Christie’s Shanghai held its first auction in mainland China yesterday, 26th September and sold world renowned artist, Cai Guoqiang ‘s Homeland art piece for RMB 15 million. The auction kicked off with a live show at the Union Square Church in Shanghai demonstrating his trademark gunpowder technique in creation of a new work of art entitled “Homeland”.
After three days of gala events, exhibitions, forums and private sales, culminating in the auction, Christie’s achieved total sales of RMB 154 million (USD$25 million), exceeding initial estimates.
“Christie’s has always been committed to promoting Chinese contemporary art across the world,” said Christie’s CEO Steven P Murphy, “Mr. Cai’s support and participation in our inaugural auction has provided a great opportunity to further promote contemporary art in China.
Managing Director of Christie’s China. “I am incredibly proud of the results we have achieved in Shanghai and honoured by the support we have received. I was particularly moved by the success of Cai Guo-Qiang’s work created yesterday in a memorable and emotional explosion”
Other items that went on auction were – a red ruby necklace that achieved the highest sales figure at RMB 18 million (USD$3,405,285) and records were broken for Singaporean art,” said François Curiel, President of Christie’s Asia. “We saw bidders participate from all over the world with online and telephone bidders joining the nearly 1,000 clients in the room tonight. This is an extraordinary start for Christie’s in mainland China and indicates there will be exciting times ahead for the industry as a whole and art enthusiasts everywhere.”
Watch out Hong Kong, China looks set to take on rightfully the number one position for Chinese contemporary art!