Ravenel has positions available for high-caliber, enthusiastic and highly motivated individuals who have a strong background or interest in art. As Ravenel continues to grow and consolidate its position as a leading player in both the sale of Asian and Western art, we welcome strong candidates to join our expanding and winning teams in Taipei, Hong Kong and Beijing.

Sales Executive

Positions available in Taipei, Hong Kong, Beijing

Job Description:

• Develop Potential Clients, Expand Client Base, Achieve Performance Targets
• Develop and Maintain Customer Relations. Regularly Visit and Contact Clients
• Expand Business Opportunities both in Asia and Overseas Markets

Requirements:

• Have more than 5 Years Work Experience. International Trade Experience is Preferred
• Have High-Level of Interest and Enthusiasm for Art Market.
• Have Strong Social Network with Potential Client Base
• Be Familiar with Art History, and have Knowledge of Modern and Contemporary Art
• Have Experience with Exhibitions and Shows

To Join a Winning Team, Please Send Resume and Cover Letter to hr@ravenel.com

Unit E101, 1/F, East Tower, World Financial Centre, No. 1, East 3rd Ring Middle Road, Chaoyang District, Beijing 100020, China

• Tel：+86 (10) 5820-6152
• Tel：+86 (10) 5820-6151
• Fax: +86 (10) 5820-6153

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601-3, 50 Connaught Road Central, Hong Kong

• Tel：+852 2889 0859
• Fax：+852 2889 0850

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Ravenel Art thanks you so much for your continued support. Ravenel Art extended its spring success to its autumn sales with a combined auction total of NT$ 2 billion (US$ 70 million). This exceptional result sets a new record for total annual sales in the last 12 years since Ravenel Art was established. Despite the economic recession this autumn, over 80% of lots were sold in the combined auctions with an increase in sales of more than 50% compared to the autumn season in 2010, a far superior result to other auction houses in the modern and contemporary art market.

Ravenel Art will now turn its focus to its 2012 spring series of Auctions in Hong Kong and Taipei, and it also intends to hold a red wine auction. It gives me great pleasure to invite consignments of outstanding works by modern and contemporary masters and wines under the following themes:

Ravenel Spring Auction 2012 Hong Kong: Modern and Contemporary Art

Ravenel Spring Auction 2012 Taipei: Asian Modern and Contemporary Art

Ravenel Spring Auction 2012: Finest and Rarest Wines

If you would like to offer works of art for these auctions, or are interested in participating in future auctions, please contact our representatives in your region as listed below. We will be happy to provide free appraisal and estimate services:

	Taiwan/Overseas	Odile Chen	Tel: +886 (2) 2708 9868 ext. 889
			Email: odilechen@ravenel.com
	China	Lillian Tang	Tel: +86 (10) 5820 6151/2
			Email: lilliantang@ravenel.com
	Hong Kong	Elaine Holt	Tel: +852 2889 0859
			Email: elaineholt@ravenel.com
	Wines	Wendy Lee	Tel: +886 (2) 2708 9868 ext. 908
			Email: wendylee@ravenel.com

The deadline for submitting works of art for both the Hong Kong and Taipei Spring Auctions and wines for the Spring Wine Auction is 6th March 2012. My entire sales team looks forward to discussing and consulting with you.

With best regards

Lorries Chang
CEO
Ravenel Art Group

As at Ravenel Art's Hong Kong auction on November 28th, the venue for its Autumn Taipei Auction was standing room only with many participants watching on large TV screens outside the room. As the opening lots all found new owners the auction settled into a strong rhythm. While prices were strong, they were realistic and reflect the great knowledge and passion of not only the local Taiwanese collectors but of all Ravenel's international bidders of whom there were many today.

The auction realized a total of NTD431,194,000, USD14,301,625 which was 133% of value. 130 of 161 lots sold representing a sale through rate of 81%, a great result in the present economic situation.

The two top lots of the auction were both works by Zeng Fanzhi, one of the leading and most admired Chinese Contemporary artists. His "Mask Series" brought in NTD52,960,000, USD1,756,551 including commission, beating its high estimate of NTD48million. A superb rendition of his iconic masked urbanite, lost and confounded in a bewildering modern world, the painting is a classic of Zeng's "Mask Series" with sublime coloring in both the character and the background. It saw major bidding from the floor and the telephones, as the staff doing the telephone bidding frantically communicated prices in US dollars, HK dollars, Reminbi and Euros to clients around the world. It eventually went to an international bidder as did many other lots during the auction consolidating Ravenel Art's outstanding reputation for expertise and reliability among collectors worldwide. "Woman", which drew considerable attention and discussion during the previews, likewise saw tremendous bidding activity easily reaching its high estimate, realizing NTD40,640,000, USD 1,347,927 including commission. It is a very rare female portrait by Zeng, and it pulsates with the raw emotion of its depiction of a seated woman, perhaps unrequited in love, and as with all Zeng's portraitures unrequited in life. It is reportedly one of Zeng's own favorite works.

The modern section of the auction saw active, sustained and strong bidding as a number of lots vied for position as the leading work in the this section. That honor went to Wang Huaiqing's "Lute Table" which brought in NTD39,520,000, USD1,310,779 including commission and within its estimate. An abstract rendering of a Ming Dynasty piece of furniture against a white background it resonates with the subtleties of great Chinese masterworks. Zao Wou-ki's "5.6.54" (Herbes), an important work from 1954 when Zao was developing his abstract concepts, closely followed with NTD38,400,000, USD1,273,632 including commission close to its high estimate. Another Zao work "17.9.80" an atmospheric pure abstraction raised NTD22,800,000, USD756,219 including commission.

Two of the lots which saw the most intense bidding and set the atmosphere for the auction were works by Chu Teh-chun. "Rime Bleue", a dazzling abstract of blazing jewel-like light sold for the remarkable NTD20,400,000, USD676,617 including commission outpacing its high estimate of NTD15million. Two other Chu Teh-chun works from the same consignee UMC, Untied Microelectronics Corporation of Taiwan, also far surpassed their high estimates. "Vibrations Lumineuse" fetched NTD10,080,000, USD334,328 including commission against a high estimate of NTD5million. "Composition 538" brought in NTD9,120,000, USD302,488 including commission against a high estimate of NTD4.6million. Ms. Clara Kuo, auctioneer on the day, and Vice-Chairman of Ravenel Art said, "It's very pleasing to have realized such a great result for such an important client. UMC have been one of our leading clients for many years and we have been instrumental in guiding them in their art collection. In this series of auctions they consigned five Chu Teh-chun works to us, two in Hong Kong and three here in Taiwan. With a combined estimated value of NTD26,900,000, USD850,300, Ravenel Art was able to realize the incredible total of NTD65,446,000, USD2,176,000 including commission. It's always so satisfying to please our clients with such successful outcomes."

Mr. Lorries Chang, CEO of Ravenel Art, said he was extremely happy with the results as was everyone in Ravenel. "Ravenel Art has become synonymous with reliability, expertise, knowledge and understanding of the market and our clients' needs. Today's very satisfying, and great success is no accident, as well as collecting the best works for our auctions, we have also established an enviable international and local client base that no other Asian auction house can match. Today numerous international bidders took part in the auction helping us realize success for everyone involved."

Ravenel Art will now turn its focus to its spring series of Auctions in Hong Kong and Taipei. Ravenel is intending to internationalize its Hong Kong auction through the addition of international works of art. It also intends to hold a red wine auction in Hong Kong. 'With the success of today's auction, we are excited and emboldened about our expansion plans in Hong Kong, where we intend to become one of the most important players in the market' commented a very happy Mr. Lorries Chang.

Modern and Contemporary Asian Art

Download Auction Results PDF

Sale Date / Venue: Sunday 4th December 2011, Taipei
Value of Lots Sold: TWD 431,194,000 (USD 14,301,625)
Number of Lots Sold / Total Lots: 130 / 161
Percentage of Lots Sold: 80.75%
Value of Lots Sold: 133.41%
On the date of the sale, exchange rates were approximately as follows:
USD 1 = TWD 30.15; HKD 1 = TWD 3.88; EUR 1 = TWD 40.65

The following prices in New Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest New Taiwan Dollar.

Ravenel Art’s Autumn Auction of Modern and Contemporary Asian Art took place today in the Grand Ballroom of the Grand Hyatt Hotel, Hong Kong. The huge attendance, in excess of 500 people, Ravenel’s largest in Hong Kong yet, promised an exciting auction, and combined with enthusiastic telephone bidders from around the world, as well as numerous absentee bids, bidding on highlighted lots was strong. In uncertain economic times, collectors were drawn to well-established names, and were willing to pay top prices, while bidding on lesser known artists was more reserved. The total raised was HK$137,107,600, US$17,600,462 with a value of lots sold of 157.57%. 63 of 100 lots were sold.

The auction was led by Zao Wou-ki’s magnificent “4.4.85” from the former collection of Pierre Matisse Gallery in New York. With access to many of Zao’s works, the son of Henri Matisse, chose the most outstanding for his own collection. With a bidding war between two telephone bidders, the final price was HK$44,320,000, US$5,689,345 including commission, a top three price for Zao in auction. A second work by the same artist, “5.2.81”, sold for HK$8,400,000, US$1,078,306. Mr Lorries Chang, the new CEO of Ravenel Art, expressed great satisfaction that both works were bought by Hong Kong collectors. “One of the aims of Ravenel’s auctions in Hong Kong is to introduce modern and contemporary art to local Hong Kong collectors, who have been conservative focusing on collecting traditional Chinese art.”

The Modern Section showed further strength with Chu Teh-chun’s “Composition 149” selling for HK$10,720,000, US$1,376,123 including commission, and beating its high estimate of HK$8.5million. Painted in 1963, it displays the full power of Chu’s use of light and abstraction with brilliant light breaking through the reds and blacks of the background. The painting saw frantic bidding with many floor and telephone bids actively competing before being finally sold to a floor bidder. Another painting which witnessed intense bidding was Wu Guanzhong’s “Plum Blossom in the Snow”, which far surpassed its high estimate of HK$4.2million, being hammered for HK$6,600,000, US$847,240 including commission. A wonderfully atmospheric representation of a nature scene close to Chinese hearts, the bidding drew the most active participation of the sale with numerous floor bidders raising the price quickly before it settled down to a dual between 2 committed collectors. A second Chu Teh-chun painting “Sublime perspectives” in Chu’s iconic blues and greens from 1992, also sold for above its high estimate of HK$3.2million, fetching a price of HK$4,080,000, US$523,748 including commission.

The top painting in the Contemporary section was Zeng Fanzhi’s “Sky Series-Distant View”, with 2 modern and urbane youths standing on a grass covered hill staring into the distance. It sold for HK$10,496,000, US$1,347,368 including commission, passing its high estimate of HK$9.5million. Works by other leading artists Cai Guo-Qiang, Zhou Chunya, Zhang Xiaogang and Xu Bing also brought in strong prices. Mr. Lorries Chang commented that, Ravenel now in its fourth year of biannual auctions in Hong Kong has seen a marked increase in interest by Hong Kong collectors in contemporary art. “As well as strong interest in contemporary Chinese art, today we saw local collectors buy contemporary Taiwanese, Japanese, Korean and South East Asian art. Ravenel Art is determined to expand and internationalize the modern and contemporary art market in Hong Kong and is considering adding international works to its spring 2012 auction. We will also hold a red wine auction next spring in Hong Kong. To further solidify our Hong Kong base we are opening new offices in early 2012 at 50 Connaught Road in Central, a prestigious address which is becoming a magnet for top art houses.”

Ravenel now turns its attention to its home base of Taipei where it will hold its autumn auction next week on Sunday 4 December in the Fubon Center. With 161 lots of modern and contemporary Asian art, and many highlights it also promises great success.

Modern and Contemporary Art

Download Auction Results PDF

Sale Date / Venue: Monday 28th November 2011, Hong Kong
Value of Lots Sold: HKD 137,107,600 (USD 17,600,462)
Number of Lots Sold / Total Lots: 63 / 100
Percentage of Lots Sold: 63%
Value of Lots Sold: 157.57%
On the date of the sale, exchange rates were approximately as follows:
TWD 1 = HKD 0.26; USD 1 = HKD 7.79; EUR 1 = HKD 10.38

The following prices in Hong Kong Dollars include the hammer price, the buyer's premium and are rounded to the nearest Hong Kong Dollar.

There have been some changes at Ravenel recently. To stimulate further sales growth and help Ravenel develop international markets, as of October 1, former Ravenel CEO Clara Kuo has taken up the position of Vice Chairman of the Ravenel Art Group, with responsibility for formulating strategy for the Group as a whole and monitoring the Group’s operational performance. In addition, Mr. Lorries Chang (who has an in-depth knowledge of both the Hong Kong and Taipei markets) has been invited to join the Group as CEO. In the spring of 2011, Ravenel made history with the first ever sale of an oil painting by a Chinese artist for more than 100 million RMB, while also posting record sales for a single quarter. Ravenel’s autumn auction will include 261 lots, with an estimated total value in excess of NT$1 billion, the highest seasonal total estimate ever. Today, more and more people are becoming aware of the value of art as an investment that keeps its value, particularly in the aftermath of the global financial crisis. Ravenel’s autumn auction will present collectors with an impressive selection of works that combine high aesthetic value with significant investment value.

The Ravenel Autumn Auction 2011 Hong Kong: Modern and Contemporary Art and the Ravenel Autumn Auction 2011 Taipei: Asian Modern and Contemporary Art will be held on November 28 through and December 4, 2011 respectively. Pre-show events will be getting underway in late October, with a touring exhibition that will be visiting Taichung, Taipei, Beijing and Hong Kong.

Newly-appointed Ravenel Art Group CEO Mr. Lorries Chang notes that “For this year’s Autumn Sales we have brought together a large number of outstanding works, both domestic and overseas. A high percentage of the works being auctioned in Hong Kong fall under the category of classic modern Chinese or avant-garde contemporary works. In Taipei, we are continuing to promote some of the best contemporary Taiwanese artists. The works of contemporary Japanese and Korean artists are currently undervalued; in line with our policy of maintaining an ongoing commitment to the Asia region as a whole, we have included a number of works by leading Japanese and Korean artists in the Taipei auction. We are confident that this year’s Autumn Sales will be a resounding success!

One of the main themes of this year’s Ravenel sales is Modern Chinese Art. The autumn auctions include works by a large number of abstract artists, including Overseas Chinese artists Zao Wou-ki, Chu Teh-chun, John Way and Tang Haywen, Chinese abstract painter Su Xiaobai, Taiwanese abstract artists Liu Kuo-sung and Yang Chihung, and Japanese artist Toshimitsu Imai. Another theme is Expressionist Landscapes, with works by Liao Chi-chun, Xu Bing, Zhou Chunya, Zeng Fanzhi, Fang Lijun, etc. The third theme is Portraits by Contemporary Artists, with paintings by artists that include Zhang Xiaogang, Zeng Fanzhi, Liu Xiaodong, Yue Minjun, Li Shan, Feng Zhengjie, Zhou Tiehai, Ling Jian, Yin Zhaoyang, and Lo Chan-peng.

The Ravenel Autumn Auction 2011 Hong Kong will include 100 works of art. They include many outstanding pieces, such as the painting “4.4.85” by Zao Wou-ki, from the estate of Pierre Matisse (the son of the leading Fauvist painter Henri Matisse), a large abstract work of museum quality which constitutes a brilliant example of Chinese literati painting on a grand scale. Another work by Zao Wou-ki, “5.2.81,” has a musical rhythm evocative of flying spray. The Hong Kong sale also includes an early work by the leading abstract artist Chu Teh-chun, “Composition No. 149,” which comes from the collection of a private collector in France, and which was exhibited at the Carnegie Museum of Art in the U.S. in 1964. There are also a number of beautiful oil paintings by Chu Teh-chun from the collection of Taiwan’s United Microelectronics Corporation (UMC), including “Sublime perspectives,” which constitute one of the highlights of the sale. Wu Guanzhong’s large ink and color (with drip painting effects) work “Plum Blossom in the Snow” has a compositional style similar to that of his “Parrot Paradise” in the British Museum; the painting exudes a remarkable vigor and energy.

There are also a number of pleasant surprises in the works included in the contemporary art portion of the Hong Kong sale. These include: Zeng Fanzhi’s “Sky Series – Distant View” and “Grass Series”; Zhang Xiaogang’s “Bloodline Series”; Fang Lijun’s “2000.12.4”; Zhou Chunya’s “Peach Blossoms Series” and “Vase of Flowers”; Yue Minjun’s “Salute”; Xu Bing’s “Landscript”; Cai Guo-Qiang’s “Skybound UFO and Shrine”; Wang Guangyi’s “Great Criticism Series – Art Nation”; Liu Xiaodong’s “Betel Nut Beauty”; and Tang Zhigang’s “Chinese Fairytale.” There are also a number of works by Taiwanese artists, including: Su Wong-shen’s “Before the Election”; Lien Chien-hsing’s “Secret Dance in Frivolous Mood 2”; and Lo Chan-peng’s “Journal of Strawberry Generation 24,” which is highly reflective of contemporary society. There is a work from sculptor Ju Ming’s “Taichi Series,” and “Golden Rain,” one of Li Chen’s best-known works. In addition, there is a self-portrait by Japanese artist Yayoi Kusama, and a major work by Yoshitaka Amano.

The Ravenel Autumn Auction 2011 Taipei features a number of outstanding classic works, including: Zao Wouki’s “5.6.54 (Herbes),” “17.9.80” and “11.10.78,” as well as two smaller works by this artist; Chu Teh-chun’s “Rime bleue” (“Rhyme in Blue”) and “Vibrations Lumineuse (Splendid Light)”; Wang Huaiqing’s “Lute Table,” with its semi-abstract Ming Dynasty furniture motif; Liao Chi-chun’s “Northeast Coast,” an oil painting from the Liao family’s collection; carved wooden statutes from Ju Ming’s “Taichi Series” depicting figures in Taichi postures; Yuyu Yang’s imposing “Advent of the Phoenix (3)”, a red-colored outdoor statue; and several watercolors by Shiy De-jinn from the collection of a famous foreign collector. This auction really is an opportunity not to be missed!

Zeng Fanzhi’s “Mask Series” and “Woman” have become a major focus of attention in contemporary art circles in Taipei. Making effective use of the color pink’s connotations of artificial make-up, these two works successfully draw attention to the contradictions of contemporary society. Two paintings by internationally-renowned artist Su Xiaobai, the masterpiece “White Collar” and “Red Float on Bizarre Water,” employ geometric color patches and exquisite lacquer effects to create abstract meaning characterized by East Asian simplicity. Liu Wei’s “Flowers” and one of Cai Guo-Qiang’s early oil paintings both embody a very high level of artistic creativity. With their effective use of different media, Li Hui’s installation “Ark No. 2” and Huang Gang’s “When Wind Springs Up” and “Between the Moon and the Sun” reflect the diversity of contemporary art. Tzu-chi Yeh’s exquisite oil painting “Shamao Mountain in May” and Li Chen’s sculpture “Soothing Breezes Floating Clouds” are both also outstanding works. There is a strong international flavor to this year’s Ravenel Autumn Sale, with paintings and sculptures by the leading Japanese artist Yayoi Kusuma, noted abstract artist Toshimitsu Imai’s “Floraison,” and works by Yoshitaka Amano, Hiroyuki Matsuura, Masao Kinoshita, and Takashi Murakami, as well as works by Korean artists Kim Duck Yong, Kwon Ki Soo, and Lee Jae-hyo. The work of contemporary Japanese and Korean artists is currently undervalued; this is a segment of the market with significant growth potential, and this is the ideal time for collectors to purchase some of these artists’ finest works.

｜ Auction Highlights | Auction Schedule ｜

Everywhere in the world, Ravenel Art Group is the symbol of refined art culture. It also plays the role of collection advisor for the "20th & 21st Centuries' Chinese Art".

Ravenel Art Group, incorporated in June 1999, receives the complete professional and technical support from Drouot – a major French artwork auctioneer with long-lasting history. Its tenet is to introduce refined European culture, synchronize artistic creation and investment, and push forward contemporary Chinese art. Ravenel brings about dedicated and systematic collection and artistic works investment to enterprises, collectors and foundations across Asia by means of artwork auction which focuses on oil painting and sculpture, intermediary service, art fund investment etc.

It provides important overseas media and art institutions with Chinese artists and dynamic information in China's contemporary art market via the online platform (http://ravenel.com) by presenting exhibition for contemporary Chinese artists in cooperation with major overseas art institutions, in order to facilitate long-term development of Chinese art in international arena.

Ravenel Art Group has two major art-related departments: Ravenel European Art Auctioneer and Ravenel Art Investment. Through 10 years' unremitting efforts, the numerous businesses including auction, intermediary service, web site, exhibition etc. have achieved remarkable results. New programs such as insurance, fund, foundation and so on are now under preparation. In 2006, along with the strategic expansion in China mainland, Ravenel Beijing was established. Ravenel Art Group will inevitably provide enterprises, collectors, foundations as well as other institutions and individuals with abundant and more professional collection and investment services.

Purpose

Introducing refined European culture

We cannot talk about the evolvement of art without mentioning Europe. Europe represents delicacy and particulars and embodies richness and plurality. The unique cultural connotation in Europe has received recognitions from numerous artists and scholars for centuries. In this regard, the 19th century's Salon Culture in France represents an important stage. In France during the reign of Louis XIV, the expressions from castle, yard and art mean the ultimate goals in Europe and even in the world. From then on, the Salon Culture was penetrating into other European countries with an overwhelming tendency.

It was not only the vogue of the then literary circle, but also means the refined and pluralized cultural connotation and traditional modality through accumulation. In following changes of the trend of thought, the Salon Culture had contributed mentally to the French Revolution, the Democratic Movement, and artistic reform etc. Its contribution cannot be ignored even to the flourishing cultural enlightenment in Europe.

Ravenel is dedicated to introducing the Salon Culture and expects to bring into play the fundamental spirit of that culture – establishing refined life style, to promote exchanges of culture and thought, and to introduce the Chinese art and culture to international arena.

Pushing forward contemporary Chinese art

China, with over five-thousand-year civilization, is now in an era of changes. In the middle of edification, stimulation, discrepancy and struggling for traditional Chinese culture and modern Western civilization, those artists have created a wording culturally suitable for this period through impact. Contemporary art just represents a much featured aspect in this wording. The particularity is that it is close to life and expresses the potential insaneness and strength in the era and life with unique spiritual connotation. Based on traditional Chinese culture and driven by economic boom, contemporary China is drawing numerous strange and yet curious attentions in international arena. The contemporary Chinese art, which just echoes to the times, has naturally become a highlight.

Ravenel is willing to play a role that bridges the Eastern and Western culture, and it is dedicated to recommending the most representative artworks of this era directly to key collectors, enterprises and funds in the world. Meanwhile, Ravenel is making unremitting efforts to bring into play the essence of Chinese art in international market with its unique demeanor.

Synchronizing artistic creation and investment

Artwork is provided with a variety of complicated and peculiar factors such as rareness, history, aesthetics, philosophy etc. This way, the monetary value of a specific artwork cannot be defined under general concept of commodity on the one hand, and the artwork is always hard-won because of its unique spiritual attribution on the other hand. These factors have defined that a fine artwork will have increasing value as the time goes, so it is an optimum tool for long-term investment.

Dedicated to providing masterships of top-class Chinese and Western artists, Ravenel Art Group defines the current value of potential artists and their works to enter the future history of art with professional standard and international vision. In light of this concept, Ravenel extends most scientific data analysis in cooperation with major banks around the world and follows the trend of global art market on a long-term basis. Interaction is favorable between Ravenel and personages in the art industry, so the group is kept informed on latest trend of the global market.

The Art & Investment magazine, a refined quarterly publication, gives detailed and in-depth description and analysis on situation of Chinese art market and artworks by Chinese when recommending works to the West. Thus, the quarterly magazine with auction catalog has become a basis and guideline for collectors in terms of price and quality.

Based on above advantages and specialty, Ravenel Art Group has planned art investment projects for several enterprises and foundations; meanwhile, generous return is guaranteed.

Professional and pluralized art collection

Art investment must be established based on considerable financial strength for distribution of risks. The key lies in professional insight and control over the market. To better serve the collectors and investment institutions, Ravenel European Art Auctioneer and Ravenel Art Investment Consulting under Ravenel Art Group are focusing on oil painting and sculpture by professional operation, so most specialized art investment is assured. As the pluralized investment pattern has been set up, Ravenel is extending optimum options to those in love of art by the most prudential, most opened and most objective means in cooperation with related financial sectors on the basis of auction, intermediary service, art foundation and so on.

As a window of collection and investment tailored for collectors by Ravenel Art Group, Ravenel European Art Auctioneer presents every artwork perfectly with rich connotation and without neglecting any detail, through the flows of auction, by strengthening all particulars from preview with refined arrangement to set off different themes before official auction and appreciation events in salon to creation of auction catalog and in-depth description to the pieces. An auction is just an interaction between art and soul; an artwork may also become a legend and a much-told story.

Characteristics

Drouot Auction Consortia (Drouot Commissaire-Priseurs), Paris

Drouot Auction Consortia (Drouot Commissaire-Priseurs), Paris, is the most ancient artwork auction organization existing in the world. Every year, auctions accounting for one-third of the turnover in global art auction market are called here, and 16 auctions are sponsored every day on average.

Four-hundred-year Commissaire-Priseur system

The foundation of Drouot is closely related to the Commissaire-Priseur system with a history of four hundred years in France. In 1552, Henry II, then French Emperor, launched the firm for the "maîtres priseurs-vendeurs". Those professional auctioneers became the "Commissaire-Priseurs" later. Traditionally, Commissaire-Priseur is the official auction executor in France who, in the capacity of judicial officer, must play a neutral role of arbitration.

Professional, precise college education and concrete training

To be qualified for that hammer, a Commissaire-Priseur must receive professional and precise college training (especially for the history of art and law), intern for three years in a Commissaire-Priseur firm, and then pass the national examinations. Upon receiving the qualification, the Commissaire-Priseur cannot serve genuinely until practicing in France only. The Drouot Auction Consortia (Drouot Commissaire-Priseurs) is just established by responding to this tradition. In this period, any auction could not be performed until it was sponsored by a French organization; no such event was allowed if executed by people from other institutions in France.

Swift transformation, orientation to the world

However, such situation has changed when J. Toubon, former Minister of Justice in France, promulgated the act of opening the auction market on January 1st, 1998, upon buildup of the European Union. This way, Commissaire-Priseur is no longer the professional in France that can perform all auction activities than mandatory auction in court within the French territory.

Thinking highly of the great China region, a booming art market, Drouot has launched a series of planning enthusiastically. While exploring source of funds and transforming to a genuine corporate entity, it also engages in business in other countries besides France, earnestly supporting the Ravenel Art Group in Taipei. Drouot, a time-honored auction consortia with a pool of specialists, is challenging the booming international art market with a brand-new pose.

Drouot Auction Headquarters, Paris

Richelieu Auction House

Drouot Auction Headquarters, located in Richelieu, Paris, represents the French history of auction. The auction house was built during the Second Republic of France, with a history of over one hundred years. The original building was rebuilt in 1980 because of time-wearing. The entire building, three-story, occupies a site area of 10,000m², consisting of sixteen halls. The auction house sponsors shows and auctions every day. It is capable of performing 3,300 auctions in a year, and as many as 700,000 articles could be sold. The north corner of the auction house is a paradise for dealers of used goods, as liquidation sale for modern furniture, electric household appliance and spare parts of gears is available here. In addition, two used vehicle auction spaces are supplied outside the north exit, of which one is 7,000 m² and the other is 4,500 m². Special-purpose used vehicles are auctioned including public utility vehicle, mini antique car, wagon car etc. However, there are also second-hand new vehicles because of cancellation of loan contract or equipment lease contract. The headquarters in Richelieu is a witness of intermittent auctions, colorful, pluralized and dynamic.

