstract new art and the unfair treatment which overseas Chinese were subjected to, he was bound to be incomparably demoralized and lonely in his late age.

After Yun Gee passed away, his wife Helen was also an excellent agent of the photography art gallery. She tried to arouse people's interests in Yun Gee's art through the exhibitions in some art galleries. Hirshihorn Museum, Washington D.C., bought five pieces for collection. His works are also collected in Whitney Museum, New York, Oakland Museum, California and Weatherspoon Gallery of Art, University of North Carolina, Greensbo. Especially Portrait de Pierre Mille, completed during his second stay in Paris, had once been collected by Jeu de Paume, the French state-run modern arts gallery in Paris in 1938 and later was transferred to Centre Georges Pompidou. It has been kept by the French government for nearly 70 years by now.

Yun Gee should have a position in Million US$ Club

Back to the discussion of the art market, since 2003, the whole market of Chinese art has been increasing incredibly as if it has been equipped with an additional engine. The prices indexes of Sanyu, Zao Wou-ki and Chu Teh-chun have all been evidently growing. Particularly, the price of one of Sanyu's paintings, worth originally millions of TWD , has even risen in a few years from ten million to about one hundred millionTWD (over US$ 3,000,000). The market of the three overseas Chinese artists reached a summit and the auction records were broken respectively: Pink Lotus by Sanyu was sold at auction at HKD 2,812,000,000 (about TWD 110,000,000 or US$ 3,600,000 inluding commission of the purchaser) in April, 2006; Rouge, La pluie de pétales sur le village; Blanc, Le nuage au-dessus de la maison No. 53 by Chu Teh-chun at HKD 25,880,000 (about TWD 100,000,000 or US$ 3,380,000 including commission of the purchaser) in May, 2006; and Composition No. 8 by Zao Wou-ki at HKD 24,760,000 (about TWD 100,000,000 or US$ 3,170,000 including commission of the purchaser) in November, 2006. The total trading volumes of the three artists' works in 2006 each made considerable achievements. According to the data published by Artprice of France, the global trading volumes of the works by Zao Wou-ki, Sanyu and Chu Teh-chun in 2006 are the thirtieth, sixty-fifth and seventy-first respectively in the top 100 list with the total trading volume of Zao Wouki's US$ 27,410,000 (approximately TWD 890,000,000, US$ 27,411,899), that of Sanyu's US$ 14,690,000 (approximately TWD 480,000,000, US$ 14,686,848) and that of Chu Tehchun's US$ 13,990,000 (approximately TWD 470,000,000, US$ 13,989,907) and the respective yearly growth rates of 84%, 132% and 105%. Because the data published by Artprice did not cover the commissions of purchasers, the actual yearly trading volumes should have been modified by increasing by 12% to 15% or higher.

When the rumor in the market goes that the market of the early art masters had been carved up due to the rising trends of the modern art, I have different views from the observation of some marketers. In the sixteenth issue of Art and Investment for Ravenel in April, 2006, I wrote the analytic report of Zao Wou-ki's Market remains stable despite Avant-Gard trends rising, pridicting that Zao Wou-ki's trading volume would be top among all Chinese artists' in 2006 by exceeding that of TWD 605,040,000 (about US$ 19,690,000) in 2005. As expected, Zao Wou-ki's trading volume turned out to be on top of all Chinese artists' and exceed other international masters', lised in the thirtieth place in the world market.

As for Yun Gee's market positioning at present, I think we owe him justice. Recently the prices of the works by many Chinese artists including some Chinese advanced artists have exceeded millions of US dollars, even the highest price of Pan Yu-liang's paintings in November, 2005 had reached US$ 1,240,000 (about TWD 41,452,000, US$ 1,243,245), the 401st in the list of 2006 by Artprice although her paintings' negotiability is greater than Yun Gee's (refer to the fifteenth issue of Art and Investment for more information about the works quantity). At Hongkong auction in November, 2006, Yun Gee's oil painting Princess Achille Murat created in Paris in 1929 was sold at HKD 5,720,000 (about TWD 24,590,000, US$ 745,333), breaking the record of The Flute Player with TWD 14,350,000 (about US$ 434,848) made in Taipei seven years before. According to the attachment of Top 10 Most Expensive Paintings of Yun GEE Ever Sold at Auction, there have been four new records made in 2006 and 2007. The future market is promising.

Lack of sources and supply and Over-centralised collection, Release of masterpieces will be of help to revitalize the market.

Why is the name of Yun Gee seldom mentioned in the trends of Chinese art market? Even though some odd pieces appear at auction, it seems that they do not receive general attention as much as Sanyu's works. As far as artist influence is concerned, Yun Gee has a certain position in the American modern painting, who had particularly novel outlooks on painting. But Yun Gee was comparatively solemn and gloomy in his choice of themes. Most collectors think that Sanyu's art style is comparatively elegant with appetency while Yun Gee's is a little more isolating with a strong individuality, which can not arouse the collectors' sympathy in an all-round way.

In addition, despite the insufficient quantity of the works, the collection is concentrated in the hands of a few collectors so that the people who intend to take part in collection have few selective opportunities. In the past, Yun Gee's works were seen in a scattered way at King Stone Gallery, Long-men Gallery, Lin & Keng Gallery, Home Gallery and other galleries in Taiwan and two or three galleries in New York or in the auction companies of Taipei and Hongkong, almost all of which were supplied by Lady Li-lan, Yun Gee's only daughter. Since Yun Gee died of illness, most of his heritage went to Li-lan except for several paintings, photos, letters and other documents in the hands of his former wife Helen. A collection of Helen were sold well at auction in Taipei in October, 1999. Only one of the 39 pieces was not sold. The trading volume at this special auction reached well TWD 42,277,300 (about US$ 1,280,000). 1999 is the year when Yun Gee's yearly dealing number is the biggest and the sum the highest so far. The figure clearly indicates that insufficient supply of the market is just the most important reason for stagnant painters' market.

Yun Gee's works have now mostly been in the hands of Brother Ma from Taiwan Yuanta Group and several senior Taiwanese collectors from Yageo Foundation. Besides, through auction, there are a few collectors from Southeast Asia and Chinese mainland who are keen to Yun Gee. His works also appear occasionally at auctions in the west coast of the United States and Paris. Lady Li-lan is also supposed to keep a collection of her own. She prizes very much the heritage left by her father and will not release any rashly. Therefore, the works in circulation in the market are mostly regrated.

As the only heir to Yun Gee, Li-lan wishes whole-heartedly that she could hold a grand retrospection exhibition in China for her father. Efforts are being made to realise that wish and chances are that it will be a success. On the other hand, she is rushing about and through the cooperation with the first-class American galleries, Yun Gee's art can be popularized. For instance, Yun Gee's commemorative exhibitions had been held in succession at New York Chambers Fine Art in 2002, Pasadena Museum of California Art in 2003, Los Angeles Double Vision Gallery and New York Marlborough Gallery in 2005. Especially, the English biography, Yun Gee: Poetry, Writings, Art, Memories, is now being published at the same time all over the world. It is believed that Yun Gee's works with perspective and a spirit of creativity will surely be more popular and the position he should have had is expected hopefully to be restored in the art circles and the art market in the twenty-first century.

On April 7th, at an auction in Hong Kong, with mounting tension, a 1939 oil painting by Xu Beihong was sold at the price of 64 million Hong Kong dollars. Adding 8 million Hong Kong dollars of commission, its price of 72 million (about 300 million Taiwan dollars or 9.2 million US dollars) set a new record for Chinese oil paintings. For collectors and art dealer who are well acquainted with the art market, this came as no surprise, since a mere six months ago, another
oil painting by Xu Beihong, sold at 53.88 million HK dollars (about 230 million Taiwan dollars, or 6.9 million US dollars), had just set a new record. However, behind these
astrological figures, the driving motives are not sheer artistic values. A unique collecting taste associated with Chinese painting, as well as political correctness has to be taken into
consideration as well.

Enjoying an eminent status in Chinese modern art, Xu Beihong's name is not just a token for his individual art, but rather the Central Academy of Fine Arts (CAFA) system, the reformed Chinese painting, as well as social realism that are related to him. Though Xu passed away because of illness in 1953, his influence dominated the Chinese art milieu for the better part of the 20th century. Till now, he still enjoys high status in the art circle. In early 1920s, there were two approaches concerning the development of Chinese art: classical realism and the innovative and liberal modern school. The former, championed by Xu, emphasized on absorbing the techniques of classical realism and strongly apposed to various modern schools of art; the latter, lead by Lin Fengmian and Liu Haisu, tended to encouraged learning from the Impressionists. Two schools of art developed out of these two divisions, namely, the northern school, associated with CAFA, and the southern school, related to the Hangzhou National Academy of Art, now China Academy of Art.

Both Xu and Lin are standard-bearer in the early stage of Chinese art education, as well as pioneers in modern art with charm of their own. Who is better between the two is a question that has no definite answer; however, art should allow the existence of diversity, and embrace different aesthetical ideas. By comparison, Xu enjoyed a high reputation because of the political correctness of his aesthetical views, whereas Lin was excluded from the main stream, tortured during the Cultural Revolution, and he even chose to live in Hong Kong as a modern hermit in his later years, simply because his appreciation of a liberal and reforming style. However, what worth noticing is, though these two masters espoused with different artistic theory in their later period, they both returned to the innovation of Chinese ink paintings towards the end of their lives, therefore can we appreciate their oil paintings, as well as large number of ink paintings in the art market now. In this article, the sales situation of the two artists in recent years will be discussed through some statistic analysis.

Lin's paintings: price lower than Xu's,but more space for growth in the future

Judging from the latest trend in the auction business, it is obvious that after reaching a peak in both turnover and price level in 2005, the general situation in Chinese ink painting market is that the buyers take a wait-and-see attitude, trading cautiously while the market is in the process of stabilization. However, because the ink painting market is still rather dynamic, price level as well as turnover is still rather considerable in 2006, but because of the rising impact of Chinese oil painting market in main land China, South-eastern Asia and international market, ink painting market still loses some market share. As Lin's and Xu's paintings are both sold in oil painting andi n k painting market , the turnover and price index of the two artist saw andecrrase i n 2006.

However, in the report 2006 Art Market Trends issued by the French company Artprice i n F e b.2007, much attentionis paid to the rising of Chinese art market, an unprecedented phenomenonthat worth oticing.In the Artprice 2006 Ranking of Artist by Turnover: the Top 500,both Xu and Lin rank among the top 100 in terms of global auction turnover, ranking 91 and 73 respectively. There was also a large presence of Chinese artists among the top 500,older artists as well as young ones, those who ranked among the top 100 were: Zao Wou-ki (30), Zhang Xiaogang (38), SAN YU (65), Chun The-chun (71), Zhang Daqian (74), Wu Guanzhong (76), Qi Baishi (80), Fu Baoshi (96), Liao Chi-chun (99), etc.

The fact that 11 Chinese artists are present among the top 100 of artists in terms of turnover is a sound proof that the Chinese art market is of a considerable size which deserves international recognition. The high ranking ofhe ink painting masters is also an incentive to the ink painting market. The statistics have proven that the so-called depression or bubbling of ink painting market is nothing but a myth: though normal and justifiable market regulations are involved, the rising and falling of the ink painting market is more connected with psychological factors and manipulations. Since Xu Beihong's painting crossed the US$1million threshold in Beijing at the end of 2004, his paintings have been setting new records every season. An astrological US$920 million has been reached at the spring auction in Hong Kong. Certainly, to a collector, a rarity means value;therefore Xu's oil paintings have much higher prices than his ink paintings. In just the two passing years, four of his oil paintings have been sold at more than US$2 million each.
Currently, the price record of Xu's ink paintings is kept by his colored ink painting "Jiu zhou wu shi le geng yun" (ChinaTakes Delight in Tilling), sold at a price of 17.05 million RMB(about 70 million Taiwan Dollars, or 2.06 million US dollars) in Beijing on Dec.18th, 2004.

Compared with Xu's relatively high price, Lin Fengmian's paintings appear to be sold at a rather low price. In terms of artistic influence and style, the two are poles apart, but in the n o t i c i n g . I n the Artprice 2006 Ranking of Artist by Turnover: the Top 500, both Xu and Lin rank among the top 100 in terms of global auction turnover, ranking 91 and 73 respectively. There was not totally free from political factors, Lin's paintings should have a very promising future.

After excellent record-setting sales in 2005, Lin's paintings failed to set new records in 2006. However, in the appendix Top 20 Most Expensive Paintings of LIN Fengmian Ever Sold at Auction, it is very easy to observe that many of Lin's paintings were traded extremely well in 2006. Up till now,the record for Lin's paintings in the auction market has been kept by a beautiful colored ink painting Four Beauties. It was sold in Hong Kong at 7.76 million HK dollars (about 33.26 million Taiwan Dollars or 1 million US dollars). Compared with Xu's HK$72 million (US$9.2 million) oil painting Put Down Your Whip, or Jiu Zhou Wu Shi Le Geng Yun, Lin's paintings still have immensely large room for growth.

Stimulus of Lin's selling: Hong Kong Museum of Art Exhibition & Sanhuai House Collection

This year, various commemorative activities were launched in Hong Kong to mark the tenth anniversary of Hong Kong's return to China. The Hong Kong Museum of Art joined the effort, celebrating Hong Kong's return as well as its own 45th anniversary, by holding a grand exhibition entitled "A Pioneer of Modern Chinese Painting: The Art of Lin Fengmian". This exhibition is the result of concerted efforts from Main land China, Hong Kong and Taiwan. The Hong Kong Museum of Art, Shanghai Art Museum and private collectors from Taiwan all contributed to this exhibition. It was learned that among the 115 painting exhibited, 27 were from the collections of Hong Kong Museum of Art, 39 from Shanghai Art Museum, and the rest were from Lin's foster daughter Feng Ye and various private collectors. According to conventions of both domestic and international art market, once a grand retrospective exhibition or commemorative exhibitions of an artist is held, the price of his works will see a rise.Therefore,the future is rosy for Lin's paintings.

Lin spent his last decade in Hong Kong,and continued painting there, therefore it is reasonable to assume that he has much faithful appreciation in Hong Kong. Currently, most important collectors of Lin are from HongKong. What is worth mentioning is that in Ravenel Spring Auction 2007 – The 20th & 21st Century Chinese Art on Jun. 3rd, there will be a featured auction "Sanhuai House's collection of Lin Fengmian". The owner of Sanhuai House,a renowned collector of Lin in Hong Kong,has been collecting Lin's works for about thirty years. Many of his collection have been loaned to museums to exhibit, such as the 'China-Paris' exhibition in Taipei Fine Arts Museum in 1988, Lin Fengmian exhibition in Hong Kong Arts Centre (now Hong Kong Museum of Art) in the 1990s, and Shanghai Art Museum's ' The Road of Lin Fengmian's Art: A Retrospective"in 1999. The renowned two-volume Corpus of Lin Fengmian, published by Tianjin People's Fine Art Publishing House in 1994, has also included many of his collections. The taste of his collection is unquestionable; in fact, the owner of Sanhuai House can be regarded as an authority in authenticating Lin's paintings. The nine lots that will appear in the auction are of different time, theme and style, including Pines of Mount Huang (finished in Lin's stay in Hong Kong), Spring Willows, West Lake (finished in Shanghai) and several lady's portraits, Hua-niao paintings (paintings of flowers, birds, insects, etc) and still lives. Most of the lots have been catalogued. With such excellent lots, this auction is bond to make a huge impact on the market.

The oil painting Put Down Your Whip pushed the price of Xu Beihong's paintings to a higher level, as well as vitalized the auction of Chinese art works. This news have been broadcasted through out the world by news media and internet. With 2008 on the horizon, Chinese art as well as Chinese economy will remain the focus of world's attention in the future. As one of most important early artists of China,Xu's works will continue to witness good sales record, then will the price of the works of Lin Fengmian, who is also a great master, remain stagnant? Is the current gap in the price between the paintings of the two reasonable? These questions will be discussed in the future issues of Art and Investments.

First highlight: Zhao Wuji's spectacular work "4. 4. 85"

The cover lot, "4.4.85", is a former collection of the famous American art broker Pierre Matisse, the son of the great Fauvist master Henri Matisse. This wide open composition with its hazy lights filled with poetry, so is worth mentioning as a milestone for Zhao Wuji during the 1980s. Sensing the atmosphere spread over the painting, one can't help but recall the British watercolor master Turner. The masterpiece by Zhao Wuji is the most valued lot in Ravenel Spring Auction 2007, which estimate is from NT$ 58,000,000 to NT$ 90,000,000.

Second highlight: Zhu Dequn's "Présence Hivernale II" in spring auction

The "Présence hivernale II" created by Chu The-chun in 1987 are the two rarest theme through 60 years of the artist's career. "Présence hivernale II" described an image of hard snowing, the presented tableau looks just like crystal fluttering carrying white poetry. The magnificent painting is estimated to sell for NT$ 25,000,000 to NT$ 35,000,000.

Third highlight: Wu Guanzhong's "By the Li River"

The works from 1970s are considered as the greatest period of Wu Guanzhong's oil paintings, when he had traveled by the area of Guilin, Guanxi Province repeatedly. Accordingly, "By the Li River" is a work in situ executed in 1976. Wu Guznzhong has the preference to the beautiful sceneries of southern China in his painting and esthetic direction. Wu Guanzhong once praised "Tiger Hills, West Lake, Li River, people admire scenic sights out of nature, spring breeze and willows, with tender affections." "By the Li River" is estimated at NT$ 8,800,000 to NT$ 15,000,000.

Fourth highlight: Pan Yu-liang Color Ink Work "Four Beauties after Bath"

"Four Beauties after Bath" is a marvelous creation completed in 1955 by female artist, Pan Yu-liang. It's a group portraiture composed of four self-portraits with different airs of artist herself. "Nude", is the most classical theme in Pan Yu-liang's career. Even though "Four Beauties after Bath" is a multiple self-portrait by the artist, it still bears a sense of homage to Western Impressionist predecessors. The estimate for this lot is at about NT$ 12,000,000 to 18,000,000.

Fifth highlight: Liao Jichun "Tamshui" beautiful as usual

The oil painting "Tamshui" by Taiwanese precursor, Liao Jichun, is one of few early works in which a parti-colored structure was formed. "Tamshui" is a picture of celebrated white building in European style, Tamshui church and Southern Fukienese-Style houses viewed from Tamshui mound, illustrating the visually rich emigrant groups scene in early days; "Tamshui" is estimated at NT$ 15,000,000 to 20,000,000.

As a result of 8 years of continuous effort, Ravenel Auction Company has grown into an international auction company of great competitiveness that features in the oil painting created by Chinese artists and sculpture. As a professional and multi-element art investment consultant, Ravenel Art Investment Consultation Company has helped the global customer to improve the collection system and earn great investment return.

In order to expand the art market, promote the contemporary Chinese art, and provide the quickest and most professional consultation and appraisal service for the inland collectors, the Chinese Office was setup in 2006 and Ravenel Art Group (Beijing Company) was established in 2007, which symbolizes that Ravenel Art Group is marching toward a new era.

The project aims to promote the contemporary Chinese art to a more internationalized arena, present the unique historic background and develop process of contemporary Chinese art based on the global art development, and reflect the art development and change of social life in China during the two decades by the creational talent and personal nature of the artist.

The documentary is now in the execution process. The documentary about the first artist is to be shown to the public in November this year.

As time passes by, Ravenel has become the only auction company and art consultation company with competitive edge in international market because of its unique professional foresight and focus on western painting created by Chinese and sculpture.

Unlike other auction companies, which auction a great variety of artworks, Ravenel focuses on Chinese and Western oil paintings because of the expertise and professionalism of general manager Guo Qianru and her teams in oil paintings. After several years of operation, Ravenel has pioneered a new space and created a good reputation in auction and oil paintings. Ravenel's experts continuously introduce Chinese artworks and set up a good reputation among collectors in Chinese circle in Taiwan, Hong Kong, Shanghai, Singapore and Indonesia, winning a record high price in international auctions repeatedly.

Sale Date/Venue: Sunday, 3 December, 2006, Taipei
Number of Lots Sold: 154
Value of Lots Sold: USD 16,905,201 (approx. TWD 546,376,400)

The following prices in Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest Taiwan Dollar.
On the date of the sale, exchange rates were approximately as follows: USD 1 = TWD 32.23   HKD 1 = TWD 4.133

At the Ravenel Spring Auction held in Taipei during this June, Walasse's beautiful oil painting "Margriet"rewrote the artist'，s global auction record of NT$5.81 million (US$181,364). This auction has already captured the attention of the international market. During my visit to the overseas market, it was further discovered that the new auction record had become the standard price of comparison for art dealers and collectors. In reality, prices have been on the verge of going up for quite a while, but only a few have quietly entered the market to add his works to their collections. Now, with the catalytic effect set in by "Margriet"during Ravanel's Spring Auction 2006, upward price movement in Walasse's paintings have been well and truly announced.

Despite similar margins of growth in price indices, painting prices still remain far lower than those for Zao Wou-ki and Chu Teh-chun.

In the recently brisk Chinese auction markets, Zao Wou-ki and Chu Teh-chun are two of the leading figures. Compared to other Chinese masters, they possess a more international overseas market. Other than the love lavished by collectors found in Hong Kong, Taiwan, Mainland China and in South East Asia, the two painters also have many collectors and agent galleries in Europe and America. Looking comprehensively at the major Chinese artists in the market today, it is safe to say that Walasse Ting is yet another heavyweight representative for the overseas Chinese masters, after Zao Wou-ki and Chu Teh-chun. However, Walasse's NT$5.81 million new auction record is still a great distance away from NT$110 million (US$3,364,400) for Chu Teh-chun and more than NT$70 million (US$2,318,468) for Zao Wou-ki. From the perspectives of investments in art, Walasse Ting is well worth keeping an eye on, given the international recognition that he already possess, the excellent quality and quantity of work and the favorable expectations for his market prices.

Judging solely on the diversity of his past sales, Walasse should have achieved more in the market for his works. In the late 1990s, Zao Wou-ki's paintings started to make successive bests in the Taiwan auction market. From then on, he remained highly popular. Turnover saw huge increases and prices for his painting continued to climb. Chu Teh-chun, on the other hand, caught the attention beginning from 2004 and prices quickly followed Zao Wou-ki's. In Sping this year, he even became the first to break the threshold for more than NT$100 million. Compared to the up market Zao Wou-ki and Chu Teh-chun, Walasse still lags far behind in market prices, having adopted the more moderate market "Pop art"flair. The interesting thing to note is that though Walasse's average prices falls far behind the two, data published from the French company Artprice show similar price index trends across all categories for all three artists. All three have recently been demonstrating a tendency to register huge margins of increase.

Zao and Chu have had a considerable mid year global turnover in 2006, both managing to register more than NT$330 million (approximately US$10 million). On the other hand, from January till June, Walasse's paintings have only accumulated a turnover of NT$38.32 million (approximately US$1.16 million). This is close to Chu Teh-chun's auction turnover during the top half of 2004 (for more details, please refer to "Art & Investments" Issue 9, autumn 2004). By comparison, there is considerable room available for improvement.

In general, the Taiwanese industry is accustomed to calculating painting prices according to different "haos"(unit size). Currently, early oil paintings by Zao Wou-ki fetch more than NT$400,000 to NT$500,000 for every "hao" For certain more interesting works, each "hao"has even surpassed more than NT$1 million. Recent works have been fetching at least NT$100,000 to NT$200,000. Currently, Chu Teh-chun's early oil paintings are between NT$200,000 to NT$400,000. Recent works are priced at around a NT$100,000 for every "hao" The best price for Walasse's oil paintings is now at NT$70,000 for every "hao" In general, works of oil averages around NT$50,000 per "hao" Watercolors and colored ink fetch between NT$20,000 to NT$30, 000 per "hao"

Gradually leaping onto the artistic stage through his free and passionate flairs to become a world class master

Zao, Chu and Walasse all hails from the Jiangsu province in China. One by one, they left China during the 1950s to arrive in Paris after many twists and turns. Walasse is 8 to 9 years younger than the two seniors, but artistic creation has nothing to do with seniority. The artist, whose maturity belied his age, demonstrated a keen interest in painting since young. In fact, he even managed to break into the Parisian art and literary circles before Chu Teh-chun. Needless to say, it was the same in New York as well as the art markets in other areas during subsequent days. The look of Walasse's painting is vastly different from the two painters residing in France. This is due in part on their vastly different characters. On the other hand, it is also the result of their family background and the environments surrounding their growing up.

Walasse Ting was born in 1929 into the family of a businessman in Wuxi, China. Soon after, the entire family moved to Shanghai. Spending his childhood in and about the prosperous Shanghai Bund during the 1930s, he personally witnessed the years of "luxury and dissipation" Stories have it that he started random roadside scribbling at the age of 4. By 10 his creations were left on the low walls along street sides. The process of drawing filled him with pleasure and made him immensely satisfied. Later, he studied in the Shanghai Fine Art School for a while, but his natural talents in painting and his love for freedom meant that he could never get accustomed to the shackles of academic teachings. This was especially so after he read the I-jing and decided to embark on his life journey. In 1946, he gave up traditional art training and headed to Hong Kong on his own. Fully intent on making his own ventures, he took a boat to Paris in 1952, beginning his life as a vagrant artist in foreign land. At just slightly more than 20 years old and with merely US$5 on him, he remained steadfast and unmoved. For the sake of his art, there was simply no way back. One by one, during his time in Paris, he became the best of friends with the Belgian CoBRA painter Pierre Alechinsky (b. 1927), Danish artist Asger Jorn (1914 - 1973) and Dutch painter Karel Appel (1921 - 2006). Together, they could often be seen making their ways in and out of the cafes in Paris. Walasse migrated to New York in the early 1960s and made the acquaintance of American Abstract artist Sam Francis (1923 - 1994), as well as pop artists Tom Wesselmann (1931 - 2004) and Claes Oldenburg (b.1929). Having seen the bright lights and colorful life in New York, Walasse revamped the dark and gloomy look from his Paris period to become a pop artist. He became an American citizen in 1974 and traveled often to places such as New York, Paris and Amsterdam. In 2001, he started residing in Amsterdam.

The Walasse painting style that everyone has become so used to has in fact undergone several evolutions. Prior to his move to Paris in the 1950s, he completed a batch of sketches and Chinese ink and wash. The creations followed him to France by sea. The paintings were all treated and cared for like precious jewels, but upon seeing the beauty and vibrancy in Paris, he deemed his initial works to be unworthy of another look. Having decided to start afresh in Paris as a result, he torched the entire bundle of works from his early years. During his time in Paris, he had hoped to express refined tastes within oriental art qualities that are abundant in Chinese ink and wash. Abstract ink splashes as well as lines from Chinese ink and wash were continued developments seen even in his later works. After arriving in New York, besides the original lines from ink and wash, dropping and splashing techniques were added to his repertoire. Monochromatic tones slowly transformed into brilliant colors. A switch to bright acrylic paint was made and abstract images became semi-representational. The artistic style featuring women and flowers, which everyone has come to expect from Walasse, was only developed after the 1970s. The presence of art deco and nudes in Walasse's works were mainly influenced by the paintings of Henri Matisse. American concepts of abstraction and the characteristics of concise lines in the styles of the 8 major recluses were also incorporated. He seldom used oil canvasses for his later works, preferring Xuan paper as the medium instead. The charms derived from mixing acrylic paint with Chinese ink painting became a unique feature of Walasse's style.

World class museums had begun collecting Walasse's works at a very early stage. These included several tens of art pantheons, such as MoMA, Art Institute of Chicago, SFMOMA, Guggenheim Museum, Tate Gallery, Mus? Cernuschi of Paris etc. It goes without saying that patronising institutions also hailed from museums in Northern Europe, Taiwan and Hong Kong.

Besides establishing wide contacts, making good acquaintances and displaying all over Europe and America through galleries acting on his behalf, the reason behind Walasse's international reputation also has a lot to do with his works in print. In 1964 he wrote an anthology of poetry titled "One Cent Life" Works of print by more than twenty famous artists from Europe and America were compiled in the book. These included people such as Sam Francis, and Andy Warhol. In 1967 and 1969, he also published Chinese Moonlight a poetry anthology hot and Sour Soup a compilation of prints on stone engravings, demonstrating his love for poetry and literature. In 1977, the John Simon Guggenheim Foundation provided a grant for Walasse to publish the art compilation ed MouthA series of erotic sketches and paintings were collected within the book. From then on, Walasse dedicated himself to the creation of prints, posters and replicas. His fame spread all over Europe and America.

With a market dispersed in more than 10 countries, collectors can be found in Europe, Asia and America.

To what extent are his creations beheld by the hearts of collectors? Here are two tales that we'd like to share with our readers. It is said that people started to collect his works from the second year after his arrival in New York. Even the owner of the American company Chrysler Motors during that period bought ten of his paintings in one go(US$500 each). For the next forty years, he continued to be active in Europe and America. Art galleries in Japan, Taipei, Hong Kong, Singapore and later, even Shanghai, also showcased his works. Collectors were dispersed all over the world. A few years ago, a news article reported his painting to be equal in value to a luxurious car. It turns out that a collector in England had once driven a Porsche right up to the doorsteps of an art gallery asking to exchange the car for a piece of Walasse's ainting. In the end, the deal fell through as the painter reckoned that the taxes for driving a luxurious car were way too exorbitant. How much is a second-hand Porsche worth? I am not an expert on automobiles, but after some finding out, I gather that it is worth more than NT$ 2 million. If it is the classic 911 model, it should be worth about 3 million. Although this is an interesting bit of news, it is still somewhat a testament to his artistic appeal.

There are no boundaries in art. Indeed, good art transcends all language barriers. However, there aren't any other Chinese artists, besides Walasse Ting at the moment, who would find it easy to reach the heights of having a personal market distributed in more than 10 countries.

When I was sorting and analyzing the artist's ersonal auction data between 2000 and the top half of 2006 (please refer to attached table), I found out that 13 countries had successfully auctioned Walasse's rks before. Taiwan is the largest market among them, with a market capture reaching 29.2%. The order thereafter is China, Holland, Denmark, Hong Kong, America, England, France, Belgium, Germany, Switzerland and Sweden etc.

From the market distribution, it is easy for one to visualize the large many collectors present in each locality. In Taiwan, for example, he first started showcasing his works at the Lung Men Art Gallery in Taipei. One by one, other galleries in Taichung and Kaohsiung also followed suit. Taiwanese collectors from the early periods were all very familiar with Walasse. Having once spent 6 years living there during the 1940s, Walasse also shares a certain affinity with Hong Kong. He returned to hold his first show in Hong Kong during 1986 and made many good friends in the art and literary circles, for example, the Chinese martial arts novelist, Jin Yong. Gourmet writer Chua Lam, who has a private collection of his paintings on women, even became a formal student of his. Jimmy Lai Chee Ying, Chairman of Next Media Group, is one of the collectors with the most of Walasse's paintings. In 2001, the two of them co-authored a book titled Let's Laugh! Don't forget to be Thankful!?(《笑吧！別忘了感恩》). Many of Walasse's works were compiled inside the book, demonstrating the exchange of friendship between the two. A few years ago, The true colors of Shanghai n art cum fashion boutique started by Shanghai Xintiandi, which specializes in the sales of merchandises based on Walasse's art, was quite well received by both the locals and the tourists. Many in Singapore and Indonesia also collect Walasse Ting'screations. Several galleries over there had continually been importing his works. Europe and America had always been the main fortress for Walasse's collectors. Following more rosy outlooks, trade in the areas became more and more frequent. The majority of these were for works on paper as well as prints.

With excellent quality and quantity in this year's auction items, prices and turnover are expected to continue increasing sharply.

Since 2000, there have not been major changes in the number of Walasse's works in the auction market, but by 2005 last year, the turnover started to increase in huge quantities, reaching NT$25.88 million, which is an increase of 390% over 2004. One third of these transactions occurred in Taiwan. The number of lots sold in 2005 was also more than one fold higher then the previous year. By the spring auction this year, the rising trend was proving even more unstoppable. The NT$38.32 million midyear global turnover this year has already far surpassed the total turnover last year. By midyear, 45 lots were sold, which is the equivalent of the whole year total in the previous year. It is easy to foresee an even stronger performance in the latter half of the year. By that time, more Walasse paintings would surely have appeared in the auction market.

As the market prices have taken a turn for the better, the first half of the year saw the appearance of many thrilling pieces produced by Walasse, especially the works on oil canvass which are seldom seen. Most of these works were done before 1990. There were considerably less of such works after the 1990s, thus creating a huge market demand for such works. It was under such circumstances that the auction record for the 1986 oil painting Margriet was set. A total of 39 pieces of Walasse's oil paintings were sold between 2000 and the first half of 2006. This was far less than the 133 pieces in watercolors or ink and wash. In terms of proportion in rates of turnover, oil paintings take up merely 27.8% while works on paper such as watercolors account for 70.9%. Prints fare even lower with only 1.3%. Hence, even though the market for Chinese western paintings has a strong preference for collecting oil paintings, watercolors and Chinese ink and wash form the major part of Walasse' sart. They are the typical styles that most people are familiar with and hence make the most important contributions towards turnover among all mediums.

New rising benchmarks expected for painting prices with the appearance of major oil painting "Goya's Lover"

With the better market outlook, one can anticipate quite a number of fine works by Walasse to appear in this year's Autumn market. 6 beautiful Walasse paintings will be rolled out in Ravenel's2006 autumn auction--3 oil and 3 colored ink. Among these, the one that has caught the most attention is Goya'sLover? the 1977 tribute towards the master. Inspiration for the painting comes from La maja desnuda?(The Nude Maja, 97 x 190cm, now kept in the collection of Madrid's Prado Museum), a piece completed in 1800 by the 18th century Spanish master Francisco de Goya (1746 - 1828). The painting is regarded as one of the greatest nude paintings in art history. For the women and nude painting loving Walasse Ting, the romanticism in Goya was a truly inspiring. Walasse also incorporated decorative materials such as his beloved flowers and cats into his painting.

The rarely seen 120 hao Goya's Lover was completed during the New York period. Its size is larger than the Amsterdam period 80 hao Margriet sold in this year's spring auction. Subject and materials are more special too, making it highly likely to break the latter's recently set record of NT$5.81 million. The other oil paintings in this autumn auction such as Hot Love and I Want You are filled with the painters assionate singing on feminine beauty. They are also set to be one of the centers of attention at the upcoming auction. Just wait and you'll see.

Someone, half-jokingly, once called Chinese contemporary art "embassy art"-not entirely without justification, since it were indeed foreigners, and in particular the diplomatic personnel at foreign embassies and consulates, who were instrumental in its rise to an important and influential position within contemporary art. In the same way, up to now the determination of both the artistic and monetary value of contemporary Chinese art has also been the exclusive domain of foreign academics, aficionados and art dealers. In the eyes of international collectors, avant-garde Chinese artworks have a distinctive quality and symbolic charm that are quite fascinating and not found anywhere else. Today, Chinese people everywhere are also awakening to the attraction of contemporary Chinese art and developing into expert connoisseurs and collectors. At the same time, an increasing number of foreign collectors appreciate that Chinese art has entered a new era and no longer just view it as an "exotic delight" in the chinoiserie tradition.

Contemporary Chinese Art Market Goes Global As Mainstream Auctioneers in Europe and the US Hold Specialized Auctions

It is not just the Asian auction market that is decidedly bullish when it comes to contemporary Chinese art. Even in the West, mainstream auctioneers can no longer afford to ignore this powerful trend. After the great success of contemporary Chinese works at auctions and special venues in China, Hong Kong and Taiwan, this year Sotheby's in New York and Bonhams in London followed suit with big auctions of Asian contemporary art, both placing a firm focus on Chinese contemporary art. And the largest French auctioneer, Artcurial, now holds an annual spring and autumn session dealing exclusively with art contemporain chinois. The immediate success of those events in the first half of 2006 was reflected in a number of new personal sales records achieved by artists such as Zhang Xiaogang (New York). According to experts with the abovementioned auction houses, the majority of bidders at those auctions were local collectors and art dealers. If this information is reliable, it shows that a substantial number of Western collectors are currently active buyers on the market for contemporary Chinese art.

On September 20, Sotheby's New York held another special session for Asian contemporary art, and even though many works by Korean and Japanese, and even some by Chinese artists, failed to find a buyer, more than a few works by contemporary artists from China and Taiwan managed to garner a high price. On the whole, the auction provided yet more proof for the bullish sentiment on the market for contemporary Chinese art. London and Paris auctioneers have also announced their (Asia/China-oriented) schedules for the second half of the year, another strong indication that the "China fever" is not just a short-term business strategy. Western art markets have their eyes on a huge potential for profits, also against the larger backdrop of the rapidly growing Chinese economy with its constantly increasing buying power. China is emerging as a major player on the world stage, its growing strength and domination also mirrored in upcoming events such as the Olympic Games in Beijing in 2008 and the World Expo Shanghai 2010. Even in Indonesia, where art auctions have traditionally focused on artists from Southeast Asia, local auctioneers have decided to include contemporary Chinese art in their events. All in all, there can be little doubt that the "China fever" is here to stay, and may well gain in intensity!

Apart from the fact that the major auction houses are gradually establishing specialized sessions for contemporary Chinese art, another trend-setting development deserves even greater attention: many Chinese artists, both from China and the diaspora, are appearing at auctions for mainstream Western contemporary art or "post-war and contemporary art". Take the biannual auctions for impressionist, modern and contemporary art held in London and New York, traditionally in the spotlight of the global art market. If you open their catalogues these days, you will frequently find names like Wang Guangyi, Yan Peiming or Zhang Huan right next to those of Andy Warhol, Jean-Michel Basquiat (of the "New York School") and other contemporary Western masters who have long dominated portfolios. After years of preparing the scene via agents, galleries and specialized auctions, collectors of contemporary Chinese art are now making a stunning impact on the Western mainstream market, which, besides the UK, France and the US, also features Switzerland, Germany and Belgium as main players. Together with the Asian/Chinese clientele, this makes for a market of significant scope and potential.

Contemporary Art Market Becoming More High-End and Exclusive as Single Paintings Pass the US$ 1 Million Mark

The market for Chinese art, however, is not only developing horizontally as well as internationally, it is also developing vertically towards a more high-end exclusivity. Since last year, realist painters such as Chen Yifei, Chen Yanning and Chen Danqing have begun to really hit pay dirt as prices for their paintings rocketed, with specific works smashing right through the US$ 1 million barrier. The first avant-garde piece to reach for such heights was Zhang Xiaogang's "Bloodline Series: Comrade No. 120", which a Singapore Chinese added to his collection in spring for US$ 979,200. By September 2006, there were already dozens of contemporary artists who had set new individual sales records. Among these, many had broken through the NT$ 10 million (approx. US$300,000) barrier, including Zhou Chunya and Xia Junna whose works saw a particularly sharp appreciation within one short year. Ji Dachun's work, which has triggered positive responses on the Japanese and Korean market, also showed a good price development this year. Ji is an artist with a lot of potential for the international market.

On September 5 this year, "Away from the Flock, Divided" (a sheep specimen in a tank) by English artist Damien Hirst (b. 1965) was sold at auction in New York for US$ 3.376 million. It was the highest sum ever paid for a work by Hirst at an auction, although privately he had already sold pieces for much more than that price. Two days later, Japanese artist Takashi Murakami (b. 1962) also posted a record sale for a single work at US$ 1.136 million. Both Hirst and Takashi are internationally renowned artists with a widely acknowledged knack for PR and marketing. And both are only in their early forties, which makes them quite young when compared with the Chinese contemporary artists currently conquering international markets, many of whom have been plowing the field for two decades or more. The staggering commercial success of "million-dollar artists" like Hirst and Takashi is another indication that contemporary art, both Chinese and international, has truly entered the age of high prices and big profits.

At this year's autumn auctions, Zhang Xiaogang is the one Chinese avant-garde artist who stands the best chance of challenging the US$ 1 million benchmark. In the first half of 2006 alone, he has already raked in almost NT$ 130 million (approx. US$ 3.92 million) at auctions worldwide, an amazing sales volume for such a young, emerging market. Zhang Xiaogang's work remains the focus of much of the auction action in the second half of 2006. At the September 20th New York auction he registered a US$ 3.14 million in successful transactions. It does not come as a big surprise, then, that many analysts believe Zhang has the potential to challenge the position of Zao Wou-ki and other modern Chinese grandmasters. Zhang's paintings certainly have the edge in today's growing market, as they are clearly capable of attracting the attention of a new generation of international collectors. The future looks very bright indeed for Zhang.

"China Fever" Also Helps Generate Higher Market Sentiment for Works by Contemporary Taiwanese Artists

At a time when contemporary Chinese art is riding a wave of huge commercial and popular success, many people cannot help but wonder where all this leaves contemporary artists from Taiwan. The island already had a budding art scene back in the 1950s, and by the 1980s it had developed into a thriving business. With the rise of contemporary art from China in the 1990s, a healthy competition ensued that was largely sustained at international art biennials and showed Taiwanese art output to be in no way inferior, particularly in aesthetic and academic terms. Unfortunately political and economic factors in recent years tended to hamper the development of art and art galleries in Taiwan, while government interference, though well-intentioned and not without positives, usually did more harm than good. By and large, Taiwan's artists had to look after themselves, and in order to continue working creatively they were often forced to work side jobs as teachers or professors. Others made a habit of going on "diplomatic missions" at international biennials, or decided to move to Beijing or Shanghai and try on their own to make it into the circle of commercially viable contemporary Chinese artists. It was a rather dismal period, but now contemporary Taiwanese artists are beginning to profit from the burgeoning "China fever" which is generating increased attention and higher market sentiment for their works. Some well-known Mainland Chinese art dealers have started to tap the island's market by establishing business relations with experienced Taiwanese artists that have already made a name for themselves at numerous exhibitions. Two of them are Cheng Tsai-tung (now in Shanghai) and Hung Tung-lu (now in Beijing) who reportedly did quite well at this year's early autumn auctions.

For the reader's reference, in the addendum to this article I give a detailed sample list with the individual record auction sales of contemporary Chinese (both avant-garde and "classical") and Taiwanese artists over the past year. You will find the above-mentioned Cheng Tsai-tung and Hung Tung-lu, as well as Yu Peng and Chen Chieh-jen, all of whom recorded auction sales records in New York this year. Other artists who hit new commercial heights include Chiu Ya-tsai, Wu Tien-chang, Su Wong-shen and Jan Chin-shui. Among these, no Taiwanese artist got more exposure at international exhibitions in recent years than Chen Chieh-jen. In the past, Chen mostly relied on support and funding from foundations or overseas museums and galleries who bought his works for their collections. Now for the first time his video installations and photographs are knocking loudly at the doors of international markets, and the fact that he garnered total sales of US$ 120,000 suggests that Chen is successfully opening up new channels of business.

While contemporary Taiwanese art may not promise the investor profits on the scale of the Chinese art market, its exponents (some of which have been mentioned above) captivate the potential buyer's interest by steady and reliable performance in the top markets. What they may lack in huge profit margins they make up for in comparatively small risks for the collector. Thanks to the promotion and recommendations by art galleries and agents, artists such as Jan Chin-shui, Su Wong-shen, Michell Hwang, Huang Ming-chang and others have long enjoyed the support of corporate foundations and a steady clientele of art collectors-yet at the same time they have also managed to maintain a steady performance on the auction market. Meanwhile, much of the work of Wu Tien-chang, Chen Chieh-jen and Yang Mao-lin was already purchased by fine art museums, galleries, foundations and even the Fukuoka Museum of Modern Art many years ago. And seven years ago, art aficionados ranked among the top one hundred US collectors bought works by Hung Tung-lu, Chen Chieh-jen and others on display at the 1999 Venice Biennial. These artists and their portfolios are well worth the attention and sustained interest of collectors, for they form the vanguard of Taiwan's art market.

Looking for the Future "Top Four"

These days you only have to mention the "top four" of contemporary Chinese art (Zhang Xiaogang, Wang Guangyi, Yue Minjun and Fang Lijun), and every collector's eyes sparkle with recognition. What is more, you will be hard pressed to find anybody who is not well-informed about their latest sales and market sentiment. Their fame and reputation on the international stage is such that even foreign collectors who do not understand any Chinese are able to pronounce their names with striking accuracy. The "top four" are well established on the global art market, and by no means only Chinese collectors who engage in fierce bidding for their works. With their creations now selling for up to NT$ 10 million per piece, they are already in a category of their own. Many collectors simply cannot afford to bid for their works, and so their attention naturally turns to other artists who have similar potential on the international market, both in terms of artistic and financial value. The most promising among these include Zhou Chunya, Ji Dachun, Yin Zhaoyang, Xia Junna, Guo Wei and Guo Jin who all performed exceedingly well in the first half of 2006, and are expected to continue their upward trend.

In addition to painting, photography is another medium that is enjoying immense popularity on this year's market. First pertinent reports appeared in Taiwan's art magazines and media around the middle of the year, and the French market also reported a year of extraordinary growth for the photography sector. When the Western photography market began to show signs of a bullish development after the turn of the century, contemporary Chinese artists were quick to latch on to this latest trend and are now about to become the new stars on photographic art auction blocks. Following in the footsteps of pioneers of Chinese photography such as Long Chin-san and Zhang Huan, artists like Daniel Lee, Hong Lei or Rong Rong all set new individual records at auctions last year. This year, Wang Qingsong and Huang Yan were among the most dazzling performers who saw their oeuvre significantly appreciated.

The markets for installation art and sculpture also saw a considerable rise in prices. French-based Chinese artist Huang Yingping was never the most prolific of artists, yet his works have always attracted much praise and attention from critics. Unsurprisingly, he achieved good figures in New York this year. Others who saw their stock rise in 2006 included Zhan Wang, Cai Zhisong, Xiang Jing and Qu Guangci. New sculptors such as Ren Sihong and Pang Yongjie also deserve our attention, since their witty and distinctive styles hold much promise for future popularity.

Buying a renowned artist's seminal or representative work, collectors are often willing to pay very high prices: they know that such a piece will not only retain its value, but may even grow in worth as time goes by. It is thus a reliable source of aesthetic and material satisfaction. With new and upcoming artists, things are different: an item's low buying price should often be taken as a sign of potential for considerable future appreciation in its value. There is no need to be overly intimidated by the multifarious world of contemporary Chinese art. Remember that auction houses represent the second-tier market. Good auction houses select lots with the potential buyer's interests as an investor in mind. They cater more to the needs of bidders who likely wish to resell their acquisitions at a higher price, not so much to those of collectors and aficionados who wish to make a piece a permanent addition to their collection. If you carefully choose a reliable auction firm, scrupulously read up on various artists' creative concepts, and take a close look at their past works, you can be a successful player. Remember, those who have huge sums at their disposal will continue to "hunt down" masterpieces by Zhang Xiaogang or Wang Guangyi-but for those with somewhat smaller budgets, there is a challenge that is in many ways even bigger and more interesting, and that is to predict upcoming trends and discover the future "top four" of contemporary Chinese art while they are still in the making!

For example, when making a comparison, it should be done between Zhang Xiaogang's most popular. series of works against Za0 Wou-ki's most marketable period which are works done between 1950's and 1960'x. In the appendix, "Top 20 Most Expensive Paintings of Zao Wou-ki Ever sold at auction", besides the 1'0 and 20`ti painting, all the top 20 works of Zao Wou-ki in the auction market were works from 1950s to 1960s. The market for every "hao" during these 2 phases is worth between NT$500,000 to NT$900,000. Besides this, many works from the past 2 to 3 years has already exceeded the value of each "hao" being worth over NT$1 million. Therefore, it's inaccurate to say that the value of Zhang Xiaogang's art has stormed over Zao Wou-ki's nstead,we should say that Zao has yet to show any piece of large scale painting catered for museums.

We look forward to seeing large scale of Zao wu-ki's works which will reflect the truly deserving values of Chinese artists appear There has recently been news worth Zao Wou-ki's collectors to take note of and that is a piece of Zao Wou-ki's. splendid 120 "hao" portrait which is completed in 1969 will be released into the auction market later this year. This completed work of 1969 is a beautiful painting titled "5.12.1969". It is the featured work of the catalogue for "Ravenel Autumn Auction 2006". Renowned Taiwan art history scholar, Hsiao Chiung-jui once introduced this piece of work in "Masters of Chinese Painting: Zao Wou-ki". In the text, this piece of Zao Wou-ki's 1969 work is said to "have an endless uprising strength that fills man with the determination to persevere". This piece of work which is filled with a spirit of undying perseverance is believed to be able to excite Zao Wonki's sales power once again. The estimated value of this work by Ravenel Auction Company is between NT$65 million to NT$88 million (approximately between US$2 million to US$2.66 million).This piece of work has hopes of challenging the record set by "luin-Octobre 1985" in 2005 during Hong Kong's spring auction in which it created the highest record of more than NT$70 million (HK$18.04million, approximately US$2.32 million). Once this painting is released, it will definitely arouse intense discussion among collectors. The unit price for every "hao" of the work "5.12.1969" is between NT$540,000 to NT$730,000 This is suitable for the markets past business performance and is hopeful of challenging new records.

Hona Kong and Taiwan's market possession rate rates over sixty percent. 4 transactions from London enters top 20 ranking position

When analyzing Zao Wou-la's auction market distribution from 1996 to the first six months of 2006，it could indeed be seen that Hong Kong has indeed gained top spot with a possession rate of over 44.1% after two foreign auction companies merged forces whereas Taiwan holds second spot with a possession rate of 17.1% And as recent auctions of Zao Wou-ki's works hit unearthly prices,it's understood that many of Taiwan's collectors usually participate in overseas bidding and as for Taiwanese auctions carried out, there are also participation from Hong Kong collectors through telephone bidding. Through this, we could imagine how highly valued Zao Wou-ki's works are in both Hong Kong and Taiwan, that for the past seven years, both Hong Kong and Taiwan's market has a possession rate exceeding 60%. The market for Western art by Chinese painters in Hong Kong and Taiwan has always been bustling. As Zao Wou-ki's works are filled with directional meanings, therefore no matter how China's Avant Garde art tries to attack the market domain，with the annual transaction still maintaining at an increase for Zao Wou-ki, it's yet to be affected by the contemporary trend.

London is the third largest market for Zao Wou-ki's work with a possession rate of 14.1%. In the latest "Top 20 Most Expensive Paintings of Zao Wou-ki Ever Sold at Auction" chart, England's market has already taken over 4 transactions. This shows that Zao Wou-ki is still a target worth taking note of in the overseas market. Having been naturalized as a French national in 1964, Zao Wou-ki is also a prestigious French academician. The French market thus also has a high possession rate of 11.8% especially in terms of his works on paper, the frequency of his transactions are even more heated. As such, Paris has become the first among all other locations for handling different transaction amount of Zao Wou-ki's works. As Zao Wou-ki has already been collabo rating as a proxy in at oalleries in the United States since the 1950s therefore, there are also many collectors in the East and West bank of America. With the market trends for Zao Wou-ki's works continuing towards an upward trend, it's nothing new that local auction companies are also collecting his art works.

Although the China market is extremely interested in Zao Wou-ki's high level of popularity, however it is still relatively distant to abstract painting and therefore, the current market possession rate stands at 6.8%. This figure is however a huge increase mcomparison to 2.1% in 2003 (for more details, please refer to the Spring 2004 7" edition of Art & Investment in which I wrote the text "Observations from the auction market-Overseas Chinese Artists creates new plans" and its appendix). The transaction amount for Zao Wou-ki's works had in the past not been high in the Chinese market with only a certain auction in Beijing held in spring 2005 fetching more than NT$ ten million for 2 transactions For the first half of this year, the deals clinched for Zao Wou-ki's works include 2 portraits of oil paintings, 3 portraits of ink and wash paintings and 9 prints. For a place where the scale and development for the Weastern art market is expanding, such results are indeed conservative. As the aesthetic conceptions of China's collectors are biased towards representational painting and traditional ink and wash, it seems that if collectors in China are keen to enter Zao Wou-ki's market for abstract oil painting, they will require more courage and encouragement.

More and more people enters the market to purchase works by master artists as the market trends for contemporary art gets better

In the past two years, while China's contemporary arts have been developing with vitality as a few artists works have been promoted to be among the contemporary arts auction market in New York, London and Paris, China's contemporary arts has indeed revolutionized towards internationalism. For many years, Zao Wou-ki's name has already been appearing in the contemporary arts auction market in Europe and America and the degree of internationalism consists of much history compared to that of later artists. Many collectors have their own thoughts when it comes to the purchase of art. Some will turn to purchase lower priced works from Taiwan artists thinking that for its delicate quality, the price is comparatively cheaper. Others however feel that instead of buying works from young artists, it will be better to increase their stakes and purchase works from artists that have already established their reputation as Chinese masters such as Zao Wou-ki, Chu Teh-chun, Sanyu and Lin Fengmian. As the
contemporary art market continues to rise towards greater heights, there is no reason for the market of Chinese masters to remain stagnant. Take the instance of the past few years when the Westem market for Avant Garde or when the market for films was flourishing, contemporary artists such as Pablo Picasso (1881-1973）and Gustav Klimt（1862-1918）did not remain on same grounds but within two years, they've created records far surpassing past standards.

No matter which direction of thoughts, there must be a set of reasoning behind and to each his personal preference, thus arts could present a diversified interest. Each artistic works has its unique characteristics. Unlike futures or stocks, it cannot be to tally transformed into figures. The analysis of art trends is thus merely to provide comparative references for collectors to grasp modem trends; the purchase of artistic works still requires us to remain loyal to the feelings of our heart. Zao Wou-ki's works possesses details of the Oriental culture and forms of Western aesthetics. Just as how wines grow more fragrant as it ages, the same goes for paintings, if works are purchased based purely for investments or keeping up with times without much affection, then why not purchase another piece of work that has both secure value and is of more affection. Most art investors are still filled with both sensibility and affection thus I believe that once great works from masters such as Zao Wou-ki appear on the market, it will still remain as the focus under the wave of this contemporary arts trend.

Sale Date/Venue: Sunday, 4 June, 2006, Taipei
Number of Lots Sold: 114
Value of Lots Sold: USD 10,730,785 (approx. TWD 343,760,700)

The following prices in Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest Taiwan Dollar.
On the date of the sale, exchange rates were approximately as follows: USD 1 = TWD 32.035、HKD 1 = TWD 4.135

Who is Guo Qianru? An auction last year made a great stir: Potted Chrysanthemum in a Blue and White Jardiniere by Changyu and Aoying by Zhu Dequn were auctioned at the price of 5.46 million RMB, both being the paintings with the highest price in Taiwan auction. The auction that set a new record of transaction amount in Taiwan art auction (around 5.7 million USD) was directed by Guo Qianru, who is the general manager of Taiwan Ravenel Art Group and the only Chinese appraisal auctioneer notarized by French government.

One characteristic of Ravenel Spring Auction 2006 is that works of world famous Chinese art masters such as Changyu, Lin Fengmian, Liao Jichun, Pan Yuliang and Zhao Wuji are presented. And more than one third of the of auction items are by the contemporary Chinese artists, including Xu Bing, Yue Minjun, Zeng Fanzhi, Yin Chaoyang, Ji Dacun and Xia Junna.

The contemporary art features closeness to everything in life, and directly responds to life experience of modern people in unconstrained form and media. In terms of investment perspective, contemporary artworks have great scope for development and become the most popular artworks investment with the greatest potential in the world.

But meanwhile, as Guo Qianru said it is necessary to deal with the upsurge of the modern and contemporary Chinese artworks calmly. "The collected artworks should undertake the open, fair and transparent test in the auction market. Only the good artists will be screened out by history. I do not mean that I do not believe the market prospect of contemporary Chinese art will be increasingly better. I am confident that it will become more and more orderly."

In the preview of Ravenel Spring Auction 2006 in Beijing, some people see the art, and some find the market. All of these lie in presentation instead of promotion.

Interview with Guo Qianru, Chinese appraisal auctioneer .

Q: Why Beijing is the only inland city chosen for the preview?

A: In my point of view, the art collection of a city is based on the local culture and history. The top inland artists mainly concentrate in Beijing and the art collection is represented by Beijing. There has been no clear system of art creation and collection in other cities. Therefore, we chose Beijing as the first stop. Meanwhile, the Beijing collectors are of comprehensiveness in the collection, who not only collect the artworks of the predecessor artists but also accept the contemporary art. The way of Shanghai collectors to deal with the contemporary artworks collection is only to have a look, feel it is completely new and then leave. Beijing is of a nature to accept different kinds of culture.

Q: What is your opinion on the doubt that there is much foam in the auction market of contemporary Chinese artworks?

A: It is unnecessary to be pessimistic because the auction market of each country has gone through the process from irregularity to maturity. The market is built upon large amount of money. One will learn quickly when having been taught a lesson at the cost of money. According to a statistics, there is one Auction Company established in one month and one bankrupted in half a month in inland. It is great that there are more bankrupted companies than established ones, which means the market is promising. The auction companies are screened by the market, and impact is needed for the maturity of each market.

With several tens of works of Chinese art masters such as Wu Guanzhong, Lin Fengmian and etc, Guo Qianru came to Beijing for pre-auction exhibition. She also specially brought dozens of cards for formal auction from Taiwan, with "Ravenel " on all of them. Behind these characters hides the 4-century history of operation and promotion of works created by art masters.

Ravenel company is a branch of France Ravenel Auction Union. 400 years ago, this art group began its career among the nobles in the form of art saloon. Today, after the 400 years, Guo Qianru has become the only Chinese auctioneer certified by French government and brought Ravenel into Taiwan. She is now marching toward the mainland China. Thus works of European masters gain access to China and works of Chinese masters gradually show themselves in the whole world.

Art fund and investment mentality.

Ravenel's reputation speaks for itself to a great extent with the figure of customer's profit. They have a well-known art fund.

"We will have the fund customers take out some capital of equal amount, which we will use to invest in art. Every year, we will give 50% to 150% returns to these customers." said Guo Qianru.

Just because there's a huge amount of fund, they will make clear statements in contracts. The fund return speaks itself via figures. Customers can't influence selection of the invested program just by their likes and dislikes.

"People involved in art domain for the purpose of investment tend to avoid this problem." When asked whether it is pure investment, Guo Qianru said," we have to admit that when a piece of artwork is worth over a million yuan, it is an investment. Nobody will never care the return after spending such a large amount of money. However, apart from the pecuniary return, when an artwork increases in value, the owner will also reap the joy that his foresight wins recognition."

Mainland auction is still a "once-for-all" deal.

As early as in 1999, Guo Qianru has discerned the uprising of the entire Chinese market. In Ravenel's philosophy, when an artwork is sold to the customer, that means only half of the deal is accomplished. "As an excellent auction company, we should help customers to sell it when they want to. " said Guo Qianru. They will stipulate clearly in their contracts that they will help customers to complete the transaction and ensure they will make profit when customers want to sell the works bought from Ravenel's auction.

"If we choose partners at random in order to march into mainland market, they may say that works of a certain artist is very popular now and get them auctioned, but at last it depreciates. This not only impairs Ravenel's reputation, but also influences the credit of whole auction market." said Guo Qianru. After analysis, she thinks that three to five years later, the mainland market will gradually grow mature. She hopes that her dreams can not only turn into money, but also change people's way of life little by little.

The 1st Chinese woman auctioneer certified by the French government.

Ms Guo Qianru,general manager of Ravenel Art Group, is a Taiwanese. In the face of such a beautiful lady, you will easily overlook the efforts that she has been making for her career. After obtaining the Bachelor's Degree in International Law from UN International Conference Interpretation School & Master's Degree in authentication of western paintings in 18th century to middle 19th century from École du Louvre, taking a 3-year internship in Paris Drouot Auction and Authentication Institute, becoming a candidate to executive doctor in artworks auction when studying in France Advanced Social Science Institute during her internship, Guo Qianru reaped French auctioneer's certificate in 8 years.

" As auctioneers,they must know personality of each collector. In time of raising the card, some collectors only point at it with their fingers. If the auctioneer is not familiar with the collector's personality,he may not notice that at all. Some collectors tend to raise the card after a while; some have a quick temper and can't wait too long. So the auctioneer should try spurring those with a slow temper, while keeping quick-tempered persons patient. As an auctioneer, the best way to manage the tempo of the auction is to get familiar with collectors and maintain a tacit understanding with them. " As the only Chinese auctioneer certified by the French government, Ms Guo Qianru has held tens of large-scale international art auctions. In her Ravenel auctions, works of Zhu Dequn (overseas Chinese art master), Chen Yinpi, American artist of Chinese origin, Zhu Ming,contemporary artist from Taiwan, and Wang Guangyi, avant-garde artist of China have broken the record in the global auction market of individual artists.

How to operate the art gallery and auction company at the same time?

In the trade agreements between Ravenel Art Group and their customers, one of the articles stipulates clearly, " If some day the collector wants to sell the artwork bought from Ravenel, Ravenel will take responsibility to sell it for the collector at a price not lower than that he paid. " Seldom has an auction company made such a confident commitment,but Ravenel made it. " We are always thinking whether the artworks bought by collectors can increase in value and how about the prospect.Helping customers to invest in artworks has transformed into our way of thinking while working. " said Ms Guo Qianru,general manager of Ravenel Art Group.

Domestic art market gradually gains a rational development.

" Many people think that prosperity of domestic art market is actually a superficial phenomenon and this bubble will burst very soon. " Challenged by the reporter, Ms Guo Qianru keeps calm and optimistic: "Whether it is called bubble or some think that the price can't reflect the value, actually we must experience all of these. France is the 1st art market in the world and it took approximately 200 years to gradually gain a rational development. Britain took about a century; America took about 50 years, Japan 30 years and Taiwan 20 years. Chinese market is changing very rapidly. China itself has a collection tradition.Therefore, it will take a much shorter period to develop into a rational, appropriate and normal market. In my view, 7 to 8 years is enough. While we're just at the start-up stage, later we will certainly experience a painful stage. All investors will be tied up in their investment, just like the stock market."

" Take Taiwan for example,over 20 years ago, the art market had taken shape.Influenced by Japanese collectors, many Taiwanese began to buy the masters' works like Chang Yu, Zhao Wuji, Zhu Dequn, Lin Fengmian and Wu Guanzhong, while people in mainland China had not started to buy oil paintings. At that time, Taiwan had hundreds of schools of art thoughts contending, just like nowadays in mainland China. You would find galleries everywhere in Taiwan. Every one was buying paintings. However, after four or five years of such good days, suddenly the bubble burst while those gallery owners and collectors thought the prosperity would sustain. They learned much lesson from it. After that, as time went by, many artists narrowed their gap between value and price. Nowadays, Taiwan art market becomes rational, proper and orderly. For us, after experiencing that stage, we will view the inland market more prudently. As we are engaged in art investment, we will look at the market from a macroscopic perspective, not just concerning about its current status. We will think that it's just like this and everything will go well after this stage.

Ravenel Art Group, founded in June of 1999, includes Ravenel Auction Company and Ravenel Art Consultation Company with Taipei as its base. The group enjoys complete technology backup provided by Drouot, a main art works auction organization in France with a long history, and cooperates with large international funds and professional art organizations so as to have solid professional eyes and set strict requirements on the appraisals of quality and price of art works. Clara Kuo, GM of Ravenel Group, said that the foundation of Ravenel is accompanied by three great visions: introducing European elegant culture, implementing the synchronization of art and investment and supporting the development of modern art.

Clara pointed out that elegant life culture is a production of the stable development of politics and economy in Europe for a long time. The salon culture of the eighteenth century is a typical key phase. The cultural deposits out of the agglomeration of salon culture helped in a sloshing way the arts in Europe have free expression. Through introducing salon culture, Ravenel intends to give full play to the basic spirit of culture. By establishing an elegant life pattern and promote the idea exchange by all sides, we will be able to lead the Chinese art culture onto the international stage.

Guo Qianru, general manager who leads all staff to charge forward said, "we treat our customers like friends; while we are providing professional service in art, we are also building mutual trust. Thus we enable out customers to understand the value of the artworks and where the value lies in. The perception of professional work and mutual trust between us are the greatest motivity for all the staff to gather together to create the greatest work efficiency."

Certainly, the success of Ravenel Auction Company is not limited to this. The company which arranges both the spring and autumn auctions in Taipei every year, has been at the wheel at the beginning when stepping on the auction arena. To have an overview of the Chinese modern art, it takes Taiwan and overseas Chinese as the auction content and tries to play a key role in this industry. In addition to the clear orientation in auction artworks, Ravenel, as a Taiwan-based auction company, also exceeds the regional limit for the first time. It takes initiative to expand the routine pre-auction exhibition to Singapore, Indonesia, Shanghai and Hong Kong, and hopes to make these artworks available to more overseas collectors. These initiatives are practices of international auction companies. However, for a Taiwan-based auction company, it requires a considerable time and expenditure to expand exhibitions overseas. Facts prove that Ravenel's foresight and ideas are right and it has a good prospect in the future. According to these facts, many overseas collectors made orders in recent auctions. Besides the auction business, major task of Ravenel art consultants lies in western artworks of famous masters, which is also the strong point of Guo Qianru. Taiwanese collectors have good economic strength in collection and foundation for western artworks. Guo Qianru's promotion in this area has gained more trust and appreciation of collectors. The works she recommended to collectors have repeatedly obtained very good appraisal.

For Ravenel Art Group, although many years of hard work has pushed itself to a pinnacle, the work team with average age less than 30 years old has never stopped aspiring to climb to a new height, because they believe that they are able to make it from the new starting point. Praise from customers in the past 8 years is an impetus to push them to a new height.

Ravenel—auction pioneer of Chinese modern art.

After Sotheby's and Christie's arranged their auctions out of Taiwan, the auction market in Taiwan which used to be very fierce in competition had been in silence for a while. Nowadays, as time passes by, Ravenel has become the only auction company and art consultation company with competitive edge in international market because of its unique professional foresight and focus on western painting created by Chinese and sculpture. Unlike other auction companies, which auction a great variety of artworks, Ravenel focuses on Chinese and Western oil paintings because of the expertise and professionalism of Guo Qianru and her teams in oil paintings. After several years of operation, Ravenel has pioneered a new space and created a good reputation in auction and oil paintings. Ravenel's experts continuously introduce Chinese artworks and set up a good reputation among collectors in Chinese circle in Taiwan, Hong Kong, Shanghai, Singapore and Indonesia, winning a record high price in international auctions repeatedly.

Ravenel only has a few employees, but the most important element does not lie in the number but professionalism. Many collectors are convinced of Ravenel's professionalism. In Art & Investment, the magazine carefully edited by Ravenel every season, western artworks are recommended and auction catalogues are attached. Detailed analysis about the Chinese art market and introduction to artworks make Ravenel's quarterly and auction catalogues become the teaching material for Li Lei, executive curator of Shanghai Art Gallery to teach and guide students. Collectors regard it as a guide in quality and price to purchase artworks. The Taiwan-based Ravenel Art Group, set up in June 1999, including Ravenel Auction Company and Ravenel Art Consultation Company, get integrated skill support from Drouot, the leading artworks auction institution with a long history in France, and expand cooperation with international foundations and professional art institutions, thus laying a solid foundation for its professional foresight and making strict requirements in artworks authentication and pricing. Guo Qianru, general manager of Ravenel, indicated that Ravenel was set up with three visions: introduction of elegant culture from Europe, synchronization of art and investment, as well as support of contemporary art development.

Guo Qianru said that elegant life culture is the outcome of long-term political and economic stability of Europe. Saloon culture in 18th century is an extremely typical stage of great importance. Cultural background resulting from saloon culture produced a great variety of European culture. Ravenel introduces saloon culture in order to carry forward the essential spirit of the culture, promote elegant life, enhance communication of all parties and lead Chinese art culture to leap into the international arena. In order to implement the principle of leading artistic life, Ravenel attaches great importance to lamp design for hanging painting. "Some customers buy paintings but have no idea about the lamp decoration." said Guo Qianru. For this, Ravenel often assists customers in designing and implementing the lamp program so as to make paintings present the most wonderful effects.

Ravenel has established a friendly and trustful relationship with customers and set up a series of wonderful collection for many well-known enterprisers. Ravenel is not only very prudent in quality of artworks in their selection, but also make strict requirements in the price. Therefore, it provides a good guarantee for collectors to make the most efficient and rewarding investments in artworks.

In recent years, Chinese art has made great contribution in international art market, while Guo Qianru has made great achievements in operation of works of modern Chinese art masters after several years of efforts. For example, Bottle Flowers in Blue by Chang Yu and Ao Ying by Zhu Dequn had been auctioned at the price of 22610000 Taiwan dollars in 2005, both being the paintings with the highest price in Taiwan auction, while works of Wang Guangyi, Chinese contemporary artist, set up a record in international auction with 6,930,000 Taiwan dollars. Witnessed by the crowd, 2005 Ravenel Autumn Auction achieved a transaction value of 191,184,660 Taiwan dollars and updated the 15-year record of a single art auction in Taiwan. Ravenel shoulders the responsibility to promote Chinese artworks to leap into international arena. Guo Qianru said that contemporary art features closeness to everything in life, and directly responds to life experience of modern people in unconstrained form and media. Additionally, in terms of investment perspective, contemporary artworks have great scope for development and become the most popular artworks investment with the greatest potential in the world.

Clara Kuo, General Manager of Ravenel Co., Ltd., the only Chinese appraisal auctioneer notarized by French Government, has ever presided over dozens of large international art auction activities. Under her direction, the 2005 Ravenel Autumn Auction set a record of the highest turnover value at one auction in Taiwan over the years. However, only in one year, new success was made at the 2006 Spring Auction. Therefore, Clara Kuo has become a star in the Chinese art markets. Just one month ago, the private view of Ravenel 2006 Spring Auction was first carried out in Beijing. Though the official auction site was in Taipei, many inland collectors were willing to go through written commission and picketage by phone. It is said that Ravenel Group has received 32 trust deeds. Despite the promising market, the fashionable woman auctioneer in black-muslin long gown and gaucho jeans has not expressed her approval. She uttered her words strikingly, "The inland art market is still in a time as disorderly as in Warring States Period. Everyone asks where the order is?" From her view, the inland art market will encounter several issues in the coming years. The first is Integrity.

"The auction company should first of all guarantee the paintings at auction are all authentic works. But in the current Chinese inland auction market, there is much doubt about the important premise." Second, Foam. "There are many prices which are not actual knockdown prices for no one would take such high prices. For instance, when we carried out the private view, many people bid hard for prices because they didn't have to pay actually. It's another case when you have to pay for your bidding. The false prices may fool the next buyer from its view, but once everyone gets to know the truth, the company will surely lose its integrity." The problems in existence do not indicate despair of the future. Clara is still optimistic about the prospects of the inland market: "I believe it will get more and more order in five years".

"Though every day new companies are founded and new auctions held, it's a way which must be passed. Only experiencing the disorder can the market select really good and reliable companies." She pointed out that "The Chinese inland market needs a clear role positioning, painters are painters whose responsibilities lie in creating good works while the galleries' in introducing good art works to collectors, making them aware of good painters and works. Next, the auction company should be a second-hand market, which should not take the initiative in finding painters for works to sell but getting art works from collectors and then sell them at auction…All these require time for improvement, so there is no need to worry. Maybe in a few years, the foam would naturally break and some people would not go on living and the rest would naturally thinking how those people end in death."

At the end of the interview, Clara emphasized, "In Ravenel Group, what we have always been making efforts in is: it would absolutely be a good investment once you buy the art works for every painter will stop his paintbrush someday, the day he stops production. From the supply-demand angle, the value of good art works increases with time going. The art market can't be a market of huge profits, in which case the price today would increase to an unbelievable one the next day. If that's true, nobody would buy that work again. When the market becomes really mature, you will find it a stable investment platform with little risks."

Yu-liang, whose real name was Chen Xiuqing, was born on June 14, 1895 in Yangzhou, Jiangsu Province. She was orphaned when still a small child, sold to a brothel by her uncle (who changed her name to Zhang) and raised to become a prostitute. In 1913, she caught the attention of a wealthy official named Pan Zanhua who bought her freedom and married her as a second wife (concubine). In gratitude for her husband¡¯s kindness, she adopted his family name. She also began to study painting at the Shanghai Art School. Since that time, she called herself Pan Yu-liang. It is worth noting that many facts of Pan's early life are in truth unknown or difficult to corroborate, since reliable records from that time are not available. Novels, films and drama versions of her life have inevitably filled the missing gaps in our knowledge with conjectures and exaggerations. Some have even called Pan a ¡®Chinese van Gogh¡¯. However that may be, there can be no doubt that today Pan Yu-liang is the best-known female artist in Chinese history.

