Saturday, June 29, 2013

Painting an Asian Impre$$ion

A 1964 Picasso purchased by an Asian buyer for GBP 3 million

Picasso, Kandinsky, Mondrian, Monet, Dali, Renoir, Claudel. Imp-Mod (short for Impressionist-Modern) works by these familiar European names and others are being increasingly scooped up by buyers from Asia. In this week’s Christie’s PWC auction in London, Asians took a third of the sale. Other art experts estimate that at least 20% of auction buyers of modern European art are Asians, particularly Chinese and Indians. According to Christie’s Jussi Pylkkanen, “there was much more dramatic bidding from China, Hong Kong, Taiwan, Korea and Indonesia than we have ever seen. If you thought the Chinese are interested only in Chinese artists, you are wrong.” The Picasso piece (Tete d’homme) shown above was sold to a Hong Kong-based bidder after a heated competition against an Indian and Chinese collector.

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