Montaigne Auction House

Montaigne Auction House is situated on the beautiful and elegant Avenue Montaigne in Paris, on both sides of which are gathered head offices of all world-top luxury brands such as Chanel, Christian Dior, Louis Vuitton and so on. In September, the fashion brands in this avenue will jointly sponsor a grand gathering for announcing the vogue and trend of next year. This gathering has also become an important annual congregation for upper class in France. In the boutiques, the shopfronts will be decorated and finished meticulously during the event, and most delicate shows and displays are extended. Personages and distinguished guests are received with champagne, and goblets flash from hand to hand. Drouot Montaigne Auction House has been in this gathering since 1987. The auction only sells premium-priced masterpieces during this period. As long as there is important artwork for auction, the scene is transmitted to US and Japan via satellite for synchronized auction. Numerous media will be attracted, waiting for those rare and world-class pieces to be brought.

Ravenel Art Space

The Ravenel Headquarters is located on Dunhua South Road, eastern Taipei. The Beijing Office is located on Jianguo Road, surrounded by a lot of well-known enterprises and vogue-leading international flagship stores. The two places are both ideal landmarks in metropolis. Selection of office place is of symbolic significance as a part of corporate culture. This way, Ravenel Art Space is designed on the basis of three key factors: future, professionalism, and internationalization. They echo to the concept for operation of Ravenel as well – introducing refined European culture, promoting the concept of contemporary art, and bringing Chinese art to international arena.

Refined and professional art space

Unsophisticated materials such as glass, metal and silver foil contribute to the main structural elements of the Ravenel Art Space, corresponding to the interior traffic flow planning, exhibit display, lighting arrangement, and color utilization. The lighted wall of front door perfectly matches luminous yarn curtain; soft beams and silver-foiled columns bring a futuristic space. In a visit to Ravenel, the light changes from the entrance. The artistic quality is advent that emphasizes refinement and particulars. In general, the tone of lighting in front door is vibrant. As long as there is any visitor, the luminance turns darker to avoid disturbance by irrelevant matters, delivering the information of "no disturbance". In the evening, the pattern of lighting is from backward and penetrating. Even when all staff is off duty, the intense artistic feeling is still touchable. The colorful lighting design actually comes from one of the design concepts looking into the next century. In terms of traffic flow, the column at the silver-foiled entrance is the axis, echoing the embedded space on the wall. Flower arrangement highlights the mastermind combining art with life. The meeting room, showroom and VIP lounge, office area, and storage room deliver a style of simplicity on the basis of pro-white or transparent colors and materials. The overall style extends to the General Manager's Office, where office desks and chairs by well-known designers fill the space with a modern feeling. B&O telephone meets well the style of wall deco perfectly. In the corner beside the window, the round table and chair creates a small conversation area, ensuring that even professional consulting can carry on within such a short distance and under leisure.

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Right to Opt In and Opt Out

When providing personal information on our website you may have the option of choosing to, or not to, receive promotional information from us. You may request us to discontinue such correspondence at any time by sending us an e-mail.

Privacy

We will not share your Personal Data with anyone outside the Ravenel Art Group.

Security

Web-site

In general, you may browse our Internet site anonymously. However, some online services require the collection of personally identifying information, such as your name, address, and, if appropriate, your credit information.

For transactions over the Ravenel Art web-site involving particularly sensitive information, such as credit card numbers and accounting information, Ravenel Art will employ accepted transmission and storage protocols, such as encryption, to prevent this information from being disclosed. This means that when you type in sensitive information such as credit card details, it will be automatically converted into codes before being securely sent to us over the Internet.

This information will be used for processing transactions but may also be used for internal data processing, such as compiling statistical information about your interests and the use of our Internet site. As a service to you, we may also use this information to customize the content we offer.

Email

Business Relationships

Cookies

Artnet (Past Sales Results)

Phishing

Exceptions

Changes to this Privacy Policy

Contact

Establishing integrative collection for professional collectors

Taking into consideration different requirements of collectors on space allocation, artwork layout or investment and taxation planning for art collection etc., Ravenel Art Group tailor-makes professional, objective and precise artwork collection consulting service for every individual collector on a project-oriented basis with the aim to improving the standard of living aesthetics and advancing professional investment collection.

During consulting service, Ravenel emphasizes the target-oriented principle of communication, addresses client's favor and idea about artwork, and centers on diversity other than unilateral position and market analysis. Through comprehensive view on the trend of world art market and general analysis for client, Ravenel will definitely leave a space for every client to run their own aesthetics. Then, adjustment and suggestions will be given so as to consolidate the client's own taste and work towards the investment in art.

Planning for enterprises and foundations

Many major enterprises and related foundations around the world have now engaged in the field of art with such purposes: firstly, to improve corporate image; secondly, to diffuse the influence of enterprises or foundations in history from generation to generation by art collection. Moreover, artwork is often the best investment tool that belongs to the key program of enterprise's taxation planning.

Thanks to advantageous related industries operated by the group such as the affiliated insurance company, financial group, shipping group etc., Ravenel Art Group is now planning the mid- and long-term development projects on the basis of its global resources everywhere in the world according to needs of a variety of enterprises and foundations.

Professional art consulting service for private luxury residences and enterprise headquarters

Ravenel provides professional, objective and precise art consulting services on a project-specific basis according to diversified requirements of luxury residences and enterprises headquarters, including the need on space allocation and artistic deco, improvement of life aesthetics, specialized investment, or pure love of art. In the process of consultancy, Ravenel addresses interactive communication and pays attention to opinions and thoughts of clients. It does not impose any unilateral standing, but it reserves an orientation for client to operate its own aesthetics. In comparison with operation of one's own aesthetics and improvement of the genuine image of a luxury house, the enterprise's investment plan for art is more important.

Appraising and valuating Western art

It is just under the technical support of France-based Drouot that Ravenel can invite internationally recognized and most authoritative special art appraisers or living important artists from the West to provide clients with most professional appraisal service. The field of valuation ensures availability of latest trend of any artwork in international market and the most accurate evaluation of its market price because of frequent exchanges with the information network in global market.

Planning for public art

Ravenel plans for large-scale, important public art and engages in construction of urban culture. The planning and implementation of all public arts shall focus on Western contemporary art masters. Until now, Ravenel has been entrusted by quite a few well-known enterprises in China mainland to plan public space or invite international artists to Taiwan or even purchase masterpieces from the West on an agent basis.

Building an international platform for dissemination of Chinese art

Ravenel is dedicated to building a top-grade online art platform, which does not only specify the origin of Ravenel, professional services, illustration of the auction flows and procedures, detailed information of pieces for auction etc., it also carries out online auction simultaneously in the middle auction. Usually, there are also online auctions on a regular basis. In addition, Ravenel supplies relevant information concerning international art market to artists, art institutions and overseas media, as well as online display, multimedia information sharing platform etc.

Running art foundation for pluralized investment

In the long run, Ravenel operates art foundations for clients and is dedicated to the pursuit of favorable and potential artworks for investment. In 2005, the art foundation achieved over 50% return rate for its clients. In comparison with other investment tools including real estate and equities, the yield is remarkable. This also proves that art is also a fine investment channel in addition to its interest of collection and value of appreciation. Ravenel emphasizes operation of art foundation with pluralized investment approaches. It is worth mentioning that investment return will not be guaranteed until refined selection is made on quality through purchase of artwork.

Exploring overseas market for Chinese artists

Ravenel is not only provided with international vision and qualification, thanks to years' efforts, it has established favorable and long-term cooperation with major art museums in the world, foundations, collection institutions, and exhibition planners. Ravenel, based on integrating the essences from the East and West, adheres to professionalism and refinement by sponsoring important overseas shows for contemporary Chinese artists and building a broader art platform for the artists. Ravenel is bringing contemporary art in China to a more splendid international arena.

Financing art education effectively

The corporate culture of Ravenel contains return to the society and continuous attention to art education. More importantly, the culture has always maintained intense focus on the integral development of the contemporary art in China, all-round improvement of the education on arts for the Chinese people, and the care about living environment of young artists, especially the progress of arts education started when the learner is still young. Ever since its establishment, Ravenel Art Education Foundation has been dedicated to a variety of colorful approaches to support the art education in China and considerable financial support with the funds.

Persistence of Ravenel

Ravenel is persistent towards this cause without ignoring any detail and shines professionally in every aspect of its services, even for a single piece of auction catalog or a preview

Auction Catalog

The information of all works has been elaborated meticulously, including shows the appraised pieces have engaged in, published albums the works were ever in, as well as previous owners, availability of particular legendary stories etc. In each auction, the price is defined only if in-depth study has been carried out across the global art market. Indeed, the Ravenel auction catalog is a reference of art which deserves collection as well.

Auction Preview

The pieces for auction are always presented in a variety of forms according to professional display space planning. Different auction atmospheres are designed according to diversified themes. In light of the meticulous arrangement by Ravenel, the preview is similar to an international standard feast of art.

Sharing of experience for art

Ravenel sticks to the attitude that art service is a kind of sharing of experience from time to time. Ravenel provides clients with detailed information on international art market on a long-term basis and initiates interaction among arts lovers, in order to build a broader vision for the Chinese circle.

The following terms and conditions (the "Terms") govern the use of the Website of Ravenel Art Group (the "Company") at ravenel.com (the "Website"). BY ACCESSING AND USING THE WEBSITE, YOU ACCEPT AND AGREE TO BE BOUND BY THESE TERMS AND CONDITIONS. If you do not accept or agree to be bound by any of these Terms, you may not access or use the website. The Company may change, modify or revise the Terms at any time by updating the text of this page, without notice to you. You are bound by any such modification or revision and should therefore visit this page periodically to review the Terms.

Specific rules, in addition to these Terms, are provided with respect to transactions conducted on or in connection with the Website, and other rules may be provided for the use of certain other items, areas or services provided on or in connection with the Website, and you agree to be bound by such rules.

WARNING: The Website contains uncensored images and literature on a wide range of art, and may include nudity that some people may consider offensive. This content is not intended for minors.

Propriety Rights

The contents of the Website, such as text, graphics, images, photographs, illustrations, logos, button icons, audio, other visuals, video, copy, data, software, coding, scripts, computer programs and other material (the "Material"), are protected by copyright under the laws of Taiwan as well as other countries, and are owned or controlled by the Company or by third parties that have licensed their Material to the Company.

Limited Use and Prohibited Use

Unauthorized use of the Material may violate copyright, trademark, and other laws. Any commercial use, distribution or publishing of material from the website is strictly prohibited unless you have the express written permission of the Company. The Company authorizes you to view and download a single copy of the Material solely for your personal, internal use. Some of the Material may contain digital "watermarks" to indicate their source and ownership. You agree not to attempt to remove, deactivate, reverse engineer, modify, tamper with or obscure any such watermarks.

Copyright Agent

If you believe that your work has been copied in a way that constitutes copyright infringement, please provide the Company's Copyright Agent the following information:

• an electronic or physical signature of the person authorized to act on behalf of the owner of the copyright interest
• a description of the copyrighted work that you claim has been infringed
• a description of where the Material that you claim is infringing is located on the site
• your address, telephone number, and e-mail address
• a statement by you that you have a good faith belief that the disputed use is not authorized by the copyright owner, its agent, or the law
• a statement by you, made under penalty of perjury, that the above information in your Notice is accurate and that you are the copyright owner or authorized to act on the copyright owner's behalf

The Company's Copyright Agent for Notice of claims of copyright infringement on its site is David Kearney who can be reached as follows:

David Kearney
Ravenel Art Group
15F-2, No. 76, Sec. 2, Dunhua S. Rd.,
Da-an District, Taipei 10683, Taiwan
+886 2 2708 9868
Email: davidkearney@ravenel.com

Trademarks

The trademarks, logos and service marks (the "Marks") displayed on the Website are owned by the Company or third parties. You are prohibited from using the Marks without the express, prior written permission of the Company or such third party.
If you violate any provision of these Terms, your permission to use the Material and the Website automatically terminate and you must immediately destroy any copies you have made of the Material.

Privacy Policy

The Company maintains a strict privacy policy concerning users of the Website. The Company does, however, gather certain information that you provide to the Website. The Company polices regarding user information is contained in our Privacy Policy to which you are directed to study.

Submitted Materials

By posting any communications or materials to the Website, you grant the Company irrevocable and perpetual non-exclusive use of all such material in any way whatsoever deemed by the Company without the need to pay royalties.
The Company does not screen communications in advance and is not responsible for screening or monitoring material posted by Users. As a User, you are responsible for your own communications and are responsible for the consequences of their posting. You must not do any of the following things while accessing or using the Web Site or using the Material:

1. post or transmit any material unless you are the owner of all patent, trademark, copyright, trade secret or other proprietary rights ("Rights") therein, or have the permission of the owner of the Rights to post or transmit such material to the Web Site
2. post material that otherwise violates any Rights of any third party or violates or infringes on the privacy or publicity rights of third parties
3. post material that is obscene, defamatory, threatening, harassing, abusive, hateful, embarrassing or otherwise objectionable to another User or any other person or entity
4. post sexually-explicit language or images
5. post advertisements or solicitations of business
6. post or transmit any chain letters or pyramid schemes
7. impersonate another person or entity
8. intentionally or unintentionally violate any applicable local, state, national or international law while using or accessing the Web Site or the Materia
9. post or transmit any information containing a virus or other harmful component.

The Company reserves the right to monitor and review all material posted by you on the Website, and may delete or destroy any material submitted to the Website at any time without the necessity of providing any reason by the Company

Prohibited Engagement

When using the Website you agree that you will not in any way engage in: any illegal behavior, impersonation, inserting any third party material or advertising, attempting to access any restricted databases or computer systems, harvesting information, disrupting, impairing or damaging the Website in any way. 

Links to the Website

You agree that if you include a link from any other web site to this Website, such link will opened in a new browser window: and link to the full version of an HTML formatted page of this Website. You are not permitted to link directly to any image hosted on the Website or our services, such as using an "in-line" linking method to cause the image hosted by the Company to be displayed on another web site. The Company reserves the right to insist that any link to the Website be discontinued, and to revoke your right to link to the Website from any other web site at any time upon written notice to you.

Third Party Web Site Links

You may be able to link from the Website to third party web sites and third party web sites may link to the Website ("Linked Sites"). Examples of Linked Sites include artnet.com, Ravenel Art International Realty, Ravenel Art Institute of Art, and Ravenel Art Diamonds. You acknowledge and agree that the Company has no responsibility for the information, content, products, services, advertising, code or other materials which may or may not be provided by or through Linked Sites, even if they are owned or operated by affiliates of the company.

Links to Linked Sites do not constitute an endorsement or sponsorship by the Company of such web sites or the information, content, products, services, advertising, code or other materials presented on or through such web sites. Any reliance on the contents of a third party web site is done at your own risk and you assume all responsibilities and consequences resulting from such reliance. Under no circumstances will the Company be held responsible or liable, directly or indirectly, for any loss or damage that is caused or alleged to have been caused to you in connection with your use of, or reliance on, any content, goods or services available on any other site. You should direct any concerns to that site's administrator or webmaster.

Orders for Products and Services of the Website

The Company may make certain products available for purchase through the Website, including, for example, the Company’s auction catalogue. You may only order products if you are 18 years old or older. You agree to pay in full the prices for any purchases you make either by credit/debit card concurrent with your online order or by other payment means acceptable to Ravenel Art. You agree to pay all applicable taxes. If payment is not received by the Company from your credit or debit card issuer or its agents, you agree to pay all amounts due upon demand by the Company. Certain products that you purchase and/or download on or through the Website may be subject to additional terms and conditions presented to you at the time of such purchase or download.

Disclaimer of Warranties

THE COMPANY MAKES NO WARRANTY OF ANY KIND REGARDING THE WEBSITE, ITS CONTENTS, MATERIALS OR FUNCTIONS. THE COMPANY DISCLAIMS ANY WARRANTY REGARDING ACCUARACY AND TIMELINESS OF ANY INFORMATION CONTAINED ON THE WEBSITE. THE COMPANY TRIES TO ENSURE THAT THE INFORMATION POSTED ON THE SITE IS CORRECT AND UP-TO-DATE, HOWEVER THE COMPANY WILL NOT BE LIABLE FOR ANY INACCURACY OR OMISSION CONCERNING ANY OF THE INFORMATION PROVIDED ON THE WEBSITE. YOU USE THE WEBSITE AND THE MATERIAL AT YOUR OWN RISK. WE RESERVE THE RIGHT TO CHANGE OR MAKE CORRECTIONS TO ANY OF THE INFORMATION PROVIDED ON THE SITE AT ANY TIME AND WITHOUT ANY PRIOR WARNING.

Limitation of Libility

IN NO EVENT SHALL RAVENEL ART, OR ANY OF ITS DIRECTORS, EMPLOYEES, AGENTS OR CONTENT OR SERVICE PROVIDERS (COLLECTIVELY, THE "PROTECTED ENTITIES") BE LIABLE, WHETHER IN AN ACTION BASED ON A CONTRACT INDEMNIFICATION, OBLIGATION, TORT (INCLUDING WITHOUT LIMITATION NEGLIGENCE), COLLATERALLY OR ARISING FROM ANY STATUTORY DUTY, PRE-CONTRACT OR OTHER REPRESENTATIONS, OR OTHERWISE, HOWEVER ARISING, FOR ANY ECONOMIC LOSSES (INCLUDING, WITHOUT LIMITATION, LOSS OF REVENUES, PROFITS, CONTRACTS, BUSINESS, GOODWILL OR ANTICIPATED SAVINGS) OR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES ARISING FROM, OR DIRECTLY OR INDIRECTLY RELATED TO, THE USE OF, OR THE INABILITY TO USE, THE SITE OR THE CONTENT, MATERIALS AND FUNCTIONS RELATED THERETO, YOUR PROVISION OF INFORMATION VIA THE SITE, LOST BUSINESS OR LOST SALES, EVEN IF SUCH PROTECTED ENTITY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SOME JURISDICTIONS DO NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES SO SOME OF THE ABOVE LIMITATIONS MAY NOT APPLY TO CERTAIN USERS. IN NO EVENT SHALL THE PROTECTED ENTITIES BE LIABLE FOR OR IN CONNECTION WITH ANY CONTENT POSTED, TRANSMITTED, EXCHANGED OR RECEIVED BY OR ON BEHALF OF ANY USER OR OTHER PERSON ON OR THROUGH THE SITE. IN NO EVENT SHALL THE TOTAL AGGREGATE LIABILITY OF THE PROTECTED ENTITIES TO YOU FOR ALL DAMAGES, LOSSES, AND CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT, INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE OR OTHERWISE) ARISING FROM THE TERMS AND CONDITIONS OR YOUR USE OF THE SITE EXCEED, IN THE AGGREGATE, THE AMOUNT, IF ANY, PAID BY YOU TO RAVENEL ART FOR YOUR USE OF THE SITE OR PURCHASE OF PRODUCTS VIA THE SITE (NOT INCLUDING AUCTION ITEM PURCHASES).

Indemnity

You agree to defend, indemnify and hold harmless the Company, its directors, employees and agents from any and all claims, liabilities, costs, losses, indirect losses, and expenses, including reasonable attorneys' fees, without limitation, arising in any way from your use of the Website, materials or the services thereon, your breach of the Terms, and/or your violation of the law, including infringement of any intellectual property or other right of any person or entity. 

Local Legal Standards

The Company makes no claim that the Materials are appropriate for any particular purpose or audience, or that they may be downloaded outside of Taiwan. Access to the Materials (including Software) may not be legal by certain persons or in certain countries. If you access the Website from outside of Taiwan, you are responsible for compliance with the laws of your jurisdiction. Persons who choose to access the Website do so on their own initiative, and are responsible for compliance with local laws, if and to the extent local laws are applicable.

Legal Jurisdiction

The Terms and the relationship between you and the Company will be governed by the laws of Taiwan, without regard to its conflict of law provisions. You agree that any cause of action that may arise under the Terms will be commenced and be heard in the appropriate court in Taipei, Taiwan. You agree to submit to the personal and exclusive jurisdiction of the courts located in Taipei. The Company’s failure to exercise or enforce any right or provision of the Terms will not constitute a waiver of such right or provision. Any waiver of any provision of these Terms by Ravenel Art must be made in writing and signed by an authorized representative of Ravenel Art specifically referencing these Terms and the provision to be waived. If any provision of the Terms is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties' intentions as reflected in the provision, and the other provisions of the Terms remain in full force and effect.

Further Inquiries

You may direct questions about these Terms and Conditions, or other issues, to:
Ravenel Art Group
15F-2, No. 76, Sec. 2, Dunhua S. Rd.,
Da-an District, Taipei 10683, Taiwan

The following provisions are entered into by and between the Company, as the auctioneer, and the Seller (hereinafter the "Seller"). This Agreement is also entered into by and between the Company as the agent of the Seller and the Buyer (hereinafter the "Buyer"). Both the Buyer and the Seller must carefully review all provisions hereunder. The Buyer should pay special attention to Article 5 which provides limitations as to the legal responsibilities of the Company.

1. The Buyer
   1. Ravenel as the Agent

      The Company, as the auctioning party, shall act as the agent of the Seller. Except otherwise provided, items successfully sold in the auction held by the Company shall be bound by the agreement made by and between the Seller, through the agency of the Company, and the Buyer.

   2. Prior to the Auction
      1. Authentication

         We strongly recommend that the prospective buyers conduct their own authentication for the items they are interested in bidding prior to the auction. We provide no guarantees to the buyer (with the exception of the guarantee with regard to counterfeits as defined in Section III of the Transaction Agreement).

      2. Important Notice

         Attention, prospective buyers: As far as possible, the descriptions of auction items will mention obvious defects of the items; however, they do not necessarily include all flaws, defects, or incomplete aspects. The Company regrets that it is unable to guarantee that the wristwatches on auction are in good working condition and the descriptions in the catalogue must not be construed as implying such. The description of the auction items also do not imply that the items have not gone through readjustment or repair or allude anything about the current state or storage conditions of the items. Any omission in the catalogue description regarding the current condition or the appraisal of defects in the items by no means represent that those items are in good condition, function normally, or that there will be any free repair or replacement of parts. We strongly recommend prospective buyers to personally view the items for which they plan to bid before the auction itself. If a prospective buyer is unable to view an item for whatever reason, then in our role as a service provider, we would be more than happy to offer our opinion of an item's special characteristics and current condition. However, the Company is not a professional restorer of wristwatches; therefore, any description in the catalogue is purely the Company's subjective opinion and not a statement of fact.

         Please note: The outer shells of many of the water-resistant watches have been opened in order to investigate their working condition and their type; therefore, it must not be assumed that they are currently water-resistant. We recommend buyers to have such watches checked by a competent watchmaker before use.

         Please note: The restoration of the items on auction may have resulted in original parts being replaced; therefore, we are unable to guarantee that any given watch's parts are from the original set of parts.

         All of the items on auction are being sold in "as is" condition.the Company does not provide any representation or guarantee as to the condition of any of the items. Unless otherwise stated, the Company does not provide any warranty with the items.

      3. Symbol Key

         The following key explains the symbol you may see inside this catalogue.

         Premium Lot
         In order to bid on "Premium Lots" the Buyer must complete the required pre-registration application and deliver to Ravenel such necessary financial references, guarantees, deposits and / or such other security as Ravenel's may in its absolute discretion require for your bid. Ravenel decision whether to accept any pre-registration application shall be final. We recommend you complete and return the Lot pre-registration form in this catalogue in the manner required therein or contact Ravenel at least 5 working days prior to the relevant sale in order to process the pre-registration. Please bear in mind that we are unable to obtain financial references over weekends or public holidays. Ravenel will provide a special paddle number for the register of "Premium Lot".

         ｏGuaranteed Property
         The Seller of the Lots with this symbol next to the Lot number has been guaranteed a minimum price from one auction or a series of auctions. This guarantee may be provided by the Company, by a third party or jointly by the Company and a third party. A guarantee may be in the form of an irrevocable bid provided by a third party. Third parties providing or participating in a guarantee may benefit financially if a guaranteed Lot is sold successfully and may incur a loss if the sale is not successful. If third parties providing or participating in a guarantee is the successful bidder for the guaranteed Lot, they should be required to pay the full service fee.

      4. Catalogue Explanations

         Any statement of the author, history, date, year, size, material, ownership, authenticity, origin, condition of preservation or estimated selling price of any of the Lots shown in the catalogue or the authentication opinion made by the Company, or any other verbal or written statements made separately shall be solely statements of opinions and shall not be deemed the basis for the statements of actual fact. The photographs shown in the catalogue shall serve as reference only and shall not be deemed as the basis for determining the color or tone of any Lots or disclosure of the defects of such item. The estimates of the auction price shall not be deemed the price at which such item will be successfully sold or the statement of the value of the item for other purposes.

         Many auction items fail to maintain their perfect condition because of time and other environmental factors. Some of the explanations in the catalogue or the authentication opinions will state defects and/or the repair background of the Lots. Such information is meant for reference only. Missing information in the statements does not mean the Lot has no defects or has not been repaired. Any statement of one particular defect does not mean there is no any other defect.

      5. Responsibility of the Buyer

         The Buyer is responsible for clarifying and satisfying himself about the condition of the items and any related matters stated in the catalogue descriptions.

   3. In the Auction
      1. Refusal of Admission

         The auction is held at the premises of the Company or any location where the Company has control of for the auction. The Company has full discretion to exercise the right to refuse entry to the premises for the auction or to prevent participation in the auction.

      2. Registration Prior to the Bidding

         Prospective buyers must fill in and sign the registration forms prior to the bidding and provide personal identification. Prospective buyers should also note that the Company may be requested to conduct credit checks against buyers.

      3. The Bidder is the Buyer

         Unless a written agreement has been made upon registration that the bidder will be the agent who acts on behalf of a third person and such third person is accepted by the Company, the bidder will be deemed as the Buyer who will bear individual legal responsibilities.

      4. Commission Bids

         The Company will make every effort to bid for the prospective buyers who instruct us to bid on their behalf by using the forms attached to the explanations of the catalogue; provided, however, bid commission instructions are delivered to the Company prior to the auction. If the Company receives several commission bids for one particular item, with all bid prices being equal and of the highest bid price at the auction, priority shall be given to the Buyer whose bid commission is delivered to the Company first. Commission bids are subject to auction conditions. The situation at the auction may prevent the Company from making the bid as commissioned. This is a free service provided by the Company to the prospective buyers pursuant to the provisions prescribed.The Company will not be held legally liable if it fails to make the bid as commissioned. Prospective Buyers should attend the auction in person if they wish to ensure a successful bid.

      5. Bid by Phone

         The Company will make proper effort to contact the bidder so he can participate in the auction by phone if the prospective buyer make arrangements with the Company prior to the auction. However, the Company will bear no responsibilities to the Seller or any prospective buyer if no contact is made under any circumstances.

      6. Exchange Rate Conversion Board

         There will be an exchange rate conversion board operating at some auctions. The exchange rate is calculated at the exchange rate of the one-month future goods reported to the Company from the bank when starting business on the day of the auction. Nonetheless, the auction will still be conducted in NT dollars. The exchange rate conversion board is not absolutely reliable. The accuracy of either the Lot numbering shown on the board or the equivalent of the bid price in any foreign currency is not within the control of the Company. The Company will not be responsible for any losses caused by the reliance of the Buyer on the exchange rate conversion board.

      7. Recorded Images

         There is image projection in some auctions; however, errors may occur during the operation. The Company is not liable for the color accuracy of the reproduced image and whether the projected image corresponds to the item being auctioned.

      8. Determining Power of the Auctioneer

         The auctioneer has the absolute power to reject any bid, push for bids at his discretion, withdraw any auction items, separate or combine two or more auction items, and if there is any error or dispute, re-auction the items.

      9. Successful Bids

         Under the discretion of the auctioneer, the fall of the hammer indicates the acceptance of the highest bid price, i.e., the Seller and the Buyer enter into a successful auction agreement.

   4. Following the Auction
      1. The Service Fee of Each Lot Payable by the Buyer
         1. The Buyer should pay the hammer price and, in addition, the service fee to the Company. For hammer price below HK$ 8,000,000 (inclusive), the service fee should be calculated at 20% of the hammer price.
         2. For hammer price higher than HK$ 8,000,000, the first HK$ 8,000,000 should be calculated at 20% and the rest of the amount should be 12%.
         