In the early years of the Chinese Republic, Pan Yu-liang became the first female artist to travel to Paris and Rome for advanced studies and make a name for herself in international art circles. Pan excelled at various modes of artistic expression, including oil painting, ink-and-wash, print, sketch and sculpture, and her works were repeatedly shown in French galleries and salons, as well as numerous exhibitions in other European countries and the United States. She harvested awards from countries such as France, Belgium and Italy, and when a French film company decided in 1954 to produce a long documentary on a number of artists based in the Montparnasse district of Paris, Pan Yu-liang was the only Asian artist to be included in that film (which focused on her creative work). A French art publication once gave the following appraisal: The Museum of Modern Art, the Mus¨¦e Cernuschi and the Mus¨¦e d¡¯Art Moderne de la ville de Paris are all extremely proud to feature some of Pan Yu-liang' best work in their collections.

Biographic sketches of Pan Yu-liang are included in the Dictionnaire des peintres, sculpteurs, dessinateurs et graveurs and the Dictionnaire de la peinture Larousse. In terms of popular and critical success, Pan is by no means inferior to her many male painter colleagues from China who also studied and worked in France.

Originally, only colleagues and art aficionados were aware of Pan Yu-liang and her arts, but then a number of popular works introduced her to a broader public, including Ms Shi Nan¡¯s novel Soul of a Painter, the movie with same name (with Gong Li in the starring role), and a TV series, also under the same title, directed by Li Jiaxin (Michelle Lee) and Stanley Kwan Kam-Pang. Today, Pan is known and renowned among most Chinese as the successful female artist with a hard lot early in life-a hard lot that eventually added much colour and interest to her art and legend. Rumour has it that the collector who spent more than one million US dollars on Pan¡¯s work last year had also seen the movie of Soul of a Painter, and it is quite likely that this experience inspired him and strengthened his resolve to make a high bid. In the first half of this year, Taipei¡¯s National Museum of History and Taichung¡¯s National Taiwan Museum of Fine Arts both held retrospectives of Pan Yu-liang¡¯s work. The exhibitions showed 120 pieces from her oeuvre and attracted large crowds of visitors, sparking a strong interest for Pan Yu-liang among Taiwan¡¯s general public. Everything related to the female artist has become so fashionable that one entrepreneur, scenting a business opportunity, got in touch with the Anhui Province Museum in China and obtained the right to distribute Pan Yu-liang peripheral products (such as posters, gifts) in Taiwan.

Five Years Ago, Sold for NT$ 8.3 Million: Today the Hammer Drops at 8.4 Million - Hong Kong Dollars!

Last autumn, a self-portrait in oil by Pan Yu-liang, completed in 1949, was sold at an auction for HK$ 9.64 million (approx. NT$ 41.45 million)-worldwide the highest auction price ever achieved by a work of the artist, also propelling Pan into the ¡®one million US dollars¡¯ category of painters. Originally, the self-portrait had been appraised at between HK$ 3 to 3.5 million.

Previously, the highest price record for a painting by Pan Yu-liang had been at HK$ 2,134,400 (approx. NT$ 9,177,920), set in October 2004 by her painting Bathers. The client and owner who put the Artist¡¯s Self-Portrait up for sale at auction was a collector with an eye for promising investments who specializes in buying and reselling items. Five years ago, he acquired the painting from the Unique Art Auction House (now no longer in business) for NT$ 8.4 million (incl. buyer¡¯s commission), and five years later he has resold it for HK$ 8.4 million (HK$ 9.64 million if you add the commission)-within half a decade, the value of the lot had quadrupled, and the owner made a very handsome profit of 300%, or more than 20 million NT dollars. Pan Yu-liang's paintings have been a fixed feature on Taiwan's art market for more than ten years. Both the Artist's Self-Portrait sold at auction in Hong Kong last autumn and the painting Nude featured in the Ravenel Spring Auction 2006 were previously listed in the 1992 Home Gallery and Home Collection catalogues. Both paintings were also part of the Sanyu and Pan Yu-liang'exhibition held at Taipei's National Museum of History in 1995. They are among the very few outstanding pieces by Pan Yu-liang that are currently in circulation. Most of Pan's Extant Works Now Part of Museum Collections Less Than Fifty Oil Paintings Estimated to Be Circulating on the Art Market

Pan Yu-liang was a very prolific artist. When she died of an illness in 1977, she left us with more than 4,000 of her works. As far as we know, at the intervention of the Chinese government these works were shipped to China after her death and placed in various collections there, including those of the National Art Museum of China (18 pieces, but according to the museum¡¯s website, only 17 pieces are actually featured in the current collection) and the Central Academy of Fine Arts (25 pieces), while the remaining works were given to the Anhui Museum in Hefei. According to official data from the Anhui Museum, they have more than 4,000 pieces by Pan Yu-liang in their collection, the vast majority of which were created between 1930 and 1970, including 361 oil paintings, 351 ink and color, 3,982 sketches and a small number of prints and sculptures. The family of Pan Yu-liang inherited a total of 21 pieces, and the Shanghai Art Museum also has one painting by Pan in its collection (a still life titled Huaguo Flowers and Fruit. The Taipei Fine Arts Museum owns three of Pan¡¯s works, one oil portrait and two coloured-ink paintings.

Some twenty years after most of Pan's art works had been returned to China, her family became dissatisfied with the Chinese government¡¯s handling of the artist's heritage, and launched a lawsuit, which continues today, to try and have the works restored to their possession. Some of Pan's works are currently in foreign collections: the government of Paris bought 16 of her oil paintings and sculptures, the French Ministry of Education is in possession of three of her works, the French Muse National de l¡¯Education owns one gouache painting, and the collection at the Muse Cernuschi features five pieces by Pan. Since the majority of Pan Yu-liang¡¯s oeuvre is now held by museum collections, chances of coming across her works at auctions are rather small. More than ten years ago, galleries in Taipei first began to import paintings by Pan Yu-liang, and afterwards auction houses followed suit importing the occasional lot. According to the estimates of market insiders, the total number of oil paintings by Pan Yu-liang currently in circulation does not exceed 50.

Rampant Forgery As Prices Soar Resale Lots Resulting from Substantial Demand and Limited Supply

Seeing that only very few paintings by Pan Yu-liang are in free circulation and there is considerable demand for her work on the art market, some shady businesses have begun to specialize in forgeries of her work, focussing mostly on oil paintings. Around the middle 1990s the first Pan Yu-liang imitations began to appear on the market, with motif and composition often copied from reproductions in museum catalogues, but most of them were shoddily executed and crudely vulgar (still, it was sometimes enough to catch the eye of less perceptive collectors who would just feel that they had ¡®seen this somewhere before).

Imitations of Pan Yu-liang's work are still seen quite frequently today, particularly in Taiwan, Shanghai and Beijing. Some of the forgers even go so far as to have their fake paintings reproduced in books, catalogues or other such publications to enhance their credibility. In the end, a discerning collector will not fall for these antics, since an imitation, even one that is relatively well done, can never catch the true character and spirit of the original artist. In come cases, the counterfeiters simply put different signatures on similar or even identical paintings-Guan Liang, Pan Yu-liang or Xu Beihong, for example-that were all produced by the same forgery artists. While unscrupulous businessmen may find printers or publishers to endorse their imitations, this still does not remove the stain of forgery or elevate the phoney pictures to artistic status.

With opportunities for encountering an authentic Pan Yu-liang so rare, it is no surprise that a bidding war usually ensues when the right lot, such as one of her widely acknowledged masterpieces, appears on the market. This was the case with the Artist's Self-Portrait that created such a stir at last year's autumn auction in Hong Kong. It should also be noted that many of Pan Yu-liang's paintings appearing at auctions are resale lots'since, as I have mentioned, there are only so many pieces to go around. A considerable number of the 49 lots (described in the attached list) that were sold at auction between 1999 and 2005 were in fact resold items.

Market Share for Oil Paintings Rises to 80.2%

The all-time record for a Pan Yu-liang sold at auction, set in 2005 by the Artist's Self-Portrait (over 40 million NT dollars), also meant a very significant increase in that year's total sales, which reached an impressive NT$ 60,947,735, almost equalling the total transaction volume on the Pan Yu-liang market for the years from 1999 to 2004.

Between 1999 and 2006, the market share of oil paintings was at 80.2%, followed by ink-and-wash/gouache (18.6%) and prints (1.2%), marking a significant increase in the oil painting bracket. In my article ¡®Observations of the Auction Market: Overseas Chinese Art Sets New Records¡¯, published in the seventh issue of Art & Investment, I had previously analysed the performance of Pan Yu-liang paintings at auctions between 1999 and 2003: back then, the share of oil paintings in the total market had only registered at 60.1%.

Looking at the geographical segmentation of the market, we find that over the past six years Hong Kong and Taiwan saw the largest turnover for Pan Yu-liang art works, closely followed by Beijing and Shanghai. In London, prints of Pan Yu-liang's Woman and Cat appeared twice on the auction market, one of them fetching the extraordinary high price of ¡ê 8,400 (approx. NT$ 480,000). In Beijing, the same print is valued at between NT$ 150,000 to 180,000. Three years ago in the Taiwan market, prints by Pan Yu-liang practically never exceeded the 100 thousand NT dollar benchmark.

The market for Pan Yu-liang's art is not blessed with the same comparatively rich supply of works as that for her contemporaries, such as Sanyu or Xu Beihong. Some market potential may still lie in those of Pan's works that remain in Europe, but one should not expect too much there. All the shortness of supply has done so far is to create ample opportunities for forgers trying to infiltrate the market with their imitations. The Pan family's lawsuit, aimed at having the late artist's works returned to their possession, is highly unlikely to succeed, so this potentially largest source of paintings remains off-limit. It is similarly improbable that any museums are going to sell pieces from their Pan Yu-liang collections in the foreseeable future. Therefore, one can only give this advice to collectors: be constantly on the lookout for those rare occasions when an authentic Pan Yu-liang surfaces on the art market. Seizing those opportunities is not easy, but most certainly worth a shot.

As I mentioned in my last article, there are total 8 Chinese western painters'who broke through the one million US dollar barrier, one of them Taiwan' senior artist, Liao Chi-chun. His The Spanish Ch‰teau had been sold for a record breaking US$1,383,105 in Hong Kong, and it had become the highest auction record in Taiwan' oil paintings.

Art & Investment no. 11, we introduced his glaring auction records in the article "uction Catalogue Cover Artist: Liao Chi-chun" another year passed, he had broke his auction record, and a 50% turnover growth compared with his 2004 record.

There are a total of 10 lots by Liao Chi-chun sold during 2005, 9 oil paintings and 1 pastel, total turnover reached NT$123,081,500, broke 2004' NT$81,813,100. Liao's post-1960 works are estimated over average one million NT dollars per canvas size. Among them, The Spanish Ch‰teau from the Hong Kong spring auction and The River Bank Scenery from Ravenel' 2005 spring auction had been sold over average NT$1,500,000 per canvas size. There are 3 oil paintings sold in 2005 listed in the included latest "Top 10 Most Expensive Paintings of Liao Chi-chun Sold at Auction" table, they are "The Spanish Ch‰teau" ranked at no. 1, "Flower in a Vase" at no. 5, and "The River Bank Scenery" at no. 9. From the order of the list, Liao Chi-chun' market is looking good, 7 paintings from the list were sold during the past two years, all signs show Liao's market is on the rise.

"Resale lots" is a trend Proven the high aspiration of buyers

The auction market in Asia is growing steady, many items were sold and again auctioned, there' always a buyer for a masterpiece, and sometimes it can be sold for a dozen times than its original price. In Art & Investment no. 11, we first introduced the trend of Chinese western painting "Resale Lots", and that article was reprinted on CANS magazine. With modern people' busy lives, it is very common to see resale lots auctioned, sometimes their cycles won' be too long. The collectors nowadays aren' afraid other' views no more; their adjusting collections are helpful to the market. Some collectors are in for investment, and they sure receive great rewards.

The Spanish Ch‰teau, the no. 1 painting in the "Top 10 Most Expensive Paintings of Liao Chi-chun Sold at Auction" table, was also sold as a resale lot. It had been sold for NT$15,400,000 by Heritage Art on Jan 12th, 1997, its collector returned to the market with it after 8 years, its value has tripled, and now owned by another collector. Many were surprised Liao' breaking record after the auction; however, the value of this painting is still on the rise. As for as we know, for those who were out bided are regretted not placing a higher bidding price. If time could go back, perhaps some of the bidders are still willing to place higher bids. Few years later, if the current collector is willing to auction it, we believe the market is still there.

Multiple bids received from Taiwan collectors Pastel paintings will test his popularity in Beijing' market We believe that many are curious about who bought that million dollar painting by Liao Chi-chun. Actually, there is a group of dir-hard Liao Chi-chun collectors, they often buy Liao' paintings through auctions, and the collector of The Spanish Ch‰teau is a member of this group. Liao' major market is mainly in Taipei and Hong Kong, but those who is familiar with the market knows, the major bidders are all from Taiwan. These collectors and the artist live on the same land, and share mutual feelings to it, plus that Liao Chi-chun is Taiwan' most respectable senior painter, even though the politics isn' stable and the prosperity in economics reached a new low during the past few years, however buyers from Taiwan still showed respectable collect abilities, their strength are even better than those from Hong Kong, China or the South East, especially on certain items. Liao Chi-chun' art is like a world of sentimental and imagination, although the artist had been through poverty and war in his life, but hope and happiness can be discovered in his paintings, especially the youth hood and the rhythms in his later days, can attract collectors from different ages compared to Taiwan' other senior painters, therefore it has been reported that Liao' collectors are getting younger and younger. New collector' carrying on from old collectors is helpful to the market of the artist.

Liao Chi-chun'cent sales records have drown international collector' attentions to this senior artist, even in the Beijing auction have Liao' piece auctioned last year, the last time was in 1998, auction companies used this to test Liao Chi-chun's popularity in Beijing. Although its sale record isn' as good as Hong Kong and Taiwan, but the attempt of auction companies to expand their markets can be easily discovered. As far as we know, some international collectors are also looking forward to collect Liao' paintings, but only limited to small pieces, because their anxiety to bid could never keep up with local collectors in Taiwan.

Liao' masterpiece is in the market again it stimulates buyers

There are always less than 10 of Liao Chi-chun' paintings appeared in Chinese art auctions each year. However it is estimated that several paintings will be appearing in the spring auctions this year. "Liao Chi-chun, the front cover artist" is back on the cover of our auction catalog again! The cover of Ravenel Spring Auction 2006 catalog will be Canal, finished in 1974 by Liao Chi-chun, who painted Yehliu in this painting, it is estimated NT$33,000,000 to NT$45,000,000, US$ 1,015,400 - 1,384,600 and is also the most expensive piece estimated in the auction. Both the quantity and quality of this painting is great, it is a rare size 30 canvas painting, and also another million dollar piece; it has the potential to challenge The Spanish Ch‰teau on their turnovers.

Yehliu Scenery, a Liao Chi-chun's size 8 canvas painting is also included in Ravenel Spring Auction 2006, it's structure is very similar to Canal, but Liao used different color hues to present the landscape of Yehliu, it is a recently discovered old painting, and is very collectable.

None of the auction companies published their auction catalogs so far, but we have discovered their emphases for Liao Chi-chun through their advertisements, they are also doing their best to promote Liao's paintings as masterpieces. We believe and also anticipated to see collectors' enthusiastic participation for Liao Chi-chun in this year's spring auction.

Sale Date/Venue: Sunday, 4 December, 2005, Taipei
Number of Lots Sold: 90
Value of Lots Sold: USD 5,710,414 (approx. NTD 191,184,660)

The following prices in Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest Taiwan Dollar.
On the date of the sale, exchange rates were approximately as follows: USD 1 = TWD 33.48 、HKD 1 = TWD 4.324

There are some who claim that Modigliani is almost as legendary as Vincent van Gogh (1853-1890), others say he embodies the thinking of philosopher Friedrich Nietzsche as well. Impoverished, down on luck and troubled by many ills throughout his life, Modigliani painted with a fervor bordering on devastation, using every bit of his energy right till the very end of what was barely 36 years of a lifetime. The legends instilled Modigliani's art with mystical flavors. Did heaven despise him for his talent? Since time immemorial many talented artists have had short lives, such as musicians Wolfgang Amadeus Mozart (1756-1791) and Franz Schubert (1797-1828), while Van Gogh and Modigliani illustrated this for the artists. The one fortunate thing about this is that they left beautiful works of art forever with the world. The artist's lives are passed on for eternity through their works. Here in this article we'll be introducing the life journey and art of this artist who lived briefly but brilliantly.

A Sickly and Precocious Childhood

His full name was Amadeo Modigliani, born on 12 July 1884 at Livorno, Italy. His childhood name was Dedo. The Modigliani family originated from an illustrious Jewish family in Rome. During the middle 18th century, the family shifted to Livorno, a political and religious hub. Modigliani was always proud of being Jewish. When he grew up, he would always step forward to refute anybody whom he heard vilifying the Jews. Dedo was the youngest of four children in the family. His eldest brother later became a member of the legislative assembly. His father was once a banker, and life was well-off in the beginning, even to the extent of being extravagant, but during the period shortly before and after Dedo's birth, the family coal mining business went bust due to mismanagement and he died soon after. As his father was often away on business, he did not appear to have a particularly important role in the family. Hence, Dedo's mother and her family exerted the greatest influence on Dedo. Additionally, owing to his weak disposition since young, maternal love became utmost important to him.

Modigliani's maternal grandfather moved in with them when he was two. A wise old man, he was well versed in several foreign languages and was proficient in history and philosophy. Interdependent on each other, the grandfather and grandchild shared highly intimate ties. When little Dedo first visited the museum, it was his grandfather who brought him, leading him onto the pantheons of Italian painting. He was particularly fond of the two renaissance masters Domenico Ghirlandaio (1449-1494) and Titian (ca.1485-1576), as well as the local artists in Livorno such as Giovanni Fattori (1825-1908) and Vittorio Corcos (1859-1933).

There's a saying going around stipulating that the naturally weak disposition rendering lifelong ills and pain to the artist was s result of marrying within the family line. His grandfather passed away when he was 10 years old. The sudden loss of belonging once made him display symptoms of autism. Unable to withstand the deep grief, he suffered from pleurisy during the winter when he was 11. At 14, he had to drop out from school and be confined to bed after suffering from typhus and catching pneumonia as a complication. His mum took great care of him, buying all kinds of books for him to read, including works written by Nietzsche, Dante Alighieri (1265-1321) and Charles Baudelaire (1821-1867). During this period, his mother discovered his ability to paint and as a result encouraged him to learn painting upon his recovery. Modigliani did not fare well in his studies; practicing art became his dream instead. In 1898, he occasionally attended lessons at an art school in Livorno. He practiced sketching and oil painting in the studio opened by landscape painter Guglielmo Micheli (1866-1926). Micheli was the disciple of Italian Impressionist Giovanni Fattori. In 1899, Modigliani gained his mother's permission to drop regular curriculum and begin regular daily practices in Micheli's studio instead of the occasional lessons. Here, Modigliani mastered traditional techniques of painting and grasped an understanding of the unique colors in the Mediterranean coastline. His painting is linked to Italian classical traditions and inherited from the ancient Greeks, perhaps even the sketching traditions of the Renaissance.

The teenage Modigliani wasn't playful. Together with his Aunt Laura, he studied works written by Gabriele d Annunzio, Nietzsche, Henri Bergson, Pyotr Kropotkin. Due to his bodily pains, he couldn't travel around and thus had to withstand loneliness living in the adult's world. He read voraciously and was particularly fond of several authors such as Dante, Francesco Petrarch (1304-1374), Ludovico Ariosto (1474-1533), Giacomo Leopardi (1798-1837) and Giosue Carducci (1835-1907). We can tell that the artist matured at a very young age judging by these profound books read.

He toured Florence together with his mother during this period of time, visiting the Uffizi Gallery or the Palazzo Pitti. The broadening of his horizon further inspired in him a desire to travel around, especially to Rome and Venice. However, he suffered a relapse of his previous condition pleurisy. Doctors discovered a recurrence of his symptoms and the situation proved worrying. In September 1900, Modigliani was found to be suffering from tuberculosis. After recuperating, his mother brought him to places such as Napoli and Rome where he came into contact with Greek and Roman sculptures, as well as Churc culture. Abundant art assets have been hidden in these cities. To a slender and sensitive young man, it was certainly quite a big shock. Everything he saw highlighted Livorno's poverty, hence his single-mindedness about leaving. Ending his Italian classical art tour in Venice, he vowed to become an artist.

Resolved to Become a Sculptor

Finally, the mother agreed to let her sickly youngest son leave home to carve out a career on foreign soil. With the help of his uncle, Modigliani headed to Florence in May 1901 to share a studio with Oscar Ghiglia, his ex-classmate. Winter that year was spent in Rome where he received permission to copy works of art inside the museum. Modigliani's aspiration since young was to be a sculptor. This resulted from his influence by traditional Italian art. It was in the summer of 1902 when he first experienced working on sculptures. Upon his return home, he managed to persuade his mother into sponsoring his trip to the marble - rich Carrara, Italy. Later, he did reside nearby Carrara at Emilio Puliti's studio in Pietrasanta. Puliti taught him the basic skills and techniques of sculpting. However, marble sculpting is an extremely energy - sapping job. Born with a weak constitution, Modigliani was simply not up to the job at all. During this period, Modigliani particularly admired the works of several sculpting masters such as Andrea del Verrocchio (1435-1488), Michelangelo's sculptures at the Medici Chapel in Florence, as well as the 14th Century Sienese sculptor Tino di Camaino (1285 -1336). Camaino's paintings and sculptures are soft and mellow. Compositions are filled with a decorative sense, exuding a surreal quality that takes his breath away.

During the Florence period, Modigliani couldn't help feeling drawn when he recalled all sorts of things regarding the Impressionists which a Chilean artist had brought up while talking about the Parisian art scene. He yearned very much to find out for himself by visiting Paris but his mother insisted that he stay in Florence to continue his original practice. Modigliani felt that he had nothing more to learn by staying in Florence and decided to pursue his own artistic creation without depending on the tutelage of a teacher. He attempted to persuade his good friend Ghiglia into joining him but Ghiglia, bent on following Giovanni Fattori's teachings, did not support his decision. Modigliani felt deeply betrayed and hence headed to Venice alone when relationship between the two seriously deteriorated after a bad quarrel.

It was already spring in 1903 when he arrived in the city of canals. In May, he applied for the Scuola Livera di Nudo at the Regio Istituto di Belle Arti in Venice, but after attending just a handful of lessons, he felt that the teaching was much too academic. Thus, he was only willing to create using subjects that are picked at will out of everyday life. While in Venice, he made friends with many artists, but it was here that he picked up and became addicted to the vice of hashish. Instead of attending lessons, he lingered in bars and night clubs. Modigliani realized that his dream of painting in Paris was becoming more and more pressing. Only in the French capitol would he be able to develop his own artistic language and realize his ambition to create freely at will. However, when his uncle, who had always been providing him with financial support, passed away in 1905, the dream seemed to shatter before him as he had no means of supporting himself. Fortunately, his hopes were rekindled when his mother, for love of her youngest son, brought him a meagre sum for traveling expenses.

In January 1906, Modigliani took a train from Livorno and landed in Paris, staying in a little hotel around the Madeleine. He applied to enroll into the Academie Colarossi. Famous artists who had studied here includes first class figures such as Paul Gauguin (1848-1903), James Abbot Mcneil Whistler (1834-1903), Auguste Rodin (1840-1917). Even female sculptor Camille Claudel (1864-1943) and Modigliani's later love Jeanne Hebuterne (1898-1920) also study in this school. It is an open art school which also takes in female students, allowing them to sketch male models amidst the conservative times. The reason behind Modigliani's choice of school was his wish to receive regular coursework training. During the after school hours, he took in all the sights in the city, visiting churches, museums and ancient relics. Modigliani was especially in love with the Greek and Roman sculptures displayed in the Louvre.

With the Greek and Roman's classical art foundation deeply engraved in his mind, Modigliani's biggest wish in life was to become a sculptor. However sculpting requires tremendous physical energy, something which he really couldn's insist upon. He did not agree with Rodin's concept of "mould"using clay. He was particularly fond of carving directly on the stone and the material that he likes best is hard marble. Hence, there were quite a number of sculpturing creations in his life. If it wasn't for the illnesses and the limitations imposed by his physical ability, he would never have given up easily; in fact, he would still attempt to return to sculpturing at the slightest opportunity.

A Bohemian Artist

Everything in Paris was very different from Italy. Novel and exciting stuff could be found practically everywhere. Taking off his Bourgeoisie costume and changing into his artist garb, Modigliani lingered at the Chez Rosalie in the Montparnasse district. Modigliani shifted from the Montparnesse district to the Montmatre district and stayed at rue Caulaincourt. Inside the famous Lapin Agile tavern, he acquainted Maurice Utrillo (1883-1955) and the two became very good friends. At the same time he was also busy studying the works of Picasso and Matisse, although later he thought that they each had their own goals and could not be overly anticipated.

The Bateau-Lavior was the center for Cubism. Here, he rubbed shoulders with many people from the Parisian art and literary circles, such as Picasso, Andre Derain (1880-1954), Maurice de Vlaminck (1876-1958), Kees van Dongen (1877-1968), Henri Laurens (1885-1968), Louis Marcoussis (1878-1941) and Francis Picabia (1879-1969); Painter cum poet Max Jacob (1876-1944), author Andre Salmon (1881-1969), critic Mauric Raynal (1884 -1954) as well as the poet Guillaume Apollinaire. During this period, many artists including the likes of Picasso, Jacob, Vlaminck and Modigliani discovered treasures beyond European art, especially the sculptures of Africa and the Oceanica.

There were two major schools of thought among the modern artists in Paris during the 20th century. One would either follow the lead of Picasso and the Cubists, or follow the lead of Matisse and the Fauvists. Unwilling to join either faction, Modigliani adopted a neutral stand and focused upon his own creations. Even when his Italian friend extended an invitation for him to be part of Futurism, it was rejected outright.

Modigliani believed that he had finally found the right sanctuary and it was worth it even if he had to expend all his wealth, in any case, his life was not well off in the first place. Carving induces coughing easily and results in the loss of one's physical energy. Hence he concentrated on matters of painting and completed many sketches and oil paintings. The figure portraits he painted during this period included children and women. He even once painted Picasso's lover. Not truly satisfied with the initial attempts, he disliked following trends, preferring to search for his own style. At times he would infuse it with ancient elements; at times he would incorporate new concepts. All the subjects of the paintings are figure portraits.

Modigliani was unstinting in sharing his admiration for Whistler, Oscar Wilde and d' Annunzio with his Geramn artist friends. He aspired to become one such outstanding figure, woth an exciting and yet extremely elegant life. Little by little, he found opportunities to exhibit in small galleries, but like most young rookie artists, not a single piece of work was sold. In 1907, there was a significant change in his life. He painted in oil, sketched, sculptured, fell in love, and sold his works among more up market galleries. During that same year, he had 2 oil paintings and 5 watercolors selected into the Salon d' Autumn. Cezanne had an exclusive area in the Salon during that time. Modigliani was genuinely in admiration of Cezanne ' art. It was also at this time that he saw Picasso's exquisite "Les demoiselle d' Avignon"

Modigliani felt defeated and insecure during this period. Despite the accompaniment of literature and poems, he couldn't dispel the depression he felt in his heart. With his strong sense of pride, the pains and illnesses as well as the unsatisfactory days of poverty depressed him. He abused the use of drugs and lived on alcohol just like many of the artists in Montmatre do to cloud their senses, living what is known s a Bohemian lifestyle. However, the tuberculosis - weakened body couldn't withstand the ravages of the medicine. Later, he met the savior of his life, Dr. Paul Alexandre, a refined and elegant doctor. In the next 7 years, the painter received lots of sponsorship from him. To encourage Modigliani, Dr. Alexandre bought his works.

Montparnasse: Friends in Art

At the beginning of the 20th century, Montparnasse, on the left bank of the river Seine, became the heart of intellectual and artistic life in Paris. There were many places where the artists congregated, including cafes and brasseries such as La Ruche, La Rotonde, Le Dome, or La Closerie des Lilas. In 1909, Amedeo Modigliani moved to Montparnasse, living in small hotels, staying with friends, or occasionally seeking shelter in the waiting room of the Gare St. Lazare, before he eventually rented his own studio. In those years, Montparnasse began to gradually replace Montmartre as the City of Light's avant-garde hotspot, a development that heralded the arrival of new artistic styles and movements.

In Mortparnasse, Modigliani made the acquaintance of Romanian sculptor Constantin Brancusi (1876-1956), a straightforward artist always in search of pure form, modest yet of sharp insight and complex thought. Brancusi's constant quest for precise linear rhythms and distilled simplicity struck a deep chord in Modigliani, whose sculptural work was clearly much influenced by Brancusi.

Modigliani, struggling against poverty for most of his life, was able to sell quite a few portraits to his main patron, Dr. Paul Alexandre and his family. He quickly became a bohemian artist par excellence, indulging in marijuana and alcohol and generally leading a rather dissipated life. As an attractive young man of fey beauty, he also had his fair share of romantic affairs. In Montparnasse, he began to work on his unique caryatid paintings, an entire series of drawings (initially as practice for sculptures) showing female figures. He presented a number of these compositions, mostly rough drawings and sketches for oil paintings, to Brancusi for his perusal. In ancient Greek temple architecture, caryatids were supporting columns in the shape of female bodies - originally not nude. With the large capital and heavy roof resting on these figures, the original caryatids created a visual sense of oppression, and critics believe it was this sense that Modigliani sought to reproduce in his caryatid paintings, striving for verticality and a balanced distribution of the implied down-bearing force. These exercises, in which he explored the interplay of contours and flat areas of colors, as well as the rich rhythmical language of the female extremities, were an important milestone in his career as a painter.

Some feel that the impression of sustaining a crushingly heavy burden, so powerfully conveyed by the caryatid images, was also symptomatic of the artist's physical and emotional condition at that time. Between 1911 and 1912, Modigliani's health was deteriorating rapidly, and the first futurist exhibition in Paris, which was a great success, found him in very bad shape. These were also the years when the Cubists continued to create a stir in international art circles. But Modigliani, who had suffered a bout of typhoid as a teenager, and later contracted tuberculosis (that become chronic), was unable to establish himself firmly as an artist. With his exuberant lifestyle of taking drugs and drinking excessively came frequent financial difficulties. So it came that in 1909, sickly and tired from his wild living, and on the verge of mental and physical collapse, he returned home to his mother in Italy (with money his friends had collected). There he remained for a prolonged period of recuperation.

When he returned to Montparnasse in 1913, he looked much better, and for the time being his health was clearly improved. Yet he soon fell back into his old ways of decadence and debauchery. At the same time, though, he made numerous friends among the artist community, including Russian-born painter and sculptor Ossip Zadkine (1890-1967), Japanese painter Tsuguharu Foujita (1886-1968), Lithuanian painter Chaim Soutine (1893-1943) and Polish painter Moise Kisling. With Kisling in particular Modigliani formed a strong bond, as the two found they had much in common. But it was Soutine who was among the first fellow artists to truly appreciate Modigliani's great talent. Later, Modigliani's poet friend Max Jacob introduced him to the young Paul Guillaume, who was set to rise from humble origins and become one of the leading cultural players and art dealer-collec-tors of Paris, and who would later run the renowned Musee de l'Orangerie, housing much of his by then extensive art collection.

In 1916, when Modigliani was down on his luck, he had the good fortune to meet Leopold Zborowski, a Polish poet, and his wife. Zborowski became Modigliani's friend and representative, determined to make him a famous artist. The poet supported his new protege both financially and morally, and allowed Modigliani to use the Zborowki's home as his studio. Their close comradeship was widely known and admired throughout the Montparnasse community. Modigliani opened his first solo exhibition at the Berthe Weill Gallery on the Rue Lafitte in 1917, encouraged by Zborowski, who also funded the event. It was by no means a big commercial success: only one painting found a buyer. Yet it did make Modigliani famous overnight, as the show was closed the same day it opened for "indecency"(the chief of a police station was scandalized by five of the nude pictures). During the last five years of his life, Modigliani and the Zborowskis remain closely attached to each other, with the Polish couple contributing much to Modigliani's final establishment as a widely recognized artist.

The Artist and His Lovers

When sober, Modigliani was a handsome and charming man, a romantic with a bohemian flair, and so he naturally attracted much female attention in Parisian art circles. He had several longer-lasting love affairs, and each of these women appeared in at least one of his portraits. Two liaisons were more important than all the others: one was with the South African-born English journalist and poet Beatrice Hastings (1879-1943), the other with a beautiful Parisian art student, Jeanne Hebuterne (1898-1920).

Modigliani first met Beatrice in July of 1914. She was five years older than the artist, wrote poetry and was both attractive and well off. She was also of rather haughty and cold, impassive appearance. In the two years they lived together, Beatrice was the subject for several of his paintings, but also the object of much of his drunken wrath. There are at least ten paintings in existence, and an even bigger number of sketches and drawings, for which Beatrice was the model. Both she and Modigliani held a very unstable lifestyle, and their relationship was marked by heavy drinking and promiscuity, so that the two of them often came to blows. In 1916, they broke up, finding that the differences in their character outweighed their mutual attraction. Yet Modigliani took the end of the affair much to heart, and indulged in even more excessive drinking. Together with his poor health and generally decadent habits, this pushed him to the brink of collapse again, but fortunately he had some friends to lean on, in particular the equally destitute Chaim Soutine. In their mutual friendship and support, he found the strength to make it over this rough patch.

In the spring of 1917, the now 33-year-old Modigliani met the true love of his life, Jeanne Hebuterne, who was then only 19 years old. She was studying at the Ecole Nationale des Arts Decoratifs, and was introduced to the Montparnasse artistic community by her brother Andre. From a bourgeois background, she was a gentle and conservative person of shy and melancholy character. Yet she also had a very strong will, and would stick to Modigliani against the objections from her family. She and Modigliani were a pair made in heaven; they began seeing each other immediately and fell deeply in love. Her delicate features and elegant bearing, and her complete adoration of the artist, helped Modigliani to finally mature and produce some of his best work. One can say that it was during his years with Jeanne that Modigliani reached the zenith of his art.

Hebuterne was renounced by her devout Roman Catholic family for her liaison with the painter whom they saw as little more than a debauched derelict, and, worse yet, a Jew. In spite of that, Jeanne stayed permanently at Modigliani's side, submitting entirely to his will and intentions, and not asking for anything in return. She even pledged to marry him without her parents' consent, but she would never be more than his common-law wife. In 1918, when the two of them had just moved to Nice, a daughter was born which they named Jeanne Modigliani. Her parents were two lost and lonely souls holding on to each other for warmth and love in a world that was getting colder for Modigliani. Aristocratic and proud at heart, he was unable to fully develop his potential, hampered by his deteriorating health and lack of commercial success. Modigliani always regretted not being able to repay Jeanne's love in kind, and felt remorse at his failure to make her happy. That he could not obtain her parents' blessings only exacerbated his frustration. As if keenly aware of his approaching death, Modigliani used the last two years of his life to make his largest creative effort. Going out with a flourish, he worked himself into an urgent frenzy that produced many of his most treasured masterpieces, the result of the last violent flickers of his vitality before tubercular meningitis would finally take him at the age of 35.

Already weak and pale as death, Modigliani allowed no one except Jeanne to take care of him, even rejecting medical treatment and refusing to see a doctor. Only after he had become unconscious was he taken to a hospital. Modigliani died on January 24, 1920, released from his suffering after a life that had produced much beauty yet also seen a fair share of sorrow. Jeanne Hebuterne, who was nine months pregnant again and had been taken to her parents home, threw herself out of a fifth-floor window two days after Modigliani's death, killing herself and her unborn child. She was only 22 years old. Their tragic story remains a stirring example of the heights and abysses of love and passion.

The Human Form as the Sole Recurring Subject - The Artist'sSoul Reflected in the Model's Limpid Eyes...

The human form dominates both in Modigliani's sculpture and painting. Among his extant works, only four are landscape paintings. All his other works focus on human beings he encountered in his life, be they children, maidservants, professional models, friends or lovers. They all have been immortalized in the form of portraits or nudes.

Modigliani's style can be described as a fascinating blend of Western tradition and influences from other cultures. On the side of European culture, he was particularly indebted to Italian classicism, but other sources of inspiration included Cezanne, the Pre-Raphaelites, Renaissance painting and cubism. But Modigliani was also influenced by primitive art from Africa and Cambodia, including sculpture, relief and masks. Traces of his interest in Japanese print art may also be detected in his work. His interest in sculpture and African masks shows in the treatment of the sitters' faces in portraits, or the simplified forms seen in his nudes. His sophisticated, mannered style searched to express the inner qualities, the very soul even, of his subjects.

Under Modigliani's brush, both men and women tend to display a rather feminine quality. Facial features, for example, are usually kept soft and delicate, and the artist loved to depict his subjects in somewhat listless, lazily reclined or limp, sagging postures. Often the subject's head is tilted to one side as if lost in deep thought, and sinuous contour lines seem to indicate gentle and shy movement, evoking a sense of beauty derived exactly from the lack of symmetry that dominates the picture. In portraits, he sitters'faces are flat and mask-like, with twisted noses, pursed mouths, elongated necks and almond eyes. Instead of painting pupils, Modigliani frequently simply daubs on touches of light blue, producing a translucent quality that is at the very heart of the subject's plaintive look. Despite -- or possibly because of -- their extreme economy of composition and neutral backgrounds (consisting of color, or, at the most, a few abstract hints at windows or simple furniture), the portraits convey a distinct impression of the sitter's personality, as the human figure is the sole focus of the entire painting. Usually we think of eyes as the windows on the soul, yet the eyes of the figures in Modigliani's works seem to be focusing on nothing. Their looks are empty, as if the outer, material world was nonexistent to them. This kind of abstraction, marked by rigorous composition and precise lines, is only one of the artist's methods employed in his perpetual search for his own inner world. Under the surface of it all lies a deep humanistic longing and the core of a character that was in truth introspective, no matter what message Modigliani's worldly excesses may seem to convey.

Apart from his extraordinary portraits, Modigliani is best known for his elegant, elongated nudes, which show the same sparsity of composition, flat, decorative application of color and abstracted backgrounds. While falling back on the image of the reclined nude popular in Europe ever since the Renaissance, the artist yet found his own distinctive way of expression, discarding the classicist emphasis on the aesthetics of perfect proportions and ideal beauty. He also did away with the concept of showing the female body in its entirety, frequently allowing arms, elbows, or part of the legs or head to "extend" beyond the picture's frame, thus allowing the model's physicality to assume a stark reality independent from the painting's artificial boundaries. Modigliani's models seem to be superimposed on the canvas, and by pushing the human form outside the picture's margins, the artist makes sure that his nudes are even more vehemently placed in the sole, only possible focus of the observer. Critics find that the direct impact of Modigliani's nudes on the viewer's senses does indeed contain a strong sexual and seductive element, but the fact remains that the artist was much more concerned with the formal aesthetics of curved lines and planes, and with revealing the model's individual temperament and disposition. Of course the reality of Modigliani's own life, his fierce sexual passion, his heavy drinking and drug consumption, were also a factor that contributed to the unique attraction of his paintings. The mysterious, sublime quality emanating from his nudes was largely a product of the artist's projecting his own loneliness, and his intentional aloofness from the world's changing fortunes, into his models. French writer and director Jean Cocteau thought that Modigliani's portraits and self-portraits all had the aura of a unicorn: a fragile, endangered existence, noble and elegant, speaking to us through the subtle lines and essential shapes of the painting.

Modigliani's Sculptures: Myths and Legends

Modigliani's always had a strong interest in sculpture, a medium that has a long and proud history in Italy. Yet because of his chronic illness, often rendering him too weak for the hard physical labor of shaping blocks of stone, he did not leave us with many sculptures. The works that we do have betray, besides the influence of the classical Greek and Roman traditions, the artist's fascination with African carvings and masks with their powerful linear patterns and rich expressiveness. His friendship with the sculptor Constantin Brancusi further kindled Modigliani's curiosity for the medium, and the Romanian's work inspired much of the Italian's personal idiom, including his penchant for simple, elongated forms and succinct shapes. Modigliani disliked Rodin's slow and deliberate approach to sculpting, preferring instead to work directly on the material, often at a very fast pace. This urgency communicates itself through the stunning vitality of his sculptures.

There are only about twenty extant pieces of sculpture by Modigliani. There also are two legends that grew up about his sculpture works, providing posterity with much fodder for the imagination. One of these legends has it that during his period as a sculptor, Modigliani would make daily appearances at a building site near his Montparnasse studio. Miserably poor as he was, the artist could not afford to buy the material for his carvings, but at the building site many rough stone blocks were readily available. Not one to simply steal the stones, yet unable to control his desire for creative work, Modigliani would make use of the nighttime hours after the end of work, entering the site and sculpting the stones right there on the spot. Legend also claims that those stones were later all worked into the building's foundation, including quite a few unfinished masterpieces.

The other story relates how upon temporarily retiring to his hometown Livorno, Tuscany, in 1913, all that Modigliani would talk about with old artist friends and colleagues was sculpture. He even displayed photographs of the head sculptures he had made in Paris. At the same time, he got hold of some stones that served him as carving material at a little workshop he set up. It is said that he completed numerous pieces of sculpture during that time, but to his great chagrin the people from his hometown did not really appreciate his artistic endeavors. Unfortunately it was not possible to transport the whole lot back to Paris, either, and in his anger Modigliani threw all the sculptures into the canal. Years later, when he had become a celebrated artist, people would try to retrieve the sculptures from the canal, but nothing could be salvaged.

It is hard to tell whether these stories are true or not. Perhaps they were simply conjured up by some ingenious businessmen trying to attract tourists and make money off Modigliani's fame. Wherever the truth may lie, one thing is for sure: none of these posthumous legends would have sprouted up if Modigliani's works were not so precious and rare.

The Leading Artists of the "Ecole de Paris" Movement and Their Lasting Influence

The early years of the 20th century saw an unprecedented influx of young artists from all over the globe into Paris, men and women who were in search for the avant-garde of modern art. Though they came from very different countries and cultural backgrounds, what they shared was the fact that it was in Paris where many of them made themselves a name and produced much of their best work. This heterogeneous colony of artists, most of who lived and worked in the territory of Montparnasse, went down in history as the "Ecole de Paris"("chool of Paris"). Among its members were Amedeo Modigliani, who moved to Paris in 1906, Moise Kisling (1910), Chaim Soutine (1913), Marc Chagall (1910), Tsuguharu Foujita (1918), Constantin Brancusi (1898), and many others. Quite a few intellectuals, writers, poets and composers were also more or less loosely associated with the group, for which it would have been extremely difficult to find a cohesive stylistic or programmatic label. Harboring a wealth of different styles, techniques and approaches, the one thing that characterized the Ecole de Paris as a whole was its avant-garde spirit, its innovative drive. Together, all its members helped to generate a strikingly fertile artistic atmosphere in which there was room for the widest diversity of expression. Modigliani was one of the representative figures of this movement. One of the few artists in the group to hail from Italy, his passionate love of freedom and exuberant bohemian lifestyle epitomize the youthful vigor that was a hallmark of the "Ecole de Paris"

The distinct style of Modigliani's sculptures and portraits with their gently flowing sinuous lines and succinct, simplified forms was an inspiration to countless modern artists, including for example Marc Chagall and Henri Moore. The first Chinese art students who went to France seeking knowledge and stimulation were also profoundly affected by Modigliani's work. The nude paintings of Sanyu, Pang Yu-liang or Lin Fengmian show clear traces of his influence, as do a considerable number of portraits by contemporary artists.

From October 22, 2002, to January 12, 2003, the Albright-Knox Art Gallery in Buffalo, New York, organized a major exhibition entitled "Modigliani and the Artists of Montparnasse" which later traveled on to the Kimbell Art Museum in Fort Worth, Texas, and the Los Angeles County Museum of Art. With the main focus on Modigliani, the exhibition displayed the brilliant achievements of the Ecole de Paris-roughly one hundred years after the movement began to take shape, critics from around the world are once more heaping the highest praise on this unique and colorful phenomenon in the history of art. Over the past couple of years, there have been an increasing number of exhibitions focusing on Amedeo Modigliani. This is another indication that the Italian painter and sculptor, who was long being celebrated mostly as the romantic bohemian and mysterious legend, is finally fully appreciated and acknowledged as an artist of outstanding achievement.

Undoubtedly, Modigliani is one of the most highly acclaimed artists in the 20th century; his had a dramatic short span of life with a spectacular love. As for art innovation, he is a loner, although he tried the cubism, his name still wasn't mentioned much in the history of modern art movements, however, it is his legendary lifetime became the subject that literature and movies praise for. Modigliani is in great demand in the art market, and this only happened during the last ten years. The "Jeanne Hebuterne" portrait, which Modigliani finished in 1919, had sold for 31.36 million dollars in Sotheby's New York in November 4, 2004; it broke Modigliani's record in 2003 for a naked lady portrait which sold for 26.8875 million dollars.

Besides Modigliani's remarkable sales records in the art market, there is also a Modigliani fever in the movie industry. Premiered in Europe and North America in 2004, Modigliani's autobiographical movie "Modigliani", leading role played by Italian actor Andy Garcia, has gained appreciative criticisms. It's the shame that audiences in Taiwan couldn't see it in the theater, since art movies isn't demotic in Taiwan and didn't find favor with Taiwan's film companies. The movie not only describes the blazing lifetime and the love stories of the artist, it also includes a competition between two genius artists, Modigliani and Picasso. It is said that playing Modigliani's role is Garcia's toughest challenge since he became an actor. With the release of the movie "Modigliani", more and more attention came to this died young artist.

Thematic Exhibitions, Retrospective Exhibitions, Rebuilding Modigliani's Position in the History of Art

Picasso's sales records are invincible in the art market, and he had received bursts of applause and reputation while he's still alive. By contrast, Modigliani's less than 36 years of life is as miserable as Van Gogh's. Therefore, when we're looking at Modigliani's market, we are affected. By over blowing his "legend", don't always do well for Modigliani; it might easily lose the research focus of art innovations within. Therefore, during 2004 to 2005, Art historian held the "Modigliani Beyond the Myth" Tour Exhibition. In the exhibition catalog clearly pointed out that "Amedeo Modigliani is one of the best known-and most misunderstood-artists of the twentieth century." Although his paintings and sculptures are favored by masses, but in the past critics only strictly positioned him in the field of a "bohemian" or "anti-intellectual" life style. The exhibition was held by the planner of The Jewish Museum, and many History of Arts scholars from England and the United States, they concentrate in Modigliani's works, and examine the unique historical, social, religion, and cultural essences that lies within.

Before this exhibition, Modigliani expert Marc Restellini once held the "Modigliani: L'ange au visage grave" solo exhibition in the Musee du Luxembourg in Paris in 2002. The purpose of this exhibition is to reverse Modigliani's reputation by overturning the common legendary, charming, comfort and pleasure impressions of artists, he pointed out that the artist played an important role of guidance among other artists including Picasso, and hued that while everyone is studying masters like Matisse and Picasso, they forget this talented artist Modigliani. The "Modigliani and the Artists of Montparnasse" tour exhibition held during 2002 to 2003 in Albright-Knox Art Gallery and Los Angeles County Museum of Art clearly demonstrated Modigliani's position in "Ecole de Paris".

There actually aren't too many thematic exhibitions after Modigliani died in 1920; it was in the 90's in which large scale of research of Modigliani commenced. For example: the Paul Guillaume collection exhibition held in Musee de l'Orangerie in Paris, 1993; the Barnes collection exhibition held in Musee d'Orsay in Paris, 1993; the Zborowski collection exhibition in Japan, 1993, and in Lausanne and Florence, 1994. And an important discovery exhibition, Paul Alexandre's Modigliani drawing collection tour exhibition held during 1993 to 1996. Because of the recommendations from the gallery, Modigliani is having more and more demands in the art market.

Who is the real Modigliani expert?

With the rising demands for Modigliani in the art market, forgeries can often be seen from time to time. The mystery of the artist's brief lifetime is the reason for forgeries to run wild. The completeness of the provenance and records could make the difference of the Modigliani's works to millions of dollars. Provenance has become one of the most important clews for auctioneer and galleries to identify his work, expert assistances are also necessary. There is a Modigliani bible in the art market: the "Amedeo Modigliani, Peintre" written by Italian writer Ambrogio Ceroni. This book was first published in 1958, revisions published in 1970 and 1972, its author died in 1970. Ceroni is a very conscientious and careful appraiser, and is trustful to almost all of the collectors and dealers. The 337 paintings listed in his books always have extraordinary records in the art market.

However, Ceroni had only authenticate paintings he had personally seen, he had never been to the United States, and many of Modigliani's works collected by US museums is not included in his book as a regret. In addition, Ceroni was a banker, an appraiser, but never an art historian. His background does not stand comparison with today's so called catalogue raisonne's high academic standard. Further more, his source was only from the collectors during that time, it is not possible to trace back to the artist's atelier or the backgrounds of the early dealers. For example, Modigliani's first broker, Paul Guillaume had a tremendous collection of Modigliani's documents, but had never gone public for a long time until 1993. It is thus evident that the art market needs more professional authentication to supplement Ceroni's work.

Although Ceroni's book can't provide comprehensive information about Modigliani, it remains to be an important reference to most premium art dealers. There are also many art historians tried to put together Modigliani's catalog, including Modigliani's daughter's good friend before she died, Christian Parisot, currently age at 58, German scholar Joseph Lanthemann, Italian art historian Osvaldo Patani and French Marc Restellini, currently age at 41. The catalog published by Lanthemann included Modigliani's 420 paintings; Patani's was published in 1991, which is based on Lanthemann's, but the number of engravings shrank to 349. Each expert held different views, but none of them is able to shake Ceroni's foundation. Restellini claimed that the compilation he's working on will include 400 oil paintings. However, because of the death threats and lawsuits of its author, this catalog which was to be publish in 2002, had delayed to 2005 and even 2006.

Disputes between Modigliani experts has been going for several years, Parisot and Restellini were the most intense two among them, their disputes came to the surface in 2004, it was one of the major event in the art scene back then. Parisot's had published 3 volumes of his work in 1970, 1971 and 1996, the 4th volume was planned to be published in 2004, but it is a difficult delivery, different authentication opinions from different experts was involved. He and Modigliani's daughter Jeanne Modigliani are well acquainted, they share a good friendship. When Jeanne died in 1984, she left hundreds of her father's letters, postcards, and other documents to Parisot; she even transferred the "moral right" of her father to him. He had published at least 38 Modigliani-related publications, and had participated over 42 related exhibitions.

On the other hand, Restellini's work is backed by the venerable Wilenstein Institute in Paris, it had published Monet, Gauguin, Redon and other master's catalog, it is praised to be one of the most professional authentication institutes in the world, and it officially invited Restellini to participate in Modigliani's paintings and drawings in 1997, Restellini was only 32 years old back then. Although he was young, he had participated and planned many Modigliani-related international exhibitions. In 2000, he was asked to accept an honorary position as an artistic director in Musee du Luxembourg which is subsidiary to the France Senate, and founded Pinacotheque de Paris in 2003. Restellini advocated technical analysis in color, eliminated over 100 forgeries, rehashes, and displeased lots of art dealers and collectors, therefore he is now troubled by lawsuits, even threatened by multiple threats like death threats and bounty allurements. Now, the paintings' catalog is delayed, and the drawings' catalog that has higher difficulties is no doubt further postponed. Everyone in the art market still anticipates for this catalog that already takes 8 or 9 years to be completed and published.

Market on the rise, new record price set in a Switzerland gallery

Although some of Modigliani's controversial paintings have differences in their value identifications, prices for Modigliani's works are still on the rise. In February 2005, a Switzerland gallery announces that they have just sold a painting of a naked lady by Modigliani for 35 million dollars, breaks the previously mentioned record of 31.36 million dollars, brought such shock to the market. According to the statistics from Artprice, Modigliani's record price index grows rapidly during 2004 and 2005, and growth rate was as high as 63% and 45%. For an investment of US$100 invested in Modigliani's works in 1997, and average valuation of US$189 is achievable on December 2005, making for a significantly tidy profit that one ought not to belittle.

Between 1997 and 2004, there were average 30 lots of Modigliani's work sold each year, however, his annual turnover often ranked in the top 10, his worldwide turnover ranked 5 in 2004. It seems that there is a great demand in modern arts recently, and Modigliani's piece quantity seems insufficient to the market, the recent sale price of his pieces are often way above the estimate price, it shows that the buyers are having strong wills to collect Modigliani's pieces. Especially those pieces finished before his death are loved by collectors, in the artist's auction results, the top 10 pieces were all created after 1917. And the portrait of Modigliani's lover, Jeanne Hebuternne and other nude portraits are the dream collection to collectors.

The main market of Modigliani is 85% in America, followed by 13% from the British market. As for his turnover according to media category, there are 94% in Painting, 4% in Drawing-Watercolour, and 2% in other Media. Modigliani didn't have a great quantity of creations, there were only 300 to 400 paintings, and each of them is estimated millions of dollars in average, even over 10 millions, and Drawing-Watercolour pieces are below a million dollars in average.

Modigliani had always wanted to be a sculptor, but due to his illness, he'd only left around 20 to 30 sculpture pieces, all of them are stone carving pieces. Bronze carving pieces were cast with his daughter's authorization, according to the French law, Jeanne Modigliani has the right to produce copies any of her fathers sculptures. Currently, the highest sale record of Modigliani's stone carving piece was made in November 5th, 2001 at the Phillips, de Pury & Luxembourg, it is the "Tete de femme" finished during 1911 to 1912, it was originally estimated 2 to 3 million dollars, eventually sold for US$ 3,825,000. The best sale price for the bronze carving pieces reached US$ 164,000 in 2005.

Modigliani's paintings, stone carvings are hard to come by, they're as rare as Van Gogh's

If Restellini's assumption sustains, there are only 400 paintings finished during Modigliani's 36 year lifetime, besides museum collections, there aren't too many left in the market. Compare to other artists from the same period with thousands of works, it's definitely a difficult task for collectors to find a Modigliani piece, actually, it sometimes depends on luck. Most of the works currently flowing on the market have changed hands several times; their transaction records can easily be traced. Therefore, Modigliani's market can grow steadily, however because of the small amount of pieces available; it's difficult to cohere great influence to the art market. For example, Van Gogh's work was on the dream collection list at the end of 20th century, his record which had been maintained for 15 years had just been broke by Picasso. Modigliani's market in some way is pretty similar to Van Gogh's.

Due to the unavailability of the catalogue raisonne of Modigliani's Drawing-watercolour pieces, it is difficult for Modigliani's works on paper to meet with success in the market. His clear and simple lines are vibrant on the paper; those paper works are actually worthy collected. Everyone in the art market is anticipated for the disputes to end, return the justice back to the artist. For Modigliani's sculptures lovers who couldn't wait to see the stone carving pieces show up on the market, bronze casts which authorized by Jeanne is another good choice, and their prices are far lower than painting pieces, for your reference.

1915
Oil on canvas
81 x 46 cm
Signed upper right Modigliani
Estimate on request

EXHIBITED

Madigliani: L'ange au visage grave, Musee du Luxembourg, Paris, October 23, 2002 – March 2, 2003
Madigliani Beyond the Myth, The Phillips Collection, Washington, D.C., February 19 – May 29, 2005

ILLUSTRATED

Madigliani: L'ange au visage grave, Musee du Luxembourg, Skira I Seuil Paris, 2002, color illustrated, no. 42, pp. 232-233
Mason Klein (ed.), Madigliani Beyond the Myth, The Jewish Museum, New York, 2004, color illustrated, p. 117

Tete de jeune fille (Louise)

1915
Oil on cardboard
51 x 37 cm
Signed upper left Modigliani
Estimate on request

EXHIBITED

La donna nell'arte, da Hayez a Modigliani, Societa per le Belle Arti ed Esposizione Permanente, Milano, April - May, 1953 Amedeo Modigliani, Palazzo Real, Milano, November - December, 1958, no. 16
Amedeo Modigliani, Galleria Nazionale d'Arte Moderna, Roma, January - February, 1959, no. 11
Modigliani, The Arts Council of Great Britain, Tate Gallery, London, September 8 – November 5, 1963, no. 14
Frankfurt, Steinernes Haus Romerberg, 1963, no. 12
Arte Moderna in Italia 1915-1935, Palazzo Strozzi, Firenze, February 26 – May 28, 1967, no. 441
100 Opere di artisti toscani, Prato, May 20 – June 18, 1972, no. 73
Modigliani. Dipinti e disegni. Incontri Italiani 1900-1920, Verona, Galleria dello Scudio, November 25, 1984 – January 31,1985; Torino, Palazzo Reale, February – March, 1984, no. 30
Modigliani a Montparnasse 1909-1920, Galleria d'Arte Moderna e Contemporanea, Palazzo Forti, Verona, July 14 – October 30, 1988; Palazzo della Permante, Milano, December 19, 1988 – January 29, 1989
Modigliani: L'ange au visage grave, Musee du Luxembourg, Paris, October 23, 2002 - March 2, 2003

ILLUSTRATED
Amedeo Modigliani, Palazzo Real, Milano, 1958, no. 16, p. 23 (colour illustration)
Amedeo Modigliani, Galleria Nazionale d'Arte Moderna, Roma, 1959, no. 11
Modigliani, The Arts Council of Great Britain, Tate Gallery, London, September 8 – November 5, 1963, no. 14, p. 15 (color illustration)
Frankfurt, Steinernes Haus Romerberg, 1963, no. 12
Ambrogio Ceroni, Amedeo Modigliani. Dessins et sculptures, Edizioni del Milione, Milan, 1965, no. 50, p. 48
Arte Moderna in Italia 1915-1935, Palazzo Strozzi, Firenze, 1967, cat. p. XXII, no. 441, illustrated p. 97
Ambrogio Ceroni and L. Picioni, I dipinti di Modigliani, Edizioni Rizzoli, Milano, 1970, no. 94 100 Opere di artisti toscani, Prato, 1972, no. 73, p. 22 (color ill.) Modigliani. Dipinti e disegni. Incontri Italiani 1900-1920, Verona, Galleria dello Scudio; Torino, Palazzo Reale, 1984, no. 30, p. 123 (color illustration)
Modigliani a Montparnasse 1909-1920, Galleria d'Arte Moderna e Contemporanea, Palazzo Forti, Verona, 1988, p. 38; Palazzo della Permante, Milano, December 19, 1988, p. 38 (color ill.)
O. Patani, Amedeo Modigliani. Catalogo generale. Dipinti Ed. Leornardo, Milano, 1991, no. 97, p. 117 (colour illustration)
C. Parisot, Modigliani. Catalogue raisonne. Peintures, dessins, aquarelles, vol. 2, Graphis Arte, Livorno, 1991, no.34I 1915, p. 94 Modigliani: L'ange au visage grave, Musee du Luxem bourg, Paris; skira I Seuil, color illustrated, no. 41, pp. 230-231

Femme en robe ecossaise

1916
Oil on canvas
92 x 60 cm
Signed upper right Modigliani
Estimate on request

PROVENANCE
Emile Roche, Paris
Descended directly in the family
Christie's, 20th c. evening sale, New York, May 12, 1998, lot 31, sold for $5,392,500 Private collection

EXHIBITED
Cent Chefs d'Oeuvres de l'Art Francais, Galerie Charpentier, Paris, 1957
Cent Tableaux de Modigliani, Galerie Charpentier, Paris, April -May 1958, no. 92
Tableaux de Maitres Francais,1900-1955, Galerie Schmit, Paris, May - June 1973, no. 36 Amedeo Modigliani 1884-1920, Musee d'Art Moderne de la Ville de Paris, Paris, March - June 1981, no. 33

ILLUSTRATED
A. Ceroni, I dipinti di Modigliani, Milan, 1970, no.112, p. 93(illustrated)
J. Lanthemann, Modigliani 1884-1920: Catalogue Raisonne, sa vie, son oeuvre complet, son art, Barcelona, 1970, no. 131,p. 116, (illustrated p. 193)
Tableaux de Maitres Francais, 1900 -1955, Galerie Schmit Paris, 1973, no. 36, p. 52 (illustrated in color)
R. Nacenta, The School of Paris, New York, 1981, no. 34, p. 132 (illustrated)
Amedeo Modigliani 1884-1920, Musee d'Art Moderne de la Ville de Paris, Paris, 1981, no. 33, p.120 (illustrated in color)
O. Patani, Amedeo Modigliani, Catalogo generale, dipinti, Milan, 1991, no.115, p. 135, (illustrated in color)

Elena (Elena Pawlowsky)

1917
Oil on canvas
46 x 33 cm
Signed and dated lower right Modigliani 1917; titled upper right ELENA
Archive: Pfannstiel (1956) no. 225; Lanthemann (1970) no. 196; Ceroni (1972) no. 167
Estimate on request

PROVENANCE
Eugene Desclaves, Paris; sale, Hotel Drouot, Paris, 26 April 1926
Galerie Jeanne Bucher, Paris
Anon. Sale, Parke-Bernet Galleries, Inc., New York, February 1947, lot 66 illustrated
Estate of Edward A. Bragaline Private Collection

EXHIBITED
Modigliani, Galerie de France, Paris, December. 1945 – January, 1946
Twentieth Century Masters from the Bragaline Collection, For the Benefit of the Museum of Early American Folk Arts, M. Knoedler & Co., Inc., New York, November, 1963, no. 21 Amedeo Modigliani, 1884-1920, Acquavella Galleries, New York, October 14 – November 13, 1971, no. 17

ILLUSTRATED
Pfannstiel, Catalogue presume, 1929, no. II, p. 37
A. Pfanstiel, Modigliani, Paris, 1956, no. 225, illustrated Ceroni, Edizioni del Milione, 1965, p. 187
J. Lanthemann, Modigliani 1884-1920: catalogue raisonne, sa vie, son oeuvre complet, son art, 1054 illustrations de tableaux de dessins, Barcelona, 1970, black-and-white illustrated, no. 196, p. 212
Amedeo Modigliani, Acquavella Galleries, Inc. (for the Benefit of the Museum of Modern Art), New York, 1971, color illustrated, no. 17
Christian Parisot, Modigliani catalogue raisonne, peintures, dessins, aquarelles, tome II, Editions Graphis Arte, Italy, 1991, black-and-white illustrated, p. 142

Le Haricot Rouge (Tete de femme)

1917
Oil on canvas
55.2 x 45.7 cm
Signed upper right Modigliani
Estimate on request

PROVENANCE
George Geshwin
Perls Gallery, Beverly Hills
Mr. and Mrs. Peter A. Rubel, Cos Cob, Connecticut
Galerie Za (V. Raykis), Paris
Perls Galleries, New York
Mr. and Mrs. Arnold Askin (purchased from Perls in 1965)
Thence by descent

EXHIBITED
Maitres de la Premiere Generation du Vingtieme Sincle, a Group of Paintings in the Collection of Peter and Elizabeth Rubel, Perls Galleries, New York, March 13 – April 13, 1957, no. 25 (The catalogue was published by the Swiss Institute for Art Research in Zurich. The exhibition toured the United States.)
Franzosische Malerei von Delacroix bis Picasso, Wolfborg Germany, Stadthalle, April 8 – May 31, 1961, no. 102
Amedeo Modigliani, Perls Galleries, New York, October 28 – December 7, 1963, no. 14
Amedeo Modigliani, Acquavella Galleries Inc., New York, October 14 – November 13, 1971, no. 25

ILLUSTRATED
Maitres de la Premiere Generation du Vingtieme Siecle, a Group of Paintings in the Collection of Peter and Elizabeth Rubel, Perls
Galleries, New York, 1957, no. 25, illustrated in color
(The catalogue was published by the Swiss Institute for Art Research in Zurich. The exhibition toured the United States.)
Franzosische Malerei von Delacroix bis Picasso, Wolfborg Germany, Stadthalle, 1961, no. 102, illustrated in color, plate 35.
Amedeo Modigliani, Perls Galleries, New York, 1963, no. 14,illustrated in color
Leone Piconi and Ambrogio Ceroni, Modigliani, Rizzoli Editore, Milan, 1970, no. 175, illustrated, p. 96
Amedeo Modigliani, Acquavella Galleries Inc., New York, 1971, no. 25, illustrated in color Christian Parisot, Modigliani catalogue raisonne, peintures, dessins, aquarelles, Tome II, Editions Graphis Arte, Italy, 1991, illustrated, p. 152

Jeune femme au corsage raye

1917
Oil on canvas
92 x 60 cm
Signed lower right modigliani
Estimate on request

PROVENACE
Leopold Zborowski, Paris circa 1920
Private Collection, Japan
Acquired from the above in 1994

EXHIBITED
Amedeo Modiglian, Museo d'Arte Moderna, Lugano, 1999
Modiglian Beyond the Myth, the Art Gallery of Ontario, October. 23, 2004 – January. 23, 2005; and the Phillips Collection, Washington, D.C., February 19 – May 29, 2005

ILLUSTRATED
A. Ceroni, I Dipinti di Modigliani, Milan, 1970, no. 214, pl. 35, illustrated p. 99
Amedeo Modiglian, Museo d'Arte Moderna, Lugano, 1999, illustrated p. 121
Modigliani Beyond the Myth, The Jewish Museum, New York & Yale University Press, New Haven and London, 2004, color illustrated, no. 57, p. 141

Portrait of Young Woman

1918
Oil on canvas
41.3 x 24.8 cm
Signed upper left Modigliani
Estimate on request

PROVENANCE
Zborowski, Paris
Roger Dutilleul, Paris, 1920-1950
Knoedler Gallery, New York, July 1950, stock number A4392
Schoneman gallery, New York, October 1952
Private collection, New York, 1952-1989
Perls Galleries, New York, 1990
Kouros Galleries, New York, 1990

CERTIFICATE
Wildenstein Institute, Paris: Letter (#000313-7161-402, date March 13, 2000), affirming that the painting will be included in the forthcoming Catalogue raisonne l'oeuvre peint et dessin d'Amedeo Modigliani, Osvaldo Patani, Milan: photo-certificate of authenticity, issued January 29, 1991
Perles Galleries, New York: Authenticity and genuineness by photo-certificate Number 13862, issued June 11, 1990

La Robe Noire

1918
Oil on canvas
92.5 x 60 cm
Signed upper right Modigliani
Estimate on request

PROVENANCE
Mrs. Charles Russell Jr., New York
Parke-Bernet Galleries, New York, Sale: May 11, 1944, no. 94
Perls Galleries, New York
Mr. and Mrs. Vladimir Golschmann, New York
Private collection, Connecticut Acquavella Galleries, New York Private collection, Japan (acquired from the above, c. 1972)
Private collection

EXHIBITED
Amedeo Modigliani, De Hauke & Company, Inc., New York, October 21 - November 8, 1929, no. 2
Modigliani: Paintings and Drawings, Museum of Fine Arts, Boston, 1961, no. 42
Modigliani: Paintings and Drawings, Los Angeles County Museum, 1961, no. 42
Amedeo Modigliani, Acquavella Galleries, Inc., New York, October 14 - November 13, 1971 (Loan Exhibition to benefit the MoMA, NY), no. 46
Modigliani, The National Museum of Modern Art, Tokyo, July 19 - September 29, 1985 Modigliani, Aichi Prefectural Art Gallery, Nagoya, October 23 - November 7, 1985, no. 100 Modigliani: L'ange au visage grave, Musee du Luxembourg, Paris, October 23, 2002 - March 2, 2003, no. 73
Amedeo Modigliani: L'Angelo dal Volto Severo, Palazzo Reale, Milan, March 20 - July 6, 2003, no. 50

ILLUSTRATED
Dale Maud, Modigliani, New York, 1929, no. 22, ill.
Amedeo Modigliani, De Hauke & Company, Inc., New York, 1929, no. 2, ill. Lanthemann/Claude Roy, Modigliani, Editions d'Art, 1958, p. 133, no. 103, ill.
Modigliani: Paintings and Drawings, Museum of Fine Arts, Boston, 1961, no. 42, p. 63, ill. Modigliani: Paintings and Drawings, Los Angeles County Museum, 1961, no. 42, p. 63, ill. Ceroni & Piccioni, La Dipinti di Modigliani: Classical dell'Art, Milan, 1970, no. 235, p. 204, ill. Amedeo Modigliani, Acquavella Galleries, Inc., New York, 1971 (Loan Exhibition to benefit the MoMA, NY), no. 46, ill.
Ambrogio Ceroni & Francoise Cahin, Tout l'oeuvre peint de Modigliani, Paris, 1972, no. 235, p. 100, ill.
Modigliani, Aichi Prefectural Art Gallery, Nagoya, 1985, no. 100, ill.
Osvaldo Patini, Modigliani: Catalogo Generale, Diptini, Milan 1991, no. 247, p. 252, ill. Modigliani: L'ange au visage grave, Musee du Luxembourg, Paris ; Skira/Seuil, 2002, color illustrated, no. 73, pp. 324-325
Marc Restellini, Amedeo Modigliani: L'Angelo dal Volto Severo, Milan, 2003, no. 50, p. 278, ill. in color
To be included in the forthcoming Catalogue Raisonne being prepared by the Wildenstein Institute.

Jeune fille assise, les mains sur les genoux (Young Girl Se Tated, Hands on Knees)

c. 1918-19
Oil on canvas
91 x 53 cm
Signed upper right Modigliani
Estimate on request

PROVENANCE
Antoine Villard, Paris, until 1928
Bernheim-Jeune, Paris
Georges Bernheim, Paris, 1928
Renou et Cole, Paris, 1934
Charles Boyer, Paris, 1937
M. Knoedler & Co. New York, 1937-49
Henry Pearlman, New York, 1949-50
Justin K. Thannhauser, New York, 1954
The Solomon R. Guggenheim Museum, New York, Gift of the above, mid-1950's
Sotheby's, New York,1978
Gallery Beyeler, Basel
Private Collection

EXHIBITED
Mostra individuake de Amedeo Modigliani, XVII Biennale Internazionale d'art, Venice, 1930, no. 32
Modigliani, Kunsthalle Basel, January 7 – February 4, 1934, no. 55
Amedeo Modigliani, The Society of the Four Arts, Palm Beach, 1954; also traveled to The Lowe Art Gallery, Miami, February 11-18, 1954
The Justin K. Thannhauser Collection, The Solomon R. Guggenheim Museum, New York, January 8 - 31, 1978
Modigliani: L'ange au visage grave, Musee du Luxembourg, Paris, October 23, 2002 – March 2, 2003

ILLUSTRATED
Arthur Pfannstiel, Modigliani, Paris, 1929, p. 35/II
Pierre Descargues, Modigliani, Paris, 1951, pl. 56, ill.
Amedeo Modigliani, The Society of the Four Art, Palm Beach, 1954, no. 25, ill.
Arthur Pfannsiel, Modigliani et son oeuvre, Paris, 1956, no. 212, pp.123-124, ill.
Jeanne Modigliani, Modigliani senza leggenda, Florence, 1958, pl. 46, ill.
Ambrogio Ceroni, Amedeo Modigliani, dessins et sculptures, Milano, 1965, p. 45, pl. 194, ill. L. Piccioni - Ambrogio Ceroni, I dipenti di Modigliani, Milano, 1970, no. 254, ill.
J. Lanthemann, Modigliani – catalogue raisonne, Barcelona, 1970, no. 312, pp. 128, 242, ill. Vivian Endicott Barnett, The Thannhauser Catalogue, The Solomon R. Guggenheim Museum, New York 1978, no. 31, ill.
Vivian Endicott Barnett, The Guggenheim Collection Handbook, New York, 1980, no. 99, pp. 218-219
Modigliani: L'ange au visage grave, Musee du Luxembourg, Skira/Seuil, Paris, 2002, color illustrated, no. 85, pp. 348-349

Tete de jeune fille a la frange

cast in1972
Bronze with brown patina
H: 65 cm
Signed and numbered EAJM I/IV
Certificate by Mrs. Jeanne Modigliani
Estimate on request

PROVENANCE
Jeanne Modigliani, Paris
Private Collection, Switzerland

EXHIBITED
Fondation Peter Stuyvesant Johannesburg, Modigliani, Utrillo, Kisling, Tokyo Gallery of Art, Tokyo, September 1980
Modigliani, Utrillo, Kisling, Osaka et Seibu, Tokyo, 1984

ILLUSTRATED
A. Werner, Sculptures de Modigliani, reproduction of pierre, 1962, p. 52
Ambrogio Ceroni, Modigliani, dessins, sculptures, repr. of pierre, Milan, 1965, pp. 72-75
Tout l'oeuvre peint de Modigliani, Ed. Flammarion, Paris, 1972, p. 108, pl. XVI

Widely proclaimed as the three chariots in the auction market, Wu tops China in turnover.

