Tag: Liu Yiqian

Art Auction in Hong Kong Draws Lower Bids Than Expected

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The largest auction ever held by Sotheby’s in Asia of a single owner’s art collection raised less money than expected on Thursday, a sign that rising global interest rates may be starting to weigh on the market for fine art. A portrait by Amedeo Modigliani sold for considerably less than predicted, and 10 other artworks failed to sell when bidding fell short of reserve prices. The auction, which was held in Hong Kong and streamed online for bidders around the world, produced total sales of $69.5 million including commissions, Sotheby’s…

Liu Yiqian, China’s Top Art Collector, Is Selling a Modigliani

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Few Chinese art collectors have made a bigger splash at global auctions in the past decade than Liu Yiqian, a former Shanghai taxi driver who amassed a fortune through big bets on Chinese real estate and pharmaceutical stocks. He was a profligate purchaser of Chinese antiquities and other artworks. In 2014, Mr. Liu paid a record $36.3 million for an ancient Chinese porcelain cup, and $45 million for a 600-year-old silk wall hanging. He paid $170.4 million for Amedeo Modigliani’s risqué “Nu Couché” painting a year later. One Shanghai museum…