         
      2. Taxes

         All the payments payable by the Buyer to the Company do not include any government tax any commodity or service taxes or any other value added taxes. The Buyer should be responsible for paying any applicable taxes as required by the law.

      3. Payment

         The Buyer should provide his name and permanent address to the Company upon the successful bid. Relevant bank information should also be provided upon request. All payments due (including the hammer price, service fee and any applicable taxes) should be paid within 7 days following the auction date. The aforesaid provision also applies if the Buyer intends to export the Lot and (may) need the export permit.

         If the Buyer fails to pay to the Company all the payments due, the Buyer will not acquire the ownership of the Lot even if the Company has delivered such item to the Buyer. If the payment to Ravenel are made in any currency other than HK dollars, the Company will collect from the Buyer any foreign exchange expense incurred therefrom, including bank charges and foreign exchange service fees. The exchange rate of the payments to the Company in any currency other than HK dollars should be the exchange rate reported by the Hongkong and Shanghai Banking Corporation (HSBC) to the Company on the auction date and should be based on the certificates issued by the Company according to such exchange rate.

      4. Collection of the Lot Sold

         Unless otherwise agreed by the Company, the Company will hold temporarily the successfully sold Lots until all payments to the Company are made in full. The Lot will be covered by the insurance of the Company from the auction date for 7 days during the temporary holding period. The insurance coverage will terminate upon collection of such item. The Buyer should be responsible for all risks following expiration of the said 7-day period or the collection (whichever is the earlier).

      5. Packaging and Transportation

         The Buyer is requested to note that he should bear all the risks upon expiration of the said 7 days period or from collection of such items.

      6. Referral of Packaging or Transportation Companies

         The shipping department of the Company may act as the agent of the Buyer to arrange for delivery. Although we can refer freight forwarders upon special request, the Company will not be held liable for any legal responsibilities in this regard.

      7. Remedies for Non-Payment or Non-Collection of Items Sold

         The Company is entitled to exercise one or more of the following rights or remedies if the Buyer fails to make payment within 7 days:

         1. An interest at the annual rate of no higher than 10% plus the base interest rate of Hongkong and Shanghai Banking Corporation (HSBC) will be imposed on all of the payment due if payment is not made within 7 days following the auction date. Besides, we have the right of charging also 1% selling price (including of hammer price and the commission) multiplied by the number of delayed days as fine for the default. The payment to be made by the Buyer should offset any payment owed by the Company or its subsidiaries to the Buyer for any other transactions.
         2. To exercise lien of any items owned by the Buyer and held by the Company for any purpose. The Company may arrange to sell such items after serving a 14-day notice to the Buyer about his non-payment. The proceeds shall make up for the payment due.
         3. If the Buyer owes the Company several payments as a result of different transactions, the payments will setoff any payments due in any particular transaction, regardless of whether the Buyer specifies to setoff such payments.
         4. Refuse the Buyer to make, or to make on behalf of others, bids in any future auctions and/or to require a security deposit from the Buyer before accepting any future bids from him. If the Buyer fails to make payment within 35 days, the Company is entitled to exercise the following rights in addition to the aforementioned:
         5. To bring legal proceedings against the Buyer on behalf of the Seller to claim the entire payment due and the legal fees resulting from such proceeding based on a total claim.
         6. Cancel the transaction of Lots bid by the Buyer or any other auction items sold to the Buyer at the same or any other auctions.
         7. To arrange a public or private re-sale of the Lot. If the re-selling price is lower, the difference will be claimed against the Buyer together with any cost incurred as a result of the non-payment by the Buyer.
         
         
      8. No Collection of the Lot Sold

         The Company will arrange for the storage of the Lot if such item sold is not collected within 7 days of the successful auction, regardless of payment. Such storage cost will be borne by the Buyer. Only when the storage, shipping, insurance cost and any other expenses together with any other payments due to the Company are paid can the sold Lot be collected.

      9. Export Permit

         Except where otherwise agreed in writing by the Company, the fact that the Buyer's wishes to apply for an export permit does not affect the Buyer's responsibility to make the payments in 7 days; nor does it affect the Company's right to impose interest on delayed payments.

         If the Buyer requests that the Company applies for the export permit on his behalf, the Company is entitled to collect monies made in connection with such an application and any miscellaneous expenses together with any relevant value added taxes.

         If the Buyer makes the payment regardless of the fact that an export permit is needed, the Company is not responsible for returning to the Buyer any interest or other expenses incurred therefrom.

   5. The Legal Responsibility of the Company

      The Company is responsible for returning payment to the Buyer pursuant to Article 6. Otherwise, whether the Buyer, the Company, any employees or agents of the Company will not be held liable for any statements of the author, history, date, year, ownership, authenticity or origin of any auction item or any errors with respect to any explanations and any flaws or defects of any auction item. The Buyer, the Company, the employees or the agents of the Company make no guarantee with respect to any auction items. Any warrantee of any kind shall not be included herein.

   6. Return of Payments for Counterfeits

      The transaction will be cancelled and payments made will be returned to the Buyer if the Lot of the Company is confirmed to be a counterfeit. However, if:

      1. The catalogue explanations or the notice at the auction distributed on the auction day corresponds to the opinions generally accepted by the academic or professional fields;
      2. The method used to prove that the Lot is a counterfeit is a scientific procedure not generally accepted for use before the publication of the catalogue or a procedure unreasonably expensive on the day of the auction, or impractical, or may cause damage to the Lot; the Company is not liable for the return of any payment under any circumstances. In addition, the Buyer's payment can only be refunded when the following terms are met:
         1. The Buyer must notify the Company in writing within 10 days following the auction day that he considers the relevant auction item a counterfeit.
         2. The Buyer must return the Lot to the Company within the following 14 days and the condition of the item must be the same as on the auction day.
         3. Upon returning the Lot, the Buyer must present evidence as soon as possible to convince the Company that the Lot is a counterfeit. The Buyer may also assign the good ownership of the Lot to the Company, which shall not concern any third party claim.

      Under no circumstances is it necessary for the Company to pay the Buyer an amount more than what the Buyer pays in connection with the Lot and the Buyer can not claim interests.

      The interests of the warrantee cannot be assigned and belong solely to the Buyer who receives the original invoice from the Company when the Lot is sold. Such Buyers shall remain the owner of the auction Lot and cannot assign any interest of the Lot to any other person. The Company is entitled to ascertain that the Lot is not a counterfeit based on a scientific procedure or any other procedure, regardless of whether such procedure is being used on the day of the auction.

      The aforementioned does not apply to coins, medals, jewelry and paintings.

2. The Seller
   1. Ravenel as the Agent

      The Company acts as the agent of the Seller at a public auction. The Closing Agreement of the Lot is the agreement by and between the Buyer and the Seller.

   2. Expenses

      The Seller shall bear costs relating to the following:

      1. Packing of the Lot and shipping to the Company for the auction
      2. Any applicable shipping insurance
      3. The packaging and shipping if the item is delivered back to the Seller
      4. Insured under the Company art relic insurance policy (explained in detail later) indicate cohere (we point below)
      5. Any applicable custom duties
      6. Catalogue illustrations
      7. Any repairs made to the Lot as per prior agreement with the Seller
      8. Framing and mounting
      9. Authentication made by independent professionals which the Company believes to be necessary in preparing the catalogue explanations.
      10. Any independent professional opinions which the Company deems proper
      11. The storage of the Lot after the auction (if applicable)
      12. The administration cost of the Company reaches 10% of all the expenses incurred as a result of client services provided.
      13. Any marketing and promotional expenses
      
      
   3. Insurance Coverage to be Arranged by the Company
      1. Unless otherwise agreed by the Company, the Lot will be automatically insured under the the Company art relic policy in the amount as deemed appropriate by the Company. However, the insured amount is not the amount the Company undertakes to be successfully reached during the auction.
      2. The Company will collect 1% of the hammer price from the Seller or 1% of the reserve price if the Lot is not successfully auctioned. If the shipping is arranged by the Company, an additional amount will be collected by the Company from the Seller as the shipping insurance. Such amount varies depending on the individual condition of each auction item. The Company will refer a freight forwarder if necessary. However, the Company is not responsible for any legal responsibilities incurred therefrom.
      3. The Lot will remain insured up to 7 days after the sale. If the Lot has not been sold, it will be at the Seller's risk upon the expiry of 7 days.
      4. We are unable to accept responsibility for damage caused by woodworm or changes in atmospheric conditions.
      
      
   4. Insurance Purchased by the Owner

      If the Seller instructs the Company specifically that it is unnecessary to purchase insurance for the Lot, the risks shall be borne entirely by the Seller until the Buyer makes all the payments. The Seller must indemnify the Company, the employees and agents of the Company and the Buyer (if applicable) any claims in connection with the auction against the Company, the employees and agents of the Company and the Buyer, regardless of the cause of such claim. The Buyer must also pay for the expenses incurred as a result of such claim if requested by the Company, the employees and agents of the Company and the Buyer, even if such expenses are made as a result of negligence by the Company, the employees and agents of the Company and the Buyer without proof of legal responsibility. The Seller must inform the underwriter of the Seller the provision herein.

   5. Commitments Made by the Seller with Respect to the Lot

      The standards for the Company to handle the Lots are provided hereunder. These standards also limit the relationship between the Seller and Buyer. In the event such standards are incorrect in any aspect, the Company or the Buyer may bring legal actions against the Seller.

      The Company should base the purchase and handling of auction items on the following undertaking made by the Seller:

      1. The Seller is the only owner of the Lot and has the unlimited right to assign his ownership to the Buyer which should not concern any third party right or claim (including copyright claims).
      2. The Seller complies with all the laws in connection with the import and export of auction items and any other laws and has notified the Company in writing any failure to comply with such rules in the past.
      3. The Seller has notified the Company in writing of any major modifications in the Lot to the best of his knowledge and any concern the third party has raised with respect to the ownership of the Lot and the condition.

      In the event of any inaccuracy of the above a, b and c, the Seller must guarantee, if requested, to identify fully the Company and/or the Buyer all the claims, costs and expenses arising herefrom, whether caused by the Lot or the auction proceeds.

   6. Auction Arrangements
      1. The Company has absolute discretion over the description of the auction in the catalogue, display layouts, authentication opinions, location and method of the auction, who will be allowed to bid and the acceptance of the bid price, whether to seek professional opinion and whether to combine or separate the Lots.
      2. Any price estimates, whether verbal or written are strictly opinions and shall not serve as a guarantee of the final price for the Lot to be sold.
      3. The Seller cannot withdraw the Lot without obtaining consent from the Company. The Company reserves the right to withdraw the Lots for the following reasons. These reasons include:
         1. The Company is doubtful about the definition or authenticity of the Lot or the accuracy of the statement referred to in Articles 5a, b. or c.
         2. Any violations of the Transaction Agreement.
         3. The Company deems it inappropriate to include the Lot in the auction.
         
         
      4. If the Company or the Seller withdraws the Lot, the Company may charge 40% of the Reserve set by the Seller and the amount equal to the service fee payable to the Company if the auction is successfully sold at the insured amount and applicable value added tax, insurance and other expenses.
      
      
   7. Auction Rules
      1. The Company will auction the item according to the Reserve. The Reserve may not be higher than the minimum of the estimates set in the catalogue except otherwise if the Reserve agreed is in a currency other than HK dollars and the Reserve is higher than the minimum of the estimates caused by the exchange rate fluctuation between the Reserve agreement day and the auction day. Under such circumstances, except where otherwise agreed by the Company, the Reserve shall be in HK dollars calculated by the exchange rate at the closing of the market the day immediately before the successful auction. If the bid price is lower than the Reserve, the Company is in no way to be held liable; however, the Company is entitled to auction the item at a price lower than the Reserve. If the Company so auctions the item, the Company is responsible to pay the Seller the difference between the closing price and the Reserve.
      2. The Seller may not increase the price of sale without fair reasons, nor participate in the bidding of his/her/its auction item(s), however, Ravenel is authorized to bid on behalf of the Seller at the price not higher than the Reserve Price.
   8. After the Successful Auction
      1. Settlement

         Upon the successful auction, the Company will request the Buyer to make full payment no later than within 15 days, including the compensation payable by the Buyer. Upon payment by the Buyer, unless the Company receives a notice claiming such auction item is a counterfeit (as defined in Article 1 of the Transaction Agreement), the Company will remit to the Seller within 60 days following the successful auction day an amount equal to the closing price taking away all the expenses payable by the Seller. In the event the Buyer delays the payment, the Company will remit to the Seller within 7 days following the payment by the Buyer. If for any reason the Company pays the Seller before the Buyer makes his payments, the Company acquires the full ownership of the item. However, if the Company is forced to reclaim the Lot from the Buyer because such item is a counterfeit, the Seller must return the auction proceeds to the Company.

         Unless otherwise instructed by the Seller in writing, the Company will make its payment in HK dollars. If the Seller requests to pay in currencies other than HK dollars, the exchange rate should be according to what the Hongkong and Shanghai Banking Corporation (HSBC) reports and the Company announces on the auction date.

      2. Non-payment by the Buyer

         If the Buyer fails to make all the payments due within 35 days following the auction day, the Company is entitled to negotiate special terms in connection with the payments, storage, and insurance on behalf of the Seller and act as deemed necessary by the Company to collect payments payable from the Buyer. However, the Company is not responsible for making remittance to the Seller nor for bringing any legal actions on behalf of the Seller. The Company will discuss with the Seller to adopt appropriate actions to claim auction payments from the Buyer.

      3. Counterfeits

         If the Buyer convinces the Company that the Lot is a counterfeit (as defined in Article 1 of the Transaction Agreement) within 10 days following the auction day, then

         1. If the Buyer has not paid all or part of the payment, the Company is entitled to call off the transaction and/or
         2. If the Company at that time has paid all or part of the payments payable to the Seller, the Seller must return all the payments made to the Company if requested. The Company will exercise lien for the latter. Any items belonging to the Seller under control of the Company will be kept as security of the payments to be returned.
         
         
      4. Items Not Successfully Auctioned

         Any items not successfully auctioned, not included in the auction or withdrawn from the auction for any reason must be collected by the Seller within 35 days upon notification by the Company to the Seller that he must reclaim the Lot. A storage fee of HK$300 per day per piece will be imposed on each item not collected after such 35 day period together with an additional charge for purchasing insurance coverage. The Seller may not reclaim such item until all the payments due are made. Such items may be removed to a third party warehouse if not collected in 60 days after the notification of collection is issued. The expenses arising therefrom shall be borne by the Seller. The Company may dispose of the Lot in the manner it deems appropriate if such item is not collected within 90 days following the auction date or the notice date (whichever is the earlier). Such disposal includes removing the item to a third party warehouse with the associated expenses borne by the Seller and to auction such items under terms deemed appropriate by the Company (including the terms of estimates and the Reserve). The Company will pay the Seller the auction proceeds after payments owed are offset.

         The Company is authorized to act as the sole agent of the Seller within 2 months following the auction for any auction item withdrawn from the auction or not sold. The Company may auction in private the item based on the net amount the Seller may receive (the amount after deducting all the expenses payable by the Seller) or sell such item in private at a lower price agreed upon by the Company and the Seller. Under such circumstances, the Seller's responsibilities and liabilities to the Company are the same as during an auction.

   9. Photographs and Display

      The Company owns non-exclusive rights to the photographs, recordings and other reproduced images of the Lot. All the rights of such images shall belong to the Company and the company is entitled to use such images in any manner it deems appropriate.

   10. Taxes
       1. Ravenel shall determine if the Mandator is Hong Kong resident or not based on the representation made and document provided by the Mandator and apply the following rules accordingly.
       2. If the Mandator is a Hong Kong resident (corporation or individual), according to the tax laws of Hong Kong, no withholding amount of the profit tax will be deducted. However, Ravenel shall reserve the rights to claim for the tax amount and other related expenses (including but not limited to interests, penalty) from the Mandator if the representation made or document provided by the Mandator is not true.
       3. Where the Mandator is non-Hong Kong resident (including corporation or individual), the Mandator refuses to provide evidence to prove the status as Hong Kong resident, or the document provided is not sufficient, the Mandator agrees that Ravenel will deduct a sum equal to 0.5% of the hammer price or the Reserve Price (if the Reserve Price is higher than hammer price) and submit such withholding amount as profit tax to the competent revenue agency. The amount to be withheld by Ravenel shall be subject to change once the applicable tax rate is adjusted. No withholding tax will be deducted for Hong Kong residents.
   
   
   11. Other Matters
       1. Electrical and Mechanical Parts

          The Seller must be responsible for maintaining the safe operating condition of the electrical and mechanical parts of the Lots. The Seller must return to the Company all the claims, costs and expenses arising out of any violation of the said guarantee and warrantee by the Seller.

       There are other special additional conditions apply to this provision. The relevant conditions are available at the Company.

3. Definition

   Some of the phrases commonly seen herein are defined as follows:

   1. "The Buyer" shall mean highest bidder accepted by the auctioning party.
   2. "The Lot" shall mean the item delivered to the Company to be sold in an auction, especially the single or multiple pieces of items numbered in the catalogue.
   3. "Hammer price" shall mean the highest bid with respect to one particular auction item accepted by the auctioning party.
   4. "Compensation paid by the Buyer" shall mean the fee based on a certain percentage of the Hammer price paid by the Buyer; the percentage shall be as prescribed in Article 4a, section I.
   5. "The Reserve" shall mean the lowest price agreed by the Company and Seller. the Lot cannot be sold at a price lower than such price.
   6. "Counterfeit" shall mean the Lot constitutes imitation and the original concept of the imitation and its overall execution result in fraud to cause deception in connection with the author, history, year, age, culture or origin of the Lot, for which the accurate description is not reflected in the catalogue and the value of the Lot on the auction day is far less than the value it should have according to the description in the catalogue. Therefore, no auction item will become a counterfeit as a result of any damage and/or any repairing in any manner (including repaints).
   7. "Insured amount" shall mean the value of the insurance purchased for the Lot which the Company considers necessary under its absolute power from time to time (regardless whether such insurance is purchased by the Company).
   
   
4. Terms Applicable to Both the Buyer and the Seller
   1. Copyright

      The copyright of all the images, photographs and written material in connection with the Lot shall maintain and belong to the Company at any time. The Buyer or any person may not use such items without obtaining prior written consent from the Company.

   2. Notices

      All the notices distributed according to the Transaction Agreement herein shall be made in writing. Any notice shall be deemed served to the recipient on the second day following delivery if sent by mail. If the recipient is abroad, the notice shall be deemed served on the fifth working day following delivery by mail.

   3. Severability

      If any part of the Transaction Agreement is deemed invalid, illegal or unenforceable by any court, such part can be ignored and the rest of the Transaction Agreement continues to be valid and enforceable to the maximum extent permitted by the law.

   4. Jurisdiction

      The Transaction Agreement are governed under the Hong Kong laws and the interpretation and effect of the Rules shall be subject to the laws of Hong Kong. The Buyer and Seller shall submit themselves to the exclusive jurisdiction of the Hong Kong courts for the interests of the Company.

I deeply appreciate your longtime support and encouragement of Ravenel. With your support and encouragement, Ravenel has been able to continuously produce and embellish a stellar track record, achieving the highest all-time auction prices for oil paintings by Chinese painters. In the spring of this year, Sanyu’s seminal work “Five Nudes” was sold for HKD 128.32 million (TWD 475 million or USD 16.50 million), not only setting a new highest transaction record for a Chinese oil painting, but also creating a proud moment for Ravenel making history in the Chinese oil painting market, breaking the RMB100 million barrier. We are extremely honored to be able to be a part of this historical moment with you.

In order to advance Ravenel’s growth and to promote expansion in international markets, I will take on new responsibilities as Vice Chairman of the Ravenel Art Group as of October 1, 2011 focusing on establishing operational strategy and supervising overall company performance. Taking over the reins as CEO as of October 1, 2011 will be Mr. Lorries Chang, who I am sure you will fully support.

Mr. Lorries Chang, a Hong Kong native, and long term Taiwan resident, has an abundance of management and hands-on operational experience gained in his former position as the President of Yi&C, where he was responsible for bringing many top-end brands into the Taiwan furnishings market, successfully establishing new concepts in Chinese home and space aesthetics, and then further advancing into the art investment market area, researching and gaining a deep understanding of the international art market. I trust that under the outstanding leadership of Mr. Lorries Chang, our team will go on to achieve even greater accomplishments and to continue to lead the way in the development of the modern and contemporary art market.

With the rise of China, Hong Kong has risen to become the third largest art auction market hub in the world. Ravenel will focus even greater energy on further developing the China, Hong Kong and Taiwan market, with Hong Kong serving as the principal place for its overseas business development and connection to international markets. To satisfy the diverse needs of top collectors, Ravenel will continue to expand the scale of the company’s operations with plans to create Red Wine, Jewelry and other auction departments. We are quite optimistic about the development and future of the Asian auction market and also have great confidence in the company’s new management team.

Looking to the future, Ravenel will, as always, continue to adhere to its corporate philosophy of pursuing excellence and is committed to introducing the finest world class art and promoting art culture, providing international art collectors with expert consulting service of superior quality.

On behalf of our art team, I offer you my sincerest gratitude and my greatest hopes for the future.

Best regards,

Clara Kuo
Vice Chairman
Ravenel Art Group

Ms. Michelle LIN is promoted to President of Administration Division.
Ms. Flora FU is promoted to President of Art Auction Division.
Ms. Odile CHEN is promoted to Chief Specialist.
Ms. Daisy HSU is promoted to President of Personnel Division.
Ms. Maggie LIN is promoted to Vice President of Sales Department.

We are pleased to announce that Ms. Wendy LEE has joined our group in the new department of Wine Cellar Auction Division with the position of Vice President.

The members of Ravenel Art Group will continue to provide high quality and professional diversified services, and look forward to your continued support.

Lorries CHANG
Chief Executive Officer

PHONE BIDS AND WRITTEN BIDS

Remarks:
If you are unable to attend the auction in person, you may tender the bid by phone or you may use the absentee bid form to tender your bid.

In view of the limited phone line services at the auction, please inform us 24 hours prior to the auction for arrangements. Particularly for those of you who need foreign language assistance of the bidding.

CATALOGUE SUBSCRIPTION

The catalogues are available for subscription. For details of subscription, please contact the above persons.

PAYMENT

Rachel Chuang
Tel: +886 2 2708 9868 ext. 682
Email: rachelchuang@ravenel.com

Payment details are described at the back of the catalogue. Please contact the above person if you need any further information.

COLLECTION AND SHIPPING

Remarks:
All the items auctioned may be collected upon receipt of payments. The Buyers are requested to arrange for collection as soon as possible to facilitate warehouse inventory circulation and centralize management. We accept personal and corporate checks, however collection may be made only when such checks are honored. We apologize for no acceptance of credit cards and traveler's checks. Other items may be collected at the Ravenel Ltd. The business hours are 9:30 am to 6:30 pm, Monday to Friday.

Our professional administration department may make recommendations of arrangement or the most appropriate transportation for you.

Ravenel is glad to provide you with the condition report of any of the items at the auction, however, the buyers must note that all the items at the auction are sold "as is". Please refer to the Transaction Agreement at the back of the catalogue. Please refer to the "Transaction Agreement to the Buyers".

RAVENEL AUTUMN AUCTION 2011 HONG KONG
Modern and Contemporary Art

Monday, November 28, 2011, 11:30am - 2:00pm
Grand Hyatt Hong Kong - Grand Ballroom
1 Harbour Road, Wanchai, Hong Kong

Taichung
Saturday, October 29 - Sunday, October 30, 1:00pm - 7:00pm
GSR Gallery
1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Taipei
Saturday, November 5 - Sunday, November 6, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Dunhua South Road, Taipei, Taiwan

Beijing
Saturday, November 19 - Sunday, November 20, 10:00am - 7:00pm
China World Summit Wing - Summit Ballroom C
1 Jianguomenwai Avenue, Beijing, China

Hong Kong
Saturday, November 26 - Sunday, November 27, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Grand Ballroom
1 Harbour Road, Wanchai, Hong Kong

RAVENEL AUTUMN AUCTION 2011 TAIPEI
Modern and Contemporary Asian Art

AUCTION

Sunday, December 4, 2011, 2:30pm - 7:30pm
Fubon National Conference Center
B2, No. 108, Section 1, Dunhua South Road, Taipei, Taiwan

PREVIEWS

Taichung
Saturday, October 29 - Sunday, October 30, 1:00pm - 7:00pm
GSR Gallery
1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Beijing
Saturday, November 19 - Sunday, November 20, 10:00am - 7:00pm
China World Summit Wing - Summit Ballroom C
1 Jianguomenwai Avenue, Beijing, China

Hong Kong
Saturday, November 26 - Sunday, November 27, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Tiffin Lounge
1 Harbour Road, Wanchai, Hong Kong

Taipei
Friday, December 2 - Saturday, December 3, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Dunhua South Road, Taipei, Taiwan

The following provisions are entered into by and between the Company, as the auctioneer, and the Seller (hereinafter the "Seller"). This Agreement is also entered into by and between the Company as the agent of the Seller and the Buyer (hereinafter the "Buyer"). Both the Buyer and the Seller must carefully review all provisions hereunder. The Buyer should pay special attention to Article 5 which provides limitations as to the legal responsibilities of the Company.

1. The Buyer
   1. Ravenel as the Agent

      The Company, as the auctioning party, shall act as the agent of the Seller. Except otherwise provided, items successfully sold in the auction held by the Company shall be bound by the agreement made by and between the Seller, through the agency of the Company, and the Buyer.

   2. Prior to the Auction
      1. Authentication

         We strongly recommend that the prospective buyers conduct their own authentication for the items they are interested in bidding prior to the auction. We provide no guarantees to the buyer (with the exception of the guarantee with regard to counterfeits as defined in Section III of the Transaction Agreement).

      2. Important Notice

         Attention, prospective buyers: As far as possible, the descriptions of auction items will mention obvious defects of the items; however, they do not necessarily include all flaws, defects, or incomplete aspects. The Company regrets that it is unable to guarantee that the wristwatches on auction are in good working condition and the descriptions in the catalogue must not be construed as implying such. The description of the auction items also do not imply that the items have not gone through readjustment or repair or allude anything about the current state or storage conditions of the items. Any omission in the catalogue description regarding the current condition or the appraisal of defects in the items by no means represent that those items are in good condition, function normally, or that there will be any free repair or replacement of parts. We strongly recommend prospective buyers to personally view the items for which they plan to bid before the auction itself. If a prospective buyer is unable to view an item for whatever reason, then in our role as a service provider, we would be more than happy to offer our opinion of an item's special characteristics and current condition. However, the Company is not a professional restorer of wristwatches; therefore, any description in the catalogue is purely the Company's subjective opinion and not a statement of fact.

         Please note: The outer shells of many of the water-resistant watches have been opened in order to investigate their working condition and their type; therefore, it must not be assumed that they are currently water-resistant. We recommend buyers to have such watches checked by a competent watchmaker before use.

         Please note: The restoration of the items on auction may have resulted in original parts being replaced; therefore, we are unable to guarantee that any given watch's parts are from the original set of parts.

         All of the items on auction are being sold in "as is" condition.the Company does not provide any representation or guarantee as to the condition of any of the items. Unless otherwise stated, the Company does not provide any warranty with the items.

      3. Symbol Key

         The following key explains the symbol you may see inside this catalogue.

         ｏGuaranteed Property
         The Seller of the Lots with this symbol next to the Lot number has been guaranteed a minimum price from one auction or a series of auctions. This guarantee may be provided by the Company, by a third party or jointly by the Company and a third party. A guarantee may be in the form of an irrevocable bid provided by a third party. Third parties providing or participating in a guarantee may benefit financially if a guaranteed Lot is sold successfully and may incur a loss if the sale is not successful. If third parties providing or participating in a guarantee is the successful bidder for the guaranteed Lot, they should be required to pay the full service fee.