Lin Fengmian, Zao Wou-ki and Wu Guanzhong are well known throughout industries in Mainland China as "The Three Chariots" of the international auction market. The meaning of which is similar to the frequently used Taiwanese adjective, "Three Major Dragon Heads". By comparison, it is apparent that Wu Guanzhong is one better than the others in terms of auction turnover. Invariably, all three of them, once teachers and students from the Hangzhou National College of Art, spend long periods of time studying the art of painting. Being artists of the longevity type, they had published works in both ink-wash as well as oil. Having been educated in western art during his early years, Lin Fengmian had once worked on quite a number of oil paintings, but was forced to destroy and abandon most of them due to turbulent times. Otherwise, for twenty years prior to his demise, he almost never painted in oil again as he focused instead to work on wash painting and coloured ink after having moved to Hong Kong. On the other hand, Zao Wou-ki specialized mainly in oil and only had occasional works in ink and wash. The proportion in quantities was indeed fairly lopsided by comparison. This wasn't the case with Wu. He believed that both oil and ink had their own unique characteristics. To use the analogy of making new clothes on painting, the two mediums are just like the two blades of a scissors and he would always use scissors to tailor his new clothes. Hence, he accumulated a certain amount of works for both oil and Chinese ink paintings.

With a period of creation spanning more than half a century, exactly how many pieces of Wu Guanzhong's works are there still remaining in the world today? According to information provided by the artist's eldest son Wu Keyu, currently, only about 553 pieces of Wu Guanzhong's oil paintings are known to us. On the other hand, it is still impossible for us to evaluate with any accuracy the exact number of sketches, watercolors, ink and wash etc. An estimation in the region of 2000 pieces should be just about right, given the scattering and loss of his early works, as well as those gifted to friends and the difficulty met in constructing the pictures. On the whole, he is considered one of the more productive painters with a sufficient volume of creations. Under principles of market operations, this makes it easier to create new records. Pablo Picasso was one such example. Besides this, Wu Guanzhong is extremely strict and disciplined, never relenting to compromise on standards even when he churns out inferior works. In 1991, to the delight and approval of most people, he once picked out and destroyed more than 200 pieces of unsatisfactory works. Auction lots introduced by the more trustworthy or the larger auction houses are generally of a good class and most of them have been favorably received by the collectors. In addition, Wu possesses a refreshing, aesthetical style that is well received by one and all. It is not without reason that Wu Guanzhong became a living artist who consistently churns out top sellers in the auction market for more than twenty years.

Published "The Complete Works of Wu Guanzhong" before passing on, First among painters from Mainland China

Undeniably, forgeries can still often be seen circulating in the second hand market, especially the market for Chinese ink and wash paintings. Once I even saw a poorly finished catalogue for a Chinese ink and wash painting exhibition, the insides of which were filled with distasteful forgeries of Wu Guanzhong's works. Although the unworthy cads had gone to the extent of publishing an exhibition catalogue to put up a pretense of being the real deal, they were however far from convincing as they couldn't even account for the basic publishing and exhibiting units. With the current rampage of a black-hearted culture, it seems that even the methods of swindling and disposal of stolen goods have been continually renewed. However, style and quality can never be replicated. The publication of catalogues is indeed one of the ways to determine the authenticity of a work, but it has to be one published and distributed by a trustworthy organization, art dealer, expert, publisher or the artist in person before it will possess any credibility.

Wu Guanzhong is a man with tremendous literary talent, but other than painting, he had published little written works. For years, he had accumulated close to a hundred volumes of different collected works and painting albums, hence he had always been more than willing to witness the publication of his own painting album. Up till now, the painting album in the market with the most complete collection of Wu Guanzhong's works is the 4-volumed set of "The Landscape of Life-Wu Guanzhong's Album in Art". The pictures inside the set of books, more than 500 in total, were all provided by the artist himself, and published jointly by Joint Publishing and Beijing Peace Art Co. (Heping Yiyuan) in autumn 2003 under commission by the artist. Having had a painting career lasting close to 70 years since making it into the Hangzhou Art Academy in 1936, there should certainly be far more works in his entire lifetime than that. Thus, the publication of a complete collection of works that truly encompasses every single creation in the artist's lifetime is both a fulfillment of the artist's wish, as well as an outcome which is most welcomed by the art market.

In summer this year, Hunan Fine Arts Publishing House announced publicly that they had been commissioned by Wu Guanzhong to publish "The Complete Works of Wu Guanzhong", which would be produced in 8 major volumes, categorized according to different painting mediums, changes and development in styles, collecting different works by Wu Guanzhong including all his oil paintings, ink and wash, sketches, water colors and gouache from every period. It would also continue to collect information and works from overseas to prevent having any regret from missing out on any lost gems. Till this summer, a count shows that more than 2000 pieces of works had been collected. At the same time, it also includes writings such as the painter's take on different artistic viewpoints throughout his lifetime, as well as other prose and miscellanies about life. The book is expected to hit the stores at the end of 2006. A plan of such grandiose is a first for any living artist in Mainland China. According to the painter's son, Wu Keyu, controversial issues such as the appraisal of the paintings might arise if the books were published after his father's death. Since his father could still recall the paintings that he did and the stories behind the paintings as if they happened just yesterday, it would be best to let the man speak for himself as his words are the best authority.

To publish a complete works collection that allows others a complete view of a living artist's entire lifetime of creations while the artist is still alive possesses massive significance as a guide. For the international auction market, complete works collections published by authoritative organizations or experts helps dispel some misgivings about authenticity that collectors have when entering the market. When circulated in the market, it also helps to rid the weeds from the crop by becoming a compulsory source of reference for art dealers and auction houses. French painter Jean Dubuffet was one who regarded the publication of catalogues with utmost importance when he was still alive. Systematically organizing all his creations according to time, he published tens of painting albums that fully showed his entire lifetime of paintings to the public. Pierre Soulages, another contemporary painter, had begun publishing complete works of his oil paintings more than ten years ago. Later, all these went on to become books that best served purposes of research and references for later generations. Hence, Wu Guanzhong's decision is absolutely correct. Although the project was huge and filled with hardships, but for getting later generations to recognize his artistic achievements or for influence on the market prices which he nonchalantly disregards, it certainly has positive effects.

New record prices of NT$70 million created in the same year by Wu Guanzhong's coloured ink and Zao Wou-ki's oil painting.

Wu Guanzhong's works have always been in the good graces of collectors. In the recent two years, prices and quantities have both been on the rise due to a skyrocketing Chinese auction market. This is especially so after the massive influx of Chinese buyers, which resulted in soaring market prices led by the charge of Chinese ink and wash paintings. Prior to 2002, the annual turnover for Wu Guanzhong's works was still within several ten million New Taiwan Dollars, but after 2003, it had already broken the threshold of NT$100 million. In 2004, it climbed even further to more than NT$500 million. This was soon followed by even more surprises. In just the first 6 months of 2005, accumulated turnover for Wu Guanzhong's paintings at auction houses in places such as Beijing, Hong Kong, Shanghai, Taiwan and Guangzhou already reached NT$ 700 million. With the autumn season due to start shortly, it would hardly be a surprise to see more than NT$ 1 billion accumulated.

Mainland China is now one of the most important consumer markets in the global economy. Although it has just gotten off, the hidden potential contained within its art market is however pretty astonishing. Last year, real estates in China were controlled by macro economic initiatives and the stock market was a disappointment to the public, hence, after the mention of high return rates in works of art by the U.S. economic report, huge amounts of funds from Mainland China were poured into the art market. Taking the example of Wu Giuanzhong collectors, the earlier years saw them distributed between places such as Hong Kong, Singapore, Indonesia and Taiwan. In recent years, a great proportion of new Wu Guanzhong "fans" have appeared in China. Within a few short years, a substantial number of collector fans have emerged in Mainland China as well. Naturally there are quite a few buyers who are in it first and foremost for investments. The different groups of buyers are entirely separate and distinct. The explosive nature of the bidding between them often leaves other on-lookers present dumbfounded. It is especially so when the Chinese market for painting and calligraphy slipped into a period of bidding craze, where works from both modern and contemporary masters, including Wu Guanzhong, became hotly pursued targets.

Auction prices kept setting new heights. From July 2004 onwards, a piece of Wu Guanzhong's ink and wash "Songs of Three Gorges" (completed in 1996) depicting Mainland China's grand engineering project of the century was sold in Shanghai for RMB 6.05 million (approx. NT$24.8 million), eclipsing the previous record of HK$3,196,000 fetched by "Mulberry Grove" (completed in 1981) during 2002 at a Hong Kong Auction. Following this, on 18 December that very same year, "Ducks in Pond" (completed in 1980) rewrote the record books with RMB 6.6 million (approx. NT$27.06 million) in Beijing. Shortly after, on 15 May 2005, "Astray in Mountain Lau" (completed in 1988) and "Terraced Fields on a Highland" (completed in 1987) did even better by twice setting new global auction records for the painter within the same day to endless marvels and gasps. "Astray in Mountain Lau" broke the record with RMB 7.7 million (approx. NT$31.57 million). The other piece, a colored ink completed in 1987 titled "Terraced Fields on a Highland", started aggressively at an opening bid of RMB 15 million (approx. NT$60 million), evidence of an unrestrained Mainland market. In the end, it was won by an overseas buyer with a bid of RMB 18.7 million, adding up to a total of about NT$76,670,000. Besides setting a new high for Wu Guanzhong, it ushered in a new era of ink - wash paintings for Chinese painters who are still alive. According to market sources, this painting was bought for several ten thousand U.S. dollars by an overseas collector more than ten years ago. Having kept it all this while, the painting was only released in succession together with other landscapes when the collector switched to collecting Wu Guanzhong's oil paintings recently.

In May this year, both Wu Guanzhong's 1987 colored ink "Terraced Fields on a Highland" and Zao Wou-ki's 1985 oil painting "Juin-Octobre 1985" set new heights for the artist's personal as well as all living painters' records in the categories of wash and oil paintings. The former was set at RMB 18.7 million and the latter at HK$18.04 million, exceeding US$2.3 million in cash value, elevating him to the US$ 1 million class of masters in Contemporary art. The unprecedented purchasing phenomenon in the art market has caught the attention of the international media too. More international art dealers and collectors are now quickly following suit to find out more about the Greater Chinese Circles, a market zone that is filled with tremendous business opportunities.

Beijing Auction Market boosts up quantity, while ink and wash make up the majority

Judging from the painter's increase in prices, Beijing has been playing a key role. Not only is the city a political capitol in China, it is also a cultural capitol. During the early 1990s, the earliest auctions in paintings, calligraphy and cultural relics also appeared in Beijing. According to the two tables, "Wu Guanzhong's Turnover 1999-June 2005 Weight by Area" and "Wu Guanzhong 1999-June 2005 Number of Transaction Weight by Area", Beijing occupies a pivotal role no matter if we analyze by "value" or by "lot quantities". For more than six years since 1999, Beijing alone has conquered more than half of Wu Guanzhong's market share.

Hong Kong is another focal point in Wu Guanzhong's market. During the early years, galleries representing the artist were all located in this area, thus building up a group of loyal collectors. Till this day, transactions in the painting market remains as brisk as ever, where proportions of lot quantities and cash value were comparable to those in Beijing. Besides this, Wu Guanzhong transactions are seen in Taiwan, Shanghai and other Mainland districts every year, results of which were pretty good as well.

Despite the same importance with which Wu Guanzhong regards both mediums of ink and oil colours, the majority of current transactions in the auction market deals with wash paintings. This is due to the different proportions between the two mediums as well as the dissimilar strata of buyers. Analyzing the turnover value of successful auction transactions in Wu Guanzhong's paintings over the past six and a half years shows that 65.5% belongs to Chinese ink and wash, 34.5% are oil paintings, while prints are negligible due to the lower value. In terms of lot quantities, 76% belong to the category of ink and wash, 22% from oil paintings, while prints accounts for only 2%.

Multi-fold Increases for both Ink-Wash and Oil paintings, but more room left for appreciation in oil paintings

Prices for Wu Guanzhong's paintings reached a new peak during the 2004 Autumn Auction and 2005 Spring Auction. As shown in the attached table "Top 20 Most Expensive Paintings of Wu Guanzhong Ever Sold at Auction", besides the 19th placed "Mulberry Grove", all other records were produced after July 2004. In addition, the 2005 Spring Auction accounted for seven of the top ten.

According to analysis by people in the Mainland Chinese market, Wu Guanzhong's ink and wash painting jumps by at least RMB 2 to 3 hundred thousand per square feet (i.e. 0.1111 square meter or 1111 cm2) today and splendid representative works can even exceed RMB 1 million per square feet. "Terraced Fields on a Highland", which just set a new record, measures about 15.4 feet, with each feet fetching up to RMB 1.21 million (close to NT$ 5 million). Taiwanese collectors may not be familiar with the specifications of feet. In the specifications of pages in volumes of Chinese paintings and calligraphy, the size of 1 shichi (0.333m) per side is normally referred to as "dou fang". The specification of 1 foot is in fact a "dou fang". The value of an artistic work can certainly not be measured in terms of its size, but in general, the one with larger measurements have always been pricier, to the extent that it has almost become a socially accepted norm. For a "dou fang" sized page to command unit prices of NT$ 1 million, prices of Wu Guanzhong's ink and wash paintings today must have grown by 3 or 4 folds compared to two years back.

Recently, market prices for Wu Guanzhong's oil paintings have been showing obvious growth. The most expensive Wu Guanzhong oil painting in the auction market was produced in May this year too. "Guanyin, the Goddness of Fertility" (completed in 1994, 32 x 46cm), which was only 8 "Hao" in size, fetched RMB 5,860,000 (aprox. NT$24,000,000), averaging as high as NT$3,000,000 per unit size. Wu's oil painting did not merely set a new record in 2005. Normally, oil paintings would increase by at least a NT$ 1 million for every size The rate of increment has been fast and ferocious indeed if we recall that Wu Guanzhong's oil paintings were still hovering within NT$300,000 in the auction market just two to three years back.

Under the general principles of a free market, average prices for oil paintings are generally much higher than those for works on paper, but in Wu Guanzhong's case, this principle has yet to manifest. In particular, collectors from the Mainland adore his performance in ink and wash and are ever willing to pay top dollars when bidding for them. In the recent two years, however, collectors who used to specialize in Wu Guanzhong's ink and wash paintings have also begun to target his works in oil as they place great importance to the much anticipated room for appreciation in value. Currently, we only know of about 500 odd pieces of oil paintings from Wu Guanzhong. Under the principles of value and scarcity, I anticipate that the highest record for Wu Guanzhong's oil painting would be broken shortly once again.

Works of Chinese contemporary artists had in the past, rarely reached the auction stage as the auctions are a transactional platform exclusively for first and second generation artists. Young artists, especially the rebellious avant-garde artists, perpetually did not have the chance to showcase as most dealers can't wait to avoid the sight of them. Only a handful of gallery dealers with idealistic characters or those managing non-profitable space substitutes are able to draw on one another's strengths to make up for shortcomings in the advancement of avant-garde arts. From recent trips to Beijing and Shanghai, a continuously changing city landscape and a vibrancy in the art circles were discovered. Contemporary art galleries operating over more than ten years not only turned from deficits to profits, it has also been said that poor artists who used to live in art villages now have the financial means to purchase houses and cars. These artists were still trying to survive against the odds just a few years ago. How the market has changed within the span of a few years. Even art dealers who used to sell mainly senior artists began striking a different chord one after another, within the space of a year, steering towards a much younger and Chinese oriented strategy. Suddenly, collectors who used to view only works of pioneer artists seem to be to be more youthful now. Unexpectedly, such a trend in Chinese contemporary art has brought about a fashionable sense for the art market.

Avant-garde artists set market record
Surpassing the NT$10 Million barrier

Since 2005, the register has been ringing non-stop in the market of Chinese Western paintings, total turnover reached unprecedented scales. Besides pioneer artists Sanyu, Liao Chi-chun, as well as the elderly Zao Wou- Ki and Wu Guanzhong, even the middle aged artists such as Wang Huaiqing and Chen Yifei have also written new personal auction records. And the surprising thing is, avant-garde art, which is up and coming in the auction market, has been creating one news after another with their personal auction records. Here, I has compiled a "Chinese Contemporary Artists & Their World Auction Records Established in 2005" in a sampling of 24 Chinese avant-garde artists were picked. These include Cai Guo Qiang, an avant-garde artist who's been top-selling overseas for many years, as well as Taiwanese newbie artist Hung Tung-lu, who was featured for the first time during the Spring Auction this year. As he is currently developing long term in Shanghai, we will thus include his name in the list.

In 1999, overseas based Cai Guo Qiang was invited by the 48th Venice Biennale to re-create "Rent Collection Courtyard", which was originally created during the Cultural Revolution. The recipient of the that year's Leone d'oro, the highest international accolade for contemporary arts, was none other than him. His many talents had always been a shining beacon for Chinese contemporary artists. In artistic activities held internationally or across the straits, he constantly displays explosiveness and has thus been occupied a leading position in the auction market for many years. During the spring auctions this year, his fame went up to even greater heights. His work "A Certain Lunar Eclipse" created a personal auction record of HK$4.37 million, once again creating the peak in the market for Chinese avant-garde artist. Other overseas based Chinese artists, such as Yan Pei Ming, Xu Bing, Gu Wenda and Zhang Huan also became bright luminaries during the auctions this year with their own new auction records.

The title of "Four Musketeers" in the current Western art market, refers to four popular contemporary artist, namely Zhang Xiaogang, Wang Guanyi, Yue Minjun and Zeng Fanzhi. Among the Four Musketeers, Zhang Xiaogang rarely produces works of phenomenal proportions. The three others, however, have all broken their personal auction records this year, becoming star artists for whom collectors try to outbid each other. Using his own smile as a specimen, Yue Minjun conveyed China's unique mass cultural appeal. Be it paintings or sculptures, his works were just as extremely popular. In Hong Kong, auction prices even reached a glorious record of HK$1.44 million (approximately NT$6.19 million). Having imitated the Cultural Revolution's propaganda imagery in the the series of works "Great Criticism", Wang Guangyi is now tagged at HK$1.02 million (approximately NT$ 4.38 million), a great leap forward from the previous year's market rate. Zeng Fanzhi's latest painting style has undergone some transformations, but it's his figure portraits, especially those featuring subjects well liked by many collectors, where prices are naturally on the rise.

Recently, a trend of collecting contemporary art has been brewing within the China inland market; however, they only have eyes for social realism that reflect local trends and realities. For example, depictions of hardships endured in the early days of the Cultural Revolution were quickly embraced by collectors who could recall similar experiences in their memories. For example, Gao Xiaohua's "Rush to the Train" from two years ago fetched RMB 3.63 million (approximately NT$14.88 million); today, Xin Dongwang's "Breakfast", which described the charms of the average townfolks, fetched RMB 2.255 million (NT$ 9.24 million) when a collector bid generously for keepsakes.

Artists born after the 1970s are slowly making a name for themselves in the market. Amongst them, Yin Zhaoyang and Xia Junna are currently viewed as Beijing's brightest upcoming stars. During last summer's auction, Yin Zhaoyang created a record of RMB 432,000 (approximately NT$1.85 million) and went on to be a highly sought after target by both art dealers and collectors. In 2000, Xia Junna's works were selected to participate in Beijing Chinese Art Museum's "20th Century Chinese Oil Painting". She was the youngest artist then. CANS magazine once featured a report "From Li Tiefu to Xia Junna" to summarize the development of arts in China over the past hundred years. Now, she is one of the female Chinese contemporary artists who enjoy great popularity.

Works of photographic imaging is another market segment worth watching out for. For the past three years, works of photography and video has been showing unprecedented boom in the international auction market where even old 19th century photographic works fetched heavenly prices in the region of about 1 million in US dollars. Deceased pioneering Chinese photographer, Lang Jingshan's work was one such example. Though his traditional works were unwanted in the past, today however, new records are being created in auctions held cross the straits. Most contemporary photographic works combine both behavioral art and installation art. By the promotional activities of international biennales and photographic exhibitions, they are gradually gaining favor among collectors. Artists such as Zhang Huan, Ma Liuming, Hong Lei and Hung Tung-lu have high exposure in international art exhibitions. Many aspiring collectors have also started to systematically collect imaging works with limited prints. There is vast hidden potential not to be ignored.

The exceptional insight of foreign collectors

Today, with the promotional efforts of auction companies, an increasing number of art dealers and collectors have noticed the potential in Chinese contemporary art. In actual fact, the international market has been seeing a rosy growth in the category of contemporary art in the past two years; examples include British contemporary art's YBA and Manga-styled Japanese painters. Now, they are one of the targets of collection in the auction market that have added the most value. Chinese contemporary art has yet to undergo a long period of development; it started and developed the realistic and traumatic styles only after the Cultural Revolutions had ended. From 1985 to 1989, styles and techniques were no longer considered absolute necessities by young artists. They advocated the expression of ideologies as a priority instead. The artists started shedding the burden of group consciousness and began pursuing artistic freedom. Little by little, we came onto Pop art and Abstract art. However the advocation of freedom and China's political ideals were not in sync. Contemporary art posed as a challenge towards traditional thoughts and restrictions. It was especially so after the 1989 Tiananmen incident; avant-garde art practically turned into a taboo. During this period of time, the unstoppable peaceful revolution-a group of post-1989 Chinese new artists who made used of imagery concerning politics and the Cultural Revolution as their subjects of criticism, gradually started making a name for themselves and capturing attention overseas. Artists such as Wang Guangyi, Li Shan, Yu Youhan, Zeng Fanzhi and Zhang Xiaogang were all excellent representatives of those times.

The beginnings of the Chinese Contemporary art market should be attributed to foreign collectors and curators. Among them were two who had played the most critical roles. One of them was Swiss collector Uli Sigg (1946- ) and the other is internationally acclaimed curator Harald Szeeman (1933- 2005) who just passed away in the beginning of this year.

From 1995 to 1998, Sigg was the ambassador of the Swiss Embassy in China. Prior to that, he was already an established businessman and collector of Western arts. He became the Vice President of China-based Swiss company, Schindler, from 1979 onwards and negotiated with the Chinese government to set up the first Chinese-foreign joint venture, hence beginning to forge strong links and relationships with China. Contemporary art prior to the 1990s was never Sigg's cup of tea. It was only during the mid 90s when he was serving as ambassador that he started to be pleasantly surprised by the potential that avant-garde art holds in China. Since then, he began systematically collecting works. He once mentioned this in an interview, "Once I became conscious that no private individuals or organizations in China were systematically collecting and recording these art works, I decided to fill up the vacuum." In 1997, he initiated an art award in Beijing called the Chinese Contemporary Art Awards (abbreviated as CCAA). His aim was firstly to encourage compositions by Chinese artists. Secondly, it was also to attract the attention from international art circles onto Chinese contemporary art.

As an internationally renowned curator who was frequently invited to judge the CCAA, Szeeman had more opportunities to get in touch with Chinese avant-garde art. In the 1999 48th Venice Biennale which he himself personally curated, he boldly selected works by 19 Chinese avant-garde artists to exhibit in Italy, including Cai Guo Qiang, Chen Zhen, Ma Liuming and Zhou Tiehai. The 19 man strong assembly made up a fifth of the artists invited and the whole world gasped with wonders as the faces of Chinese strangers popped onto the most important stage in the world of avant-garde art. The Venice Biennale during this particular year, coupled with co-representative of France, Huang Yuping, and co-representative of Taiwan Chen Chieh-jen, Hong Tung-lu and Huang Buh-ching, permeates the entire world with a wave of "Chinese fever" spreading from Venice. During the exhibition period of this 1999 Venice Biennale exhibition, American bankers Viki and Kent Logan who were chosen successively by ARTnews magazine into the world's 200 greatest collectors, collected a batch of works from both Chinese and Taiwanese contemporary artists through a dealer. He is also one of the most important sponsors of SFMOMA. He owns a collection from the world's elite contemporary artists during the 1990s. Acclaimed Japanese painter Takashi Murakami counts among one of his most representative collection. Due to the exhibition in Venice, even more foreign collectors started noticing and collecting modern Chinese art.

Swiss collector Sigg was selected by English magazine, ArtReview, into "the top 100 artistic movers and shakers" in 2004. This goes to show that the intimate relationship between arts and the individual. In June this year, Swiss Kuntsmuseum Bern grandly conducted "Mahjong: Contemporary Chinese Art from the Sigg Collection" which attracted the attention of the market. Sigg owns a collection of work from 180 Chinese contemporary artists and the collection amounts to about 1200 pieces. Sigg can certainly be called the collector who owns the most Chinese contemporary art today.

Do contemporary art auctions influence gallery market trends?

The art markets on both sides of the Taiwan Strait have something in common: auctions are currently doing much better business than galleries. Many collectors prefer to try their luck at auctions simply because they feel that auctions offer a wider range of items and choices, with the additional bonus that transactions and prices paid are open to the public, guaranteeing greater visibility and better prospects for future business. When assessing the market in China, most people agree that after roughly a decade the pioneering stage is now over, and contemporary art galleries are finally beginning to do real business and become profitable. Quite a few of them are also relocating, moving into larger venues as they expand operations. One crucial factor in this latest development is that auction houses are continuing to achieve new price records, allowing galleries to promote their artists with a lot of confidence. There are clear signs that many gallery operators are closely following the fluctuations of the auction market, reading the results of auctions as indicators of general art market trends. If the work of a particular artist attracts the attention of many different bidders at a given auction, operators will try to procure more paintings by that artist for their gallery.

When it comes to contemporary art, auction houses sometimes even usurp the role and function of galleries, monopolizing the market by doing business directly with the artist. In Taiwan, not very many painters accept this business model, but a considerable number of artists in China are eager to do without the promotional services of a gallery, and directly submit their work to an auction house. Let me hasten to add that this is likely to be a short-lived phenomenon. In the long run, the coexistence of, and cooperation between, direct and intermediate trade mechanisms will be much more profitable for the art market as a whole. The possible influence of auction companies on contemporary art has recently become a topic of discussion in the media on both sides of the Taiwan Strait. There are those who fear that excessive commercialization and packaging of art will have a negative impact on the development of promising young artists. The truth is that the art market needs agents and galleries, and that even the big auction houses quickly run into trouble if they fail to heed market acceptance when selecting artists for their major events. To give an example, in 1998 Christies London with much pomp and ceremony held an auction of contemporary Asian art, an event including works by Zhang Xiaogang, Wang Guangyi, Fang Lijun and other artists of global renown. Yet sales at that auction were far from satisfying, mostly because at the time there was not much demand for contemporary Chinese art. If that auction were held today, things would of course look very different.

The "China Fever" at galleries in Japan, Europe and the US: focus on "China Concept Shares"

Some observers use the phrase "China concept shares", familiar from the Nasdaq index, as a metaphor for the strong selling power contemporary Chinese art has with international art dealers and collectors at the moment. In the past, the only real market for Western-style paintings by Chinese artists was in the "Greater China Circle", but the scope of the current "China Fever" far exceeds the limits of the Chinese market. A number of eminent art galleries in Beijing and Shanghai dealing in contemporary Chinese art are in fact owned by foreigners. Naturally, between 80 to 90 percent of their most important customers are foreigners, and have been for years. At the beginning of this new trend, many foreign collectors showed a much stronger interest in contemporary Chinese art than even the Chinese themselves. One French collector, who had already spent many years spotting and purchasing contemporary works in China, decided a while ago to invest in a gallery in France, turning his hobby into a profession.

Apart from foreigners opting to open their own galleries in China, another noteworthy development is that there are now a significant number of commercial art galleries in Japan, the US, England and France who have secured the overseas marketing and representation rights for a carefully selected number of outstanding contemporary Chinese artists-and these commissions are earning them big bucks. Japanese agents are currently representing the likes of Xu Bing, Cai Guo Qiang, Sui Jiangguo and Ji Dachun. US galleries are representing Zhang Huan, Liu Xiaodong and Xu Bing. Zhang Xiaogang has a French agent. And the list goes on. Some galleries may not act as official agents, but they still choose to buy or introduce to their clients a limited number of works by Chinese artists. Believe it or not, it is now rather fashionable to intersperse your voluminous and impressive list of artists with a few transliterated Chinese names that you can't even pronounce correctly! Adds an exotic flair...

Collecting contemporary art: back to the basics

For too long now, China's fine arts museums and institutions have neglected the buoyant development of Chinese avant-garde art. Even though the new trend has already caught on with private collectors and galleries, museum collections are still completely devoid of contemporary works, a problem that China's government will need to give more attention. As I write these words, the works of many of China's foremost modern artists are already featured in major international museums and art galleries, and even the Centre Georges Pompidou and the Guggenheim Museum have plans to obtain contemporary Chinese art works for their collections. This is not just a temporary fad. Contemporary art is an important cultural asset that deserves our full and sustained attention.

Today, China impresses mainly as a growing economic powerhouse-let the world see her cultural achievements as well! At a time when the world's top-notch architects are vying to shape the skylines of Beijing and Shanghai, and multinational corporations are setting up operations in China, the art market is following the same pattern: Chinese contemporary art is no longer a marginal phenomenon, rather it is rapidly moving from the fringe towards the center of global attention and interest as an increasing amount of international funds, including many from Hong Kong, Taiwan and Southeast Asia, is flowing in this direction. Contemporary art represents a people's humanistic spirit, beating in tune with the pulse of the time and reflecting a society's mood and direction. Most of the contemporary Chinese art works that will now be sold abroad are bound to return to their place of origin within a few years, since many collectors in China, noticing the strong interest of foreign investors, now feel confident to enter the market and spend some big money on their compatriots opuses.

Recently one frequently hears how graduates fresh out of China's major art academies are immediately being courted by art dealers on the lookout for fresh young talent. More than a few investors treat the works of young artists like speculative shares on the stock market. While it is true that it is easier to start a collection with the works of new and relatively unknown artists, yet as with fund investments, there is no such thing as full risk insurance or guaranteed minimum return. Novices who have only just graduated from art school usually have yet to developed their own distinctive style and need time to grow and mature. In such cases, careful observation over a sustained period of time is therefore often warranted. It is always wise for a collector to frequently visit exhibitions and galleries, and first gain a better understanding of an artist's style and temperament, before making a decision to collect his or her works-ideally a collector should also feel some kind of inner connection or empathy with the artist's oeuvre. If, on the other hand, one views the purchase of art mainly as an investment, the best approach is to focus on already established artists that come with recommendations or introductions from reliable auction houses or galleries. This way, one may reduce potential risks to a minimum.

What goes around, comes around. For the time being, Chinese contemporary art is in the spotlight of global art business. By comparison, Taiwan is currently being somewhat neglected, but works by contemporary artists from the island, both avant-garde or long-established masters, are certain to become more popular again. And isn't it part of the whole game to buy when prices are low? Smart collectors know exactly what they want, and have their own clear-cut opinion. The present writer is happy to provide everybody with a few useful hints and bits of information, but the true secret of successful art trading lies in the frequent perusal of related books and articles, and regular visits to museums and galleries. One collector confided to me that in his view, investing in art is immensely more fascinating and attractive than investing in real estate or the stock market. Figures published by international investment experts indeed indicate that art aficionados are usually more prepared to part with large sums of money than realty or stock market investors. The reason, I believe, is that they care about more than just the potential increase in value. One becomes attached to a piece of art in many ways, and there's something about art that cannot be measured in money, something that only those who are or have been collectors themselves can truly understand.

Having undergone the ruthless trials and tribulations of two wars, Matisse practically uses only the most beautiful of colors and shapes to depict our world. In 1954, when Matisse finally completed his life journey, his rival Picasso exclaimed in admiration, "In the end, there is only Matisse."

A representative figure for Fauvism, Matisse's unlimited creativity, brilliant colors and strong Art Deco styles inspired countless creations in modern art. One by one, through the nutrients found within Matisse's paintings, Pop Art's Andy Warhol and graffiti artist Keith Haring expanded and developed an interesting and varied artistic horizon in the later part of the 20th century. With the exaggerated body proportions and grand elaborate backgrounds that left one with indelible impressions, art lovers in the Chinese circles had high praises for Sanyu's paintings. In fact, many of these ideas had originated from Matisse, the Fauvist master. The highly imaginative Matisse, who also tried his hands in sculpturing, even managed to inspire in Picasso an interest in African art.

Cultivating the Painter's Art

On 31 December 1869, Henri Matisse was born into a small town-Le Cateau-Cambrésis, in the Southern parts of France. His father ran a local business dealing in grains, hardware and painting materials, while his mum worked in pottery art and hat-making. Physically weak since young, Matisse was incapable of succeeding his father's business but he inherited his mother's sense for beauty. Ideal for white-collar jobs, his family sent him to a law school in Paris for studies, hoping that he could engage in legal work. Matisse graduated with considerably excellent results. Upon graduation, he returned home to work in a law firm. Faced with ever-stereotypical litigations, he saw little value in the work he did. Later, he began attending a sketching course at a local school in a search for some joys in life.

In 1890, he had surgery for acute appendicitis and was recuperating at his parents' home. To relieve his boredom, his mom gave him a box of colors. To his surprise, Matisse found a sense of satisfaction within the paintings which he had never before experienced. The first oil painting he ever did was "Nature morte aux livres", completed during the post surgery recuperation. Even then, his prowess of sketching and composition were already fully demonstrated in the painting. In 1891, Matisse decided to give up law for art. Having headed to practice his art in Paris, he came under the tutelage of Adolphe-William Bouguereau (1825-1905) at the Académie Julian. Lively and unrestrained by nature, Matisse soon became bored with the rigid and boring teachings. Little by little, he distanced himself away from the Académie Julian and in particular, when he failed in his bid to enter the Ecole des Beaux-Arts, Paris, became even more determined to leave.

Hence, in a renewed bid to enroll in the Ecole des Beaux-Arts, he elected to study geometry, perspectives and composition in night courses held at the Ecole des Arts Décoratifs instead. Symbolic painter Gustave Moreau (1826-1898), who was teaching at the Ecole des Beaux-Arts, discovered the talent within the young artist and extended an invitation for him to begin informal learning by joining his studio. The liberal and enlightened teaching expanded Matisse's painting horizons. Moreau's apprentices also included Georges Rouault (1871-1958) and Albert Marquet (1875-1947). Moreau is one of the greatest teachers in modern art. He encouraged Matisse to practice by copying more masterpieces from the collection in Musée du Louvre. In 1895, Matisse was finally admitted into the halls of the Ecole des Beaux-Arts. In the following two years, he succeeded in showcasing four pieces of works in the Salon de la société nationale.

The Impact of Divisionism

In December 1895, Matisse developed profound feelings on his position regarding colors after having viewed a solo exhibition by Paul Cézanne (1839-1906) at Galerie Vollard, Paris. In 1897, he saw yet again the works of Impressionists at Musée du Luxembourg. Matisse became very interested in the paintings of Claude Monet (1840-1926) and became fast friends with Camille Pissarro (1830-1903). Despite the hardly ample finances, Matisse bought several pieces of paintings from Vollard, of which, Cézanne's "Trois Baigneuses", bought in 1899, was an important work of art that influenced his later life. In 1936, the painting was in turn presented to the collection of Petit Palais, Paris, where it remains till now.

In the beginning few years of the 20th century, Matisse and his family went through a rough patch. After Moreau had died in 1898, his apprentices were no longer allowed to use the studio in the art academy. The national Salon refused to accept his works. At the same time, Matisse's father threatened to withdraw the monthly financial support, which was hardly enough in the first place. As if to add salt upon open wounds, he had to move to Geneva after coming down with bronchitis, and thus had to abandon decorating the Grand Palais for the 1900 World Fair in France, a commissioning which he originally accepted together with his artist pal Marquet. Indeed, during that period, his days couldn't have passed without more troubles. In 1901, Matisse acquainted Maurice de Vlaminck (1876-1958) and André Derain (1880-1954) at the Académie Carrière and they later went on to become members of Fauvism.

Matisse continued taking part in Salons. Though the 1904 solo at Galerie Vollard did not bring in any tangible financial income, it allowed him to begin making a name for himself. During that very summer, he stayed to paint in Saint Tropez, basking in the sunlight at the Mediterranean Sea. Not too far away from his place of stay was the villa of Paul Signac (1863-1935), the beloved disciple of Pointillism artist, Georges Seurat (1859-1891). An active advocator of the theories of Divisionism, Signac paints on the pictures by dotting tiny colored lines or by using colored spots of strongly contrasting gradation to produce an automatic effect of color mixing in the onlookers' eyes when viewed at a certain distance. As a result, Matisse grasped the opportunity to study in depth the theories of light and colors. To be honest, Matisse had long been in admiration of Seurat's art. Through Signac's instructions, he was able to use the new painting theories in his own creations.

Further to playing an important part in influencing Vincent van Gogh and Paul Gauguin, Seurat's theories was also the premise that led to the birth of Fauvism. In 1904, Matisse completed the painting "Luxe, Calme, et Volupté"(collection of Musée d'Orsay, Paris), which had its background stemming from pastoral poetry, by partially adopting the theories of Divisionism and partially incorporating the sensuous lines seen in Cézanne's masterpiece "Trois Baigneuses". The painting was first published at the 1905 Salon des Indépendants where it received unprecedented success. Signac proclaimed it an exemplary practice of Divisionism and bought the painting to hang permanently in the dining room of his villa in Saint Tropez.

The title "Luxe, Calme, et Volupté"originated from "L'Invitation au voyage", a masterpiece by French poet Charles Baudelaire. The poem reads, "Là, tout n'est qu'ordre et beauté, luxe, calme et volupté (There, all is just order and beauty. Luxury, peace and sensual delight.)", while the meaning behind the painting in fact precisely reflects Matisse's carefree and happy-go-lucky outlook on life, a hedonism that toys with colors and creativity.

The Birth of Fauvism (1905-1907)

The development of Matisse's artistic career took a critical turn during the summer of 1905. He completed his first work of Fauvism during this period. Departing from the experimental stage of Pointillism, he began adopting new methods in the treatments of light. Colors became brighter and contrasts were more intense, almost completely neglecting the shadows and outlines.

Different schools of thought pervaded the art scene during the beginning of the 20th century. To resolve the problems left by the Impressionists, a section of artists advocated scientific methodology and adhered to the Divisionism of Seurat and Signac, while the other section adored the pursuit of spirituality, such as the Symbolism of Moreau and Puvis de Chavannes (1824-1898). Cézanne was the most important figure among them, as he found a way out for the Impressionists and opened a whole new avenue for various art movements in the 20th century. Among the avalanche of art movements, Matisse gave up his attainments in the Academic school and merged the painting experiences of Seurat, Signac, van Gogh, Gauguin and Cézanne to transform towards brighter colors and intense compositions.

The use of primary colors in Fauvism can be traced back to the 1898 experiments conducted by several of Moreau's students including Matisse and Marquet. They had once expressed their artistic concepts using pure colors during the 1901 Salon des Indépendants. Derain and Vlaminck also attempted similar explorations. In 1903, Van Gogh's Paris exhibition exceeded every imagination in the art scene and the group of friends came to a common understanding regarding strong colors, thus sparking off a "Fauve Movement" that was as resplendent as fireworks. Artists led by Matisse, including Derain, Henri Manquin (1874-1949), Marquet, Jean Puy, Vlaminck and Rouault, held a joint exhibition during the 1905 Salon d'automne. Not used to seeing such bold and intense use of colors, the art critics were astonished. At the centre of the exhibition hall at that time was bronze by Albert Marquet. As it was similar in style to Donatello of the Renaissance, art critic Louis Vauxcelles couldn't help himself in remarking sarcastically, "C'est Donatello au millieu des fauves (It's Donatello among the wild beasts.)". Thereafter, these artists became referred to as "Fauvist". In the current Salon d'automne, Matisse has two pieces of paintings on display-"Femme au chapeau" and "La fenêtre ouverte". The former is a portrait of his wife and although reviews have been mixed, it still caught the attention of collectors. The latter is an ingenious piece of creation that cleverly juxtaposes both indoor and outdoor scenery.

Lasting for merely two years, the Fauve movement was neither an organization with common beliefs nor was it highly homogeneous. The joint exhibition during the Salon d'automne was built upon a common challenge against authority under difficult circumstances. So, the 1905 Salon d'automne turned out to be the only one where the Fauvist displayed uniformity in styles.

Art and Decorations With Simple Neutral Forms and Colors (1908-1913)

After the brief emergence of Fauvism, Matisse changed to a minimalist style of high color resolutions and ornamental qualities. He adopted monochromatic backgrounds to produce strong contrasts and set offs, and at the same time encompass the two major themes of "window view" and "indoors".

During this period, he also created the famous "La danse" and "La musique" series using the primary colors of red, blue and green to form simplistic shapes that directly stimulates human emotions. Displaying wildly passionate rhythmic sensations and a peaceful calm in the extremely simple two dimensional picture images, the two paintings are worthy of being two of the most important masterpieces from the last century. Such simple flowing styles were also indicative of the artist's development in two-dimensional paper cuttings during his later years.

Ever since his tutelage under Moreau, Matisse had experienced at first hand the concept that "Art is a kind of decoration". At the same time, he believed all along that art should be a kind of comfort and shelter that uses special powers of premonition to express feelings through different formats. Matisse once said, "Mon destin est la traduction directe la plus pure de mon émotion. Mon credo artistique, c'est l'équilibre, le calme sans bouleversement ni distraction - quelque chose où l'on puisse se reposer comme dans un fauteuil. (My appeal is for the most direct of emotional expression. My artistic creed is just balance and peace; there is neither depression nor unrest. It's a little like sitting on a lush rocking chair, getting comforted and relaxed.)"

In the autumn of 1911, Matisse visited Russia under the invitation of a collector. This was his first contact with the East where he felt the charms of Art Déco in Byzantine art. The endless array of Near Eastern wall tapestries, paintings and items of art within the collector's home were also reflected within the compositions of his later paintings. Between 1912 and 1913, Matisse twice traveled to Morocco, Northern Africa, due to an ever-increasing liking for exotic charms. By this time, colors were no longer just used for depicting and expressing. Instead, they were more for stressing on the simplicity and harmony of the subjects. Green was practically predominant throughout the period, depicting the local folks and their ways of living. Man-made decorations delivered a realistic natural appearance, creating another kind of visual possibility. By now, goldfish, flowers, and reclining sculptures had become his favorite subjects. Often painting within paintings, the Art Deco styles got increasingly prominent, deliberately neglecting the sense of perspectives in depths of field. At times, the painting would be left with just two dimensions.

Abstract and Experimental (1913-1917)

Influenced by Cubism and the World War, Matisse turned away from his jovial style to break the limits imposed by the nature of art by turning to pursue a discovery in formalism. Somber and abstract in style during this period of time, the colors tended to reflect sensibility and grayish tones. Geometrics became the leading principle and there were some who claimed this to be the "Non-Matisse Period".

In truth, instead of decreasing, Matisse's creativity increased during the period. Confiding in his friends, he revealed that the free spirit in him was deeply troubled by the endless wait for an outcome to the war. During this period of reflections and ponderings, Matisse displayed tremendous patience in studying Cubism and trying out new techniques for this style. While attempting the abstract and experimental stage, Matisse's performance was close to maturity and perfection.

In 1914, Matisse composed "Fenêtre à Coulioure". Constructed with perfectly straight lines, it was a typical work in abstract geometry, filled with the style of Minimalism. In 1982, overseas Chinese artist Zao Wou-ki completed the work, "Hommage à Matisse". The inspirations of which, was drawn from this piece of abstract window scenery. Using similar concepts, Zao Wou-ki was saluting in utmost respect the master of colors and pioneer of abstract art.

Highest Achievements: The Nice Period (1917-1930)

At the end of 1917, Matisse traveled alone to Nice, Southern France and put up at a hotel located near the coast. He proceeded to the neighboring town and visited the elderly Impressionist artist Pierre-Auguste Renoir (1941-1919). Although the First World War was still ongoing, the nice weather and lovely sunshine in Nice enabled Matisse to feel the highest happiness of mankind, thus returning him back to the nature of past happiness. Themes in his studio once again become his focus. Besides short returns to Paris during the summer, Matisse chose to spend almost all of his winters in Nice.

The 1920s was the most representative of Matisse's Nice period as it portrayed home living and the exotic atmosphere of foreign land with an elegance previously unseen. Arguably, this could be the peak of his art.

(1) Home Living and Studio Themes

After visiting Renoir, distinct influences from the former's paintings could be seen in Matisse's style. Having experienced the First World War, the plea of "Restoring Order" permeated France. Soon, the trend also spread throughout the circles of avant-garde art. Matisse returned to the traditions of Impressionism during the initial stage of his Nice series. However, Matisse was basically bold and passionate as an artist. After more than twenty years of explorations, he was already a great master with countless experience in the art scene and not an innocent apprentice. Cautious yet sincere during this period, he carried out an intense yet moderate revolution under conditions of calm, actively seeking to break out from the traditional incubation period.

Works produced in the Nice studio were initially of a pink color series with light precise brushwork that emphasized scenic changes according to different times of the day. Colors were soft and gentle like the melody of a poem. Many of the themes from the Nice studio were works of improvisations. Joyful moods from the likes of a vase of flowers, palm trees, gorgeous girls in mini-skirts, checkered floors and striped table cloths etc. were the artist's favourite subjects. Upon arriving in Nice, the theme of "la fenêtre ouverte" returned to Matisse's canvass yet again since being first published during the 1905 Salon d'automne. Much energy is spent on studying the relationship of light between the interiors and the outdoors.

(2) Orientalism and Odalisque

"Odalisque", is also known as "a concubine in a harem". Such themes first appeared in 19th century France, reflecting the visually bewitching fantasies that the noble upper class society had towards the exotic charms of the Near East during that period. In literature, English poet George Gordon Byron (1788-1824) once sang of the Odalisque customs in the poem "Don Juan", thus inspiring many artists to explore exotic countries in search of the strange and unheard. In art, many, starting from Ingres, Delacroix, right up till Renoir, had all once painted on themes about the Odalisque. Matisse picked up this artistic tradition once again from Renoir and gave it a modernized facade.

For the 10 years between 1919 to 1929, Matisse created approximately 50 pieces of oil paintings in the themes of "Odalisque". Prior to this, he had drawn many exercises in pencil as well and many of these have been reproduced as lithographs or copper etchings. There were works of sculptures among them too. Matisse believes that the Odalisque arouses nostalgia and stimulates the beautiful fantasies that people have, thus letting them bask in legends of Morocco's flourishing past. The Odalisque displays a calm and gentle sensuality. In fact, it is an extension of the Divisionism seen in the "Luxe, Calme, et Volupté" that Matisse completed at the beginning of the century. Herein lies the difference between them-from the original pastoral outdoor landscape, the background behind the figures was changed to an indoor scene in a European home.

Fully clothed or otherwise, figure paintings numbered the most among Matisse's lifelong creations. He once claimed, "Ce qui m'intéresse le plus, ce n'est ni la nature morte, ni le paysage, c'est la figure. C'est elle qui me permet le mieux d'exprimer le sentiment pour ainsi dire religieux que je possède de la vie." ("What interests me the most is neither still life nor landscape but the human figure. It is through that that I best succeed in expressing the nearly religious feeling that I have towards life.") The feminine body is one of the subjects that Matisse specialized in. An ancient and traditional subject of beauty, it was injected with new life by Matisse. Successfully interpreting the opinion that modern times held of the feminine body, novelty was added to the traditional subject, whether by combining with exotic charms from the East, the primitive Africa, and the Oceania or otherwise. Figures in the paintings appeared free of worries, transmitting a sense of serene and joyful sensations.

(3) Human Sculptures

Actually, besides his studies on painting, Matisse also worked on sculpture creations between 1899 and 1935. In sculpting, Matisse sought hard for a robust and succinct portrayal of objects. He admired Auguste Rodin for his ability to carve the precise appearance and postures of his subjects. Studying sculptures enabled him to obtain fresh inspirations and new skills, especially in the portrayal of the human body. Having once studied classical sculptures in the academy, Matisse was inspired to a large extent by the works of Italian sculptor Michelangelo. As a result, he blended characteristics of classical sculptures into the styles of Fauvism to develop three-dimensional works of lovely form and shapes.

Also worthy of mention are the standing postures that Matisse adopted for his nude sculptures. This was a breakaway from the traditional reclining postures. Other than the sculptures, the individual style that he wanted to establish was also reflected in his paintings. Hints of a liking for the primitive art in African masks could be found in sculptures of the head. Matisse preferred to use ruggedness and cartoon forms in sculpting to portray the sense of mass and the dignity of nude bodies.

Mystical Themes and Variations (1930-1943)

In 1930, Matisse made long trips to places such as the United States, Polynesia and Tahiti. He was left with a deep impression of the scenery in Tahiti, which aroused plenty of imagination with its primitive Oceania features. That very same year, he visited the major museums in America and met with several important collectors, of whom one was Albert C. Barnes, one of the most well-known collectors in America. Barnes invited Matisse to create large murals whose chosen theme was "La danse". As early as the beginning of the 20th century, the art circles were stunned by Matisse's masterpiece "La danse", and now the characters were even more simple, abstract and filled with mystical colors.

Due to errors in measurements, Matisse kept amending his composition while working on the murals, and surprisingly managed to attain unexpected effects. During this time, to avoid painting directly upon the walls, he began using paper cuttings as an ingenious way to deal with the large pink and blue colored areas on the plane surface.

Patterns in Arabian styles were used on the human forms to highlight the contours of the subject, distinguishing the reciprocal relationship between the characters and the space. After applying the color collages, his paintings developed even bolder contrasts. The abstract and deformed style grew more succinct. Matisse was also keen on creating through various mediums such as book illustrations, colored collages, pastels and mixed glaze during the period.

Papiers Découpés (1943-1954): His Last Achievements

In 1941, Matisse had to undergo surgery for carcinoma of the duodenum, after which he had to remain either in bed or wheelchairs. His lack of health made it difficult to work. In the following year, Matisse thought of a way for him to continue creating-to cut out various shapes from pre-painted colored papers and to piece them together into a gigantic picture, forming "papiers découpés" (art of paper cutting). The idea of "silhouettes" was once used during the 1920s when Matisse designed the costumes for Ballet Russe's "La Chant du rossignol". Later, traces of papiers découpés can be seen in the cover design of the magazine, as well as the dance or stage designed for the ballet show. After the 1940s, Matisse could no longer stand up to the rigors of creating in oil or in sculpturing due to his high age and weakening physique, but with his creations in papiers découpés, Matisse opened up yet another window to art.

Paper cutting is a traditional art among Chinese folks, with a long history that could be traced right up to Western Han. His love for paper cutting creations during his later life reflected Matisse's life long admiration for Chinese culture. Matisse has quite a collection of Chinese relics such as China porcelain and inscribed boards. Though not invaluable antiques, the relics, being peculiar in form and full of Eastern charms, still accompanied the artist for much of his life and have enriched his decorative vocabulary by often appearing in the pictures under his studio themes. Between 1943 and 1946, Matisse completed the manuscript "Jazz" by creating on the spot a series of vivid figure illustrations using his own handwritten manuscripts and paper cuttings. And in 1948, Matisse accepted the invitation to design the colored stained glass and decorations of the Chapelle du Rosaire. This was also an important representative work for his later years. Adopting the format of paper cuttings, items of nature were reduced into abstract geometric patterns filled with rich colors and gorgeous forms that oozes everywhere with the ingenuity of the master.

Matisse passed away in Nice during 1954 at the age of 85. Throughout his life, he almost always created using the most abundant and varied of shapes and colors. He was able to work skillfully with different materials at every stage. Matisse was the most respected rival that Picasso ever had, a true painter in the words of the latter. Matisse made a big influence on 20th century Western art and it was likewise even in the East. Famous artists such as Lin Fengmian, Sanyu and Zao Wou-ki were all highly inspired by him.

What Matisse wished to express was the beauty that he saw as well as the joy he experienced while creating. To appreciate Matisse's work is in fact to enjoy the most luxurious of visual treats. It allows one to forget secular troubles just to enjoy the peace and joy flowing out from the work.

Twelve years Picasso's senior, Matisse achieved fame before the Spanish artist. As a result, Picasso always seemed to view Matisse as something of a "secret enemy," a competitor he wished to surpass by all means. Perhaps unsurprisingly, their mutual rivalry, always palpable but never quite out in the open, helped to release much of their artistic potential. Picasso's sculptures drew much of their inspiration from the carvings of Black Africans, but the idea to look for stimuli in the art of a different continent came from Matisse. Picasso once even said that only Matisse truly deserved to be called a painter, while Matisse claimed that only one person had the right to criticize his work, and that person was Picasso.

Between 2002 and 2003, joint exhibitions were held at the world's three major museums of modern art, displaying the works of these two giants of 20th century art. The "Matisse and Picasso"show moved from the Centre Pompidou in Paris to the Tate Gallery of Modern Art in London and the Museum of Modern Art (MoMA) in New York, providing deep insights into the oeuvre of these two grandmasters, illustrating in detail the differences and similarities in their styles, and showing their mutual rivalry and how it influenced their creative process. Picasso found broader appreciation among his contemporaries than Matisse, whose eminent place in the history of art was not generally acknowledged during his lifetime. It was only after his death that people began to realize the huge influence that Matisse's work exerted on modern art, and now some critics even place the Frenchman's impact above that of Picasso.

A Record-Breaking US$100 Million for a Picasso, But Only US$17 Million for the Most Expensive Matisse

Matisse was a creative genius, as can clearly be seen from his style and coloring. He was also a versatile artist, at home in oil painting, sculpture, pastel painting, drawing, illustrative art, murals, collage and ceramics. Even so, we cannot call him a prolific artist. Globally acknowledged Matisse expert Pierre Schneider (1925-) spent 17 years of his life researching the artist's oeuvre, and in 1984 completed his book Henri Matisse, in which are listed 880 pieces by the French artist, making it the most comprehensive collection of Matisse works currently available. Although the actual number of works is unknown, there cannot be much doubt that as far as oil paintings are concerned, not many of them remain undiscovered. In other words, oil paintings by Matisse are in short supply.

Just like Picasso and Chagall, Matisse was given the gift of a long life (1869-1954). All three lived past eighty, yet, while Picasso produced at least more than 8,000 oil paintings and Chagall an estimated 3,000 or more, Matisse's output in oil was much less copious. Of course artistic value cannot be measured in the amount of works an artist has produced, but in terms of market value, a prolific output can be an advantage, since it means there's enough to go around for everybody. On May 6, 2004, a new record was set for the highest price ever paid for a single painting sold at auction. "Garçon à la pipe" (1905) from Picasso's Rose Period changed hands for US$ 104.16 million, eclipsing the previous record which had been set 14 years earlier by van Gogh's "Portrait of Dr. Gachet" (US$ 82.5 million). And if we look at the twenty most expensive pieces of art ever sold at international auctions, we find that nine works by Picasso alone are among them. This can mean only one thing: up to this point, Matisse's work is still undervalued on the international art market.

Currently, the most expensive work by Matisse ever sold at auction worldwide is the 1940 oil painting "La robe persane", changing hands at an auction at Sotheby's New York on Nov 9, 2000, for US$17,055,750. In fact, that same lot had previously been auctioned at Sotheby's New York nine years earlier (May 7, 1991), when it found a buyer for "only" US$ 4.51 million. When it was resold in 2000, the price of the painting had soared by 278%.

Only one day before the sale of "La robe persane" marked a new best for a Matisse painting, a work by Picasso had set the new best (at the time) for that artist at a Christie's auction, also in New York. It was "La femme aux bras croisés" from the Blue Period, sold for US$ 55,006,000. Today, it is still number two on the list of most expensive Picasso paintings. Great rivals in life, the works of these two outstanding artists continue to be engaged in fierce competition at auctions around the globe. The fact is that the major auction houses schedule biddings for Matisse and Picasso lots in close proximity in the hope of generating an atmosphere for strong prices.

A good example is that only one month after Picasso's "Garçon à la pipe" (figure 40) had set a new price record, Matisse's much smaller, exquisite "Odalisque au fauteuil noir" (figure 8) achieved the very good price of £ 6,613,250 (about US$ 12.09 million). When a foreign art dealer had recommended that piece to Ravenel only three or four years ago, the asking price had only been some US$ 4 million. We can say that the works of Picasso have really set prices in motion in the international market for modern art, and this is one of the main reasons why bids for Matisse have also seen a steep rise in 2004.

Bids Being Adjusted Upwards, and Prices Constantly Rising

Since there are a lot of pieces by Picasso to go around, offering a rich choice of diverse motifs and themes, there are always some works that achieve higher prices and achieve new records. By comparison, Matisse's oeuvre is much smaller, and the total number of oil paintings is also rather limited. According to records kept by one of the earliest art galleries, Galerie Berheim-Jeune, most of Matisse's paintings range in size from figure 6 to figure 50, making them perfect for domestic surroundings. Most of the paintings put up for bid at auctions are within figure 20, while much larger (60-80) or miniature works (about 3) are also on offer occasionally.

According to the latest data released by Artprice.com, a French company of art market information, for every US$100 invested in Matisse paintings in 1997, the average price index had risen to US$213 by 2004, for a 113% increase in only seven years. And after making the necessary adjustments, for May 2005 one still arrives at an index of US$ 174 (stronger than Picasso's price index for the same period of 172).

The total volume of Matisse transactions at auctions in 2004 was at US$38,926,487 (roughly 1.2 billion Taiwan dollars). On average, 68% of Matisse lots put up for bid found a buyer, and the number of lots sold was 238. In terms of transaction volume, Matisse ranked sixth among all artists whose works were being auctioned, the first five spots being held by Picasso, Monet, Andy Warhol, Renoir and Modigliani.

Every year, an average of between 200 and 300 Matisse pieces are successfully auctioned. Of these deals, 78% involve prints, posters and similar pieces, another 17% are drawings and watercolors, while only about 4% are oil paintings. In other words, on average just ten of all the Matisse lots sold every year are oil paintings. The biggest Matisse markets are the United States, accounting for 73% of the global market, followed by Great Britain, which has a 21% share of all Matisse transactions.

Most Popular Matisse Items Are Oil Paintings from the Nice Period and Sculptures of Human Figures

During his Nice Period, Matisse produced some of his most magnificent work, and pieces from this period are usually the favorites of art collectors, prized for their lush color and rich detail. In 1917, the artist moved to Nice in Southern France with its blue skies and beautiful coastline. The next decade (mainly 1920s, until roughly 1930) is called the early Nice Period, during which his most important media were oil painting and sculpture, while a considerable diversification took place after 1930, when Matisse began to do a lot of murals, pastels, prints, collages and cutouts in addition to oil paintings. It seems that Matisse hardly did any more oil painting after 1950.

Matisse's principal subject in the Nice Period were human figures. In the current top ten of his most expensive successfully auctioned works, the human body is a central theme in eight of them. Two of those (in fifth and seventh place) are sculptures, each of which are valued at more than US$ 10 million. In third place is a flower still life in oil titled "Harmonie jaune" that was done between 1927 and 1928 and sold on Nov. 11, 1992, at Christie's New York. One of Matisse's collages, his outstanding late piece "La vis", has also made it into the top ten at sixth place. It shows an assembly of geometrical structures in vivid colors that delivers a stunning ornamental effect and found a buyer at Christie's New York on Nov 3, 1993, for the equally stunning price of US$ 13,752,500. Compare that to Picasso, Renoir or Chagall whose later works never achieve the high bids of their earlier pieces. With Matisse it is exactly the other way round. You will find that his later works are even more greatly valued than anything he did before 1907, i.e. before the Fauvism movement faltered.

Matisse strongly favored studio motifs, and did treatments of outdoor themes or landscapes relatively less frequently, making pictures with the latter themes a bit more moderately priced. Collectors in Taiwan are very fond of his flower still lifes, which comprise some of Matisse's most definitive work, exotic and ornamental in style and sometimes used in turn as background for his studio motifs. One of his finer still lifes will set you back about five million US dollars.

In addition to his exquisite and often dazzling use of color, artistic expression through "mere" lines and contours alone is another strong point of Matisse's work, best seen in his drawings and sketches. His pen-and-ink drawings, for example, employ the bold, flowing strokes familiar from Chinese calligraphy to outline a female body or face. Such pieces can catch as much as US$ 1.75 million at auctions, though on average they can be had for between 800 thousand and one millions US dollars. One of his fountain pen sketches, which have fetched between US$ 600 to 800 thousand per piece in the past, commanded the impressive price of 1.5 million at one auction in 2004. Charcoal sketches for his famous paintings also fetched a record US$ 2.7 million in 2000.

Developments Worth Watching as Grandmaster's Work Still Undervalued on the Market

Past experience and the laws of the market tell us unequivocally that at present Matisse's oeuvre is still undervalued. Setting aside the huge price difference between Matisse and Picasso out of the picture for the moment, we find that even when considering the current value of his contemporaries' work there clearly are great prospects for future growth in the Matisse market. Take for example the fact that Matisse's pieces from the Fauvist Period (1905-1907) still generally fetch a lower price than those of his fellow Fauvist Vlaminck from the same period. Today, Matisse's highest price work from the Fauvist Period is the 1905 oil painting "Oliviers à Collioure" (figure 10 / 47cm x 45cm), done in yellow tones and showing some influence of the Pointillist painter Signac. It was sold in London in 2001 for £2,203,500 (roughly US$3,117,572). Compare that to the £7.15 million (about US$ 10.10 million) that were paid, also in London, on Feb 2, 2002, for Vlaminck's most valuable painting from the Fauvist Period, the 1906 oil painting "La Seine à Chatou" (figure 30 / 73,5cm x 92,5cm). Art historians generally agree that Matisse's contribution to the Fauvist movement was by no means less significant than Vlaminck's, not to mention the fact that Matisse's influence on the art community beyond Fauvism was much greater and extended much further than Vlaminck's. Yet there currently are at least ten of Maurice de Vlaminck's works from the Fauvist Period that have been sold at auction for more than US$3 million. Comparing this with bids for Matisse's works from the same period gives you an idea of how grossly undervalued Matisse's oeuvre was, and often still is, at international auctions.

Another good example are Matisse's sketches, always much admired for their effortlessly flowing lines and natural elegance. "Nu rose, study" from 1935 currently holds the record for the artist's most valuable sketch. It was sold in 2000 in New York for the hammer price of US$2,701,000. But by comparison, Picasso's most expensive human sketch, "Nu couché" from 1932, set new standards when it was sold at auction in New York on Nov. 5, 2003, for a whopping US$9,752,000, further increasing the gap between the two artists.

But Matisse gets one back on Picasso in when it comes his sculptures, where his somewhat superior skills are reflected in much higher bids at international auctions: in the year 2000, his bronze sculpture "La serpentine - Femme à la stèle - L'araignée" (1909) went on record as fetching the highest price for a Matisse sculpture to date-US$14,030,750. Here Matisse clearly outperforms Picasso, whose most expensive sculpture sold at auction so far is "La guenon et son petit", sold in 2003 for US$6,167,500.

Matisse and Picasso, these two giants of the 20th century art world, should be considered more or less on par in erms of their artistic achievements. Yet at auctions, the prices paid for their paintings in particular show a considerable divergence. We have to read this as an indicator that there is still a lot room for growth in the Matisse market-and that the best is yet to come!

The Green Gandoura Robe

1916
Oil on wood panel
32.7 x 23.8 cm

Signed upper left Henri Matisse

Estimate on request

PROVENANCE

Frederic C. Bartlett, Jr., Manchester, Vermont
Pierre Matisse, New York
Ralph F. Colin, New York
Private Collection

EXHIBITED

New York, Pierre Matisse Gallery, Henri Matisse, January 23-February 24, 1934, number 23
Philadelphia, The Philadelphia Museum of Art, Henri Matisse Retrospective Exhibition of Paintings, Drawings and Sculpture, April 1-May 9, 1948, no. 40, illustrated
Northampton, Massachusetts, Smith College Museum of Art, Some Painters from Alumnnae Collections, June 1948
New York, The Museum of Modernern Art, New York Private Collections, June 26-September 12, 1951
Paris, Musée National d'Art Moderne, Exposition Retrospective Henri Matisse, July 28-November 18, 1956, no. 45
New York, Knoedler & Company, The Colin Collection, Paintings, Watercolor, Drawings and Sculpture, no. 17, illustrated
Los Angeles, UCLA Art Galleries, Henri Matisse: Retrospective 1966, no. 44, illustrated, p. 72
This exhibition also shown in: Chicago, The Art Institute pf Chicago, March 11-April 24, 1966. And in: Boston, The Museum of Fine Arts Boston, May 11-June 26, 1966

ILLUSTRATED

Gaston Diehl, Henri Matisse, Paris, 1954, p. 69 (as "La robe gandoura verte")
Aragon, Henri Matisse a Novel, Harcourt Brace Javanovich, Inc., New York, 1971, Vol. II, no. XIV, illustrated in color, p. 100 Lawrence Gowing, Matisse, Thames and Hudson, London, 1979, no. 126. Illustrated, p. 141
Jack Flam, Matisse: The Man and His Art, Cornell University Press, Ithaca and London, 1986, no. 453, illustrated, p. 448

As the war grew into ruthless suffering, its flames also stimulated Matisse's creativity. He diligently studied cubism, experimenting with various styles and techniques, including basic geometrical forms. His choice of colors showed a clear shift: bright colors were replaced with grays, along with many others-deep greens, browns, and even black. During this period, Matisse's painting style assumed an unprecedented rational and somber tone.

From 1916 to 1917, Matisse worked with an Italian model named Laurette, painting a series of portraits referred to as "The Italian Woman". In some of the paintings Laurette wore Arab-style clothing, such as a turban and a "gandoura" robe. Simple backgrounds emphasized the subject's body. The women in Matisse's paintings of this period differ from the sensual and graceful figures of before-Matisse's subjects at this time are in silent contemplation, or possess a solemn reverence akin to religious paintings. In this painting, the subject sits properly on an easy chair and there is no decorative background, which reflects Matisse's desolate mindset in the context of the war. These rational experiments in "rational" reflect the painter's explorations which range from the realist to the abstract.

"The Green Gandoura Robe" was created in the same year as "Laurette in a Green Robe, Black Background", which is part of the collection of Jacques and Natasha Gelman of Mexico. Laurette's clothing and pose in the two paintings are nearly identical. She also wears the same robe in another painting, "Le Peintre dans son atelier", which is part of the collection of the Centre Pompidou in Paris.

Anemones au miroir noir

Winter of 1918-19

Oil on canvas

68 x 54 cm

Signed lower left Henri Matisse

PROVENANCE

Bernheim-Jeune, Paris (acquired from the artist on March 20, 1919)

L'Art Moderne, Paris (acquired from the above on April 29, 1927)

Valentine Dudensing Gallery, New York

The Phillips Memorial Gallery, Washington, D.C. (by 1927)

Pierre Matisse Gallery, New York (acquired from the above in February 1947)

The Reader's Digest Association, Inc. Pleasantville New York

(acquired from the above in 1947 and sold: Sotheby's, New York, November 16, 1998, lot 32)

Private Collection

Sotheby's, New York, November 7, 2001, lot 17

Private Collection

Annely Juda Fine Art, London

EXHIBITED

Paris, Galerie Bernheim-Jeune, Oeuvre Recentes d＊Henri Matisse, 1919, no 32 Washington, D.C. The Phillips Memorial Gallery, Leaders of French Art Today, 1927 Washington, D.C. The Phillips Memorial Gallery, Tri Unit Exhibition of Paintings and Sculpture, 1928

New York, The Century Club, 1930

Pittsburgh, Carnegie Institute, 1930

Rochester Museum of Art, 1930

New York, The Museum of Modern Art, Henri Matisse Retrospective Exhibition, 1931, no. 51

Providence, Rhode Island School of Design, 1931, no 23 Philadelphia, Pennsylvania Museum of Art, 1933

Cambridge, Fogg Art Museum, Harvard University, French Art of the XIXth and XXth Century, 1941

New York, Pierre Matisse Gallery, Paintings, 1898-1939, 1943, no. 11

Buffalo, Albright-Knox Gallery; Cincinnati Art Museum; St Louis, The City Art Museum; Washington, D.C., French Embassy, French Paintings of the Twentieth Century, 1944-45 no. 41

New York, M Knoedler and Co., Inc., Reader's Digest Collection, 1963 Tokyo, Palaceside Building, Forty Paintings From The Reader's Digest Collection, 1966, no. 18

New York, Wildenstein & Co., Selections from The Reader's Digest Collection, 1985-86 Paris, Musee Marmottan, Extraits de la Collection du Reader's Digest, 1986 Washington D.C., National Gallery of Art, Henri Matisse: The Early Years in Nice, 1916-1930, 1986-87, no 55 (titled "Anemones and Mirror")

Auckland City Art Gallery, The Reader's Digest Collection: Manet to Picasso, 1989 New York, The Museum of Modern Art, Henri Matisse, A Retrospective, 1992-93, no. 230

ILLUSTRATED

Elie Faure, Histoire de l'art, l'art moderne, Paris, 1926, illustrated p.459 Duncan Phillips, The Artist Sees Differently, New York, 1931 illustrated pl.CXXI Alfred H. Barr, Jr., Matisse: His Art and His Public, New York, 1951, discussed pp. 205 and 207

Malcolm Vaughan, "Matisse, The Brilliant Designer," Reader's Digest Family Treasury of Great Painters and Great Paintings, Pleasantville, 1965, illustrated p.28 Guy-Patrice and Michel Dauberville, Matisse, vol. II, Paris, 1995, no. 269, illustrated p.725

Matisse organized the interior space of "Anemones au miroir noir" in a complex yet carefully balanced arrangement, depicting not just the objects inside the room but at the same time showing the delicate shades of brightness and shadow produced by the light falling into the room. On the desk we see a vase with anemones against the backdrop of an oval gilded mirror. The mirror and the desk are recurrent and almost abstract motifs in many of Matisse's oil paintings of interior themes, comparable to Cezanne's focus on the same objects in most of his pictures: the repeated appearance of similar items lends an almost mystical quality to these works. The mirror usually reflects the room's interior, revealing or subtly suggesting the work's compositional structure. Yet in this painting the mirror, painted black, mysteriously deepens the background and thus makes the blooming flowers stand out as they seem to float in space. While the dark face of the mirror, not reflecting anything, appears surprising at first, it does in fact match the slashes of black on the desk which suggest diverse painting utensils. Matisse once visited the impressionist painter Renoir in Cannes, asking him for his opinion on his latest work made in Nice. The old artist immediately took the opportunity to comment on the use of black in the picture. He said: "In all truthfulness, I don't like what you do. I'd almost like to say that you are not a good painter... But one thing prevents me from doing this: when you put black on the canvas it stays in its plane. All my life, I thought one couldn't use it without breaking the chromatic unity of the surface. It is a tint that I have banished from my palette. As for you, using a colored vocabulary you introduce black and it holds. So, in spite of my feeling, I think that you are most surely a painter." (ibid)

Matisse employed still lifes to break with the painting conventions of his time, in particular the impressionists' aversion to black. Instead of shunning that color, he followed in the footsteps of Manet who developed a predilection for black in his later work, using it to put added emphasis on color and light. Matisse takes it one step further when he takes black to represent light instead of shadow. Another aspect of this painting is that Matisse, having witnessed the destruction wrought by WWI, had come to Nice in search of a refuge from the bleakness of post-war Paris. At the Riviera he hoped to find some peace of mind, and from the pleasant mood and exquisite composition of this painting it would seem that at this point the artist had already completely left behind the vagaries of politics and war.

Nu aux poissons rouges

Painted in Nice circa
1921-22
Oil on canvas
22 x 27 cm
Signed lower right Henri Matisse

Estimate on request

PROVENANCE

Pierre Matisse (1922)
Nelle E Mullen Collection (President of the Board of Trustees, Barnes Foundation, Merion, Pennsylvania)
Private Collection, New York

EXHIBITED

Paris, Bernheim-Jeune, 23rd February-15 March 1922, no. 26
New York, Matisse, Pierre Matisse Gallery, 1934

ILLUSTRATED

The Art News, February 3rd, 1934; Sheldon Cheyney, Expressionism in Art, 1939, p. 268
Pierre Schneider, Matisse, Thames & Hudson, London, 1984, p. 352, illustrated in black and white
Guy-Patrice et Michel Dauberville, Henri Matisse chez Bernheim-Jeune, Editions Bernheim-Jeune, Paris, 1995, volume II, no. 525,

"Nu aux poissons rouges" (Nude with Golden Fishes), which was completed around 1922, exemplifies the orientalist influence in Matisse's Nice paintings. The woman in the painting, Henriette Darricarrère, was Matisse's favorite model during this period. A musician and ballet dancer who moved to Nice with her family in 1920, Darricarrère caught Matisse's attention during a ballet performance. Matisse spared no moment in asking her to model for him, and thus began a seven-year collaboration which featured Darricarrère's statuesque figure and finely detailed facial features. From 1920 to 1927 Darricarrère graced a good deal of the artist's oil paintings, sculptures and work on paper. At this time Matisse concentrated on "odalisque", portraying exotically dressed women posing in interior spaces with ornate decoration. This style echoes the Matisse's impressions of a trip to Morocco from 1912-13, and his depictions of Darricarrère are classic examples of "odalisque" in his work.

