| SELLING |  |
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| Vermillion Pavillion Collection of Fine Chinese Paintings | ||||||
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Timothy Sammons Fine Art Agents were instructed to find the most successful method of selling this important and rare collection comprising of 60 paintings owned by Fei Cheng-wu and Chang Chien-ying, the apprentices of the renowned Modern Chinese painter, Xu Beihong. The collection had never previously appeared on the market and had not been on public view for more than fifty years. A large number of the works had been given as gifts from the artists, many of whom were close friends. Major works in the collection were by Xu Beihong, Fu Baoshi and Zhang Daqian, the giants of 20th century Chinese painting. |
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| The Chosen Method of Sale | ||||||
It was decided to sell the collection in Hong Kong, to take advantage of the strong Asian private collector market. Timothy Sammons Fine Art Agents handled all aspects of the sale and negotiated a complex marketing strategy. It was decided that the most effective method of promoting the collection was to produce a separate single owner sale catalogue, generate editorial in both national and international publications and have a travelling exhibition of non selling works, as well as selected highlights of the sale, tour Beijing, Shanghai, Singapore and Taipei. |
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| The Sale: Fine Chinese Paintings, Sotheby's, Hong Kong, October 2006 | ||||||
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The sale of the collection did exceptionally well with 100% of the lots selling and 48 of 60 lots achieving prices well over their high estimates. It made a remarkable total of HK$40,356,040 (US$5,204,315) almost doubling its presale estimate of HK$20,179,000. Works by Xu Beihong, Fu Baoshi and Zhang Daqian commanded the highest prices. In particular the top price, not only in the collection but in the entire sale, was Xu Beihong's album Zodiac Animals which sold to an Asian Private Collector for HK$5,496,000 (US$708,764), including the Buyer's Premium, against a presale estimate of HK$2,200,000-3,000,000. |
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