      4. Catalogue Explanations

         Any statement of the author, history, date, year, size, material, ownership, authenticity, origin, condition of preservation or estimated selling price of any of the Lots shown in the catalogue or the authentication opinion made by the Company, or any other verbal or written statements made separately shall be solely statements of opinions and shall not be deemed the basis for the statements of actual fact. The photographs shown in the catalogue shall serve as reference only and shall not be deemed as the basis for determining the color or tone of any Lots or disclosure of the defects of such item. The estimates of the auction price shall not be deemed the price at which such item will be successfully sold or the statement of the value of the item for other purposes.

         Many auction items fail to maintain their perfect condition because of time and other environmental factors. Some of the explanations in the catalogue or the authentication opinions will state defects and/or the repair background of the Lots. Such information is meant for reference only. Missing information in the statements does not mean the Lot has no defects or has not been repaired. Any statement of one particular defect does not mean there is no any other defect.

      5. Responsibility of the Buyer

         The Buyer is responsible for clarifying and satisfying himself about the condition of the items and any related matters stated in the catalogue descriptions.

   3. In the Auction
      1. Sales Tax Payable by the Buyer

         The Buyer shall pay (value added) sales tax in the amount of 5% of the Hammer Price with respect to imported works of art collected by the Buyer in Taiwan pursuant to the laws of the R.O.C. The Buyer is not required to pay sales tax if such imported works of art (with * marks by the number in the catalogue) are delivered to the buyer outside the R.O.C. and are handled by Ravenel for the relevant shipments. The buyer shall notify Ravenel in writing within two business days following the auction day if he desires to collect the items auctioned outside the R.O.C.

      2. Estimates

         The prices in US dollars or other currencies reproduced in the auction and this catalogue are for reference only. The Buyer is requested to pay by New Taiwan dollars or other foreign currencies in its equivalency based on the exchange rate of the payment day.

      3. Refusal of Admission

         The auction is held at the premises of the Company or any location where the Company has control of for the auction. The Company has full discretion to exercise the right to refuse entry to the premises for the auction or to prevent participation in the auction.

      4. Registration Prior to the Bidding

         Prospective buyers must fill in and sign the registration forms prior to the bidding and provide personal identification. Prospective buyers should also note that the Company may be requested to conduct credit checks against buyers.

      5. The Bidder is the Buyer

         Unless a written agreement has been made upon registration that the bidder will be the agent who acts on behalf of a third person and such third person is accepted by the Company, the bidder will be deemed as the Buyer who will bear individual legal responsibilities.

      6. Commission Bids

         The Company will make every effort to bid for the prospective buyers who instruct us to bid on their behalf by using the forms attached to the explanations of the catalogue; provided, however, bid commission instructions are delivered to the Company prior to the auction. If the Company receives several commission bids for one particular item, with all bid prices being equal and of the highest bid price at the auction, priority shall be given to the Buyer whose bid commission is delivered to the Company first. Commission bids are subject to auction conditions. The situation at the auction may prevent the Company from making the bid as commissioned. This is a free service provided by the Company to the prospective buyers pursuant to the provisions prescribed.The Company will not be held legally liable if it fails to make the bid as commissioned. Prospective Buyers should attend the auction in person if they wish to ensure a successful bid.

      7. Bid by Phone

         The Company will make proper effort to contact the bidder so he can participate in the auction by phone if the prospective buyer make arrangements with the Company prior to the auction. However, the Company will bear no responsibilities to the Seller or any prospective buyer if no contact is made under any circumstances.

      8. Exchange Rate Conversion Board

         There will be an exchange rate conversion board operating at some auctions. The exchange rate is calculated at the exchange rate of the one-month future goods reported to the Company from the bank when starting business on the day of the auction. Nonetheless, the auction will still be conducted in NT dollars. The exchange rate conversion board is not absolutely reliable. The accuracy of either the Lot numbering shown on the board or the equivalent of the bid price in any foreign currency is not within the control of the Company. The Company will not be responsible for any losses caused by the reliance of the Buyer on the exchange rate conversion board.

      9. Recorded Images

         There is image projection in some auctions; however, errors may occur during the operation. The Company is not liable for the color accuracy of the reproduced image and whether the projected image corresponds to the item being auctioned.

      10. Determining Power of the Auctioneer

          The auctioneer has the absolute power to reject any bid, push for bids at his discretion, withdraw any auction items, separate or combine two or more auction items, and if there is any error or dispute, re-auction the items.

      11. Successful Bids

          Under the discretion of the auctioneer, the fall of the hammer indicates the acceptance of the highest bid price, i.e., the Seller and the Buyer enter into a successful auction agreement.

   4. Following the Auction
      1. The Service Fee of Each Lot Payable by the Buyer
         1. The Buyer should pay the hammer price and, in addition, the service fee to the Company. For hammer price below NT$ 32,000,000 (inclusive), the service fee should be calculated at 20% of the hammer price.
         2. For hammer price higher than NT$ 32,000,000, the first NT$ 32,000,000 should be calculated at 20% and the rest of the amount should be 12%.
         
         
      2. Taxes

         All the payments payable by the Buyer to the Company do not include any commodity or service taxes or any other value added taxes (whether imposed by the Taiwanese government or elsewhere). The Buyer should be responsible for paying any applicable taxes as required by the law.

      3. Payment

         The Buyer should provide his name and permanent address to the Company upon the successful bid. Relevant bank information should also be provided upon request. All payments due (including the hammer price, service fee and any applicable taxes) should be paid within 7 days following the auction date. The aforesaid provision also applies if the Buyer intends to export the Lot and (may) need the export permit.

         If the Buyer fails to pay to the Company all the payments due, the Buyer will not acquire the ownership of the Lot even if the Company has delivered such item to the Buyer. If the payment to Ravenel are made in any currency other than NT dollars, the Company will collect from the Buyer any foreign exchange expense incurred therefrom, including bank charges and foreign exchange service fees. The exchange rate of the payments to the Company in any currency other than NT dollars should be the exchange rate reported by the Bank of Taiwan to the Company on the auction date and should be based on the certificates issued by the Company according to such exchange rate.

      4. Collection of the Lot Sold

         Unless otherwise agreed by the Company, the Company will hold temporarily the successfully sold Lots until all payments to the Company are made in full. The Lot will be covered by the insurance of the Company from the auction date for 7 days during the temporary holding period. The insurance coverage will terminate upon collection of such item. The Buyer should be responsible for all risks following expiration of the said 7-day period or the collection (whichever is the earlier).

      5. Packaging and Transportation

         The Buyer is requested to note that he should bear all the risks upon expiration of the said 7 days period or from collection of such items.

      6. Referral of Packaging or Transportation Companies

         The shipping department of the Company may act as the agent of the Buyer to arrange for delivery. Although we can refer freight forwarders upon special request, the Company will not be held liable for any legal responsibilities in this regard.

      7. Remedies for Non-Payment or Non-Collection of Items Sold

         The Company is entitled to exercise one or more of the following rights or remedies if the Buyer fails to make payment within 7 days:

         1. An interest at the annual rate of no higher than 10% plus the base interest rate of Bank of Taiwan will be imposed on all of the payment due if payment is not made within 7 days following the auction date. Besides, we have the right of charging also 1% selling price (including of hammer price and the commission) multiplied by the number of delayed days as fine for the default. The payment to be made by the Buyer should offset any payment owed by the Company or its subsidiaries to the Buyer for any other transactions.
         2. To exercise lien of any items owned by the Buyer and held by the Company for any purpose. The Company may arrange to sell such items after serving a 14-day notice to the Buyer about his non-payment. The proceeds shall make up for the payment due.
         3. If the Buyer owes the Company several payments as a result of different transactions, the payments will setoff any payments due in any particular transaction, regardless of whether the Buyer specifies to setoff such payments.
         4. Refuse the Buyer to make, or to make on behalf of others, bids in any future auctions and/or to require a security deposit from the Buyer before accepting any future bids from him. If the Buyer fails to make payment within 35 days, the Company is entitled to exercise the following rights in addition to the aforementioned:
         5. To bring legal proceedings against the Buyer on behalf of the Seller to claim the entire payment due and the legal fees resulting from such proceeding based on a total claim.
         6. Cancel the transaction of Lots bid by the Buyer or any other auction items sold to the Buyer at the same or any other auctions.
         7. To arrange a public or private re-sale of the Lot. If the re-selling price is lower, the difference will be claimed against the Buyer together with any cost incurred as a result of the non-payment by the Buyer.
         
         
      8. No Collection of the Lot Sold

         The Company will arrange for the storage of the Lot if such item sold is not collected within 7 days of the successful auction, regardless of payment. Such storage cost will be borne by the Buyer. Only when the storage, shipping, insurance cost and any other expenses together with any other payments due to the Company are paid can the sold Lot be collected.

      9. Export Permit

         Except where otherwise agreed in writing by the Company, the fact that the Buyer's wishes to apply for an export permit does not affect the Buyer's responsibility to make the payments in 7 days; nor does it affect the Company's right to impose interest on delayed payments.

         If the Buyer requests that the Company applies for the export permit on his behalf, the Company is entitled to collect monies made in connection with such an application and any miscellaneous expenses together with any relevant value added taxes.

         If the Buyer makes the payment regardless of the fact that an export permit is needed, the Company is not responsible for returning to the Buyer any interest or other expenses incurred therefrom.

   5. The Legal Responsibility of the Company

      The Company is responsible for returning payment to the Buyer pursuant to Article 6. Otherwise, whether the Buyer, the Company, any employees or agents of the Company will not be held liable for any statements of the author, history, date, year, ownership, authenticity or origin of any auction item or any errors with respect to any explanations and any flaws or defects of any auction item. The Buyer, the Company, the employees or the agents of the Company make no guarantee with respect to any auction items. Any warrantee of any kind shall not be included herein.

   6. Return of Payments for Counterfeits

      The transaction will be cancelled and payments made will be returned to the Buyer if the Lot of the Company is confirmed to be a counterfeit. However, if:

      1. The catalogue explanations or the notice at the auction distributed on the auction day corresponds to the opinions generally accepted by the academic or professional fields;
      2. The method used to prove that the Lot is a counterfeit is a scientific procedure not generally accepted for use before the publication of the catalogue or a procedure unreasonably expensive on the day of the auction, or impractical, or may cause damage to the Lot; the Company is not liable for the return of any payment under any circumstances. In addition, the Buyer's payment can only be refunded when the following terms are met:
         1. The Buyer must notify the Company in writing within 10 days following the auction day that he considers the relevant auction item a counterfeit.
         2. The Buyer must return the Lot to the Company within the following 14 days and the condition of the item must be the same as on the auction day.
         3. Upon returning the Lot, the Buyer must present evidence as soon as possible to convince the Company that the Lot is a counterfeit. The Buyer may also assign the good ownership of the Lot to the Company, which shall not concern any third party claim.

      Under no circumstances is it necessary for the Company to pay the Buyer an amount more than what the Buyer pays in connection with the Lot and the Buyer can not claim interests.

      The interests of the warrantee cannot be assigned and belong solely to the Buyer who receives the original invoice from the Company when the Lot is sold. Such Buyers shall remain the owner of the auction Lot and cannot assign any interest of the Lot to any other person. The Company is entitled to ascertain that the Lot is not a counterfeit based on a scientific procedure or any other procedure, regardless of whether such procedure is being used on the day of the auction.

      The aforementioned does not apply to coins, medals, jewelry and paintings.

2. The Seller
   1. Ravenel as the Agent

      The Company acts as the agent of the Seller at a public auction. The Closing Agreement of the Lot is the agreement by and between the Buyer and the Seller.

   2. Expenses

      The Seller shall bear costs relating to the following:

      1. Packing of the Lot and shipping to the Company for the auction
      2. Any applicable shipping insurance
      3. The packaging and shipping if the item is delivered back to the Seller
      4. Insured under the Company art relic insurance policy (explained in detail later) indicate cohere (we point below)
      5. Any applicable custom duties
      6. Catalogue illustrations
      7. Any repairs made to the Lot as per prior agreement with the Seller
      8. Framing and mounting
      9. Authentication made by independent professionals which the Company believes to be necessary in preparing the catalogue explanations.
      10. Any independent professional opinions which the Company deems proper
      11. The storage of the Lot after the auction (if applicable)
      12. The administration cost of the Company reaches 10% of all the expenses incurred as a result of client services provided.
      13. Any marketing and promotional expenses
      
      
   3. Insurance Coverage to be Arranged by the Company
      1. Unless otherwise agreed by the Company, the Lot will be automatically insured under the the Company art relic policy in the amount as deemed appropriate by the Company. However, the insured amount is not the amount the Company undertakes to be successfully reached during the auction.
      2. The Company will collect 1% of the hammer price from the Seller or 1% of the reserve price if the Lot is not successfully auctioned. If the shipping is arranged by the Company, an additional amount will be collected by the Company from the Seller as the shipping insurance. Such amount varies depending on the individual condition of each auction item. The Company will refer a freight forwarder if necessary. However, the Company is not responsible for any legal responsibilities incurred therefrom.
      3. The Lot will remain insured up to 7 days after the sale. If the Lot has not been sold, it will be at the Seller's risk upon the expiry of 7 days.
      4. We are unable to accept responsibility for damage caused by woodworm or changes in atmospheric conditions.
      
      
   4. Insurance Purchased by the Owner

      If the Seller instructs the Company specifically that it is unnecessary to purchase insurance for the Lot, the risks shall be borne entirely by the Seller until the Buyer makes all the payments. The Seller must indemnify the Company, the employees and agents of the Company and the Buyer (if applicable) any claims in connection with the auction against the Company, the employees and agents of the Company and the Buyer, regardless of the cause of such claim. The Buyer must also pay for the expenses incurred as a result of such claim if requested by the Company, the employees and agents of the Company and the Buyer, even if such expenses are made as a result of negligence by the Company, the employees and agents of the Company and the Buyer without proof of legal responsibility. The Seller must inform the underwriter of the Seller the provision herein.

   5. Commitments Made by the Seller with Respect to the Lot

      The standards for the Company to handle the Lots are provided hereunder. These standards also limit the relationship between the Seller and Buyer. In the event such standards are incorrect in any aspect, the Company or the Buyer may bring legal actions against the Seller.

      The Company should base the purchase and handling of auction items on the following undertaking made by the Seller:

      1. The Seller is the only owner of the Lot and has the unlimited right to assign his ownership to the Buyer which should not concern any third party right or claim (including copyright claims).
      2. The Seller complies with all the laws in connection with the import and export of auction items and any other laws and has notified the Company in writing any failure to comply with such rules in the past.
      3. The Seller has notified the Company in writing of any major modifications in the Lot to the best of his knowledge and any concern the third party has raised with respect to the ownership of the Lot and the condition.

      In the event of any inaccuracy of the above a, b and c, the Seller must guarantee, if requested, to identify fully the Company and/or the Buyer all the claims, costs and expenses arising herefrom, whether caused by the Lot or the auction proceeds.

   6. Auction Arrangements
      1. The Company has absolute discretion over the description of the auction in the catalogue, display layouts, authentication opinions, location and method of the auction, who will be allowed to bid and the acceptance of the bid price, whether to seek professional opinion and whether to combine or separate the Lots.
      2. Any price estimates, whether verbal or written are strictly opinions and shall not serve as a guarantee of the final price for the Lot to be sold.
      3. The Seller cannot withdraw the Lot without obtaining consent from the Company. The Company reserves the right to withdraw the Lots for the following reasons. These reasons include:
         1. The Company is doubtful about the definition or authenticity of the Lot or the accuracy of the statement referred to in Articles 5a, b. or c.
         2. Any violations of the Transaction Agreement.
         3. The Company deems it inappropriate to include the Lot in the auction.
         
         
      4. If the Company or the Seller withdraws the Lot, the Company may charge 40% of the Reserve set by the Seller and the amount equal to the service fee payable to the Company if the auction is successfully sold at the insured amount and applicable value added tax, insurance and other expenses.
      
      
   7. Auction Rules
      1. The Company will auction the item according to the Reserve. The Reserve may not be higher than the minimum of the estimates set in the catalogue except otherwise if the Reserve agreed is in a currency other than NT dollars and the Reserve is higher than the minimum of the estimates caused by the exchange rate fluctuation between the Reserve agreement day and the auction day. Under such circumstances, except where otherwise agreed by the Company, the Reserve shall be in NT dollars calculated by the exchange rate at the closing of the market the day immediately before the successful auction. If the bid price is lower than the Reserve, the Company is in no way to be held liable; however, the Company is entitled to auction the item at a price lower than the Reserve. If the Company so auctions the item, the Company is responsible to pay the Seller the difference between the closing price and the Reserve.
      2. The Seller may not increase the price of sale without fair reasons, nor participate in the bidding of his/her/its auction item(s), however, Ravenel is authorized to bid on behalf of the Seller at the price not higher than the Reserve Price.
      
      
   8. After the Successful Auction
      1. Settlement

         Upon the successful auction, the Company will request the Buyer to make full payment no later than within 15 days, including the compensation payable by the Buyer. Upon payment by the Buyer, unless the Company receives a notice claiming such auction item is a counterfeit (as defined in Article 1 of the Transaction Agreement), the Company will remit to the Seller within 60 days following the successful auction day an amount equal to the closing price taking away all the expenses payable by the Seller. In the event the Buyer delays the payment, the Company will remit to the Seller within 7 days following the payment by the Buyer. If for any reason the Company pays the Seller before the Buyer makes his payments, the Company acquires the full ownership of the item. However, if the Company is forced to reclaim the Lot from the Buyer because such item is a counterfeit, the Seller must return the auction proceeds to the Company.

         Unless otherwise instructed by the Seller in writing, the Company will make its payment in NT dollars. If the Seller requests to pay in currencies other than NT dollars, the exchange rate should be according to what the Bank of Taiwan reports and the Company announces on the auction date.

      2. Non-payment by the Buyer

         If the Buyer fails to make all the payments due within 35 days following the auction day, the Company is entitled to negotiate special terms in connection with the payments, storage, and insurance on behalf of the Seller and act as deemed necessary by the Company to collect payments payable from the Buyer. However, the Company is not responsible for making remittance to the Seller nor for bringing any legal actions on behalf of the Seller. The Company will discuss with the Seller to adopt appropriate actions to claim auction payments from the Buyer.

      3. Counterfeits

         If the Buyer convinces the Company that the Lot is a counterfeit (as defined in Article 1 of the Transaction Agreement) within 10 days following the auction day, then

         1. If the Buyer has not paid all or part of the payment, the Company is entitled to call off the transaction and/or
         2. If the Company at that time has paid all or part of the payments payable to the Seller, the Seller must return all the payments made to the Company if requested. The Company will exercise lien for the latter. Any items belonging to the Seller under control of the Company will be kept as security of the payments to be returned.
         
         
      4. Items Not Successfully Auctioned

         Any items not successfully auctioned, not included in the auction or withdrawn from the auction for any reason must be collected by the Seller within 35 days upon notification by the Company to the Seller that he must reclaim the Lot. A storage fee of NT$1,000 per day per piece will be imposed on each item not collected after such 35 day period together with an additional charge for purchasing insurance coverage. The Seller may not reclaim such item until all the payments due are made. Such items may be removed to a third party warehouse if not collected in 60 days after the notification of collection is issued. The expenses arising therefrom shall be borne by the Seller. The Company may dispose of the Lot in the manner it deems appropriate if such item is not collected within 90 days following the auction date or the notice date (whichever is the earlier). Such disposal includes removing the item to a third party warehouse with the associated expenses borne by the Seller and to auction such items under terms deemed appropriate by the Company (including the terms of estimates and the Reserve). The Company will pay the Seller the auction proceeds after payments owed are offset.

         The Company is authorized to act as the sole agent of the Seller within 2 months following the auction for any auction item withdrawn from the auction or not sold. The Company may auction in private the item based on the net amount the Seller may receive (the amount after deducting all the expenses payable by the Seller) or sell such item in private at a lower price agreed upon by the Company and the Seller. Under such circumstances, the Seller's responsibilities and liabilities to the Company are the same as during an auction.

   9. Photographs and Display

      The Company owns non-exclusive rights to the photographs, recordings and other reproduced images of the Lot. All the rights of such images shall belong to the Company and the company is entitled to use such images in any manner it deems appropriate.

   10. Other Matters
       1. Taxes

          The payments payable by the Seller to the Company does not include any commodity or service tax or any other value added tax (whether imposed in the Taiwan or elsewhere). The Buyer should be responsible for paying such taxes pursuant to the tax rates and time provided by the law if there is any such applicable tax.

       2. Electrical and Mechanical Parts

          The Seller must be responsible for maintaining the safe operating condition of the electrical and mechanical parts of the Lots. The Seller must return to the Company all the claims, costs and expenses arising out of any violation of the said guarantee and warrantee by the Seller.

       There are other special additional conditions apply to this provision. The relevant conditions are available at the Company.

3. Definition

   Some of the phrases commonly seen herein are defined as follows:

   1. "The Buyer" shall mean highest bidder accepted by the auctioning party.
   2. "The Lot" shall mean the item delivered to the Company to be sold in an auction, especially the single or multiple pieces of items numbered in the catalogue.
   3. "Hammer price" shall mean the highest bid with respect to one particular auction item accepted by the auctioning party.
   4. "Compensation paid by the Buyer" shall mean the fee based on a certain percentage of the Hammer price paid by the Buyer; the percentage shall be as prescribed in Article 4a, section I.
   5. "The Reserve" shall mean the lowest price agreed by the Company and Seller. the Lot cannot be sold at a price lower than such price.
   6. "Counterfeit" shall mean the Lot constitutes imitation and the original concept of the imitation and its overall execution result in fraud to cause deception in connection with the author, history, year, age, culture or origin of the Lot, for which the accurate description is not reflected in the catalogue and the value of the Lot on the auction day is far less than the value it should have according to the description in the catalogue. Therefore, no auction item will become a counterfeit as a result of any damage and/or any repairing in any manner (including repaints).
   7. "Insured amount" shall mean the value of the insurance purchased for the Lot which the Company considers necessary under its absolute power from time to time (regardless whether such insurance is purchased by the Company).
   
   
4. Terms Applicable to Both the Buyer and the Seller
   1. Copyright

      The copyright of all the images, photographs and written material in connection with the Lot shall maintain and belong to the Company at any time. The Buyer or any person may not use such items without obtaining prior written consent from the Company.

   2. Notices

      All the notices distributed according to the Transaction Agreement herein shall be made in writing. Any notice shall be deemed served to the recipient on the second day following delivery if sent by mail. If the recipient is abroad, the notice shall be deemed served on the fifth working day following delivery by mail.

   3. Severability

      If any part of the Transaction Agreement is deemed invalid, illegal or unenforceable by any court, such part can be ignored and the rest of the Transaction Agreement continues to be valid and enforceable to the maximum extent permitted by the law.

   4. Jurisdiction

      The Transaction Agreement are governed under the ROC law and the interpretation and effect of the Rules shall be subject to the laws of Taiwan. The Buyer and Seller shall submit themselves to the exclusive jurisdiction of the Taiwanese court for the interests of the Company.

Those intended to sell art crafts through Ravenel in public auction in the fair and justice mode are deemed to be the sellers after recognition of the company and appraisal of the expert.

Before Auction

You may call the adjacent office; or you can send an e-mail to odilechen@ravenel.com; you can also bring auctioned articles to an auction site during the business time from Monday to Friday to receive consultancy service.

In order to ensure that experts are present to inspect your articles for auction, we suggest that you make an appointment in advance. Before negotiation with our experts, please do not consign your articles for auction to us or leave behind. In order to have adequate time for data collection, catalogue generation and photographing, each auction has a term for consignment, usually two or three months before the auction.

For sale of articles on consignment, Ravenel shall adopt the commission system that is gradually reduced as per transaction sum of the article for auction. For any need, we will collect from the Client premium/ damage compensation, photo making, repair of articles for auction, consignment and other service charge. Unless especially noted, there is no base price for the articles of auction entrusted to Ravenel.

After the entrustment of auction is agreed, you may bring articles for auction in person, or have you consigned company to deliver the articles to Ravenel, or require experts department of Ravenel assisting in arrangement of the consignment matters. The Client shall concluded with Ravenel an agreement of entrustment, which is a contract for sale of articles, including the contents of entrustment provisions and service charge, such as premium/ damage compensation, consignment, photo making, etc.

After Auction

Shortly after auction, Ravenel will send you a post-auction notice, listing out the final concluded price. If your articles are not sold out, you will be informed that your articles have been withdrawn. In view of the articles that are not sold out, we suggested that you contact the expert who provide proposal to you, so as to discuss whether to sell the articles for auction again, or arrange withdrawal of the articles for auction.

In term of fund, once receiving the fund paid by the final buyer, Ravenel will pay the Client 35 days after the date of auction and send to the Client together with settlement bills for commission and other fees.

Formalities of Entrustment

When the Client entrusts, it is required to present effective ID certificate and sign auction contract with the company. If you entrust our company for auction through the Client, it is required to produce power of attorney and effective ID certificate.

The Client shall assure the company and the final buyer in written form that ownership of the entrusted articles for auction is free from any liability or purview. It shall undertake any possible legal liability related to the entrusted articles for auction since the date of auction. Economic loss incurred to the company and the final buyer here from shall be compensated.

The Client shall make adequate and real written description to the company about source and flaw in the entrusted articles for auction and shall undertake legal liability in case of falseness.

If the entrusted articles for auction are brought in from abroad, formalities for entry shall be conducted as per Law of the People's Republic of China on the Control of the Exit and Entry. In case of cultural relics that are forbidden to export by Chinese Government, seal of Customs of the People's Republic of China is required in order to entrust the company to conduct auction.

15F-2, No. 76, Sec. 2, Dunhua S. Rd., Da-an District, Taipei 10683, Taiwan

• Tel：+886 (2) 2708-9868
• Fax：+886 (2) 2701-3306

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“8.10.84” by Zao Wou-ki Sold for NTD78,72 Million (US$2,745,727)
“Study of Sunflowers” Donated by Cai Guo-Qiang Fetched NTD 40.64 Million (US$1,417,510)

【Press Release 2011.06.05】

Ravenel Art enjoyed a very successful Taipei auction of Modern and Contemporary Asian Art on June 5, extending its Hong Kong success where Sanyu’s “Five Nudes” created history in Chinese oil painting by breaking the RMB100 million barrier on Monday, May 30. Lots at the Taipei Auction were snapped up by eager buyers, who showed their discernment and knowledge as floor bidders, many telephone bidders from home and abroad as well as written bids competed against each other. The sale realized the very satisfying total of NT$ 358,352,000 (US$ 12,499,198), which was 131.82% of value of lots sold, with 121 of 140 finding buyers, for a lots sold rate of 86.43%.

Ravenel Art’s Spring Season has achieved an outstanding result, combined with the success of the HK Auction which made NT$ 732,330,000 (US$ 25,415,116), the two auctions realized a combined total of NT$ 1,090,682,000 (US$ 37,914,314), an increase in sales of more than 50% compared to the spring season in 2010. The exceptional result sets a new record for the Spring Sales for the 12-year-old group.

At 2:30 pm, Fubon National Conference Center was filled with upwards of hundreds art lovers who were eagerly waiting to bid on their favored works. The top result of the afternoon was for an expansive and splendid work “8.10.84” by Zao Wou-ki, which was sold to an anonymous phone bidder, fetching NT$ 78.72 million (US$ 2.745 million). Two other works from different time periods also fetched very strong prices; “25.11.71” changed hands at NT$ 17.64 million (US$ 615,277), while “23.6.50” sold for NT$ 11.16 million (US$ 389,257).

In addition to the Zao Wou-ki works, masterpieces by Shiy De-jinn, Tzu-chi Yeh, Liu Kuo-sung, and Walasse Ting drew fierce bidding. Wood sculptures by master sculptor Ju Ming Lot 149 “Taichi Series” and Lot 150 “Taichi-Shadow Boxing” changed hands at NT$ 10.2 million (US$ 355,773) and NT$ 16.8 million (US$ 585,978) respectively, above their high estimates. Lot 151 Chu Teh-chun’s “Composition No. 116” fetched NT$ 12 million (US$ 418,556).