Matisse painted Darricarrère in virtually every kind of pose - he often let his subjects pose with their limbs placed freely, to faithfully depict their personalities. Occasionally Matisse had Darricarrère engage in role-play, which she was able to do effortlessly, given her theater background. These talents greatly contributed to Matisse's creative processes. In "Nu aux poissons rouges", Darricarrère sits carefree on a rug, and the lines of her body are shown as if she were a sculpture - characteristics distinctive of Matisse's nudes from this period.

Although the painting itself is small, Matisse devoted much consideration to its background: the lines and checks of the rug and the picture frames on the wall impart an exotic mood, while the nude woman, fruit still-life, and goldfish bowl form an interesting relationship. Goldfish bowls were common props in Matisse's paintings starting from 1911. Here the bowl distorts the background colors, such as those of the white cloth curtains and Persian rug, and wondrously brings the entire painting to life.

Odalisque allongée
1928
Ink on paper
32.39 x 50.48cm

Estimate on request

PROVENANCE

Heinz Berggruen, Paris (acquired directly from the family of the Artist)
Private Collection (October 15, 1964)

Matisse would often talk about how sketches helped him to work out compositional and stylistic problems encountered in oil painting. Yet his pen-and-ink drawings were much more than necessary research for easel work: they were complete works of art in their own right. Art critic Ernst Gerhard Güse put it this way: "There is nothing provisional about his drawings: they are complete, finished works, resulting from an extended process of identification. The line which encircles the objects supplied a final, conclusive definition. Through the connection between the line and the artist's emotions, his inner life, the drawing becomes an act of assimilation, taking possession of nature." (Ernst Gerhard Güse, Matisse, Drawings and Sculpture, Munich, 1991, p. 10)

In the early 1920s, Matisse did most of his sketches with charcoal, while using the pencil for simpler practice drawings. In the late twenties he would switch to pen and ink for outlining contours and doing sketches. While pen-and-ink drawings seem at first glance to allow for even greater artistic freedom and ease, it is a real challenge to avoid coming off as too self-conscious or cumbersome when attempting to create something that is truly subtle and rich in detail in this medium. That is why Matisse once said that drawing sketches with pen and ink is almost "an acrobatic feat".

Matisse firmly believed that his drawings allowed him to achieve an extremely adequate and direct expression of his innermost moods and feelings. Matisse worked very closely with many of his models, and always managed to bring out their distinctive features and unique character in his works. In this drawing from 1928, "Odalisque allongée", the artist employs quick and fluid brush strokes to sketch an enchanting divan with ornamental patterns. A woman in Turkish costume attire is draped over the bed in a prostrate posture, looking as if she was absorbed in deep thought. She is lavishly adorned with laces around her waist and jeweled bands around her ankles, and the entire setting creates an impression as if this odalisque is nestling on a softly floating cloud. For all the simplicity of the sketch's composition, the rich ornamental designs yet convey a warmth and substance that is typical for Matisse's most refined drawings.

Femme au bijou bleu

(Princesse Helene Galitzine au cabochon)

Nice, January 10th, 1937

Oil on canvas

55 x 33 cm

Signed and dated lower right Henri Matisse 37

PROVENANCE

Paul Rosenberg Gallery, Paris

Pierre Matisse, New York

Edward A. Bragaline, New York

Paul Rosenberg Gallery, New York (March 1965)

Rita et Taft Schreiber (April 1965)

Christie's New York, Impressionist and Modern Paintings and Sculptures (Part I), May 15th, 1990, no. 57

Private Collection, Japan

EXHIBITED

Paris, Paul Rosenberg Gallery, Henri Matisse, 1937, no. 8 London, Rosenberg & Helft, Ltd., Recent Works of Henri Matisse, July 1938

New York, Paul Rosenberg & Co., Loan Exhibition of Paintings by Henri Matisse, April-May 1954, no. 16 (ill.)

New York, M. Knoedler & Co., Inc., Twentieth Century Masters from the Bragaline Collection: For the Benefit of the Museum of Early American Folk Art, November 1963, no. 4 (ill. in color)

Los Angeles, University of California Art Galleries, Henri Matisse Retrospective Exhibition, January-February 1966, no. 75 (ill. in color p. 104). The exhibition moved to the Art Institute of Chicago : March-April 1966, and Boston Museum of Fine Arts: May-June 1966

Matisse, un siecle de couleurs, le Bleu de l ete, Musee , Nice, 8 July-25 September 2000, page 31 (illustrated I color)

Matisse et la couleur des tissus, Musee departemental Matisse, Le Cateau-Cambresis, 23 October to 25 January, 2005

Matisse, His Art and His Textiles, The Fabric of Dreams, Royal Academy of Arts, London, 5 March to 30 May, 2005

ILLUSTRATED

R. Escholier, Matisse: A Portrait of the Artist and the Man, New York, 1960, p. 14 (illustrated p. 53, titled Portrait de jeune femme). R. Davidson, The New York Apartment of Edward A. Bragaline, Antiques, November 1963, p. 559 (illustrated p. 558)

L. Delectorskaya, With apparent ease... Henri Matisse: Paintings from 1935-1939, Paris, 1988, p. 31 (illustrated in color p. 211, titled Helene au babochon)

Guy-Patrice and Michel Dauberville, Matisse, vol. II, Paris, 1995, no. 747, illustrated p.1361

Matisse et la couleur des tissus, Gallimard, October 2004, color Illustrated, no. 49, p. 136

"Femme au bijou bleu" was also made during Matisse's time in Nice. The model in the painting is Princess Helene Galitzine, daughter of Russian aristocrat Prince Serge Galitzine and Helene Ghijitzky, born on June 30, 1919. When Matisse created this painting, Princess Helene was just entering adulthood, and had not yet turned 18 years old. In 1937 Helene became one of Matisse's two principal models of this period alongside his studio assistant, Lydia Delectorskaya.

Matisse said that when meeting a prospective model, he would observe her at ease. His instincts told him which poses would suit the model. Matisse usually worked with the same model for an extended period of time, until his interest had waned. For many of Matisse's paintings, Princess Helene dressed in Persian robes of vivid colors such as purple or gold, or traditional Romanian clothing, for a more pronounced exoticism. In "Femme au bijou bleu", Princess Helene holds an elegant pose; the gold lines of her robe, head ornament and the indigo sapphire on her chest act as a foil to her status as nobility. Geometrical shapes and tree leaves adorn the background to shape the painting's rich, abundant composition.

Matisse's later works often depict vegetation in an abundance of verdant greens; these elements, employed as flat patterns, even extend to the paper cut-outs he produced towards the end of his career. Matisse's use of dense green leaves convey a primitive force in human life, an element also found in many of his paper cut-outs.

This piece is part of the collection of Paul Rosenberg, a Parisian art dealer and collector of important modern art who represented Matisse's work after 1935. Collectors today currently favor the works of Matisse that feature his more exotic and decorative style. One such example is "La robe persane" (The Persian Robe), which was the highest seller in a recent auction.

Sale Date/Venue: Sunday, 5 June, 2005, Taipei
Number of Lots Sold: 72
Value of Lots Sold: USD 3,750,647 (approx.TWD 116,082,520)

The following prices in Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest Taiwan Dollar.
On the date of the sale, exchange rates were approximately as follows: USD 1 = TWD 30.95、HKD 1 = TWD 4.023

In the Top 10 Most Expensive Paintings of Lin Fengmian Ever Sold at Auction in the appendix, the transactions of seven pieces of the works were done in 2004. The prices are still changing and increasing. In January 2005, in the transaction listing of FranceÕs Artprice that specializes in art market information, Lin Fengmian is among the top two hundred artists in the world. The numerous transactions of Lin's works are evident.

101 Lots at Auction in 2004 with Over 90% in Ink and Color Paintings

Last year the Asian markets experienced great investments. At least 101 lots of Lin's artworks were transacted, with a total of NT$55,230,000 invested. With 5 oil paintings and 96 color-inks and ink paintings, on an average each lot is over millions and the total reached NT$265,660,000.

The high receptivity of Lin's artworks in the market is naturally and definitely linked to his historical status. Lin blended contemporary art thoughts into the Chinese art world and brought western forms and colors into Chinese paintings. Among the well-known Asian artists in the world, Zao Wou-ki, Chu Teh-chu, and Wu Guanzhong were his students who promoted his contributions and achievements in art. Lin's artworks combined the essence of eastern and western art, as well as folk crafts. His style could be liked by all and are brimming with a sense of poetry. With traditional Chinese ladies, figure, country sceneries, birds and flowers that are close the tastes of Chinese people, his artworks are cherished. Lin's simple square artworks are also easily displayed and collected.

Lin was meticulous in creating his artworks; every artwork revealed his inner thoughts. His style and characteristics are respected and praised by the art circle. Wu Dayu once commended Lin as his most assiduous painter friend. In the early periods, Lin put many efforts into studying the traditional Chinese ladies painting. He drew at least one thousand paintings to perfect the small delicate brows, eyes, nose, mouth, and oval face of the classic eastern beauty. The fluent lines and splendid backgrounds are characteristics of his paintings. Although during the Cultural Revolution, Lin destroyed and burned over thousands of his painstakingly drawn paintings, after regaining his freedom he persisted in his work. Upon reaching Hong Kong in 1977, Lin was active in repainting the pictures that he stored in his mind. To reach perfection, one of Lin's friends remembered that Lin again and again practiced painting. Even when Lin was close to completion and almost setting down the last stroke, if it were not satisfactory, Lin would not hesitate in destroying the painting and start over. Lin deserves respect for his fervor and perseverance; his character all the more reveals the value of his works. In recent years, tasteless and crude imitations hastily drawn are rampant. They cannot compare with the beauty of the authentic artworks and the unique spirit committed from start to finish.

Because a large amount of Lin's early works were ruined during the Cultural Revolution, most of Lin's works auctioned come from his late creations in Hong Kong. Lin almost never created oil paintings when he was in Hong Kong. Most of his works are in color, ink, gouache, multi-colors, and the works of this period are his most mature and sophisticated. His colors are brilliant and refined. Shiy De-jinn after interviewing Lin in Hong Kong wrote, "Lin Fengmian is the revolutionist of Chinese art, the top character of Chinese art of the 30s. Today he is an illustrious master capturing all's attention. His striking ink paintings with rhetorical strokes and rich colors represent a lively spirit that moves people who go near his artworks. The paintings leave an imprint that lasts a lifetime."

In 1977 Lin left Shanghai, moved to Hong Kong, and there his younger cousin Lin Ruxiang received him. Lin lived in the same building where Chung Kiu Products Emporium Ltd. was and where his younger cousin worked. Lin's artworks were sold at Chung Kiu Products Gallery. From the 80s on, Lin's exhibitions in Hong Kong, Paris, Tokyo, Taipei, and elsewhere all received great acclaims. In 1979, a color-ink painting was priced at five thousand US dollars. In the late 80s, transactions at auctions were at several hundred thousand Hong Kong Dollars, which were very good prices then. Over the past twenty years, the "Four Beauties", a work in color-ink, is valued highest at HK$5,102,400 (approximately NT$22,450,000). This painting was previously sold at Chung Kiu Products Gallery. There are 12 ink and color paintings each over NT$5 million and on an average, a color painting is sold around NT$2,770,000.

Paintings of Figures and Traditional Chinese Ladies Command the Highest Prices

People often ask, what is the hardest to paint? The answer is figures. The diversity of people and the richness of human emotions make people hardest to express. Interestingly, as is reflected on the international market, the values of paintings of people are relatively higher. Picasso's "Garcon à la Pipe"and van Gogh's "Portrait of Dr. Gachet" are the two most expensive pieces in the world. Likewise, Lin's highest-priced paintings including "The Harvest" and "Four Beauties", which all use people as their theme.

According to last year's collectors at an auction, a painting of a traditional Chinese lady was sold at over HK$2 million in the spring auction. If one can buy four beauties at HK$5 million, then it would be quite a bargain. Of course, this is only a joke. However, to some extent it also explains the market value of paintings of traditional Chinese ladies.

Before the Cultural Revolution, the theme of country women was welcomed by the market. At that time, Lin mostly created oil paintings and recorded the background of the time with his unique lines and the special trait of contentedness. Moreover, classic Chinese opera characters and nude paintings were greatly sought after once the artworks are in the market.

Landscape paintings of geese and the land, lakes and willows can best demonstrate the special trait of paintings and poetry as one, reflecting a chilly loneliness. This collection of nostalgia for his home, and paintings that speaks the artist's mind garnered the highest praises among the critics. Naturally, paintings with this theme can readily move the collectors who love the literati and paintings. In fall 2004 in Shanghai and Hong Kong, over NT$7 million worth of landscape paintings were sold. Paintings with flowers and still life reveal the influence of western contemporary art on Lin. Brightly colored, brimming with lively spirits of youth, "Potted Flowers" was sold at HK$3,646,400 (NT$16,044,160). Collectors were awestruck.

Numerous Lots Sold in Beijing and Shanghai while Hong Kong's Market Share 60.6 %

Who are buying Lin's works on the market? Hong Kong and Taipei have the two biggest markets, especially with collectors who mainly collect Lin's artworks. Because Lin resided in Hong Kong in his late periods and due to agents' promotions, over the past twenty years, the price of Lin's artworks in Hong Kong in particular maintained a steady growth. Lately there is a great increase in price. Besides the two big markets, southeastern and Mainland collectors have joined, expanding the whole market. From 1999 to 2004, Hong Kong shared 60.6% of the market, Beijing 21%, Shanghai 8.9%, surpassing that of Taiwan. Today's worldwide web allows collectors to easily go from one auction to another. When a great work appears, no matter how far the auction is, interested collectors will not want miss it.

In the quarterly publication of an article in Art & Investment in March 2004, I predicted that from 1999 to 2003, the market distributions of Lin's artworks would change: the market share in Hong Kong and Taipei will experience a decreasing trend, while growth will be obvious in Beijing and Shanghai. This trend reveals the rise in Mainland's market and the competitiveness of the market. Although greater interests in Lin's artworks are seen in China, the qualities of the lots are unstable, and the amount of transactions differs greatly.

The discrepancies are obvious. New collectors wanting to enter the market should study the markets and consult the experts. Or, they should choose well-known auctions with a good record and guarantees, lest the price paid for collecting artworks be vain.

Top 10 Most Expensive Paintings of Lin Fengmian Ever Sold at Auction

In the auction markets of Chinese art, similar trends have been appearing too. Chinese Modern and Contemporary paintings and calligraphy, as well as works by the First and Second Generation Chinese artists have been similarly popular among buyers. Early Chinese oil paintings and sculptural works are especially so. Scarcely heard of and hardly solicited twenty years ago, it began gradually coming to life in the Taiwanese art market about ten odd years ago. One by one, collectors from Southeast Asia, Hong Kong and Mainland China started joining the fray over the recent two or three years. Bidding for the works, be it an Overseas Chinese, early Chinese oil painters or even some of the Elder Taiwanese painters, were intense and created a situation of endless upturns in prices.

Resale lots mentioned in this article are primarily an exploration of the trading in "auctions". As bidding formats are adopted in auction houses, transaction values are made open and transparent. In addition, yearbooks detailing auction cases are distributed by publishers during the following years, making it easy for the general pubic to get a grasp on market information. As for private intermediary arrangements with art dealers or art gallerists, due to their non-disclosure of transaction values, are not discussed in this article for the time being. From a random sample of about 40 lots showing brilliant price growth, I have compiled a "Table on 2004 Resale Lots of Chinese Western Paintings" as a reference for our collecting enthusiasts.

Masters' Works Attract Strong Bidding Desires, Non-main Stream Lots Bought Whenever Prices Lower

Increases in the values of resale lots are by no means comprehensive, but it is certain that prices are met with the approval of their original collectors. In particular, works by masters attracted strong bidding desires, while auctions lots with lesser history may not experience any increase in prices. At times, because original collectors wanted to transform the styles of their collections, prices were willingly lowered in order to attract buyers. Hence, prices appraised in the auction markets are sometimes even more competitive than those in the first-hand market, thus constructing an interesting trading platform.

(1) Resale markets of Lin Fengmian and Zao Wou-ki are most in demand

Amongst Chinese Western artists of the 20th century, Lin Fengmian have always produced astonishing volumes of transaction in the auction market for his works, of which, resale prices for oil paintings displayed even more instances of rapidly rising prices. "Harvest", an oil painting depicting the harvesting of corn, was sold in Hong Kong for HK$320,000 in October 1989. 13 years later, in October 2002, the painting reappeared at a Hong Kong auction ground to be sold for HK$5,354,100, setting the highest auction record for Lin Fengmian. The price had grown by 16 times, causing a stir in the art markets of Hong Kong, Taiwan and Mainland China. Till now, it still tops the rankings for artists sale record. In the following year, "The Bountiful Catch", a painting once sold for NT$3,130,000 during a Taipei auction on 14 April 1996, changed hands for HK$3,983,750 (approx. NT$17,528,500), which was an increase of 460.02% over seven years. Currently, the painting ranks fourth among Lin Fengmian personal auctions. Rare and hard to find, authentic oil paintings by Lin Fengmian first led the way in making returning lots a vogue in auctions of Western paintings. On the other hand, prices for works in ink and color looked even more upbeat following rapid price increases in oil paintings. During the 2004 Autumn Auction in Hong Kong, a piece of Lin Fengmian "Four Beauties" was auctioned off at HK$5,102,400, which was 7 times higher than its lower estimate, breaking his personal auction record for ink and color paintings (ranked second among all media used by Lin Fengmian) and propelling the painter popularity to new heights.

Zao Wou-ki is another popular resale subject. Due to the size of his international market, buyers have been unpredictably active regardless if it is a highly priced painting in oil, a mid-priced Chinese ink, watercolor or ink and color, or even lowly priced works of print. In 2004, the bought-in rate for every conceivable size of Zao Wou-ki paintings was practically zero, but speaking in terms of the extent of price increases, it is only natural for high priced items to have the largest potential for appreciation in price. Within the lists of every auction house in 2004, there are at least 7 pieces of returning auction lots, some of which are merely a year away from their previous auctions, while others go as far back as seven years. Of course, profits realised in the short term are nowhere as good as those for long term investors. Judging from the history of the European art market, there will always be room for the superb masters to appreciate in value. Even after ten, twenty or a hundred years, prices will still be strongly supported, this is also the reason why collectors have developed a special fondness for the representative Chinese Master Zao Wou-ki. Amidst Zao Wou-ki resale lots, prices of oil paintings from the 1950s and the 1960s have the highest growth rates. For collectors who purchased Zao Wou-ki paintings prior to 1997, there will be potential to grow by at least more than one fold in approximation.

(2) Taipei Auctions sees raging craze for Chu Teh-chun, reverberations mirrored in the French Market.

During the past one year, the extent of growth in prices for Chu Teh-chun works in painting has been even more alarming. As his prices still lags substantially behind that of his compatriot Zao Wou-ki, even art dealers and collectors from Southeast Asia and Europe have been setting their sights on the business opportunity. In 2004, there were at least 6 resale lots appearing in the auction markets of Taipei, Hong Kong and Paris. The appreciation of early works in painting from the 1950s and 1960s were particularly sharp. A small paper-based oil painting from the early periods costing less than €4000 dollars (approx. NT$ 170,000) at the end of 2003 would be sold just half a year later by Taipei Ravenel for nearly 8 times that amount. On the other hand, another oil painting "Lumière jaune" at the same auction struck a bid of NT$2.36 million, exceeding the lower estimated reserve bid by more than four times. This result was reported in the "la Gazette de l'Hôtel Drouot" published on 7 January 2005 and a special introduction of Ravenel Art Group was carried in the article as well. The 2004 spring auction started off the appreciation in prices of Chu Teh-chun paintings. Since then, prices have persistently continued rising. In Ravenel's Autumn Auction, "Temps d'hiver" was sold for NT$16.45 million, setting a new global auction record for Chu Teh-chun. In recent times, even foreign art dealers have followed suit to buy in huge quantities, with the market searching every corner for Chu Teh-chun's works.

(3) Wu Guanzhong continues to be in vogue, while many artists hold their own forts.

Placing rigorous demands on the form and aesthetics in his works of painting, Wu Guanzhong has garnered a large following among collectors in major Chinese districts. Beginning from 1980, his painting prices have been growing steadily. Ink and color are especially popular. An investment of seven years yields an increase of approximately two folds. The scope of appreciation for recent works in oil is even more impressive. In the past, figures in the art circles have always regarded Wu as an ink and color painter, hence prices for his oil paintings were not up to those for his ink and color. In recent times however, prices of his oil paintings have instead found excellent room to perform following introductions in commentaries and changes to the perceptions of collectors. The year 2004 saw three oil paintings as well as an ink and color from Wu Guanzhong being resold. Each was struck at prices showing extremely fine rates of growth.

In 2004, many returning lots in Chinese art auctions recorded fine results. Taking for example, each of the deceased painters such as Wang Yue-zhi, Chen Cheng-po, Xu Beihong, Pan Yuliang, Guan Liang, Sanyu, Liao Chi-chun, Ding Yan-yong, Yun Gee, Pang Xunqin, Chao Chung-hsiang, Hong Tong and Shiy De Jinn etc., all had one or two returning auction lots in 2004 that filled the money purses of the original collectors to the very brim.

Collectors from Southeast Asia, Hong Kong and China joins the fray and ups the heat

Art collectors in the Southeast Asian market are mainly concentrated in Indonesia and Singapore. A sizeable proportion living in these countries are Chinese. To be a player in the auction markets requires the support of a certain financial muscle and thus the financially well-off Chinese merchants turned out to be the vanguard in the international art market. As the supply of Southeast Asian art gradually approached the verge of being exhausted, it was only natural for collectors with Chinese backgrounds to turn to Chinese Western paintings, as well as Chinese paintings and calligraphy, which are armed with broader and more ample subjects. Huge investments started pouring into the Chinese auction market after the Millennium and in 2004, it reached a peak. Buyers from Southeast Asia have been playing a critical role in the recent booming markets of Hong Kong, China and Taiwan. Currently, the orientation undertaken by the Indonesians in their collections, such as the highly priced auction lots in early oil painters like Lin Fengmian, Xu Beihong, Sanyu, as well as the ones still alive such as Zao Wou-ki, Chu Teh-chun and Wu Guanzhong, is the main trend in the art market. In the meantime, Singaporean collectors are inclined towards the contemporary art of new China as represented by the mid-priced Zhang Xiaogang and Fang Lijun. There is a also substantial number in the South East Asian regions who support the likes of Taiwan Shiy De Jinn, Chao Chung-hsiang, Ju Ming and Chiu Ya-tsai.

Due to their later start-up, this burgeoning batch of collectors chose, right from the very beginning, to make entrant bids for star auction lots, in the hope that they would be able build up a first class collection within a short duration. Successful cases are aplenty in past histories of collecting; hence it is only natural for later generations to imitate them. Due to the Southeast Asian buyers joining in, the market for Chinese Western paintings appears to have increased in size and broadened in circulation. No wonder places such as Europe and America have begun keeping an eye on this market, with the sporadic collectors beginning to wander towards this area. The occurrence of such a phenomenon is something that we are more than happy to witness. In the future, it is hopeful that Chinese art may become one of the major shafts propelling the global auction market.

In the past, Chinese ink paintings and calligraphy were more highly valued by the local collectors in Hong Kong and interests were lacking in oil paintings. However, the situation over the past two years has been gradually changing. Several Hong Kong collectors have appeared to participate in bidding at auctions of Chinese Western paintings. The lofty sentiments and imposing manners at times displayed in determined efforts to get what they want are certainly not second to the Indonesian collectors. Having surpassed the economic slump that accompanied its return in 1997, real estates and the stock market in Hong Kong are in a bullish state and the art market is in quite a flourish. Recent economic relations between Hong Kong, Taiwan and Mainland China have been intimate and the demarcations between boundaries of collecting are increasingly blurred. It is foreseeable that future trends in auctions of Chinese art will be getting closer and closer to each other.

Following the opening of China after reforms to its economy, the government has been leading the way in promoting perceptions of protecting its cultural assets. In 2002, it revised the "Law of the People Republic of China on the Protection of Cultural Relics" explicitly permitting private collections. Practices of making private collections started spreading among common folks and caused huge amounts of cultural relics and art to start flowing back from overseas. In the field of western paintings, a majority of oil paintings from the early periods have long been circulated abroad. Museums and art galleries in Mainland China have virtually no collections of oil paintings by the first generation. As the finer works are mostly in the hands of Taiwanese collectors, auction houses from areas such as Hong Kong, Beijing and Shanghai have consistently been traveling across the seas to solicit for items. In the past, collectors in China have always had traditions of favoring ink and color more than oil paintings, realistic rather than abstract. In recent times, people are rediscovering the delight in the art of oil painting. Together with the popularity of abstract paintings by Chinese masters Zao Wou-ki and Chu Teh-chun, it has resulted in gradually making the Chinese collectors more varied in tastes. This change is of great help to the expansion of territories for Chinese western paintings. Cross straits collectors should gladly anticipate its growth.

Taiwanese collectors are currently the largest sellers of resale Chinese western paintings

The Taiwanese have the longest history of dabbling in the market of Chinese western paintings. In particular, more than half of works by important first and second generation oil painters in China were first bought by Taiwanese art dealers and collectors. Last year alone, two exclusive auctions on Taiwanese collectors, namely the "Yageo Foundation" and the "Mountain Art Foundation", were held in the Hong Kong and Shanghai markets and transaction results turned out to be quite good. Undeniably, a large proportion of sellers supplying the second hand market in Chinese western paintings are Taiwanese collectors. "Keep thy wealth with thy folks". Despite having experienced a slow down in her economic growth and outflow of assets, Taiwan still possess riches that impress. The practice of collecting has gotten even more popular. Besides the experienced collectors who are transforming their collection styles, generations after generations of newcomers are emerging in the auction market. Despite the close scrutiny and competition from buyers in Southeast Asia, Hong Kong and China, the strength of Taiwanese collectors within the auction market is still something not to be underestimated.

In the 2005 Spring Auction, similar exclusives on private Taiwanese collections will still continue being staged in the market for Chinese western paintings. The increase in the proportion of resale lots is a testament to the increase in value for the artist, prompting the owner to harbor thoughts of selling. However, do not overly focus on manipulating the shortfall in supplies and be guided only by price. Besides the money game, should not the true essence of art appraisal or the delight in moulding one heart and soul be in consideration? Under the cyclical nature of the moderating model in the market, who knows if sellers can be sure of selling at the peak of the prices? Or can the buyers be certain of buying at the lowest of prices? This is indeed a test of everyone intellectual ability.

The shift in the art market reflects the reality of capitalist markets. The market is not only dependant on the economy, but strong nations as a whole dominate over weaker ones, with their powerful economies, extending their influence into the cultural and artistic realms as well. This does not necessarily mean that the works of artists from a certain country are more worthy of collecting than others. Taiwan was facing an atmosphere of uncertainty in recent years that gave rise to more spectators than investors. In fact, Taiwan's economy did not hit a recession, but was only going through a transitional period affected by industries moving offshore. The World Economic Forum of 2004 in Switzerland announced that Taiwan has the fourth most competitive economy in the world, leading other Asian nations with its innovation oriented high-tech sector. The art market in many ways resembles the stock market, easily rocked by the quick exchange of information. Which ones are the darlings and which ones are duds? Perhaps psychological factors coupled with the low availability of quality works led to the low transaction rate of works by Taiwanese artists.

In this wave of prominent Chinese artists, a few senior artists continue to sustain their market value. Liao Chi-chun is a clear example. Beginning from 1990, senior Taiwanese painters were the main focus when the first Heritage Arts auction house was established in Taipei. In 1992, when Sotheby held its first auction in Taipei, it chose Liao's "Kuei-shan Island" as the cover of its catalogue, reflecting how this native master was revered. This painting sold for NT$6.4 million, which was the highest bid of the auction. Ever since, Liao works graced many a covers of auction catalogues in Taipei and became the hottest items in auctions. Besides his soaring status and leading market value, Liao choice of colors tended to be auspicious, making him one of the favorite cover artists of major auction catalogues across Taiwan.

Taiwan Abstract Pioneer

Liao Chi-chun paintings have been able to sustain their values as well as create new highs within a decade and a half on the auction market. In the fall sale of 1998, China Guardian Auctions Co. experimented by adding a landscape painting by Liao Chi-chun. It sold for RMB1.21 million, creating a sensation in Beijing. Last spring in an Hong Kong auction, three of Liao paintings also commanded the same attention. At the end of October, 2004, various collectors from Hong Kong, China and Southeast Asia openly praised Liao work during a pre-sale Ravenel preview exhibition in Hong Kong. They told me that Liao Chi-chun is Taiwan finest artist, painting the most exquisite colors! Liao paintings evidently won not only the hearts of native collectors but those of overseas collectors as well.

Liao Chi-chun was one of the early Taiwanese artists who studied in Japan. He was a classmate of Chen Cheng-po at the Tokyo Art School. In 1928 and 1931, Liao was selected for Japan 9th and 12th Imperial Exhibitions with "Scenery with Coconut" and "The Garden With Banana Trees" respectively. It was quite an achievement for a Taiwanese artist at that time in history. Very early on in his career, Liao won numerous awards, exhibited widely and established "Chi Dao (Red Island) Society" which later became Taiyang Fine Art Association with colleagues to encourage one another. Liao also made valuable contributions in art education, instructing many of the young artists who emerged in the 1960s and 1970s. Despite the special political environment of the time steeped in conservative ideology, Liao nevertheless encouraged students to form the Fifth Moon Group, which led to the opening of numerous exhibits and collaborations. Thus, Liao remains an important mentor to generations of artists who followed.

By harmonizing colors, Liao Chi-chun bold strokes captured physical reality with maturity, yet probed into abstracts which stylistically speaking was seldom examined by artists of his generation. He faced the new changes in modern art with determined techniques and created radical colors and shapes of his subjects. His ability to produce new peaks at different stages of his life won the admiration of younger artists and the affection of collectors.

Sale of 8 Paintings Totals over NT$80 million Last Year, Creating a Record high in Six Years

Since 1999, no more than ten of Liao Chi-chun works were sold in Chinese auctions each year. Yet every year, the price has steadily increased, especially the eight paintings of 2004 which sold for a total of NT$81,711,800, a record high of the past six years. We also note that the sale of four of Liao works in 2004 rank among his top ten all-time high sales, reflecting an enviable track record.

The few number of sales overall is due to the fact that Liao Chi-chun was not a prolific painter. His early works dating before 1950s are especially rare. Most of his works on the current market are from 1962, the year he returned from his travels to Europe where he acquired an abstract style apparent in his later works. Occasionally, a work done in 1950 such as measurement No. 60 "A Scene in Backyard" appears and is thus far the biggest painting from his early period on the market. Currently, it stands as the top-selling painting at NT$24 million.

Although Liao also painted pastels and water colors, his oil paintings remain the favorite on the auction market. In the past six years, 99.4 % of the turnover was oil paintings. Taiwan and Hong Kong are his two main markets, with 65.8 % market share in Taiwan and 34.2 % in Hong Kong since debuting there in the autumn of 2003, making a remarkable record.

Through the aid of art, Hirst achieved his ideal of an immortal and everlasting life that remains even after the passing of the physical body. According to friends, he strives to be king in the world of art. For this British artist so adept at self-promoting, domains are swiftly expanding owing to his insatiable desires. A central figure in kicking off British Contemporary Art during the 1990s, he would be 40 years old only in 2005, yet he has already been challenging innumerable astounding results since ages ago. A media darling and a household name at an age of just twenty to thirty, he is regarded as the greatest British artist after David Hockney.

In order to find out the charms that are in his art, as well as the manner in which he developed his unique concepts of creation, we shall fall back upon the background of his growing up.

A Rebellious Kid By Nature

Damien Hirst was born in 1965 in southwest England at the port town of Bristol. Saddled with misfortunes in life, Hirst knows little of his biological father. Having conceived before marriage, a fact that her boyfriend found hard to accept, and one which she found difficulty in telling her parents, his mum, Mary Brennan, moved from Jersey to Bristol by herself and gave birth to her son, Damien. Later, she relocated the family to Leeds where they lived a rather simple and impoverished life. His mother married a car salesperson when he was two to three years old and Hirst's stepfather acted as his father. However, when he was just 12, the stepfather left too and it was only then that Hirst gained awareness of his real life. His mum, relatively endowed with artistic inclinations, used to run a flower shop that exhibited her creativity and she also loved to paint, often even bringing her son along to scrawl. England in the 1960s and 70s had the Beatles and Punk Rock music, and it was also a country where drugs were rampant and a subculture was developing with extraordinary vigor. A traditional and conservative country, life among the bottom rungs in England proved tremendously resilient. In general, the more a nation is conservatively suppressed, the likelier that it results in the most avant-garde of cultural trends, and this was the era in which Hirst grew up in.

Hirst was a problematic kid since young, as his mum would complain, losing control of her son at an early stage. And during his teenage years, he was twice arrested for shoplifting and had wallowed in drugs for two whole years. In fact, traces of the bold ways and presumptuous acts of outrageous sayings that he later made were already evident when he was little. At 16, he once ventured into a morgue to take a photo together with a decapitated head for a joke. According to his version of events, although he seemed to be grinning at the time of the photo, his heart was in fact filled with fear and shock, and his expression was not one of delight, being fearful that the corpse would start talking at any moment. But for the sake of bragging rights among his fellows, fear was temporarily chucked aside, and this mischievous photographic installation became one of Hirst's most renowned conceptual creations too.

Infatuated with death, he regards it as a song of praises to life and not a kind of disease. Hirst himself was full of admiration for the painter Francis Bacon and he also loved to collect strange photos of pathology. To ordinary people, images of burns, sexually transmitted diseases or inflammation of the wounds can perhaps hardly count as pleasurable sights, but in Hirst's view, they were extremely palatable. At times when highly fascinated, he would even copy from the pictures in the books, describing the various designs that he had collected in his search to be just like a recipe book.

Hirst studied for his A-level exam at a local college in Leeds, tragically scoring an E grade for his results in the subject of Art. He kept this peculiar result on purpose, treating it as a chronological record for his personal performance in the year 1984. Indeed, his rebellious nature could hardly be tolerated within the prevailing art education system at that time. Both the traditional St. Martin School as well as the Royal College of Art rejected his application for admission before he was finally enrolled, in 1986, into Goldsmith's College, London University, a school widely known for its spirited culture, to study in its fine arts faculty. The latter was a school dedicated to achieving a wholesome education, hence it was here that Hirst's creativity could be spared from being nipped. And with a profound understanding of lower middle class living, the natural willfulness and brashness embodied in him appeared to blend harmoniously within the liberal school.

The 1995 "Turner Prize" Winner for Avant-garde Art

Hirst was actively publishing his works even when he was still a student in the fine arts college in 1988. Using DIY methods, he curated the exhibition "Freeze" at a Docklands warehouse in the eastern district of London, inviting 15 other artists to participate. The participants were all college mates who were about twenty odd years old, many of whom went on to become famed artists. This exhibition was later attributed to be the key event initiating the "Young British Artists" (YBA in abbreviation) campaign during the 1990s. Charles Saatchi, the advertising magnate, collector and gallery director, visited the exhibition and within the space of a year, bought two of Hirst's works on medicine cabinets, and at the same time expended great effort to promote many young artists.

Saatchi himself is a first rate legendary figure. He began designing campaigning ads in the 1970s for Margaret Thatcher, leader of the Conservative Party in England, rapidly expanding the advertising domains of Saatchi & Saatchi. During the later period of the 1980s, when his business operations took a dip, he made a large scale release of his collection on early European and American masters, and switched to purchases of works by young artists yet to make their name. The switch proved highly successful. Not only did it help him to accumulate his wealth, it also cemented his subsequent claim as a "supercollector", establishing him as the chart-topper in the 2002 "Power List Top 100" in the British magazine Art Review. Due to Saatchi's patronage, Hirst was thus able to develop his later work on "cabinet sculpture". Just 20-30 years old, Hirst had began turning into a widely known figure for his bold pieces of shocking, unconventional works.

In 1991, he created the first large glass tank by preserving a 14 feet (approx. 427cm) long tiger shark in formaldehyde, naming it as "The Physical Impossibility of Death in the Mind of Someone Living". This piece of work also won the approval of Saatchi who went on to buy it for his collection. And such a creation of sensational artistic concept won him a nomination in the 1992 "Turner Prize" for avant-garde art in England.

The "Turner Prize" was established in 1984, named after the nineteenth century British master water colorist, William Turner. Coming under Tate Gallery's organizational arm, "Patrons of New Art", the director and art critics are responsible for selecting as well as for awarding the prize money to one who has made the most contribution or been the most influential over the past one year. Originally, no age restrictions were placed on nominations, but in 1991, changes were made stipulating that artists must not exceed 50 years in age. Sponsorship was also secured from BBC's Channel 4 to help and support junior artists and to foster the development of new art. Short-listed nominees are announced in June every year, nominated works are exhibited in October and the prizewinner is officially announced in November. Later, the British Turner Prize went on to be one of the most celebrated events in the global Contemporary Art scene today.

In the beginning, to gain higher exposure for the "Turner Prize", Tate Gallery selected pieces that appeared more bold and advanced, with the age of short-listed artists averaging just slightly over thirty years old. Hirst's tiger shark installation was short-listed for 1992's Turner Prize, but it was another piece that actually won, one that bisected cows in half. The piece of work "Mother and Child, Divided" made him the winner of 1995's Turner Prize and earned him front-page headlines in the news. The Turner Prize and Hirst's creation were heavily criticized by many of the media and the critics. Undoubtedly, this publication helped exalt him to even higher fame, while also stimulating new possibilities of development in Contemporary Art.

Hirst has always received both ends of the comments for his installations of animal specimens, and it has also brought him a successive string of troubles, particularly in America, the land of the free. In 1994, he was invited to exhibit in America but his works were detained by the U.S. customs. In the end, he had to establish proofs that they were art and not food before they were allowed into the country. Later, when the piece of work was displayed at a gallery in New York City, the Health Department voiced concerns about "odors and fluids that would be produced in the process of decay". Even the U.S. Department of Agriculture showed up to ban one of Hirst's works from exhibiting based on the outbreak of the Mad Cow Disease in England. They were worried that someone would eat the meat, and were particularly concerned that evidence had yet to demonstrate formaldehyde's capabilities in disinfecting the Mad Cow Disease. Two days later, Hirst showed up personally to convince officials that it was art and not food. The following year, another installation was banned from display, reason being the worry that Health Department officials had of the possibility of methane being produced by the animal carcasses in the process of rotting inside the airtight space, posing a risk of explosion. On this occasion, Hirst had no choice other than to replace it with another work.

And while traveling with "Sensation", the renowned exhibition of Saatchi's collection, and touring London's Royal Academy of Arts, Berlin's Hamburger Bahnhof and New York's Brooklyn Art Museum in succession, the fame of YBA, the group of artists to which Hirst belonged, spread even further throughout the world. Despite incessant controversies, this group of artists had already secured a permanent place in the history of Contemporary Art.

"Art is like medicine - it can heal. Yet I've always been amazed at how many people believe in medicine but don't believe in art, without questioning either." - Damien Hirst

Hirst's creations overcame boundaries on a persistent basis, challenging multiple fronts such as art, science, media and popular culture, conveying experiences of confusion and contradictions in the inner minds of humans. His artistic creations can be broadly divided into four major groups: "cabinet sculptures", "glass tank" (Natural History), "painting" and "monumental sculpture".

Cabinet Sculptures: Pharmaceutics

Hirst, once an abuser of hallucinatory drugs, is enchanted with pathology and has always held an interest in themes of medical treatment and pharmacology. In the late 1980s, he came up with pieces of work on medicine cabinets in minimalist style, sometimes displaying hundreds of pills or pill bottles, while also displaying medical apparatuses or anatomical specimens at other times, presenting an alternative sense of beauty. He had delved into the relationship between "art" and "medicine" on more than one occasion and even believed that the clean and minimalist logos of drugs delivered a sense of trustworthiness to people. In 1992, while creating the exhibition "Pharmacy" for a gallery in New York, he appeared in the guise of a pharmacist to line 14 sets of glass and steel cabinets filled with pill bottles of every color along the walls of the art gallery, creating an eerie atmosphere. Later, in 1995, he created the spatial installation "Pharmacy" again for Britain's Tate Gallery, which was later collected in permanence by Tate Gallery.

Similar concepts were extended to the "Pharmacy Restaurant" set up by him and his friend in 1998. With the artist's creativity providing conceptualizations for all decorations and furnishings, flu syrups became introductory drinks for cocktail parties on weekend nights. Simply, it was a monumental work created by Hirst, and thoughts backing it also demonstrated the expertise with which Hirst toyed with the contradictions amidst reality and illusions. For a period, "Pharmacy Restaurant" became a place of encampment for the hip and famous, remedying the spiritual void felt by city dwellers. Hence, critics held it in high esteem as "a prescription for a very nice time". Although the restaurant terminated operations in the autumn of 2003, the restaurant facilities, furnishings, as well as the artist's many pieces of paintings, closed results of NT$600--700 millions at a London auction in October 2004, filling Hirst's coffers to the brim and gaining him plenty of prestige.

Glass Tank: Natural History Series

Besides medicine cabinets, the works that truly catapulted Hirst's name far and wide was a series of creations using glass tanks as a medium that concerned death. On the usage of materials and qualities, the artist was unique in his own ideas. Hirst once said, "I really love glass, a substance which is very solid, is dangerous, but transparent. That idea of being able to see everything but not able to touch, solid but invisible." American artist Jeff Koons once led the way with his concept of suspending basketballs in glass cabinet installations and this thinking inspired him. As a result, Hirst first came up with the concept for medicine cabinets and later extended this to the glass cabinets containing animal carcasses preserved by formaldehyde.

In the beginning, he used a huge tiger shark to demonstrate his concept for formaldehyde glass tanks, that an animal once posing a threat to life would also not be averse to the descent of mortality. Serving the purpose of displaying, the glass tanks symbolized a kind of war trophies, as well as an act of isolation, an emotional separation in minimalist traditions. Hirst's creation fortified the grave atmosphere found in natural museums and was yet another piece of decoration in monumental proportion. This concept was also otherwise known as the "Natural History" series.

Death is the greatest theme in this series of work. From tiger sharks to groups of tropical fishes, sheep, bisected cows and calves, as well as the likes of pigs, these animals, having died of natural causes, served as the best of Hirst's mediums and materials. Besides formaldehyde, the piece of work "A Thousand Years" does not contain any other fluids, although it did install a cow's head and eggs laid by flies inside the glass tank to record the process of the cow's head decaying as well as the maggots' hatching and subsequent transformation into houseflies that lived as parasites on the cow's head before they finally die inside the tank, acting as a testament to the brevity and circulation of life. The contradictions of both fear and amazement perceived by the viewer's body was also one of Hirst's conceptions. By letting the audience use their bodies to respond to his works, they concerned the body, and also concerned desires.

Painting

(1) Spot Paintings

Hirst's artistic career began in 1987. Regarding color and form, he preferred straightforward expressions, which are structurally simpler and thus did not overly inject the sense of mystery. For example, by presenting in a diagrammatic format employing advertising billboards, his pictures would captivate viewers at a certain distance, yet upon walking closer, they incite great shocks to the sensory organs inside the body. A shrewd man, Hirst understands the simplest of art, as well as art at its most complicated. As a result, he removed the veil of abstract mystery inherent in painting, reverting back to its most basic elements. Direct in expression but yet never hollow, these works of paintings belongs to a type of conceptual art. Influenced by Pop Art, he transformed art into valuable goods and gorgeous designs, well represented amongst others, by spot paintings.

The concept for spot paintings, where saucer-sized colored spots are applied on white backgrounds, is also termed as "Pharmaceutical Paintings". By relating the topic of painting to chemical pharmaceutics, Hirst echoed the drug culture of 1960s' hippies and transformed painting, through the likes of magnificent compositions on round shaped pills, into an entertaining merchandising design filled fully with visual pleasure.

Spot paintings adopt orderly arrangements, thus permitting the formation of every possible combination. This series first appeared in the 1988 joint exhibition, "Freeze", in which Hirst painted the round spots directly onto the walls of the warehouse. Later, it transformed into all kinds of backgrounds, such as the color calibrator on the Mars probe "beagle", or the hull of a ferry crossing River Thames, the patterns on an Austin automobile etc. Today, the round spots have become virtually another symbol of Hirst's logo.

(2) Spin Paintings

As opposed to the orderly compositions in spot paintings, spin paintings are, instead, a kind of combination in random nature, a brightly colored visual effect formed by chance. In spin paintings, canvasses are placed onto a spinning table with color materials being dripped from top down, producing circular paintings of various color effects under the workings of centrifugal force. According to the artist, inspirations for his spin paintings originated from BBC's "Blue Peter", a children's television program in England. In the program, he witnessed a boy drawing in a circular manner that left a deep impression in him. To create in such a manner makes painting an easy task, rendering the possibility for everyone to be a painter.

(3) Butterfly Paintings

Albeit butterfly paintings are referred to as paintings, the origins of this series is, in actual fact, interrelated with the "Natural History" series, and is arguably one of the creations imbued with the most powerful of Hirst's thoughts. An entire series adopting monochromatic backgrounds in light color bases, the most important elements in the painting are the real live butterflies instead. Beauty exists within the midst of the grisly surprise, while the grisly surprise thrives amidst the beauty too. On the surface, the butterflies seem trapped within the canvasses, inciting some feelings of scare, yet their existence is nevertheless a pleasurable sight too. The butterflies appear as if they gave up their brief and vulnerable lives in exchange for being a beautiful existence in contemporary art.

The butterfly paintings series was first published by Hirst in 1991, for a gallery in London in his solo exhibition, "In and Out of Love". The artist created tropical surroundings inside the gallery, which had monochromatic canvasses in colors of all sorts hung on the walls and sugar syrup smeared on the canvasses. A group of real live butterflies flutter, breed and hatch within the space, only to finally be stuck to their death on the canvasses in an endless cycle of life and death. By using the beautiful creatures in butterflies, the artist made a thorough interpretation of brevity and impermanence. And what about love? Are not the gatherings and goings of love even more transient? The themes in the butterfly painting series almost wholly concerns only love, hence, Hirst's butterfly paintings are particularly well liked by collectors.

Monumental Sculptures

There are some who say that Hirst's works are full of arrogance. Indeed, he is well versed in the craft of getting on audience's nerves, often inducing others to both love and hate him simultaneously. It is impossible for the audience not to be spellbound by his stunning artistic concepts. In 2000, he enlarged an anatomical model produced in Disney factories into a monumental bronze sculpture up to 20 feet tall named "Hymn", which brought successive rounds of gasps in amazement after it was published. In 2003, he completed yet another bronze sculpture, "Charity", of a physically handicapped girl that was 22 feet tall, giving his audience the lofty sensation of a return to the ancient classics. Choosing an image of a weakling that is most unnoticeable and most pitiful, the artist transformed it into a noble colossus filled with contradicting and conflicting imagery.

"You have to step over the boundaries sometimes to find out where they are" -- Damien Hirst

Due to Hirst's religious background, past creations often echoed Biblical themes, such as the stories regarding the flocks of sheep, Madonna and the Holy Son, the Last Supper, etc. When the coming year arrives, he will be forty years old, and gradually moving on from the bad boy image of drugs, alcohol and sex, to a more mature and steadier stage. Over the past ten years, not only is Hirst's influence not merely restricted to the category of art, his creative domains have in fact even transcended the boundaries of music, movies, science and technology, media and communications, restaurants and fashion, displaying an energy level that surpasses others. Today, Hirst enjoys a happy and fulfilling family, living together with his Californian girlfriend, Maia Norman, and two innocent little boys, at Devon, a coastal town in the southwest of England. Having just held his own grand retrospective all around Europe in 2003 and creating an unprecedented success for an exclusive auction in October 2004, his every move is closely watched around the globe.

Taking a leading position within the YBA market

In 1988, Hirst, just twenty-three years old, planned for the first of YBA joint exhibitions in London, from which his influence gradually spread, even to the extent of storming the entire global arts scene in the 1990s. Armed with distinct forms, Hirst held a strong cutting edge over his fellow peers. For the past two years, Contemporary Art has been blowing red hot in the European and American auction markets, practically stealing almost all of the thunder belonging to the Impressionists. The formerly borderlined avant-garde art has finally an opportunity to showcase its worth. Amongst these, Hirst's personal auction records are especially remarkable, setting various new highs in the past few years. Once and again, he kept crushing negative comments of "speculative" and "risky" given by commentators during the eve of auctions by sitting securely atop the YBA market. During the past year, two top museums in the world, New York's MoMA and London's Tate Gallery, took turns to hit the headlines with their plans of collecting Hirst's works, creating much ripples in an otherwise quiet market.

In May 2004, it was reported in England's The Art Newspaper that MoMA has intentions of deaccessioning worth US$20.78 million from famous artists such as Picasso, L?er, Pollock in exchange for nine pieces of Hirst's works. When facing inquiries made by reporters, the chief curator for MoMA, John Elderfield, did not deny the museum's interest in the works by Hirst. All he would concede was that matters under consideration could not be revealed to the public, especially since any room for price negotiations might be greatly affected should any news be leaked out. In actual fact, MoMA has yet to acquire a single piece of Hirst's collection. However, as its plans to collect have already been in store for some time, unless the purchase has already been successfully completed to date, otherwise, any room there was for negotiation of prices will be squeezed even further now! For an exclusive auction under Hirst's "Pharmacy Restaurant" has just set an astonishing turnover of ￡11,132,180 (approximately US$20,315,248) on 18th October 2004 at London's Sotheby's.

The auctioneers adopted a prudent approach towards estimating the valuation of the entire exclusive auction. What was estimated to be worth ￡3 million had, in the end, turned out to be worth three times more! Besides knowing how to market himself, Hirst is in fact especially clear about where his value lies. The "Pharmaceutical Restaurant" was originally set up in partnership with a few friends in 1998. In its heydays, celebrities linger on with no thoughts of leaving and it was even turned into a movie set. Later, as the popular fad gradually receded and partners harbored intentions of winding up the business, Hirst personally bought over all the souvenirs and art works from the restaurant before it ceased operations in September 2003. It was rumored that he had paid only a meagre sum of ￡5,000 then. Eventually, during the exclusive auction of "Pharmaceutical Restaurant", its decor, furnishings and installations were closed at a total of ￡6.98 million, profiting by more than a thousand folds within the instant of selling. Evidently, only the likes of Hirst's forthright decision are worthy of being touted as a true art investor.

A five-fold average increase in value for all mediums within seven years

According to the tabulations done by Artprice, from 1997 till September 2004, the price index in the auction market for Hirst's works under any medium had grown by more than five times. In other words, a US$100 investment in Hirst's works in 1997 can be expected to fetch an average value of US$537 in September 2004, of which, even the annual growth rate of increase for 2004 alone had reached 50 to 60% too. Profits looked rather optimistic indeed. Judging solely by the single medium of painting, from 1998 till October 2004, the price index for Hirst's paintings grew by 261%. This means to say that for every investment of US$100 in Hirst's painting during 1998, its value in October 2004 will already have reached US$261. Amongst others, the growth rate for paintings in 2004 alone reflected an average increase of about two times too.

Right up till the deadline of this article, the total turnovers for Hirst's 2004 personal auctions have yet to be completely tabulated. But judging by the record of US$20,315,248 (with premium) hit in a single round of exclusive auction in "Pharmacy Restaurant", which far surpasses 2003's whole year total of US$4,472,232 (without premium), 2004 is expected to hit a total of at least US$25 million (approximately NT$800 million) by year's end. According to a report by Artprice published on 9th October, Hirst is currently ranked 65th on the list of artists' auction turnover volume (from past till present). For a 39-year-old contemporary artist, this result is indeed one that is astounding!

The affectionate ties of rivalry between the giants in the British art scene

Hirst's remarkable results in the arts scene today often reminds people of his first appreciative patron- renowned Briton, Charles Saatchi, who sponsored and collected Hirst's works for as long as 15 years. What was more impressive was the investment foresight that he held. Being a former magnate in the advertising world and an avid collector, it was in 1987 that Saatchi started turning towards avant-garde, becoming the single biggest collector of work by young British artists now. Accordingly, there are around 350 artists whom he collects from and quantity of works collected could be as high as 2500 pieces with a market value of more than ￡200 million (approximately US$380 million). On 28th November 2004, an interview with Saatchi was published by England's Telegraph. In it, Saatchi revealed that in 2003, he had the original intentions of donating these collections to Tate Gallery. However, the move was surprisingly declined by gallery director Sir Nicholas Serota. It was not that the director does not understand the importance of this collection; in fact, he had openly expressed his appreciation for works of YBA artists such as Hirst. According to some speculations, Serota and Saatchi had all along viewed each other as competitors. The reason for Serota's declination could be chiefly due to his aspirations for Tate Modern to be a museum in Serota's style and not one in Saatchi's style.

No matter what, Saatchi had definitely been a good judge of Hirst's talents. When Hirst was still an unknown, he was the earliest to detect Hirst's artistic potentials and started to demonstrate his thoughts by concrete actions of support and sponsorship right from the beginning. Saatchi pointed out that Hirst was a "genius" and therefore possesses much of the early works of the artist. Purchasing the works with only a small fortune, each piece of collection has since climbed to very high values, further strengthening his claim of being a supercollector. Saatchi first bought Hirst's "A Thousand Years" in 1990 using ￡50,000 (approximately US$64,000). This was a cow's head surrounded by flies inside a piece of glass cabinet. Experts had estimated the price of this work to be worth around ￡1,400,000 (approximately US$2,660,000); in 1992, Saatchi once again shipped another piece of Hirst's installation work on tiger shark back from Australia using ￡25,000 (approximately US$32,000). This piece of work is currently worth approximately ￡2 million (approximately US$3.8 million). Saatchi has always appeared to be Hirst's most loyal patron. In the year 2000, he used ￡1 million to purchase a 20 feet tall anatomical model bronze sculpture "Hymn", whose current value has now far surpassed that of the past.

Around November 2003, there was a rumor passing on in London's arts scene that Hirst had bought back 12 pieces of works from the hands of Saatchi through his dealer. Although both parties refused to reveal the transactional amount, however, according to a report by the International Herald Tribune, the transactional sum was estimated to be worth US$15 million. After the many years of investing, it can be said that Saatchi has gained both in reputation and in wealth. As The Times had directly pointed out, Saatchi has recently sold 45 pieces of Hirst's works in succession. As Saatchi is known to dispose of an artist's works on hand at one go based on personal likings, thus resulting in previous cases of collapsing markets for such artists, it is only natural for Hirst to wish to gain autonomous rights.

As indicated by various signs, the relationship between the two giants of England's contemporary arts scene has begun to change in minute ways, forming a sort of competitive relationship in which their ability to self promote can hardly be differentiated as better or worse. In Spring 2003, the new Saatchi gallery located at London's City Hall had just successfully held a personal retrospective for Hirst, but by year-end, news of the artist himself buying back 12 pieces of works broke and on 18th October 2004, Hirst introduced the exclusive auction on "Pharmacy Restaurant" collectibles, creating new high records for Avant-garde artists.

The love of new generation collectors and celebrities

Besides Saatchi, many celebrated artists are also avid art collectors. Several rock stars such as Elton John and David Bowie are all examples of celebrities who have developed particularly strong sentimental feelings for contemporary art. Not only renowned as patrons of English contemporary art, they are also collectors of Hirst's works. Since getting in touch with contemporary art from 1977 onwards, David Bowie has become a great collector today. He once said: "My idea of a contemporary artist is Damien Hirst." Madonna, Hugh Grant and Kylie Minogue had all been guests at Hirst's pharmacy restaurant in the past and the relationship between Hirst and the rock band Blur even allowed Hirst's compositions to step into the realms of cover design for music video recordings and record covers.

The charm of Hirst's art is indeed unique. Even England's Golden Boy in soccer, David Beckham, could not resist being an avid fan. In 2003, Beckham bought a piece of Hirst's bright pink heart shaped butterfly painting for his wife Posh Spice, Victoria, as a gift for their fourth wedding anniversary. It was said that Victoria was so delighted that she praised Beckham for his attention to details and his considerations. Besides expressing the intentions of his heart, most importantly, this gift is also a work of art worth ￡250,000 (approximately US$480,000). The painting currently stands in the couple's London mansion. Another eminent person that collects Hirst's works is Kent Logen, the patron of the San Francisco's Museum of Modern Art. During the highly acclaimed Supernova exhibition held at the museum from December 2003 till May 2004, several of Hirst's collections were exhibited. Besides this, the Contemporary Art collection belonging to the Swiss bank views Hirst as one of their guiding figures. Even Taiwanese entrepreneurs have started to collect Hirst's works, thus the continued rage of his charm can be seen.

High values for installations of glass tank, medicine cabinet. Paintings are the prime force of the market.

The most valuable Hirst work currently in the market should be the 14 feet long tiger shark installation that hails far and wide. It is estimated to be roughly worth ￡2 million (approximately US$3.8 million). However, transactions for large glass tank installations are seldom conducted through the operations of the auction market, most rely on agents as private intermediaries. Whereas in the auction market, the artist's highest world auction record was created by the 1998 composition "The Fragile Truth". This gargantuan pharmaceutical cabinet installation was an auction lot in the exclusive auction of "Pharmacy Restaurant" held in London on 18th October 2004. The deal was closed at ￡1.1 million (approximately US$ 2.01 million) and the successful bidder was London's art merchant, Harry Blain. This broke a previous record set in December 2003 by New York's Phillips, de Pury & Company for the 2001 composition "Something Solid Beneath the Surface of All Creatures Great and Small", which put up combinations of animal anatomical specimens, setting a transactional price of US$1.2 million, surpassing the million US dollars mark for the first time.

Besides achieving excellent auction results for installations, Hirst's 1993 spot painting series, "Amodiaquin", was also rather outstanding in Sotheby's 2003 autumn auction, fetching results of US$848,000. It broke the previous record set in 2000 by a two-painting set of the butterfly painting series, "In Love- Out Love", during an auction by Phillips, de Pury & Company auction, with the deal of US$750, 500. This series of painting works also wrote a world auction record for the artist then. In Autumn 2004, Hirst's works of painting achieved impressive auction sales for auction houses in both New York and London. This was especially so for the exclusive auction of "Pharmacy Restaurant" in which three pieces of butterfly paintings were auctioned for ￡364,000 (approximately US$645,000) each, which was more than two times above the higher pre-estimate, showing a strong demand for his works.

Generally speaking, huge installation works are mostly collected by organizations such as foundations or museums. As private collectors are concerned about the issue of preserving the works, considerations for collection would generally be made only for works in flat planes. Of course, Hirst's case is no exception too. According to the figures provided by Artprice, paintings make up the highest proportion for the artist's turnover volume in the past seven years at 64%. Following this, sculptures constitute 29%, prints constitute 4% and other mediums constitute 3%. Even by analysing the number of pieces sold, the category of paintings still came up trumps at a proportion of 48%, far better than prints or sculpture installations at similar proportions of 17%. Just as Andy Warhol's Campbell soup can or Marilyn Monroe portrait is a personal symbol, Hirst's spot paintings and butterfly paintings became individualized trademarks. Due to its distinct special characteristics, these works of art are especially popular amongst collectors.

Collectors from all around the world are deeply in love with Hirst's creativity and great reputations. However, if you are thinking of looking for Hirst's works in the auction market, UK and USA are the only two available choices at the moment. According to analysis of the numerical values for Hirst's auctions from 1997 till 2003, the British market had the highest share for turnover at 59% whereas USA came in second at 40%. As for comparisons in the number of transactions carried out, UK still retained a higher ratio at 53%, USA at 41% and other countries at 6%.

Is the peak of the market now?

Tate Gallery's director Nicholas Serota is full of praise for Hirst's appetite of risk. "Damien is something of a showman", he says. This has not always been easy in the intense climate of the 1990s. "It is very difficult to be an artist when there is huge public and media attention. Because Damien Hirst has been built up as a very important figure, there are plenty of sceptics ready to put the knife in." The great patriarch of avant-garde art's Turner Prize wisely pointed out in appreciation of Hirst's talent the situation of him becoming a subject of envious jealousy over his fame.

For many years, concerns or criticisms for this art urchin were incessant. From the looks of current market performance, collectors of Hirst's works are now reaping the fruits of investments for the past ten odd years. Hirst is man of wit. Guided by the highest principle of leaving a mark in history with art, he is well aware of the many different public perceptions concerning him. Two months ago, most of the 500 bidders that jam-packed the London auction house, as well as the tens of phone bidders in from all over the world, had returned empty handed. These people would surely not be giving up so easily in their search for Hirst's works. In the author's humble opinions, Hirst's legend will not just end in such. If MoMA is only just starting to enter the market now after adopting a wait and see attitude for more than ten years, would the present moment be the highest point for his market? Undeniably, his prices have certainly peaked for now, but with Hirst's status and influence, the demand should be just starting to surface.

Strip Teaser
1996
Stainless steel and glass cabinet
195.6 x 629.9 x 50.8 cm

Traditionally, art and tastes possesses preconceived boundaries and connotations, and Hirst constantly challenges this by posing doubts and attempting to redefine its meanings. Obsessed with medical therapies and research in pathology since a young age. He developed a keenness to search for, read and collect pictorial books of such genre, as well as to make copies of the pictures, which he was especially fond of. He felt that since medical treatment and pathology induced such deep sense of trust in one, art should also be as such. Both Duchamp and Warhol adopted the concepts of using ready-mades, creating in succession new possibilities for art during the early and middle twentieth century. Using clear trains of thoughts and adopting an unpretentious, direct manner, Hirst though, provided at the end of the century, a modern interpretation of "Vanitas" through the use of medical products.

Hirst once said: "I've always seen medicine cabinets as bodies. But also like a cityscape or civilization, with some sorts of hierarchy within it. It's also like a contemporary museum of the Middle Ages. In 100 Years time this will look like an old apothecary, a museum of something that's around today."

Hirst was quite humorous in naming the installation "Strip Teaser? hinting of sexual derision and taking ironical jabs at Man's natural desires to peep. From the point of the artist's considerations, the body of such a person was thoroughly stricken bare, save for two remaining pieces of bones. A lifeless subject-lain in an orderly combination, the cold, steely bed, glass display cabinets, the anatomical models and the medical instruments provoked a sense of alienation. Besides inducing deep compelling reflections upon the space between life and death, it also pointed out the weakness of man's character.

The Existence of Nothing Causes Nothing
1999
Empty drug bottles and MDF glass
121.9 x 182.9 x 17.8 cm

Medicine cabinet is a combination of minimalism and pop art in the presentation of conceptual installation art. It is an art expression that employs ready-made materials such as labels of pharmaceutical factories, cans and bottles, with the display in medicine cabinets that present a high-end fashion. To say Andy Warhol the creator of pop art with Campbell soup cans, Hirst cultivates a brand new aesthetic idea and presentation with pharmaceutical factory labels.Artists have always considered the image of pharmaceutical companies a symbol of authority and trustworthiness."In the present day of the 21st century, medicine is of particular significance to mankind; at a certain level, it is a necessity in daily life. "Throughout human history, men have sought an elixir of eternal life with alchemy; however, it is inevitable that all creatures face death. Human beings never relinquish the dream of eternity.Medicine is therefore the shortcut and resort to extend limited lifespan.For artists, art is just like medicine, which heals ailments and illnesses.

"The Existence of Nothing Causes Nothing"corresponds to the philosophical discussions of existentialism.The concept of creation in Bible suggests that God creates beings out of nothing.Buddhism maintains the theories of karma and empty logic.Hirst combines medicine and art to present a concept of minimalism and metaphysical ideas.This piece of work was produced in 1999.He used empty bottles of tranquilizer and paper cartons to symbolize the need for liberation and tranquility amid the mess and disorder at the turn of centuries. This "creation" of the artist naturally maintains as an interesting and creative work of art.

Adam and Eve
1997
Glass, steel, formaldehyde solution, cow and bull's head
45.7 x 31.4 x 45.7 cm x 2

The piece of formaldehyde installation in 1995 "Mother and Child, Divided" was the winner of the Turner Prize in the same year."This piece of work gave rise to fierce debates at the time of its creation.He overthrew the concept of Holy Mother and Child that embedded in western civilization."The corpses of the cow and the calf characterized his disdain and arrogance."He hoped to draw sentiments of fear and doubt from the viewers with his work in the objects and events that have been familiar with people. These sentiments could further extend the concept of death into another form of eternity.

Hirst's work often challenged the restriction and limitation of traditional western art.He overturned the recognized concepts and understandings of religion and civilization. He studied bible stories; the glass tank series of "natural history" adopted the theme of Adam and Eve for more than once.This piece "Adam and Eve" is presented with a specimen of an ox head. Some of the other works bearing the same name had other ways of presentation, including a human body model lying in a glass medicine cabinet, symbolizing the expel from Eden.

In Bible, God creates man. The ancestors of human beings are Adam and Eve; the concept of human civilization and knowledge originates from this traditions. Adam and Eve were expelled from Garden of Eden and thence were introduced to concepts of good and evil as well as human emotions. Artists of all ages interpret this theme with all kinds of presentations."This theme is one of the most well-known classics in western civilizations. Yet to present the idea with animal carcasses with a clear implication of warning has to be the most extraordinary interpretation for the past 5 centuries. The concepts of life and death that Hirst had are a subversion of art. His work of formaldehyde caused sensations in the global art milieu, which is in the meantime the most representative of his style and creativity.

Naja Flava
2000
Gloss household paint on canvas
68.6 x 53.3 cm

Speak of Damien Hirst, we cannot avoid mentioning his Spot Paintings. Hirst seizes from the quintessence of medical, pharmaceutical knowledge and Pop Art to develop his own spectacular aesthetic sense. Among them, the Spot Paintings are the most representative of Pop Art genre in all of his serialized works.

The colorful polka dot patterns were a symbol of England's popular culture in the 1960s. As small as candies, the little round dots were alike pills of drugs. Under the considerably influence by Pop Art, Hirst put the urban symbol into his works and used neon colors as his creative media. He created a new trend for a new generation of artists.

Hirst began to create the profusely colored Spot Paintings in early 1990. Until today, Spot has already been turned into a fashionable cultural icon. From oil paintings, digital prints to wall murals, even the Mini Austin and Formula One Jaguar have been painted by these multicolored spots. From these examples, we can see how favorable Spot Paintings are.

This painting, titled "Naja Flava" was created by Hirst in 2002. Naja Flava literally means yellow cobra, a kind of venom. The round spots, which were in fact symbols of pills, have been arranged neatly on the painting. It is a style of Pop Art in 1960s, but more delicate. It is a kind of metaphor to the modern society as well, since Hirst understood perfectly well: Until today, medicine and modern living are still closely linked. Humans still seemed unable to shrug off the enticements from medicines.

Spot was a symbol, and also was a mark of the generation. Hirst created a unique beauty, just as he said when his Spot Paintings land on Mars following the launch of the British made Beagle 2 probe: "If they (living on the Mars) have got eyes, they'll love it."

Zinzadze Reagent
2002
Household gloss on canvas
213.4 x 213.4 cm

In Hirst's spot painting series, concepts of painting were reverted to the simplest state of composition-spots, where abstract senses of beauty were formed by combinations of spots in all sorts of colors. And paintings in such abstract manners went on to become a personal trademark for the artist. The concept for Hirst's "Spot Paintings" was initiated in the late 1980s. He thought that it would be a never-ending piece of research and creation. For example, in 2003, Hirst's spot paintings were included in the Mars space project, where its color spectrum provided a basis for rectification of its astronomical gadgets.

This piece of work was originally named "Zinzadze Reagent? which is actually a kind of chromatography for phosphorous reagent and acidic solvents used in biochemistry for determining the composition of phosphate found in certain materials. By experimenting in chromatography, Hirst sung praises for the most fundamental element in art-colors. At the same time, we understand, through these, the unique ways that Hirst has with color analysis.

Regarding himself as an expert in colors, Hirst had absolute confidence in his use of colors and pursued the principal of "phenomenal love of color". Creating "Spot Paintings" is his way of affirming the delights of color. He thought, "Mathematically, with the spot paintings, I probably discovered the most fundamentally important thing in any kind of art which is the harmony of where color can exist on its own, interacting with other colors in perfect format."

Lovely and Kind
c. 2001
Household gloss on canvas with butte

That "butterfly" is a synonym for beautiful is a perception practically recognized at all times in China and in other countries. Is it not so? In the Chinese mythology, both Liang Shan Bo and Zhu Ying Tai were transformed into butterflies after their death, and scholars devoted music and theatre in praise of this sad but beautiful love story. And in western Greek mythology, there exists a similar romance revolved around butterflies too, which the great art masters have passed on till today through their paintings and sculptures.

Psyche, a beautiful lady sporting butterfly wings on her body, was the youngest daughter of a king. It was said that she possessed such devastating beauty that no man could remain unmoved after seeing her as her charms were comparable to that of a goddess, and this thus incited jealousy within Venus, the goddess of beauty. Venus had a son, Cupid, the god of love, who goes around shooting arrows everywhere and he too had a pair of wings growing out of his body. Cupid loved playing tricks on both human sexes and even the gods were not spared from his magic of love. He was equipped with two types of arrows, one of gold and the other of lead. Those shot by the first, his golden arrows, would fall in love with the first person their eyes fell on, while those shot by the second, the lead arrows, would forever hate the first person whom their eyes fall upon.

Thus, Venus plotted revenge upon Psyche by making use of Cupid to make her fall in love with the most ugly and despicable monster in the whole world. However, when Cupid came to carry out his mother's orders and found Psyche soundly asleep in the palace, he became immensely captivated by Psyche's stunning looks of beauty. In a state of infatuated frenzy, Cupid's toes were struck by his own arrow and thus fell in love. With the secret assistance of Apollo, the two soon found that they had much in common. However, due to Venus's thwarting, as well as the suspicions and alienation that both once held towards love, they had to go through much obstacles and pursuit before finally being able to end up as a couple much envied by even the gods.

In Greek, "Psyche" carries both meanings of "soul" and "butterfly" It symbolizes Man's spirit; on the other hand, the term "butterfly" itself carries the double significance of "transformation" and "new life" symbolizing love in terms of art. To become a beautiful butterfly, one must undergo a process of transformation and only death leads to the beginning of new life.

The artist, Hirst, used the symbolic meaning of butterflies as a metaphor for the transience and impermanence of life and love. Once shot by Cupid's arrows, they fall into the sweet traps of paint, which is tantamount to being willing captives for the attainment of a lasting and meaningful art. In English, the word "Lovely" means cute and is mostly used in describing women. "Kind" though normally means merciful and is mostly used to describe men. Hirst is once again seen here to be playing a game of words that is filled with incisive wit.

Untitled - Butterfly Heart
2002
Household gloss on canvas with butterflies
214 x 214 cm

It seems a long time that Butterfly Painting nearly has become pronoun of Damien Hirst. As a hot superstar of the British art market, Hirst's installation works sealed his reputation in the 1990s. In "In Love-Out of Love" his 1991 exhibition of installations, the wonderful combination of the butterfly and canvas lets him gain considerable fame especially. Can you imagine the beautiful scenery that several hundreds of butterflies flutter around the gallery? This is the world where Hirst created.

Several hundreds of live tropical butterflies fluttered among the variety of monochromatic canvases that were fully soaked with saccharin-like gloss paint. Colors filled with love, such as pink, light blue, light yellow and so on. Some of the butterflies oviposited upon the paintings, metamorphosed from pupas into adult butterflies, showed the whole life circle. Others, entrapped by the sticky coloring materials, struggled to break free. The inspiration of the creation brings peoples more thinking, and reveals deep feeling of the artist for life and death, love and hate as well.

The "Untitled- Butterfly Heart" was created by Hirst in 2002. The harmonious and sweet shape of the heart is one of the best-loved symbolic signs by Pop Artist. The soft and graceful pink color and the true butterflies render direct associations with splendid love. Romantic, but it also seemed to add several traces of illusive melancholia. A single piece of canvases containing within it, a world with happiness and puzzle of love and life. This is an inerrable beauty, just as he had described in his autobiography, "More real then de Kooning, where the colors leaps off the canvas and flies around the room."

