HONG KONG.- Seoul Auction held its Modern & Contemporary Art Autumn Sale today in Hong Kong at the Grand Hyatt Hong Kong. 60 superlative works by celebrated Western, Chinese, Korean, and Japanese artists were offered and a total of HK$78.52 million/ US$10.21 million was achieved.

Discerning collectors from around the world congregated to compete for artworks of superb quality and rarity, leading to spirited bidding throughout the day. The top lot, Bestiaire et Musique by Marc Chagall, sold for an exceptional price of HK$32,172,000/ US$4,183,615 to an Asian buyer after heated competition. It set a new record as the most expensive painting by a Modern Western artist ever sold at auction in Asia.

Misung Shim, Managing Director of Seoul Auction Hong Kong Ltd. said, “We are very thrilled by the results of our auction today. The exceptional works by renowned Western artists - led by three important masters namely Chagall, Picasso and Renoir - were highly pursued by bidders resulting in strong prices. It was particularly exhilarating to see Marc Chagall's Bestiaire et Musique being keenly contested by collectors and eventually sold for over HK$32 million, establishing a record as the most expensive painting by a Western Modern artist ever sold in Asia.”

SUMMARY OF TOP LOTS:

• Marc Chagall’s Bestiaire et Musique was the top-selling lot today. It commanded an exceptional price of HK$32,172,000/US$4,183,615, becoming the most expensive painting by a modern Western artist ever sold at auction in Asia. This is one of the greatest ever masterpieces by Chagall, appearing in the auction market for the first time. The painting reflects Chagall’s passionate 80-year career and is highly acclaimed as a monumental work of his late period.

• Picasso’s Le Modèle dans L’atelier by Pablo Picasso sold for HK$18,172,000/US$2,363,069 after spirited bidding. The buyer is an Asian collector. After he married Jacqueline Roque in 1961, Picasso painted many works inspired by his young wife. This magnificent painting was painted in 1965, and the model seems to be Jacqueline.

• Vase de Fleurs by Pierre-Auguste Renoir fetched HK$4,152,000/US$539,922, selling to a Western collector. This is an outstandingly beautiful painting by the Impressionist master, illustrating Renoir’s philosophy that art should be “pleasant, delightful and pretty”.