Strong interest in Asian art continues amidst hurdles in the art trade sector
The autumn edition of the biannual Asia Week in New York is currently underway, featuring a range of Chinese ceramics, art, and South Asian modern and contemporary pieces. This year's event is marked by a shift in strategies due to new tariffs implemented by the Trump administration.
Christie's, a renowned auction house, has attributed the return of a Gaitonde painting to its commitment to the South Asian art region. The painting, which last sold for $317,000 in 2009, was sold again by Christie's this fall. The top lot at their South Asian Modern and Contemporary sale was an untitled 1984 work by Vasudeo S. Gaitonde, which fetched $2.35 million.
Meanwhile, the competition in America for high-quality Chinese art has become lively due to the new tariffs. Dessa Goddard, senior vice president and US head of Asian art at Bonhams, noted this trend, stating that the sales began the week on a "very strong note." Bonhams offered 47 percent fewer lots in its September Chinese Ceramics and Works of Art auction this year than it did last year. However, the sales at Bonhams still totaled $7.3 million, with the top result being Magnificent and Important Blue and White 'Boys' Jar and Cover, which sold for $1.75 million.
The tariffs have made it difficult to advise clients about the final cost of objects, according to Dessa Goddard at Bonhams. Christie's, too, has had to adjust its consignments of Chinese furniture due to the new tariffs, as sourcing from abroad was not feasible. Despite these challenges, Christie's Chinese art sale will feature a set of four Huanghuali chairs, a large Huanghuali trestle-leg table, and A Magnificent and Very Rare Zitan Floor Screen, a piece that is rare for its size, fragility, material, and intricacy.
The South Asian art market also saw success, with Tyeb Mehta's Trussed Bull (1994) selling for just under $2 million at Christie's South Asian Modern and Contemporary sale. Proceeds from the sale of 48 lots from the collection of Thomas R. Vaughn will go to a new family foundation focused on mental health and conservation.
Asia Week New York provides an opportunity for cultural exploration and art acquisition, with Margi Gristina recommending the Asia Society and the China Institute as institutional complements to the event. The event continues to attract collectors and enthusiasts alike, showcasing the resilience and vibrancy of the Asian art market.
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