The Most Beautiful Thing in the World
2003
Oil based paint and collage
213.4 x 213.4 x 17.8 cm

If you were to ask, what is the most beautiful thing in the world? I believe that everyone would come up with different answers. To the artist Hirst, butterflies, life and deaths, dazzling enchantments in kaleidoscope-like manners, are the most beautiful things in the world. In his biography, Hirst mentioned:"You need to find universal triggers, everyone's frightened of sharks, everyone love butterflies."Both types of triggers, shark and butterflies, have been found in a number of the artist's previous compositions. Under the artist's delicate hands, the butterflies directly sparked off concepts of beauty, love and the desires of Man. Their short life span and beautiful appearance have become a powerful testimonial to the frail existence of life. Not only did the butterflies express the artist's artistic desires and prowess, they also drove the audience to experience contradictory feelings towards his creations of both shock and delight, in existence and yet isolated.

The work, "The Most Beautiful thing in the World? is evidently a masterpiece developed after Hirst's 1991 "Butterfly Painting Series" in extension and hence the rousing name that he bestowed upon the painting. From the start of 2001, he produced a kaleidoscopic series of butterfly paintings, which were very rare in quantity, totaling in all at approximately 15 pieces. This piece, "The Most Beautiful Thing in the World" is indeed worthy of being acclaimed as a marvel amongst other works of the same series, given its meticulous artistic composition and the colors that dazzle.

Sale Date/Venue: Sunday, 14 November, 2004, Taipei
Number of Lots Sold: 66
Value of Lots Sold: USD 3,224,203 (approx. NTD 106,205,240)

The following prices in Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest Taiwan Dollar.
On the date of the sale, exchange rates were approximately as follows: USD 1 = TWD 32.94、HKD 1 = TWD 4.241

ing autumn last year, some of the media were astounded by how auctioneers in both Hong Kong and Taiwan are introducing Ju Ming's works in quick succession. This caused much worry as to whether the two places could stomach such a huge amount of supply. As indicated by the steady and enthusiastic buying trend, the overall transactional sales for 2003 reached NT$23,827,600. This figure surpassed even the accumulated total turnover for the previous three years (1999-2002) - NT$22,534,870! And to top that, the transactional volume for Ju Ming's sculptures in the first half of 2004 (from January till end June) has already accumulated to NT$35,524,150. As the half-year's amount of transactions already surpasseed the whole year total from the previous year, and with a half-year transaction total of twelve lots, which is equivalent to the total amount of transactions for the past year, it seems that the market demand for Ju Ming is indeed higher than expected.

In the foreword to the 7th issue of "Art & Investment", I mentioned about how the emergence of large-scale sculptures actually proved to be a boost towards Ju Ming's market rates. The four pieces of Ju Ming's sculptures introduced by Ravenel in this year's Spring Auction have all been sold. Of these, three pieces were large-scale works that resulted in an enthusiastic bidding competition, which indeed created a new record for the artist, and all three wooden sculptures made it into the "Top 10 Most Expensive Sculptures of Ju Ming Ever Sold at Auction" with outstanding results. This was followed in Hong Kong's Christie's and Sotheby's as well as Taiwan' Ching-Shiun and π Leader by the introduction of Ju Ming's smaller auction items in which all were totally auctioned out too.

Sculptural works has never gained mainstream status in the Chinese art market. Sculptures to be auctioned are normally just fragmentary ornaments. After passing the Millennium, Ju Ming's works of sculptures has continually made its presence in the auction market, shattering many unspoken yet established conventions. Not only did his fine auction results act as the engines for the sculpture market, it also became a celebrity auction item regarded by auctioneers as a major advertisement.

Currently, the few Taiwanese sculptors with transaction records in the Taiwanese auction markets are sculptors like deceased Huang Tu-shui (1895-7930), Yoyo Yang (1926-1997), Chen Ting-shih (1916-2002), the overseas-based Hsiung Ping-ming (1922-2002), as well as others who are still currently active in the Taiwanese arts scene such as Hsiao Yi (1956-), Lin Liang-tsai (1947-), Li Kuan-yu (1954-), Michell Huang (1948-), Hsieh Tung-liang (1958-) and Tsai Chih-hsien etc. There also aren't many contemporary sculptors to be found in Mainland China, and most are an artist who also dabbles in photography and installations. Pure sculptors with successful transaction records in the auction market are as sparse as the morning stars. Sculptors such as Yang Jianping (1961-), Sui Jianguo (1956-) and Zhan Wang (1962-) are the few who enjoy greater fame. Ju Ming's success was definitely not by chance and the records that he has set in the auction market were no mean feat. Interestingly, as we compare the excellent sales of sculptural auction items in the international art market, the rise of three dimensional works of art in the Taiwanese auction market was actually in tune with the international market!

Red Hot Sculpture Prices in the New Century Art Market

In the international art market of the new century, the performance of sculptural pieces presents an unprecedented glorious scene. For instance, the sculptural pieces of modern sculptors such as Brancusi, Giacometti and artists who work across different mediums such as Degas and Picasso, have proved increasingly popular in the recent few years and have continually created new auction records.

According to the January 2004 indicator list, "Sculpture Price Growth"(p. 17), announced by Artprice, from 1996 till 2003, with the exception of od Master Sculptor? price indices for all other sculptures indicated an upward rising curve. This is especially so for the "Contemporary Sculpture" by artists born after 1940. Within seven years, the indices had grown by nearly 100%; and as for "Modern Sculpture" the indices were doing pretty well, increasing by nearly 50%.

In 2003, several master sculptors created personal new records, for example, the English sculptor, Henry Moore, of the "Modern Sculpture" category (US$6,167,500), the American Kinetic sculptor, Alexander Calder (US$5,831,500), the French sculptor, Hans Arp (US$2,682,500) and American Pop artist, Roy Lichtenstein (US$ 2.136 million); and in the category of "Contemporary Sculpture", a member of the YBA, Damien Hirst (US$1,164,500), the English sculptor Barry Flanagan (US$ 487,356), etc; and in the 2004 Spring auction, abstract master of "Modern Sculpture", Willem de Kooning (sculptural record, US$ 3,479,500) the Italian installations artist of "Contemporary Sculpture", Maurizio Cattelan (US$ 2.08 million) and the American Minimalist sculptor, Dan Flavin (US$679,500), who had just created a personal sculptural transaction record in the early half of this year. As for internationally acclaimed Chinese master Ju Ming, the 2003 and 2004 auction markets saw him breaking various personal auction sales records. Compared to the market prices of other international sculptors, Ju Ming, who was born in 1938, has bright upcoming market prospects. Currently a leading figure of sculptural authority across the two straits, he possesses high international visibility, outstanding individual art lingo and a sense of beauty stemming from both oriental culture and abstract art, it is little wonder that collectors overseas are highly interested in his works.

Rocketing Transactions for Wooden sculptures, bronzes may continue Buying trend

Coming from a background of traditional woodcarving, wood sculpturing is naturally an area that Ju Ming is most skilled in. Later, he came under the tutelage of Yuyu Yang and accepted the baptism of modern art, gradually enriching his personal vocabulary of art. Besides woodcarving, he also added materials of other qualities to his compositions such as bronze, carved stone, potter' clay, stainless steel etc. In recent years, the auction market has been seeing more of Ju Ming's wooden sculptures and bronze sculptures. As there can only be one single piece for every wooden sculpture, this is thus unique in the eyes of the collector. No problems would arise with regards to the editions of casting. Thus, between the two, wooden sculptures are in greater demand, with prices also being relatively higher for each piece. In the earlier half of 2004, auction markets saw a transaction of 12 pieces of works of which 10 were wooden sculptures, 1 was bronze and the other a pottery clay sculpture.

Under the circumstances of insufficient auction supply, bronze sculptures can look forward to continuing the excellent records and purchasing trend of wood sculptures. In the past, Ju Ming's overseas sculptural market has always been pretty good. For instance, in places such as Hong Kong, Singapore, France, Israel, buyers there are unlike Taiwanese collectors who are deeply in love with wooden sculptures. Instead, they prefer Ju Ming's bronze sculptural pieces. Although there are more bronzes than of wooden sculptures, however, as the proportion of transactions reveal, for the recent five and a half years in the auction market, bronze sculptures constitutes just 17.6% whereas wooden sculptures makes up a significant 81.2%, which is quite a wide difference in ratio.

The three great series - Nativist, Taichi and Living World

Ju Ming gained recognition worldwide by the Taichi series, and it is also the same theme, "Taichi" that won the hearts of the market. The artist is one who practices what he preaches, by practicing Taijiquan, he was able to comprehend the beautiful sense of integration between man and universe. What the Taichi series presented was a human body in abstract form, an epitome of the universe. It was a harmonious beauty that he achieved by putting oriental strength and beauty together. The "Taichi" series was first featured in 1978 and had continued until recently. Only after the artist had completed "Taichi Arch" did the entire series come to an official end. Over the past twenty odd years, the thirty-six styles of Taichi chuan had long been thoroughly mastered by Ju Ming. Using sculptures, the number of taichi sculptures that he has completed to date is unknown. Hopefully, either the Ju Ming Museum or other related agencies can finish compiling the catalogue raisonne of Ju Ming's complete works in the coming days as this will be especially useful for clarifying issues of editions for the bronze sculptures.

As he was featuring the Taichi series, Ju Ming's "Nativist" series made him a representative figure among trends of Taiwanese Nativist movements during the 1970s. During this period of time, agricultural themes of cows, chickens or even historical figures were the main focus. The "Nativist" series also saw fantastic results in the Taiwanese auction market. Through these works, the artist was able to portray the natural feelings that he has for his native land, easily striking similar resonance. The "Living World" series was featured in the early 1980s. Exquisitely depicting the looks of ordinary folks, this series of work is still being developed. As the auction market rarely introduces works from the "Living World" series, thus its transaction proportions are not high.

Not just Taiwan and Hong Kong, Singapore and Israel also see a share of Ju Ming's fans

For the past five and a half years, Taiwan has still been dominating more than half of Ju Ming's market. The other half comprises of places overseas such as Hong Kong, New York and Beijing etc. By building his own museum and sculpture garden in the province of Taipei through his own efforts, the artist was able to bring his art nearer to the community. Such self-dependent attitude is hard to find, and has thus won him much respect within the local art and literary fans. That even the Taiwanese collectors had responded is still the key for Ju Ming's market.

Ju Mng's overseas exhibitions are constantly ongoing. This year, his Asian tour will be unveiled in June at Singapore with an exhibition for duration of two months. When passengers arrive in Singapore's Changi Airport, the first thing they will be attracted to is a parachute hanging in the main arrival hall, which is just one of Ju Ming's exhibits. The rest of his works, 60 odd pieces of sculptural items, will also be displayed in exhibitions grandly held in organizations such as the Singapore Art Museum; the exhibition will, during the transition between 2004 and 2005, travel on to Beijing China National Museum of Fine Arts and the Shanghai Art Museum for its tour. According to the CNA news on 8th August, a huge bronze sculpture of Ju Ming's "Taichi" series is currently being exhibited in the outdoor space of Tel Aviv Museum of Art. The art piece is loaned from none other than an Israelite collector. In the past, Ju Ming's sculptures have been introduced and featured in exhibitions worldwide, thus, items of his sculptural works are already collected by many overseas art museums. Private collectors are scattered across the globe too. As such, his future works may not only be auctioned in both Taiwan and Hong Kong. With an increasing visibility rate in recent years, artists such as Zao Wou-ki and Chu Teh-chun are seeing their works being auctioned in quick succession at places such as Europe and America. Without a doubt, Ju Ming is the most highly acclaimed Chinese master sculptor. In comparison to the market rates of many international Modern and Contemporary sculptural masters, Ju Ming's current highest transactional record of US$260,000 is by no means an astronomical sum. However, his future market will certainly be a promising one. In the future, as Taiwanese collectors are still holding onto the most interesting works, overseas collectors will also need to visit Taiwan to bid for Ju Ming's sculptures, joining everyone else in this potentially unlimited investment market. Let' just wait and see!

we used to have what were called "rogressive"wards that were given out to students that had made the biggest improvement to their performance. These awards had nothing to do with the top 3 performers in class. Anyone who had maximized their performance improvement was eligible for the award. It was considered an honor to be given this award even though the performance was nowhere near the top 3 positions. Drawing an analogy between this award and the art auction market, then this year' top 3 performers in the Spring auction of western painting by Chinese artists would be Zao Wou-ki, Lin Feng-mian and Wu Guanzhong; while the winner of the "ost Progressive ward is undoubtedly Chu Teh-chun.

Artprice, a French company that watches and reports on the art market, regularly releases statistics on the performance of artists in the auction market. In a post-2000 market report dated February 26 2004, Chu Teh-chun was not even in the top 1000 list; in fact he was placed in rank 1129. However, in the August 26 report, Chu had risen to the 740th rank, a meteoric rise indeed! Since spring of this year, the prices of Chu's paintings had increased dramatically from less than NT$20,000 each to NT$60,000 per Hao and another again up to more than NT$100,000 per Hao. And the primary reason for these high prices is of course the competitive bidding for his paintings during the spring auction!

During the landmark Ravenel auction of western paintings by Chinese artists held on April 11, two of Chu's paintings (lots 010 and 040) caused a stir when the bidding intensified and eventually resulted in prices that far exceeded the base prices, affirming my prediction in the 6th issue of "Art & Investment"of an impending rise in the value of Chu Teh-chun paintings. The unexpected stellar auction results of Chu's paintings of course delighted the collectors and dealers who could not stop talking about the exciting bidding situation at the spring auction. The excellent results at the auction marked the start of Chu Teh-chun's rise through the ranks in the art market, generating yet more good results in subsequent auctions, creating for Chu a personal world record.

A Creative Career Spanning Six decades

Chu Teh-Chun artistic career started more than sixty years ago in 1935 at the Hangzhou Academy of Arts, that was then under the management of Lin Feng-mian. At the academy, Chu studied under the tutelage of Pan Tian-shou who taught him Chinese painting in Shih Tao's style of abstract expressionism, and western painting with Wu Dayu and Fang Ganmin, both of whom had been trained in France. Upon graduation, due to his excellent performance, Chu was invited to stay on as a teaching assistant with the academy and during the period from 1941 to 1944 he also taught at Nanjing's National Central University.

The artist recalls how, over a spate of 4 burglaries, he lost about a thousand pieces of his work created during his tenure in Hangzhou, including oils, sketches and portraits, never to be recovered again. Chu Teh-Chun emigrated to Taiwan in 1949 and began teaching at the National Taiwan Normal University. During his 6-year stay in Taiwan, he created many paintings depicting the landscape of Taiwan. In the joint and personal exhibition of "Modern Independent Painting Exhibition"in Chungshan Hall in 1954, his works were completely sold out, bought by renowned artists and many of his good friends who had pitched in to help raise money for him to pursue further studies overseas. These buyers included Huang Chun-pi, Chang Tao-fan, Luo Chia-lun and Huang Shao-ku. Regrettably, with their passing, these works of art have all disappeared without a trace.

Presently, most of Chu Teh-chun's paintings that are available in the market were done after he had left for France in 1955. Upon arrival in France, he worked tirelessly and createdcreating many paintings that were exhibited in salons and other exhibitions of varying scale. His early works were mostly figurative paintings like the portrait of his wife Jing Chao. In 1956, Chu saw the non-figurative paintings of Nicolas de Sta?, the artist that took his own life. What he saw inspired him to change his style of painting and in 1957 he took his first steps towards abstract painting, a style that was enthusiastically accepted by the Paris art world. Since then, Chu took to further exploration and development of his own style and in 1961, he tried painting with ink, noticing the captivating way in which the ink spread throughout the canvas. From then on, he experimented with gouache and watercolor on paper instead of canvas, creating works of exquisitely blended and vibrant colors.

Having assessed Chu's paintings done between 1963 and 1972, art critic Li Chi-ming called it "Condensed Color Period" indicating that Chu had applied the traditional Chinese style of 5 levels of perspective, painting the background in a darker shade and applying lightening in just a small part of the painting, giving the impression of a convergence of light refracted through multiple layers of cloud and fog. If the colors were already blended then the artist, in his own characteristic style, would refresh the painting by adding some dazzling colors to it. At the three-hundred year celebration of Rembrandt's life in 1969, Chu was deeply inspired by the Dutch master's unique style of playing with different shades of color and since then, incorporated it in his own paintings.

Chu's work from the 60's were given a lot of exposure on internationallythe international scene. In 1969, the Guida all'arte Europea published by Buggatti Editore ran a special writeupwrite-up on Chu Teh-chun's successes; in 1974, one of the most reputable art dealers in France, Galerie Maeght, published a book "L'rt Abstrait, volume no.4, 1945-1970?introducing post WWII abstract artists and Chu Teh-chun was one of the artists mentioned. It was clear that by that time, Chu's art had already been widely accepted and appreciated.

From 1972 onwards, Chu's painting became even more free with relaxed strokes of abandonment to the inner self and a kaleidoscope of brilliant colors, creating a whole new world of color and beauty. Chu's unique style became even more pronounced with some of the brush strokes being likened to the traditional Chinese style of "free and random expression? In 1979, Hubert Juin, a well-respected authority on art in Paris published a biography on Chu, entitled "Chu Teh-chun? It was one of a series of books commissioned by the Le Mus? de Poche. By the late 1980's, Chu's paintings became even more magical and colorful, as evidenced by his "Snow Scenes"series completed between 1985 and 1989. He had used oils to portray the snow, ice and frost of the winter scenes, creating an exhilarating profusion of color and texture that makes one wonder if indeed this was the work of a mere mortal. The winter series comprised less than 20 paintings, all of which are now in the hands of private collectors. Since the late 1990's, Chu has collaborated with many art galleries in Taiwan but his style has not changed much.

Chu Teh-chun created a lot of paintings during his career and the demand for his paintings varied according to the period during which they were painted. Generally speaking, the market preferred the paintings done prior to the 90's, especially the brilliantly colored paintings completed in the early years of his career. It was a period which the market dubbed the "Jewel Period" emphasizing the elegance of his art and underlining the appreciation of the market for his work of that period. In the end of 1980, the "Jewel Period"and the "Snow Scenes"series are by far the most sought after of Chu Teh-chun's paintings.

Success at the Spring Auction expands the scope for growth

Following on the heels of the resounding success at the spring auctions in Taiwan and Hong Kong, one of Chu's 1965 paintings was sold at the price of 56,160 euros (about NT$ 2.36 million) on April 26 2004 at the Cornette de Saint-Cyr auction house, a new record for Chu Teh-chun in the European art market. With the new records and increased prices, the successful transaction rate and sales turnover of Chu's paintings also increased dramatically. Prior to 2003, the annual sales turnover at auction houses around the world never exceeded the 20 million mark; this year, however, this figure has risen to 36 million just in the first half of the year. Collectors may be wondering if the market for Chu Teh-chun's art has grown too quickly? Not necessarily so. In fact, if we compare the sales turnover amount for Chu's work with the two artists in "Three Masters of the West Lake"1 (Li Lin-tsan) - Zao Wou-ki and Wu Guanzhong who each sold between 100 and 200 million dollars annually, then Chu Teh-chun definitely has a lot more room for improvement.

96.9% of the sales turnover in the auction market are for Chu's oil paintings while the transactions for gouache and watercolors, although also on the increase, make up only a mere 2.9%. Chu has also done some block prints, but the transactions on these works are few and far between. Thanks to the careful coaching of his father, Chu became an accomplished calligrapher, specializing in the form of free-style writing that has earned him the title of a follower of Huai Shu. Chu's deep understanding and good grasp of Chinese calligraphy can be seen in the way he uses bold brush strokes to breathe energy into the lines and impart a sense of the Orient into the oils.

Market Distribution

In recent years, the auction business has prospered in Hong Kong. Although Hong Kong has a higher sales turnover for Chu's paintings than Taiwan,

Hong Kong's role remains that of a transfer stop for Chu's paintings which are mostly collected in Taiwan or and France. Chu Teh-chun emigrated to France in 1955 and for the past fifty years, has established a loyal following of collectors in his adopted country, earning accolades from the Paris art industry culminating in an invitation to become a member of the elite Acad?ie de France in 1997, the highest honor to be awarded by the French art world.

Chu lived in Taiwan between 1949 and 1955. He held an exhibition at the National Museum of History in 1987 and since the late 90's many art galleries in Taiwan began to collaborate with the artist to bring in many of his works, thereby establishing a foundation for his work in the Taiwanese art market. In fact, many of Chu's earlier works have already been snapped up by discerning collectors in the Taiwanese market.

Having lived in France for more than half a century, Chu's reputation has undoubtedly spread throughout Europe and his work is being collected in the UK and Denmark. The new kid on the block when it comes to the art market, mainland China is a market that warrants close watching. Starting from the late 90's auction houses began to bring in and successfully sold Chu's paintings in the Chinese market. These successes, complemented by the commemorative exhibition organized by the Shanghai Museum in 2000 to honor a native son that had left his homeland fifty years ago and the unveiling of the "Symphonie Festive"at the Shanghai Great Theater in 2003, propelled the status of Chu Teh-chun to greater heights in the minds of the Chinese people. In addition, ethnic Chinese collectors in Indonesia and Singapore have also shown increasing interest in Chu's art.

Although many of our overseas-based artists have left the home country, their deeply rooted traditions and culture can still be seen in their creations, adding to the depth and beauty of their work. Their international standing has also helped these artists establish themselves in the home country, as can be seen by the stellar results of auctions for Zao Wou-ki and Chu Teh-chun. Going forward, these artists not only have an established market but also the support of more than a billion people. Now who can refute the potential of a market of this magnitude?

1 Li Lin-tsan, 'New Interpretation to Abstraction Titles? Recollection for Teachers and Friends in the Art World: West Lake, Snow Mountain and Old Friends, Hsiung Shih Art Books, Taipei, 1991, p. 54

One can hardly be able to find any works of paintings by Sanyu in the art market, especially since the rate of turnover is almost close to perfect whenever any of Sanyu authentic oil paintings appear in the auction market. Collectors of Chinese Western art not in adoration of Sanyu are indeed truly rare, and those who have his works on hand also tends to hang onto them as if they were made of gold, thus resulting in the market situation whereby demand far exceeds the supply. According to years of my survey, in every ten listings of paintings most coveted by Chinese Western art collectors at any time, eight or nine of them would have listed Sanyu. For more than ten years, he was always an artist with a high rate of market enquiry.

American magazine, ARTnews, in its November 2003 issue, published the world top ten in he Most Wanted Works of Art? According to them, if an artwork draws upon one soul and entrenches in one dreams all the way till one death, and is also still in the hands of private collectors, then that would undoubtedly form someone ost Wanted List? taking for example Canne he Cardplayers? a piece costing US$100 million, or Van Goghortrait of Dr. Gachet?at US$90 million. In the minds of every collector would be a list of artworks making up their dream collection. Actualizing these desires into the motivation to search does not necessarily end in the satisfaction of these wishes and the multitude of mixed feelings experienced on such a journey is something that bystanders can hardly understand.

The exquisite collection of Sanyu paintings in the hands of the Yageo Foundation, Ms. Hsu, Mr. Chao, Mr. Chen of Taipei; Mr. Shih, Ms. Hsieh, Mr. Li of Taichung; Mr. Hsieh of Changhua; Edwards of France... etc., must presumably be some of the most wanted items of art in the minds of many people. In fact, they might just even be in awe of each other Sanyu paintings.

Why Sanyu?

How do Sanyu paintings manage to capture the hearts of most collectors, particularly the Taiwanese collectors? According to reports, amidst the exhibits in the Sanyu exhibition held in June this year at the Mus national des Arts asiatiques-Guimet, Paris, explanatory notes to three quarters of the works indicated that they were loaned from Taiwanese collectors. I believe that four factors contributed to make Sanyu the first person on the collectors?lists of most wanted in this region.

1. Lively and refreshing style enjoyed by all:

Sanyu paints in a terse and graceful style that contains the natural ease and elegance of poets and literary men. At the same time, he also blends it with the tender sweet European colours, as well as the carefree and unrestrained feelings of romance.

The contours and outlines of his female nudes were drawn with a high aesthetic sense of Eastern linearity. Vast extensive expanse of the universe and tiny creatures in solitude arouses sentiments of tender affection in one heart. On the other hand, flowers and plants that are depicted under his brushes in either dense or sparse growth are armed with a sense of haughty self-indulgence, which translates into a certain ornamental delight and beauty in form. It is not difficult to immerse into the artist world, hence the natural ease with which his works strike a common chord with the audience. Even painters of the same period were moved by Sanyu's paintings. For example, first generation Chinese oil painters such as Pang Xunqin and Zhang Xian were all influenced by the contours in Sanyu's human figures. At the end of 1965, commending Sanyu during the last exhibition that Sanyu held in his life, Pan Yuliang said, Sanyu's paintings are constantly changing with the times. They keep improving. This is very admirable. 1?

2. A legendary artist:

Amidst the first generation of painters who studied overseas, the entire life of Sanyu, from riches to homeless wanderings, arouses much intrigue in others. Hailing from a wealthy family in Sichuan, Sanyu grew up in favourable surroundings and was uninhibited in nature. During his residence in Paris, he gave up on the Ecole nationale superieure des beaux-arts, a school in the regular Academic traditions, and switched instead to sketch human figures at La Grande Chaumie, which was not of the Academic school. His concepts of painting even influenced Pang Xunqin, a painter from subsequent periods. Through the words of Pang narration, we can see the unyielding and informal character of Sanyu. In the 1920s, while other students were troubled over living expenses, Sanyu seemed to be quite free of worries, often going for walks in the countryside, enjoying the seas, playing tennis or simply staying to sketch in the cafes. Used to a luxurious live, Sanyu had never worried about his finances; in fact, he was even a trifle extravagant in spending. Even when financial support stopped coming from his home during the 1930s, he still didn understand the need to regulate his spending. Refusing to be restrained by the contracts with art dealers, he often acted as he wished. Sanyu's name was once published in the third volume of the 1932 Dictionnaire biographique des artistes contemporains 1910-1930?by Art et Editions, Paris. Having made his name by illustrating for the French edition of es Poes de Tao Tsen? his works participated in the Salon dutomne and the Salon des Tuileries on several occasions. Pang Xunqin once mentioned, in the 35th chapter (Sanyu) of the article end This is the Way We Came? that Sanyu and Picasso were old pals. He was certain that Picasso had once painted a portrait of Sanyu, although the whereabouts of the painting is unknown. Sanyu enjoyed a certain level of fame in the artistic regions of Paris. Being unwilling to compromise, he rejected the grooming offered by art dealers and missed great opportunities of gaining international fame. Upon the final few years of his life, he lived in utter destitution and was completely impoverished, arousing much pity from bystanders.

3. Collection by Famous Personalities:

During his lifetime Sanyu met several friends who truly understood and appreciated him, and Henri-Pierre Roche was one of the most outstanding examples. Roche was the author of the famed novelules et Jim?and eux Anglaises et le continent? The two novels were both subsequently made into movies by Franis Truffaut, a director of French new wave movies. Roche was particularly keen on uncovering artists and he associated intimately with the likes of Marie Laurencin, Georges Braque, Constantin Brancusi and Marcel Duchamp. The subsequent success of these artists was certainly influenced to some extent by Roche.

During the 1920s, Roche noticed Sanyu'talents and the two became close friends. One of Roche autobiographies points out that by 1931 Roche had already collected 111 oil paintings as well as 600 sketches by Sanyu. However, despite a subsequent fall out and ending of further association between the two, the works by Sanyu were still kept by Roche in his precious collection right up till his demise. In 1966, an auction was held by Roche widow at Hel Drouot, Paris. There were 80 oil paintings and many sketches by Sanyu. Jean-Claude Riedel purchased the whole batch of paintings in entirety. Later, this batch of paintings made their way into the Taiwanese market after passing through several hands. During the 1930s and the 1940s, Sanyu was sponsored in turn by the Dutch composer, Johan Franco (1908-1988) and the American photographer, Robert Frank (1924-). Exclusive auctions of their Sanyu collections were separately held at Taipei in 1995 and 1997, achieving a turnover rate of nearly up to hundred percent. In a move that truly impressed many, Frank and Rita Wong even set up an art foundation for Sanyu and made a movie concerning his life and times.

4. Scarcity equates high valuations:

Sanyu: Catalogue Raisonn?Oil Paintings?has been doing its best to include all of Sanyu's oil paintings, totaling 257 pieces of oil paintings to date. One of the paintings is in the collection of Beijing hina National Museum of Fine Arts. 49 pieces are with Taipei National Museum of History. Several pieces only exist in photos after having gone amiss. An estimated 200 pieces are in private collections. Despite the other works of water colours, sketches, and prints that Sanyu produced, 200 odd creations of oil paintings cannot be regarded in any manner as a plentiful lot for a professional painter. In the 1930s, Sanyu completed a greater quantity of works as he could afford the canvasses needed for painting, but after the 1940s, the quantity of works reduced. During that period, the source of financing from home had long been cut off, pitching his life into difficult ends. As Europe also happened to be staring at the face of the Second World War, the time for him to think of another way out was long overdue. Paint and masonite were often used in Sanyu'later ork. Situations even occurred where these materials were used in successive repetitions upon the same piece of drawing board, as proven by a batch of works collected in Taipei National Museum of History. Due to the scarcity of Sanyu'il paintings, the demand still exceeds supply even if high pricing formats are adopted by local art dealers when importing Sanyu oil paintings. From the data in the attached table showing Snyu - Number of lots sold?p. 9) from 1999 till June 2004, we can see a gradual drop in the number of lots sold annually but average unit price has been rising steadily. As scarcity results in the attachment of high valuations, money would not necessarily imply the ability to buy Sanyu paintings, hence the author title of ost Wanted List?

An Upward Soaring Sanyu Market

The earliest Sanyu painting in the Taiwanese art market was brought in by Antoine Chen, a deceased art dealer residing in France. In 1980, he discovered more than 800 watercolor drawings that were completed around 1930.In 1982, he wrote ovesick Melody in Paris - Sanyu?and also organised the Snyu Special: Watercolor Drawings in the 1930s?at the Taipei Printmakers?art gallery.

The works brought in by Antoine Chen during that time were primarily watercolors and sketches. Later, Dimension Art Center, Home Gallery and subsequently Lin and Keng Gallery brought in Sanyu oil paintings for sale and exhibitions. In 1992, Rita Wong, a senior figure in the auction field, was the first to put Sanyu orks under the hammer and extend the collectors?circles to include regions in South East Asia. Two Sanyu exclusives in 1995 and 1999 further consolidated Sanyu market status as a Heavenly King. For more than ten years, Sanyu prices have been soaring upwards. From an average of NT$1 million per oil painting during the early 1990s, it easily fetches more than NT$10 million - 20 million per piece today.

We shall use a few examples to clearly illustrate Sanyu rising market. The ouquet of Marguerites?(approx. size 20), an oil painting from the 1930s, first appeared at a Taipei auction on 22 March 1992. It was then titled as arguerites?and was sold for NT$2.75 million and averaged a unit price of size 1 NT$130,000 - 140,000. Nine years later, the painting reappeared at an auction in Taichung on 4 November 2001. Estimated at the price of NT$4.5 - 6 million, it was struck at the amount of NT$5.6 million, appreciating by more than double its price. Its unit price was NT$280,000 for size 1.

our Nudes?(approx. size 60), an oil painting from the 1950s, appeared at a Sotheby auction in Taipei on 19 April 1998. The estimate was only NT$3 - 4 million, but it was sold for NT$6.21 million (averaging approx. NT$100,000 for size 1). At a Ravenel auction in Taipei on 18 November 2001, the same piece of painting was estimated at NT$8.8 - 11 million, but the transaction was finally made at NT$14.375 million (averaging approx. NT$240,000 for size 1). In a matter of three and a half years, the price had appreciated by 131%.

Market Distribution: Taiwan is the central base for Sanyu collections

In 1965, Sanyu posted 42 pieces of oil paintings back to Taiwan in preparation for use in a solo exhibition. To everyone surprise, he did not make it to Taiwan after using up every penny of his travel fares. In the following year, he was poisoned from gas inhalation and was laid to rest in Paris forever. The National Museum of History in Taiwan took over these works in 1967 and turned them into the museum main framework for Sanyu collections today. In 1975, the National Musuem of History curated a Sanyu solo through which the art and literary circles in Taiwan got to know of the superbly talented painter. In 1988, Rita Chang of Taipei Fine Arts Museum planned the joint exhibition hina - Paris?and it was well received. Later, Rita Chang went to work for the Dimension Endowment of Art. Spotting the business opportunity, the Dimension Art Center began introducing Sanyu oil paintings in great numbers. In 1992, a Sanyu commemorative exhibition was held using hinese Matisse - Sanyu?as a theme. In 1993, Home Gallery introduced wo-man exhibition - Sanyu, Pan Yuliang? while Lin and Keng Gallery held xhibition: The works of Sanyu and Yun Gee? All these served to establish the foundations of Sanyu Taiwanese market and the major source of works for these galleries comes from the above mentioned Parisian art dealer, Jean-Claude Riedel.

Besides Taiwan, Sanyu collectors were existent in France and America right from the start as Sanyu had past histories of residence in these two countries. Later, a substantial proportion of collections came from these two countries. There are also a few Sanyu fans in the regions of Singapore and Indonesia, most of whom purchase their collections through auctions. In the auction market between January 1999 and June 2004, Sanyu paintings in Taiwan accounted for 60% of the market; Hong Kong auctions raised their stake in the recent two years, increasing their market share to 35%. The French auction market, which has always had a soft spot for works on paper, captured 4.9% of Sanyu market. The rest of the auction items can be found sporadically in regions where Chinese congregates, such as Switzerland, Western America, as well as Canada.

With prices in activation, works on paper are collection-worthy

In the past five and a half years, about 95% of auction sales turnover for Sanyu painting works originate from oil paintings. The combined total of prints, sketches and water colours on paper accounts for only 5% of the turnover. However, half of the Sanyu works sold were works on paper! In contrast to the brilliant results of oil paintings, which grew by nearly tenfold, price increases for works on paper appeared slow and sluggish like an ox. More than ten years ago, a Sanyu sketch in ink-and- wash would cost around NT$50,000 - 70,000 and a water colour would cost around NT$100,000 - 200,000. In the last few years, sketches have maintained at around NT$100,000 in valuations and water colours on average costs NT$150,000 - 300,000. However, a Sanyu water colour ady in Sketch? appearing in spring this year, had already recorded approximately NT$630,000. Even prints have made results of close to NT$100,000. In the 2004 Ravenel Spring Auction, a small Sanyu print, oe? lot 001, started at NT$16,000. After 21 rounds of bidding, it was finally sold for NT$88,500. Due to a shortage in subjects of oil paintings, prices for Sanyu intensely bidden works on paper are all ready to start increasing by a big margin.

Controversies arising from counterfeit is a problem for Sanyu works on paper, especially sketches. This was also one of the main reasons that turned collectors away in the early period. Secondly, our compatriots?acceptance of works on paper can yet compare with those of European collectors. Concepts of safekeeping and maintenance still await further promoting. At the present moment, Rita Wong is known to be compiling a catalogue raisonn?for Sanyu works on paper. This will provide an additional safeguard for collectors in the future event of buying such works.

Sanyu draws in simplistic lines and this is most prominently shown in works on paper. His Eastern rhythmic charm is most vividly portrayed when sketching in ink-and-wash. In Mus? Guimet choice of anyu, Lcriture Du Corps?as this year theme, it was the Sanyu most proficient skills of sketching human contours that the exhibition curator valued most and it was his calligraphy that was being praised. Undoubtedly, this was the one of his best style.

From female nudes, figures, still life, flowers, animals to landscapes, Sanyu had a unique style to each and every subject matter. As reflected within the market, oil paintings of nudes are certainly the most popular, yet this is also the very subject matter for which the market is most depleted in supply. Currently, the highest sales record for the female nudes series is NT$14.37 million for our Nudes? In recent auction markets, subjects of flowers and animals in Sanyu il paintings have been occupying leading positions. The highest sales records for these two subjects are NT$20,485,300 and NT$18,514,100 respectively, both occupying the first and second highest records in auctions of Sanyu oil paintings over the years.

Certainly, deep in your hearts, there must also be a most wanted list of artworks? Art dealers, agents and auction experts know of their whereabouts. If you are willing to enlist their service, you could dispense with the course of many fumbling. If there isn any list, start making one for yourself now. Youl discover that the course of chasing one dream is something to remember for life.

1. Shiy De-jinn, n Old Chinese artist forgotten in Paris - Sanyu? Hsiuh Shih Monthly, Taipei, May 1971, p. 22
2. Pang Xunqin, And This is the Way We Came, Tri-Unity Publishing Co., Beijing, 1988
3. Rita Wong, hronology? Sanyu Catalogue Raisonn? Oil Paintings, Yageo Foundation, Lin & Keng Art Publications, in association with the University of Washington Press, Taipei, 2001, p. 49
4. The author had participated in the editorial work of atalogue raisonn?de leuvre peint de Sanyu?(unpublished), which was the predecessor to anyu Catalogue Raisonn? Oil Paintings? During a dialogue with Parisian art dealer Jean Claude-Riedel in 1997, he pointed out in turn the works that belonged to the 1966 auction at Drouot Hel. Later, records of this dialogue became a source of information for explaning the works in anyu Catalogue Raisonn? Oil Paintings?
5. Antoine Chen, he Author Profile? Overseas Chinese Fine Arts Series 1: San Yu, Artist Publishing Co., Taipei, 1995, p. 2

Chinese artist with highest volume of western style paintings sold at an auction

Many collectors and art dealers of Chinese art will readily attest to the fact that, in recent years, the level of activity in the field of art auctions on the mainland and in Taiwan has increased dramatically, with the major auction houses clambering for a bigger slice of the market. With the limited supply grossly outnumbered by the increasing number of buyers, competition in the Chinese art market has reached a white-hot level and auction houses have spared no effort in acquiring impressive inventories to attract buyers to their auctions. A review of the recent lists of artists whose works are being listed in the auction catalogues would highlight one name that seems to dominate all the auctions, and he is Zao Wou-ki, an overseas Chinese artist. Immensely popular in the Chinese communities of Asia and very much sought after by western art dealers, Zao Wou-ki's future as an artist looks very bright indeed.

nch auction house Artprice holds the global record of 300,000 auctions of artwork by various artists, including those of Ravenel. An analysis conducted by Artprice indicates that between 2000 and the first quarter of 2004, 20 Chinese artists made it into the top 1000 artists with the highest volume of work being bought. Of these, two were artists from pre-modern times, two from South-east Asia, with Chang Dachien held holding the honor for calligraphy and traditional painting and Zao Wou-ki had having the highest volume of western paintings sold. According to the latest statistics released on August 26 2004, Zao Wou-ki was 111 in the list of 1000 artists, beating fellow artists Bernard Buffet (189), Pierre Soulages (225). Included in the list are several of the hottest artists of in the western painting market:in the market like Lin Fengmian (210), Wu Guanzhong (307), Sanyu (458), Xu Beihong (618), Chu Teh-chun (740), Liao Chi-chun (766), Ju Ming (904) and Yun Gee (922).

Zao Wou-ki's works of abstract art exuding vibrancy and life can often be found taking center stage in the living rooms of magnificent residences or adorning the main walls of corporate offices, reflecting the impeccable taste of the collector. Nowadays, one million NT dollars will not buy you a Zao Wou-ki oil painting because each piece costs in excess of a few million NT dollars, with some reaching the tens of millions of NT dollars; so owning a Zao Wou-ki oil would put one in the league of the very rich. Zao Wou-ki's rising star has not stopped him from continuing to create new works of art. An overseas Chinese, Zao Wou-ki enjoys an international reputation and his works are being collected domestically as well as overseas. The expanded geographical market, coupled with the increasing acceptance of and resultant demand for western artwork by the mainland Chinese, Zao Wou-ki's star of success is just going to keep on rising.

Paintings from the 60's most highly priced

From the late 1940's, the 83 year-old Zao Wou-ki's artistic career has spanned sixty years. Yet, in spite of his advanced age, Zao continues to demonstrate his usual style of passion and exuberance when painting, creating more works of art. Except for some portraits done earlier in his career, Zao has painted mostly landscapes and even though he later switched to the abstract style, one could can feel the artist's expression of the landscape of his inner self on canvas. During exhibition previews, Zao Wou-ki's paintings would always be the center of attraction and for many art investors and collectors, his paintings are like a scenic spot that must be visited at the bi-annual auctions (Spring and Autumn) of western paintings by Chinese artists. In his sixty - odd year career, Zao Wou-ki's paintings from the 1960's are considered to be the most valuable. Towards the late 1950's, Zao ventured overseas and worked towards developing his artistic talent and skills far beyond the borders of France. In the 60's , he began exhibiting his work in New York, Venice, Goldberg, Tokyo and other places including two reminiscent exhibitions, establishing an international reputation and a unique personal style.

As such, the paintings that he had completed in the 60's era were bold and vibrant, bursting with energy, and much loved by the international collectors. At this year's auction of western paintings, lot number 20 was a 1961 oil sold at NT$12.3 million while others fetched up to NT$600,000 per Hao (about this size of 2 postcards). Zao now holds the record for the first Chinese artist to have a western painting ?.4.66?sold at NT$33 million. From the attached chart showing "Top 10 Most Expensive Painting of Zao Wou-ki Ever Sold at Auction"p. 27), we can see that 7 of these paintings originated from the 60's while 3 were from the 50's. His paintings from the 50's, considered a status symbol and most avidly collected by domestic collectors, fetched an average of between 200,000 to 300,000 NT$ per Hao each.

Clearly, the buyers are more keen on Zao Wou-ki's earlier works and fortunately, there is a relatively higher supply of his paintings from those early years. By contrast, there are less paintings available in the market from more recent times. This is perhaps also the outcome of a lack of interest of the Taiwanese collectors on his more recent work. As in any market, the art auction market is driven by demand and supply and the bidding process determines the state of the market. Although not as highly priced as the early works, Zao Wou-ki's more recent paintings portray broad perspectives in vibrant yet soothing colors and fetch an average of NT$100,000 per Hao each.

Transaction volume on the rise

Following the success of last year's turnover of NT$213.67 million, the accumulated turnover of Zao Wou-ki's paintings for the first half of 2004 has already reached NT$146.63 million, a much better result compared to the same period last year. In the first six months of this year, a total of 53 Zao Wou-ki paintings were sold, 4 of which were priced at above NT$10 million. Of this total, 4 watercolor and ink paintings each broke the threshold of NT$1 million. This is evidence that Zao Wou-ki's work, regardless of the medium, continues to be much sought after by the collectors and investors. If this situation persists, we should see a new record of transactions valued at NT$300 million.

Zao Wou-ki's paintings are the equivalent of the blue chip stocks in the financial market where the active transactions between the buyers and the sellers have driven propelled him to a status that no other Chinese artist of western painting could ever usurp.

Market Distribution

Zao Wou-ki's international reputatione has not only earned him fans amongst the Chinese community around the world but also many fans in Europe and the Americas, especially from London judging by the stellar performance of auctions of his work there. Taiwanese auction houses lead the pack, enjoying a 33% share of the market while Hong Kong auction houses have reported a 4.4% increase in market share over last year. There were no listings of Zao Wou-ki's oil paintings in the Spring auction in mainland China. A few years ago, the auction houses in Beijing had listed some of Zao Wou-ki's smaller oils that attracted a lot of viewers but very few bidders, resulting in no sales. Presently, due to a different perspective on beauty and its appreciation, the transaction volume on oil paintings in the Chinese art market is still relatively low and hence the it has low market share.

In the Taiwan art market, dealers have been acquiring Zao Wou-ki's works since the late 1980's and to date there is a accumulated volume of about three to four hundred paintings done by Zao. The fervent collecting activities surrounding Zao Wou-ki's works dominated the art market and drove prices to all time highs in the late 1990's. Presently, Zao Wou-ki has commissioned an expert to help develop a catalogue raisonn?of all his paintings, detailing each piece by year with the hope of bringing more clarity to the collectors and perhaps help stabilize the market competition for his paintings.

A blooming fragrance from our Motherland Forging international fame in later years

As a highly revered elder in the Chinese arts scene, Wu Guanzhong, who is eighty-five years old this year, has garnered sixty-eight years of experience in his creative career since he entered the Hangzhou National Academy of Art to learn painting in 1936. From his prolific literary collections, we learnt that his vitality and creativity were filled with similar exuberance and regardless of adopting either mediums of oil paintings or wash drawings, there would always be innovative displays of consummate skills and techniques. Wu became a top rated celebrity artist in the Asian art market, just like other artists of the same generation such as Zao Wou-Ki and Chu Teh-chun. The three were painting pals from the banks of West Lake and all had, at some time or other, received the instruction of teachers such as Lin Fengmian and Wu Dayu. They also have similar backgrounds of having furthered their studies in France. In 1947, Wu Guanzhong won a government grant to study abroad in the Ecole Nationale SupŽrieure des Beaux-Arts. Some time after that, Zao Wou-Ki (1948) and Chu Teh-chun (1956) also headed for Paris in succession. They settled down in Paris and even converted to French citizenship. However, after three years of studying in Paris, Wu Guanzhong eventually decided to return to his motherland. After undergoing the bleak post-war times, the torments of bodily ills and pains, as well as the oppression from the Cultural Revolution during the 1960s and 1970s, his life encounters are probably the most arduous among the trio. Luckily, his fortunes have finally taken a turn for the better after all those hardships. Since the 1980s, market quotations for his paintings have been staying red hot, showing no signs of slowing down in momentum. During the mid 1990s, the Taiwanese media nominated him to be one of "The Nine Heavenly Kings in the Taiwanese Auction Market of Western Art". In comparison with the then relatively mild market reaction for Zao and Chu, Wu's market was, on the other hand, soaring upwards and growing steadily. Of course, prices of paintings for all three are now repeatedly setting new highs, and each is leading the way in their own respective domains with the stable support of their own respective groups of collectors, but that is another story altogether, which I will be introducing one by one in the quarterly, ÒArt & Investment.

During the Great Cultural Revolution, Wu Guanzhong was sneered at as "the excrement basket painter", but by holding true to his unyielding and resolute nature, he kept on developing new phases in the arts scene. His perseverance in the artistic concepts of beauty in form and colours finally earned him gradual recognition from the Chinese art scene. Beginning in the 1970s, ceaseless offers originated from government agencies for creations of large-scale commissioning, such as murals for restaurants, airports, museums and the great hall. In 1978, he started holding nationwide exhibitions. In the late 1970s, Wu Guanzhong started a debate on formalism and won the admiration of the new generation of Chinese artists. In the 1980s, he made visits to places such as Hong Kong, Thailand, Japan, India, Singapore, France and America to deliver speeches and hold exhibitions, slowly reaping the rewards for many years of laborious efforts. His position in art gradually gained due recognition from the world. In 1991, Wu Guanzhong was awarded the honour of Officier de l'Ordre des Arts et des Lettres by the French Ministry of Culture. In 1992, he went on further to become the first painter of Chinese descent among the personal exhibitions that London's British Museum held for living painters. One of the paintings, a large-scale wash drawing titled "A Paradise of Birds", was accepted into the collection of the British Museum. In 1993, while holding an exhibition at MusŽe Cernuschi, Paris, he received praise by being awarded a gold medal from the Paris Municipal Government. In 2002, he was bestowed with the highest honour of MŽdaille des Arts et des Lettres by the AcadŽmie des Beaux-Arts de l'Institute de France. Besides the honourable glory given to him by France and England, museums in Hong Kong, Singapore, Taiwan and Japan were fighting to host Wu Guanzhong's exhibitions. Seemingly, his market is looking pretty good after having matured in age.

Readily accepted for wide ranging subjects and succinct, lyrical style.

Why have his works been able to win people over and attract continued support from several highly experienced collectors for more than twenty years? Wu Guanzhong paints in a lyrical and succinct style, incorporating the beauty of both Chinese and Western cultures. He adopts subject matters freely without restrictions, applies rich and varied colours and uses simplistic lines in bright, clear compositions. Often, he would also incorporate landscapes from around the world into his paintings. Even new entrants among the collectors would also find it easy to enter his world of shapes and forms, especially collectors with backgrounds of Chinese culture who would find it easy to strike a common chord with his art. The enchanting sights of places such as Hong Kong, South East Asia, Europe and Africa, as well as the scenery of Jiangnan, have all been preserved meticulously in his paintings till the end of days. Wu works predominantly on landscape paintings but in his later years, he tried working on nude figures, a subject which he less frequented. He deemed the female body to be just as beautiful as the ridges and peaks in mountainous scenery and felt that the beauty of shapes and forms eminent in landscape paintings can also be comprehended from the elegant contours of the human body.

In his younger days at the Hangzhou National Academy of Art, Wu Guanzhong was trained in oil painting as well as ink-and-wash. He had also been to France for further studies and thus laid a robust foundation in sketches and oil paintings. He has an extremely good understanding and perception of colours. In particular, the usage of black and white was filled with plenty of Eastern charms. This became a massive influence on later generations. The works he created in the early and middle periods were primarily in oil and watercolours. In the later part of the 1970s, he gradually turned his attention to ink-and-wash paintings. Upon the 1980s, he attempted creations of abstract compositions using lines of splashed ink and came to realize from amidst the traditions of Chinese art, that the uninhibited, carefree nature of lines could actually produce mutually vying effects together with the post-war Western-developed drop paintings and abstract expressionism. Undeniably, Wu Guanzhong had perceived all these on his own, which is rather commendable considering that he was then living in the enclosed society of China and really had no means to learn of every new art waves arising out of post-war America.

Absorbing modern elements of structural compositions and colour applications from the modern oil paintings of the West, he made yet another bold new reinvention to the traditional themes of ink and wash paintings. Paying attention to the visual beauty of forms, the abstraction of subject matters, the contemporary feel to colours and composition, the free flowing use of lines, as well as the incorporation of both intricate and bold brushstrokes, this is an alternative definition to 'sketching'. Such painting innovations are hard to come by. Self-believing that both oils and ink-and-wash were equally important, he 'used rhythm from the East to encompass colours and forms from the West by introducing ink-and-wash into oils and absorbing elements of oil within ink-and-wash. Such attempts, a modernisation of Chinese paintings and a masterful fusion of East and West, also consolidated his status throughout the world.

An ever-victorious auction champion successively setting new auction records

Due to an economic boom, Hong Kong cultivated many collectors of paintings, calligraphy and cultural relics in the early years, especially since it was the first to set up an art auction market among the trio of China, Hong Kong and Taiwan. Twenty years ago, Wu Guanzhong's works of paintings began appearing in the Hong Kong auction market. On November 1984, two of Wu Guanzhong's ink paintings first appeared in a Hong Kong auction. One of them, "Sturdy Pines"68 x 68cm), was sold for HK$9,000 (approx. NT$45,240), while the other piece, Beidai River(completed in 1977, 96.5 x 115.3cm), was struck at HK$27,000 (approx. NT$135,810). Although amounting less NT$10, 000 per tsai(each tsai measures 30cm x 30cm=900 cm2), it is indeed rare for such brilliant results to be recorded on one' maiden attempt. From hence onwards, his wash drawings were seen repeatedly in the Hong Kong auction market, with each fetching somewhere between several ten thousand to several hundred thousand Hong Kong dollars.

Discussion on the true appreciation of Wu Guanzhong's prices must begin from 1989. According to descriptions in the book, Han Mo: Monograph - Wu Guanzhong: In early spring that year, Hong Kong's Plum Blossoms Gallery held the solo exhibition Wu Guanzhong: Kaleidoscope, displaying 74 pieces of paintings. At four in the morning on the first day of exhibition, a queue had already been formed outside the gallery door. Within one and a half hours of opening, 50 pieces were sold, hence attesting the level of craze demonstrated by fans of Wu during that time.

While prices were moving steadily upwards in Wu Guanzhong's market, a piece of wash painting depicting Xinjiang's Turfan city, Ruins of Gaochang (Turfan) (completed in 1981, 105 x 102cm), appeared at an auction in May 1989, and was originally estimated at HK$150,000 - 200,000. The magnificent composition and extraordinary bearings attracted many buyers into the market to contest in the bidding. It was finally sold for a grand price of HK$1.87 million (approx. NT$6,171,000), setting the highest auction record for a living Chinese artist! The new record sent shock waves throughout the Chinese world, but its unit price was even more alarming, going as high as NT$514,000 per tsai. Prior to this, Wu Guanzhong's works had never exceeded records of more than a million Hong Kong dollars. The excellent record injected vitality into the Chinese art auction market. As revealed by the data, auctioneers in Hong Kong successfully sold 23 pieces of Wu Guanzhong's wash paintings during 1989, achieving a turnover rate as high as 92%.

Following records set in wash paintings, a 1989 size 12 oil painting, "A Street Scene in Montmartre, Paris", was sold at a Hong Kong auction in march 1990 for HK$1.04 million (approx. NT$3,649,152), which was five times the estimated amount of HK$180,000 - 200,000. The size 1 unit prize reached as high as NT$300,000. The painting has once again allowed Wu Guanzhong to set the highest global record for oil paintings of living Chinese painters! On 5 July 2004, a 1996 wash painting, "Songs of Three Gorges" (124 x 247cm) was sold for RMB 6.05 million (approx. NT$24.8 million), writing a new personal auction record for Wu Guanzhong, smashing the HK$3.196 million (approx. NT$14.06 million) record that was set earlier on 28 October 2002 by his wash painting, "Mulberry Grove".

With an average unit price of NT$730,000 for 1 tsai, "Songs of Three Gorges" is indeed worthy of being regarded as the highest auction record for a living Chinese ink-and-wash painter at the current moment!

Wash paintings: Large in market size and number of lots. Oil paintings: Up and coming star recording high transactional amounts.

Unlike the Taiwanese market's preference for Western paintings, art markets in Hong Kong and Mainland China still trades mainly in paintings, calligraphy and cultural relics, placing western paintings onto a secondary position. Wu Guanzhong, on the other hand, due to the fact that he has simultaneous creations in both oil and wash mediums, has thus been able to sweep through the Great Chinese art market.

After Wu's "Ruins of Gaochang" had created the record for a living Chinese painter and calligrapher in May 1989, his oil paintings also started appearing in Hong Kong auctions during the month of September in the same year. The small 1972 size 5 oil painting, "Garden by a House's Gate", and the 1975 size 15 oil painting, "Mount Huang", were sold separately for HK$200,000 (approx. NT$660,000) and HK$260,000 (approx. NT$858,000) respectively, costing more or less at a size 1 unit price of around NT$57,000 - NT$130,000. In comparison to the prices of wash drawings set in Hong Kong during that time, prices to acquire Wu Guanzhong's oil paintings were considerably much more conservative. However, right in the very next year, the highest transaction record for a living Chinese oil painter was created by "A Street Scene in Montmartre, Paris", denying wash paintings from having an exclusive claim to fame. From then on, Wu's oil paintings continued appearing in auction grounds, averaging prices of more than a million New Taiwan dollars for each oil painting.

Wu Guanzhong worked mainly on oil paintings in his earlier years, but the majority of these works have already been destroyed after undergoing the catastrophes of the Second World War and the Cultural Revolution. Those that remained in the world up till now are mostly works completed after the 1960s, especially the 1970s, which accounted for a relatively larger portion. After the 1980s, Wu Guanzhong turned to the creation of wash paintings and it wasnÕt till after the 1990s that he began working on oil paintings once again.

According to the data analysis of a research done by our author, in the global auction market from 1999 till the end of June 2004, approximately 288 lots of works by Wu Guanzhong were successfully concluded in transactions, attaining a turnover of more than NT$391,160,000, of which, 58 lots were paintings in oil, 167 lots were paper based wash paintings and the remaining three were prints. This clearly demonstrates a far bigger market size for wash paintings as compared to paintings in oil. However, in terms of proportions for transaction turnover, oil paintings accounted for a proportion of 43.2% for the period, which was not too far off from the 56.8% accounted by wash drawings.

In the international market, prices for oil paintings have always been higher than those for works on paper. Judging from Wu Guanzhong's case, following the changes in fortunes for the Chinese people, the market for Wu Guanzhong's wash paintings is bigger in size. On the other hand, oil paintings, which are more time consuming to create and are smaller in quantity of lots, enjoy a higher advantage in the pricing for single pieces. The highest record for Wu GuanzhongÕs oil painting is currently at NT$12.07 million.

Proportions in market distribution: Hong Kong, China, Taiwan, Singapore.

Until today, various parts of the chain, such as the artist himself, the galleries, museums, auctions and the collectors, have all played a role in sharing the load for developing Wu Guanzhong's market for paintings. Early promotions by Hong Kong's Plum Blossoms Gallery and Singapore's Soobin Art Gallery own the credit for opening new frontiers. Coupling this with the continued experience of exhibiting in world-class museums, the support from the collectors and the repeated new highs set in the auction market, Wu Guanzhong's market has thus been able to register stable growth.

Having introduced in prior passages the grand spectacle seen in Hong Kong auctions in the late 1980s, it is easy to imagine the scale of Hong Kong collectors collecting Wu Guanzhong's paintings. The Hong Kong market, with at least twenty years of history in selling Wu's paintings, had already established a healthy clientele of collectors since a long time ago.

Undoubtedly, Hong Kong is an important strategic market for Wu Guanzhong, being still in retention of the topmost position up to this day and owning more than half of the market share (refer to attached table, p. 38). In the early 1990s, after Wu Guanzhong had built up a stable market in Hong Kong, the enthusiastic trend also began spreading to the surrounding markets, such as Taiwan, Hong Kong, Beijing and New York.

The spring of 1992 saw the first-ever foreign auctioneer setting up station in Taiwan with Sotheby's traveling crossing the ocean to hold an auction, and three of Wu Guanzhong's oil paintings were also able to find their buyers here. Among them, "ountain Village"fetched NT$1.87 million, "he Palace Garden" was sold for NT$1.98 million and even "oplars"registered results of NT$682,000, winning the first foray into battle and capturing the beachhead in the Taiwanese market. From then on, Taiwanese collectors gradually grew fond of Wu Guanzhong's paintings, especially oil paintings, which were a favourite with the local collectors. During the mid 1990s, "he magazine of Art & Collection"produced a series of special features showcasing the stars of auction grounds, pointing out the "ine Heavenly Kings"(Sanyu, Yun Gee, Pan Yuliang, Chen Cheng-po, Liao Chi-chun, Li Shih-chiao). Among them, Wu Guanzhong is the only artist still living.

In more than ten years, the Taiwanese market has produced many fans of Wu Guanzhong. Works by Wu Guanzhong could be found in practically every auction held. In the 2003 Autumn Auction and the 2004 Spring Auction, Taipei's Ravenel introduced two separate oil paintings of the same title and dimensions, "Lu Xun's Old Home"(10 F), which fetched results of NT$2.415 million and NT$4.298 million respectively. A unit price of size 1 NT$429,800 was attained by the latter. According to hearsay, Wu Guanzhong himself was extremely fond of the painting "Lu Xun's Old Home" auctioned in Ravenel's 2004 Spring Auction. He believed that the painting was a fine selection from among the choicest of paintings. Following the moves or closures of several old auction firms, the Taiwanese auction market gradually contracted from the size existing before 2000. From 1999 till the end of June 2004, Taiwan captured merely 16.6% of the market for Wu Guanzhong's paintings as it found itself being displaced by a burgeoning Chinese market, which currently owns 28.8% of the market share (a special mention: information analysed by the author comes from the data of auctions from 1999 to June 2004, new records of wash drawings created at Shanghai in July this year have yet been included). Due to the comparatively lower popularity of Western paintings in China, trading of WuÕs paintings in the Chinese market still relies heavily on wash paintings, for instance, the 70 pieces of Wu Guanzhong's paintings in the collection of Dalian Wanda Group are without exceptions all wash paintings. Singapore is yet another market for Wu Guanzhong's paintings. In 1989, Singapore held an exhibition on Chinese oil paintings and collectors made highly priced purchase requisitions for Wu's paintings. In 1990, a grand exhibition covering thirty years of the painter's creative career, "Journey to the Source of Water" was shown in Singapore and it established the market foundations of that region. In addition, the fact that Wu Keyu, Wu Gianzhong's eldest son, resides all year round in Singapore certainly had some influence in expanding the market size there. In the past five and a half years, it has captured 3.6% in market share. Collectors there comprises mainly Chinese and collections include both oils as well as wash drawings.

America is also one of the markets for Asian art. An ink-and-wash by Wu Guanzhong, "iangnan Scene"(68.6 x 138.4cm) had started appearing at a New York auction in November 1993 at an estimated price of between US$10,000 - 12,000. In the end, it fetched US$23,000, which is a reasonable result. Wu Guanzhong's wash drawings are seen at times in auctions along the West Coast, but the proportions of which are low.

Keep the quintessence and get rid of the crap Do drive out the good with the bad.

For the last twenty years, the market for Wu Guanzhong's works of painting has been enjoying sustained popularity in the Asian region with an ever-increasing mass of collectors, so it is only natural that counterfeit replicas assuming his name have create another market with bogus paintings. Wu Guanzhong is still alive, yet counterfeits of his works are boldly making the rounds in auction houses such that the painter had no choice but to voice out his protests in person. The most famous incident was the joint sale of the wash painting, "ombarding the Headquarters" on October 1993 by Shanghai Duoyunxuan and Hong Kong Yongcheng Antiques Auction Company Ltd. For a sum of HK$500,000. A judgement was finally made after three years of legal tussle, and since this was the first case of an infringement upon intellectual property within the Chinese world of paintings and calligraphy, it is only natural to have attracted great concern.

Wu Guanzhong is a highly disciplined artist. Upon witnessing horribly imitated replicas running amuck in the market, he felt terribly aggrieved and decided to destroy works that he himself was unsatisfied with, leaving behind only the finest works that were most exquisite and intact. Such an act made his works even dearer and more highly regarded by the collectors. Throughout Wu Guanzhong's lifetime, he endured two major experiences of destroying paintings. The first of which occurred during the Cultural Revolution as an absolutely necessary act of self-preservation in consideration of the safety of his family during that time. Other than some purely technical sketches, oil paintings, short pieces and photographs on some of his works, almost all the precious efforts during periods of his youth and overseas studies had gone up in flames. The second incident of destroying paintings occurred in 1991, a time in which his market was rising steadily. Works gifted to his friends in previous years had circulated into the market and this presented an opportunity for counterfeits to be passed off as the genuine items. In order to protect the rights of the collectors and the pure authenticity of his works, he decided to destroy about 200 pieces of unsatisfactory paintings. Due fortunately to the immovable integrity of the artist, the commitment to perfection within Wu's character was totally displayed. Besides this, he would often point out, again and again, in the catalogue to his painting albums, the secrets to identifying a genuine item from a fake, such as the seal, the composition and the style. Wu Guanzhong took this very seriously indeed.

Remarkably outstanding achievements, be it in oil painting, ink-and-wash, wash drawing, sketch, theories of art or literary creations, have all been attained by this tremendously talented painter and writer, which when coupled with the demand for precision and perfection that he makes of his creations, contributes to the overseas reputation enjoyed by his art. Now, with the flourish brought about by Chinese of twentieth century art auction business, there are hopes for Wu to make new breakthroughs in market size yet again. The turnover up till June of this year for auctions on Wu Guanzhong has already accumulated NT$74 million (53 lots), while last year's yearly turnover was approximately NT$117.5 million (55 lots). With highly priced transactions continually being concluded since July, it is a dead certainty that Wu Guanzhong will be breaking last year's turnover record by the end of this current year!

Although Chagall's paintings eulogize life and love, his birth, however, was one that brought him many trials and tribulations. As a Jewish descendent, he was constantly on the run during the Second World War. Chagall believed that had he not been born a Jewish, he would not have become a true artist. Life's many experiences and sentiments for his hometown and his love were amongst the many things act- ing as nutrients to propagate his artistic talent. Art. critic, Franz Meyer, was one of the earliest to study Chagall'slife and work: systematically. Later; he became the painter's son-in-law. After observing in close proximity, Meyer identified six main cre- ative stages according to the various stations in the painter's life. Later critics included his birthplace, thus making up seven stages of Chagall's life, which everyone is now famil- iar with.

1. Vitebsk, Russia (1887-1906)

On 71" July 1887, Marc Chagall was born to a Jewish family in the small town of Vitebsk, White Russia. Towards the end of the nineteenth century, the town had yet to begin industrialization, remaining as a simple, poor fishing vil- lage with a landscape dotted with wooden houses. The most beautiful piece of architecture in town was the synagogue and residents of the town were Jewish. Chagall's father worked in a fish farm and was known to be quiet, shy and good-natured. His mother was cheerful, bubbly, hardworking, chatters continuously like a machine gun. Brash in nature, she was a stark contrast to his father, who was more diplomatic. Being the eldest child in a family of nine children, Marc Chagall was bestowed with the ability to think independently since young and an innate sensitivity towards his surroundings. He rejected the manifestation of religious ideologies and resisted education, deeming it as a synonym equivalent to dullness and boredom. However, under his mother's encouragement, not only did he successfully gradu- ate from the Jewish elementary school, he also went on to pursue further education in a public school. Later, he en- tered Jehouda Pen's art school and received a baptism in painting.

Chagall's grandfather was both a farmer and a butcher. The bulls within his grandfather's cowshed often appeared in his dreams; amongst the many uncles he had in his father's friends, a particular Uncle Neuch who frequently pulled the strings of his violin, brought the whole family much joy. These bits and pieces of memories later became prominent marks persistently appearing in the painter's composition. However, his early works were often accompanied by intense melancholy that the precocious artist held as he reflected upon the misfortunes and the vagrant destiny of the Jews.

2.St. Petersburg, Russia (1906-1910)

During the winter of late 1906 and early 1907, the nineteen- year-old Chagall and his friend Viktor Mekler moved to St. Petersburg, Russia. Not long after the shift, he gained admis- sion into the acclaimed Svanseva School, which: was admin- istered by the renowned artist, Leon Bakst. It was here that Chagall got in touch with the West and was influenced by Expressionist painting.

Chagall's sketching techniques were well matured. It was only under the tutelage of Bakst that he truly realized his role as an artist and began experimenting with new forms of visual presentation. After 1909, having nurtured his art in the Russian capital, Chagall established a stereotype for his future creations, with major themes such as village scenery, farm life as well as portrayals of one's in- ner world. This year also saw him meeting the most impor- tant partner and friend of his life, Bella Rosenfeld, who also hails from the town of Vitebsk. Most of Chagall's later works were dedicated to her and she came to be the painter's wife and most appreciative confidante.

3. Paris, France (1910-1914)

The early twentieth century was one where many young as- piring Russian artists dreamt of pursuing studies in Paris. Ballet dancer Sergi Diagliev and painter Bakst were amongst those who left for Paris in 1909, seeking further developments. During the autumn of 1910, Chagall too fol- lowed in their footsteps. Paris thence became Chagall's other hometown, "the second Vitebsk", that nourished his artistic creations. Chagall was left deeply in awe when he traveled around appreciating sights of paintings by the Impression- ists at Paris' Galerie Paul Durand- Ruel, Van Gogh at Galerie Bernheim, as well as Henri Matisse at the Salon d'Automne; the masterpieces by the classical masters at the Muse du Louvre broadened his horizons even further. Chagall viewed Parisian art to be absolutely free of constraints, which was exactly what he wanted.

Initially, upon arriving in Paris, Chagall's paintings were still reminiscent of dark Russian tones, but the thickening and criss-crossing colours echoed the theory of colour then emerg ing in France. He attempted the Cubist style and his paint ings were selected into the Salon exhibition. Literary writer, Guillaume Apollinaire believed his artistic world to be surreal, making him a pioneer in Surrealism. However, right till the end, he painted in his own style, never admitting or joining any Surrealist groups. Chagall's paintings never de parted from the mystical, conceptual world, blending his themes into visual symbols that were hardly seen. Around 1914, he began to add in the cityscape in Paris, with renowned totems such as the La Tour Eiffel. Later, he became a repre sentative figure amongst others such as Modigliani, Soutine, in the famous Ecole de Paris.

4. Russia (1914-1922)

After four inspiring years in Paris, Chagall returned to his hometown. In his autobiography, he once described "Vitebsk" as a one and only, unfortunate and uninteresting little town. However, little inklings of memories were to dog his mind for the entire duration of his life. During this time, war was approaching day by day and he put his heart and soul into his creations. Undeniably, the one he missed most from home was Bella, the beloved beau that he left behind for four years. The second year upon his return, they over- came family resistance to complete their matrimonial ties. In the year 1914, the First World War finally broke out in the European Continent and he was held up, unable to com- mute between Paris and his hometown as a consequence. During this time he continued to publish his works and took on the role of Fine Arts Commissar for the Vitebsk region. He even set up a school for modern art, where famous paint- ers such as Lissitzky and Malvich also lectured. In 1919, with a less than optimistic internal political situation in Russia, a fall out and subsequent standoff between the two painters, Chagall and Malvich, and the spreading of battle fire to the simple town, Chagall escaped to Moscow in a vehicle traDs- porting pigs, together with his wife and daughter, in pursuit of a free world.

Despite the difficult life, Moscow brought new opportuni- ties for him. The director of the Moscow Jewish State The- atre commissioned Chagall to produce stage installation works such as backdrops, sets and costume designs. The gran- deur and decorative quality of ballet energized his works, creating a whole new dimension for him. The three years that he spent in Moscow saw him working relentlessly and enjoying a high degree of fame. I-lowever, due to the cruel- ties of political struggles, avant garde artists suffer from ex- clusion and are often even unable to eke out any living. Hence, Chagall headed for Paris once again, by way of Berlin.

5. France (1923-1941)

When Chagall was yet forty in 1922, he completed an auto biography in Russian titled, Ma Vie, recalling the memories of more than thirty years of his life experiences, and reveal ing between the lines his desire to leave Moscow once again. Although he was based later in Paris, his ties with his past were never really severed. As his reputation in Paris increased in time, reminiscing his hometown in his paintings became a personal symbol of the artist. Cubism ceased being in vogue during the 1920s, as it was replaced by Surrealism, which became the dominant art form in the Parisian art circles. In his paintings, Chagall freely liberated drawings of order and of chaos. Undoubtedly, these amazing pictures came from human dreams. Empowered by the inspiring folk art in his hometown, before the Surrealists did, he discovered elements of dreams, visual sensations and irrationality in his own works. His compositions were highly appraised. In 1924, he held his first retrospective in Paris. Two years later, his works were published in New York. Subsequently, he was greatly admired by the father of Surrealism, Andre Breton, who be- lieved that, "Chagall, and only Chagall, provided painting with the triumphant advent of metaphor".

Chagall's simple life and artistic style gradually made subtle changes at this point in time, as he yearned for the gayness that the circus brought him. To him, it was just like a world of dreams; and the ensuing delight derived from the min- gling of dance, drama, music and language, left him abso- lutely captivated. In 1926, he began to include the circus as a subject. He created many illustrations and prints during this period, for example, some of the illustrations for Gogol's "Dead Souls" and La Fontaine's "Fables" came from the won derful hands and amazing thoughts of Chagall.

The ten-year period upon returning to Paris were the happi- est times for Chagall as he completed many extraordinary works, accompanied by his wife. Despite his international reputation, Chagall felt uneasy about the political climate in Europe during the 1930s.Following the rise of the Nazis, those with Jewish blood running in their veins were forced to abandon their homes. To him, Paris was no longer a safe haven. In 1939, he was awarded the top Carnegie prize from the US. In 1941, under strong invitation by the Mu- seum of Modern Art, New York, he settled down in America.

6. The United States (1941-1948)

America is a huge melting pot of many cultures. Judging from Chagall's life experiences, big cities had always been a unique fascination for him, with the assortment of ethnicity and the exotic pluralistic culture proving too wonderful an intrigue for the artist. However, the tribulations of life had yet to end. In September 1944, he was dealt with a tremendous blow when he suddenly lost his wife Bella to an illness. Being in foreign land when his most important life companion was abruptly taken away from him, he could not bring himself to paint for several months. Of his sorrows, he described it thus, "The darkness has gathered before my eyes". Chagall took up his brushes in the following year, recalling scenes where he first met his wife, in paintings that moved one's heart. Year after year, Chagall searched for every possible composition of pictures that he was concerned with. The striking colours and hidden metaphors were reflective of his past experiences of joy and sorrow, acting as a means for him to express his feelings. Accepting the invitation of New York's Broadway Theater in 1945, Chagall designed sets and costumes for Stravinsky's "Fhebird" and he brought the house down with the tremendous applause won.

In 1946, Chagall's exhibitions were held successively by the Museum of Modern Art, New York, and the Chicago Art Institute. The second year after the end of war was the first time that Chagall returned to tour in Paris. In that same year, he created lithographs of "The Arabian Nights". Following successful exhibitions in Paris, Amsterdam and London, he was finally back in the embrace of Paris in 1948.

