New World Auction Record for a Number Sculpture by Robert Indiana

Written by Melanie Shee Tuesday, 06 April 2010 22:13

HONG KONG.- Seoul Auction, Korea’s leading auction house, held its Modern and Contemporary Art sale in Hong Kong today (4 April 2010) and realized a total of HK$42.8 million (US$5.53 million). Untitled, an important mixed media work by Donald Judd (1928-1994) achieved HK$14,812,000 (US$1,913,695). Works by Robert Indiana, Gerhard Richter and Ron Arad sold for strong prices. Two World Auction Records were set today: a new World Auction Record for a Number Sculpture by Robert Indiana and a new World Auction Record for a Sculpture by the Japanese artist Yayoi Kusama.

Misung Shim, Managing Director, Seoul Auction Hong Kong Ltd, commented: “This evening’s sale was a landmark event in the history of the Asian art market. It marked the first time ever that a work by Donald Judd was sold at auction in Hong Kong . It also opened a new era in the Asian art auction market by introducing the exciting new category of contemporary design with the sale of Ron Arad’s work.

“The results achieved underline Seoul Auction’s pioneering role in offering Western contemporary art in Hong Kong and our strategy in offering a carefully curated selection of both Western and Asian art works to the Asian audience. Works of exceptional quality and fresh to the market are highly sought-after today. There was active participation by buyers from Hong Kong , Taiwan , China , as well as from Europe and the USA .”

“Seoul Auction is proud to have a long history of over 10 years of selling Western art in Asia . The success of our Hong Kong sale reflects a growing demand and the vast potential for Western contemporary art in the Asian marketplace.”

Seoul Auction is Korea's oldest and leading auction house, holding at least one major auction per quarter. Seoul Auction, founded in 1998, has multi-purpose auction spaces based on a design by world-famous French architect Jean Michell Wilmotte and comprising auction salesrooms, galleries and warehouses for art work.

During the past decade that Seoul Auction has been developing and leading the Korean art market, more than a hundred auctions have been held and sales volume in 2007 has tripled compared with the previous year, reaching US$96.4 million.

In 2008, which is its 10th anniversary, Seoul Auction has been listed in KOSDAQ (Korean Securities Dealers' Automated Quotation) and successfully held inaugural Hong Kong Sale, realizing HK$180 million. Occupying the majority of market share in Korean Art Auction market, 58.4 %, and gaining a foothold in Hong Kong, Seoul Auction will continue to grow to be the Asian Art Market leader. Visit : www.seoulauction.com/

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