Especially worth noting is Lot 154 “Study of Sunflowers” donated by US-based Chinese artist Cai Guo-Qiang for the reconstruction fund of Cloud Gate Dance Theater, whose studio was destroyed by a fire. The starting bid was NT$ 13.5 million (US$ 470,875). It was finally hammered at NT$ 34 million (US$ 1.417 million) and sold for NT$ 40.64 Million (US$ 1,417,510) including buyer’s premium. It realized the second highest price in the auction.

Taiwanese artist Liao Chi-chun’s “Tamkang Scenery” also fetched a high price. In Chinese Contemporary Art Wang Huaiqing’s “Imperial Porcelains”, Zhou Chunya’s “Green Dog” and “Peach Blossoms” along with Huang Gang’s “Golden Mandara” all realized strong prices.

Ravenel Art is now firmly established as one of the leading players in the Modern and Contemporary Asian Art market. Its dominant position in the Taiwan market has been underlined by the strong result of today’s auction, and this combined with its great success in Hong Kong, points to a very strong future. Ravenel is now planning its Autumn Auction Schedule.

Ravenel Spring Auction 2011 Taipei Results

Modern and Contemporary Asian Art

Download Auction Results PDF

Sale Date / Venue: Sunday 5th June 2011, Taipei
Value of Lots Sold: TWD 358,352,000 (USD 12,499,198)
Number of Lots Sold / Total Lots: 121 / 140
Percentage of Lots Sold: 86.43%
Value of Lots Sold: 131.82%
On the date of the sale, exchange rates were approximately as follows:
HKD 1 = TWD 3.69; USD 1 = TWD 28.67; EUR 1 = TWD 41.51

The following prices in New Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest New Taiwan Dollar.

【Press Release】2011/5/30

Ravenel Art has once again recorded an outstanding success with its Spring 2011 Hong Kong Auction which was held in the Ballroom of the Grand Hyatt Hotel on Monday 30 May. Ravenel's forth twice yearly auction of Modern and Contemporary Asian Art in Hong Kong saw 82.5% of lots sold and 157.13% by value, realizing a total of HK$197,729,600 (US$25,415,116).

The focus of the auction was lot 019, a spectacular "Five Nudes" painting by Chinese-French artist Sanyu. When the auctioneer announced the starting bid at HK$80 million, there was intense bidding from multiple participants on the telephone and in the room. As the amount broke HK$100 million, the bidding became intense as one phone bidder and one bidder in the room see-sawed for more than ten minutes. It was finally won by the room buyer for HK$128.32 million (US$16,493,573), not only breaking the artist's own record "Potted Chrysanthemum in a Blue and White Jardinière" of HK$53.3 million made last fall but also setting a new record as the most expensive Chinese oil painting, far beyond the record made by Zhang Xiaogang of HK$79 million last month.

The Sanyu record for "Five Nudes" is a milestone for Chinese painting as the Ravenel spring auction in Hong Kong witnessed the making of history in Chinese oil paintings breaking the HK$100 million and the RMB100 million barriers, proving the value of Chinese art has exceled to the level of Western art in the international art market.

In addition to the Sanyu painting, some other highlights drew fierce bidding: lot 017 Wu Guanzhong's "Spring to the North" fetched the 2nd highest price of HK$12.4 million (US$1,593,830); lot 018, a small panting by Zao Wou-ki "29.2.80" realized HK$6 million (US$771,208); lot 015 Chu Teh-chun's "No. 167" changed hands at HK$3.84 million (US$493,573), four times the low estimate; lot 014 from the former collection of abstract painter Sam Francis – Walasse Ting's "We Waiting for You to Go to Restaurant" was sold for HK$1.68 million (US$215,938), more than three times the original estimated price.

The contemporary field was led by Zhang Xiaogang and Zeng Fanzhi. Zhang's magnificent "Bloodlines Series – Big Family" sold for HK$11,280,000 (US$1,449,871) above its high estimate as did a smaller work "Amnesia and Memory" HK$1.8 million (US$231,362). Zheng Fanzhi's provocative "Andy Warhol is Shooting Picture" fetched HK$7.8 million (US$1,002,571) very near its high estimate. Two works by Zhou Chunya featuring his beloved dog Heigen also brought in strong prices with "Green Dog No. 2" easily beating its high estimate at HK$2.04 million (US$262,211). The results for the Taiwanese artists such as Kuo Wei-kuo's "Riding a Rocking Horse"; Lien Chien-hsing's "Navigation with Romance"; Chiu Ya-tsai's "Profile of a Young Man" are all sold at higher than expected prices.

With its record breaking success in Hong Kong, Ravenel Art now turns its attention to its Taipei auction of Modern and Contemporary Asian Art on Sunday June 5, 2011, where it fully expects to continue producing record breaking prices.

Ravenel Spring Auction 2011 Hong Kong Auction Results

Modern and Contemporary Art

Download Auction Results PDF

Sale Date / Venue: Monday 30th May 2011, Hong Kong
Value of Lots Sold: HKD 197,729,600 (USD 25,415,116)
Number of Lots Sold / Total Lots: 66 / 80
Percentage of Lots Sold: 82.5%
Value of Lots Sold: 157.13%
On the date of the sale, exchange rates were approximately as follows:
TWD 1 = HKD 0.27；USD 1 = HKD 7.78；EUR 1 = HKD 11.12

The following prices in Hong Kong Dollars include the hammer price, the buyer's premium and are rounded to the nearest Hong Kong Dollar.

Sanyu’s largest nude “Five Nudes” takes the stage in Hong Kong,
joined by masterworks by Zhang Xiaogang, Zeng Fanzhi,
Zhou Chunya and Liu Wei
Taipei Viewing: May 1-2 at Fubon National Conference Center

【Press Release】

The Ravenel Art Group, founded in 1999, has steadily grown in recent years. Aside from the twice-yearly auctions held in Taiwan, it has been holding auction previews abroad since 2004, successfully expanding into the international market. Its first overseas art auction, held in Hong Kong in 2008 was warmly received. The 4th Ravenel Hong Kong Art Auction, “Modern and Contemporary Art”, will be held at the Grand Hyatt Hotel ballroom on May 30, 2011, listing a total of 80 artworks estimated at over HK$ 100 million (US$ 12.85 million). The Ravenel Taipei Auction, held at the Fubon National Conference Center, will list 142 artworks estimated at over NT$ 300 million (US$ 10.3 million). The two auctions are expected to bring record results for Ravenel.

Among this spring’s offerings, the most anticipated work is "Five Nudes" by artist Sanyu (Chang Yu), which will be offered at Ravenel Hong Kong. This is Sanyu’s largest female nude oil painting. It was first revealed at the “China – Paris: Seven Chinese Artists who Studied in France” exhibition at the Taipei Fine Arts Museum in 1988, and it was the cover and title page artwork for the Collected Works of Chinese Artists – Chang Yu, edited by Antoine Chen. Over the years, most of the Sanyu artworks to be offered at auction were his flower themes. Few of his female nudes were ever publicly auctioned. There are currently a total of 51 known female nude oil paintings by Sanyu, with most of them depicting reclining women. The release of the spectacular "Five Nudes" (price estimate on request) depicting standing women will attract the attention of many fans of his work.

There are many other eye-catching works at the same auction. Wu Guanzhong’s "Spring to the North" (estimate: HK$ 9-15 million; US$ 1,184,200-1,973,700) is a wonderful oil depiction of a birch forest. The lovely "29.2.80" (estimate: HK$ 4.5-6.5; US$ 592,100-855,300) by master overseas painter Zao Wou-Ki depicts a beautifully poetic abstract space. "Composition No. 167" (estimate: HK$ 8-11 million; US$ 105,300-144,700 ), an early work by Chu Teh-Chun, is a forceful, confident expression rendered in red and brown tones. A rare oil work by late artist Walasse Ting, "We’re Waiting for You to Go to the Restaurant" (estimate: HK$ 500,000-800,000; US$ 65,800-105,300 ), was created in 1985 while the artist was in Holland, and uses bold colors to evoke a youthful atmosphere. These are all classics of 20th century Chinese art.

The contemporary art category will feature the large 2006 oil painting "Bloodlines – Big Family" (estimate: HK$ 7.2-11 million; US$ 947,400-1,447,400) and a small 2001 painting from the "Amnesia and Memory" series (estimate: HK$ 1-1.7 million; US$ 131,600-223,700) by Zhang Xiaogang, who has broken numerous auction records in recent years. The 2004 "Andy Warhol is Shooting a Picture" (estimate: HK$ 5-8 million; US$ 657,900-1,052,600) by Zeng Fanzhi expresses the artist’s keen insight into humanity. Yue Minjun’s sculpture Contemporary Terracotta Warriors No. 8 (estimate: HK$ 700,000-900,000; US$ 92,100-118,400) plumbs the depths of the contemporary mindset with its picture-perfect grin. Fang Lijun’s color woodcut "1997.1.15" (estimate: HK$ 250,000-400,000; US$ 32,900-52,600) is a prime example of the artist’s most classic theme. Zhou Chunya’s early oil painting "Heigen Standing on a Platform" (estimate: HK$ 2.6-4 million; US$ 342,100-526,300) and his 2005 "Green Dog No. 2" (estimate: HK$ 1.3-1.9 million; US$ 171,100-250,000) are highly representative works from two of the most important creative periods in the artist’s career. Wang Guangyi’s 2002 Great Criticism – Pierre Cardin (estimate: HK$ 190,000-280,000; US$ 25,000-36,800) is small in size but big on tension. Rising new generation artist Liu Wei’s 2003 "Pixilation" (estimate: HK$ 300,000-500,000; US$ 39,500-65,800) shows a rare mixture of technology and futurism. These are some of the more promising highlights of the contemporary art auction.

The catalogues are available for subscription. For details of subscription, please refer to the explanations of the catalogue or contact:

International
Kate Lin
Tel: +886 (2) 2708-9868 ext. 182
E-mail: katelin@ravenel.com

Hong Kong
Miyuki Wai
Tel: +852 2889-0859
E-mail: miyukiwai@ravenel.com

Taiwan
Mandy Niu
Tel: +886 (2) 2708-9868 ext. 881
E-mail: mandyniu@ravenel.com

China
Judy Xie
Tel: +86 (10) 5820-6152
E-mail: judyxie@ravenel.com

RAVENEL SPRING AUCTION 2011 HONG KONG
Modern and Contemporary Art

Taipei
Sunday, May 1 - Monday, May 2, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Dunhua South Road, Taipei, Taiwan

Taichung
Saturday, May 7 - Sunday, May 8, 1:00pm - 7:00pm
GSR Gallery
1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Beijing
Saturday, May 21 - Sunday, May 22, 10:00am - 7:00pm
Grand Hyatt Beijing - The Residence
1 East Chang An Avenue, Dongcheng District, Beijing

Hong Kong
Saturday, May 28 - Sunday, May 29, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Tiffin Lounge
1 Harbour Road, Wanchai, Hong Kong

RAVENEL SPRING AUCTION 2011 TAIPEI
Modern and Contemporary Asian Art

AUCTION

Sunday, June 5, 2011, 2:30pm - 7:30pm
Fubon National Conference Center
B2, No. 108, Section 1, Dunhua South Road, Taipei, Taiwan

PREVIEWS

Taichung
Saturday, May 7 - Sunday, May 8, 1:00pm - 7:00pm
GSR Gallery
1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Beijing
Saturday, May 21 - Sunday, May 22, 10:00am - 7:00pm
Grand Hyatt Beijing - The Residence
1 East Chang An Avenue, Dongcheng District, Beijing

Hong Kong
Saturday, May 28 - Sunday, May 29, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Residence
1 Harbour Road, Wanchai, Hong Kong

Taipei
Friday, June 3 - Saturday, June 4, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Dunhua South Road, Taipei, Taiwan

Returning to its home base of Taipei on Sunday 5 December 2010 after its third highly successful auction in Hong Kong on Monday 29 November 2010, Ravenel continued its winning ways as all the top lots witnessed substantial bidding and realized substantial prices. The combined total of the two sales reached the high amount of NTD 620 million (USD 20.5 million). The auction of Modern and Contemporary Asian art in Taipei ended with a total of NTD 370,780,000 (USD 12,224,860) with a value of lots sold of 120.63% and lot sold rate of 75.57% with 133 lots of 176 finding bidders.

The star of the show a magnificent and monumental bronze sculpture from the Taiwanese artist Ju Ming broke Ravenel Art's own world record for a single Ju Ming piece which it had set just 6 months ago at its Hong Kong Spring Auction. "Taichi Series – Single Whip" reached the incredible price of NTD 82,240,000 (USD 2,711,507) including commission also substantially breaking the world record of USD 1.9 million for Ju Ming which had been set for a two part sculpture in Hong Kong in May 2007. The work saw paddles raised by many rival floor bidders along with telephone bidders as the price began to rise. The hammer finally fell to a hushed silence as the tension mounted in the room, and was then greeted with spontaneous applause.

Right from the beginning of the auction, the huge attendance in the room suggested all the major works on offer would find buyers. As Ravenel's profile worldwide is increasingly raised with its now twice annual auctions in Hong Kong as well as Taipei, many Hong Kong and other overseas bidders were seen on the floor. The staff handling the telephone bids was kept exceptionally busy throughout the auction, as an unprecedented amount of Hong Kong, Mainland Chinese and Western collectors had registered to bid.

In the modern section of the auction "Paysage" a stunning and important work from Zao Wou-ki painted in 1952 as he was transitioning from a figurative to a fully abstract style, realized NTD 46,400,000 (USD 1,529,838) including commission close to its high estimate. Another two Zao works also saw strong prices. "27.12.00" a mesmerizing blue abstract brought in NTD 21,600,000 (USD 712,166) including commission while "Le jardin abandonné" a smaller work from 1955 a key period in Zao's oeuvre raised NTD 15,600,000 (USD 514,342) including commission. A dazzling Chu Teh-chun "Clarté immatérielle" realized NTD 5,760,000 (USD 189,911) including commission beating its high estimate.

The contemporary section saw an iconic "Bloodline Series – Big Family" by Zhang Xiaogang bring in a price of NTD 38,560,000 (USD1,271,348) including commission close to it's high estimate. Xu Bing's "Landscript" a large and powerful work raised NTD 12,600,000 (USD 12,600,000) including commission. A beautiful and haunting work from Yan Pei Ming "The Little Shanghai Girl" realized NTD 9,600,000 (USD 316,518) including commission. Zhou Chunya's "The Stone and a Naked Woman" a very evocative and arresting work saw a price of NTD 6,960,000 (USD 229,476) including commission substantially passing its high estimate.

Just as the top ten works was led by a sculpture so it is rounded out by one too. Fellow Taiwanese sculptor Li Chen's "Avalokitesvara" imbued with calmness and serenity brought in the high price of NTD 6,000,000 (USD 197,824) including commission easily beating its high estimate.

As Ravenel consolidates its position as a market leader in modern and contemporary Asian art auction, the success of its four yearly auctions is guaranteed through its enviable relationships with key collectors in the Asia region, its ability to bring very fine and important works under the hammer, and its growing reputation overseas for outstanding service and reliability.

Modern and Contemporary Asian Art

Download Auction Results PDF

Sale Date / Venue: Sunday 5th December 2010, Taipei
Value of Lots Sold: TWD 370,780,000 (USD 12,224,860)
Number of Lots Sold / Total Lots: 133 / 176
Percentage of Lots Sold: 75.57%
Value of Lots Sold: 120.63%
On the date of the sale, exchange rates were approximately as follows:
USD 1 = TWD 30.33 ; HKD 1 = TWD 3.91 ; EUR 1 = TWD 40.06

The following prices in New Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest New Taiwan Dollar.

Ravenel Art has once again recorded an outstanding success with its Autumn 2010 Hong Kong Auction which was held in the Ballroom of the Grand Hyatt Hotel on Monday 29 November. Ravenel's third twice yearly auction of Modern and Contemporary Art in Hong Kong saw 81.5% of lots sold and 137.4% by value, realizing a total of HK$64,203,200 (US$8,273,608).

As leader in the modern and contemporary art auction market in Taiwan over the last 11 years Ravenel has built up an unrivalled client base enabling it to bring outstanding works of art to the market. Now firmly ensconsed in the Hong Kong art auction market, Ravenel has quickly established its reputation with Art connoisseurs in Hong Kong, and has become known for its outstanding service and expertise. The crowds which attended the two day preview and the very large turnout for the auction are a testament to Ravenel's strong position in the Hong Kong art market.

Leading the auction in Hong Kong was an important and major work from Zeng Fanzhi. The magnificent painting from his 'Sky Series' portraying two seemingly similar men, who on closer inspection are seen to be radically different representing the new and old China, fetched an amazing HK$10,032,000 (US$1,292,784) including commission easily beating its high estimate and becoming the expensive painting of the artist's Sky Series. Bidding was intense from the floor and numerous telephone bids, as the work eventually sold to a telephone bidder. The price realized is indicative of the strong recovery in prices for Contemporary Chinese Art as exemplified not only with this piece but also for works by Cai Guo-Qiang, Zhou Chunya and Luo Zhongli.

The modern section of the auction saw a worthy price of HK$8,240,000 (US$1,061,856) including commission for Zao Wou-ki's '25.2.77' an extraordinarily atmospheric abstract from a key period in Zao's oeuvre. Two works by Chu Teh-chun also saw intense bidding with the hauntingly beautiful 'Lueur de l'horizon' (Composition in Blue) finally selling for HK$1,560,000 (US$201,031) including commission

The real surprises though continued in the contemporary section. A truly inspiring work by Cai Gou-Qiang, 'Furious Tiger Going Down a Mountain' with it's iconic representation of a powerful tiger created with gunpowder saw intense bidding as it sold for HK$7,680,000 (US$989,691) including commission. Luo Zhongli's 'Peasant Life of Ban Shan' witnessed the most frantic bidding of the day as it almost tripled its estimate reaching HK$4,800,000 (US$618,567). 'We are TT, We are Angry Youth' depicting Chinese youth as two powerful, colorful and playful Alsatian dogs, also saw frenetic bidding reaching HK$4,320,000 (US$556,701) including commission passing its high estimate. Another Zhou Chunya work 'Mountain Rock Series' also saw keen interest as it was snapped up for HK$1,680,000 (US$216,495) including commission.

Works by leading Taiwanese Sculptors Ju Ming and Li Chen were favorites once again and witnessed intense rival bidding from both the floor and telephones. An iconic work from Ju Ming's 'Taichi Series-Below Elbow Watch First Lean' raised HK$1,800,000 (US$231,959) including commission. The beautiful and spiritual 'Float to Sukhavati' a smaller example of Li Chen's work saw unprecedented bidding ending at HK$1,560,000 (US$201,031) including commission.

Perhaps one of the biggest surprises of the day was the intense interest in works by Walasse Ting. A magnificent portrait of a semi-clad woman 'Do you like Sunset?' witnessed hurried bidding as it sold for double its high estimate at HK$1,260,000 (US$162,371). Two smaller works also experienced frantic bidding.

Odile Chen, Vice President and Head of Sales, said as Ravenel's position as a market leader in Hong Kong is firmly established, they attract the top collectors in Hong Kong and throughout Asia to both sell and buy, thus ensuring the success of all their auctions in the Territory. 'Today we had many new and important clients both on the floor and on the telephones ensuring the great success of the auction and the remarkable prices realized for many works'.

Ravenel now turns its eyes to its home-based auction of Modern and Contemporary Asian Art in Taipei on Sunday 5th of December, where once again expectations are high of hosting another extraordinarily successful auction.

Modern and Contemporary Art

Download Auction Results PDF

Sale Date / Venue: Monday 29th November 2010, Hong Kong
Value of Lots Sold: HKD 64,203,200 (USD 8,273,608)
Number of Lots Sold / Total Lots: 62 / 76
Percentage of Lots Sold: 81.58%
Value of Lots Sold: 137.40%
On the date of the sale, exchange rates were approximately as follows:
NTD 1 = HKD 0.26；USD 1 = HKD 7.76；EUR 1 = HKD 10.25

The following prices in Hong Kong Dollars include the hammer price, the buyer's premium and are rounded to the nearest Hong Kong Dollar.

【Press Release 2010.10.15】

The exceptional result of the 2010 spring auction set the highest record for Ravenel group. Following this major achievement, the group continues to provide collectors with more exciting and rare modern and contemporary artworks. As the autumn auction period approaches in the second half of the year, the Ravenel team has made great efforts in organizing two auctions on November 29 & December 5 in the Hong Kong Grand Hyatt Hotel and Taipei Fubon National Conference Center respectively. The two events will bring together 252 lots of artworks, the scale of which is the largest in Ravenel's history, with a total estimate of NT$700,000,000 (approximately HK$170,000,000 or US$23,000,000). The auction previews will start in the beginning of November in Taichung, Taipei and Hong Kong.

The theme for the Hong Kong autumn auction is "Modern and Contemporary Art", focusing on classic modern and contemporary fine art. 76 lots from 53 artists will come under the hammer, including works from the famous "Sky Series" by Zeng Fanzhi, a combination of his portrait and the grass series; the gunpowder work on paper "Furious Tiger Going Down a Mountain" by Cai Guo-Qiang; "We are TT, We are Angry Youth" by Zhou Chunya from his "Dog Series" and earlier works including the "Red Rock", "Rock Series" and "The Artist and His Friend". The interpretation of the new generation of Red Classics "Don't Love the Beauty – Love Army's Power! Mao" by Ling Jian. In the classic modern art, "Romance of the Western Chamber", Lin Fengmian has combined cubism and traditional Chinese art elements together. It is a dream piece for Lin collectors. While Lin's rare "Landscape" created before the Chinese Cultural Revolution was once in the collections of the famous Chinese cartoonist Mi Gu and the printmaker Liqun. There are also masterpieces from abstract artists "25.2.77" by Zao Wou-ki; "Réfléchit dans l'obscur" and "Lueur de l'horizon" (Composition in Blue) by Chu Teh-chun; ink and acrylic painting "Pearls of Roses" by Chao Chung-hsiang; "Do You Like Sunset?" by Walasse Ting who passed away this year and Luo Zhongli's "Peasant Life of Ban Shan". Also, there is a work by the Indian artist Jitish Kallat – "Dawn Chorus-23". There are also different varieties of works from Japanese artists: Showichi Kaneda, Yoshitaka Amano, Mayuka Yamamoto, Toul Otsuki; Korean artists: Chun Kwang-Young, Kwon Ki Soo and others.

The theme for the Taipei autumn auction is "Modern and Contemporary Asian Art". A comprehensive collection of the most popular subjects of recent years, the Taipei auction is introducing 176 lots of artworks from 115 artists. Important selections include a 303cm long bronze sculpture "Single Whip" by Ju Ming, estimated NT$58,000,000 – NT$80,000,000 (approx. US$1,933,300 – US$2,666,700). It is the largest sized work from the ‘Taichi Series – Single Whip' offered in the auction market to date. It is expected to challenge the highest auction price for a single piece Ju Ming sculpture which was set by Ravenel in its Hong Kong 2010 Spring auction at HK$14,400,000 (approx. NT$59,120,000 or US$1,848,524), a world auction record. From the abstract masters, there are two pieces from Zao Wou-ki's early paintings from the 1950s "Le jardin abandonné" and "Paysage" as well as his millennium creation "27.12.00"; Chu Teh-chun's "Clarté immatérielle" and"L'arbre de vie I". Yun Gee's "Female Nude Bust" painted during his New York period. In contemporary art, Zhang Xiaogang's "Bloodline Series–Big Family" reflects the collective and family connection during the special era in China; Xu Bing's "Landscript" in which the Shan Xi landscape are represented by their corresponding Chinese characters. The creation of "The Little Shanghai Girl" by Yan Pei Ming in 2004 can be said as the inspiration for the France Pavilion in the Shanghai Expo this year. The "Artificial Garden Rock" sculpture by Zhan Wang is a metaphor to the existing cultural breakdown phenomenon. "Scent of Grass" by Liu Xiaodong is a work painted during his travels in Taiwan. The largest "Ginger Lily" painting by Taiwanese artist Tzu-chi Yeh will be auctioned. The early work "Hope" by Michell Hwang, and "Zeelandia Memorandum L9307" by Yang Mao-lin are the main focus in the Taipei auction.

Along with renowned artists from China, Taiwan and overseas Chinese, Ravenel is showcasing artists from Japan and Korea including Yayoi Kusama, Hiroyuki Matsuura, Yoshitaka Amano, Hiroto Kitagawa, Mayuka Yamamoto, Ai Haibara, Ryoko Kata, Ai Yamaguchi, Kwon Ki Soo, Ji Yong Ho, Yujin Kang, Yoon Jongseok, Han Young Wook, and others.

RAVENEL AUTUMN AUCTION 2010 HONG KONG
Modern and Contemporary Art

Taichung
Saturday, November 6 - Sunday, November 7, 1:00pm - 7:00pm
GSR Gallery
1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Taipei
Saturday, November 13 - Sunday, November 14, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan

Hong Kong
Saturday, November 27 - Sunday, November 28, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Tiffin Lounge
1 Harbour Road, Wanchai, Hong Kong

RAVENEL AUTUMN AUCTION 2010 TAIPEI
Modern and Contemporary Asian Art

AUCTION

Sunday, December 5, 2010, 2:30pm - 7:30pm
Fubon National Conference Center
B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan

PREVIEWS

Taichung
Saturday, November 6 - Sunday, November 7, 1:00pm - 7:00pm
GSR Gallery
1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Hong Kong
Saturday, November 27 - Sunday, November 28, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Salons
1 Harbour Road, Wanchai, Hong Kong

Taipei
Friday, December 3 - Saturday, December 4, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan

Modern and Contemporary Asian Art

Download Auction Results PDF

Sale Date / Venue： Sunday 6th June 2010, Taipei
Value of Lots Sold：NTD 444,284,000 (USD 13,767,710)
Number of Lots Sold / Total Lots：130 / 150
Percentage of Lots Sold：86.67%
Value of Lots Sold：123.99%
On the date of the sale, exchange rates were approximately as follows：
USD 1 = NTD 32.27     HKD 1 = NTD 4.142     EUR 1 = NTD 39.35

The following prices in New Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest New Taiwan Dollar.

【Press Release 2010.06.06】

Ravenel Art enjoyed a very successful Taipei auction of Modern and Contemporary Asian Art on Sunday June 6, extending its Hong Kong success from the previous Monday 31 May, as the major lots were snapped up by eager buyers, while bidding on other lots showed the discernment and knowledge of not only floor bidders but also the numerous telephone bids from home and abroad, and the many written bids. The sale realized the very satisfying total of NTD 444,284,000 (USD 13,767,710), which was 124% of value of lots sold, with 130 of 150 finding buyers, for a lots sold rate of 87%. This total combined with Ravenel’s exceptional result in Hong Kong sets a new record for Spring Sales for the 11-year-old group. The combined total of NTD 724,537,790 (USD 22,517,082) beats the NTD 722 million (USD 22.3 million) of Ravenel’s autumn sale in December 2007.

From the beginning of the auction, the pace was steady and stable, as buyers appraised carefully each lot before deciding to raise their paddles. In the new maturer market, buyers carefully choose individual works by key artists, and the frenzy of snapping up almost everything on offer as in previous years is gone. However, the crowds are still here and more than 600 people attended the auction. Ravenel with its experience and knowledge of the market has an exceptional advantage in bringing together a collection of works that appeal to collectors and connoisseurs and thus ensured the very strong sale through rate of 87% as well as very strong results for important works.

The auction was led by Sanyu’s “Two Pink Nudes”, which fetched NTD 75,520,000 (USD 2,340,254) including commission, a strong result for this important painting from 1929. A seminal work, the female nude was to become one of the most important subjects in Sanyu’s oeuvre. His depiction of the voluptuous female form is one of his hallmarks. Works by Sanyu’s fellow French-based compatriot Zao Wou-ki also realized strong prices. His “19.7.63”, a magnificent abstract from 1963 imbued with cascading light, brought in NTD 50,880,000 (USD 1,576,697) including commission. A striking work from Zao’s transitional year 1954 when he moved from non-figurative to abstract art, “Paysage Abstrait” raised NTD 35,200,00 (USD 1,090,796) including commission. Two works by Chu Teh-chun, another French-based Chinese artist saw strong prices.