7. Back in France (1948-1985)

Upon just returning to Paris, Chagall's works were selected for the top prize in Graphic Art for the 25'0 Venice Biennale. In 1949, he left the suburbs of Paris and moved to the clear blue sea coast of Southern France. The year after, he settled in Vence. The works in Chagall's late years still rendered a poetic symbol for his tumultuous life, where dreams and reality blended harmoniously.

After the 1950s, Chagall's art received the highest recognition. He completed the designs for Ravenel's ballet performance "Daphnis & Chloe" and created a suite of lithographs in a grand production. Besides this, he also completed illustra- tions for the Bible. In addition, he also developed new forms of creation in Pottery, stained glass and mural paintings, which were all well received. For stained glass, there were, in succession, the synagogue of the Hadassah University clinic in Jerusalem, Israel (1960), the Metz Cathedral, North-east- ern France (1958-1962), the United Nations Building, America (1964), and the Reims Cathedral, Southern France etc.; for creations in mural paintings, the one that won the most universal praise must be the mural painting that he created for the dome of the Paris Opera; as for Chagall's achievements in designing stage sets, an abundant experi- ence had been accumulated even while in Russia. In 1965, he displayed his talents by participating in the designing of the stage and costumes for the Mozart musical, "Magic Flute". At this point in time, Chagall's poetic paintings showed de- velopments on multiple fronts, demonstrating his eminent standing in art.

In 1960, Chagall acquainted Yvette Cauquil-Prince A year later, they began collaborating on creations ofwool tapestry. From 1967 to 1968, he designed a set of three tapestries, whose production was the responsibility of the studios of Cobelins. This was designed in a commission by then French Cultural Minister, Andre Malraux as a gift to Knesset. The set of three tapestries showed "The Creation the Exodus" and the "Entry into Jerusalem" respectively.

Construction of Musee National Message Biblique Marc Chagall begun in 1969, at Nice, France. It was officially inaugurated in 1973. Chagall received high ac- claim for his artistic achievements and was awarded with countless prizes. In 1977, he received the "Great Cross of the Legion d'Honneur", a special honour, from the French president. Chagall was a highly productive painter, comparable to the other great master Picasso. Chagall passed away in 1985, at the ripe old age of 98, in an apartment in Saint Paul de Vence, putting an end to a glittering and glorious life.

Amongst the ranks of the most popular great masters of paint- ing in the twentieth century Chagall was definitely one of the best. Subjects often seen in Chagall's works include lov- ers soaring in the sky topsy-turvy worlds, gorgeous flower bouquets and beautiful animals. Man and objects in the painting were always flying and often upside-down. This was because Chagall believed that all paintings could be viewed in reverse, in order to understand its true value. Inverted, flying images set his mind at ease. In the aforementioned, we skimmed through a brief synopsis of his life and were able to see how a life accustomed to freedom was able to live in a world fully filled with conventions and restrictions. Transcending the boundaries of secular customs, Chagall brought his viewers' minds soaring towards a dream-like universe.

The fluctuation of the values concerning any category

According to Artprice, there had been 6000 transactions of Chagall's works in the past seven years 1997-2003. Every year he sells near 1,000 works. The years that had the most frequent transactions of Chagall's works was from 1999 to 2000. There were more than 1000 lots sold in this year alone. However, af fected by the 911 Incident in America in 2001, the whole world was in recession, with decline in turnover. Worth mentioning, although the number of lots sold decreased, Chagall's price index rose. From the basis 100 in 1997, the price in- dex was 124 in 2002 and 2003. In other words, if one invested 100 dollars in a work of Chagall, he will has an average value of 124 dollars in 2003. In the past 7 years, Chagall's price index for all category rose slightly (please refer to the figure).

For example, in the last year, there were 595 of lots sold, which could find buyers successfully; for Chagall works. All catego ries of Marc Chagall work made a turn over of 19,533,283 U.S. dollars (about 650 million N.T. dollars). The turnover growth was -32%. There was a 10% drop in value, showing to be in short supply. However, the bought-in lots rate was greatly decreased, up to -18%. This decline in bought-in lots rate for recent years might be re- lated to the retrospective exhibition of Cbagall's works in the Grand Palais in Paris and Modern Museum of Art in San Francisco. Chagall's turnover weight was varied by media category. However, over 87% of Chagall works sold at auc- tion were prints Meanwhile, watercolor and drawings occu- pied 8%; oil paintings, only 4%; and other media, 1%. Among all artists in the world market, some sculptors' an- nual growth by turnover caught up in order of ranking. Chagall's ranking fell behind and ranked 16th. But the trans- actions of his prints ranked number 2 in the world, only second' to Picasso.

The transactions of oil paintings rocked the bot- tom in the interval

The price of Ghagall's works ranged from hundreds of thou sands to even a few million US dollars. It is quite impossible to any ofhis paintings priced below 100 thousand US dollars. Until now the world record for a Chagall painting was made by the oil painting "Anniversaire" on May 17, 1990 at the Sotheby's auction for impressionistic and modern art in New York. The painting surpassed the evaluation of 6 to 8 mil lion US dollars. Eventually, it was hammered at 14.85 mil lion US dollars. Together with the commissions from the buyer, the painting valued up to 16 million US dollars, ex ceeding 500 million NT dollars. The fine painting, depicting felicity of the artist and his wife, was painted by,Chagall in Paris after returning from Russia.. It was said that the Japa nese buyer Hironori Aoki has collected more than 29 of Chagall's works, representing the Japanese's enthusiasts in collecting Chagall's paintings. In the 1980s, the reason the price of Chagall's paintings kept soaring higher could be ex plained by the Japanese respect for the artist and his works.

In this issue, as usual, we are going to introduce the chart of the top 10 most expensive paintings by Chagall ever sold at auction. We can dis cover that more than half of the transactions were made from 1989 to 1990, which was the peak in the market. Indeed, the highest market value of Chagall's works appeared by 1990, today's prices remain below 1990 levels. The investors in the art market have strong preferences for Chagall's paintings before 1925; therefore, the value of his ear lier works remains high. However, his fat ter works can also create handsome income. For example, on June 21, 2002, at Komfeld's auction, a 1978 Chagall's painting "Le vil lage en fete" was sold for 1.08 million US dollars.

In 2003, 595 of Chagall's paintings found buyers. Among them, 38 works of the artist have been auctioned and to taled US$10,398,122. Although in the past year, the dealing in the oil painting market was weak, with a general lack of supply; therefore, the bought-in lots rate was low. But the turnover onlytotaled less than 1 million US dollars. The value for paintings reduced. When com- pared with the basis 100 in 1997, Chagall's price index dropped to 62 in 2003, with an obvious slip in his ranking as well. The major reason is that his fine works have not been appearing in the market; it leads to collectors' hesitation in purchasing. In the long run, Chagall's paintings still have much potential for further growth. After the 2003 exhibition tour, the market was activated obviously. In the first half of 2004, the supply for auctioning items improved tremendously. In 2003, it rocked the lowest point in the district. If any of Chagall's fine works appear in the market, then 2004 will be the best time for connoisseurs to purchase his paintings.

Transactions of works on paper still bloom

Compared to the standstill of his paintings, Chagall's draw- ing and watercolor have dramatic growth in market values. From the basis 100 in 1997, in 2003 the price index soared into 152. In the ranking of the art transaction market in 2003, although Chagall's oil painting was listed 21, the dealings of his drawing occupied number 6 in the ranking. And his print ranked number 2.

The most sough-after are those that echo Chagll's mythic images: circus scenes, lovers, portraits of his wife Bella, scenes of Paris or Vitebsk or biblical themes. The priciest of his large- format watercolors date back to his time in Paris from 1910- 1914 and his return to Vitebsk in 1914-1917. A gouache on cardboard "Soldats" was knocked down at 1.3 million pounds sterling (about 2.2 millions US dollars) in Christie's auction in London; it had become the highest priced works on paper sold in auction. In 1996, this painting returned to the market, the price for the dealing could not exceed the apex made in 1990. It sold for only 1.2 million US dollars.

The priciest lithographs of Chagall are the Daphnis & Chloe series, a set of 42 lithographs with a limited edition of 60. The name of the series was taken from Ravel's ballet. The series had been sold in the market twice, creating a turnover of more than 1 million US dollars. It is the number record of the price of Chagall's prints in the market. In recent years, the turnover of Chagall's prints in the market ex- ceeds 3 million US dollars.

Many of his auctioned works keep returning to the market. Now, Chagall's works on paper are still lower than the 1990 level, which kept falling until the mid 1990s. In 1997, the situ- ation reversed and the price soared. From the figure below, it is obvious that the supply in the market in 2001 was ob- viously low and insufficient. As there is a certain degree of demand of his works in the market, Chagall's works on paper will soar perceptibly. It is suggested that all the inves- tors and collectors of Chagall's works may consider selling his works at the appropriate time. It will bring a handsome income.

American market takes the lead in market share of Chagall's works

There is a certain quantity of dealings in Chagall's works in the world. People normally prefer thick and colorful paints. As his earlier works are rather rare, with vivid color, there will be stable profits in investing in these items. For many years, the US still has the largest share of the market for Chagall's paintings in both the volumes sales and turnover. Concerning the market share, the US dominates the market for Chagall. Chagall's works of different media can be found in American markets. Meanwhile, the UK is the second larg- est market of his works. The high-priced oil paintings and sketches mainly center on these two markets. As to Germany, France, and other European countries, they have also built up stable auction markets for Chagall's works as well.

Every year, there are only a few hundreds of Chagall's oil paintings sold in the auction market. Other transactions are done privately, with paintings provided by private sellers and agents. Meanwhile, the major source of the paintings is from the US, UK, and France. Earlier this year, there was a legend- ary fraud incident committed by the New York art dealer Ely Sahkai. Likewise, Chagall's works suddenly became a global focus. Fake paintings sold through Sahkai s hands were more than 10 in number. At that time, Sahkai sold Chagall's fake paintings to Japan and Taiwan. His intention was mainly focusing on the local demand of Chagall's paintings and the lack of sufficient information.

As abovementioned, Chagall's paintings enjoy high renown in the world art market. His prolific works done on different media remain high in the number of transactions. Therefore, it is important to purchase his works through professional art dealers. In the future, it is predicted that the channel will be very smooth. For the connoisseurs and collectors of Chagall works, although the Sahkai incident is scary collec- tors should not be hindered by it to give up a modern artist with much potential for further growth.

...Parmi tant de visages familiers, celui du peintre lui-meme reapparait souvent. Jamais il no peignit autant d'autoportraits que durant cette periods 1914/15. Une fois, c'est un jeune homme boucle rout dune gracieuse jaquette, devout le mur acre clair de la maison paternelle; one autre fois, c'est le peintre devant son chevalet; one harmonic de brun rouge mat et de bleu ciel. Ailleurs, on le retrouve 1'oeil espiegle sous la chevelure frisee, au encore grave, le regard fixi sur le spectateur. Comme en 1910, des plantes encardrent volontiers le personanage portraiture; dons 1'oeuvre la plus meiveilleurse de la s9rie (cat. ill. 161), le profil du peintre, baignant dons un bleu lumineux et sombre, se penche sur on bouquet de pivoine au feuillage flamboyant. Ce tableu fu peint, en depit de la date 1914, "peu avant le marriage avec Bella" (d'apres les souve- nir actuel du peintre); c'est-d- dire an debut de 1' etE 1915 - Unefoil de plus, 1'annee de tra- vail empiete largement sur la suivante... (Franz Meyer, Marc Chagall, Flammarion, Cologne, 1961, pp. 220-221)

Le vibrante clart6 quo Chagall d6couvrit en Bretagne se reflete aussi dans les gravures pour Gogal datee de Pete 1924 (les "visites" chez Manilov, chez madame Korobotchka et chez Nozdriev), aimi quo daps une some de tableaux peintes en pleine pate. Le papillotement delieat do clair-obscur dans les gravures, obtenu soit par le pointille do la pointe seche, soit par le rouleau, corre- spond au jeu lumineux de la couleur grenue dons les huiles. Vers Pautomno le trait de pinceau gagne enforce. Le rythme vibrant des petites taches et des points daps la "Nature morte aux flours", qui rappelled la technique des "Flours et jeune filles" de 1910/11, engendre un mouvement plus libre et plus impetueux qui envahit la toile eomme une ecume colorie (cat. ill. 376). On retrouve encore, en marge, les petites maisons russe et les betes au grands yeux; mais ce sent les flours qui prennent la premiere place. Elles ne sent plus les merveilles soigneusement distinetes de la grange toile bretonne; elle baignent daps la sauvagerie do monde vegetal. La jeune fine dons Parbre on a co"te do bouquet se trouve prise dans la croissance irresistible on la secrete trame des plantes. La couleur de ces oeuvres est plus sombre, plus nocturne, d'une opu- lence automnale. Les feuilles et les flours etincellent comme des pierres prdcieuses dans le rouge intense du fond. La encore, on retrouve le memo style dans les gravures... (Franz Meyer, Marc Chagall, Flammarion, Cologne, 1961, p. 338)

This pairing is a Dream Love Pmem. It shows Bella;,the antist's wife and ,flowers she bqiight in a local market. And was painted in the spring of 1926 ., a time of great peace and happiness in Chagal's life.

He and his family were staying in the small Mediterranean fishing village of Mourillon near Toulon.It was his first visit to the south of France.And he fell in love with its sunlit beauty.

His son-in-law Franz Meyer,in his major monograph based largely on his conversations with Chagall,describes this period;and why this painting reflecets a particular monment of joy and freedom in Chagall's life.

The liberty and success he found in Francemthe sense of his own powers ,and the discovery of a joy-giveing world of lighe time of my life.

Chagall wsa overwhelmed by the brightness of the sea.The Mediterranean affected him as a triumlhal song of color in the vast,luminous space.He was also thrilled by the bunches of flpwers Bella brought home from market day after day.Their dense,pure,bright colors served hom sa a link with the landscape.INmany of his pictures a bouquet is the windowsill.Delicate panicle,campanulas,and the great white calyces of light that slso reflect the of the distance.In these pictures,the sea is by a few sparse of nerby a distant sailboats.

In one picture,Bella is sitting on a terrace overlooking the sea ;in another she is lying on the beach in the posture of the girl with the fan.

See:FranzMeyer,Marc Chagall,life and Work,London 1963.P.348,530.

This painting with its marvellous exuberance and joy ,its richness and luminosity,seems perfectly to reflect these sentiments.

The painting has remained, until its recent acquisition, in the same private collection since 1935.

The flowers, with their wreathing movement, passionate exu- berance and eroticism, are in a very real sense also human. Their richness of colour and texture-the paint in part heavily impastoed - contrasts wonderfully with the watercolour like transparency of the thinly painted luminous sea and sky, to evoke a dream-like vision.

This is the only painting reproduced in Franz Meyer's book, which shows flowers 'seated' on a chair. And given Chagall's visionary poetic imagination, there is good reason to believe that he has quite consciously portrayed his very being - at that particular and gloriously happy moment in his life - in these flowers, as they soar'intoxicated with joy' upwards and towards the loving, waiting Bella.

And steeped in the Bible since early childhood, has Chagall not also expressed a profound link - perhaps subconscious - with The Burning Bush and its personification of human thought.

Fifty years later, he was to write: 'Ever since my earliest youth, I have been fascinated by the Bible. I have always believed, as I still believe, that it is the greatest source of poetry of all time. Ever since then, I have sought its reflection in life and Art. The Bible is like an echo of nature, and this is the secret I have endeavoured to transmit.

During the course of my life and to the best of my ability, and in spite of the fact that I sometimes feel I am quite an- other being, that I was born, so to speak, between earth and sky, that the world is a great desert through which my soul wanders like a flaming torch, I have created these pictures in unison with this youthful dream.

Are not painting and color always inspired by Love? Surely painting is merely a reflection of the inner self and thus transcends mere brushwork which becomes irrelevant. One's character and message are contained in color and line.

Since all life tends inevitably towards its end, each of us should try to color his own with the colors of love and hope For myself, perfection in Art, as in life, is rooted in the Bible When this spirit is lacking, merely mechanical factors of logic and construction, whether in Art or life, will never bear fruit.

In Art, as in life, everything is possible, so long as it is based on Love.'

"My paintings are my memories."Chagall said.His work is a diary in images,and to read between the lines is to appreciate a painter in unbroken dialogue with his birthplace and relingious background.Being a son of a poor Jewish fish merchant,Chagall uses fishes as a symbol of childhood and a flying dancer as a timeless dream world.A couple in love is whispering before,the under moon.What a beautiful scene in the reflection in the water.

Since Chagall settled in St. Paul-de-Vence in 1949, virtually all pictures were painted in the studio at "Les Collines". "The new environment is responsible not only for the view from his window of the little walled town and the steeple of its medieval cathedral, which appears in so many of his pictures, but also for the novel charm of the painterly mood which embraces all things that grow and blossom... At Vence he finished many works he had begun previously. The result is a combination of old and new in which the new in which the new predominates to various degrees, here merely altering the surface, there conditioning the entire composi- tiori.:"(Franz Meyer, Chagall, Life and Work, New York, 1963, pp. 501-2).

The images of figures flying over a town goes back to the period when Chagall returned to Russia (1914-22) and specifically to the painting 'Au-dessus de la Ville' of 1917-18 (Meyer, no. 303) On 7th July 1915, his twenty-eighth birthday, Chagall celebrated his engagement to Bella with a painting, "L'Anniversaire" (Meyer p. 259), a predecessor to 'Au-dessus de 1a Ville0. Many years later Bella recalled that day "We soared together above the decorated room, sailing along we came to the window and wanted to pass through it From outside the bright-coloured clouds and a stripe of blue sky called us. The walls with the gay scarves began to reel, they made us drunken. We flew over meadows filled with flowers, over sleeping roofs, gardens and churches. " (quoted in Walter Erben, Marc Chagall, London, 1957, p. 59)

In 1964, while he was in Paris supervising the weaving of his Knesset tapestries, Chagall was introduced by Mme. Madeline Malraux, the French Minister of Culture's wife, to Yvette Cauquil-Prince, one of the most famous tapestry weavers of our time and an absolute master of this revered and ancient craft. Her works were already acclaimed by experts and cura- tors of important museums all over the world, including the Louvre. "The tapestry universe conveyed by Yvette Cauquil-Prince takes on a new significance; it is a new creation, another aspect of the work, its natural continuation", observed Jean-Luis Prat, director of the Maeght Foundation in Saint-Paul-de-venee. "Nothing is identical with the original", he continued, "every- thing is different of force provided by a creative autonomy: the autonomy of the master-craftswoman ( ...) that is why Chagall was so happy to have his own creation reinvented by the intermediary. "

In the course of her long career, Yvette Cauquil-Prince has produced more than 80 tapestries for leading artists of twen- tieth century, such as Picasso, Braque, Kandinsky, Klee and Chagall. All Chagall's tapestries are taken from paintings in the style of his late work. Chagall was very pleased with Cauquil-Prince's first tapestry for him on the subject of the circus. It marked the beginning of a twenty-year collaboration, which gave rise to 29 Chagall tapestries. The tapestries she created for Marc Chagall cover the whole spec- trum of his themes: the Bible and the prophets, the circus, life, flowers, dancing, peace. Through her skill and professionalism, Yvette Cauquil-Prince could transform a gouache or watercolor painting into a new, large-scale art- work without losing the essence and character of the origi- nal or deviating from the intention of the artist. (Jacob Baal- Teshuva, Marc Chagall, Tapestries Tapesserien. Tapisseries, Taschen, 1990, p. 18 & p. 22)

"Ever since early childhood, I have been captivated by the Bible. It has always seemed to me, and still seems today, the greatest source of poetry of all time. Ever since then, I have searched for its reflection in life and in art. The Bible is like an echo of nature and this is the secret I have tried to convey." Chagallsaid.

Chagall's subject matter, which was taken from his cultural knowledge of a small Russian village, was superseded by the use of motifs from Greek mythology, Christian belief and his own everyday experience. In the painting, the artist de- picted a reversed village, crescent moons, cock and manger, which conveyed the scene of the birth of the baby Jesus. The upheld blue Christmas tree sprinkled with snow, gave the whole scene a joyous atmosphere.

Like many fellow artists of this generation, Chagall loved the circus. He had been fascinated by traveling entertainers and acrobats in his youth. He first circus picture was painted in 1926. In fact, many of his circus motifs are to be found in the murals he painted for the Jewish Theatre in Moscow in the early 1920s. The circus kept its hold on Chagall's imagi- nation to the end of this life For him, it was a world of color and drama in which tragedy and comedy were continually intermingled.

"In the arts, as in life, everything is possible provided it is based on love. " Chagall said. Family happiness is the theme of the painting by Chagall. The artist knows well to properly sup- ply a pleasant atmosphere by using a simple style. Accord- ing to one art critic, Chagall wants to be a legend. He is a storyteller. Chagall is a painter, a real painter. But as a painter he is a storyteller, and as a storyteller a painter. He depicts natural family bonds and the happiness derived. The blossom, flying musicians and gentle animals are all care- free under the canopy of the heavens.

According to a news release on the FBI website, Sakhai bought a Marc Chagall painting titled "The Mauve Tablecloth" (La Nappc Mauve) in 1992. He then hired a forger to make a copy +iid sold it to a Tokyo dealer. Afterwards, Sakhai put the real work up for auction in Christies London, success- fully completing the transaction on 10 December 1998. As for the Tokyo replica of the same name, the fallacy was un- covered by a Zurich gallery and later confirmed after an ex- pert appraisal.

Taiwanese collectors have also fallen prey to fake Chagalls. A painting titled "King David in the Greens" (Le Roi David clans le paysage vert) Awas unfortunately acquired by a Tai- wanese collector from Sakhai. Subsequently, the collector successfully auctioned off the work through Sothebys Lon- don on 11 November 1998. However, a dispute over the painting arose the year after and Comite Marc Chagall was called upon to authenticate the work. After it was declared to be a counterfeit, the work was confiscated and destroyed. As rumours concerning Sakhai increased, he was finally com- pelled to partially compensate the loss. Sakhai wanted to sell the real Cbagall painting to a Paris gallery in order to offset this amount. Since the painting had been officially registered by the Chagall Foundation, the risk of being found out increased. Sakhai was presumptuous enough to assume that given Chagall's popularity in Asia, it would be easy to resell the work. He could never have imagined that ironically; as a result of Chagall's real work, he would be indicted of at least eight charges. For this art dealer, Chagall was respon- sible for both his rise and his fall!

The name Sakhai evokes a certain reaction. As early as 199E he started working with a Japanese and a Russian to sell fak paintings in Taiwan, fooling marry. The increasing doubts o collectors over the years were finally confirmed by brutal facts.

That year, they set up business in a room at the Far Easten Hotel, featuring thirty to forty paintings claimed to be 61 Chagall, Monet, Renoir and others. The scene was like a nigh market, with paintings strewn on the floor. The smell of frest paint lingered in the room as these con artists happily read- ied themselves for unsuspecting Taiwanese buyers to take the bait.

The success of the group's strategy was based on Taiwanese collectors' trust in foreigners, thus enabling the cheats to come up with a deviously elaborate plan. They claimed that Japanese creditors had mortgaged the paintings to a bank but after the bursting of the Japanese economic bubble, the paintings were seized. The paintings were then entrusted to an established New York gallery in Broadway; which had been instructed by the bank to sell them at half their market price.

In addition, the Sakhai group even managed to produce sup posed authentication documents from Sothebys and Christies to win the trust of collectors. In actual fact, they had pur chased the real Impressionist and post-Impressionist paint ings from auctions over the years in order to obtain these guarantees. They would sell fake copies of these paintings to buyers all over the world with these documents. After which, they will resell the original paintings separately.

This appeared to be a flawless plan. Collectors thought they had stumbled on a bargain and stepped into the trap. A certain wealthy technopreneur was targeted by the Sakhai group. Knowing his penchant for Modigliani, they naturally took out a selection of three works for him to choose from.

The collector even measured the dimensions of the painting to make sure it matched the work in the catalogue.

Among the works was "A Woman With A Pair Of Earrings' (Tete de femme aux boucles d'oreilles) which was estimatec to be worth US$2.5 million. The price quoted was US$1.5 million and it was indicated that it could be bargained down to US$1.2 million, as if in a night market. I was asked to arrange for the painting's authentication and at that time, Sakhai even said to me, "Whatever your clients fancy, I have it here."

Although these works were very well executed, after authen- tication by Wildenstein Institute and other institutions, it was ascertained that the actual Modigliani work should be residing in Europe. This particular technopreneur evaded the trap. Others, however, were not as fortunate.

After the Sakhai group had managed to trick two or three collectors in Taipei, they transferred their attention to Tachung. What was even more ingenious was their offer to collectors that they could trade in their paintings to make up the difference. A Taichung collector traded in a collection of works by Zao Would and Liao Jichun for paintings by Western masters. Subsequently, he discovered that his ac- quired works re-surfaced in the Hong Kong auction market, and suffered a severe loss. There were apparently half a dozen collectors in Taizhung who shared a similar fate.

The Sakhai group has on numerous occasions taken advan- tage of the collectors' propensity for bargain-hunting. With excellent fakes, their takings easily exceeded US$7 to 8 million. To this day, some of the victims are still in the dark and remain unaware that their works are fakes.

In fact, Sakhai's unscrupulous activities were not limited to Taiwan. Their operations in New York, Paris, Tokyo and Taipei had been under investigation by the FBI for three to four years before they were finally caught. Nevertheless, given the increasing sophistication of those involved in the sale offake paintings, collectors should be constantly vigilant. The next Sakhai could be knocking on your door.

(This article was published in part in the 75th issue of Chinese Art News, April 2004, page 102-103.)

Although the sensation of beauty is of foremost importance when collecting art, the retention and investment of value are also very important. If counterfeits or works of poor qual- ity were acquired, then, not only would a psychological bur- den be created, it would also be a tremendous loss for ones' coffers. The domineering ways of forgeries have made quite a gloomy impact on collectors and the consequences of good money driven out by the inferior money of these unworthy traders have even threatened to endanger the integrated struc- ture of survival in the entire art market. This poses a serious problem that cannot be disregarded. In this article, years of experience from international exchanges and intermediary undertakings in western art shall be willingly shared, from which a few critical principles will be gleaned to facilitate purchasing western works of art at ease, providing a refer- ence for collectors or fellow members in the trade of art.

(1.) Distinct ownership rights and authenti-cated source

The first precaution in selecting and acquiring artworks is to be wary of acquiring stolen works or counterfeits. Ensuring a distinct and non-ambiguous ownership in the piece ofwork is absolutely imperative. Every year, news concerning thefts or losses of artworks incurred by museums, art dealers and collectors around the world persistently makes their rounds, particularly for the popularly traded artists in the market, such as Van Gogh, Gauguin, Monet, Renoir and Picasso, who are all susceptible to be targeted by cultured thieves. To put an end to the transactions of stolen works, the world's larg- est loss reporting center, "The Art Loss Register" (ALA for short), has been working intimately with investigation units, auction firms, experts, insurance companies as well as the victims of such thefts and losses to set up an enormous data bank that will assist in locating the artworks. ALR, established ...in 1991, is situated in London. Till now, the association re- -' lentlessly seeks to return the artworks to their rightful owners, having registered the data of more than 120,000 pieces, in- cluding contents from books, antiques, paintings, sculptures and various other valuable collectibles that were lost, stolen or plundered, either during or after the Second World War.

Like a booklet of residency for works of art, "Provenance" is an important reference information for auctions and inter- mediary work on western works of art. It is easy to trace the provenance of contemporary artists whose times are closer to ours, but it is for modern art or artworks prior to the nine- teenth century that the necessity of provenance are even more pronounced. The value of any work of art can be reflected by the particular work's previous ownership by a collector of refined tastes or an influential art dealer, such as, Impres- sionist art dealer, Paul Durand - Ruel, on the likes of Impres- sionists Monet and Pissarro; Ambroise Vollard on the likes of Renoir, Gzzanne and Picasso, which were all of signifi- cant importance.

(2.) Putting stories aside to seek the truth is a must

It is a taboo to purchase works of art based on hearsay and groundless rumours alone. The basic guideline that should be adhered to is to seek the truth. To gain the trusts of buyers, traders involved in selling stolen works and forgeries would usually fabricate In advance touching tales of the works' past travels. However, no matter how much twists and turn a story has, it is still not as reliable as a tangible piece of evidence. Requests for sellers to produce the complete background information or documentation of the painting may be made before going overseas to purchase works of art. These docu- mentation may be important exhibition illustrations, books, catalogue raisonne, proofs of purchase, letters and historical documents, commentaries, authentic certificates, relevant photos, etc.; an even better way is to appraise the art work personally or by entrusting an expert, because "works of art speaks by themselves", whereas poor and wrongful stuff are incapable of lasting appreciation.

(3.) Catalogue raisonne and major illustrations

The development of the western art market has undergone a longer time. Besides provenance and exhibition records, rel- evant experts place considerable importance on the infor- mation in historical documents, commonly known as "Illustration", "Literature" or "Bibliography", etc. In the in- ternational market, "Catalogue raisonne" by well-Imown art- ists enjoys an extremely high credibility among the public, go through strict appraisals and selections and are system- aticalty cataloged according to the chronology of the works. At times, entire sets of "Catalogue RaisomiS" can also be- come items of collection. Christian Zervos, the French art critic, was the founder of the famous Parisian publishing house, Cahiers d'Art. During his lifetime, he compiled 22 volumes (1932 - 1970) of catalogue raisonne about Picasso's works. After his death in 1970, the publishing house contin- ued to publish another 11 volumes (1970 - 1978) of adden- dum to the catalogues. This complete series of 33 volumes of catalogues commands a price exceeding more than a mil- lion NT Dollars in the market of ancient books and copies. The catalogue on Modighani, compiled by Italian critic, Ambrogio Ceroni, on the other hand, is a reference material that all air dealers cannot wait to lay their hands on. This set of publication is the best among the books related to the artist.

Other than art critics and publishers, art dealers have been known to publish the occasional catalogue raisonne, which are also held in high credibility among the public. Prior to his death, Impressionist art dealer, Vollard, acted as Renoir's agent and had compiled and published illustrations for Renoir too; Daniel Wildenstein 's complete collection of a four-volume catalogue raisonne on Monet's oils is a highly credible literary work in the market; the first and second volumes of Maurice Garnier's catalogue raisonne on Buffet's oils are, on the other hand, absolutely essential books of reference in the bookshelves of art dealers and collectors collecting Buffet's paintings.

The family members of certain artists would set up funds or museums, after the demise of these artists. Complete collec- tions of catalogue raisonne are published by clan established funds as well, for example, Chagall, Renault, Kisling and Henri Moore, etc.; or published by bodies of professional appraisers, as represented by the likes of Paris' Institute Wildenstein, that have employed separate experts to com- pile catalogue raisonne for Renoir and Maurice de Vlaminck.

(4.) Appraisals and authentic certificates by experts, art organisations and artists' families.

In the aforementioned, major illustrations that we mentioned could be looked upon as one of many methods to certify works. Certainly, if a work is yet to be incorporated within major illustrations, "authentic certificates" can otherwise make up for its inadequacies. Professional certificates from abroad comes in two formats, the most common of which is the photo certificate where the front features a black and white photo (coloured pho- tos lacks objectivity as colour casts occurs easily) of the work and the back bears signatures of proof by its guarantors; the other type are letters of certification drawn up by art organisations, for example, in the catalogue raisonne of artists such as Renoir and Vlamindk that are cur- rently compiled by Paris' Institute Wildenstein, works that have undergone appraisals by the institute's experts will be issued with a letter of certification which can be regarded as its "Attestation".

Who are the people that qualify to draw up certificates? It is generally acknowledged in the international market that art- ists' families, dealers and agents, experts and art orgaiisations are guarantors capable of drawing up certificates and these guarantors usually happens to be the authors or publishers of the catalogue raisonne.

(5.) Regular updates of new information from the art market

Internationally scales of investigations on thefts and forger- ies are more extensive and transparency of information is better than it is in the country. On the aspect of quotations for paintings, however, similar information can be found in art or financial magazines and news reports, both at home and abroad. Trends in the art market can be better under- stood by keeping in touch with more news of this nature on a daily basis. Only by paying constant attention on the cir- cumstances of artists' auction transactions and precisely grasping the reasonable market prices of the works can one avoid being quoted exorbitant prices by sellers. Art related magazines and periodicals would usually feature introduc- tions of auctions and the post-auction sales records, espe- cially during peak periods in each year. Similarly, auction yearbooks, both at home and abroad, may assist in the mas- tery of market prices.

(6.) Seek advice from art dealers or consult- ants with international perspectives and profes- sional experience.

In the case of fraud committed by Sakhai, the unworthy west- ern art dealer, he did purchase true original works, but they were only for mechanical reproductions of other fake copies that were sent for sale under the pretense of the original's documentary proofs, in regions where information were rela tively scarce. After some time, he would then sell the original works through major auctions in New York, London and Paris. In the cases of several traders and collectors in Taiwan, Sakhai in- stigated them to top up cash short- falls by exchanging works of Taiwan- ese Seniors or Chi- nese Seniors for the western forgeries. Later, Sakhai would profit twice or more by selling off the Taiwanese Seniors and Chinese artists so exchanged, through the auctions in Hong Kong. As Sakhai and his gang clearly perceived the speculative mentality and the readiness with which Taiwanese place their trusts in foreigners, they got in touch with art galleries and collectors through connections from non-art related arenas and made at least several million US Dollars in Taiwan.

Transactions in western paintings are best entrusted to experienced, trustworthy art dealers or consultants who pos- sess an international perspective as they are better equipped with the professional experience of an international inter- mediary and are able to provide suggestions and views on buying and selling, as well as appropriate information on market prices. If doubts about the transactions props up, direct understandings can be easily established. Since the art dealer is both a buyer and a seller, outstanding art dealers must be equipped with professional appraiser abilities, mar- ket experience, foreign language abilities and plenty of net- working connections. Only then would they become appro- priate. middlemen who would not be fooled and duped.

In recent years, all artists, no matter Chinese or'Laiwanese, have faced circumstances in which counterfeits of their works throw their weight around. Bent on profit, the unscrupulous traders are absolutely not softhearted in their savage ways. Be it an art dealer or a collector, acquiring works of art with peace of mind can only be achieved by viewing more origi- nal works by the artists, reading cursorily on a wide variety of books and magazines, supplementing their knowledge, as well as consulting experts from various domains and en- trusting the professionals, especially for western works of art. Seeking advice from professional art dealers and requesting for assistance brings about the effect of halving the work but doubling the results, making transactions in western works of art safer and more secure.

(Part of this article was published in the 75th volume of "Chinese Art News", April 2004, p.103 )

A renowned art critic in Switzerland, Franz Meyer was once the museum director of Switzerland's Kunsthalle de Berne. In 1957, he first published research books on Chagall's art of painting. A few years later, he became Chagall's son-in-law and specialised in Chagall's oils and other paintings. He was the earliest authoritative figure on the study of Chagall's art.

Franz Meyer, Marc Chagall, Verlag M. DuMont Schauber, Cologne, 1961 (Germany version);Flammario, Paris, 1964 (French version)Franz Meyer, Marc Chagall Life and Work, Harry N. Abrams, 1957 1250 illustrations (English version)

Jean-Louis PRAT

Currently in charge of Paris' Comite Marc Chagall, he is also the curator of Fondation Maeght in Saint-Paul, France, specialising in Chagall's oils and 20th century modern -nrtwrently, authentic certificates in the art market were mostly drawn up by MrJean-Louis Prat. Presently, he is working ,nd residing in Paris.

Jean-Louis Prot, Marc Chagall retrospective de Poeuvre peint, 7 juillet-15 octobre 1984, Fondation Maeght, Saint-Paul

Jacob BAAL-TESHUVA(b.1929)

A Chagall expert, author, critic and free-lance exhibition planner. A graduate from Jerusalem's Hebrew University and New York University. Published many articles about Chagall, besides which, he also studied the likes of Andy Warhol and Christo. Acquainted Chagall in 1951 and maintained their friendship till 1985 when Chagall died of illness. Presently, Baal-Teshuva resides in two places, at New York and Paris respectively.

Jacob Baal-Teshuva, Chagall 1887-1985, Taschen, Bonn, 1998

Charles SORUEL

Charles Sorlier, specialises in Chagall's lithography, pottery, sculptures and posters. Having assisted Chagall in making lithographs for more than 20 years, Sorlier was later regarded as Chagall's exclusive chromiste. Jokingly, Sorlier called himself a "color therapist". He died of illness a few years ago.

Charles Sorlier, Les ceramiques et sculptures de Chagall, Editions Andre Sauret, Monaco, 1972, 220 works reproduced Charles Sorlier, Les Affiches de Chagall, Draeger-Vilq Editeur, 1970 )60 posters reproduced)

Julien CAIN(1887-1974)

Former director of La Biblioth6que.nationale de France and Paris' Ecole des Beaux-Arts during 1930-1945 and 1.945- 1964, he also wrote introductions,for-Chagall's lithographs. "The Lithographs of Marc Chagall", a six-volume compilation by Sorlier, Cain and Fernand Mourlot,has become one of the most important catalogue raisonne for the artist.

Julien Cain, Charles Sorlier & Fernand Mourlot, Chagalllithographe, 6 voL, Andre Sauret Editeur, Paris, 1960 to 1986 (993 works reproduced)

Fernand MOURLOT(1895-1988)

French lithographer of British descent. He inherited his father's print studio at a young age. The fame of Paris' "Atelier Mourlot" is known throughout the world. In 1947, he acquainted Chagall. In 1951, he began instructing Chagall and they collaborated to create their first lithographic work. In 1960, he began publishing "Chagall Lithographe" and worked in collaboration with many modern artists.

Julien Cain, Charles Sorlier & Fernand Mourlot, Chagall lithographe, 6 vol., Andr6 Sauret Editeur, Paris, 1960 to 1986 (993 works reproduced)

Jean LEYMARIE(b.1919)

Jean Leymarie, a French art historian, once served as an assistant at the Mus6e du Louvre. Later, he became a Conservator at the Grenoble Museum and held the position of professor at the Universite de Geneve and Universite de Lausanne for up to 12 years. A former director of the Acad6mie Francaise and Rome's Villa Medicis, he later became curator of Mus6e d 'Art Moderne de la ville de Paris and director of Ecole du Louvre. Having authored countless works, he is also one of many authors who compiled catalogue raisonne for Zoo Wou-ki, the art master of Chinese descent. Published monographs about Chagall's monotypes.

Preface of Jean Leymarie, Marc Chagall Monotypes, 2 vol., Editons G6rald Cramer, Geneva, 1966 & 1976

Robert MARTEAU(b.1925)

A native of Poitou, Central France, he specialises in Chagall's stained glass and lithography. Once resided in Canada, he is living in Paris now.

Robert Marteau, Les Vitraux de Chagall, A.C. Mazo Editeur, Paris, 1982 (Vol. I: 1961-1965. 167 monoypes reproduced; Vol II: 1966-1975, 140 monoypes reproduced.)

Sale Date/Venue: Sunday, 11 April, 2004, Taipei
Number of Lots Sold: 44
Value of Lots Sold: USD 2,044,899 (approx. NTD 67,481,680)

The following prices in Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest Taiwan Dollar.
On the date of the sale, exchange rates were approximately as follows: USD 1 = TWD 33、HKD 1 = TWD 4.225

Collectors Reluctant to Sell, Demand over Supply

For the last five years, Lin's auction grand total turnover has reached NT$286,680,000 and the highest year is in 2002. Since everyone highly regards the potential growth of Lin's paintings, the number of sales decreased in 2002 or 2003 in comparison to the previous year. However, the sale amount at the same period even increased; even if it dropped, it only dropped a little. The result shows that the prices of Lin's paintings are increasing with strong support.

While soliciting and collecting our auction items, we interviewed many of Lin's collectors and asked them about the possibility of selling his Lins. However, most collectors were reluctant to sell their treasures now, some even would like to buy more. Therefore the demand is very high. Now Lin's beautiful and colorful paintings have become very hot. Certainly, during the collection period, there have been many controversial works so bibliography reference, provenance and identification by experts are required. Therefore, those are well preserved and with good ownership are easy to find a buyer within a short time.

Ink and Color as the Main Medium, Oil Paintings Are Precious

Lin studied in France in his early years so he was influenced by some contemporary art theories such as cubism, fauvism and expressionism. He introduced those new ideas into China. As an artist and educator, he had a great influence in this changing world. His student, Shiy De-jinn called him a "Lin Fengmian: A Pioneer Reforming Chinese Painting". Lin mostly painted Tsai-mo so it dominates the auction market. On the other hand, his oil paintings takes have a low ratio,; there is hardly one oil painting produced per year. Therefore, this kind of rare oil painting becomes a top class collection. Take the last five years for example, in the art auctions in Taiwan, Hong Kong, Beijing and Shanghai, out of the 300 Lin lots that have been sold, only 7 were oil paintings, which is only 2.3% by lot but their values was over $64,800,000, which is 22.6% of Lin Fengmian's turnover during the past 5 years.

Between 2000 to 2003, out of over 10 Western painting auctioneers in China, Hong Kong and Taiwan, only one of Lin's oil paintings was sold every year. The subjects are always female farmers or fisherwomen at harvest. Every oil painting was sold at least NT$15 million. The theme of village people was mainly created in the 50's and 60's when Lin was living in Shanghai and joined the Shanghai Artists Association as the Vice President and Director of the Oil Painting Group. In 1950, Lin's social status was still well respected. In 1958, he worked on the Vegetable Work Team with his contemporaries Guan Liang and Wu Dayu for almost a month to experience life in nature. After 1959, he went to Zhoushan Fish Farm, Zhejiang and created a series of fish village harvest themes. His oil paintings were mainly created in this period. Although he painted Chinese operas or laborers the production was even less.

The rareness of Lin's oil painting has increased their price. Take "the Bountiful Catch" for example. It was sold for NT$17,528,500 in July 2003 in Hong Kong. However, the same painting was sold for NT$3,130,000 in April 1996 in Taipei. Within 7 years, the same painting had a growth rate of 460% proving the buyers' attention and appreciation of Lin's work.

The Market Shares of Ling Fengmian: Hong Kong, Taipei and Beijing

Between 1999 and 2003, Hong Kong was the biggest auction market for Lin's paintings with a market share rate at 64.3%. Many of the high-priced paintings are sold in Hong Kong in recent years. There were 300 lots of Lin's paintings in the world within 5 years and 124 were sold in Hong Kong. Since the Chinese painting market in Hong Kong has a long history, the Taiwanese collections of Lin's work were bought from the Hong Kong art market. As the Chinese painting market in China is growing fast, auctioneers have mushroomed and many have started to collect Lin's work. So, Beijing and Taiwan's market share ratio for the last five year is close, 15.1% and 14.3% and sold lots were 84 and 51 respectively. Meanwhile, Shanghai auctioneers only have a 5.9% market share rate. Other areas such as Los Angeles and London had five pieces sold but the amount was low with a low market share.

Lin's Publications and Appraisal

Lin has many controversial paintings in the market. As far as theme is concerned, maple and lady ink and color painting forgeries are most common. As to the appraisal of Lin's work, so far there is no certified institution or professional guarantee. However, there are certain appraisal channels with some reference value such as experienced collectors from Hong Kong and Taiwan, Lin's family and students, experts, art critics and professional art dealers with good reputations. Additionally, Lin's publications provide certain quality assurance as listed below:

- Zhu Zhangchao ed, Lin Fengmian Hua Ji, Beijing People Art's Publishing House, Beijing, 1957(12 illustrations)

- Preface by Lu Meng, Lin Fengmian Hua Ji, Shanghai People Art's Publishing House, Shanghai, 1979 (62 color illustration and 5 black-and-white illustrations)

- Shiy De-jinn, Lin Fengmian: A Pioneer Reforming Chinese Painting, Hsiung Shih Art Book, Taipei, July 1982 (32 color illustrations and 39 black-and-white illustrations)

- Lin Fengmian Painting Exhibition Catalogue, Seibu Department Store, Tokyo, 1986

- Zhu Pu, Contemporary Artist Theory, Work, Life - Lin Fengmian, Xuelin Publishing House, Shanghai, March 1988 (20 color illustrations and 136 black-and-white illustrations)

- Preface by Wu Guanzhong, Lin Fengmian's Figure, Landscape and Still Life, Zongbaozhai, Beijing, 1989

- Preface by Lin Fengmian and Li Lin-ts'an, The Paintings of Lin Fengmian, National Museum of History, October 1989 (94 color illustrations)

- Zhen Cao and Jin Suni ed, Lin Fengmian, Zhejiang Academy of Fine Arts, Hangzhou, 1990 (13 color illustrations and 31 black-and-white illustrations)

- Xu Li Pin, Han Mo - Lin Fengmian Special Collection, Han Mo Xuan Publishing Co. Ltd, Hong Kong, 1992

- The Art of Lin Fengmian (exhibition catalogue), Hong Kong Art Center, Hong Kong, 1992

- Lin Fengmian Collection, Chin Shaw Cultural Enterprise and Tianjin People Art Publishing House, 1994

- Gu Zhujun ed, preface by Wu Guanzhong , The Collected Works of Lin Fengmian, Volume I and II, (Chinese Master Painters' Work Series), Tianjing People's Fine Art Publishing House, Tianjing, October 1994

- Lin Fengmian (Chinese Art Masters Weekly), Chin Shaw Cultural Enterprise, Taipei, 1994

- Lin Fengmian, Masters and Chinese Famous Painting, Taiwan Mike, Taipei, 1996

- Odile Chen ed, Lin Fengmian & Guan Liang: Works on Paper Collection, Lin & Keng Gallery, Taipei, January 1998 (17 color illustrations)

- Sharon Pai ed, Lin Fengmian: Pioneer of Modernism Painting in China, Lin Fengmian, Asia Pacific International Art Company, Canada, 1999

- Xu Jian ed, The Approach of Lin Fengmian, China Academy of Art, Hangzhou, 1999 (245 color illustrations)

- Wang Hsiao-lan, The World of Lin Fengmian, Minsheng Publication, Taipei, July 2000

- Odile Chen ed, Preface by C. J. Jason Wang, A Retrospective Exhibition of Lin Fengmian's 100 Years, Lin & Keng Gallery, Taipei, August 2000.

- Ba Dong, An Analysis of the Development of Lin Fengmian's Artistic Style - A Trailblazer for Modern Chinese Painting (Journal of the National Museum of History - Volume 23), National Museum of History, Taipei, December 2002 (8 black-and-white illustrations)

- Lang Shaojun, Lin Fengmian, Hebei Education Press, Hejiazhuang, 2003

More research publications on Lin will strengthen his status in Chinese contemporary art history. When more collectors notice Lin's paintings, they will find out that his price is rather low. While another Chinese painter Chang Dai-chien made NT$91million in 2002, shouldn't Lin deserve higher values than those offered presently? As to the increase in Lin's prices, the author completely agrees with the appreciation and is optimistic about it.

1 Fengmian: Lin's formal name since his primary school period here as a pun means glorious.

As "Overseas Chinese Artists" lives in foreign land for practically the whole year round, their works are always filled with traces of exotic charms, winning the cherishing of many collectors. Besides this, they are mostly managed and represented by foreign art dealers, which objectively speaking, also expands their market and increases added values for the collectors. Overseas Chinese Artists are regulars in the auction market, from the deceased artists such as Sanyu (France), Pan Yu-liang (France), Lin Fengmian (Hong Kong), Ding Yanyong (Hong Kong), Yun Gee (America and France), Chao Chun-hsiung (America), T'ang Haywen (France), George Chann (America), Pang Tseng-ying (America), Hsiung Ping-ming (France), etc., to those who are currently still alive and comparatively elder, including Zao Wou-ki (France), Chu Teh-chun (France), Walasse Ting (America and Holland), Richard Lin (England), John Way (America), Yoshio Chang (France), as well as the young and middle-aged artists such as Dennis Hwang (America), H.N.Han (America), Chuang Che (America), Yang Chihung (America), Tzu-chi Yeh (America). Over the years, their works have been receiving support from their own respective groups of collectors. In the last two, due to the active auction trade, market estimates for the early Chinese Overseas Artists have already set new records. While signs of appreciation have yet to emerge from the young and middle-aged generations, they are still stocks with great potentialities that are worth investing in.

1. 2003 Auctions of Zao Wou-ki's Artworks Sets New High in Turnover Over Past Years

From the early 1990s, a wave of fad on collecting "Overseas Chinese Artists" emerged amidst the Taiwanese collectors' circles. The statuses of these artists are more unique, just as things become more precious when they are scarce; they are particularly outstanding among the ranks of senior Taiwanese artists. Prices of the paintings by the two artists, Sanyu and Pan Yu-liang, were once the toasts of the auctions. At that time, Taipei's National Museum of History also introduced the joint solo, "Shuang Yu Zheng Hui", and works by both painters became objectives much vied for in the market that art reporters couldn't help but address them as the "Heavenly Kings" of the art market. Following that, in the two Sanyu exclusive auctions by Johan Franco, in 1995, and Robert Frank, in 1997, as well as the 1999 exclusive on Helen Gee's Yun Gee collection, the prices of the paintings by both Sanyu and Yun Gee scaled new heights, breaking the NT$10 millions threshold. In recent years, due to expected rising estimates for the first and second generation oil painters from Mainland China and with the apparent shortage in supply from the Overseas Chinese Artists, Zao Wou-ki has gone on to become the most highly demanded Chinese artist in recent years. Currently, the highest auction price struck has already exceeded NT$30 millions. About close to a hundred pieces of Zao Wou-ki's works were successfully auctioned in the 2003 global auction market, of which a total of six pieces exceeded amounts of NT$10 millions in transaction. The global turnover for that year's auctions yielded approximately NT$ 2,200 millions, creating successive turnover records in the history of Zao Wou-ki's paintings-the previous year of 2002 also saw the setting of a record over recent years, but the 2003 turnover was still in excess of twice that of 2002! From the author's data shown in the attached tables, Zao Wou-ki is, without any doubts, the most celebrated star in the Chinese art market over recent years. In the early 1990s, Zao Wou-ki's failed consignment rates were still high and price levels were also mediocre. Prices began showing clear appreciation after 1997. After the "Retrospective Zao Wou-ki - 60 Years of Painting" was held in 1998 at the three locations, Shanghai, Beijing and Guangzhou, estimates shot up in a flash. Last year, the grand retrospective curated by the French Galerie nationale du Jeu de Paume for Zao Wou-ki, the honors that came with his concurrent election into the Académie des Beaux Arts, a section of the Académie Fran??aise, as well as the subsequent developments of his new works in New York, all contributed to the apex of his popularity and skyrocketing impetus in 2003.

Residing in Paris for more than fifty years, it is only natural that Zao Wou-ki has quite a few groups of collectors in France. The French market has always been the region with the most lots auctioned in global transactions of Zao Wou-ki's works (averaging 40%), primarily on lower end oils, water colors, inks or prints, while America is his next most important market besides Asia and France. Through regular New York exhibitions held by art dealers starting from the 1950s, a certain support among the collectors thus exists in America. The market there is mainly comprised of higher end oil paintings. In 2003, auctions in New York and San Francisco each had a piece of Zao Wou-ki's work appearing that fetched more than NT$10 millions to make it into last year's list of Zao Wou-ki's top ten highest auction bids; another piece of Zao Wou-ki's NT$ 10 millions work also emerged in London last year. Occasionally, Zao Wou-ki's prints can be found at the small auction grounds in Switzerland, Germany, Sweden and Holland, but amounts fetched are generally lower than other regions. Despite already having captured the attention of the international fraternity with his performance in the auctions, however, till now, most of Zao Wou-ki's worldwide groups of collectors in fact still remain in Taiwan. Be it any auction in America, France, England or Hong Kong, etc, more than half of the works ultimately ends up in the hands of Taiwanese collectors such that one cannot help but give a thumbs up in admiration of the buying prowess and consumption capacity in the Taiwanese region.

In a 5 year-period from 1999 to 2003, global sales turnover for Zao Wou-ki's works amounted to NT$568.89 millions, of which 94.6% comes from sales of his oil paintings. With a market share of 35.5%, Taiwan ranks as the first country (NT$200.69 millions) in terms of turnover for auctions of Zao Wou-ki's paintings; Hong Kong is next at 21.6% (approximately NT$123.12 millions), while France follows closely behind at 19.5%(NT$110.99 millions); Mainland China's share of the Zao Wou-ki market is merely 2.1% (approximately NT$12.03millions), still falling behind America (10.3%) and England (9.3%). However, we need to be aware that since 2000, two foreign auction companies in Taiwan had pulled back their operations from the Taiwanese market to merge with those in Hong Kong, and by using Hong Kong as a center, also annex Taiwan and Singapore as their hinterland, clearly increasing their turnover in recent years. Local Taiwanese companies, who would naturally have noticed such a competitive phenomenon, need to adopt positive response actions by utilizing their on-site advantages accrued through a professional image as well as highly efficient services.

According to Zao Wou-ki's top ten auction sales records (p. 25), almost all were works from the 1960s. This period was Zao's most creative and vigorous stage. Dimensions of the compositions were larger, and their magnificence and majesty easily won over the collectors' hearts. However, based on unit price alone, the late 1940s and the early 1950s that produced lesser works and smaller-sized compositions fetched the highest unit prices instead. Size 1 (per Hao) costs a minimum of NT$200-odd thousands, with the maximum even fetching up to NT$300,000 or NT$400,000. Sales volume of Zao Wou-ki's watercolors and prints are low and prices show rising maturation, albeit at a much smaller range. The average turnover for Zao Wou-ki's watercolors or prints in the global auction market over the entire year is within NT$10 millions.

2. Appreciating Prices of Paintings by the Elder, Chu Teh-chun.

Chu Teh-chun is one year older than Zao Wou-ki. However, during their time at the Hangzhou National College of Art, Zao Wou-ki turned out to be Chu Teh-chun's one-year senior instead; one after the other, both men moved to reside in Paris and subsequently acquired French citizenship, while both switched from realistic to abstract styles of painting. Both men had plenty of similar learning experiences, inevitably leading to mutually appreciating yet combative sentiments alike the relationship between Zhou Yu and Zhuge Liang. Many people believe that: despite both learning and developing their art in France, Zao Wou-ki's family background and fortunes in life were more favorable than Chu Teh-chun's, and that obvious disparity existed in the price valuations of their paintings. However, Chu Teh-chun was elected as an Académie Fran??aise and received honors of commendation from the French government, several years before Zao Wou-ki did. Hence, the market generally takes the view that while prices of Zao Wou-ki's paintings shot up year after year, the prices of the elder Chu Teh-chun, who had performed just as admirably, has been persistently undervalued, thus leaving no reason for it not to increase now. The February 2003 issue of "Art Today" looked favorably upon Chu Teh-chun's future market by adopting themes of "A momentous Chu Teh-chun eager to explode" and "Infinite future potential". Here, we will supplement our explanation with objective data that could be used as a reference for investing collectors.

Till now, estimates for Chu Teh-chun's works still fall substantially short of Zao Wou-ki's. On average, the unit price for a size 1 can even differ by more than ten folds. Zao Wou-ki's highest record in the global auction market -"1.4.66", fetched approximately NT$32,440,000 (size 500 Hao composition) while Chu Teh-chun's most expensive piece of work in the market, "Amid Thousand Green Spots, on Red" (1959) (60F), was NT$ 4,210,000. They were all records newly set in recent years. Indeed, an extremely huge disparity exists within the valuations of works by the two men. 1999 was a year of sparkling performance for the global Chinese art market. Zao Wou-ki's total turnover for that year was more than fourfold that of Chu Teh-chun's, and upon reaching 2002, 2003, the difference had widened to approximately tenfold and above.

Chu Teh-chun's works from the 1950s, 1960s or the series of snow scenery from the late 1980s, found the most favor in the market, fetching an average 1 Hao price of NT$10-20 thousands prior to 2003. Occasionally, unit prices for other periods were yet less than NT$10 thousands, even cheaper than some painters from the young or middle-aged generations. Market figures believe that such lowly quoted prices are an injustice to the elderly painter of highly reputable international standings. In August last year, Chu Teh-chun's large-scale painting, "Symphonie Festive", was unveiled at the Shanghai Great Theater and was received with great courtesy by the Chinese government. Market figures predicts that the presently 84 years old elder artist will soon get to see scenes of upturn in prices for his painting works.

From the information in the attached table, we can see that 2001 showed significant contraction with the least lots traded and the least turnover in recent years. Some of it had to do with the earthquake of September 21 that led to a slump in the Taiwan region. Despite less lots auctioned in 2003 due to a SARS ravaged Asia and the ensuing wait-and-see attitudes, in which records showed merely 16 cases of transactions, less than half of the 35 cases in 1999, Chu Teh-chun's art pieces did however achieve a similar sales turnover to become the year with the greatest turnover from 1999 to 2003. From the increased turnover despite the reduced lots transacted, the dramatic growth in Chu Teh-chun's prices in 2003 can be seen.

In the last 5 years, total global auction turnover for Chu Teh-chun amounts to NT$74,727,764, just 13% of Zao Wou-ki's. 97% of which are derived from transactions of oil paintings. In it, the Taiwanese market ranks first, capturing a market share of 43.8% with a turnover of about NT$32,755,600; next is France with a market share of 27.5% and a sales turnover of NT$20,523,092; Hong Kong ranks third with NT$17,394,970 in turnover and a share of 23.3%. As prices for Chu Teh-chun's works are not high, the market deals primarily in transactions of oil paintings, with only a small ratio constituting of watercolors and inks. In addition, Chu Teh-chun only produced four sets of prints in the early periods. Recently, some printmakers have cooperated with Chu in the production of prints, but very little quantity of his prints are transacted in the market.

3. Sanyu - The Most Wanted Overseas Chinese Artist

Till now, Sanyu remains the most highly inquired and most sought after early Overseas Chinese Artist, with an estimation of only 200 odd pieces of oil paintings completed throughout his lifetime. As a result, in recent years, as long as his works emerges within the market, regardless of its medium and quality, an almost 100% rate of success is nearly always achieved. In the earlier sections, we mentioned that two exclusive auctions skyrocketed his prices. Later, Sanyu's paintings, which were rarely seen in the yearly auctions, such as 2001's "Still Life of the Flowering and Fruit Plant with a Green Ground", "Four Nudes" and 2003's "Leopard", set successive records where prices clinched were all above NT$10,000,000 and the latter even rewrote a new record for Sanyu. In the recent two years, unit prices of Sanyu's 1 Hao oils range between NT$300-odd thousands to NT$550 thousands; over the years, there have been little price fluctuations for works on paper. Each piece would usually be priced between several ten thousand to several hundred thousand New Taiwan Dollars. Valuation for a simple print, due to its delicate and lovable nature, would be similar to a sketch in ink, fetching a minimum of NT$60-70 thousands, or a maximum of about NT$100 thousands.

The Musée National des Arts Asiatiques-Guimet, has already officially announced to the public that the exhibition "Sanyu, Peintre Chinois Contemporain" would be held from 16 June to 13 September 2004. This exhibition, which has taken years to organize, shall pick up the remnant passion left behind by the 2003 Zao Wou-ki retrospective in Paris and re-create another clamor for Overseas Chinese Artists. Certainly, we will yet again get to witness scenes where collectors passionately pursue Sanyu's works.

4. Grand Retrospective Stimulates Buying Climate For Yun Gee's Works

Not many of Yun Gee's works appear in the yearly auction markets. On average, less than 10 lots are auctioned successfully. In 1999, due to the release of several ten pieces of works in the exclusive auction of a collection by his former wife, Helen Gee, 42 pieces of work were successfully transacted, yielding NT$59,132,000, setting Yun Gee's highest turnover over previous years. Sales dropped thereafter and yearly turnover remained at NT$10-20 millions, with supplies falling terribly short. In the 2002 market, only three pieces of Yun Gee's oils were concluded in transactions but the amounts already totaled NT$16,526,800. 7 pieces of Yun Gee's works found buyers in the 2003 market, yielding a turnover of NT$30,816,075.

Yun Gee's works began appearing in the Taiwanese auction market in 1992. 3 pieces were auctioned that year, yielding sales of NT$2,853,000. That year, the Taipei Fine Arts Museum happened to curate the exhibition, "The Art of Yun Gee", gradually arousing the Taiwanese market to express interests in Yun Gee. However, as Yun Gee's descendants were reluctant to sell, not many works are circulated in the market. To date, only an estimated 100 odd pieces of various mediums and materials are circulated within the Taiwanese market.

According to the usual conventions in international art market, whenever grand retrospectives are held for an artist, buying climates are generally stimulated, resulting in a drop in the percentage of failed consignments and an increase in prices. This year, Taipei's Sun Yat-sen Memorial Hall will be organizing a Yun Gee retrospective. A touring exhibition, it last stopped at the Pasadena Museum of California Art in the American state of Southern California. On 15 November 2003, the museum unveiled the curtains to the prelude of the exhibition, "The Art and Poetry of Yun Gee". Prior to the size 1 record of NT$1,200,000 created by "The Flute Player, Self Portrait", Yun Gee's prices generally maintained in the region of NT$100-200 thousands, since then, the "Diamondism" style of his San Francisco Period fetches a maximum unit price of more than NT$300 thousands. Due primarily to a shortage in supply, there are merely three pieces of Yun Gee's works which fetched more than NT$10,000,000 in the global auction market. In October 2003, a piece of 6 Hao "Cowboy" from 1926 was sold for NT$4,220,000 in Hong Kong, averaging up to NT$700,000 for a size 1. The painting had appeared before on 17 October 1999 in "Helen's World of Yun Gee" and had struck a deal at NT$1,755,000, thus securing an increment rate of 140%. Hence, it can be seen that signs of likely fluctuations in his price estimates have already emerged. As long as the work is uncommon, an impressive auction bid can be anticipated.

5. Legends of the female artist, Pan Yu-liang: CCTV broadcasts "Soul of a Painter"

One of the few outstanding overseas artists during the early days of the Republic, Pan Yu-liang's status as a female in the times when female rights were virtually non-existent, undoubtedly made her all the more admirable. Her extraordinary courtesan background beginnings often added traces of story elements in her paintings and her biography also continually provided excellent materials for novels and movies. The serial, "Soul of a Painter", in which Michelle Lee acted as Pan Yu-liang, was broadcast in Beijing's CCTV starting from 29 December 2003. Prior to this, female star, Gong Li, also played the same role in a similarly-titled movie, "Soul of a Painter", many years ago. As the biographical movie and the serial became topics of discussions, Pan Yu-liang's works also became objectives eagerly sought by the market.

Pan Yu-liang's market estimates were most outstanding in 1995. That year, Taipei's National Museum of History organized her retrospective. Regardless of the material quality of the oils or colored inks, there are really not many works by Pan Yu-liang appearing in the market every year. It is not easy searching for Pan Yu-liang's works in the market. The number of works successfully auctioned in the market amounts to less than 10 every year. Recently, besides Taiwan, Pan Yu-liang's works have appeared sporadically in Beijing and Shanghai too, but some of which were repeated familiar appearances. Circumstances of shortages in circulation and supply also occur in Pan Yu-liang's market, thus it is only natural that prices do not depreciate. Most of Pan Yu-liang's works have been collected by museums. In 1977, Pan Yu-liang died of illness in Paris, leaving behind a large batch of painting works and other estates. Her student, Wang Shouyi, brought these back to her birthplace, Anhui Province, in the following year. The current Anhui Provincial Museum was thus presented with more than 4000 pieces of Pan Yu-liang's painting and sculpting works. Hence, not many materials are provided for circulation within the market.

Pan Yu-liang's "Self Portrait", a piece of 20 Hao oil painting, was auctioned at NT$8,300,000 in the year 2000. Currently, the 1 Hao unit price of about NT$415,000 is Pan Yu-liang's highest auction record. The current average unit price for Pan Yu-liang is commonly around NT$100,000 per 1 Hao. Her highest sales record has also yet to reach NT$10,000,000. Compared to other artists from the same period, there is plenty of space for appreciation in Pan Yu-liang's future prices.

6. Other Overseas Chinese Artists

Besides the few above mentioned early Overseas Chinese Artists from the "Heavenly King" category, artists of lower seniority, such as T'ang Haywen, Pang Tseng-ying, Walasse Ting, Dennis Hwang, John Way, as well as the artists from art societies such as "Ton Fan" and "Salon de Mai", also possesses growth potentialities worthy of anticipation. Their current market prices are not high but market scopes are much wider, presenting collectors who intend to join the market with another excellent alternative. In terms of artistic creations, they do not lack established recognition and standings, but these are yet to be reflected in the market, especially for price levels of transfers between collectors in the auction market, which still has massive room for appreciation.

On the promotion of Contemporary Overseas Chinese Art, the second-hand market of auctions and the first-hand market of art galleries play roles that complement and supplement each other. Gallery managers act as the artists' agents. They organize exhibitions, which are long-term enduring-effect marketing cum gradual market expansion strategies. They attach importance to the artists' announcements of future creations and their primary source for works comes from artists or collectors; although the auction market also organizes exhibitions, these are however short-term marketing cum diversification strategies. The auction market is led by the economy and pays attention to market dynamics. Its layers of operations are more multi-dimensional and more vigorous compared to art galleries. It has a wider range of target markets and is based mainly on old works. The sources of its supply for works are collectors, art galleries, art merchants as well as artists or families who are yet to be represented by any art gallery. Hence, the existence of auction companies does provide considerable supplementary functions for the contemporary art market.

T'ang Haywen and Pang Tseng-ying, two deceased overseas artists residing in France and America respectively, did not begin to test the Taiwanese auction market until the late 1990s. Having created oil paintings in their early years, they later moved on to work primarily on paper, usually in modest dimensions. Now, on average, the price for a piece of paper-based work ranges between several ten thousand to 200 thousand New Taiwan Dollars. George Chann, a resident in California during his early years, was another early Overseas Chinese Artist newly discovered by the market several years ago. Under careful price management of his paintings by the art merchants, the unit price for a 1 Hao averages between NT$10,000 and NT$20,000. In 2003, 1 Hao of a piece had even yielded NT$215,000 in Hong Kong, setting a new personal record with NT$2,510,000.

Walasse Ting, one of the Three Musketeers in the New York art circle who later resided in Holland, attracted media concern for a period with his health conditions in the year before last. Also known as "butterfly gangster", his style is striking and distinctive. Female pictures of the tender feminine emotive states under his brushstrokes became popular designs for gifts and merchandise. His works could also often be seen in auctions. In the past two years, the average estimates for oil paintings in the auction market ranges from NT$9,000 to NT$35,000. According to information (table of art market estimates) from the 1999 magazine, "Artist", the estimates for auctions of his water colors then averaged more than NT$10,000 per 1 Hao; the list price for a colored ink in the art galleries was just NT$85,000 for one. Upon 2002 and 2003, price levels of colored inks in the auction houses were such that popular bid items could even go up to just NT$200,000 for one.

The other two Musketeers of the New York art circle, Hilo Chen and Dennis Hwang, as well as C.J. Yao, who died of illness in 2000, had all held unique views, be it on the depiction of scenery or feminine moods and emotions. Although they have currently yet to show any sparkling displays in the auction market, they are however still artists absolutely worthy of observing. Prices for their 1 Hao range from NT$7,000 to NT$15,000, etc. H.N. Han, who just exhibited his new work recently, specializes in techniques of color dots and realism. The photo-realistic cityscapes of the 1970s and the "Mount Huang" series, developed after 1989, were all more popular subjects, averaging 1 Hao auction estimates of NT$5,000 to NT$6,000. At present, supported by a regular group of collectors, Tzu-chi Yeh's florals virtually always appear in every year's auctions. The average price levels for his 1 Hao dimensions is around NT$10,000.

Among the few overseas contemporary abstract artists, John Way's free and easy calligraphic style of oil painting has recently received the support of some market figures, averaging a unit price of between NT$9,000 and NT$14,000 per 1 Hao; vividly blending Chinese traditions and Western painting, Chuang Che's art prices are maintained at an average of NT$5,000 per 1 Hao; Price levels for Yang Chihung are currently underquoted with a 1 Hao averaging just NT$2,000 to NT$3,000. Works by Richard Lin, a practitioner of Minimalism who resided abroad in his early years, has a steady following in the market. In recent years, the range of estimates is comparatively wider at somewhere between NT$10,000 and NT$30,000 for a 1 Hao.

Of course, these Overseas Chinese Artists are but the tip of the iceberg. The new generation of overseas educated Taiwanese artists, who established their popularity among the international fraternity after 1989 as a batch from Mainland China caught amidst the fad of overseas studies, are also subjects worthy of probing and observing. In the solicitation of items for the 2004 Ravenel Spring Auction, works from many other Contemporary Overseas Chinese Artists, besides Pan Yu-liang, Sanyu, Yun Gee and Chu Teh-chun, were selected in anticipation that it would provide collectors with an enjoyable visual spectacle and an opportunity to enter the market for collecting the excellent works by the Masters or the undervalued artists so that they can enjoy the sweetness from future appreciation of the collected items.

Transformation From Traditional To Modern Internationally Recognized Sculptor: Ju Ming (b. 1938)

Not long ago, I met some collectors and no matter if they were experienced or new to the trade they were looking for Ju Ming's works, such as wood Taichi, or those made in his early days "Nativist Series" wood or bronze sculptures enjoy brisk sale at the high price. According to writer's "Ju Ming Auction Turnover Analysis", starting from year 2000, Ju Ming's turnover of works has been increasing. In 2001, the annual turnover reached NT$9.538 million. The turnover was almost same as that of 2002. But in 2003, turnover and sold pieces have created historic records. Currently, the highest auction recorded in April 2002 is a pair of bronze sculptures of "Taichi Shadow Boxing" executed in 1992 and 1995 each, to the tune of about NT$3.68 million. Ravenel Spring Auction 2004 will present a pair of wood sculptures of "Taichi Shadow Boxing (Pair)". Thus, Ju Ming's auction records may be recorded as the highest.

Ju Ming, a traditional wood sculptor, was educated by Yuyu Yang to learn modern sculpture. He spent his earliest days as a wood sculptor, later transferring to melting bronze from wood sculptures or polyester models, in the meantime, he made creations of stone, pottery, iron, stainless, metal and combinations. Currently, Ju Ming's works in the auction market are predominated on wood and bronze sculptures, of which, the turnover for wood works is the highest. Within the past five years, the turnover of wood works is close NT$25.68 million, double that of bronze(NT$12.59 million); whilst stone and pottery works have been presented once in 2000 and 2003 respectively. According to digital analysis, 65.6% of turnover of wood sculptures has almost shared two-thirds of the total turnover of all categories. Based on this data, we understand Ju Ming's works are most popular in the wood sculpture market.

Starting from 1968, Ju Ming has endeavored to modern sculpture creations. For more than 30 years, his works are divided into three main series: Early works "Nativist Series", "Taichi Series" and continuous creations for the "Living World Series". With regards to turnover in auctions, the previous five years show no doubt that the, "Taichi Series" with NT$28,687,520 (or 73.3% of the total turnover of amount) is the highest, followed by, "Nativist Series" with NT$9,233,710 (or 23.6%), and the"Living World Series" with NT$1,218,220 (or 3.1% of the market share).

Ju Ming is an internationally recognized sculptor. Recently, his large-size outdoor sculptures are often on display in Europe and America. Not limited to Taiwan, the scope of his collection has been extended to public displays or private collectors, with Ju Ming's works as target, in Hong Kong, Japan and Singapore. From 1999 through 2003, the turnover of his works ratio between Taiwan and Hong Kong have gradually closed, whilst auctions in New York and Beijing with the "Taichi Series" and "Living World Series" respectively broke Ju Ming's overseas market since 2003. Although turnover amount and market share is high enough, its symbolization is larger than that of substance of which we are happy to see. Doubtlessly, Ju Ming is the foremost contemporary sculptor in Taiwan and has a broader market share for the future.

Wood and Iron Sculpture Formative Arts: Hsiao Yi (b. 1956) and Tsai Chih-hsien (b. 1958)

Other than Ju Ming, there are several outstanding locally known sculptors. For example, Hsiao Yi is also an artist with traditional wood sculpturing and apprentice background. He made his mind to break away from traditional sculptures to free creations since he was 21-years old. With the aim of wood sculpturing, through the process of melting bronze, in 1982, the first time he presented his works at the Spring Gallery which was successfully operational in its early days. Since then, his new works were presented annually or every other year. His works are thick, substantial and plain. That is the reason why collectors admire his works. Hsiao Yi's "Figures" is the most important creative mother body and with his own characteristic which he is so proud of. According to market price, Hsiao Yi's medium/small size wood sculpture is between NT$300,000 and NT$600,000 per piece while large size from NT$900,000 to NT$1,200,000. However, the price in auction is a little lower than the market price. Normally, medium size is the majority; not more than NT$300,000 for wood sculptures and within NT$100,000 for bronze. Hsiao Yi's iron works have been presented in 1999. He energetically used ready material, adding to creation, made active and full of live figures, lovers and cats. Every piece is unique and the price ranges from a hundred thousand to several hundred thousands.

