2008-12-03 06:03:27 - The ballroom of the Four Seasons Hotel was packed with collectors who snapped up major high-quality modern and contemporary Asian art.

Ravenel Art surprised the art world with a very successful first auction of Modern and Contemporary Asian 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$71, 103, 340 [US$9, 174, 625] which was 86.3% of value, a major achievement in present market conditions. 71% of lots were sold with 44 of 62 works 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 combining 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' HK$8, 140, 000 [US$1, 050 324]. A magnificent still life, painted in simple colors of yellow, black and red, it is centered on a powerful composition of Sanyu's favorite flowers. The painting is deeply affecting, with a strong calming and serene feeling.

Other highlights of the auction included works which easily beat their high estimates again due to their high quality. 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. Yan Pei Ming's ‘Mao Soleil rouge' also attracted fierce bidding and brought in HK$6, 460, 000 [US$833, 548].

Two works by leading contemporary Chinese artist 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] respectively.

12 of 14 Taiwanese paintings found buyers. One of Ravenel Art's aims was to introduce major Taiwanese artists, who have developed very personal and different artistic voices, to Hong Kong collectors. 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 its major autumn auction of Modern and Contemporary Asian Art in Taipei on Sunday December 7, 2008. 147 works will be on offer.

All prices include hammer price and commission.