Taiwanese Modern Art was led by Liao Chi-chun’s “Guanyin Mountain” which fetched NTD 12,720,00 (USD 394,174) including commission. A wonderfully evocative work capturing the magic of the famous Guanyin Mountain across from Damshui harbour in Liao’s magical colors. 2 works by Yang San-lang also brought in strong prices as did Yun Gee’s “Central Park – New York” which raised NTD 10,560,000 (USD 327,239) including commission.

The Contemporary Section was led by Wang Huaiqing’s “House in a House – Bed of Han Xizai (Han Xizai’s Night Revels 3)” which finished within its estimate fetching NTD 49,760,000 (USD 1,541,989) including commission. Part of a set of 4 works reinterpreting the great 10th century scroll of the emperor Han Xizai, it has had an illustrious exhibition history. Works by Zhou Chunya, particularly his ‘Rock Series’ brought steady bidding and finished within their estimates. Three works by Huang Gang, saw competitive bidding and finished close to their high estimates. Three works by younger artists fetched exceptional prices as keen collectors recognize the quality of their work and their future potential. Works by Liu Baomin, Xiong Yu and Qiu Xiaofei easily surpassed their estimates.

Two Taiwanese sculptors, the giant Ju Ming, and the rising Li Chen witnessed intense bidding and very strong results. Two “Taichi Series – Single Whip sculptures by Ju Ming, one in wood, the other in bronze fetched NTD 12,600,000 (USD 390,456) each including commission after active bidding. Li Chen’s “Float to Sukhavati” easily beat its high estimate with NTD 6,960,000 (USD 215,680) including commission. Within the Taiwanese section a new record was set for a work by Tzu-chi Yeh. “Yan-Ming Mountain in June”, a photographic realistic depiction of the famous mountain covered in luxuriant foliage fetched NTD 4,080,000 (USD 126,433) including commission. Japanese works also saw steady and stable bidding. Works by established artists such as Yayoi Kusama easily found buyers, and works by younger artists such as Yoshitomo Nara and Hiroyuki Matsuura.

Ravenel is now firmly established as one of the leading players in the Modern and Contemporary Asian Art market. Its dominant position in the Taiwan market has been underlined by the strong result of today’s auction, and this combined with its great success in Hong Kong, points to a very strong future. Ravenel is now planning its Autumn Auction Schedule.

Ravenel Spring Auction 2010 Hong Kong Auction Results

On Monday morning, 31 May 2010, around 1 hour before Ravenel’s Modern and Contemporary Hong Kong Spring auction began in the Ballroom of the Grand Hyatt Hotel, bidders had already begun arriving suggesting that a vigorous and energetic auction would ensue. This proved to be the case as Ravenel claimed 81% of lots sold with 48 of 59 works changing hands, realizing a grand total of HKD 68,157,600 or USD 8,749,372, which is 133% of value, a very excellent result.

Attendance at the preview on Saturday and Sunday also suggested very strong interest in the auction, which was composed of major works by important Modern and Contemporary Chinese Artists as well as Japanese, Korean and South East Asian Masters. The attendees came from all parts of the world, and during the auction Westerners competed avidly with bidders from Hong Kong, China, Korea, Japan, South East Asia and Taiwan. The amount of active floor bidders as well as the huge total of telephone bidders ensured strong results.

The auction was led by two magnificent works by two giants of the modern art world, Ju Ming and Sanyu. Sanyu’s “Chrysanthemums with Green Leaves” is a seminal work from his early period and it realized HKD 14,400,000 (USD 1,848,524) including commission, within its estimates. Signed and dated 1929, which is rare for a Sanyu painting, he painted it when he was 28 years old and had just begun to use Western oil painting techniques. The theme of chrysanthemums, the composition of the flowers, particularly their line and poise, and the plain background were all to become hallmarks of Sanyu’s mature style.

Ju Ming’s large and impressive sculpture “Single Whip” also brought in a price of HKD 14,400,000 (USD 1,848,524) including commission, close to its high estimate. This is the second highest world auction record price for a Ju Ming sculpture, next to the Big Sparring sculpture sold at auction in Hong Kong in May 2007 for HKD 14.88m. A splendid, large scale work from 1988, companion works have been collected by major museums and some are displayed in public spaces in major corporation headquarters. “Single Whip” is a representative example of Ju Ming’s Taichi series and embodies the grace, tension, latent power and spiritualism of a Taichi movement.

In the Chinese Modern section, as well as the spectacular result for Sanyu’s piece, other works also achieved remarkable prices. Zao Wou-ki’s “Ville Chinoise” sold for HKD 3,600,000 (USD 462,131) including commission, just above its high estimate. From 1955, a very important year in Zao’s artistic expression, the work is representative of his movement from non-figurative art to abstraction. Painted in wonderful hues of blues and greens, it embodies the essence of the melding of Zao’s Chineseness with Western oil painting technique while creating the feeling and atmosphere of a Chinese village in a traditional ink and brush painting. Another of his works, 15.7.93 fetched HKD 3,120,000 (USD 400,513) including commission, almost double its high estimate.

Two works by Chu Teh-chun, a contemporary of Zao’s also living in Paris, realized strong results. His “Paysage Hivernal” from his snow series saw fierce bidding as it brought in HKD 3,120,000 (USD 400,513) including commission, above its high estimate. A splendid work depicting an abstract snow scene, it resonates with light and energy. The second Chu work on offer “Le souffle qui libére la matière” doubled its high estimate as it fetched HKD 2,280,000 (USD 292,663) including commission. Again suffused in Chu’s trademark light and reflections, this abstract work dances with jewel like splendor. Works by Lin Fengmian, and Wu Guanzhong also realized good results.

The Chinese Contemporary Section was led by a key work from Fang Lijun. “2001.7.31”, a classic representation of Fang’s Cynical Realism style brought in HKD 3,120,000 (USD 400,513) including commission, a great result in the present day market. Fetching above its high estimate, the piece portrays Fang’s iconic ‘bald-headed youth’ as he explores the angst and anguish of China’s youth as they try to come to terms with living in a complex social environment. An excellently executed work from his most recent ‘Wild Grasses’ period, Zeng Fanzhi’s ‘Landscape’ fetched HKD 2,888,000 (USD 369,705) including commission, after very competitive bidding, and just above its high estimate. With strong and wild brush strokes, and dark colors set against a white and blood-red sky as the sun sets, its evocative atmosphere suggests the inner psychological mind and turmoil of this most sensitive of contemporary artists.

Two works by the expressionist influenced Zhou Chunya also fetched excellent prices. His “Peach Blossoms Series – Flower Blooms, Flower Fades, Year after Year” realized close to its high estimate as it brought in HKD 2,640,000 (USD 338,896). Zhou explores the mortality and fragility of life through his wonderfully rendered peach blossoms which are indicative of the creation of new but short-lived life. His large-scale “Green Dog” from 2002 raised HKD 2,640,000 (USD 338,896) including commission, within its estimated range. A magnificent portrait of Heigen set against an empty background, the figure explodes with energy, fun and affability from the canvas. Strong results were also seen for Wang Guangyi’s “Art Nation”, Yin Zhaoyang’s “Red Mao” and Li Shan’s “Rouge Series – Mao”. Xu Bing’s two panel New English Calligraphy piece saw very active bidding from Western clients and fetched above its high estimate.

Works by Japanese artists, while starting from a lower price base, saw a lot of bidding activity. Two works by Toul Otsuki and Hiroaki Tsujii fetched much more than their high estimates with Otsuki’s work finishing three times higher. A work by Yayoi Kusama also brought in more than its high estimate. “MTV-TV” by the Korean-American artist Nam June Paik saw very active bidding. A work by Heri Dono of Indonesia saw very competitive bidding and fetched close to its high estimate.

The positive results in its second Hong Kong auction suggest that Ravenel will continue to enjoy future success in what has become Asia’s premiere Art Market and the third largest in the world after London and New York. Already with its eyes on its Autumn 2010 Hong Kong auction, Ravenel is also looking forward to its Spring auction in Taipei, Taiwan, which will take place on June 6th in the Fubon Centre on Tun-hua South Road, Section 1. A total of 150 lots will be offered, and with another important Sanyu painting from 1929 coming under the hammer, the auction is expected to be thronged with excited bidders.

Ravenel Spring Auction 2010 Hong Kong Auction Results

Modern and Contemporary Art

Download Auction Results PDF

Sale Date / Venue: Monday 31th May 2010, Hong Kong
Value of Lots Sold: HKD 68,157,600（USD 8,749,372）
Number of Lots Sold / Total Lots: 48 / 59
Percentage of Lots Sold: 81%
Value of Lots Sold: 133%
On the date of the sale, exchange rates were approximately as follows:
USD 1 = HKD 7.79     NTD 1 = HKD 0.2432     EUR 1= HKD 9.6     RMB 1 = HKD 1.14

The following prices in Hong Kong Dollars include the hammer price, the buyer's premium and are rounded to the nearest Hong Kong Dollar.

The Phoenix Project is the single largest work of art featured at Expo 2010 Shanghai. The two Phoenixes which comprise this installation measure 27 meters and 28 meters long, respectively, with a total weight of 12 tons; they are assembled from urban construction debris, construction tools and items used in the daily lives of construction workers. The methods used to produce the Phoenix Project present the beauty of a uniquely Chinese creative process. Exhibited here amidst the remains of an old factory building, the Phoenixes create a distinct contrast with the modern glitz and glamour of the surrounding pavilions that form the Expo.

The Phoenix Project, which both directly and metaphorically explores the urban footprint, wealth accumulation and modern life, functions as a multi-dimensional commentary on the Expo's “City” theme. Expo 2010 Shanghai focuses on urban splendor and the results of urbanization, whereas the Phoenix Project focuses on the true substance that underlies these processes. These two Phoenixes are at once fierce and beautiful, and the sense of divinity that each feather emits is a divinity transmitted by each worker with whom the Phoenixes have come into contact.

Ravenel Hong Kong & Taipei 2010 Spring Auction

Modern and Contemporary Asian Art
Leading the Market

【Press Release】

Ravenel Art Group was founded in 1999 and is the largest and most successful art house headquartered in Taiwan. In celebration of the 10th Anniversary of the renowned auction house, Ravenel held a glittering "Andy Warhol Night" with an exhibition of paintings and a cocktail party in Hong Kong on Nov 27th last year. A week later, Ravenel realized its second best auction result in its 10-year history on Dec 6, 2009 in Taipei. The remarkable result enhanced Ravenel' s position as a leading auction house in the Asia region. A work shown on the cover page of the catalogue, and painted by the pioneer of Chinese-Western abstract art, Zao Wou-ki, sold for TWD15,840,000 (US$4,925,373). the highest price ever bid for a painting in a Taiwan auction and the second highest world auction record price for a Zao Wou-ki painting.

As the art market continues its strong recovery, Ravenel Art Group has actively expanded its operations and fully engaged in the art market this year : Ravenel sponsored a major exhibition of Xu Bing's towering sculpture masterpiece, The Phoenix, at the Today Art Museum in Beijing in March, 2010. Ravenel is also proud to announce that it will hold its 2nd auction in Hong Kong along with its spring auction in Taipei. Over the last ten years Ravenel Art Group has been a major player in the Hong Kong art market holding previews for its two annual Taipei Spring and Autumn auctions. Ravenel also held a very successful debut Hong Kong auction of Modern and Contemporary Art in 2008.

This spring, Ravenel will hold its second auction in Hong Kong of Modern and Contemporary Art on Monday May 31, 11:30am - 1:00pm, in the Grand Hyatt Hong Kong – Ballroom, 1 Harbour Road, Wanchai, Hong Kong. Along with its Hong Kong auction, Ravenel will also hold its Taipei Auction of Modern and Contemporary Asian Art on Sunday June 6, 2:30pm – 7:30pm, in the Fubon National Conference Center B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan. In May, previews for the two auctions will be held in Taichung, Hong Kong and Taipei.

Ravenel will present more than 200 lots of the highest quality Modern and Contemporary Asian artworks at its Hong Kong and Taipei spring auctions. Along with major works by Chinese and overseas Chinese artists, Ravenel will also offer important works by Japanese, Korean, Indian and South East Asian artists. The auction in Hong Kong will feature 60 lots with a total estimate of HK$50 million (NT$200 million). The larger-scale Taipei auction with 150 lots has an estimate of NT$400 million. The total estimate for both auctions is NT$600 million.

Although many regional auction houses have struggled in the strained Hong Kong market, Ravenel Art Group, as a leading auction house in the Asia region, has used its experience and knowledge of the market to present a group of very high quality artworks. Ravenel Art Group aims to introduce refined art culture, synchronize artistic creation and investment. The consultants of Ravenel Art Group define the current value of art with professional standards and international vision. The details and in-depth description and analysis of artworks have become a basis and guideline for collectors in terms of price and quality. Ravenel Art Group provides professional, objective and precise art consulting services and has gained its strong reputation in the present art market.

SANYU, Chrysanthemums with Green Leaves, 1929

A major hightlight of the Hong Kong auction is Sanyu's "Chrysanthemums with Green Leaves" (est. HK$12,500,000-17,000,00). Painted in 1929, when the artist was just 28 years of age, it is one of his first oil paintings and is unusual in that it is dated. A classic work of 'Les annees folles', the painting captures the exuberance and spirit of the epoch. The background is mostly kept in pastel whites, with hints of blue intimating space and depth. The chrysanthemums, executed with particular care, are brimming with an understated beauty that is both refined and down-to-earth: an impression that is further enhanced by the lush green leaves and stalks, standing out particularly vividly against the white backdrop and the pink-and-white blossoms. As a whole, this lot is overflowing with a sense of serene happiness blended with inspirational vigor, as epitomized by the pastel chrysanthemums reaching right to the top of the painting.

ZAO Wou-ki, Ville Chinoise (Chinese Village), 1955

Zao Wou-Ki's "Ville Chinoise" (Chinese Village) (est. HK$2,600,000-4,500,000) was painted in 1955 when Zou was moving from figurative to abstract art. Paintings from this period are housed in many of the great art galleries worldwide and are much sought after. Featuring a nostalgic subject matter, with a poetic depiction of the scenery of the Chiang Nan region of China; it has a broadly rectangular arrangement and a largely blue color scheme. It is a very evocative work, expressing Zao's deep connection with his homeland.

CHU Teh-chun, Paysage Hivernal (Winter Landscape), 1985-1986

Chu Teh-chun's "Paysage Hivernal" (Winter Landscape) (est. HK$2,000, 000-2,800,000) comes from the much praised and exquisite "Snow Scenes" series. "Paysage Hivernal" (Winter Landscape), imbued with a poetic lair and aesthetic image, is like the playing of an impromptu musical episode. Its free-style brush strokes, dabs and daubs being dimly visible are reminiscent of traditional Chinese techniques. The falling night occupies the center of the canvas, as a snowstorm creates a flurry of what seem like pearls, sleek lines twist and turn forming nets, while a grey curtain descends speckled with stars, as the world becomes a silverish grey. A sense of warmth is somewhat created by the use of light yellow hues.

LIN Fengmian, Oriental Beauty with Fan, c.1950s

"Oriental Beauty with Fan" (est. HKS2,000,000-2,800,000) is a wonderful painting of a stylized Eastern woman from the 1950s in Lin Fengmian's inimitable style. he sketching and coloring of "Oriental Beauty with Fan" emphasizes a strict symmetry. The court lady looks dignified and demure; the way she lowers her head and holds the fan reminds us of the elegance of Guan Yin. The dark coloring of the figure appears to have been influenced by the Dunhuang murals. His use of layered colors and meticulous application together create the splendid texture of an ancient mural.

WU Guanzhong, Hometown, 1980s

Wu Guanzhong's "Hometown" (est. HKS1,100,000-1,700,00) is magnificently evocative of traditional Chinese artwork, and a major expression of Wu's deep connection with his hometown. Portraying a typical village in the south of China, the houses are depicted with black tiles and white walls, with water flowing under willow trees in spring. After spending a month in 1981 in his home village, Wu produced this wonderfully nostalgic work.

WANG Guangyi, Great Criticism Series – Art Nation, 2005

"Art Nation" (est. HK$1,200,000-2,000,000) is a classic representation of Wang's "Great Criticism" series. The work is filled with great tension and drama as an armed group of peasants and soldiers are placed in the centre. The serious expressions on their faces as they wield guns, bayonets and the little red book, and their forward movement create a sense of fear and latent violence. The background of red flags and black sky add to the sinister atmosphere. Then in a superbly ironic statement, "Art Nation" is blazoned across the top of the painting in the purity of the color "white". Wang has juxtaposed two human activities which could not be more removed from each other, war and art. The white arrow on the bottom right-hand corner in the same style as "Art Nation" seems to be suggesting which activity is the way forward.

LI Shan, Rouge Series – Mao, 2007

Li Shan's "Rouge Series-Mao" (est. HKS800,000-1,200,000) is an important work from his popular Rouge series. The portrait is of Mao as a young and handsome man in Yan'an with a rose in his mouth. Normally the use of Chairman Mao's image has a political association. The painting of the leader in a jesting and humorous way has also reminded us the Mao painted by Andy Warhol. The real intention of Li Shan is the same as in the story of "Twist Flower Smile" - The Artist means nothing political. Instead, he believes that the society has placed too heavy a responsibility on the shoulder of art; in his opinion, art is art itself. His painting of Comrade Mao's is only a comical reflection of history, to relieve the heavy burden of art and to say farewell to the history by using the once sacred object or image.

ZHOU Chunya, Green Dog, 2002

"Green Dog" (est. HK$2,500,000,4,500,00) is a major work from perhaps Zhou's most famous series. Zhou sees the green dog as a symbol, a sign. 'Green' represents tranquility, romanticism, lyricism, a state of quietness before an outburst of energy. Such a symbol makes sense when it is understood to represent the image of Heigen, his beloved dog. In 1999, the death of Heigen from illness caused Zhou great pain and he stopped painting green dogs. Then, in early 2001, once he had come to terms with his loss, he began to paint again his green dog. Almost in celebration of Heigen, he painted very big green dogs and the images produced were much more striking and exciting than before. This present painting, created in 2002, is an early work of this big green dog series.

ZHOU Chunya, Peach Blossoms Series – Flower Blooms, Flower Fades, Years after Years, 2009

Zhou Chunya's "Peach Blossom Series-Flower" (est. HK$1,800,000-2,800,000) displays all the greatness of his expressionistic techniques. The "Peach Blossoms" series resonates with bright greens, pinks and reds, which are worked with free and flowing brush strokes creating a vivid and enticing scene. Although reminiscent of traditional Chinese paintings the energetic and vivid strokes set the works apart from the soft and elegant images traditionally rendered. Both the colors and the compositions have a bold and unrestrained expression as if emotions have been set free. Zhou is considered the greatest master in the use of colors in Chinese contemporary painting.

ZENG Fanzhi, Landscape, 2006

Zeng Fanzhi's "Landscape" (est. HK$1,800,000-2,800,000) comes from his newest series. "Landscape" depicts wild grasses growing luxuriantly around a dark brooding mountain set against a white sky splashed with red at dusk. Zeng has moved away from his earlier expressionism and has moved closer to the abstractness and spiritualism of traditional Chinese art.

YUE Minjun, Maze 4, 2006

"Maze 4" (est. HK$1,500,000-2,500,000) presents what at first seems like a happy, everyday, normal scene, a crowd of shoppers in a well-stocked supermarket. However, we soon notice the figures all have wild crazy grins. Animated and excited, they all seem to be having a good time going about their business. But they are also eyeless, and therefore are not aware of what is around them, in this case figures dressed as Arabs. As part of the "Searching for Terrorist" series the painting is mocking our inability to see, let alone find, what we should be looking for. Once again Yue is employing mockery to point our human fallibility.

JU Ming, Single Whip, 1988

"Single Whip" (est. HK$9,500,000-15,000,000) is a major work from Ju's Taichi series. Currently, monumental bronzes of "Single Whip" can be found in many museums and public collections, including Japan's Hakone Open-Air Museum (created in 1977-1978, around 150cm high), Bank of China in Central Hong Kong, Exchange Square in Hong Kong (created in 1986, 280cm high), and Taiwan's Juming Museum (created in 1986, 467x188x267cm; created in 1999, 185.5x94x123cm).

RAVENEL SPRING AUCTION 2010 TAIPEI

SANYU, Two Pink Nudes, 1929

"Two Pink Nudes" (est. NT$52,000,000-68,000,000) is one of Sanyu's earliest oil paintings and is very unusual in that it is dated 1929 when he was just 28. "Two Pink Nudes" is kept entirely in tones of white and pink, belonging to the artist's pink period, and the composition is brimming with the air and mood of Paris in the twenties. The two nudes in this lot show all the typical features of Sanyu's compositions of naked human figures, in particular exaggerated distortions of shape and size. Sanyu was fond of big and tall women, a predilection that goes a long way in explaining why his nudes generally seem "larger than life," and why their legs often appear disproportionally large and bulky.

Yun GEE, Central Park (New York), c.1940

The undated "Central Park (New York)" (est. NT$9,500,000-13,500,000) was probably completed around 1940, when the artist was in his thirties at the height of creativity. Having recently returned to New York from Paris, he lived for six months at an upscale apartment on East 67th Street near Madison Avenue, two blocks from Central Park, where he took frequent walks. There are several sketches of the park from the 1940s by Yun Gee, hence the dating of this painting. The body of water in the center is the famous Pond, which was portrayed by the artist in another painting, a blue-colored bleak winter scene.

ZAO Wou-ki, Paysage Abstrait (Abstract Landscape), 1954

In 1954, Zao Wou-ki began to create art that was wholly abstract, throwing off Klee's influence and developing his own, highly personal form of abstract painting. This particular work, "Paysage Abstrait" (Abstract Landscape) (est. NT$20,000,000-40,000,000), dates from 1954, making it one of Zao's earliest fully-abstract paintings. There are no recognizable physical objects in the painting, which is shot through with symbols and images that resemble some ancient script. These symbols in fact derive from the ancient "oracle bone script" of the Shang Dynasty; they recall the mystery of the inscriptions on bronze vessels from China's Bronze Age.

ZAO Wou-ki, 19.7.63,1963

Zao Wou-ki's "19.7.63" (NT$45,000,000-60,000,000) is a major work from the period of unrestrained and dynamic style recognized as a major time in Zao's development. The bold, sweeping bushstrokes first attract the observer's eye in "19.7.63", and at a closer look one finds that the interconnected powerful lines that dominate the picture are very reminiscent of traditional Chinese calligraphy.

ZAO Wou-ki, 31.3.63, 1963

"31.3.63" (est. NT$9,000,000-12,000,00), which was completed in the spring of 1963, expresses the artist's thoughts and feelings through brushstrokes that seem to rise up out of the canvas, against a reddish-brown background. The painting exudes joy and self-assurance, as well as a bright radiance. This work is a classic example of Zao Wou-ki's work from the 1960s, which combines elegance and beauty with great depth of meaning.

ZAO Wou-ki, 30.7.67, 1967

This oil painting, "30.11.67" (NT$20,000,000-40,000,000), was completed sometime in the late fall or early winter of 1967, at a point in Zao's career when he had lived in Paris for 20 years and found his mature individual style as a painter. While an abstract work, the color and compositional structure of "30.11.67" immediately put the viewer in mind of a dramatic ocean view. The foreground is kept in dark shades of brown, interspersed with subtly blended hues of jasper, Prussian blue, lilac and pink, all applied in layers of delicate strokes that intermingle to form a shifting kaleidoscope of color – a reflection of the artist's complex mood and innermost emotions.

WANG Huaiqing, House in a House – Bed of Han Xizai (Han Xizai's Night Revels 3), 2002

"House in a House - Bed of Han Xizai" (NT$44,000,000-NT$58,000,000), is the third piece in a series of paintings titled "Han Xizai's Night Revels" from 1996, a 200x300cm double horizontal scroll painting. The bright vermilion background with its strong ethnic connotations ("China red") sets off the bold, thick strokes of the black structure that represents the bed of the banquet's host, Han Xizai. The painting's immense visual impact takes no backseat to that of Wang's 1998 triptych masterpiece "Golden Stone", and its compositional structure and organic abstraction are reminiscent of Chinese calligraphy: cool and rational, sweeping yet economical. In 2003, "House in a House - Bed of Han Xizai" was shown at the National Art Museum of China's 40th anniversary exhibition called "An Open Era," and received many positive critiques for its expansive and forceful style.

LIAO Chi-chun, Guanyin Mountain, 1974

"Guanyin Mountain" (est. NT$11,000,000-20,000,000) with its bright and expressive colors was finished in 1974, at the peak of Liao's later career. Liao Chi-chun was praised as the magician of colors for his unique perspective and bold use of vivid, primary colors. His depiction of Guanyin Mountain is a magnificent river scene. Though not huge in size, the painting impresses its viewers with its confident grandeur. From the top to the bottom, the picture is divided into three sections – the pale blue sky presenting the azure Guanyin Mountain, the Tamsui River flowing slowly, and the houses sitting tightly next to each other – all artistically spaced, and presents a harmonious and balanced whole. And the riotous colors of the bright yellow sailboat, the brilliant red church spire, the chalk-white walls, and the verdant trees decorate the picture with a vigorous playfulness, making it a feast for the viewer's eyes.

Taichung
Saturday, May 8 - Sunday, May 9, 2010, 1:00pm - 7:00pm
GSR Gallery, 1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Taipei
Saturday, May 15 - Sunday, May 16, 2010, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan

Hong Kong
Saturday, May 29, 1:30pm - 7:00pm
Sunday, May 30, 2010, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Ballroom
1 Harbour Road, Wanchai, Hong Kong

RAVENEL SPRING AUCTION 2010 TAIPEI
Modern and Contemporary Asian Art

Taichung
Saturday, May 8 - Sunday, May 9, 2010, 1:00pm - 7:00pm
GSR Gallery, 1F, No. 83, Gong Zheng Road, Taichung, Taiwan

Hong Kong
Saturday, May 29 2010, 1:30pm - 7:00pm
Sunday, May 30 2010, 10:00am - 7:00pm
Grand Hyatt Hong Kong - Ballroom
1 Harbour Road, Wanchai, Hong Kong

Taipei
Friday, June 4 - Saturday, June 5, 2010, 10:00am - 7:00pm
Fubon National Conference Center
B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan

On March 27 at 4pm, Ravenel Art will host the opening of a major exhibition of Xu Bing’s masterpiece, The Phoenix, at the Art Square & Building, No. 1, Today Art Museum in the Chaoyang District of Beijing. 6 large cranes will be present as the huge sculpture is moved into place for its first public display since its creation. The sculptural masterpiece comprising 2 enormous phoenixes is truly impressive in size. Measuring 15 meters in height with 1 phoenix of 28 meters in length and the other 27 meters, it is 8 meters wide and weighs a total of 12 tons. Created as a reflection of modern Beijing, its display in the CBD will exemplify its underlying realization of the contrast between the new and old Beijing, its creation from waste building materials contrasting with the glamour of the CBD’s new buildings such as CCTV. At night it will glow with star-like lights further enhancing its examination of real and unreal things.

The Phoenix is the most impressive and powerful expression of the world-renowned contemporary Chinese artist Xu Bing.  Created on his return to China after a prolonged stay in the USA, The Phoenix was inspired by Xu Bing’s experience of the new Chinese society and the reality of the new Beijing. The work took 3 years to reach fruition and Xu Being devoted all his energies for 2 years to its creation using waste construction materials. The Phoenix exemplifies Chinese art as it examines the profound realities of modern society and life in China, and is thus far removed from the concerns of Western Art. The viewer is invited to witness developing China, contemplate the backbreaking work of laborers, and pause to consider the accumulation of wealth: the masterpiece invites the viewer to behold Modern China. The work also reflects care and concern for the environment, made of low cost waste materials it has become a beautiful work of art reflecting Chinese energy and emotions, it is a work of the people using recycled materials.

