The Asset Update

Damien Hirst's masterpiece sold for record US$2.2 million at Seoul Auction

09 Oct 2009 by Bayani S Cruz


*Seoul Auction in Hong Kong*: Awareness of Western contemporary art has grown significantly

Seoul Auction, Korea’s leading auction house, achieved total sales of HK$53.1 million (US$6.9 million) during its modern and contemporary art sale in Hong Kong on October 7 2009 .

This indicates that interest and awareness of Western contemporary art has grown significantly in Hong Kong among collectors from Hong Kong, Taiwan, China and Southeast Asia.

During the sale, renowned British artist Damien Hirst sold a work from his celebrated Butterfly Series known as “The Importance of Elsewhere –The Kingdom of Heaven” for a record HK$17.2 million (US$2.2 million), the artist’s most expensive work sold at an auction in Asia.


	Damien Hirst's masterpiece: Setting a record

The price achieved beat the record set during the auction last May 2009 in Hong Kong, says Misung Shim, managing director, Seoul Auction Hong Kong Ltd.

Works by Chinese artists also generated strong interest with the highlight of the Chinese section, “Flowers in a White Vase” by Sanyu, selling for an impressive HK$16.9 million (US$2.2 million). Works by Korean artists also sold well, according to Shim.

“The results validate our strategy to present a carefully curated selection of high quality works by Western masters as well as exceptional works by Asian artists. Since Seoul Auction became the first auction house to offer Western masterpieces in Hong Kong in its debut sale in October 2008, interest and awareness in Western contemporary art has grown significantly in Hong Kong and among collectors from Hong Kong, Taiwan, China and Southeast Asia,” says Shim.

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