Tsai Chih-hsien's works haven't enrolled in formal auction records but in Ravenel Spring Auction 2004; it expected to make a debut. His iron works are well known in the fine arts community. Commentators consider in combination with personality, iron and music, Tsai Chih-hsien's works are structured simply and concisely, with abstract style of which make his works of imagination. With fluent and comfortable stripes, his "Nobody" iron sculpture is very interesting. It is predicted that some remarkable buyers will achieve an uncommon auction.

Remembrance of the Old Days and Hometowns: Hsu Yu-jen (b. 1951), Cheng Tsai-tung (b. 1953) and Su Wong-shen (b. 1956)

Baby boomers personally experienced quick society change, from rags to richness, from controlled to democracy, agriculture to industry and thus made their backgrounds very dramatic. This generation is looking for self-existence under quick modernization. They pay more attention to cold relations between people and environment during changes in society. Based on seeking a peaceful and stable location, artists born in post-1950 after native literature being stricken, their paintings often reveal a sense of loss to recollect the old days and love hometown. Artists such as Hsu Yu-jen, born in Tainan, now lives in Taipei; Cheng Tsai-tung, born in Taipei, now lives in Shanghai and Su Wong-shen, born in Chiayi, now lives in Kaohsiung, expressing sorrow in their works. In recent years, their works are often presented in auctions. In Ravenel Auction, their early days works could be found with cheaper and their general standing in term of market price, popularity, etc. will steadily increase.

Since 1996, Hsu Yu-jen's best turnover of works is 60F (60 Haos) oil painting "Box of Weeds", made in 1960, were sold at the amount of NT$230,000 in October 1998 (NT$3,833 per Hao). 25F oil painting "The White Flower on My Pyramid", made in 1993, at higher unit price of NT$126,500 (NT$5,060 per Hao).

Cheng Tsai-tung is one of few cross-strait Taiwanese contemporary artists. Endeavoring to seek for opportunities of international development, his works are continuously presented in three places of two sides. Currently, the majority of his early days in oil paintings were presented in Taipei auction, such as the most popular by collectors is "Peitou Romance" (presented in 1993), and "One More Tour in Taiwan" (presented in 1997) series. At present, Cheng Tsai-tung average auction price is NT$207,000. In 1998 and 1999, at Taipei auction, one piece 40-Hao oil painting went through a business deal. Thus, the average price is NT$5,035 per Hao, approximately equal to that of the first-hand market.

Su Wong-shen's oil painting has transfixed collectors. In the past, when new works were launched, they achieved bright sales at the first-hand market. Currently his first-hand market position are: from NT$8,000 to NT$11,000 for less than 10-Hao works (small size); NT$7,000 per Hao for Nos. 10 to 30; from more than Nos.30 to 60, NT$6,000 per Hao. His 1999 oil painting "The Reef", a 8-Hao small size was auctioned off in Ravenel Spring 2002 at the amount of NT$103,500 went through a business deal, average NT$12,938 per Hao with higher first-hand gallery price.

Dialogue Between Nature and Life: Yang Chihhung (b. 1947), Chiou Bing-heng (b. 1948), Leung Siu Hee, (b. 1953)

There is a commonality between Yang Chihhung, Chiou Bing-heng and Leung Siu Hee. They all use natural signs such as flowers and plants to drop hints of glory, withered and power of life. Only Chiou Bing-heng live in Taiwan, whilst Yang Chihhung yearly resides in the States and Leung Siu Hee lives in France over a long period. Styles of these three artists are quite different. Yang Chihhung, inclined to the beauty of poetry, in post-1980s till pre-1980s, has developed "Esthetics of Plants" series, with trunk and branches, leaves, seeds growing up representing esthetics of traditional life tuning. Chiou Bing-heng's style is abstract, paying attention to relations between the structures of flowers with regards to space. Leung Siu Hee carbon sketch is inclusive, touched, and filling with color of tragedy.

In first-hand market, Yang Chihhung's works size is inversely proportional to unit price. Within No. 30, unit price of new works is NT$10,000 to NT$13,000; NT$6,000 to NT$9,000 for above No. 40. In recent years, his highest turnover records in auction is NT$345,000 with series works "Decay Could Be Beautiful" made in 1988 with total size of 150 pieces, which was auctioned off in June 18, 2000 by Ravenel, with the average amount of NT$2,300 per Hao. Last year, 20 Haos of "Shadow of Flower" at unit price of NT$5,125 per Hao was auctioned off by Ravenel. His second-hand undulation is bigger. Collectors can buy it timely at the auction with a cheaper price than that of gallery.

In post-1980s, Chiou Bing-heng set up his own style with flowers and trees and supported by collectors in pre-1990s. During past few years, Chiou Bing-heng's paintings are only presented in the auction for several times, turnover amount is not more than NT$100,000. In accordance with his current market positioning, NT$3,000 to NT$4,000 per Hao for an oil painting; about NT$2,500 for paper works. Residing in France, Leung Siu Hee's painting was sought after by Taipei galleries in the past. According to European calculations - smaller the size, the more expensive the unit price. Market position stands between NT$3,400 and NT$4,200 per Hao.

Abstract Art and Minimalist Style: Richard Lin (b. 1933), Chuang Che (b. 1934), Tsong Pu (b. 1947)

In the 1990s, Taiwan has just started second-hand art markets. Richard Lin's "Minimalist" styles are presented very often at the amount over million N.T. Dollars, he was even elected as cover painter in the 1998 auction. That year, Richard Lin's 80 Haos of combination works "GWYNFRYN" (1974) sold at the amount of NT$2.03 million, none of his works have surpassed this record since.

Post-1998, Taiwanese art markets aroused collections of abstract arts. Headed by Zao Wou-ki, domestic and overseas abstract painters became the focus. Among them, Chuang Che's works are most popular. Simply in 1998, seven paintings were sold. His two-part of four consecutive folds with same name works "Bless Fortune, Longevity and Happiness" (about 80 Haos) were sold at the amount of NT$575,000, average over NT$7,000 per Hao. According to recent "Art Markets Price" data produced in the Artist Magazine, Chuang Che's new works on gallery positioning is about NT$10,000. Due to recession, unit price in auction markets are only about NT$5,000 per Hao.

Accompanying front-line artists, Tsong Pu recently presented focusing on conception and installation arts, and is categorized as a young artist. Actually, the 57-year old endeavored in his art creations for almost 25 years. Tsong Pu's works have not been collected in the art market as they focus on art than mainstream. Ravenel Spring Auction will enroll one piece of Tsong Pu 1980s oil painting. This is the first trial in Taiwan. Tsong Pu new works stands on the position of NT$4,500 per Hao.

In the Ravenel Spring Auction 2002, a sale of "Photorealism" was firstly opened up. At that time, works of overseas artists such as Hsia Yan, H. N. Han, C. J. Yao and Hilo Chen were enrolled and recognized by the market. Some new generation collectors in Taiwan enjoy it very much as it is fashionable in the States in pre-1970s. There are some artists good at photo-realistic styles such as: Huang Ming-chang, Tzu-chi Yeh and Lien Shu-hui.

Huang Ming-chang's "Rice Field Series" has a pretty good feedback in auction markets. Yearly, works sized over No. 80 almost has its value of over million N.T. dollars. At present, his works' prices in the first-hand market is NT$20,000, especially before 1992. With deep meditation silence of flowers, Tzu-chi Yeh's works are highly regarded by collectors and has good market evaluation. Average prices is NT$10,000 per Hao. Female artists Lien Shu-hui is good at describing poetry mood with the transparent window scene. It owns personal characteristics. Currently, gallery price is NT$4,300. Ravenel Spring Auction 2004 will launch her early small size window scene on a trial basis to seek market feedback.

Traditional Fine Art Rising Again: H. N. Han (b. 1939) and Wang Huaiqing (b. 1944)

H. N. Han will come back to Taiwan to take part in a new works exhibition in March this year from the States. The main subject is to act in coordination with being developed "Han's ink pointillist" style. In the 1970s, using color-point photorealist styles to describe American scene, his creation has caused painters' attention. In 1985, he used ink point, digital portrait technology and returns to Chinese theme. In 1991, with Chinese landscape as the theme, imitating the ancient style "Mount Huang" have been presented and were welcomed by collectors. Price of large sizes are around NT$10,000 per Hao.

Wang Huaiqing's works has a brilliant record in Taipei, Hong Kong and Beijing. Subjects of Ming furniture and Jiangnan landscape is welcomed by the market. In 2002 Hong Kong Auction, his oil painting with about 100 Haos of "Ming Furniture" was sold at the amount of NT$1,173,060, and it was the first time to break the one million N.T. dollars record. A 40-number oil painting "Space" was auctioned off by Ravenel Autumn 2003 at the amount of NT$529,000. Till now, Wang Huaiging's works supply is unable to meet the demand, almost 100% successfully sold out during recent auctions.

Social Criticism: Li Shan (b. 1942), J. C. Guo (b. 1949), Yang Mao-lin (b. 1953) and Hou Chun Ming (b. 1963)

Born in Heilongjiang, Chinese artist Li Shan is one of pre-1990 Political Pop members. With pink-color Mao Zedong portraiture as a political judgment subject, "Rouge Empire" series are well-known overseas and selected "New Art from china: Post-1989" related exhibitions. Currently, Li Shan lives in Shanghai working with China, Hong Kong, Taiwan and overseas collectors. He is positioned at the amount of about US$10,000 to 20,000 per Hao in the first-hand market.

With Chinese opera face, "Eight Generals", religion, folk, traditional wood sculpture, Taiwan painter J. C. Guo developed an acrid style to demonstrate against current state of affairs and to satirize a notable. His style is fluent, powerful and memorable. Currently, with sculpture, portrait and installment as subject, he plays an active part in Taiwanese art markets. His current position stands between, NT$6,000 to NT$10,000 in the first-hand market.

Another critical artist Yang Mao-lin, with politics, history and culture as the subject, created some double-fold contrasted oil paintings. To amalgamate with one's status recognition and colonialism, he has earned a reputation both domestically and overseas. Recently transferring his style to portrait, sculpture and installment, and protuberant a mutant society after the influence of foreign country cultures, Yang Mao-lin's style is bolder and keen. His early oil painting works still fetch around NT$5,000, but the second-hand market prices are a lower than that of market price.

Pre 1990s, Youth artist Hou Chun Ming used woodcut with ancient text to describe sexual affairs to present warnings mankind against impending violation of religion and customs. Not only its picture but the wording is very shocking and critical. His works such as "Paradise" (made in 1990), "Collecting Spirits" (made in 1993), "Four Seasons" and "New Paradise" (made in 1997)just like pornographic drawings. They were looked attentively by international art world. Currently, the price of one set of his wood engraving is about NT$200,000 to NT$300,000. Portraitists: Michell Huang (b. 1948), Chiu Ya-tsai (b. 1949) and Ji Dachun (b. 1968) The style of contemporary art is presented with great variety and diversity. With changing times, come variations in artists' works. Although each artist tries to use many subjects, portraiture is always one of them. Michell Huang, Chiu Ya-tsai, etc. are fond of portraiture and with strong expressionism style. Currently, focusing on professional sculpture, Michell Huang originally produced oil paintings. Presently, several famous public art galleries in Taiwan display his colorful works, which are on the increase. From recent years' auctions, Michell Huang works are supported by some collectors, especially, his early works is welcomed by the market. Chiu Ya-tsai is named as Taiwan Modigliani. With portraiture for subject, their figure painting is expressed in the same way of thin, lean and depressed. Regarding to culture variance, with combination of Chinese and western characteristics, Chiu Ya-tsai works are different from Modigliani who receives mental development of African mask. Due to Chiu Ya-tsai works with orient style and is popular in Europe or Hong Kong, his current positioning stands about NT$5,500 to NT$6,000. Among those contemporary artist works, Ji Dachun's style is pretty humorous and unique. Naughty, metaphorical description and adding huge blank in paper grasps collectors' attention. Most of his works are square in size, costing about NT$100,000. Gender: Female Artist Chen Hui-chiao (b. 1964) Young female artist Chen Hui-chiao started her business in 1990s. She is not only an artist but works at IT Park as an administrator. Although she is very popular in art field, the speed of her creations is not so good. Recently, gender subject is discussed; no doubt, Chen Hui-chiao's works are enrolled. Tender elements such as roses, needle-work, cotton, feather, etc. also invoke a feeling of danger. In Li Wei-jing media covering manuscript, she pointed out that a「beautiful but sharp subject」, is just what she wants to express an extreme of comfort and worry. Taiwanese contemporary artists book "Portraits of Young Artists" introduced by Li Wei-jing, Chen Hui-chiao's roses are used as cover and last page. This velvet red rose is Ravenel Spring Auction 2004 - "The Flame in the Air"(1997). The "Flame in the Air" works are tri-fold in original but are separately collected. Current unit price is about more than NT$200,000. Classic Collection Movement, the Strength of Local Positioning is not Replaced In October 1998, "Asian Avant-Garde" firstly introduced by Christie's London, although intention and purpose are good, results are not the ones expected. Many domestic market researchers expressed that the auction belongs to scope of the second-hand market. Without considering if works are not being enrolled to first-hand market or tested by time, it is not in tune with operational regulations. It is also a dangerous method for both agents and artists. However, six years later, time and space background are different. Recent years, global contemporary art auction has been developed quickly, rising and flourishing, even though for China contemporary artists gradually established a stable auction markets. How about Taiwanese contemporary art markets? In addition to promote gallery first-hand market, good interaction has to be jointly operated with a combination of auction second-hand market. In addition to long-term investment and comfortable feeling of collection, collectors themselves, artists, agents and galleries are members of the art history movement. Few businesses and institutions have started collecting contemporary artists' works and jointly took part in art development activities. In addition to expecting more business and institutional participation, there is still room for personal collections. Thus, for the art world the contemporary market is still optimistic and its future development potential is expected. In recent years, Taiwanese contemporary art markets faced recession. Establishing an open and fair trading platform is helpful to promote temporary art markets. Ravenel is willing to be a platform for the second-hand market. Through them, and more with historic positioning and market demand contemporary arts, Taiwanese artists' works will be introduced. In accordance with usual practice, the biggest market for contemporary artists is their own country. For contemporary artists, local markets are the only option, but its importance is not replaced. Thus, we will continuously present Taiwanese or Chinese contemporary art in order to support local markets.

Beginnings of Related Laws in Modern French Bronze Sculpture

Yet, doubts and controversies continue to surround the development of Bronze Art throughout its historical path. This was primarily due to the special qualities of the Bronze medium and its manufacturing process, which theoretically allows for the possible "unlimited reproduction" of such works of art, contravening the requirements of "rarity" and "uniqueness" for artistic creations, unlike the "one and only" wooden, stone or plaster sculptures; In addition, the artists often needed to entrust the complicated and difficult casting process to the expert foundryman for completion on their behalf, thus throwing more variables into the equation for the quality in the works of art (good or bad skills of different foundrymen, different effects brought about by different material qualities); moreover, it is no longer a difficult task to enlarge or reduce a Bronze according to its original proportions by recasting through modern technologies, but can such "re-modeled" sculptures be regarded as works of art that possesses value?

All sorts of doubts or controversies concerning Bronzes, from the earliest moral complaints towards their creators to the many agreements and conventions arising later, it had always been hard to attain a unified practice that could satisfy all parties and be trusted by everyone. It was not till the early periods of this century the Bronze Art established a written and comprehensive set of rellated laws.

Currently, definitions regarding bronze sculpting adopted throughout the entire world are all based upon the definitions and rules of bronze sculpting set within the French art laws currently in force. However, if one wanted to further understand the currently most updated and authoritative series of laws governing bronze sculpting, it would be impossible not to start from Auguste Rodin, the master of modern sculpting, as well as Musee Rodin, which facilitated the very series of laws and regulations.

During Rodin's lifetime (1840 - 1917), not a single written rule existed for Bronze works. Artists were free to determine and verify quantities, sizes as well as signatures. Chaos still reigned within the art market on the appraisal and valuation of the bronzes.

Rodin passed away in 1917. In his last note, it was clearly indicated that all the sculpture creations he had kept during his lifetime were to be presented as a gift to the French government. In order to conserve and safeguard these valuable works of art, the nation set up Musee Rodin in the following year. As Rodin left behind large batches of plaster and clay sculpture originals, the museum had intended to mould and cast these creations into Bronzes to provide more opportunities for later generations to get in touch with the beauty in Rodin's art. However, existing art laws during those times provided neither clear stipulations nor any guarantee towards bronze sculptures. For this reason, in order to ensure the artistic cum market value in the Master's batch of posthumous works, Musee Rodin initiated and gathered experts to supervise and urge the government to attach greater importance to the different qualities between Bronzes and other works of art, and to propose for studying, drafting and concluding of various relevant articles of law in order to establish a smoothly operating system for Bronzes.

The Development of Relevant Laws in Modern Bronze Art

After joint discussions among the artists, foundry masters, expert appraisers, curators and scholars of law, France drew up the first laws concerning Bronze sculptures in the early 1920s: mandatory provisions which stipulated for Bronzes to bear compulsory signatures of their creators, as well as to propose and encourage adherence to limit production quantities at 12 pieces and to clearly indicate the quantities and the founder.

This regulation continued in use till 1956 before the first revision was made. Besides the original compulsory enforcement of creator signatures remaining unchanged, serial numbers and the names of the founder also became compulsory additions. At the same time, due to the gradually increasing importance attached to intellectual property rights, the government encouraged markings for the year of casting and the copyright symbol "" to be made while casting the bronzes.

11 years later, in 1967, the French government again revised the related laws for bronze sculpting. Besides the mandatory serial numbers and the signatures of the artist and founder, the years of casting and the copyright symbols were also added to the mandatory provisions.

On the 3rd of March 1981, another rule was specially made to supplement the regulation that limited quantities of bronzes to 12 pieces -among the 12 bronzes, 8 of which, indicated by Arabic numerals such as 1/8, can be freely transacted by private collectors, while the remaining 4 pieces, being "Epreuve d'artist", separately indicated by Roman numerals such as I/IV, must first be sold to organizations set up for the purpose of public exhibition. To quote an example, the 4 pieces of "Epreuve d'spirit" amidst the bronzes cast by Musee Rodin were allowed for purchase and collection only by museums of various countries.

Several Controversies Concerning Bronze Works of Art

Although regulation by law now exists, controversies concerning bronze works still arise without end. Firstly, the most common problem seen is: can we regard the bronze sculptures cast after the demise of the artist as original works of art? In truth, as long as the above-mentioned laws are conformed to, the bronzes can still be regarded as legitimate originals of the works of art even if they were not produced under the supervision of the artist prior to death.

However, elements of subjectivity often plays a significant part in the art market, for example, bronzes cast in Rodin's lifetime possess more guarantee as they are generally regarded by collectors to have been personally supervised by the artist in their making; at the same time, collectors also believe that intimate relationships are shared between the art works and the artist. Under influences of these subjective judgments, prices of bronze sculptures made prior to the artist's demise are usually higher by 30 to 40 percent than those made by posterity after the artist's passing.

In addition, another fairly common query is whether bronzes can still be regarded as original works of art, after enlarging or reducing according to its original proportions? The enlarged or reduced bronze sculptures can only be regarded as original works of art if it underwent circumstances where the resized plaster or clay moulds were personally re-modified by the artists. Using Rodin's famous bronze sculpture Le Penseur (The Thinker) as an example, the art piece was originally made for Porte d'enfer, with original dimensions measuring 72.5cm high; later, the French government ordered a 203cm high Le Penseur from Rodin to decorate the Pentheon; finally, Rodin had to reduce the sculpture again into 27cm miniature versions to meet the needs of private collectors. Although the three sculptures, bearing the same name and consisting of the same theme, were of different sizes, Rodin had made the necessary modifications in each enlargement or reduction process, thus they could all be regarded as original works of Le Penseur.

Yet, another problem still frequently emerges from the market, namely, is it possible to use finished bronzes to remake a new mould (surmoule) for casting a new bronze? The answer is negative because bronzes need to be cast from plaster or clay moulds that were personally made by the artists before they can be regarded as authentic works. If finished metal products were used to re-create a mould for re-casting, it can only be reckoned as a forged replica at best, as qualities and sizes would differ considerably from the original, owing to the material's thermal properties of expansion and contraction.

Definition of Reproduction and its Related Laws

Having understood the series of laws relating to bronzes, we can clearly tell that only 12 pieces of serialized bronzes that are cast from single creations of plaster or clay moulds can be regarded as original works of art. In an ideal state, the artist, or the founder, should destroy the sculptures and moulds at the end of the casting project, to ensure "rarity" of the art works as well as to demonstrate responsibility. But, due to the reluctance frequently felt by artists to part with their works or other considerations, the plaster or clay sculptures are often retained. Occasionally, situations of re-casting would also occur and the newly cast bronzes can then only be regarded as "reproduction".

At present, although the law has yet to forcibly stipulate for marking of re-cast works, other than the 12 pieces of serialized bronzes, with inscriptions of "Reproduction", collectors should, however, be particularly mindful while choosing the works of art. This is because sculptures without serial numbers or beyond the basic 12-pieces limitation are merely "reproductions" that can be seen anywhere within the art market. Lacking in "legitimate" artistic value, it is all the more natural that "reproductions" do not have the characteristics of "value preservation, value increment" that works of art possess.

According to the definition, "Law is mandatory standardization, drawn up by a certain organization wielding the highest sovereign rights in society, assigned to be enforced by public authority, with rulings and punishments decided according to the established stipulations". In societies governed by law, the law is the primary basis for handling matters. When faced with controversies in deadlocks, it seems even more alike the sharp sword of Alexander the Great which cut off "The Gordian-Knot"! When we want to enter into the art market, it is imperative that we have a certain understanding and grasp on the relevant laws beforehand, as this is the "prerequisite" for protecting one's rights.

However, although the "prerequisite" of law is important, it is nevertheless insufficient if we want to roam leisurely within the artistic world, it is also necessary to possess the "full qualifications" of artistic connoisseurship. Speaking only of bronzes, these would be, for instance, the ability to distinguish the aesthetics of works, the grasping of material qualities and textures, the judgment to determine year of creation, the understanding of the artist's creative characteristics, the insights on the casting skills of the founder... all these are the never-ending knowledge of connoisseurship that must be pursued by every bronze art lover after exploring the "prerequisite laws".

Edgar Degas, French Realist and Impressionist painter and sculptor, was born the son of a banker on July 19, 1834. He studied drawing under Louis Lamoth, who was a disciple of Ingres. Degas himself was also a great admirer of Ingres and throughout his career, made constant reference to the master's theories on line drawing. Degas' early works of family portraits and historical paintings were done primarily in the classical Academy tradition.

In 1850, he travelled to Italy and under the influence of the Renaissance artists, was strengthened in his resolve to pursue his art career. In the later part of the 1960s, he began to experiment with new composition styles as a result of his close association with Manet and fellow artists. From 1872 to 1873, Degas embarked on a journey across the Atlantic to visit his relatives in New Orleans, America. His travels broadened his horizons and stimulated him to start looking at the Modernist themes in his work.

Degas had participated in group exhibitions by the Impressionists on several occasions. However, he was fortunate that his wealthy family background allowed him the freedom to choose the subjects of his art without having to cater to the tastes of collectors and depend on the support of galleries. Unlike the other artists living in Montmatre who had to worry about their livelihood, it is likely that Degas had his own studio and was thus able to enjoy a carefree existence, often lingering around the Paris theatres to do his sketches.

In 1973, ballet dancers, laundry women and the horse races were the main subjects in his works. In Degas' works, the women are not conventionally graceful nor beautiful in appearance. Instead, he strips away artificial artifices to reveal the depths of the soul. Degas' eye was unique as he paid no attention to the graceful postures of the accomplished dancers or their brilliant dance moves, choosing instead to focus on their human side as they scratched an itch, yawned in exhaustion in the middle of a practice session or in tense anticipation as they waited for the curtains to rise. He depicts women as ordinary beings from a dispassionate vantage point and his works are candid studies of human nature.

Degas was an arrogant individual and remained unmarried his whole life. Some said that he was a misogynist. Actually, he had many female admirers and even had an affair with fellow artist Mary Cassatt. In the 1870s, Degas started having severe eye problems. He was no longer able to paint and thus could only work on sculptures. By the time he passed away, he was completely blind. However, Degas did not begin sculpting only in his old age and his sculpture works were created over a extensive period of 40 years. Degas' sculptures usually featured themes from the ballet and the horse races. During his lifetime, he only exhibited one sculpture in public, the "Little Dancer, Aged Fourteen". This was for the Impressionist exhibition in 1881. It received much attention during the exhibition and subsequently beccame one of the most important works on the 19th century.

While the Impressionist artists focused on capturing the minute changes in light, Degas was more inclined to focus on the freezing a moment of action. The limbs of the dancers as they contort in a difficult position, the freshly washed body after a bath and the sleek lines of galloping horses - his sculptures were truly lines in space. Moreover, to Degas, there were many similarities between these subjects. Whether the sculpture was of horses or dancers, he was equally able to capture the vitality in the movement of their limbs and bodies, demonstrating his keen and strong powers of observation.

Degas passed away in Paris on September 27, 1917 without entrusting the casting master with instructions for the recasts of his sculptures. Left behind in his studios were many orginal parts from sculptures, some so damaged that they were unable to stand. A careful process of reorganising resulted in 75 wax figures, all separately numbered. For example: "Little Dancer, Aged Fourteen" is classified as no. 73; "Horse Clearing an Obstacle" is no. 48, "Dancer Moving Forward, Arms Raised" is no. 19. In 1919, his heirs entrusted art dealer and caster Adrien A. H?rard to supervise the casting work. He solicited the assistance of Albino Palazzolo to cast bronze in limited quanties of 22 pieces each (20 works were labelled from A to T, another 2 separately initialed with HER as well as HER.D, reserved for Hrard and Degas' heirs). Although the original wax was often either badly damaged or destroyed, the copper cast enabled the new castings to be true to the lines of the original wax figures. This summer, the San Diego Museum of Art held an exhibition of Degas sculptures to showcase the artists' achievements in this medium. The Museum felt that through the copper casts, today's audience would be able to experience the fine skill of the master artist as a sculptor, beyond his fame in drawings. Cassatt, an intimate friend of Degas, once commented, "I believe he will live to be greater as a sculptor than as a painter. Impressionist artist Renoir felt Degas to be "the greatest artist in the world" at that time.

Dancer Moving Forward, Arms Raised

circa 1882-1895
Bronze
34.9 x 18.4 x 15.2 cm
Signed
Degas, stamped with foundry mark cire perdue A. A.
Hebrard and number 19/K on base

Original wax version executed c. 1882-1895; bronze (no. 19) cast between 1919-21 in an edition of 22; marked A-T, plus two marked HER (for Hebrard) and HER. D. (for Degas' heirs)

Provenance:
Mrs. Elaine Blond, London
Private Collection, England
Acquavella Galleries, New York

Exhibited:
The Complete Sculptures of Degas, Lefevre Gallery, London, 18
November - 21 December 1976, catalogue no. 18, illustrated p. 37 (cast unknown)
Edgar Degas, Isetan Museum of Art, Tokyo, 27 Oct. - 15 Nov. 1988, catalogue no. s45 (illustrated in color p. 209)
Henri Matisse, Edgar Degas, Waddington Galleries, London, 21 June - 15 July 1989, catalogue no. 32 (illustrated in color, p. 71)
Sculpture, Waddington Galleries, London, 29 April - 30 May 1992, catalogue no. 17 (illustrated in color)
Degas Beyond Impressionism, National Gallery, London, 22 May - 26 Aug. 1996.
Touring to Art Institute of Chicago, 28 Sept. 1996 - 5 Jan. 1997, catalogue no. 72 (illustrated p. 260) (another cast, in the collection of the Hirshhorn Museum and Sculpture Garden Smithsonian Institution, Washington DC)
Degas: Bronzes, Browse & Darby, London, 26 May - 25 June 1999, catalogue no. 7 (illustrated in color)
Degas: Drawing and Sculpture, Barbara Mathes Gallery, New York, 23 Oct. - 31 Dec. 1999.

Literature:
Degas Sculpture, John Rewald, Harry N. Abrams, New York, 1956, no. XXIV, Fig. 9 (illustrated p. 146)
Degas's Complete Sculpture: Catalogue Raisonn? John Rewald, Alan Wofsy Fine Arts, San Francisco, 1990 (new edition), no. XXIV, bronze no. 19, exhibition no. 18 (wax version illustrated p. 86; another cast illustrated p. 87)
A Catalogue of Degas' Bronzes, Sara Campbell, Apollo Magazine, vo. CXLII, no. 402, London, Aug. 1995, bronze no. 19, fig. 19 (another cast illustrated p. 60)(ALR)

Maillol, a French Art Nouveau Nabis sculptor, was born on 8 December 1861 at Banyuls-sur-Mer along the Mediterranean coast in the Southern regions of France.

In 1881, he went to Paris with the intention of applying to enter the art institute but to no avail. It was only in 1885 that he finally embarked on his study of art as he had wished, learning to paint in the studio of Jean-Ln Je (1824-1904) and Alexander Cabanel (1823-1889). Fascinated by Paul Gauguin (1848-1903) in 1892, he gradually lost interest in academy painting and turned to tapestry design instead, regarding it as a two-dimensional form in the handicraft tradition. During that period, he associated with members of the Nabis and was on particularly good terms with Maurice Denis (1870-1917). By 1895, he was doing both tapestry design and sculpture.

After 1900, Maillol gave up tapestry making to concentrate on sculpting, a result of the impairment that the close working proximity required in tapestry making had on one's eyesight. His sculptures displayed mature and well-rounded features, especially his female sculptures, which were much touted as "La Femme Maillol" while touring in France, a distinct label that attracted the attention of many, including the renowned sculptor Rodin, who commended him as a genius. In 1905, Rodin introduced Maillol to Count Kessler from Germany, who subsequently became his greatest patron, allowing him to put behind the long periods of poverty that he had faced.

During the early years when Maillol was designing tapestry, he was much influenced by Puvis de Chavannes, Gauguin and the Nabis. Upon switching to sculpture, he immediately developed a highly individualized style, with simplified forms and static rhythm as well as a certain objective and eternal quality. Most of his works are primarily based on the female form, where the models are similar and bursting with energy. According to art critic Andr?Gide, Maillol's females have an unassuming beauty as they are silent and incommunicable. You would have to spend much effort before discovering an object of art that completely disregarded complex techniques and is yet able to reinvent beauty.

The most important model in Maillol's later years was Dina Vierny. When the sculptor reached 73 years old and was troubled by stalled progress in his creative work, Dina, the 15-year-old girl from Russia, became his muse. After their initial acquaintance, he wrote to her saying, "I am told that you resemble a Maillol and a Renoir. I would be satisfied with a Renoir", and promptly invited her to be his model. In the end, she turned out to be the last of the artist's models, lasting a period of 10 years (1934-1944). During that period, Dina would also occasionally pose as the model for painters such as Pierre Matisse, Pierre Bonnard, and Raoul Dufy. On 27 September 1944, Maillol died from fatal injuries suffered from an earlier car crash. Dina, the last of his models, is still alive today and have gone on to become an art dealer, collector, and the curator of a museum. Fifty-one years after the demise of the artist (1995), she set up the Musee Maillol in Paris.

Maillol has an important role in the Romantic movement and the history of modern sculpting in the 20th century. Up to the end of his life, female statues remained the primary subjects of his creation. Maillol's sculptures are filled with the dual characteristics of Classicism and individuality, breaking free from the styles of the 19th century as led by Rodin's depiction of profound passion. Separating time and emotions, he chose the depiction of pure aesthetics, displaying a radiant yet tranquil quality. Maillol once mentioned, "Give me a garden and I will fill it with statues." Ten years after his death (1954), the French Minister of Culture, Andr?Malraux, finally dedicated a plot of garden to Maillol--the Jardin des Tuileries, situated in the city centre of Paris. Twenty of Maillol's nude female statues donated by Dina are placed in this garden. This brought out the best in this historic garden, making it one of the most important tourist attractions in Paris. The works in Mus Maillol and Jardin des Tuileries is a testimony to the extraordinary talent of this artist.

Dina

1937
Bronze
18 x 17.5 x 11.5 cm
Editions: 2/6, Alexis Rudier, Paris
Certificate #2375, issued by Dina Vierny, Paris, dated 24, Oct. 2000

Estimate on request

Provenance:
Dina Vierny, Paris

Exhibited:
Perpignan, France, Palais des Congr?, Aristide Maillol, July 10-Sept. 10, 2000, no.91, ill. in color, p.152

Bourdelle, a French Expressionist sculptor, painter and designer, was born in Montauban, Southern France. Coming from a family of modest means, he quit schooling at a tender age to pick up the craft of furniture sculpting at his father's furniture factory. He enrolled into the Ecole des Beaux-Arts in Toulouse only in 1876 and gained entry to the Ecole des Beaux-Arts in Paris in 1884. Taught successively by Falguie, Dalou and Rodin, the greatest influence exerted upon Bourdelle's life was from Rodin. From 1893 to 1908, he became Rodin's assistant and had assisted in the production of works such as "Bourgeois de Calais". Later, objecting Rodin's dubiously lustful manner of expression, he turned to the study of Greek and Gothic sculptures for other sources of inspiration.

From his early works, inclinations of Romanticism and the seeking of expressive tensions from external and mental forces can be detected. Differences between Bourdelle and Rodin lie in his concerns about the relationship between sculpting and architecture, as well as his particular love for heroes and monumental sculptures; Hercules the strong, Virgin of Alsace, Beethoven and his bas-reliefs at Thtre des Champs Elyss, as well as monuments of American Soldiers in World War I were all among some of his more renowned works. Bourdelle's sculptures reveal a Romanesque style. The human figures are powerful and robust while postures are theatrical and exaggerated, displaying a somewhat luxuriant bearing.

Bourdelle passed away on 1 October 1929 in Vesinet, France, at 68 years of age. Later, both his wife and daughter donated his posthumous works to the Parisian Municipality. In 1949, the City of Paris set up Musee Bourdelle at the studio in which Bourdelle had worked, displaying several hundred pieces from a collection of the artist's works for public viewing.

The most famous of Bourdelle's sculpting works, "Haclarcher" (Hercules the Archer) was first conceptualised in 1909 and became an instant success when it was published in Paris' Salon d'Autumn during the following year. The success also announced the breaking free from under the shadows of Rodin, his mentor, to create pride and glory belonging solely to him. This art piece is currently under the collections of organisations such as Musee d'Orsay and Musee Bourdelle. Greek mythology were often used by Bourdelle as creative themes, yet, unlike the Academists, who strove hard to present the perfect human figure in ancient sculpture, Bourdelle created a realistic hero, infusing him with man's spirits and strength in real life, as well as the weaknesses of human character.

Hercules was a strong man in Hellenic times. A hero that was half mortal and half god, legend has it that he was the offspring of the god, Zeus, and a human girl, Princess Alcmene. Fortuitously, Hercules managed to drink the milk of Hera, the Queen of the Gods, and hence derived his extraordinary superhuman strength. With unrivalled strength, he went about the mortal world punishing the treacherous and getting rid of evildoers, accomplishing many good deeds in the process. The bow and arrows in Hercules' hands were invincible weapons. Making use of his large range of motion in drawing the bow, Bourdelle sung praises of the hero's epic. In this work, Hercules stands atop a huge boulder with his legs apart, his toes were crooked due to his exertions and muscles, in particular on the arms and neck, were bulging up all over the body. The cheekbones were prominent and protruding, eyes were large and round and the facial expression appeared serious and dignified. Holding the bow in one hand and drawing the bowstring with the other, the whole body leans towards the rear, forming a beautiful arc together with the bow that bent under the pulling, as if he was showing the world those peerless power of his. The gigantic curving bow and the sturdy limbs of the strong man shaped into a composition that was succinct yet full of dynamism, forming a sculpture of sheer strength and beauty.

Haclarcher (premie grandeude)

1909
Bronze
H 250 cm
Signed, numbered 7/8, stamped with foundry mark COUBERTIN FONDEUR PARIS

Estimate on request

Provenance:
Private Collection, France
Private Collection, Japan

Other examples belong to le Mus national d'art modern, Paris; Mus Bourdelle, Paris; The National Gallery, Prague; The Metropolitan Museum of Art, New York; The Los Angeles County Museum of Art; The National Museum of Occidental Art, Tokyo; Agan Khan

Exhibited:
Osaka, Fujikawa Galleries, Modern Sculptures, 1992

Literature:
Lonel, Jianou and Michel Dufet, Emile-Antoine Bourdelle.
Deuxieition avec le catalogue des sculptures completnumot Paris, Editions d'art, 1975, p. 104 (ill. of another cast on the front cover and pl. 29)

Camille CLAUDEL (1864-1943)

Camille Claudel, the most important female French sculptor in the nineteenth century, was born on 8 December 1864 in a little town at Aisne, Southern France. Camille had displayed his gift in clay modeling at a tender age but her mother had all along not been agreeable to her learning art. The pillars of spiritual support in her family were her father and her brother, Paul. By the arrangements of her father, Sculptor, Alfred Boucher, was invited to comment on her sculpting works. Boucher was amazed at the level of maturity that the 15 years old Camille presented and encouraged her to go for further education in sculpting. The Ecole des Beaux-Arts of Paris did not accept female students in the nineteenth century but there were several schools in Paris that did. Thus, Boucher introduced Camille to his own art college teacher, Paul Dubois. Based on this connection she managed to enter the Academie Colarossi for her learning. That year was 1881 when Camille finally got her childhood dream of settling in Paris to be granted. There in Paris, she had to hand up pieces of her works for weekly appraisals and amendments by Boucher. Camille's early works were also influenced by him. In 1883, Camille's mentor won the Prix de Rome scholarship and bore the intent of moving to Italy. He asked August Rodin to take over his classes, and thus fostered the teacher-student relationship and induced the trans-generation love between Rodin and Camille.

Soon, Camille became the model, lover as well as an inspiring muse for Rodin, the sculpting master. At 17, Camille began filling in as Rodin's assistant and the two had an intimate period of cohabitation from 1885 to 1892, which saw them creating the series of "La port d'enfer" (The Gate of Hell) together. The young and imaginative Camille provided a source of inspirations for Rodin's sculpture creations. Styles from both artists influenced each other during the 1880s and this was also Rodin's most creative period, although it is certain that Rodin would surely not have been able to drum up so many classic art pieces with surging emotions. Despite the unavoidable influence exerted by Rodin, due to her having worked under him, many writers and novelists, including her grand nephew, Reine-Marie Paris (Paul Claudel's grandson), have all affirmed the independence of Camille's creations.

Camille's creativity reached its peak in 1890. "La Valse" (originally named "Les Valseurs") depicts a wholly naked male dancer tightly hugging a female dancer, whose blouse has receded till her waist and the hemline is twining tightly like a chain around both dancers. Her head rests comfortably upon the other's arm as they dance in tune with the music. The reluctance to separate and part from each other was optimally portrayed by Camille and has been touted as one of the most erotically charged sculptures in contemporary times. From 1889 to 1895, she focused on the study of various postures in waltz and as a result made 8 variations of "La Valse" as well as versions of differing measurements, where distances between the dancers, their postures and the pedestals had slightly changes. First published in the 1893 Salon, "La Valse" was appreciated and it also became Camille's most popular representative work.

Camille officially broke off from Rodin when she was 34. Under Paul's arrangements, she started staying at Qiai de Bourbon, along the banks of the Seine River, from 1899 till 1913. Impoverished and down on her luck, she lived there in solitude, launching only one exhibition in 14 years without ever selling a single item. Due to her deranged and absent mental state, she even became a subject for gossiping among the art and literary circles of the salons in Paris. Camille came to regard Rodin as her enemy, imagining that men were sent by Rodin to plagiarize her concepts. Lonely, withdrawn and insane, she was brought to the mental asylum in the end, locked up to be "physically living, but spiritually dead"(as described by Paul Claudel) for as long as thirty years. An enormously gifted female sculptor who headed towards self-destruction as a result of failed love and jealousy, it is a blessing that her extraordinary grace as an artist was testified by the sculpting works that weren't destroyed. In 1943, Camille passed away in the mental institute, never to complete yet another sculpture during her period of confinement.

Reine-Marie Paris, the French modern female writer, has a well-known grandfather--Paul Claudel, the poet, who was Camille's closest brother. Since young, Paris started collecting all sorts of records and works concerning Claudel. Her major in the university of Paris was the study of Camille's art. In 1984, she began publishing related writings. The 1988 movie, "Camille Claudel", was adapted based on Paris' original novel. The catalogue, "Camille Claudel re-trouv" (published by itions Aittouar Paris), made a detailed and honest introduction to Camille's life. The retrospective exhibition that she single-handedly planned has already toured in the museums of many European countries to date. Having spared no effort in promoting the cause of Camille's art, it can be said that she is currently the most authoritative expert on Camille.

La Valse (platre patine signe)

vers 1895
Bronze 1/8 (Grand modele)
H. 43.7; L. 37; P. 17.5 cm
Signe C. Claudel sur le socle

Estimate on request

Provenance:
Private collection

Exhibited:
Camille Claudel, Aulnay-sous-Bois, 1996.
Camille Claudel, Dans lumie et la nuit de Camille Claudel, Cheau de Lavardens, juillet-septembre 2000.

Literature:
Morhardt Mathias, Mlle Camille Claudel, Mercure de France, mars 1898, p. 733 note 1.
Anne Riviere, Bruno Gaudichon, Danielle Ghanassia,
Camille Claudel, catalogue raisonne A. Biro, 1996, p. 88, n° 10, (notice erron).

Bronzes posthumes:
A partir du platre patine signe C. Claudel:
8 exemplaires numerotes de 1 a 8 et 4 exemplaires numerotes de I a IV(tirage annonce), signC. Claudel, cachet Coubertin.

Pablo PICASOO (1881-1973)

Picasso, a painter and sculptor, born on 25 October 1881, in the little town of Malaga, in southern Spain, had a father who was an art teacher while his surname was derived from his mother. Under his father's meticulous training, Picasso managed to establish a solid foundation in the basics of the academic school at a very young age. While studying in Madrid at the cademy of San Fernando, Picasso, at 16 years of age, had already possessed a similar level of mastery to an ordinary classical academic painter. However, being totally uninterested in the traditional curriculum implemented by the school, he often cut classes to visit the Prado Museum. For a long time, the vogue of free art coming in from Northern Europe and France proved to be an irresistible intoxication for Picasso. Thus, when he reached 19, he finally headed for Paris, the capital of art and a cultural congregation, for his own artistic development.

The earliest of Picasso's renowned sculpture works, depicting a seated woman, appeared during the "Blue Period" (1901-1904). The sculptures that were completed between 1906 and 1907 came under the influence of African Negro culture. The artist himself collected many of the Negro sculptures too. In 1909, Picasso created the cubist "Tete de femme" by modeling it after his first love, Fernande Olivier, and switched from painting in two-dimensions to expressing in three-dimensions. From this point onwards, he focused his attention upon sculpting, primarily making use of the concept of "papier colles". The application of ready-mades in later sculpture creations was significantly connected to this concept. In 1915, he created "Construction: Violin", a papier colles sculpture, by using materials such as paperboards, iron sheets, wires, and wood. During the late 1920s, he renewed work on sculpture creations. To commemorate Apolinaire, the Surrealist writer, he also attempted surrealist figure sculptures and metal wire framing. After the war, his interest in sculpting was rekindled. After experimenting for a period, he changed yet again to metal sculpting and the sculpture of assemblage using ready-mades. For example, the famous "Tete de taureau" (1943), where he transformed the upwards-bending handlebar of a bicycle into sharp ox horns, and the long and narrow seat structure into a vivid ox head; and the "Le Guenon et son petit", an interesting composition cleverly fashioned with the toys of his son, which just set the highest successful bid for a Picasso at US$6,179,500 on 6 November 2002, were both among Picasso's renowned works of ready-mades sculptures.

The art of assemblage has always been apt in creating multiple meanings, be it in the form of visual pun or complex parallel realities, so that the artistic and realistic worlds can be placed alongside and interchanged. Starting from the late 1940s, Picasso concentrated fully on homestead living and spent greater efforts on pottery and sculpturing after being influenced by his artist lover, Franise Gilot. Hence, the core of Picasso's later works was pottery and sculpturing using ceramics and plasters within the works. In "Bras", a 1959 piece of work, tactile sensations of clay was used, portraying a plain and plump right upper arm extending upwards, without losing any of Picasso's customary sense of humor. This sculpture is collected in the Hirshhorn Museum as well as the Sculpture Garden, Smithsonian Institution, Washington, D.C.

A variety of artistic styles are adopted in Picasso's compositions. Not contented with merely one painting style, he innovates boldly, continually developing new looks without being nostalgic or repetitive of his past art. An innovative and productive artist such as him is rarely seen, even if it were over a period of hundred years. Picasso is known throughout the world for oil paintings, sketches and pottery that are unique and graceful. At the same time, sculptures occupy a similarly significant portion of his creative career too. In addition, his sculpture creations have always managed to be at the forefront of the latest fashions and creative initiatives. For example, Dadaism, to some extent, came under his influence. In September 2000, the Centre Georges Pompidou organized a sculpture retrospective for Picasso, exhibiting more than 300 pieces of sculptures, spanning 70 years of work. During the same year, the "Picasso, catalogue raisonne des sculptures" was published. Immensely creative, Picasso could come up with compositions that looked weird yet pleasing to one's eyes, earning incessant praises from others. Picasso believed that, "Sculpture is the best comment that a painter can make on painting." Undoubtedly, he has indeed accomplished the extraordinary mission required of a well-rounded artist.

Bras

1959
Bronze with brown patina
22 7/8 inches high.(58.1cm)
Stamped on the top the base,5/6 C.Valsuani Cire Perdue
Conceived in Cannes, 15 Marth 1959;this bronze version cast shortly thereafter.

Estimate on request

Provenance:
Galerie Louise Leiris,Paris
Peerls Galleries,New York
Mr.an Mrs. James Alsdorf,Chicago
Thamas Ammann Fine Art AG,zurich
Private Collection

Literature:

Du, October 1961,vol .21 , no. 248(another cast illustrated in color on the cover)
R.Penrose, The Sculpture of Picasso,New York,1970,P.224,no.146(another cast illustrated,p.159)
G.Mili,Picasso's Third Dimension,New York,1970,PP.136-137(another cast illustrated in color,P.181)
W.Spies,Picasso Sculpture with a Complete Catalogue,London,1972. p.311,no.555(another cast illustrated ,P.293)
W.Spies and C.Pilot, Picasso ,Das plastische Werk,Stuttgart,1983,P.397,NO.555(another cast illustrated ,P.362)
W.Spies and C.Pilot, Catalogue raisnne des sculptures,in Picasso sculpteur,exhibition catalogue,Centre National d'Art et de Culture Georges Pompidou ,Paris ,2000, p.418,no.555(another cast illustrated ,P.383)

Henry MOORE (1898-1986)

Moore, an English sculptor, draughtsman and printmaker. Born on 30 July 1898 in Castleford, W.Yorkshire and ranked seventh among eight siblings. At 11, he made a resolve to become a sculptor after hearing of the artistic achievements of Michelangelo. After graduating from secondary school, he participated in the First World War, enlisting to serve for two years. He was admitted into the Leeds School of Art in 1919, becoming the school's first student in the sculpting department. Taking the rail to attend school in Leeds by day, he returned to Castleford by night to participate in the "Peasant Pottery Class" conducted by Miss Gostick, his art teacher during his time in secondary school. The beginnings of his artistic career, as he self professes, lies in the discovery of "Vision and Design", a book published in 1920, written by the English art critic, Roger Fry. In particular, the articles introducing negro sculpture and the ancient art of America provided the greatest inspiration for Henry Moore.

Henry Moore's sculptures during the 1920s and 1930s, filled with the romanticism of the English lyrical style, contained profound feelings about the forms of scenery and nature. Comparatively, the makeup of his early works was more representational. His art was anti-traditional. Sources of inspirations did not originate from the classical figures of the Renaissance period nor were they from the traditions of the Greco-Roman times, instead, they were modeled based on the primitive culture as seen in the British Museum. During then, non-western art was extremely popular. Under the sponsorship from the Royal College of Art in London, he left in 1925 to tour all over Italy, studying the works of several important classical masters, such as Giotto, Masaccio, Michelangelo, Donatello, and Giovanni Pisano. Between 1920 to the 1930s, Moore would visit Paris almost on an annual basis. Subsequently, he came under the influence of pioneering artists during those times, such as Picasso, Arp and Giacometti. From the 1930s onwards, his sculptures began turning abstract on one hand, yet on the other hand, it was also attracted towards Surrealism. In 1937, Moore officially joined as a member of the English Surrealists.

In the 1940s, Moore's works, which paid special attention to the sense of space, enjoyed much prestige throughout Europe and America. He first stepped upon American soil in 1946 to participate in the retrospective organized for him by the Museum of Modern Art, New York. Henceforth, he won several international prizes, such as the 24th Venice Biennale in 1948 and the 2nd Sao Paulo Biennale in 1953. He also accepted work on many important transnational public art commissions, such as the UNESCO headquarters in Paris, and the Parliament Building in London.

As Moore's sculptural works are much-desired collectibles for international corporations, he is currently the artist with the most large-scale sculptures publicly displayed throughout the world. On 31 August 1986, at the age of 88, Moore passed away. On the day of his death, the Daily Telegraph, in recognition of his attributes to the arts, wrote, "Since the death of Sir Winston Churchill, Henry Moore has been the most internationally acclaimed of Englishmen, honored by every civilized country in the world."

Deemed as the greatest English sculptor of the 20th century, Moore focused on figure sculptures as his primary subjects throughout his life. Despite witnessing various revolutionary changes in the quality of new sculpturing materials during his lifetime, nourishment for his works, which hovers between representational and abstract, are still derived from cultural traditions and the great masters. One of his special features lies in the carving of openings to emphasize the beauty of space from all angles.

Besides the "reclining figure", which is an often recurring form that Moore uses, "family groups" is another of his captivating creations. In 1943, he accepted the commission of the Church of St. Matthew, Northampton, to carve the art piece, "Madonna and Child". This piece can be regarded as the predecessor of "family groups". The "family groups" series is undoubtedly inspired by the western traditions of the Holy family. The composition of both parents cuddling their child, seen in this "family groups", originated as early as 1945, and continued to change and evolve thereafter, all the way till 1948, 1949, creating approximately 17 variant versions. The "family groups" composition being introduced here belongs to the earliest versions. In the composition, elements of surrealism exist in the portion of the figure's head. His sculptures is a reflection of ancient art and he had, in particular, a liking for sculpting females, an influence perhaps rooting from the notions of female dominated societies in the past. Inspirations for his compositions were often found in the mountain, streams and valleys of life. The concise form and the spatial distribution reflect the conception of the artist's adoration for nature. On the other hand, the 1956 "Seated Girl", a representative piece of work demonstrating the sculptor's skills to the fullest extent, is an exquisite display of the return to civilization, after Moore had undergone the cruelties of World War II.

Family Group

1945
Bronze
12.7x10.2x7 cm
Signed Moore on back of bas cast in an unnumbered edition of seven plus one artist's proof

Estimate on request

Provenance:
Berkeley Gallery, London
Roland Collection (acquired from the above in 1945; sold Sotheby's, London, June 25, 1985, lot. 56)
Private Collection, New York

Exhibited:
Henry Moore, Roland, Browse and Delbanco, London, 1948
The Roland Collection, York City Art Gallery, 1950, no. 34
The Roland Collection, Hatton Gallery, Newcastle, Museum and Art Gallery, 1951, no. 43
The Roland Collection, Sothampton Art Gallery, 1952, no. 53
Work by Henry Moore, Geffrye Museum, London, 1954
The Roland Collection, Manchester City Gallery, 1962, no. 74
The Roland Collection, Camden Arts Centre, London, 1976, no. 82
The Roland Collection, Courtauld Institute Galleries, London; Sainsbury Centre for the Visual Arts, Norwich; York City Art Gallery; Ashmolean Museum, Oxford; City Museum, Plymouth, 1879, no. 67
One Man's Choice, National Gallery of Modern Art, Edinburgh, 1985

Literature:
Henry Moore, Sculpture and Drawings, 1921-1948, volume 1, David Sylvester ed., Lund Humphries, London, 1969, no. 239 (9 1/2 inch version illustrated pl. 14)

For other related material see:
Henry Moore, David Mitchinson, ed., Ediciones Poligrafa, Barcelona, 1981, pp. 94-95
This work is listed as LH 239 in the Henry Moore Foundation Archive.
The authority of this cast has been confirmed in a letter from the Henry Moore Foundation signed by Assistant Curator, Anita Feldman Bennet and dated 23/9/97

Henry Moore used this and another work of 1945 measuring 9 1/2 inches (LH 259, illustrated in black & white p. 151) as models for the "Family Group" of 1948-49 that was executed for the Barclay School in Stevenage; see Henry Moore, Sculpture 1949-1954, Volume Two, Alan Bowness ed., Lund Humphries, London, 1986, no. 269 (illustrated in black & white pl. 1-7)

Alexander CALDER (1898-1976)

Calder, an American Kinetic sculptor and painter, was born on 22 July 1898 in Philadelphia, Pennsylvania. His father was a sculptor and his mother a painter. Although his family background influenced the subsequent direction of his art to some extent, a young Calder was nevertheless intent on engineering, studying for 4 years at the Stevens Institute of Technology starting in 1915.

Calder did not step onto the path of artistic creation till the year 1923, entering the Arts Students League in New York to study under artists such as Luks, Du Bois and Sloan. In 1926, he held his first painting exhibition in New York's Artist's Gallery. In the same year, he left to study in Paris for two years, entering the Academie de la Grand Chaumiere for his education. During that period, he became extremely interested in the circus and often took metal wires and thin cords to fashion animals, human figures and circus miniature that were then placed in his room for his own amusement. From these toys, Calder created his first metal wire sculpture, the "Circus" series.

Upon returning to America, he created his first animal statue. After going on a second trip to Paris, he befriended several avant-garde artists such as Miro' Pascin, Arp and Leger. They had an influence on the aesthetics of Calder's first abstract "Stabile" in the 1930s. Besides this, Mondrian's linear designs also intrigued him. From this series, Calder derived the manually operated and motor-driven "mobile" that allowed Mondrian-like rectangular patterns to vacillate like a clock pendulum. The purpose of these sculptures was to produce infinite changing relationships from the substances and their surroundings. In 1933, Calder held an exhibition together with the Abstraction-Creation Group. In 1943, the Museum of Modern Art, New York, held a grand solo for him. Calder's reputation had spread far and wide.

After the motorised sculptures, he also created wind-assisted mobiles, whose greatest traits was that they could roatate freely and unpredictably based entirely on wind alone, without any hint of artificiality. Calder was absolutely immersed in his creations of mobiles (mobile, as named by Duchamp) and stabiles (stabile, as named by Arp), lasting for as long as twenty years. In the 1940s, he merged the mobiles and stabile together, with the various materials making up the components of his works were largely similar, comprising mostly of steel wires and little circular metallic sheets that are either painted in black or in the three primary colours. Works in the 1950s were primarily stabiles, which numbered the most in quantity. Under the sharp and pointed external appearance hid a strange and abnormal quality.

In 1952, Calder won the First Prize for Sculpture at the Venice Biennale in Italy. His largest sculpture was the 60m tall "Teodelapio", created in 1962 at the entry to the city of Spoleto in Italy, in the style of 1940s' free form. He began to demonstrate his ability in gouache during the 1960s. His paintings had similar aspects to the coloured sculptures. The colours adopted were black and white or red, yellow, and blue. Circles, triangles, spirals and ellipses make up the model. At the same time, they also had similar effects as the ameoba-like forms by Miro and Arp. Calder passed away on 11 November 1976 at the age of 78.

Yellow Disc

1953
Painted steel mobile/stabile
Height: 114 inches (290cm)
Length: 112 inches (285cm)
Base: 46 x 38 inches (117 x 96.5cm)
Signed with initials on one of the elements

Estimate on request

Provenance:
Perls Gallery, New York
Mr. and Mrs. Robert E. Mayer, Chicago
Sotheby's, October 25, 1972, Sale#3424, lot 48
Marcia Simon Weisman
Jorgen Pierburg, Holzheim, Germany

Exhibited:
New York, Solomon R. Guggenheim Musem, Alexander Calder, Nov. 6, 1964 - Jan. 31, 1964, no. 230
New York, C&M Arts, American Works 1945-1975, Oct. 8-Dec. 6, 1997, illustrated in catalogue in color.

Literature:
To be included in the forthcoming Alexander Calder catalogue raisonne under application #A05373, currently being compiled by the Alexander and Louisa Calder Foundation.
One of five or possibly six large scale stabile-mobiles made by Alexander Calder during a year-long stay in Aix-en-Provence.

Donald JUDD (1928-1994)

Judd, an American Minimalist sculptor and installation artist, was born on 3 June 1928 at Excelsior Springs, Missouri. After graduating from the College of William and Mary in Williamsburg, Virginia, Judd headed to New York in 1949 to enroll into Columbia University for further studies and obtained degrees in Bachelor of Science and Master of Fine Arts.

Between 1959 and 1965, Judd assumed positions of art critic cum writer in magazines such as the "Art Magazine", "Art News" and "Art International". In the early 1960s, he switched from painting to focus on sculpting and developed an interest in architecture. Challenging artistic norms, he began using industrialized production and materials such as steel, concrete and plywood, to create enormous hollow sculptures, mostly in box-like shapes, that repeated simple geometric patterns. From 1964 onwards, he started holding a series of exhibitions, including the 1964 solo at the Leo Castelli Gallery, the two major exhibitions in 1966 and 1967 at the Whitney Museum of American Art in New York, a joint exhibition, "Primary Structures: Younger American and British Sculptors" was held in the same year at the Jewish Museum in New York, the 1968 exhibition "The Art of the Real: U.S.A. 1948-68", by the Museum of Modern Art, New York and the 1970 "Painting and Sculpture: 1940-1970" by the Metropolitan Museum of Art, New York. In 1965, he represented America at the Sao Paulo Biennale in Brazil and in 1968, the Whitney Museum held a grand retrospective for him.

Judd was awarded many grants and fellowships in the 60s, including the 1968 fellowship from the John Simon Guggenheim Memorial Foundation. In 1980, Judd was selected to participate in Italy's Venice Biennale and in 1982, the Documenta, in Kassel, Germany. In 1984, he began dabbling in furniture design and production. In the early 1980s, Judd was involved in the planning and setting up of the Chinati Foundation, an art gallery displaying large scale installations of contemporary art, in Marfa, Texas. The foundation was officially founded in 1968, exhibiting Judd's sculptures and the works of other contemporary artists. In 1992, Judd was elected as a member of Stockholm's Royal Academy of Fine Arts and was honored with a prize awarded by the Stankowski Foundation in Stuttgart, Germany. In addition, he also received countless other awards throughout his life. Judd had once published a great number of theoretical writings in promoting the art of Minimalism. These publications have been assembled and consolidated into volumes that were published in 1975 and 1987. He passed away on 12 February 1994, in New York.

Held in high esteem throughout his entire life, Judd can be regarded as the artist that embodies and speaks for American Minimalism. His works usually consists of several similar-sized cuboids that are repetitively and continuously arranged indoors or outdoors. After the completing of his design, each single unitary shape was given over to the factory for production. Every of the shapes underwent standardized production, discarding any narration of the artist's character. Sometimes, the cuboids would be painted with colors to stress on the beauty of form. Judd believed that sculpting traditions of non-Minimalism would soon be destroyed while simplistic forms that enhance visual memory would soon replace specific objects. Objects with similarly simplistic forms, be it metal, plastic, plywood, stone or art objects of other raw materials were all a ubiquitous lot. Most of Judd's works are untitled. His works have been collected by organizations such as the Los Angeles Museum of Contemporary Art, the Museum of Modern Art, New York, and the Whitney Museum of American Art, New York.

Untitled

1977
Brass
12.7 x 101.6 x 22.9cm

Estimate on request

Provenance:
Peder Bonnier, Inc., New York
Private Collection, Sweden
Private Collection

Barry FLANAGAN (b.1941)

English sculptor and painter Barry Flanagan was born in Prestatyn, North Wales on January 11, 1941. From 1957 to 1958, he studied at Birmingham College of Art and Crafts before enrolling in St. Martin's School of Art in 1964 to pursue advanced studies under Anthony Caro (b. 1924). Having graduated in 1966 with a diploma specialising in sculpture, Flanagan proceeded to teach at St. Martin's and the Central School of Arts and Crafts from 1967 to 1971.

In 1966, Flanagan held his first solo exhibition at the Rowan Gallery in London. He subsequently continued to exhibit in solo and group exhibitions throughout the rest of the UK and overseas. This included exhibitions at the Museum of Modern Art, New York and the Museum of Modern Art, Oxford in 1974. In 1983, Flanagan exhibited at the Centre Georges Pompidou and that same year, he was a member of the British Pavilion at the Venice Biennale, Italy. He took part in the Galerie National du Jeu de Paume's " Un siecle de sculpture angalaise " (an English sculpture century) in Paris as well as an exhibition by Art Institute of Chicago in 1996. In 1991, Flanagan was awarded the Order of the British Empire (OBE) and the title of Royal Academician by the Royal Academy of Art College. The artist currently lives in Dublin, Ireland.

Flanagan's works can be found in important collections all over the world, including Museum of Modern Art, New York, the National Gallery of Art, Washington DC, the San Francisco Museum of Modern Art, the Art Institute of Chicago, the Tate Gallery, London, the Tokyo Metropolitan Museum and others. He has also frequently accepted commissions for public sculptures and received significant international attention for the works he created for the Belgian municipality of Ghent (1980), the Camden Borough Council for Lincoln ' s Inn Fields, London (1980), New York's Park Avenue (1995-96) and Grant park in Chicago (1996). There is also a hare sculpture by Flanagan in the garden outside the Chinese Petroleum Corporation Building in the Hsinyi District of Taipei, Taiwan. This public art work was installed in 2001 by The Ravenel Art Group under commission from the Taipei government.

Flanagan's most famous work is probably the bronze hare sculpture. Considered to be one of his most memorable and evocative works, the wild hare first made its appearance as a bronze sculpture in 1980s, standing out for its bold and dashing style. Enrique Juncosa, Director of the Irish Museum of Modern Art describes Flanagan's hare to be " one of the most personal and recognisable artistic endeavours of the second half of this century... emblems of creative freedom, without a whit of pretension.

Although Flanagan's work was made in the traditional methods of the Academy, his use of bronze as the material provides a humourously subverted twist on the traditional concept of the "Hero". Flanagan's bronze hare sculpture, as well as his other works during that period, was much inspired by the literary works of French playwright Alfred Jarry (1873-1907) as well as Jarry's research in pataphysics (or "the science of imaginary solutions"). Flanagan was also influenced by Dadaism and Surrealism.

Flanagan's "Thinker on Rock" makes reference to the pose of Rodin's famous "Le Penseur" (The Thinker). Here, the lanky hare is a witty and outrageous substitution for the philosopher. According to Flanagan: "Rodin ' s sculpture was so advanced and fluid. His assembly of the kit in the studio, models, bits and bobs, and flow of enquiry and philosophy. The French feeling and concern for the human condition. Extremely articulate." (As cited in the chronology complied by Teresa Gleadowe and Clarrie Rudrum, published in Barry Flanagan catalogue, Fudacion ' la Caixa ', Madrid, 1993, p. 142). The bold and humorous "Thinker on Rock" now stands as a 334 cm high bronze sculpture in the Sculpture Garden at the National Gallery of Art in Washington, D.C, donated from a private collection in 1999.

In 2002, thanks to sponsorship from the British Council, Flanagan's sculptures and sketches were exhibited at Germany's municipal museum, the Kunsthalle Recklinghausen. The exhibition subsequently toured to the Musee d'Art Moderne et d'Art Contemporain in Nice, France. The "Unicorn And Oak Tree" (edition no. 2/9), was one of the 97 exhibits included in this tour. The unicorn is a unique symbol of chastity and fortune while the oak tree represents the courage and optimism. In this work, the artist has given these mythological themes a playful and lovable interpretation.

Unicorn and Oak Tree

1989
Bronze
24 1/4 x 11 1/2 x 19 1/2 ins
Stamped with cast and edition number "2/9" at base of left leg;
cast no. 2 from an edition of 9 plus 3 artist's casts

Estimate on request

Provenance:
The artist Private Collection, London

Exhibited:
Summer Exhibition, The Royal Academy of Arts, London, 10 June -20 Aug. 1989 (illustrated. in color in The Royal Academy Illustrated 1989, p. 41)
British Art from 1930, Waddington Galleries, London, 27 Feb. -23 March 1991, catalogue no. 9 (illustrated in color p. 23)
Summer Exhibition, The Royal Academy of Arts, London, 8 June -18 August 1991
Exhibited at entrance to the Sackler Galleries, The Royal Academy of Arts, London, 1991-92
Sculpture, Waddington Galleries, London, 29 April - 30 May 1992, catalogue no.50 (illustrated in color)
Barry Flanagan, Landau Fine Art, Montreal, 15 Oct. - 19 Dec. 1992 (illustrated in color in catalogue p. 29)
Barry Flanagan: Plastik und Zeichnung - Sculpture and Drawing, Kunsthalle Recklinghausen, 5 May - 14 July 2002; touring to Musee d'Art Moderne et d'Art Contemporain, Nice, 6 Dec. 2002 - 25 May 2003, catalogue no. 16 (illustrated in color p.43) (2/9 exhibited)

Recent observations of the events in the international art market revealed that sculpture has become the preferred medium of art for collectors, art investors and gallery businesses. Last May, a bronze sculpture of Danaide by Constantin Brancusi made a historical sale record at US$18 million, surpassing the US$14.3 million record set by Alberto Giacometti's "Grande Femme Debout I" in November, 2000. This November, works by Henry Moore and Alexander Calder performed very well in the market, setting several new auction records. In addition, Rodin, Matisse, Maillol, Picasso, Judd and several other artists also saw good results in the sale of their sculptures which had risen in price over recent years to set new records as well. (Details can be found in the later pages of this magazine under the list of "Record Prices for the Famous Sculptors at Auctions".)

International sculpture specialists have frequently observed that the value of sculpture has often been underestimated. (Please refer to appendix of France l'Oeil ("Eye") magazine 1999 publication of The European Sculpture Price Index 1975-1998. However, there has been an improvement in recent years, especially with the sale of Giacometti sculptures in the French art market which drew much international attention. By comparison, sculpture is a generally more transparent category for investment than oil paintings. When collectors have insufficient budget for paintings they have set their hearts on, the good works often end up in museums. Sculpture on the other hand, allows more room for choice and collectors will find it easier to shape a rich and original collection with the best works from well-known international masters. Unless sculpture is the primary medium of a well-known artist, the prices for sculpture works are generally lower than oil paintings. For example, Picasso's "Woman with Crossed Arms" is currently his most expensive oil painting, valued at US$55 million. By comparison, his most expensive sculpture, "La Guenon et son petit" (2002) is worth US$6.7 million. This work is available in limited edition of six; even if the value of all six were to be added up, it would still not match the value of the oil painting.

As master artists create few classical sculptures, often in quantities of only 8, 9, or 12, most of which would have been reserved by the museums. As a result of this limited quota, the private collector has limited access to these sculpture works. Given the situation where demand is increasing every day, the price naturally rises. However, this does that mean that every sculpture automatically fetches high prices as this is also indexed to its uniqueness and rarity. Patina is also considered a key factor in evaluating bronze sculptures and one with a beautiful patina easily wins the attention of collectors.

The origin, in terms of its history and provenance, is usually another essential price indicator. The collection can tell many stories and in its affiliation, may even lay the trail from the existing work to the situation of its creation. Important gallery owners, collectors, institutions and museums can all add to the value of the sculpture. Going by the saying "its past guarantees its future", the history of the work thus warrants its future value. Especially with 19th and 20th century modern sculpture where the age of the work is less certain, more specialised information is often required to determine a reasonable value for the sale of the work.

In fact, according to French law, bronze sculptures by a living artist is considered original work even if it is cast from a mold. However the casting copyright requires protection; his heirs have to recast the new sculptures within 70 years after the death of the artist. The case of Rodin's works provides a good example. Before he passed away in 1917, Rodin entrusted Alexis Rudier to recast his bronze sculptures. Within 10 years after his death, the Musee Rodin requested recasts of the work. Successor of Alexis Rudier Foundry recast the same work and engraved the symbol of the Musee Rodin on these works. It is imperative that collectors take note of this distinction. The casts by Rudier or Barbadienne done a century ago are recognised to have a higher market value due to its rarity whereas the posthumous castings ordered by the Musee Rodin may strictly be said to be replicas. There is thus an enormous price variance.

II. The Sculptor and giving the Right of Cast to the foundries

After the creation of a sculpture work, a sculptor may entrust a trusted foundry with the right to cast his work in limited quantities in order for the work to extend its lifespan.Degas is an exception as he did not cast any of his works in bronze before passing away. There are a number of famous casting masters who through their extraordinary craft enabled the genius of the artist to live on. The name of the casting studio or foundry is usually permanently engraved on the sculpture as well. There were several outstanding casting masters in 19th and 20th century Paris whose names have been inextricably linked to renowned sculptors. Here, we list four examples so that the sculpture collector may have some idea of the historical situation.

(1) After Adrien A. Hebrard passed away in 1917, a re-roganisation of his workshop produced hundreds of casts, including 73 wax figures entrusted to Hebrard from 1919 to 1921. In order to continue the work of the workshop, Hebrard enlisted the assistance of Albino Palazzolo, another casting master. The casting quantity was limited to 22 bronzes (20 were numbered A ~ T, another 2 were distinguished by the initials HER and HER.D). Degas sculptures today usually have "A A Hebrard cire perdue", and numbered "*/*" - the inscription "Hebrard" refers to the the casting name, "cire perdue" refers to the casting the method, the first portion of the serial number is for the work itself and the latter number indicates the quantity of that particular work. Hebrard also previously casted for Rembrandt Bugatti (1884-1916), Brancusi, and Rodin, as well as other forms of bronze sculptures.

(2) Barbedienne (1810-1892) and Alexis Rudier (passed away in 1897)

The world's largest collector of Rodin, the Contor Foundation, once conducted a study of Rodin's works. Research data revealed that before the French law was in place, Barbedienne and Rodin had a 20-year contract between 1898 and 1918. Accordingly, Barbedienne produced 231 casts of "L'Eternel Printemps" (The Eternal Spring) and 319 works of "Le Baiser" (The Kiss). However, it was certain that that Barbedienne's casts were produced during Rodin's lifetime. Rodin expert Tancock commented that Barbedienne's casting enabled Rodin to emerge from anonymity and also set the standard of quality for his works.

The Rudiers was a well-known casting family from 19th and 20th century France. Alexis Rudier undertook the Rodin casting in his later period. In addition, he also carried out bronze works for Branscusi. After the elder Rudier had passed away, his son Eugene Rudier (1875-1952) inherited the workshop which he bequeathed to his grand nephew Georges Rudier, who passed away in 1994. Georges also accepted the Musee Rodin's requests to cast Rodin sculptures. As Rodin wanted to increase the profile of his art as far as possible, he authorised the Rudier workshop to cast a number of his large-scale bronze sculptures, such as "Le Penseur", and "L'Age d'airain". At the moment, it is not easy to prove which works were cast before Rodin's death because some of the sculptures were not signed and had only the casting name. Subsequently, according to Rodin's will, the Musee Rodin in Paris was authorised to commission future bronze casts. In 1956, France's law defined the distribution of bronze casts into 12 levels, in 1968 it set aside serial numbers 1/8 ~ 8/8 for general collection, whereas numbers I/IV ~ IV/IV are meant for fine art institutions. In 1981 this was officially put to work. According to Tancock, The Museo Soumaya in Mexico proudly displayed casts by Barbedienne and Alexis Rudier (for example, Rodin's "Le Baiser") as exemplary works of art.

(3) Bourdelle and bronze foundry Fonderie de Coubertin, St. Remy

Fonderie de Coubertin, St. Remy was established in 1963, using traditional casting techniques that have endured in their foundry till today. They work with contemporary sculptors as well as many museums, such as the Musee Rodin, the Musee Bourdelle, Musee Picasso, and Musee d'Orsay among others.