The Phoenix was commissioned by the President and CEO of Ravenel Art Group, Ms Clara Kuo, one of the foremost experts in contemporary Asian art. The entire creation process was organized by the Ravenel group, which oversaw the complete project from birth to fruition. The work has been collected by one of the leading collectors of Chinese art, Mr. Barry Lam, an acclaimed entrepreneur. The Phoenix masterpiece works on 2 levels of meaning, a reflection of reality, and a profound contemplation of modern Chinese concerns.

The Exhibition in the Today Art Museum will feature many illuminating insights into the creation of this masterpiece. Documents outlining the creation process along with photographs of each stage of creation will be exhibited. Ravenel will also publish a book with articles by Xu Bing on the creation of his masterpiece and it will contain many illustrations. A seminar will also be held where discussions concerning the work will take place. Ravenel has invited experts from the worlds of art, architecture and construction to lead the talks as the public explore the greatness of Xu Bing’s masterpiece.

Original Link

Modern and Contemporary Asian Art

Download Auction Results PDF File

Sale Date / Venue: Sunday 6th December 2009, Taipei
Value of Lots Sold: TWD 668,144,000 (USD 20,775,622)
Number of Lots Sold / Total Lots: 192 / 227
Percentage of Lots Sold: 84.58%
Value of Lots Sold: 163.63%
On the date of the sale, exchange rates were approximately as follows: USD 1 = TWD 32.16   HKD 1 = TWD 4.15    EUR 1 = TWD 48.47   CNY 1 = TWD 4.65

The following prices in New Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest New Taiwan Dollar.

Ravenel Taipei Autumn Auction 2009 Result Reaches US$20.78 Million

Zao Wou-ki《17.4.64》Record Highest Auction Price for a Painting in Taiwan

【Press Release】

2009/12/6

"Ravenel Autumn Auction 2009 Taipei - Modern and Contemporary Asian Art" took place on December 6 at 2:30pm at the Fubon National Conference Center. The large and enthusiastic crowds during the two-day preview suggested that the auction was going to produce some major results. On Sunday hundreds of highly motivated art lovers and buyers turned up and engaged in very aggressive bidding as they competed for the very high-quality works on offer. As a result the auction enjoyed an enormous success with the total value far above any reasonable estimates. The original estimated total amount was between US$12,500,000 to US$17,700,000, and the final amount realized was US$20,775,622, with a value of lots sold at 164%. 192 out of 227 art pieces found buyers, a turnover rate of 85% and an incredible success for Ravenel Art, which is now a firm leader in Modern and Contemporary art in the Asian region.

In celebration of its 10th Anniversary, Ravenel presented its largest-scale auction this autumn. And the result of the auction stands as a testimony to Ravenel's expertise, knowledge and foresight in the market. The total amount realized is the second best auction result in Ravenel's history next to the 2007 autumn auction at US$22,356,541 when the art market was at its peak. Even though the market today has not yet fully recovered, the result is a major achievement, and indicates Ravenel's pivotal position in the Asian art market.

The highlight of the afternoon was lot 103, an oil painting by Zao Wou-ki, titled “17.4.64". The estimated price was between US$1,430,348 to US$1,927,860. The bidding was very intense between floor buyers and phone bidders. It was finally won by a floor buyer who paid more than three times the estimate, fetching US$4,925,373 including buyer's premium. The result is a record for the highest price for a painting in a Taiwan auction. It is also the second highest world auction record price for a Zao Wou-ki painting, next to “Hommage à Tou Fu" which was sold in Hong Kong last year.

Another smaller work by Zao Wou-ki titled "Oiseaux volent partout" dated 1952 was another highlight of the auction. It realized the second highest price this afternoon selling for US$1,965,174. Three much smaller oil paintings by Zao Wou-ki also drew intense bidding and focus from the auction participants. "Petit pont et l'eau coule" & "30.11.74" sold for US$485,075 each. "Lotus Flowers" was sold for twice its estimated price at US$186,567. The results show Zao Wou-ki's standing among collectors and solidifies his position as a favourite for Asian collectors.

Sanyu's "Vase of Flower with blue Ground" fetched US$1,860,697, almost twice its estimated price. It was the third highest price of the afternoon. Bidding was also very fierce on paintings by the French-Chinese artist Chu Teh-chun. All three paintings raised very high prices: The quadptych painting "Force d'âme" fetched US$1,373,134; a rare snow scene "Evocation hivernale C" was sold for US$1,094,527 and "Composition No.166" fetched US$522,388 far above its estimate. Lot 101 "Still Life, Figure, Fish, Cactus", an ink and color painting on paper by Lin Fengmian was sold for US$354,478. The bidding was also very intense for the small painting "Forest in Central Park" by Yun Gee. It realized US$194,030. The oil painting "Red Horse" by Walasse Ting was also a popular bidding item. The subject of the painting was a "Red Horse", the heritage of the famous American abstract artist Sam Francis. The piece was finally sold at US$111,940, an outstanding result.

While the great Chinese Modern artists are adored by today's art collectors; Asian Contemporary art is also a strong favorite of many art lovers. The triptych "Coca Cola" and the "Great Criticism Series – Channel V" by Wang Guangyi fetched US$447,761 and US$156,716 respectively. The diptych "Rotation of Sun and Moon" by Huang Gang sold for US$171,642; "Mid-Spring" by Hong Ling raised US$149,254; "Me" by Yin Zhaoyang realized US$134,328. The enthusiastic bidding on these lots was unexpected as the market corrects itself after the high points of 2007. Taiwanese artists Tzu-chi Yeh's "Yan-Ming Mountain in June", Michell Hwang's " Water Buffalos" also saw active bidding during the auction; Japanese artists Yoshitake Amano's "Gatchaman" and Yayoi Kusama's "Pumpkin" were well-liked by collectors and so had excellent results. The video installation "TV Rabbit" by American-Korean artist Nam June Paik was also a very popular item, fetching US$134,328.

Ravenel Art Group's "Ravenel auction" has once again set the record for auctions in Taipei. The Group has actively expanded its operation overseas; in addition to its Taipei headquarters, its Beijing and Hong Kong offices also provide professional services in auction and private sales. From 2010, the company plans to expand the size of its auction previews and will organize auctions in Hong Kong. The remarkable results of the 10th Anniversary of Ravenel autumn auction has written an extraordinary record for the company and we look forward to creating other outstanding records in the coming decade.

Ravenel Autumn Auction 2009 Taipei—Modern & Contemporary Asian Art

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[Hong Kong－30th Nov 2009] Ravenel Art Group, Taiwan's largest Art Auction House, threw a glittering cocktail party at SEVVA Hong Kong on 27th November. Named "Ravenel 10th Anniversary Celebration and Exclusive Exhibition of Works from Masters of Art", the extraordinary occasion united prestigious clients and guests such as Ms. Bonnie Gokson, Mr. and Mrs. Robert Yau, Mr. and Mrs. Moses Tsang, Dr. Daniel Lee, Ms. Kai-Yin Lo, Mr. and Mrs. Philip Tse, and many more hall-of-fame socialites.

This star-studded VIP event took place on the eve of Ravenel's Autumn Auction Hong Kong Preview at Grand Hyatt Hong Kong. In celebration of the 10th Anniversary of the legendary group, the cocktail party showcased magnum opus by some of the best-known art mavericks, including Andy Warhol, Damien Hirst, Anish Kapoor, and Jean Dubuffet. A two-hour Andy Warhol-inspired art performance made the party an unforgettable one, thanks to the six amusing talents dressed as the pop art icon of our time. Ms. Clara Kuo, CEO and President of Ravenel Art Group, gave an opening speech titled "Ravenel's unparalleled success over the last 10 years", followed by the address "Market Movements and Trends in Global Contemporary Art" presented by Mr. Jerome Le Blay, world-renowned Parisian art specialist and Auguste Rodin expert. In her address, Ms. Kuo shared with the guests Ravenel's future plans in Hong Kong and some highlights of the upcoming Autumn Auction.

The guests indulged themselves in the artistic ambiance of the outdoor terrace in the venue, which offers a panoramic night view of the spectacular Victoria Harbour. 
"Private Sales is another major business of Ravenel Art Group apart from art auction. Ravenel's Autumn Auction of Modern and Contemporary Asian Art 2009 is another significant event of the Group, following our sponsorship to a Louvre Gallery's world tour exhibition in Taiwan earlier this year." said Clara Kuo, CEO and President of Ravenel Art Group.

Art exhibits at the 10th Anniversary Celebration Cocktail

• Andy WARHOL – Yves Saint Laurent
• Damien HIRST - Lovely and Kind (b.1965)
• Jean DUBUFFET – Les Galeries Lafayette (l'ascenseur) (1961)
• Andy WARHOL – Mao (Orange) (1973)
• Anish KAPOOR – Untitled (Sky Mirror, Wine) (2008)

Modern and Contemporary Asian Art

Download Auction Results PDF File

Sale Date / Venue: Sunday 7th June 2009, Taipei
Value of Lots Sold: TWD 212,804,000 (USD 6,507,768)
Number of Lots Sold / Total Lots: 136 / 175
Percentage of Lots Sold: 77.71%
Value of Lots Sold: 111.14%
On the date of the sale, exchange rates were approximately as follows: USD 1 = TWD 32.7   HKD 1 = TWD 4.22   EUR 1 = TWD 45.7

The following prices in New Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest New Taiwan Dollar.

Ravenel Art's 10th Anniversary Spring Auction Taipei
Modern and Contemporary Asian Art

Ravenel Art, once again, has set the standard for auctions of modern and contemporary Asian art with outstanding results at its Taipei Spring auction on Sunday June 7,2009. The total amount realized at the auction was 212,804,000 NT Dollars, 6,507,768 million US Dollars. 77.7% of lots were sold, 136/175, with a value of lots sold at 111.4%. A truly great result in today's market.

The highlight of the afternoon was Wang Huaiqing's 'Flying Apsaras' Triptych, which fetched 43,760,000 NT Dollars, 1,338,226 US Dollars including commission. A magnificent work of abstract expressionism, 'Flying Apsaras' is imbued with oriental religious awesomeness, with visualized figures of flying goddesses and heavenly beauties. 'Ferry Boat', a work by the most respected Taiwanese artist, Liao Chi-chun, brought in 24,160,000 NT Dollars, 738,838 US Dollars including commission. One of his celebrated great paintings, 'Ferry Boat', is a lively and gorgeous representation of a traditional harbor scene in Taiwan, celebrated in soft and beautiful colors, changes of light, shadow, and wonderful tones.

Another highlight was Cai Guo Qiang's 'Art Shopping Network' which was bought for 16,520,000 NT Dollars, 505,199 US Dollars. A collaborative work created with Tsai Kang-yung a famous Taiwan TV personality, the piece was made in Taiwan as an exploration of the commercialization of art. Famous for his 'explosion art', Cai blew up 'Golden Yuan Bills' which had been issued in 1948 by the Nationalist Government of China in an attempt to control inflation which miserably failed. These 'blown up' bills were then sold on a TV shopping network, treating art as a commodity. The work on offer today is the original three panels on which the bills were exploded along with a video of the 'selling on TV'.

A work by the pioneer of Chinese abstract painting, the Chinese-French artist Zou Wou-ki realized 9,204,000 NT Dollars, 281,468 Dollars including commission. The work, titled 28.4.75, is dominated by orange-yellows and golds, the earthy and sunny colors used by Zou in the 1970s as a refection of his search for warmth and tranquility as he dealt with the grief of losing his wife in 1972. 'Effusion' by Chu Teh-chun, another leader of Chinese abstract painting, and also a Chinese-French artist, fetched 6,372,000 NT Dollars, 194,862 US Dollars. A master of incorporating rays of light dancing among blocks of bright and brilliant reds, yellows and blues, Chu dazzles the viewer with multifaceted layers of space and color. Some works easily beat their high estimates. In the contemporary Chinese section, 'Portrait' by Zeng Fanzhi, a study of an isolated and alone half-figure with his mask removed, brought in 4,956,000 NT Dollars, 151,560 US Dollars including commission against a high-estimate of 3 million NT Dollars. 'Golden Sunshine', a wonderfully evocative study of a young Western Chinese girl in traditional garb bathed in sunlight realized 5,428,000 NT Dollars, 165,994 US Dollars including commission against a high-estimate of 4.5 million NT Dollars.

Japanese and Korean artists maintained their popularity with strong bidding seen for many pieces. Mayuka Yamamoto's soulful 'Red Lamb' was particularly appealing to families and beat its high-estimate. Three works by Yoshitaka Amano saw intense bidding with a wide interest from the Asian region. Two pieces by Ayako Rokkaku both beat their high-estimate and saw very competitive bidding. Two paintings and one sculpture by Korean artist, Kwon Ki Soo also attracted major bidding fetching high prices. Results for Indonesian, Indian, Malaysian and Philippino artists suggest that art from South-East Asia is going to continue growing from strength to strength at auction. Works from this region saw active and intense bidding from buyers throughout the Asian region. Ravenel Art, in its tenth anniversary year, has shown that with its strong reputation, professionalism, and stellar client base, that even in tough economic times, there is still a market for high quality art works.

The art intermediary service is the bridge connecting artists and collectors. To better serve collectors and investment institutions, Ravenel Art & Investment under Ravenel Art Group provides professional, objective and precise art consultancy service through dedicated operation and with the form of project. It has established the specialized collection and investment system for enterprises, collectors and funds around the world.

In the process of consultancy, Ravenel Art & Investment addresses interaction and pays attention to opinions and thoughts of clients. It does not impose any unilateral standing, but it reserves an orientation for client to operate the system and investment belonging to the his own aesthetics. It is dedicated to recommending the most representative artworks of this era directly to key collectors, enterprises and funds in the world. Through providing masterpieces of top-class Chinese and Western artists, Ravenel defines the current value of potential artists and their works to enter the future history of art with professional standard and international vision.

Art investment must be established on considerable financial strength for distribution of risks. The key lies in professional insight and control over the market. By means of intermediary service, Ravenel Art & Investment is making every effort to promote exchanges and interaction between the Eastern and Western cultures. On the one hand, it recommends Occidental artworks to China; on the other hand, it introduces the Chinese art to the international arena.

In terms of investment, one of the key points of evading investment risk is not to put all eggs in one basket. The investment in Western art relates to the most important part of art investment: risk management. Western artworks feature mature market, relatively high price, as well as low risk.

Today's world is an international community, and pluralized collection urges collectors to treat their collection at a higher level. This way, the national and the international have to be interfaced. In terms of investment or requirements by international market, it requires collectors to accept different kinds of stimulation and carry out this undertaking with open mind and from a more objective standpoint. Meanwhile, it also requires Chinese collectors to draw attention of overseas collectors to the development of contemporary art in China and to invite them for systematic collection with the open vision and pluralized stand.

Important Assurance for Reducing Risk

Art insurance is an indispensable part of art market. This does not only include the modality of insurance during routine handling and the safety assurance invested to potential accident during transport of exhibits and handled pieces, but it also covers, most importantly, the evasion of specific risks and the further guaranteed financial means in the process of collection. In terms of art collection, the collector shall have the prerequisite on the knowledge about art deposit and insurance, in addition to sharp insight, to have the value added in the future.

In the project of Ravenel Art Group, the cooperation with Taian Insurance Co., Ltd. is a fairly important task for the appraisal and valuation of boundless artworks.

The highest risk for accepting insurance of artwork lies in damage during transport and handling. Furthermore, the artwork is also accompanied by a lot of risks including fire, flood and other natural disasters. Insurance company plays a role of deposit and assurance for collectors actually.

The commonest form of insurance for art is the insurance during exhibition and auction, which is generally procured by sponsor and organizer of the exhibition or collecting unit. Safety is the top priority no matter for collection by individual or by institution. Further safety measures shall be provided with the artwork is subject to exhibition or transaction in auction market, including commercial insurance.

Concerning collector, collection features certain risk. The significance for this part is also the functionality of regular insurance companies. Once risk occurs, the insurance company is willing to compensate under stipulated price, meaning the company recognizes this price.

The most important value of an art insurance company is that the company is a neutral third party who is willing to recognize price of the artwork and will provide risk assurance under this price. In addition, the artwork is provided with more practical value provided an object in a financial system. The reason for real estate which is allowed to loan money is that its value is already recognized and the bank may find a confident third party to verify the price. However, it is not easy for a bank to find a fair and objective third party to recognize the value of a specific artwork. Generally, the bank will find an insurance company for guarantee and appraisal. The important role the insurance company plays inside is the neutral third party: a unit that can be trusted by collectors, loan applicants and lenders.

Core Aspect of Insurance: Artwork Valuation

For an insurance company, the biggest problem lies in valuation. Though artwork is provided with a set of independent norms of valuation, the accurate valuated price is hard-won because there is often no specialist in insurance companies. More importantly, moral risk still cannot be checked, even if the insurance company has reached consensus on price with policy holder. At present, the situation of fraudulence in art market is serious, and some fake products may even outsmart professionals. In some cases, after the insurance company reviews a genuine painting, the collector may even replace with a fraudulent one or make a story on that the painting is stolen. Moral risk of collector will add to the loss of insurance companies.

To solve the problem, it does not only require the insurance company to assign special personnel for appraisal and valuation, but it also requires the special personnel to be familiar with the collector and to be able to prove personal character of the collector. There are rare insurance companies willing to guarantee artwork, especially in Asia. However, this also applies to the whole world. An insurance company will not provide assurance for any artwork until introduced by somebody. Quite a few companies engage in art insurance, and all of us understand this is a big market. However, there will be basically no large-scale propaganda because this may result in some unnecessary risks. The situation also applies to Taian Insurance: the insurance company cannot accept the insurance until relative confidence and recommendation. So, our role is to help insurance company screen applicants.

The expense of insurance is directly related to storage conditions, availability of safety equipment, provision of handling, destination etc. Every single point may increase or decrease the insurance premium.

In addition, an insurance company usually wishes to accept the insurance locally, so it can review the artwork directly, otherwise more manpower shall be invested in judgment of storage conditions. All of these have determined the necessity of more specific, more professional and more careful procedures in this huge market, so as to ensure smooth and secure development. In this regard, the key role is to find proper recommender and institution of appraisal and valuation.

The concept of art foundation was raised in 1960s. It is a means of investment which profiteers from operation of art transaction. In international market, the relatively successful art foundation includes the British Rail Pension Fund. In mid-1970s, it invested in art with USD 100 million and has collected 2,400 pieces of artwork. The average yield rate is between 10%~15%.

Ravenel Art & Investment is experienced in Taiwan in operating art funds. According to the total amount of fund and client's requirements, the company tailors different investment plans and generates specialized art funds, so as to find excellent, potential artworks for the clients. In 2005, the art fund achieved over 50% return rate for its clients. In comparison with other investment tools including real estate and equities, the yield is remarkable. This also proves that art is also a fine investment channel in addition to its interest of collection and value of appreciation. Ravenel emphasizes operation of art funds with pluralized investment approaches. It is worth mentioning that investment return will not be guaranteed until refined selection is made on quality through purchase of artwork.

Investment projects of Ravenel Art Foundation cover a variety of art forms in China and the West. They concentrate on combination of the integrative modality of finance so as to reduce investment risk. This concerns cooperation with domestic and overseas major banks and insurance companies. It also summarizes the most professional and most authoritative appraisal and valuation on artwork and predicts in a most accurate way latest trend and price of artwork in international market, so as to achieve long-term, stable and remarkable return for investors.

The corporate culture of Ravenel contains return to the society and the continuous attention to art education. More importantly, the culture has always maintained intensive focus on the integral development of the contemporary art in China, improvement of the education on arts for the people, and the care about the living environment of young artists, especially the progress of art education started when the learner is still young. Ravenel Art Education Foundation is founded under the fine aspiration of promoting the development of art among the Chinese and pushing forward the education of aesthetics in China. It is dedicated to provision of rich means of support and considerable financial backup to the art education in China.

The major projects under planning include: "Chinese Art Recording Activity".

Chinese Art Recording Activity

Chinese Art Recording Activity, a project initiated in China mainland by Ravenel Art Education Foundation, invites Mr. Wang Weizhong, one of the most authoritative program producers in Taiwan, as the principal producer. The international production team will fabricate a series of documentaries on contemporary art, of which each volume lasts 60 minutes, in three languages including Chinese, English and French that focus on contemporary artists in China. The purpose of this program is to present the Chinese art, especially the contemporary art in China, to a more internationalized stage. This way, the art development and change of social life for more than twenty years in China will be fully reflected on through the mastership of creation by the artists and the personal temperament by presenting the unique historical background and development of the contemporary artists on the basis of global development of art.

Ravenel Art Education Foundation, under the tenet of dedication to aesthetic education and promotion of Chinese art, expects to make the Chinese art accessible to more foreigners in an international stage with the help of this program. This way, this series of documentary is not only produced in Chinese, English and French, it will also focus on other parts of the world than China in terms of issuance and promotion. In particular, the documentaries will strengthen the interaction and cooperation with major foundations, art museums, media and other professional organizations and institutions.

• "Party" general term for auctioneer, the Client, bidder and final buyer
• "Auctioneer" means the enterprise legal person engaged in auction as per Auction Law of the People's Republic of China and Company Law of the People's Republic of China.
• "Client" means the citizen, legal person or other organization (also 'the seller') that entrusts the auction company to auction the articles or property right to which it has ownership or disposition.
• "Bidder" means the citizen, legal person or other organization participating in bidding for the target for auction.
• "Final buyer" means the bidder buying the target of auction at the highest bid price.
• "Target of auction" means article or property right the Client entrusts the auction company to sell in the mode of auction.
• "Due charge" means relevant fees the auction company properly collects from the Client and the final buyer concerning premium, graphic catalogue publication, package and transportation, cultural relic and sealing wax, appraisal and valuation, etc.
• "Closed price" also called "hammer price", means the price that the auctioneer drops the hammer to determine to a buyer in the auction.
• "Reference price" also called "valuating price", means the markedly-indicated price on the printed auction graphic catalogue for every piece of entrusted article for auction. The price shall be decided by the auction company and shall not be deemed as the final sales price.
• "Base price of auction" also called "reserved price", means the final sales price that is required to indicate on the power of attorney after the auction company and the Client make agreement about the entrusted articles for auction.
• "Final auctioned article" means the bargained target of auction.
• "Number plate" means the bidding number plate that the bidder obtains after finishing the bidding registration. Only those obtaining bidding number plate can be deemed as formal bidders.
• "Commotion" also called "agency fee", means fees the auction company collects from the Client and final buyer after the bargain according to relevant laws and regulations.
• "Auction income" means the net fund the auction company pays to the Client after the auction is bargained for sale of the entrusted articles for auction, namely the closed price of the entrusted articles for auction after deduction of commission and payables due for the Client.
• "Power of attorney" means a contract for the Client to sell article, including various auction terms and service charges of the auction company, such as premium, damage compensation, freightage, photo making, commission, etc.
• "Registration for bidding" means the necessary procedures for the bidder to participate in the bidding. If the bidder is the natural person, it is required to fill in and sign on the registration certificate before the auction by holding effective ID card or passport or other effective ID certificate recognized by Chinese Government; if the bidder is legal person or other organization, it is required to fill in and sign on the registration certificate before the auction by holding effective registration certificates, ID certificate of the legal representative or legal authorized certificate, and then obtain the number plate number; otherwise, the bidder cannot be deemed as formal bidder.
• "Entrusted auction" After carefully reading and abides by auction rules of the auction company and taking responsibility to its behavior to participate in the company's auction, the Client consigns the article to the company for auction. If the Client is natural person, it is required to hold effective ID card or passport or other effective ID certificate recognized by Chinese Government and sign contract of entrusted auction with the company; if the client is legal person or other organization, it is required to hold effective registration certificates, ID certificate of the legal representative or legal authorized certificate and sign contract of entrusted auction with the company.

Those intended to buy art crafts through Ravenel in public auction and bid with other buyers in the fair and justice mode are deemed to be the final buyer after getting the target with the highest competitive bidding.

Catalogue

The catalogue shall be published a month before the auction. Collectors intended to put into auction can negotiate about the purchase through telephone, or directly purchased from the company. In the catalogue, apart from the data about all articles for auction this time, there are also detailed statement about many business rules about the auction such as service charge, term of payment, matters about payment and transportation of the entrusted articles for auction. In addition, the last page of the catalogue is usually the written bidding document. Those cannot attend in person shall fill in the form and then entrust the auction company to compete the bidding in agency.

[Catalogue Order]

Preview Exhibition

Preview exhibition for Ravenel auction is generally conducted in Taizhong, Beijing, Hong Kong and Taipei for a period of 2 to 3 days. Auction is conducted on the second date after the preview exhibition ends. For those intended to participate auction, presence in the preview exhibition is very important, because that is the only chance to see the entrusted articles for auction before the auction.

Knowledge about the articles for auction can be obtained through preview exhibition and telephone inquiry to the auction company as well. Apart from knowledge about the entrusted articles for auction, there may be an outline about the articles bidding for price and possible bidding situation at present. Besides holding preview exhibition before the auction, Ravenel may also arrange a series of lectures in view of some special auctions, so that those intended to participate in auction can get to know more.

Registration

Those intended to participate in auction may fill in registration form on the site of the preview exhibition. Contents to be filled include name, address, telephone number, ID card number, data of current bank, email, etc. Identification is made by the number card that is registered in advance, so as to save entry and bidding time on the date of auction. Without registration in advance, you can get the plate at the plate obtaining zone and take a seat after filling in the form for registration in the auction.

Mode of Competitive Bidding

If you decide to take part in the auction but are unable to be present on the date, you can conduct the bidding through telephone or in written form. [absentee bid form]

Bidding through telephone: If the Client cannot be present for bidding but hopes to simultaneously conduct bidding onsite for the entrusted articles for auction, assignee in the bidding zone shall bid on behalf of the Client through telephone. However, if correct bidding is obstructed by break-off or trouble in receiving, the company shall have no responsibility.

Written bidding: If the Client cannot be present for bidding, bidding can be conducted through written entrustment. When it is the turn for the entrusted auction articles of the Client entrusting in writing, assignee in the bidding zone shall bid on behalf of the Client to show the sum the Client fills in time of entrustment. If price is closed within the sum of entrustment, the deal is clinched. Otherwise, if the closed price goes beyond the sum of entrustment, the assignee will not bid and let other attendees go on bidding.

Promoting Asian Art Auctions

Through a worldwide competition strategy, regional integration between countries is being established in the 21st century. Regional economic units, such as with North America, and the European Union, points to a sure trend for the forming of an Asian economic unit. Economic cooperation in the region will stimulate interaction in art and culture. In April 2009, the Boao Forum for Asia was first established, the "Boao Asian Contemporary Art Salon". Its purpose is to allow different Asian countries build a common consensus on the value of art and culture. Ravenel had its debut Hong Kong auction in 2008, and its success enhanced our reputation. Ravenel Spring auction 2009 expands the theme to Asian art.

In celebration of our 10th anniversary, despite the global financial crisis, Ravenel is fully engaged in the art world, sponsoring art exhibitions and holding auctions to promote art for art lovers. Ravenel is sponsoring the "Sculptures in Movement" exhibition from the Louvre Museum on its Asian tour. It will visit Taipei, Kaohsiung, Beijing, Wuhan, Hangzhou, Hong Kong, and Macau. The first opening was held in the National Museum of History, Taipei in April 2009. Ravenel's Spring Auction 2009 Taipei will take place on June 7, with 3 previews in Taichung, Hong Kong and Taipei. In the second half of the year, Ravenel will hold auctions in both Hong Kong and Taipei as in 2008.

