Christie's Makes Historic Shanghai Debut with $25M Sale, Cai Guo-Qiang Leads at $3.4M
On September 26, 2013, Christie's conducted its inaugural auction in mainland China, specifically in Shanghai, generating $25 million in sales, surpassing the $16 million forecast across 43 lots, with an impressive 98% sell-through rate. François Curiel highlighted the robust interest, citing a ruby necklace that fetched $3.4 million and record-breaking sales for Singaporean art. Notable sales included Pablo Picasso's Homme Assis at $1.9 million, Andy Warhol's Diamond Dust Shoes at $79,157, and Alexander Calder's Black 2-2-6 at $1.5 million. Cai Guo-Qiang's Homeland also achieved $3.4 million. Records were set by Singaporean artists Cheong Soo Pieng and Masriadi, while Chinese sculptures performed admirably. Christie's remains the sole international auction house in China, prohibited from selling items deemed Chinese cultural heritage.
Key facts
- Christie's held its first auction in mainland China on September 26, 2013, in Shanghai.
- Total sales reached $25 million against a $16 million estimate across 43 lots.
- 98% of lots sold; only three lots went unsold.
- Top lot was Cai Guo-Qiang's Homeland at $3.4 million, benefiting a new museum in Quanzhou.
- Pablo Picasso's Homme Assis sold for $1.9 million, a record for Western art in mainland China.
- Singaporean artists Cheong Soo Pieng and Masriadi set auction records.
- Christie's is the only international auction house operating under its own brand in China.
- Christie's cannot sell Chinese cultural heritage items, only post-1949 contemporary art, jewelry, wine, and foreign modern art.
Entities
Artists
- Pablo Picasso
- Andy Warhol
- Alexander Calder
- Cai Guo-Qiang
- Giorgio Morandi
- Cheong Soo Pieng
- Masriadi
- Sui Jianguo
- Zhan Wang
- Thomas Heatherwick
- Michelangelo
- Martina Gambillara
Institutions
- Christie's
- Christie's Asia
Locations
- Shanghai
- China
- Quanzhou
- Singapore