Long Museum's Collection Heads to Sotheby's Auction
Chinese billionaire Liu Yiqian, co-founder of the Long Museum in Shanghai with his wife Wang Wei, is selling a portion of their collection through Sotheby's, valued at $150 million. The auction, scheduled for autumn in Hong Kong, will feature around fifty works by artists including Modigliani, Zao Wou-ki, René Magritte, David Hockney, Matthew Wong, and Yayoi Kusama. Notably, Modigliani's record-breaking 'Nu couché' (sold for $170.4 million in 2015) is not included. Proceeds are reportedly intended for further acquisitions and museum investments. The Long Museum, opened in 2012, is a private mega-museum with three locations: two in Shanghai and one in Chongqing. Liu Yiqian, who started as a taxi driver and later built a fortune through stock market investments, now has a net worth of over $5 billion. The sale comes amid a sluggish art market and China's prolonged lockdowns, though reasons for the divestment remain undisclosed.
Key facts
- Liu Yiqian and Wang Wei are selling part of their Long Museum collection via Sotheby's.
- The collection is valued at $150 million.
- The auction will take place in autumn in Hong Kong.
- Around fifty works are expected, including pieces by Modigliani, Zao Wou-ki, Magritte, Hockney, Wong, and Kusama.
- Modigliani's 'Nu couché' (sold for $170.4 million in 2015) is not included.
- Proceeds are intended for further acquisitions and museum investments.
- The Long Museum has three locations: two in Shanghai and one in Chongqing.
- Liu Yiqian's net worth is over $5 billion; he started as a taxi driver.
Entities
Artists
- Amedeo Modigliani
- Zao Wou-ki
- René Magritte
- David Hockney
- Matthew Wong
- Yayoi Kusama
Institutions
- Long Museum
- Sotheby's
- Christie's
- Sunline Group
Locations
- Shanghai
- Chongqing
- Hong Kong
- New York
- China