Million Monet Water Lilies Painting Breaks Auction Record For Western Art In China

$24 Million Monet Water Lilies Painting Breaks Auction Record For Western Art In China

Topline A painting of a pond of drinking water lilies by French impressionist Claude Monet

Topline

A painting of a pond of drinking water lilies by French impressionist Claude Monet brought in approximately $24.1 million at auction in Beijing, the best value for a Western artist’s operate at any time sold in mainland China, as Asian potential buyers engage in an more and more larger sized purpose in the global artwork industry.

Critical Info

“Bassin aux nympheas, les rosiers” (”Pond with nympheas, rosebushes”) demonstrates a look at of a rose arch and a pond in Monet’s yard home in Giverny, France, and is one of three paintings the artist finished of the scene, according to the Art Newspaper.

The drinking water lilies painting was very last auctioned publicly for $20.4 million in 2015, when it was aspect of Sotheby’s Impressionist & Contemporary Art Night Sale.

The former file rate for Western artwork in mainland China is $12.7 million, fetched by “Column” by Gerard Richter final year, according to the Artwork Newspaper.

Important Background

Last 12 months, China surpassed the U.S. to develop into the world’s greatest artwork market, in accordance to an yearly report released by Art Basel in March. Asia has been a lifeline for the substantial-conclusion artwork marketplace throughout the coronavirus pandemic. Auction houses’ pivots to digital auctions amid the pandemic helped seize a record number of first-time customers—many from Asia, industry experts say. Even though total art sales plummeted previous calendar year amid worldwide recessions and lockdowns, wealthy Asian buyers’ substantial-dollar buys held up shockingly very well, in accordance to Art Basel. The record for the most highly-priced operate by a Western artist to promote in Asia is Jean-Michel Basquiat’s “Warrior,” which fetched $42 million at a March auction in Hong Kong.

Even further Reading

Monet h2o lilies portray sells for $24.1m in Beijing—new record for a Western get the job done of art offered in China (The Art Newspaper)

$42 Million Basquiat Results in being Most Highly-priced Western Artwork To Promote At Auction In Asia (Forbes)

A $55 Million Picasso Painting Could Sign The Artwork Current market Is Bouncing Back (Forbes)

What 2020’s Most Pricey Portray Says About The Artwork Market (Forbes)