(4) Camille Claudel and various casting masters of "La Valse" (The Waltz)

On August 11, 1893, Siot-Decauville wrote a letter to Rodin, telling the latter that he had just bought the casting rights to "La Valse". However, from start to end, he only cast "Le Valse" for the collection of the Oslo Art Museum in Norway. After 1900, Siot-Decauville gave the rights to Eugene Blot. Eugene Blot, through a family friend of Rodin, was introduced to Claudel. Claudel subsequently signed a contract giving her the distribution rights to "Le Valse" . After Claudel passed away, her successors published a posthumous publication, listing a number of casting masters who had worked with her. This included Alexis Rudier and the Courbertin workshop, as well the Rocher workshop, the La Plaine workshop, the Delval workshop, the Ivry Paris workshop, the Valsuani workshop, the Monnaie de Paris. These casting workshops were all invitated to cast different editions and different sizes of "Le Valse", at one point in time. Details can be found in the Reine-Marie Paris's catalogue raisonne "Camille Claudel re-trouvee" (A Rediscovery of Camille Claudel).

III. How much would a sculpture by a renowned artist be worth?

(1) European Sculptures in the 19th & 20th Centuries

Once we have ascertained details such as authenticity, origins, and era of a sculpture work, interest in the value of the sculpture would naturally be the next to follow. The peak in the prices of the global art market appeared during 1990 and this also held true for the market on European sculptures of the 19th and 20th centuries. The market prices for master sculptors such as Degas, Rodin, Camille Claudel and Carpeaux, were the highest. Judging from the attached chart "European Sculpture Price Index", 1995 was the gloomiest among the past ten years for the prices of the nineteenth and twentieth century sculptures. The average prices fetched less than half of that in the peak year of 1990. The current prices are gradually climbing upward. According to the experts in international auction companies, it isn't easy to find quality pieces of nineteenth century sculptures. The main collectors are distributed in locations such as Japan, and the North and South Americas. Apparently, for 19th century sculptures, France was where the most number of auctions were held and the most number of pieces were auctioned off, although the majority of the buyers were from abroad.

Camille Claudel and Rodin

Here, we shall refer to the data published by Artprice to explore the market developments for sculptures of the nineteenth and twentieth centuries, using firstly the market performance of Camille Claudel as an example. Prices for Claudel started showing larger fluctuations since 1997, the relative low appearing in 1998 and the new periodic high in 2002. Judging by the turnover, America (47%) alone had captured about half of the market share, while France (34%) followed next. In terms of volume of bid items, France (39%) would be the first choice, and next would be America (33%), followed by England (21%).

Claudel's renowned "La Valse" is the most popular of the artist's works. A bronze in the mid 1990s would have had a selling price of a million francs (approximately US$200,000), while a bronze in Claudel's "Abandon" is valued at 1.25 million Francs (approximately US$220,000) around 1997. However, there was a tremendous downslide in Claudel's prices from 1998 to 1999, only recovering back to the 1997 levels in the year 2000 and showing an obvious increase after 2002. What we need to take note of is that Claudel's sculptures can be separated into two types, as "ancient" and "posthumous", with obvious price differentials. The price level for Claudel is currently still underrated. The best price for her representative work, "La Valse" (46.4cm), was fetched on 10 November 2000 in New York, at the mere amount of US$302,750. Following the appropriate reinstatement of Claudel's rightful standing in the coming future, the scope for growth in prices should be worthy of expecting.

Rodin is widely known as the "Father of Modern Sculptures". The love entanglement between him and Claudel has added a more fanciful scope to their works. The highest price for his sculptures did not come from "Le Penseur". Instead, the best quotation was for "Eve", a sculpture that depicted a female tormented in her inner self for having tasted the forbidden fruit. During a 1994 auction in New York, "Eve" could be sold for up to US$1,020,000. The most expensive piece of "Eve" (173cm tall) was sold in a deal on 8 November 1999 at the amount of US$4,842,500, breaking the US$4,290,000 record set by "Les Bourgeois de Calais" (213.5cm tall) in 1990. As for his representative work, "Le Penseur", present average valuations have differed due to differences in sizes and casting eras, thus fetching high prices is generally difficult. Valuations above US$1 million did appear sporadically during the peak of 1990, but the best prices for a 72cm version only fetches around US$600,000 in recent years. The highest record for Rodin's "Le Baiser" (86.4cm tall) appeared on 8 May 2000 at an auction by New York Christie's when it was auctioned for US$2,756,000, a result that had instead bettered his representative work "Le Penseur".

Degas

Besides owning a particularly fine market in the genre of painting, Degas, the Impressionist painter cum sculptor, is also the chart leader and record holder among the nineteenth century sculptors. In the first half of 2003, Degas reigned for a period as the sculptor with the topmost trading volume around the world. In the recent three years, trading volume of sculpturing mediums makes up 29% of Degas' entire repertoire of mediums and the quantity traded work pieces makes up 24%, with the largest market being found in America.

The most captivating of Degas' bronze sculptures, "Little Dancer, Aged 14", has appeared in the auction market for a total of six times from 1998 till 2003. The amounts of successful bids struck at each of these auctions have all exceeded above US$10 million and the highest of which appeared in 1999 at the amount of US$12,377,500 by the buyer, Francois Pinault, who was the Chief Executive of the French Holdings, Printemps, and coincidentally the boss of the auction house, Christie's International. On 6 May 2003, this sculpture was sent to a Christie's auction yet again. This time, its prices dropped by 16.6% to the transacted amount of US$10,311,500. As for Degas' horse sculptures, valuations were not as inaccessible as those for "Little Dancer, Aged 14". A piece of horse sculpture during the mid 1990s would be worth approximately US$300,000. The state of the horses' motions can have a deciding effect on the pricing of the sculptures. A dynamic and lively looking horse could fetch prices up to US$1 million during the year 2000; prices for a static horse would be more restrained and conservative, with recent average valuations ranging from about US$350,000 to US$500,000. In the aspect of nude female ballerina bronzes, some nude women in their baths command prices in the regions of about US$2 million. Generally speaking, as there are more sculptures of nude women than there are of horses, their valuations are much more reasonable. A rather fine piece of casting can be purchased for between 200 odd thousand to 350 thousand US dollars.

Maillol and Bourdelle

Famous artists after Rodin, such as Maillol and Bourdelle, have all had instructions from Rodin and went on to develop new sculpturing vocabularies belonging solely to themselves. There are no wildly fluctuating valuations for them. Since the peak period of 1990, Maillol has only dropped by around 20%. In 1994, his female statues could be sold for 160 to 170 thousand pounds (US$240,000 to US$255,000) in London. Recently, outdoor versions of his female bronzes possess prices of 2 to 3 million US dollars. Medium-sized bronzes of less than 100cm are valued between US$600,000 to US$900,000, while valuations for small-sized sculptures were even lower, costing less than US$500,000. As for Bourdelle, auction results of more than 1 million US dollars were garnered in 1989 and 1990 for the outdoor version (250cm) of his representative work, "Heracles Archer". Valuations of the small sized (around 60cm) sculptures had always maintained at 200 odd thousand US dollars per piece for the past 10 years.

(2) Contemporary Western Sculptures

Picasso, Moore and Calder, three artists born during the nineteenth century, have put themselves into the ranks of the twentieth century modern artists based on their abundant creativity and their strong and supple vitality in life, creating a whole new artistic setup since the Second World War. Till now, their art have remained influential. We shall hereby categorize them into the field of "Contemporary Sculptures" for the purpose of our discussion.

Picasso

Despite setting a high of US$6,719,500 in November 2002 for "La Guenon et son petit", a 1951 bronze sculpture, the prices for Picasso's sculptures still remain underrated. Very few sculptures in the auction market exceeds US$1 million, although it is commonplace for oil paintings to break the million dollar mark, with at least more than 20 pieces exceeding US$10 million. Sculptures account for less than 10% of Picasso's global auctions. Such auction items are difficult to find. From this, we can learn about the considerable potential for future price increments that is possessed by the sculptures of this top-ranking artist, in terms of trade volume within the global auction market. According to past auction results, the highest prices for figure sculptures from the Cubist period centers around US$3 million during 1989 and 2000. It was only till 2001 that prices rose to US$5 million, conforming to developments in time. The American market is still the primary market for Picasso's works.

Moore

Henry Moore's sculptures are well known throughout the world. He is the artist who owns the greatest number of large-scale public art. In the 1980s, a wave of Henry Moore mania appeared in Japan due to the needs of a boom in developments of sculpture gardens and real estate. His sculptures were capable of producing a harmonious beauty between both natural and man-made spaces. Coupled to the fact that his sculptures came in all sizes, big or small, the market acceptability of his works were considerably high. When the market became active and lively in 1990, outdoor versions of his reclining figures were valued at an average of US$2 to 3 million while some could be auctioned for prices of up to US$4 million. Prices fell during the mid 1990s. The trend of increasing prices appeared again after the mid 1990s. On 4 November this year, Moore's 1975 work, "Three Piece Reclining Figure: Draped" (447cm), just set his new personal high--US$6,167,500, breaking the November 1999 record of US$4,072,500 (364.9cm). The "Three Piece Reclining Figure: Draped", like the other sculptures by Henry Moore, issued a total of seven editions and a piece of artist's proof (AP). The curator of the Henry Moore Foundation believes that it is easier for people to understand the thoughts expressed by the artist due to the representational nature of the sculptures and this has naturally resulted in the rush by collectors. This year's market can be said to be in great demand indeed. The few Moore sculptures that appeared in the New York market were, in the end, mostly sold at prices higher than their pre-sale estimates. Currently, America is still the biggest of Henry Moore's markets, constituting an 80% share of his market.

Calder

Renowned Californian art dealer and writer, Richard Polsky, once commended Calder as one of the three greatest sculptors in the 20th century (the other two being Brancusi and Henry Moore). His works are blessed with inner connotations as well as child-like amusements. Besides interior decoration, his sculptures in the style of Kinetic Art are also often seen in the outdoor spaces too. Swaying alluringly in the wind, the metallic plates, in three primary colors, have been very well received. There are two major categories for his sculptures, one of which is stabiles while the other is mobiles.

When the art market was booming during the 1980s, Calder's prices showed unprecedented prosperity. The bustling circumstances resulted in a shortfall of supply in meeting demand. Someone once described the buying of Calder's work to be as popular as an Ivy League application. In the beginning of 1990, his prices were affected by the economic slumps and came to a standstill, neither increasing nor decreasing. By the end of 1990, quotations for his works had exceeded those during the peak period of the 1980s. It may be said that his works indeed stood up to the tests of time. On 11 November 2003, a gigantic piece of Calder's red outdoor stabiles was sold for US$5,831,500, breaking his personal record of US$4,185,750 that was set in 2000. It is believed that the work was purchased by a private organization that insisted upon anonymity. Ultra large stabiles have persistently been setting high values while the lithe and graceful medium sized mobiles possess varying valuations of between US$600,000-US$700,000 to US$1 million. The prices of the small-scale sculptures are not to be belittled too. Quotations of US$500,000 are still within an acceptable range. Figures in the international market have all expressed optimism for the Calder's future market performance.

Judd

People have often compared Judd's works to architecture. The repetitive brick-like logical configurations possess a high visual propensity. Since 2000, his works have repeatedly set high auction prices. The most expensive of which, a six-piece set titled "Untitled" (619cm long) from 1966-67, had even secured a price of US$4,629,500 (set in May 2002). Judd had stated prior to his death that he loathed museums and art dealers as he couldn't withstand the manner that these people treated his works. Hence, he expended great sums to fund a foundation for exhibiting his works as well as to recommend promising young sculptors. Despite his attitude, stakeholders in the market still embrace his art, competing to collect and auction for his works.

The extent of increase in bid prices for Judd's smaller-sized works have been outstanding. Currently, some of the smaller sculptures are priced at less than US$10,000, medium-sized sculptures varies from US$50,000-US$100,000, while large sculptures measuring more than several hundred centimeters are valuated at prices exceeding a million dollars.

Flanagan

Flanagan is currently 62 years old. Public art has flourished in recent years throughout the world and as his works are lively and fun-filled, he has currently become one of the most sought after international outdoor sculptors. In the Hsinyi District of Taipei, there is a public art installation recommended by Ravenel in which the renowned "Hare on Ball and Claw" sculpture by Flanagan was selected. The majority of Flanagan's markets lies in Europe, particularly England. The Flanagan sculptures that are occasionally seen in the auction markets comes mainly from art dealers. Flanagan's bronzes are issued in editions of 5, coupled with two additional AP editions. Outdoor Bronze sculptures that are more than 300cm tall are valued at around US$400,000 and at present, are still rising. In the London auction held in February this year, Flanagan set new records with his "Boxing Hare on Anvil" (304cm tall), garnering the result of US$487,356. A medium-sized Flanagan sculpture is priced between US$150,000 and US$300,000. Small sculptures of 100cm are approximately priced within US$100,000.

V. "Bold assumptions, cautious verifications." The endless pleasure of collecting sculptures.

From being previously regarded as disfavored items to frequently setting auction records in recent years, "Western Sculpture" has indeed captivated the attention of the art market, becoming a favorite for art collections. Especially since the various governments have been paying special attention to public spaces, public art policies as well as laws and regulations, resulting in the deserved high regards for sculptors and their works. In recent years, most organizational buildings and institutions throughout the various countries have a proportional budget for collecting sculpting art. Many factors have resulted in the flourishing developments of the art of sculpturing, propagating the upheavals of sculptures in the art market.

From the viewpoint of art investors, the rise of sculpture collecting can also be regarded as meaningful. The beauty and decoration that sculptures can provide to a space has endured through time, be it now or in the past; besides being tastefully admired and appreciated, indoor sculptures can also be pleasingly contrasted with other furnishings. Judging the collecting of sculptures as a whole, contemporary sculpture possesses more advantageous terms and less controversies; As for the 19th century sculptures, particularly the castings of bronzes, more efforts of examination are required due to their long history, forming another amusement derived from the joys of discovery instead. Hence, the scope of increase for valuations of nineteenth century sculptures is much more gradual and smaller in fluctuations when compared to Contemporary sculptures.There is a well-relished case revolving around the international market concerning an investment by Lew Manilow, the Chicago collector. In 1991, he purchased a golden ceramic sculpture, Jeff Koons' "Michael Jackson and Bubbles", from a New York art dealer, at the price of US$250,000. The tastefully poor and gaudy satirical work could be said to have caused major controversies during those times. However the astute artist and dealers transformed the little ugly duckling into a lovely swan, the piece of sculpture was sold at an auction ten years later for US$5,615,700, an increment of more than twenty times its original value.

Certainly not all sculpture investments have a beautiful ending as such. The historical standing of the sculpture, the market acceptability, the sense of visual aesthetics, the authenticity of its origins and the pricing trends of the artist etc require meticulous comparisons and frequent seeking of advices from experienced experts, to definitely achieve the same efficacy with half the effort and at the same time, enjoy the three dimensional beauty of art. Hence, we invite all collectors and investors to join the ranks of sculpture collecting!

Sale Date/Venue: Sunday, 5 October, 2003, Taipei
Number of Lots Sold: 51
Value of Lots Sold: USD 1,604,108 (approx. TWD 54,165,100)

The following prices in Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest Taiwan Dollar.
On the date of the sale, exchange rates were approximately as follows: USD 1 = TWD 33.767、HKD 1 = TWD 4.374

The Origins and Distribution for the Market of Chinese Western Style Paintings

(1) Taiwan

The market history for Chinese Western style painting is not long, of which, Taiwan, has undergone the more complete development. The time of its development till now, since it started constructing art galleries and building on its market for paintings, is still just merely about thirty years, which is very young indeed when compared to the hundred odd years of history for the Western art market. Prior to the outbreak of the Second World War, senior Taiwanese painters returned successively from abroad. Some dedicated themselves to the field of education while others formed their own painting societies. During the height of their creativity, Taiwan had yet to develop a system of agency for art galleries and auction markets. Then, it was virtually impossible for artists to maintain their livings by selling paintings alone. They could only barely maintain themselves through the form of support by pals and aid from sponsors.

Since the 1970s, art magazines, galleries gradually appeared in Taiwan and more art exhibitions were held. In the 1980s, following soaring economy, public art museums were set up successively in Taipei and Taichung. Gradually, the sales for recognized artists were able to rely upon the promotion by art galleries. By the end of the 1980s, the art market began to flourish under the impetus driven by both the property and stock markets, leading to the rise of a fad known as "miraculous economic growth."

By the end of 1990, Pai Hsing-shan led the way by first establishing Heritage Arts International in Taiwan. Instantly, visiting exhibitions and participating in auctions became a kind of fashionable leisure activity for the locals of Taipei. Spotting this business opportunity, the company, Sotheby's, also went over from Hong Kong to the Taiwanese auction market during the spring of 1992 to hold their first auction of western style paintings. A success rate of more than ninety percent was achieved at once, a brilliant result by any standards. In the following year, Christie's followed closely behind and also crossed overseas to hold their first auction in Taiwan on Western oil paintings cum jewellery from the Classical period and the 19th Century. However, as they had yet to grasp the tastes and preferences of Taiwanese collectors, the process of their first attempt to open up the market did not go smoothly. Results only started showing when they realigned themselves in the direction of showcasing local Taiwanese painters and early overseas Chinese painters.

In the early 1990s, despite the widespread psychological impact of Japan's bubble economy felt in the market, it was generally predicted within the art circles that a period of slump would be ushered in. Yet, the auction market's open-styled buying and selling has, on the contrary, been able to find favor among the collectors. Usually, in a single session, auction receipts of up to several tens of millions will be made. The period between 1995 and 1997 was the most prosperous period for Taiwanese auction. Just in Taipei alone, there were 5 to 6 auction companies coexisting at the same time, generating market output values between several hundred million to a thousand million New Taiwan Dollars in every spring and autumn season auctions in Taiwan.

Heritage Arts International, the pioneer of our local art auction industries, primarily concentrates on the business of senior Taiwanese painters as well as the young and middle generations of Taiwanese painters, attaining splendid results in the auctions. After some time, the company also conducted auctions of Chinese ink paintings and calligraphy, and managed to produce outstanding results despite intense competitive pressures from the massive capitalization of foreign auction companies. Later, local Taiwanese auction houses, such as Kingtex Art, Concorde, Unique Art Collection and Ching Shun, sprung up successively to vie for a common share of the Taiwanese auction market by adopting similar business strategies. However, in the late 1990s, as a result of the external relocation of Taiwanese industries, capital flows also gradually headed towards the opposite shore. Contraction of the entire market was expected. Of course, the market scale was eventually affected as well; except for Ching Shun, which was operated by descendants of officials and other gentry, the other local auction houses gradually disappeared without any whimper.

In 1999 and 2001, two foreign auction companies pulled out from the Taiwan market one after another and merged their original Hong Kong branch operations. Despite achieving operating results that are, in truth, not bad, with the success rates of their Taipei auctions all hovering about 80% prior to their retreat, the head office still insisted on pulling out the business from Taipei and the other branches after undergoing restructuring and downsizing of human resources, due to legal suits of anti-trust and adjustments for recession in the global economy.

In June 1999, Ravenel Art Group, having the advantage of technical support from the century old French auctioneer, Drouot, went against the tides without fear of the slump, by setting up its auction business and intermediary for western art in Taipei. Though it benefits from Drouot's foreign expertise, its management team is still derived from Taiwan. Besides western paintings and sculptures, its auction business also included watches, Art Deco, classic furnitures and other miscellaneous items, creating a distinctive style of its own in the Taiwanese auction industry. Under the influences of the September 21 earthquake and America's September 11 incident, the initial period of establishment was indeed difficult. However, excellent works of art are really unaffected by recessions. Under the persistence of its management and the encouragement from collectors, the company grew from strength to strength since establishing four years ago. By using "Major Chinese Art" as the main spindle, Ravenel carved out a path for itself by making good use of its extensive network and resources in the country and abroad. Currently, for Taiwanese businesses of art auctions, Taipei's Ravenel and πLeader (compound art gallery cum auction business) as well as Taichung's Ching Shun are the few with a more substantial scale of operation.

Now, Taiwan is encountering a stiff test from the slumping economy. With two major competitors in China and Hong Kong, the Taiwanese auction industry should broaden their horizon and introduce high quality auction themes; and collectors, on the other hand, can only recreate another prosperous period by adopting collection strategies that are adaptable to the times, making market entries at low prices and seeking out the competitive advantages of the Taiwanese market.

(2) Hong Kong

Comparatively, Hong Kong's art auction market got off on an earlier start, tracing back to the 1970s in the 20th Century. At that time, Hong Kong's economy had just begun to take off and the society was gradually getting richer and more populous, creating many well-to-do middle-class. The rich started collecting cultural relics, antiques and works of Chinese paintings and calligraphy. In 1973, Sotheby's and the British company, Lane Crawford, formed a jointly-owned subsidiary in Hong Kong, becoming the first foreign international auction company to advance into Hong Kong. The art works introduced in the first Hong Kong auction were mainly Chinese cultural relics and antiques, but almost all the buyers were Japanese, resulting in a period of uncertainty and discovery. Christie's soon followed suit and advanced into the auction market in Hong Kong too.

Hong Kong had always been the Asian center for auctions of Chinese antiques, paintings and calligraphy, forming a tripartite power situation together with New York and London. The rising prominence of Hong Kong's cultural relics is primarily due to its extraordinary historical and geographical background. As an international free port of call with a blend of Chinese and Western cultural background, Hong Kong managed to become an important distribution center for all antique markets around the world due to its booming economy and stable politics in the early years.

In the 1990s, Taiwan had always been the center of auctions for Chinese Western style paintings. It took Sotheby's pulling out from the Taiwan market and its merging of businesses in Taipei and Singapore with that of the Hong Kong office, as well as the relocation, from Hong Kong to Taiwan, of Christie's auctions on Western paintings, before Hong Kong's market for Western painting was given higher regard. With respect to results, the latter has appeared more outstanding. The content of Hong Kong's auctions on Western paintings were primarily on the art of Mainland China and the overseas Chinese. Among Taiwanese local painters, only the senior generation achieved success. The young and middle generations of painters were not highly regarded in Hong Kong. In the three auctions held after Christie's pulled out from Taipei, the Taiwanese collectors, partly because of nationalistic sentiments and also partly due to their diversified manner of collection, bought most of the items in the all-star categories. However, the transportation fees, differences in foreign exchange rates and the nearly 20% commission levied by foreign companies, had indeed also increased much costs for the Taiwanese collectors.

Recently, following the 500 000 strong demonstrations and protests that broke out due to Hong Kong's intent to enact Article 23 of the Basic Law, the Chinese government has apparently been thinking of reneging on its promise to allow Hong Kong fifty years of highly independent ruling. With the appearance of new variables in Hong Kong's free trade situation and strong competition from inland China, topics of discussions, such as whether competitive advantages originally enjoyed have been gradually lost, would the Hong Kong economy continue to slide downwards and would future exchanges between Taipei and Hong Kong be affected, are well worth our close attention.

( 3 ) Mainland China

Western paintings in the 1980s barely generated any interests in Mainland China. Although the Communist system has been gradually revised with the intention of opening up a portion of commercial activities, various types of auctioneers have yet to be set up in China. During this time, businessmen from Hong Kong and Taiwan had begun calling at China progressively, purchasing oil paintings from the artists or from members of their families at low prices. Meanwhile, the inland markets of Mainland China were mostly made up of Chinese ink paintings and calligraphy, antiques, cultural relics and contemporary art. The first and second generations of oil painters were not held in higher esteem till the early periods of the 1990s.

Due to prolonged indifference towards the creations of Western style paintings by precursory painters, besides primitive collections by museums and art organizations, works of several important precursory artists in the history of Chinese oil paintings had mostly been circulated into Taiwan. Prior to the 1990s, these paintings, from new schools of art influenced by the European, American and Japanese painting styles, were largely unsolicited in China. Due to its political and social background elements, China had more adoration for realistic paintings of its society.

It was after the 1990s that the auction industry received genuine development and garnered the support of much officialdom in China. The auction industry was gradually established only after the Chinese State Council had issued the "Declarations Regarding the Treatment of Public Properties for the Conduct of Public Auctions" in 1992 and implemented the "Laws of Auctions" in 1996. The first auction of art and cultural relics held in China was an exclusive auction, held in Shenzhen in 1992, on paintings and calligraphy by famous personalities. In 1993, the Shanghailanders set up the auction house, Duo Yun Xuan, which specialized in auctions of paintings and calligraphy by famous modern and contemporary masters. Economic reforms in China began in the South and had thus brought about abundant capital flows in the Canton regions. It was from 1994 onwards that China did have a substantial second hand market for works of art, i.e. the art auction market. After a year of depression in 1995, the pace of development gradually picked up in 1996, with strongholds being formed in Beijing, Shanghai, and Guangzhou.

Beijing is the most strategic location for auctions of Chinese Western style paintings in Mainland China, while Shanghai is next. Those who were operating auctions on Western style paintings in Beijing included China Guardian, Beijing Hanhai, and the later-established Huachen.

Representatives for Shanghai were Shanghai International, Duo Yun Xuan and the later Chong Yuan. The auction items for China's Western style paintings in the early post-liberation period (after 1949) were mainly paintings in the realistic styles of the Soviet school, supplemented with the favorably quoted paintings from the "85 New Art Trends" (1985), the "Post 1989 Chinese Contemporary Art" as well as the burgeoning contemporary art of the 1990s. Some even submitted genre paintings such as oil paintings or Calendar Paintings from the Ching Dynasty for auctioning. Auctions for Chinese paintings and calligraphy are huge in scales. In 1996, a piece of Chinese ink painting by Fu Baoshi (1904 - 1965) once fetched RMB10.78 million (about NT$ 33.42 million), setting a record high for paintings and calligraphy in modern and contemporary times. As for the China's auction market of Western style paintings, because of a later start, supplies from the first and second generations of painters appeared clearly insufficient, not to mention the domain of art by early overseas Chinese, which had long been conquered by Taiwan and Hong Kong.

Initially, the quality inherent in the works of Western style paintings auctioned in China was mixed and highly controversial. With liberalization of the economy in recent years, circulation of capital has been generated in both art markets across the straits. In the early periods, Taiwanese art dealers proceeded to bid for the Western paintings at the auctions in China and earned tidy profits by selling them in Taiwan; later, auction companies from Beijing and Shanghai frequented Taiwan to seek for items instead. With nationalistic sentiments being advocated around the country, it was natural for the auction houses with heavy official links, besides focusing on the continuing growth of economic prowess in Mainland China, to understand the necessity of abiding by the government's call to encourage the return of Chinese art and cultural relics. In the various aspects of antiques, cultural relics, paintings and calligraphy, the spurring by the government organizations appeared to have taken great effect on the bidding by the enterprises, resulting in the successive setting of new highs during auctions of cultural relics in China within the two recent years. However, of the Western paintings alone, although improvements have distinctly been made, the prices, quality and volume of the auction items in the Chinese market still fell short of that in Hong Kong and Taiwan.

Since the occurrence of the incident, "The Loot of Yuan Ming Yuan Garden", in Hong Kong during 2000, a wave of mass fervor calling for protection of cultural relics in Mainland China was created. In 2001, while addressing the "The Twenty-fourth Session of the Ninth National People's Congress", the Minister of Culture in Mainland China proposed the "Law of the People's Republic of China on the Protection of Cultural Relics, Amended", and stressed that it was forbidden to set up any Chinese-foreign jointly funded, Chinese-foreign jointly cooperated or wholly-foreign owned business units or enterprises that operates in the business of buying and selling, or the auctioning of cultural relics in the Mainland. Besides this, from 2002 onwards, the State Cultural Relics Bureau (under the Ministry of Culture) started to enforce the new regulations under the principles of protection for cultural relics. More than 385 renowned painters and calligraphers have now come under the national protection. Among them were those whose works were all strictly disallowed in leaving the country, including the 10 art masters such as Wang Shikuo (1911-1973), He Xiangning (1878-1972), Li Keran (1907-1989), Lin Fengmian (1900-1991), Xu Beihong (1895-1953), Gao Jianfu (1879-1951), Huang Binghong (1865-1955), Dong Xiwen (1914-1973), Fu Baoshi, Pan Tianshou (1897-1971); those whose works were, on principles, disallowed from departing, including 23 artists such as Liu Haisu (1896-1994), Wu Zuoren (1908-1997), Yan Wenliang (1893-1989); and those with fine works and representative works that were strictly disallowed from leaving the nation, including 107 persons such as Ding Yanyong (1902-1978), Guan Liang (1900-1986), Zhu Qizhan (1896-1996).

Under the government's strictly enforced customs and checks, it seems that the only options for those who intend to bid for artistic works completed by the protected artists in China is to either leave the works in China or to seek other illegal means, but as this has produced doubts and fear among the foreign buyers during bidding, hence, this is also one difficult issue among others that must be solved by the Chinese auction industry. Since China's entry into the World Trade Organization, foreign companies have maintained high interests in the Mainland market, including the auction industry. Yet, till now, under the many layers of legal protection offered by the government, foreign companies can only set up offices to research on relevant information but are still not allowed to establish independent auction houses. If the laws are not relaxed in the future and the government does not reduce control over the financial exchange rates to free up the market, foreign companies would probably still need a period of observation and careful evaluation before they would think of sharing a bite of this gigantic pie. A free and liberal market system is of utmost importance for the downright capitalized auction industry. Auctioning in the West already has several hundred years of history, if the Chinese market can be further liberalized, its future is believed to be virtually unlimited

( 4 ) South-East Asia and other overseas locations

There are many Chinese immigrants around the regions of South-East Asia, in particular, in places such as Singapore, Malaysia and Indonesia, where Chinese entrepreneurs control a considerably big proportion of the economical prowess. Profound feelings for the culture of their motherland are still maintained by these overseas Chinese, hence their considerable passion for Chinese art, inklings of which can be seen by the frequent appearance of South-East Asian buyers in Taiwan and Hong Kong since the 1990s.

South-East Asia itself did not establish auctions for Chinese art, but they do operate galleries for Chinese art and a base in Singapore has also been set up by Ravenel to closely scrutinize the local trends of art collection. Besides this, several artists in China such as Xu Beihong, Zhou Bichu and Wu Guanzhong etc., have had their origins in the regions of Nanyang. For this reason, a group of loyal collectors can also be found locally. In recent years, however, the overseas Chinese entrepreneurs felt the impact of the Asian economic crisis and the growing anti-Chinese sentiments among the locals, causing the overseas Chinese collectors to keep a lower profile in their affairs and avoid revealing of their wealth. However, given the capabilities of their collecting prowess accumulated over the years, they are still a market worthy of observation in the major Chinese districts.

Actually, Chinese Western style paintings had once squeezed into auction markets at places such as England, America and France too. The works by many of the early overseas Chinese artists, such as Sanyu, Zao Wou-ki and Chu Teh-chun were all once first managed by foreigners. Many Taiwanese art dealers and collectors, during times when Internet communications had yet to become popular, managed to seize early opportunities by keeping notice of overseas auctions, particularly that of France, where they were able to bid back paintings at lower prices. These were then transported back into Taiwan for reselling in conjunction with art exhibitions, earning them considerably substantial gains. Chinese artists wandering abroad in destitution, once returned t Taiwan in large numbers. Now, such chances are comparatively harder to come by. Occurring sporadically, it can also create buying sprees, for example, Zao Wou-ki's flower vase still life completed in the 1950s saw intense competition at the England auction grounds this year and was sold for several times higher than the pre-bidding appraisal.

Naturally, the buyer was from Taiwan, which had the most of Zao Wou-ki's fans. Gradually, foreign collectors or art merchants also understood that chances of creating higher valuations would become comparatively greater only by targeting the major Chinese collectors or by commissioning either the Taiwanese or Hong Kong auction houses. Market Segmentation of Chinese Western Style Paintings and Diverse Interests Among Cross-Strait Collectors

( 1 ) Taiwan is fond of oil paintings, which are always appreciated, be it realistic or abstract.

Before the 1990s, Taiwanese collectors had yet to establish any system of collecting. With motives of collection stressing relationships of personal networking as well as sponsorships of friends, the tastes of collections formed were as different as day and night. As the Taiwanese local artists were influenced by remnant Japanese customs, most were learners of Western style paintings, thus the Taiwanese collectors had a special fondness for oil paintings; among the artists from the Mainland that had traveled across the Straits to Taiwan, ink and wash accounted for most of the creations. Collectors with origins from external provinces held favorable impressions towards the paintings and calligraphy and hence the circle of collectors seemed to reflect effects of what is known as "provincialism complex". Perhaps this has something to do with the leading role played by Li Teng-hui's fondness for local painters during his 12 years of office. In the initial periods, most of the Taiwanese collectors were doctors, entrepreneurs or the rich and wealthy at Tihua Street. Later, with the holding of exhibitions in art museums and the promotion by art galleries, as well as the mentality of encouraging investments, this "provincialism complex" that developed in the early periods were also gradually dispelled with, leaving art collections to head towards an open, pluralistic direction.

As Taiwan is situated in the subtropical zones where its island type of climate is more humid, the collectors generally believe that the receiving and storing of oil paintings would be easier; hence the trend of choosing oil paintings was cultivated. Judging from the operating content in the industry of Taiwanese art galleries as well as the number of sessions for the various types of auction, it was clear that the Western paintings appeared to be more vigorous than the Chinese ink and wash paintings and calligraphy.

Several different trends appeared in the Taiwanese art market of the 1990s, primarily related to the operations of the art galleries and the auction companies. During the early 1990s, hundreds of schools vied for attention. All three generations of the senior, the middle and the young, were excelling in their own domains and even the overseas Chinese had a market, with the symbolic styles receiving the highest acceptance level. Then, several hundred galleries appeared in Taiwan.

Taking Taipei as an example, statistics revealed that there were more than a hundred galleries, mainly gathered at the Apollo Building of Chung Hsiao East Road and the Eastern commercial district at Tun Hwa South Road; as for art magazines, such as Artist Magazine (published since June 1975 till now), Hsiung Shih Art Monthly (publication started on March 1971, stopped on December1996), Art Nobles (resumed publication on May 1990, stopped on December 1993), advertisement proceeds were excellent and their content was packed full with information about art exhibitions. Later, with the likes of Art & Collection (started on October 1992, repackaged as Today Art and Ancient on April 2000), Dragon Art Monthly (started on 1989, later renamed as Mountain Arts and stopped on 1997), as well as the Gallery Guide by the Art Galleries Association (R.O.C.) and the Taiwan School by the Nan Gallery also joining the Taiwanese art market together during the early 1990s, the flourish of the market then could be imagined. In it, senior Taiwanese painters such as Chen Cheng-po, Kuo Po-chuan, Liao Chi-chun, Li Shih-chiao, Yang Shan-lang, Hung Jui-lin and Li Chun-shan were most outstanding, while Sanyu and Pan Yuliang had the highest quotations for the early overseas Chinese with, on average, almost every piece of oil paintings valued above several million NT dollars.

After the mid-1990s, the senior Taiwanese painters such as Li Shih-chiao, Yang San-lang, Hung Jui-lin, Yen Shui-lung passed away one after another. The senior painters, which already had a considerable following of collectors, became even hotter targets of collection. This can be proven, judging from the setting up of the ever-profitable Heritage Arts International, which focused mainly on local painters, as well as the many other similar auction houses. As for the other few senior painters still living today, results have been pretty good too.

With the emergence of the 1995's exclusive auction theme on Sanyu, the deceased artist who had been residing in France, Sanyu's White Lotus (please refer to the "Top 20 Most Expensive 20th-Century Chinese Oil Paintings Ever Sold at Auction") was transacted at NT$ 13.25 million during the autumn of 1995, breaking the personal record of the artist then; subsequently, another Sanyu's Exclusive Collection appeared in the 1997 Taipei market, raising the prices of Sanyu's paintings yet again. Pan Yuliang attracted the attention of collectors with his frustrated lifetimes. Under the spurring of the biographical movie featuring Pan Yuliang, A Soul Haunted By Painting, which was acted by Li Gong in 1994, and the Sanyu & Pan Yuliang exhibition curated by the National Museum of History in 1995, Sanyu and Pan Yuliang's works became the main choices of catalogue covers for almost all the auction houses. For Yun Gee, another early overseas painter, who, although supported by a regular group of collectors, has found it hard to create good records as a result of difficulty in searching for his fine works within the auction market, but since a batch of paintings collected by his former wife, Helen Gee, had appeared in the market in the year, 1999, quotes of more than NT$ 10 million, a retroactive increment at best, were made for Yun Gee's painting, The Flute Player (Self-portrait) (refer to "Top 20 Most Expensive 20th-Century Chinese Oil Paintings Ever Sold at Auction"), which given his artistic standings, is indeed a worthy valuation.

Starting from the years of 1995 and 1996, rarely seen works by the first generation of oil painters in the Mainland began appearing sporadically at the auction arenas. On one hand, tacit agreements were reached between several Chinese oil painting galleries and auction companies to jointly create a win-win situation, while on the other hand, due to the circumstances, the auction companies understood that subtle changes were occurring to the market trends and actively sought to auction such items on their own initiatives. In the past, auction markets specializing in the senior Taiwanese painters or the early overseas Chinese have also undergone reorganizations due to the emergence of the first and second generations of oil painters from Mainland China. As prices for the Mainland painters were cheaper, fads of collecting their works were created.

During this time, the targets of investments by the collectors in the market had turned to the cheaper second-generation overseas painters, i.e. artists who studied abroad after the war, such as France's Zao Wou-ki, Chu Teh-chun and the two avant-garde organizations that had been heavily influenced by Lee Chun-shan, Ton-Fan Painting Group (Eastern Art Organization) and the Fifth Month Group. Galleries in both Taipei and Taichung successively promoted exhibitions of abstract art and also created a fad of collecting abstract paintings, particularly evident among the newly uprising collectors in the Central region. This wave of abstract fad brought about the market quotations for painters such as Zao Wou-ki and Chu Teh-chun. Prior to 1995, there were very few successful transactions exceeding NT$ 1 million, but prices soared skywards after 1998 and 1999 and the paintings remain as targets much sought after by collectors up till today.

Recently, the Taiwanese art market has been heading towards a state of parity for the "Major Chinese Art". Be it an artist from Taiwan, from abroad or from China, all would find their way into someone's good graces, as long as the quality is good and the price is right. After more than 10 years of up and downs, the Taiwanese collectors displayed a previously unseen rationality and vigor; despite the gloomy outlook, they performed admirably by being even more careful and selective in collecting their targets, keeping their eyes in the perspectives of investments and tastes.

( 2 ) Hong Kong collectors loves antiques and renowned masters of Chinese calligraphy and paintings. Collections of oil paintings, still un-systemized.

Both Hong Kong and Taiwan were formed by immigrant societies and were also once imperial colonies, but both displays vastly different cultural characteristics. Taiwan was affected by Japanese thinking while Hong Kong felt the influences of British culture. Amidst the Hong Kong population, there were many immigrants from Shanghai who strive for the westernized style of living, attaching great importance to socializing and maintaining appearances. Yet the disparity in wealth distribution remains. In terms of collecting, they stressed on keeping to ancient customs, hence, antiques, calligraphy and paintings were always a mainstream in the Hong Kong auction arenas.

The collectors' circles set up their own private art museums and the history of collection dates back to the 1960s and 1970s. In the 1990s, Hong Kong and Taiwan held separate auctions on painting arts. With respect to Western style paintings, differences arose from the order of development at the two locations. For example, the Hong Kong collectors began their collection of works by Wu Guanzhong early, even setting highs in the regions of several million Hong Kong dollars, but in the early periods, his works appeared to be quite unfamiliar to the Taiwanese collectors. Now, concerning Wu Guanzhong, who graduated from the Hangzhou Fine Arts School in the early years, quite a number of Taiwanese collectors have also been converted into his diehard fans. A special fondness have also been reserved by the Hong Kong collectors for artists who were born in Canton, such as Lin Fengmian, Guan Liang and Ding Yanyong.

However, certain differences in tastes have led to the production of different features in places like Taiwan and Hong Kong. During this time, Hong Kong and China had comparatively more similarities and one of those would be the Contemporary artist well loved by Hong Kong's circles of collectors, Chen Yifei, who has, up till today, found it hard it to break into the Taiwanese collectors' circles. On one hand, this is perhaps due to the overly high price that might have planted doubts in the collectors regarding the limits of growth potential. On the other hand, it is still the work of the cultural differences. As a Shanghailander, Chen Yifei has profound origins with Hong Kong's movie world. The elegance and brilliance of Shanghai in the 1930s and the luxurious yet dissipated golden ages depicted under his brushstrokes were irresistibly touching for the Hong Kong collectors. Currently, the highest record is NT$ 15.74 million, created in 1997. In the 1990s, a realist oil painter of superstar status emerged in Hong Kong, Liu Yuyi, who, in a charitable auction, sold A Harmonious Night for a record HK$ 23 million. (The author has yet to include this record in the current issue's list of the top 20 most expensive Western style paintings as the author feels that this auction was not commercially driven.

Currently, this piece of painting is collected in Chairman Mao's Memorial Hall).

The 2002 auction arena in Hong Kong spewed out many record-breaking market quotations. A piece of Chang Da-chien's (1899 - 1987) Crimson Lotuses on Gold Screen was auctioned off at the high price HK$20.22 million (about NT$ 91 million), creating an auction record for China's modern and contemporary paintings. For the Western paintings, those who broke their own personal auction records included Chen Cheng-po (Chiayi Park, about NT$ 25.82 million), Zao Wou-ki (1.4.66, NT$ 33.7 million), Lin Fengmian (The Harvest, about NT$ 23.89 million) and Wu Zuoren (Chungkin in Flame, about NT$ 7.69 million). According to reports, most buyers of the above-mentioned western paintings were from Taiwan (refer to "Top 20 Most Expensive 20th-Century Chinese Oil Paintings Ever Sold at Auction"). Thus it can be proven that Taiwanese still wield a substantially decisive influence over the auctions of Western paintings in Hong Kong and that the local collectors possess a special liking for antiques, calligraphy and paintings. However, even in the fields of cultural relics and antiques, the renowned collectors in Taiwan's "Ching Wan Society" has a certain standing in Hong Kong's world of cultural relics up till today.

( 3 ) Socio-realism, popular in the Chinese market. Chinese ink and wash paintings and calligraphy, closer and more intimate.

Up to now, there are at least more than 26 art auction houses around China, but more than half of which primarily deals in antiques, cultural relics, Chinese calligraphy and paintings. Less than 10 also dealt in Western paintings. Hence, we can see that Chinese ink and wash calligraphy and paintings are still dominant in China. Last year, Zhao Ji's (or Emperor Huizhong) Portraits of Precious Birds was sold for 25.3 million (over NT$ 100 million), creating a new daily record. The Sung Dynasty's Mi Fu (1051-1107) A. D.calligraphy, Mountain-shaped Ink-stone, appeared this year. The painting was code-listed as RMB 29. 99 million by the Chinese government and was bid back from the Sungari International Auctions in the manner of an administrative order, creating the highest record price for Chinese calligraphy and paintings.

The auction industry in China had a late start, and the same can be said of its collecting. Buyers in the early periods were mostly either from overseas, from governmental organizations or are entrepreneurs with heavy political flavors as the private collectors had yet to form any credible force to be reckoned with. Based on sentiments of patriotism and nationalism, the themes describing the campaigns for the post liberation peasants, workers and soldiers were usually able to arouse a common sympathy among the inland folks. For Liu Chunhua's Mao Goes to Anyuan that appeared in 1995, RMB 6.05 million (about NT$ 18.76 million) was fetched in Beijing, creating the highest auction price for an oil painting at the auctions in the inner lands of Mainland China.

The buyer was the government-linked China Construction Bank, Guangzhou Branch. At 51 years of age then, neither the painter's experience nor fame were comparable to the other senior painters, yet such a high record was set because of the extraordinary theme and the special feelings towards the people of China.

Similar examples appeared at an auction in Beijing during July this year. A piece of Gao Xiaohua's triplicate work, Rush for the Train, which depicted in details a scene in everyday life where the bottom rungs of society could be seen trying to catch a train, allowed the painter, already 48 this year, to set his personal best auction record price at RMB 3.63 million (about NT$ 1.5 million). The Taiwanese publication, Chinese Art News, had once conjectured that the buyer was a Taiwanese entrepreneur, but this is yet to be confirmed.

Collectors from Mainland China were influenced by communist socialism.

Other than being fond of the social realist style, portraitures were also their particular favorite, such as portraits of their leader or the working masses, or even the old men and young children at the exotic border regions and pictures describing the delicate feminine beauty. Comparatively, although the Taiwanese collectors also like figure portraitures, but the proportions are less than those of still lifes and landscapes. Moreover, Taiwanese collectors have a wider range of collection and are not fixed upon any particular style. Hence, we can also spot the differences between the two lands from their auction catalogues.

A collector, who was renowned on both sides of the Straits and all three localities, once appeared in Shanghai, but it lasted only briefly like a flash in the pan. He was none other than Chen Bangke from the Shanghai Jing Jiang Group. His collection ranged from Western painters to modern, contemporary calligraphy and paintings, including the likes of Wu Guanzhong, Chen Yifei, and also contemporary artists such as Zhang Xiaokang and Fang Lijun. In 1994, he once paid RMB 2.86 million (about NT$ 8.87 million) for Chen Yifei's Woman, Tibet, setting the highest auction record for a Chinese oil painting then. It is understood that his art collection totaled more than 5000 pieces.

However, perhaps due to excessive publicity, his wealth came under notice and he was arrested in 2001 for tax evasion, shocking both art markets across the Straits.

Although the government has been actively promoting the campaign of "Keeping the Paintings with the People" in recent years by encouraging the mass public to participate in the auctions, the values of the items are however not high and are limited to only the lower priced items of between several hundred to several thousand Renminbi. According to the author's investigations, entrepreneurs in Mainland China still dare not talk openly about their wealth, preferring to keep a low profile and continue to observe despite their willingness to enter the domains of collecting. The American magazine, Forbes, publishes a list of all manners of wealth annually. To the capitalist countries, this is an honor, but for the socialist countries, to announce the "Hundred Richest Chinese" would probably be a huge burden or brand. Hence, despite looking alive and active, to build a true Chinese Western painting collection system in the China's art market, there must still be a longer period of time to await for the arrival of greater changes and reforms.

The investment value of a prized artwork is probably an issue close to the hearts of most serious collectors. To complement the Ravenel Autumn Auction 2003, we have introduced this catalogue to highlight some of the key issues faced by collectors who participate in auctions. Helpful illustrations in the form of graphs have also been included to aid understanding and to provide a reference for those collectors who look forward to attending our auction.

The 20th Century Western Style Painting and Sculpture market has been through 10 years of ups-and-downs, much like the events in the stock market. The valuation of artworks is not necessarily determined by size; the medium plays a part and it is also imperative to consider the style or even the sentiments of the collectors' market, among other factors. That said, the Western style art market is already quite established and auction records can already be used as price indexes for paintings and sculptures, and as market performance indicators for a particular artist's works. Take China-born artist Zao Wou-ki, a favorite in the auction scene, as example. According to price records between 1997 to 2002, Zao Wou-ki's works have appreciated 31%. Meaning that if a collector had paid US$100 for a work in 1997, the value of the work would have risen to US$131 by 2002.

At the moment, the Taiwanese method of evaluating the art market is almost always based on unit pricing methods. An oil painting of size no. 1 (about the size of 2 postcards) would be worth a certain amount, a watercolor work would have a different pricing and an ink painting of another size (taking the total canvas area divided by 900) would be of yet another more-or-less fixed price. Although this pricing method does not seem adequate in reflecting the true worth of the artwork, it has been common practice for many years and has thus come to provide a basis for understanding movements in prices over time.

An opportunity for younger artists to enter the art market as works by early generation Taiwanese artists fall in price

The Taiwanese art market had already passed the frenzy of the 1990s when the prices for works by early generation Taiwanese artists began to jump several folds within a short span of time, as evidenced from auction records. On 1 December 1990, the first local Taiwanese auction house Heritage Arts International held its very first auction at the Apollo Building at Chung Hsiao East Road Sec. 4. The venue was completely packed with crowds. The auction saw the first painting in Taiwan to hit the million-dollar mark and this honor went to Hung Jui-lin's Mineworkers. The original estimate was between NT$800,000 to NT$900,000 and the final bid price was NT$1.8 million. There was much shock as the average sale price for works of similar size had generally fallen somewhere between NT$230,000 to NT$240,000 prior to this sale.

Galleries, auction houses and private collectors were financially well endowed in the early 1990s. However, as the economy weakened and more works by these early Taiwanese artists entered the market, the demand and supply situation began to change. Professional art buyers (galleries, dealers and auction houses) and collectors adopted a more conservative wait-and-see attitude, causing a general decline in the prices of most early Taiwanese artworks. Nevertheless, there remain exceptions to this trend, especially with regard to rare and limited works by two particular artists, Chen Cheng-po and Liao Chi-Chun who remain perennially popular in the auction market. The prices for works by these two artists continue to rise and the average valuation for per unit size of an oil painting would range between NT$500,000 to NT$700,000. There was even works that transacted beyond the million-dollar mark. These two artists remain the top performers in the art market and the value of their works continues to buck the trend of falling prices for the works of early generation Taiwanese artists.

Ran In-ting, Lee Chun-shan, Wang Pan-youn and other artists whose works were also in short supply, were similarly unaffected by the depressed market sentiment. Works by artists who were well-known for their virtuosity in select themes, such as Li Shih-chiao and lake scenery, Hung Jui-lin's coal miners and Chang Wan-chuan's fishes and other freshwater subjects also managed to hold their own in the art market.

Last year, a Chen Cheng-po painting of size No. 20 set the highest auction record. The successful bid was close to NT$26 million dollars, equivalent to US$740,000. Was the final price too high? A simple case study may be used to determine the answer. In the 4th issue of Ravenel Art & Investment, we introduced In Love-Out of Love, a 2000 work by a contemporary Young British Artist Damien Hirst (b. 1965). The highest bid price for this butterfly drawing was US$750,000 and was also the single highest bid. If Hirst, a young contemporary artist could thus establish his place in British contemporary art history, then clearly, a Taiwanese leading art personage like Chen Cheng-po whose works have been around for a century would hold an even more impregnable position!

There has been significant change in the prices for Chen's works over the last 20 years. In the mid-1980s, a painting of size No. 1 was worth only NT$10-20,000. In 1990s, the price for a similar sized work had risen to NT$200,000. Around 1995, such works could fetch NT$300,000 and from 2000 onwards, his works were easily hitting the NT$600,000 mark. In 2002, there were works that were being sold at prices between NT$1.29 million and NT$1.5 million.

Li Shih-chiao's oil paintings are currently worth somewhere between NT$100,000 - NT$200,000. When he was still establishing himself in the Taiwanese auction scene, galleries set the price for each unit size as $15,000. In December 1990, the first participation of Li Shih-chiao's works in a public auction saw a painting going at the hammer price of NT$40,000 per unit. In 1992, Li Shih-chiao's Women Bathing was auctioned for NT$12 million, helping to stimulate prices for works by early Taiwanese artists into the million-dollar price range, with each unit size going for around NT$240,000. In the mid-1990s, prices had settled to around NT$120,000. While Li Shih-chiao was still alive in 1992, in order to set up an art museum, he priced his works for unit size as NT$300,000. Given that the market performance of artists typically depended on auction outcomes, it was worth acknowledging that this was an exceptional situation that went beyond normal market forces. But since 2000, the unit price for individual bids for works by Li Shih-chiao generally did not exceed NT$280,000.

One gallery of Taipei held a solo exhibition for the artist Li Mei-shu in 1989 in order to raise funds for a memorial museum. At that time, the artist's family priced his painting as NT$400,000 per unit size. It was a very high price then. Owing to a prosperous stock market period, the artist's paintings were sold very successfully. They raised enough funds to establish the Li Mei-shu Memorial Gallery, Li's price range maintained NT$300,000 per unit size between 1991 and late 1990s. Heritage Arts International offered a painting by Li Mei-shu, Sister and Brother (sized No.10), with an estimation of NT$2 to 3 million and fetched NT$2.18 million. So it is valued NT$218,000 per unit size. This 1936 painting was also included in Ravenel's Autumn Auction 2003 and estimated between NT$1.8 to 2.5 million. The lower estimate is 10% off than the last one. The painting was priced NT$180-250,000 per unit size. On accountant of the artist's valued early figure paintings, it's very attractive. Approximately, his recent average price after 2000 was fell to NT$100-120,000 per unit size for Li Mei-shu's landscape and NT$200-230,000 for his late figure paintings.

This year, Hung Jui-lin's oil painting Coal Miners demonstrated its ability to sustain its 1995 price of NT$350,000 per unit size. The performance by works of other themes was uneven; one fetched NT$20-30,000 per unit size and another NT$140-150,000. For his other themes, Hung's oil paintings cost between NT$60-80,000 per unit size from 1991 to 1994, and from 1995 to 1997, the average price was around NT$80 -120,000. At the moment, Hung's watercolors are considered underpriced and average below NT$10,000 per unit size. Even those of coal miners are valuated somewhere between NT$10-30,000 per unit size. Yen Shui-lung, who devoted his life to developing Taiwan's craft arts scene, did not leave behind many oil paintings and there are correspondingly few auction records of his works. In 2001, an oil painting by Yen had an average unit price of NT$55,000 and back in 1990, his paintings were only around NT$30-40,000. Between 1994 and 1997, his works were worth NT$100-120,000 per unit size.

Chen Te-wang's paintings were rare in the market. Before 1990, his price range was below NT$100,000 per unit size and after 1990, risen to NT$100-200,000. The auction price has soared for past years. For example, his paintings were fetched averagely NT$300-400,000 per unit size. At the beginning of the year, Chang Wan-chuan passed away in Taipei, and this caused the prices of his works to surge up during the first half of the year. In the auction scene, his works sold very well with an average unit price between NT$80-90,000. Two years ago, Chang's oil paintings were worth only between NT$20-50,000. Looking back at the market performance of his works over the years 1991 to 1997, it is observed that smaller size works had an average unit price of between NT$60-90,000.

The elderly Yoshio Chang was in mourning for the demise of his wife at the beginning of the year. Having spent much time in France, Chang's works demonstrate European influences and his style has been very popular with the art market. In 1990, the average unit price for his works was between NT$30-40,000. Between 1993 and 1997, the unit price had risen to around NT$60-70,000. In the past two years, prices have fell and are now somewhere between NT$25,000 to NT$45,000.

The prices for Yeh Huo-cheng's works have also gone down slightly in recent time. However, there is staunch support for his works by certain collectors and as long as his work in the auction is an exciting piece, it can be fairly certain that lively bidding will ensue. In 1987, his oil paintings had a unit price of around NT$10,000. After 1990, the value had risen to NT$25,000. By the time the artist passed away in 1993, the average unit price had gone beyond NT$40,000. From 1995 to 1997, the unit price was between NT$50-80,000. However, after 2000, the unit price fell back to NT$20-30,000. Nevertheless, if a good work appears on the market, prices for his works are likely to move beyond the NT$40,000 mark again.

Wang Pan-youn has the reputation for treasuring paintings as if they were made of gold. In 2001, the National Museum of History held In Pursuit of Solar Perfection, a 90-year retrospective exhibition of Wang's works, which officially recognized the artistic achievements of his life. The prices of his oil paintings had a sustained growth during the 1990s. In 1990, the unit price was about NT$10,000 and by 1997, the price was NT$50,000. Prices fell somewhat after 2000 but remains within the NT$30-50,000 range.

Works by watercolor artist Lee Tze-fan were initially very stable and in the 1980s, the unit price of his works was between NT$5,500 to NT$6,500. In 1987, his son Yuan Tseh Lee was awarded the Nobel prize and the attention had a natural impact on the rising value of Lee Tze-fan's works. This is actually a rather unfair development and attribution as Lee was an extremely outstanding watercolor artist in his own right and an important member of the early generation of Taiwanese artists with significant contributions to the cultural heritage of Taiwan. After the mid-1990s, the market prices of his works remained at the unit price of NT$50,000. Few of Lee's works have appeared in the art market in recent years and in 2000, the unit value appeared to have dropped below NT$10,000. In 2002 however, there were occasional works that transacted at NT$100,000 per unit.

Hsiao Ju-sung is another outstanding Taiwanese watercolor artist. Before 1990, his works had an average unit price between NT$5000-6000. In 1990, the unit price rose and began to hover between NT$10-20,000. A significant milestone was made when the Taipei Fine Arts Museum held a commemorative exhibition for him in 1993. Afterwards, the market price for his works entered the NT$30-50,000 range. In 2000, his works were sold from NT$25,000 to N$35,000 per unit price and last year, his work hit the NT$60,000 mark.

Works by watercolor artist Ma Pai-sui, who passed away last year, have also demonstrated sustained growth over the years. Before 1990, his works had an average unit price between NT$6,000 to NT$8,000. In the first half of the 1990s, the market price was somewhere between NT$15,000 to NT$18,000. The second half of the decade saw the unit price of Ma's works going beyond NT$20,000. Lin Chih-chu is another watercolor artist famous for his paintings of flowers and birds. In the last two years, the unit price for Lin's works lies between NT$70,000 to NT$120,000.

At the moment, works by Taiwanese artists above the age of 60 or 70 form the active core of the art market scene. These include Shen Che-tsai, Chang Ping-tang, Lin Hsi -ang, Chen Yin-hui, Chen Ching-jung, Liao Shiou-ping, Cheng Mao-huang，the Ton-fan Art Group, the Fifth Moon Group, important early group Wu Hao, Chin Sung, Chuang Che, as well as the US-based Chao Chun-hsiung, Walasse Ting, Dennis Hwang and others who have created waves in the past with outstanding auction results.

However, the gloomy economic outlook of recent times has somewhat affected the auction scene. There has been little action and the scene is rather quiet. Nevertheless, there remains a core group of collectors who continue to support auction activities and thanks to them, the average unit price for works by these artists has managed to maintain within the NT$20,000 to NT$30,000 range.

Mature artists such as Lin Wen-chiang, Michell Huang, Huang Ming-chang, Chiu Ya-tsai, Cheng Tsai-tung, Hwang Jyi，belong to a contemporary art movement that began in the 1980s. Other artists like Chen Lai-hsing, Yang Cheng-yuan, Yang Mao-lin, Yang Chi-hung, Hsu Yu-jen, Alixe Fu and Chang Chih-cheng have also contributed new ideas on contemporary life and society and changing dynamics of the natural environment. As most of these mature artists have already gone through the rounds of support from the galleries, they have been able to achieve fairly good auction results as well. In a gallery, their works are generally sold between NT$5,000 to NT$20,000 per unit. The prices they fetch in the auction market tend to be slightly lower, demonstrating a differentiation between two different scenes in the art market.

In terms of scale, the market for sculptures is not as large as the one for Western style painting. However, in recent years, the sculpture market has surpassed the latter in results. There has been increased support for public art in Taiwan these recent years and this has also presented sculptors with additional creative opportunities. Michell Huang, Li Kuang-yu, Hsiao Yi, Lin Liang-tsai and other fellow sculptors are vastly different in terms of their choice of materials, style and method. Yet each artist has given his works their own distinct and individual charm. Their sculptures can range from small items priced between a few thousand to several tens of thousands and to large public artworks that are worth several million NT dollars. Among the most famous of Taiwanese sculptors would be Yuyu Yang and Ju Ming. Yuyu Yang is known for his universally powerful stainless steel sculptures. Ju Ming's Taichi bronze sculptures have also made their way into collections all over the world. At the moment, for Yuyu Yang's stainless steel sculptures, small works are worth around NT$500,000 to NT$600,000 and larger works can start from NT$900,000 to several million NT dollars. As for Ju Ming, his Taichi sculptures continue to increase in value. Over the last three years, his wood Taichi sculptures start from around NT$1 to 2 million and have now gone beyond NT$3.4 million. As for his bronze Taichi sculptures, the range can be extremely wide, from tens of thousands to over a million NT dollars.

There's even an auction record of NT$3.72 million in hammer price. Demand exceeds supply in the art market for promising works by overseas Chinese artists In the past ten years, the market has sustained its demand for the works by overseas Chinese artists. As long as the prices are reasonable and the works of some quality, there has been no lack of buyer attention. The future outlook for the works is also very positive as demand exceeds supply. The market for overseas Chinese artists painting in the western tradition is found mainly in Taiwan and Hong Kong. The market in Mainland China itself is still relatively weak due to the lack of exposure and familiarity with the works of these overseas Chinese artists, as well as barriers of entry and other uncertainties to dealing in the art business in China.

One may trace the Taiwan art market's attention on overseas Chinese artists back to 1998, when the Taipei Fine Arts Museum presented its "China-Paris" exhibition, introducing artists like Sanyu, Pan Yu-liang, Zao Wou-ki, Chu Teh-chun and other overseas Chinese artists。That exhibition aroused local interest in Sanyu and more of his works were introduced to the market.

The marketing of Sanyu's works by galleries was so successful that collectors considered the artist to be a great master right from the start. Each masterpiece was able to command sums of millions NT dollars. The artist's solitary nature and longing for home moved the hearts of Taiwanese collectors and the market was quick to pursue this success by seeking more of Sanyu's works from his Paris dealers. Sanyu first appeared in the auction market during the March 1992 auction by Sotheby's Taipei, with a work titled Chrysanthemums which achieved the hammer price of NT$2.75 million. During the early 1990s, Sanyu's oil paintings appeared frequently on the auction market and each work was able to fetch above NT$1 million. His nudes were in the region of NT$40-60,000 per unit, and early works of flowers around NT$100,000 and those with animal themes about NT$40-80,000. In 1995, Sotheby's brought out "The Johan Franco Collection of Works by Sanyu" and set new auction records with this sale. Thereafter, the prices for Sanyu's works were able to command prices of between NT$150-200, 000 per unit.

In 1997, American photographer Robert Franco's collection of Sanyu works appeared in the market and filled up the missing gap of Sanyu's oeuvre during the 1940s. These works set new records in the Taiwanese art market and fetched prices of between NT$300-400,000 per unit. After 2000, the market value of Sanyu's works settled somewhere between NT$200,000 -330,000 per unit. His later works of flowers and plants were especially rare and these are worth about NT$450-560,000 per unit. Sanyu's works on paper are not as costly as his oil paintings and their prices are more stable; his sketches average between NT$70-12,000; and watercolor works are worth around NT$150-250,000, the average unit price being somewhere between NT$10-50,000 per unit.

The National Museum of History had held The Exhibition of Sanyu & The Exhibition of Pan Yu-liang. In the 1990s, there were similarities in the prices of works by Pan Yu-liang and Sanyu. Before 1990, Pan Yu-liang's works started from NT$30-60,000 per unit, then reached NT$10-15,000 and by 1997, Pan's works could fetch around NT$250,000.

In the earlier years, Yun Gee toured America as an artist, and also visited Paris on two occasions. As such, he was considered a representative figure among a group of artists of Chinese descent who experimented in contemporary realist drawings. During the 1980s, overseas Chinese dealers introduced Yun Gee's works to Taiwan. However, the sparse number of works that were brought in failed to create any waves and during the 1980s, Yun Gee's works were only about NT$20,000 per unit. In 1992, the Taipei Fine Arts Museum held a commemorative exhibition for Yun Gee and it was only after the exhibition that the Taiwanese audience became more familiar with the works of this multi-talented artist. During the 1990s, there were not many of Yun Gee's works on the auction scene and the average unit price for the works were around several ten of thousands NT dollars. In 1999, his first wife Helen Gee put up a collection of his works for a special Taipei auction and this caused the market for his works to reach a new peak.

Works in that auction included The Flute Player (Self Portrait) from his Paris period, which was sold at the hammer price of NT$14.35 million, the highest ever auction record for the artist. The average unit price was about NT$1.2 million, which also meant that a new record had been set for the highest unit price of a work by a Chinese artist. After 2000, this record was twice surpassed with Yun Gee's works from his San Francisco Period and Paris Period; the former had reached a unit price between NT$100-350,000 and the latter's unit price was about NT$250,000. As for works from his later New York Period, the unit price was in the NT$100-200,000 region.

Works by the three artists above are relatively rare and hard to find on the open market despite the frequency of inquiries. As the Paris-based Zao Wou-ki was creatively proficient, his oil paintings have even managed to become an area of competition between various auction houses and galleries, as to who can find a more exquisite work. In 2002, a 1966 Zao Wou-ki work created a new auction record with its hammer price of NT$33.7 million, becoming the most expensive Western painting work sold in the contemporary Chinese art market. This was equivalent to US$968,241 and certainly helped uplift the Chinese art market. It was reported that the buyer was a Taiwanese entrepreneur tycoon (please refer to the list of Top 20 Most Expensive 20th Century Chinese Oil Paintings Ever Sold at Auction).

The amazing performance of Zao Wou-ki's works continued for the past 5 to 6 years without signs of abating. Between 1990 to1995, there were not many works that exceeded the NT$1-million mark in the Taipei art market and there was little sign that this would change. In this light, the surge in prices for Zao Wou-ki's works is even more astonishing. Using unit prices as a reference for discussion, Zao Wou-ki's 1950s works with the oracle bones inscriptions fetch the highest prices. In 2000, works from this range were about NT$400,000 per unit. This is followed by his abstract works post-1950s, which fetch about NT$200-300,000. Works from the 1960s are worth about NT$100-200,000 and those from the 1970s are between NT$50-150,000 per unit.

Chu Teh-chun and Zao Wou-ki were friends from the same school and both lived in Paris for a long time. However, there is some disparity between the prices for their works. At the moment, Chu Teh-chun's paintings created between 1950 to 1960 are the most popular among his works and their average unit price is between NT$40-60,000. His snowscapes from the 1980s are special favorites and their average unit price is between NT$20-35,000. Works from other periods can fetch around NT$10-20,000.

Tang Hai-wen was another artist who was living in Paris around the same time. His drawings are deeply influenced by Chinese calligraphy and the resulting works received a warm welcome in Europe. After a museum exhibition in1997, Tang's works started to appear in the Taiwan art market. His oil paintings are almost all early works. From 1970s onwards, most of the works are done in Chinese ink or watercolor and work in these mediums are often perceived by the Taiwan art market as of secondary importance. Tang Hai-wen's oil paintings were worth about NT$20-30,000 per unit size in the late 1990s and in the near future, is likely to rise to somewhere between NT$40-50,000 per unit. His watercolors and pastel works have a unit price of around NT$16-25,000 and his Chinese ink works can be obtained for less than NT$10,000 per unit.

There is also an early Abstract artist George Chann who developed an interest in ancient Chinese script through forays in the antique market. Through collages of various materials and inner meanings of words, he created his own form of abstract art. The early part of his career was managed by a couple of Taipei galleries. After 1999, he began to exhibit more seriously and his works subsequently entered the auction scene. In 2000, Chann's works had an average unit price of NT$10,000, then his works began to go up to NT$30-40,000 per unit. Last year, one of his abstract works was auctioned off at NT$215,000 - an outstanding performance which rendered people at a loss for words.

The most dramatic rise in price valuation has been for China's first and second generation artists. Apart from artists like Xu Beihong, Lin Fengmian, Guang Liang and Wu Guangzhong, who gained early recognition in the art world and thereby access to Hong Kong's auction market, other Chinese artists were able to penetrate the arena only during the mid-90s. Even then, their works were not commanding high prices. This is attributed to the quality and condition of works put out by the experienced Taiwan and Hong Kong auction houses, which surpassed those put out by the ones China's. Another reason is the absence of Western art collectors in driving demand for contemporary Chinese art. However, we now see the works of China's first and second generation artists fast-appreciating, as values approach those achieved by the early Taiwan and international masters.

The rise of Lin Fengmian's works since the late-90s has been phenomenal, with his oils averaging NT$600,000 per size in value - close to those of Liao Chi-chun and Chen Cheng-po. Xu Beihong's oils have recently approached the NT$1 million mark. For example, Taipei Sotheby's sold his Jiang Biwei painting for NT$2.2 million in 1992. It was again sold at an auction in Beijing, November 2002, at 4 times the price - RMB 2.86 million (or NT$12 million). Works by Wu Dayu of the early Hangzhou Fine Arts School first appeared in Taipei's auction houses in 1995, commanding prices between NT$40,000 and 60,000 per unit size. They are now close to NT$200,000 per unit size, or even NT$300,000.

Chen Baoyi, who left to study in Japan in 1913, could be considered China's first foreign-trained artist. From the 1920s up till his death in 1945, Chen actively promoted the Western approach to art education, inspiring accomplished followers such as Guan Zilan and leaving behind a small body of work. In 1997, his oil paintings appeared in Taiwan's auction market, netting prices of around NT$20,000 per unit. In 2000, an auction in Shanghai brought his value up to NT$30-50,000 per unit. Last year, it rose to NT$140,000-180,000 per unit. However, China's auction market was unable to furnish proof of authenticity. For if those works had been documented in an official catalogue, they would have brought even higher prices.

Yee Bon left for Canada on a work-study program the year the Republic of China was founded. He returned in 1935 to settle in Hong Kong, before retiring to Canton in 1956. In the last 3 years, his works commanded prices of between NT$40-70,000 per size. Another early foreign-trained artist Sha Qi, who studied at Brussels' Academie Royale des Beaux-Arts, is now in his 90s. His works too has seen tremendous appreciation in prices. Valued at NT$10,000 per unit size 2 years ago, they are now NT$30-40,000 per unit. Hu Shanyu, a student under Lin Fengmian, followed his teacher's footsteps. He enrolled in the Ecole Nationale Superieure des Beaux Arts, and was selected for the Parisian Salon. His works were showcased for the first time at Taiwan and Hong Kong's auction houses in 1995. However, the second-generation artist was not a familiar name among local collectors, which explained why the 2 paintings on auction did not meet the reserve prices. In 1996, his works sold for NT$10-30,000 per size, with earlier works commanding slightly higher prices. And while his value remains between NT$20-30,000 per unit since 2000, there have been instances when he rose to NT40,000 per unit.

Wu Guanzhong's works has long been available on Hong Kong's auction market. In 1991, his pieces would sell for HK$20-50,000. Following Sotheby's entry to the Taiwan auction scene in 1992, Staying Home on a Winter Evening went for NT$1.87 million, at NT$150,000 per size. From then on his works commanded prices of no less than NT$1 million. His popularity could be attributed to his stylistic range which spans from the Western approaches to Chinese ink painting style, and he has a strong following among collectors from Hong Kong, Taiwan and South-East Asia. In April 1994, Northern Landscape sold for NT$12.7 million, or NT$210,000 per unit - setting a new record for his works. In the past 2 years, value of his oils range between NT$100-300,000 per unit.

Wu Guanzhong's student Wang Huaiqing started gaining popularity in the art world in the 1990s. In the early days, his works would commanded per unit prices of between a thousand to NT10,000 at Taiwan and Hong Kong auctions. Recently, his prices have risen to NT10,000 to 20,000 per size. The fresh style of China's current wave of contemporary artists such as Ji Dachun and Bai Ming have been given them a respectable status among collectors. The former is valued at NT2-3,000 per unit; the latter at NT2-6,000 per unit.

Rationality will fluctuate with market performances, but market outlook need not be pessimistic

From the above quotation, it appears that early generation Taiwanese artists, with the exception of Liao Chi-chun, Cheng Cheng-po and other similarly eminent personalities, appear rather lackluster when placed next to the early overseas Chinese artists or the dynamic Mainland Chinese artists. Actually, the Taiwanese art market has been buffeted by such blows in the past. Using sound economic principles, however, one may recognize that it is inevitable for the art market to pass through a period of price adjustments as part of the natural economic cycle. Therefore, collectors should depend on logical decision-making and not be swayed by sentiment in their approach.

According to a survey of the international art market, it is an inescapable reality that artists always perform best in their native country. For example, with reference to the art market of 2002: works by French sculptor Giacometti fetched the highest prices in the French auction scene; in England, works by Rubens performed the best; in America, Pop artist Andy Warhol was the champion and in Germany, the early Expressionist master artist Nold took the lead. In the Chinese peninsula, the most popular artists in Mainland China are Xu Beihong and Chen Yifei; in Hong Kong, there was much preference for works by Chang Da-qian and Zao Wou-ki and hence, their works unfailingly fetched high prices; as for Taiwan, the most attention has been reserved for native artists Liao Chi-chun and Cheng Cheng-po. In the ink-painting category, Yu Cheng-yiao has also had a sterling performance.

It is evident that this is a worldwide phenomenon, for most artworks to be most attractive to collectors in the native country of their artists. Consequently, even the prices of works by a particular artists slides down, it does not mean that one should be anxious to let go of the works. As long as one has confidence in the artist's work, in terms of his style and themes, it may even be a good time to enter the market and take advantage of opportunities, In this way, when the market situation improves, a savvy collector can profit by selectively releasing some of the works for sale.

Alberto Giacometti (1901-1966)

The Existentialist Artist