"Ravenel Spring Auction 2009 Taipei" will be held on June 7, 2009, in the Fubon National Conference center, Taipei. The auction includes works by more than 130 renowned Asian artists. The total value of the 175 lots is estimated to reach NT$200 million to NT$300 million (approx. HK$50 million to HK$70 million; US$6 million to US$9 million). Works by 20th century Chinese art masters, along with works by contemporary Taiwanese, Chinese, Korean, Japanese, Indian, Indonesian, Philipino and Malaysian artists are included. The most valuable piece on offer is Wang Huaiqing's triptych creation, "Flying Apsaras", estimated NT$29 million to NT$42 million (US$865,700-1,253,700), which was part of the artist's solo exhibition in Shanghai Art Museum in 2007. It is imbued with a strong sense of abstract expressionism, interpreting flying immortals in a fluent calligraphic sense. "Flying Apsaras" has an extraordinary vigor, and is a representative work of Wang's creation when he was evolving a new artistic style.

Other highlights include Taiwanese art master, Liao Chi-chun's 1974-1975 beautiful oil painting, "Ferryboat". This masterpiece was shown in "The 30th Taiwan Provincial Art Exhibition" in 1975, the last art exhibition Liao participated in while living. Rich in composition, color and arrangement, it is a work from the artist's most important creative period. The estimate is NT$18 million to NT$28 million (US$537,300-835,800). The owner will donate half the hammer price of a successful sale to Fo Guang Shan Pumen Temple and Dizang Temple. Internationally renowned master Zao Wou-ki's "28.4.75" is one of his classic 70s creations, provenance Galerie Kutter in Luxemburg. It has been owned by Luxemburg collectors for more than thirty years, and has rarely been shown. The estimate is NT$10 million to NT$20 million (US$298,500-597,000); "Still Life with Flowers and Fish" which Lin Fengmian painted circa 1977 has a Cubist form and Matisse style. It is owned by Lin Fengmian expert, Sanhuai House, and was illustrated in Modern Artists Theory, Work, biography: Lin Fengmian published in 1988. Two paintings from Yun Gee's San Francisco period, "California Landscape", and "Lady in Pink Hat" are also highlights of the sale. "Lady in Pink Hat" belonged to Yun Gee's daughter, and "California Landscape" was a gift to his teacher Otis Oldfield in the late 20s. Otis' widow later returned it to the artist's wife Helen Gee. The previous ownership of this work makes this painting particularly precious. Paintings from the first generation of Chinese oil painters include, Guan Liang's "Bergen, Germany", Wei Tianlin's "Fish", Taiwanese art master Shiy De-jinn's "Woman", overseas Chinese George Chann's "Bronze and Stone Variation X", Sanyu's watercolor piece "Nude" and Wu Guanzhong's "Viewing Fish at Flower Harbour". They are all great works, which are very rare to find on the art market.

Cai Guo-Qiang's explosion installation work, "Art Shopping Network" is especially noteworthy. The idea of the work was originally conceived by a Taiwanese mass media person, Tsai Kang-yung and was executed at the invitation of the Museum of Contemporary Art Taipei. Tsai wanted to explore the concept of art as a commodity. Cai Guo-Qiang exploded Golden Yuan bills issued by the Chinese Nationalist government in Shanghai to counteract inflation but which failed miserably within 10 months . Tsai Kang-yung was in charge of the mass marketing of the resulting 66 sets of exploded notes on a TV shopping network, and pointed out the value and meaning of artworks in the commercial market. The work combines exploded notes, performance, and a multimedia installation. This collective work "Art Shopping Network" by Cai Guo-Qiang and Tsai Kang-yung is estimated between NT$16 million to NT$24 million (US$477,600-716,400). Yue Minjun's bronze sculpture "Contemporary Terracotta Warriors No. 6", was exhibited in Queen's Museum in New York. This piece demonstrates the irony and humor of history, while subverting the concepts of new heroism and idolatry. Other works by Chinese contemporary artists include, Zeng Fanzhi's "Portrait", Wang Guangyi's "Louis Vuitton", Zhou Chunya's "Red Rock Series", and "Peach Blossom in Long Quan", Li Shan's "Reading Series", and "Mao (Rouge Series)", Qi Zhilong's "A Chinese Girl in Male Military Uniform", Feng Zhengjie's "Chinese Portrait Series No. 2" and Yang Shaobin's figure oil painting.

Taiwanese contemporary works include Michell Hwang's "Woman in the Modern City", and "Woman and Cat", Yang Mao-lin's "Zealandia Memorandum M9301", Tsu-chi Yeh's "Taimali-Taitung", Chiu Ya-tsai's "Professor of Jurisprudence", Kuo Wei-kuo's "A Photo with Imperfection on Its Shape". These works demonstrate Taiwanese artists' sensitive point of view and rich expressive methods. Li Chen's brilliant sculptures "Snow Wonderland", and "Clear Soul" adopt different features from both the East and West. North- East Asian contemporary art also shows different features. Ravenel is offering works from Japanese artists: Yoshitaka Amano, Korehiko Hino, Ayako Rokkaku, Kiriki Iida, Taira Hisaya, and Lyntalo Torii. A strong list of Korean contemporary artists are also represented, such as Chun Kwang Young, his "Aggregation" conveys oriental thought with Korean mulberry paper, Lee Lee Nam with a multimedia installation, Kwon Ki Soo, Yoon Jongseok, Lee Jaesun, Kim Ji Min, Lee Ho Ryon, Hwang Hyun Seung, Yim Tae Kyu, Lee Youjin, and Yim Man Hyeok. The Korean section has works of high artistry and a variety of creative possibility for which Korean artists are renowned.

Works from South-East Asia are also outstanding. Chintan Upadhyay from India has participated in the Asian Art Biennial held by the National Taiwan Museum of Fine Arts. His "Bhogi to Yogi" depicts his iconic figure. Bose Krishnamachari's abstract piece unites Western skills and Indian original color tones. Indonesian artist I Nyoman Masriadi's early period painting "Save the Land" already shows an aspect of black humor in comic style. Haris Purnomo's "Alienated Baby No. 3" implies the violence hidden in real society through a tattooed infant. Agus Suwage's "Swimming", and "Man with Fans", and Budi Kustarto's "See Something which is Upsidedown" narrate serious social issues that Indonesia has to deal with currently.

So only in the long term can we tell which artists are with the potential or not. Our company has devoted much time and energy to the investment analyses, including the investment trend of artists, the location of the buyers, the general collectors group and the future trend. These analyses are based on the scientific statistic methods. The art works are bought on the basis of sound information. The value of artworks is not just heard from others, but selected by very clear data, which is totally trustworthy.

Like Zhao Wuji, Zhu Dequn once resided in France. He begins to enjoy popularity gradually in Taiwan, Singapore, Indonesia with our continous recommending. Now the price of his works is rising steeply. Few Taiwan collectors paid great attention to his work when we commended him at the first time. Later one collector bought that piece with exceptional insight. In the auction 2005, its price rose to 12 million TWD ( 3 million HKD), but the collector bought it only at 0.96 million TWD (0.24 million HKD). We treat our clients as well as our friends. We establish strong trusting relations with them bit by bit in daily life, which is very unique in my opinnion. Clients' trust mainly bases on our good sercive. It is very easy for clients to buy or sell art works. And we will consider for clients that whether it's easy to sell later when they buy it.

Trust is not based on how many staff one company has. How to think for clients is the key to gain trust.

Introduction

Cette exposition tactile invite le visiteur à toucher la sculpture. Les œuvres présentées sont des surmoulages, en plâtre ou en résine, de sculptures dont les originaux sont exposés au Louvre.

Les œuvres présentées dans cette exposition évoquent cinq mouvements qu'ont cherché à traduire les sculpteurs en Occident en comparaison avec les recherches sur le mouvement en Orient. L'effort, la course, la danse, l'envol et la chute expriment leur recherche sur l'équilibre et la gestuelle.

1. L'effort est la tension de tout le corps afin de vaincre une résistance. Il exprime la pénibilité et se traduit par une opposition violente et contrebalancée des membres.
2. La course est un déplacement rapide du corps caractérisée par une succession d'élans ou les phases d'appui au sol alternent à intervalles réguliers.
3. La danse est une suite de mouvements gracieux et rythmés. La répétition de gestes tournoyants peut se traduire par une ronde lorsqu'il y a plusieurs danseurs.
4. L'envol est l'action de quitter le sol. Il se traduit par un élan ascendant où tout le corps tend vers le haut. Le lien avec le sol se réduit au minimum défiant la pesanteur.
5. La chute est l'effondrement au sol qui aboutit à la dislocation du corps qui s'étale sur le sol. Il exprime l'immobilité et est caractérisée par l'horizontalité.

	1	Aphrodite, dite "Vénus de Milo" IIe siècle avant J.-C. Original en marbre, musée du Louvre H. 2,16 m. x L. 0,60 m. x Pr. 0,65 m. © 2006 Musée du Louvre / Daniel Lebée et Carine Deambrosis
Effort	2	Amazone domptant un cheval 1843 Jean-Jacques Feuchère original en bronze, musée du Louvre H. 0,44 m. x L. 0,48 m. x Pr. 0,25 m. © 1994 Musée du Louvre / Pierre Philibert
	3	Milon de Crotone 1768 Edme Dumont original en marbre, musée du Louvre H. 0,78 m. x L. 0,40 m. x Pr. 0,38 m. © 1994 Musée du Louvre / Pierre Philibert
	4	Soldat bandant son arc 1715 Jacques Bousseau original en marbre, musée du Louvre H. 0,89 m. x L. 0,38 m. x Pr. 0,32 m. © 2007 Musée du Louvre / Pierre Philibert
	5	l'Esclave rebelle 1513-1515 Michelangelo Buonarroti, dit Michel-Ange original en marbre, musée du Louvre H. 2,20 m. x L. 0,8 m. x Pr. 0,5 m. © 2005 Musée du Louvre / Pierre Philibert
	6	Héros combattant, dit "Gladiateur Borghèse" Ier siècle après J.-C. Agasias d'Ephèse original en marbre, musée du Louvre H. 1,65 m. x L. 1,70 m. x Pr. 1,40 m © 2003 Musée du Louvre / Etienne Revault
Run	7	Hippomène 1703-1705 Guillaume 1er Coustou original en marbre, musée du Louvre H. 1,31 m. x L. 1,25 m. x Pr. 0,60 m. © 2009 Musée du Louvre / Pierre Philibert
	8	Atalante 1703-1705 Pierre Lepautre original en marbre, musée du Louvre H. 1,28 m. x L. 0,57 m. x Pr. 0,98 m. © 2009 Musée du Louvre / Pierre Philibert
	9	Diane chasseresse Jean-Antoine Houdon Réduction au tiers du bronze de 1790 original en bronze, musée du Louvre réduction H. 0,71 m. x L. 0,52 m. x Pr. 0,31 m. © 1994 Musée du Louvre / Pierre Philibert
Dance	10	Les Danseuses Borghèse IIe siècle après J.-C., restaure au XVIIe siècle original en marbre, musée du Louvre relief : H. 0,73 m. x L. 1,85 m. © 2003 Musèe du Louvre / Etienne Revault
	11	Les trois Grâces Vers 1650 Gérard Van Opstal original en marbre, musée du Louvre relief : H. 0,42 m. x L. 0,27 m. © 2004 Musée du Louvre / Pierre Philibert
	12	Danseuse Vers 1820 Jean-François Lorta original en marbre, musée du Louvre H. 0,90 m. x L. 0,35 m. x Pr. 0,35 m. © 1997 Musée du Louvre / Pierre Philibert
Take off	13	Mercure volant 1565 Jean Boulogne dit Giambologna original en bronze, musée du Louvre H. 1,70 m. x L. 0,57 m. x Pr. 1,4 m. © 2009 Musée du Louvre / Pierre Philibert
	14	Icare et Dédale XVIIIe s. original en marbre, musée du Louvre relief : H. 0,67 m. x L. 0,99 m. © 2009 Musée du Louvre / Pierre Philibert
	15	Mercure attachant ses talonnières 1744 Jean-Baptiste Pigalle original en marbre, musée du Louvre H. 0,58 m. x L. 0,35 m. x Pr. 0,33 m. © 2004 Musée du Louvre / Pierre Philibert
Fall	16	Le soldat de Marathon annonçant la victoire Jean-Pierre Cortot Réduction au cinquième, 1834 original en marbre, musée du Louvre H. 0,38 m. x L. 0,40 m. x Pr. 0,25 m. © 1994 Musée du Louvre / Pierre Philibert
	17	La chute d'Icare 1743 Paul-Ambroise Slodtz original en marbre, musée du Louvre H. 0,38 m. x L. 0,54 m. x Pr. 0,64 m. © 2007 Musée du Louvre / Pierre Philibert
	18	Abel expirant 1785 Jean-Baptiste Stouf original en marbre, musée du Louvre H. 0,30 m. x L. 1,02 m. x Pr. 0,46 m. © 1994 Musée du Louvre / Pierre Philibert

The 20th & 21st Century Chinese Art, Japanese & Korean Contemporary Art

Download Auction Results PDF File

Sale Date / Venue: Sunday 7th December 2008, Taipei
Value of Lots Sold: NTD 243,015,400　(USD 7,245,540)
Number of Lots Sold / Total Lots: 102 / 147
Percentage of Lots Sold: 69.39%
Value of Lots Sold: 66.41%
On the date of the sale, exchange rates were approximately as follows：USD 1 = NTD 33.54   HKD 1 = NTD 4.33   EUR 1 = NTD 42.81

The following prices in New Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest New Taiwan Dollar.

Once again for Ravenel Art, the auction auditorium in the Fubon National Conference Center on Sunday December 7, 2008 was packed with more than 500 people and 250 registered bidders but bidding reflected the new realities of a challenging market. Total sales reached USD 7, 245, 540, which was 66.41% of value, a very respectable result in difficult market conditions. 102 of 147 lots were sold representing 69.39%.

As has been witnessed in New York, London and Hong Kong over the last few months, there is still a market for high quality works at attractive prices. The top selling lot on Sunday was Cai Guo Qiang's 'Descending Wolves for the Guggenheim International Gala', which realized USD 903, 995 among intense early bidding. One of the best of Cai's 'explosion pictures', it is truly a masterpiece of the artist's technique and expression. Created on five paper panels, it depicts a pack of wolves descending a rocky mountain. Cai has captured the full power, beauty and energy of the wolves through his use of explosives and created a magnificent picture where the tones and hues evoke the greatness of traditional Chinese ink and brush painting.

Zhang Xiaogang's 'Bloodline Series – Big Family' brought in a winning bid of USD 837, 209. Painted in 1998, the work reflects the mature abilities of Zhang in this series. The painting is of particular note because of the intenseness of the expression in the eyes of the mother, father and son created by an artist at the height of his powers. Based on old black and white family photographs, the Bloodline Series depicts the soul and character of the Chinese people who have alert yet distant gazes.

A superb work from Wang Huaiqing's Ming Furniture Series, 'Separation and Reunion' fetched USD 703, 637. Depicting a deconstructed Ming chair, the work is a profound study of a symbol at the heart of Chinese Culture.

Works by Ju Ming, world famous for his Taichi Series of sculptures, continued to perform well. 'Taichi Series – Shadow Boxing', a pair of wood sculptures raised USD 474, 955. Exquisitely carved, the sculptures capture the full power, energy and calmness of Taichi.

'Composition No. 190', [USD 369, 410] an abstract by Chu Teh-chun, attracted a lot of interest because of the rarity of its style. A very beautiful work, created in dark colors, and bursting with energy, it evokes a rocky landscape. The full power of Chu's merging of traditional Chinese expression in ink and brush paintings and Western oil painting techniques is seen in the picture. Another Work by Chu 'Souffle de la nature' fetched USD 182, 946. A more traditional work by Chu, it is suffused with light and color.

There were some surprising results considering the present market. Two statues by Li Chen, a Taiwanese sculptor, renowned for his Buddhist works attracted fierce bidding. 'Landscape in Heaven' a large Buddha holding a golden mountain in one hand and silver water in the other while standing on a cloud, brought in USD 154, 800. Rounded and smooth, and imbued with calmness and serenity the work is sure to bring peaceful feelings to its new owner. Another smaller sculpture 'Cultivated by Mist and Cloud' also attracted intense bidding and realized USD 42, 218.

Huang Gang's works continue to surprise the market this autumn and 'Beijing My Home' was no exception fetching USD 84, 436, more than double its high estimate. Huang renowned for creating collages from Tibetan wooden sutras and various artifacts from Tibet, this time has created a magnificent work using materials from his hometown, Beijing. Centered round a large red star, symbol of China, Huang has placed traditional woodcuts used to print records of ancestors. The work is a splendid example of Huang's artistic sensibilities and captures the full power of his belief in remembering the past.

A very rare oil painting by Shiy De-jinn, a Taiwanese master artist 'Portrait of Painter Tian Mian-shi', brought in USD 73, 882, close to its high estimate. A really beautiful portrait executed in blues, black and touches of red with a white background, it demonstrates Shiy's knowledge and understanding of the use of space, tone and hue in traditional Chinese painting.

Two records were set for young Chinese Contemporary artists. Chen Liu's 'Door Gods (diptych)', a magnificent depiction of temple door Gods brought in the artist's record price at USD 38, 000. The pictures are mesmerizing in detail and execution, painted in wonderful browns, golds and oranges, the door gods are displayed in splendid attire with their guard dogs. The detail is almost magical and is created through fine swirls in the paint. A record was also set for Jia Gang's 'It Takes Strength to Speak Out', USD 35, 182, doubling its high estimate. In the vein of Political Pop it depicts a group of young people grouped around microphones with only one willing as it were to stick his neck out. Another painting by a young Chinese artist also attracted strong bidding. Wei Jia's 'Say Goodbye V' an atmospheric portrayal of a young black-cloaked man sitting with his back to us on a branch of a huge tree is reflective of the artist's introverted nature.

As the market adjusts to new realities, Ravenel Art has shown that with high quality works and reasonable price estimates, the art market in Taiwan is alive and well. Bidders are still willing to buy as long as the works on offer meet their expectations.

Modern and Contemporary Asian Art

Download Auction Results PDF File

Sale Date / Venue: Monday 1st December 2008, Hong Kong
Value of Lots Sold: HKD 72,603,140　(USD 9,368,147)
Number of Lots Sold / Total Lots: 45 / 62
Percentage of Lots Sold: 72.58%
Value of Lots Sold: 88.03%
On the date of the sale, exchange rates were approximately as follows：TWD 1 = HKD 0.23    USD 1 = HKD 7.75

The following prices in Hong Kong Dollars include the hammer price, the buyer's premium and are rounded to the nearest Hong Kong Dollar.

Art Enjoys Success with Hong Kong Auction

Ravenel Art surprised the art world with a very successful first auction of Modern and Contemporary Art in Hong Kong on Monday December 1, 2008. As other auction houses struggle in a strained market, Ravenel, the leading Taipei based art auction house, used its experience and knowledge of the market to present a group of very high quality artworks.

The auction hall in the Four Season's Hotel was thronged with bidders and the approximately 300 people present exceeded expectations. Major Hong Kong collectors were there in large numbers as were big collectors from Taiwan. There were also many foreign collectors spread around the hall.

Total sales reached HK$ 72,603,140 [US$ 9,368,147] which was 88.03% of value, a major achievement in present market conditions. 72.58% of lots were sold with 45 of 62 attracting successful bids. This is a remarkable result in present times, and is due to the high quality of the works on offer. Major works by important artists all sold well.

Yue Minjun's 'Enchanted Spring' fetched the top price, HK$ 11,500,000 [US$ 1,483,871]. This large painting depicts a joyous, laughing androgynous self-portrait, kicking up his high-heels against a purple flag with a laughing Mao. This work is seminal to Yue's style and expression and it attracted very active bidding.

A stunning abstract expressionist painting by Zao Wou-ki '22.3.1979' brought in HK$ 8,140,000 [US$ 1,050,324]. The painting in warm yellows and oranges is a magnificent landscape representation embodying the full power of Zao's language and technique which combines Chinese sensibilities with Western oil painting techniques.

Further proof that quality will still sell well at auction came with Sanyu's 'Chrysanthemums on a Red Table with Yellow Background. A magnificent still-life, painted in simple colors of yellow, black and red, is centred on a powerful composition of Sanyu's favorite flowers. The painting is deeply affecting, with a strong calming influence and full of serenity.

Other highlights of the auction included works which easily beat their high estimates again due to the high quality of the works. Wu Guanzhong's 'The Blooming Mountain', a superb abstract expressionist depiction of the famous scenic area near Beijing, attracted intense bidding. It realized HK$ 6,460,000 [US$ 833,548] against a high estimate of 4.5 million HKD. Yan Pei Ming's 'Mao Soleil rouge' also attracted fierce bidding and brought in HK$ 6,460,000 [US$ 833,548].

Two works by Zeng Fanzhi 'Man with Bamboo' and 'Red Clouds' attracted significant bids selling for HK$ 4,720,000 [US$ 609,032] and HK$ 5,900,000 [US$ 761,000]

12 of 14 Taiwanese paintings found buyers, and one of Ravenel Art's aims was to introduce major Taiwanese artists who have developed very personal and different artistic voices. Two works by Michell Hwang 'Young Girl – Chasing Dreams' and 'Story' attracted spirited bidding. Japanese and Korean works all sold well as did works from South East Asia and India.

After its success today, Ravenel is looking forward to 2009 and further consolidating its position in Hong Kong.

Ravenel Art

Hong Kong & Taipei Autumn Auctions

Modern and Contemporary Asian Art

Ravenel Art Group is pleased to announce that it will hold two auctions this autumn in Hong Kong and Taipei. Our first Hong Kong auction of Contemporary Asian Art with 62 lots offered will be held on Monday December 1, 2008. Our Taipei auction of Contemporary Chinese, Korean and Japanese Art with 147 lots offered will take place on Sunday December 7, 2008.

Ravenel Art has been the leading Modern and Contemporary Art House in Taiwan since our founding in 1999. With offices in Hong Kong and Beijing, Ravenel has played a major part in the growth of the art market over the last 10 years not just in Taiwan but also in the North Asia region. Our biannual spring and autumn sales in Taipei have met with unprecedented success and have continuously broken total sales records for auctions as well as setting numerous records for individual artists.

As China opened to the world at the beginning of the 20th Century, many of its artists chose to study Western Art in Europe. These artists then introduced Western Art techniques and concepts into Chinese painting. Chinese painting was very traditional, preferring ink and brush painting, and portraying scenery. These new artists who ventured to Europe started to adopt oil painting techniques, which they combined with a Chinese sensibility. Ravenel will offer works by some of these artists including Sanyu, Zao Wou-ki and Chu Teh-chun. These three artists settled in France. Sanyu is appreciated for his still-lifes combining elements of traditional Chinese painting with Western oil techniques. Zao Wou-ki is famous for his dramatic abstracts, which use light in an unique way to create profoundly deep works in oil imbued with Chinese sentiment. Chu Teh-chun, also creates dramatic abstracts. Chinese Contemporary Art has enjoyed enormous success over the last five years with a strong appeal for both Western and Regional collectors. Ravenel will offer works by the leading artists in this field including Zhang Xiaogang, Zeng Fanzhi, Wang Guangyi, Yue Minjun and Yan Pei Ming. Zhang Xiaogang is renowned for his ''Big Family – Bloodline'' series, which portrays Chinese faces taken from old photographs. Zeng Fanzhi''s ''Wild Grass'' series as with all his works is concerned with portraying the inner self. Wang Guangyi''s ''Great Criticism'' series is one of the best known in the West. Wang is part of the ''Political Pop Art'' group and in his works he combines images from Cultural Revolution posters with modern consumerist images to comment on present day life in China. Yue Minjun''s laughing self-portraits have become an iconic image of Contemporary Chinese art. Part of the ''Cynical Realism'' group, Yue''s laughing faces make a profound comment on life in China. Korean art will be represented by Kim Tschang-Yeul and Park Seo-Bo. Paintings by Japanese artists Hino Korehiko and Hiroyuki Matsuura will attract much interest. Two of the most sought after S. E. Asian artists, Augus Suwage and Budi Kustaro will have works included. A work by Justin Ponmany, a rising star of Indian Contemporary Art will be on offer.   The auction will be held in: The Four Seasons Hotel Ballroom, 8 Finance Street, Central, Hong Kong on Monday December 1. Previews will be held in: Taichung Saturday, November 8-Sunday, November 9, 1:00pm-7:00pm GSR Gallery 1F, No. 83, Gong Zheng Road, Taichung, Taiwan Taipei Friday, November 15-Saturday, November 16, 10:00am-7:00pm Fubon National Conference Center B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan Hong Kong Friday, November 28-Sunday, November 30, 10:00am-7:30pm Grand Hyatt Hong Kong-Salon 1 Harbour Road, Wanchai, Hong Kong

The December 7 auction will present works in four key categories. In Modern Chinese Art, paintings by artists influenced by Western oil painting including Zao Wou-ki, Sanyu and Chen Baoyi will be offered. Zao Wou-ki, who settled in France, is famous for his dramatic abstracts combining Chinese sensibilities with Western painting methods. Sanyu, who also moved to Paris, is appreciated for his still-lifes, which combine elements of traditional Chinese painting with Western oil techniques. Chen Baoyi, who studied Western painting in Japan and who was one of the leaders in bringing Western styles to China, is acknowledged for his outstanding still-lifes. Other artists included in this section are Wang Huaiqing, Liao Chi-chun and Chu Teh-chun. In the Taiwanese Art section key works by many renowned artists will be offered. Taiwanese Modern and Contemporary Art is defined by the unique voices developed by its artists as they engaged with their personal concerns and particularly with the major changes that have taken place in Taiwanese society over the last 30 years. Sculptures by the world-renowned artist Ju Ming will be on offer. He is most famous for his ''Tai-chi Boxing'' series. Works by Lien Chien-hsin will also be featured. His paintings of Taiwanese localities, now touched by the effects of industrialization are always much sought after. Kuo Wei-kun, whose intensely personal works often combining Chinese mythology will also be represented. Other artists included in this section are Michelle Hwang, Chiu Ya-tsai and Liu Kuo-song. Contemporary Chinese art has been top of the market for the last five years. Ravenel will offer works by many of the top artists of this new generation. Cai Guo-qiang, famous for his gunpowder drawings, which he literally explodes onto paper, will be featured. Zhang Xiaogang will be represented by his ''Big Family – Bloodline'' series. Taking his inspiration from old family photographs, Zhang was one of the first Chinese artists to present the Chinese person in an entirely new way. New works from Zeng Fanzhi''s ''Wild Grass'' series will be on offer. Zeng has always been concerned with the inner world of his subjects and their relationship to the outside world. Other artists included are Zhou Chunya, Zhang Linhai, Ma Liuming (Photography) and Luo Zhongli. New interest has arisen in Korean and Japanese art and works by leading artists in these countries will be featured. Japanese artists will include Nara Yoshitomo, famous for his characters with big eyes and a bewildered look on their faces as they face a modern technological society. Hiroyuki Matsuura will also have a work offered. Korean art will be represented by Bahk Seonghi and Kwon Ki-soo.   The auction will be held in: The Fubon National Conference Center B2, No, 108, Section1, Tun-Hwa South Road, Taipei, Taiwan on Sunday December 7, 2008. Previews will be held in: Taichung Saturday, November 8-Sunday, November 9, 1:00pm-7:00pm GSR Gallery 1F, No. 83, Gong Zheng Road, Taichung, Taiwan Hong Kong Friday, November 28, 1:00pm-7:30pm; Saturday, November 29, 10:00am-7:30pm Grand Hyatt Hong Kong-Residence 1 Harbour Road, Wanchai, Hong Kong Taipei Friday, December 5-Saturday, December 6, 10:00am-7:00pm Fubon National Conference Center B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan

Ravenel's Spring Auction of Modern and Contemporary Chinese, Korean and Japanese Art in Taipei on June 1 was a resounding success. Reaching a total of over 500 million NT Dollars or 16.5 million US Dollars, it far exceeded expectations in the present economic climate, and emphasizes that great results can be achieved through a strong professional approach and the offer of high quality works. 171 of 189 lots were sold representing a sale rate of 90.5% and the value of lots sold was 112.8% of estimates showing the strength of the Taiwan art market.

The auction venue was thronged with excited bidders. More than 600 people turned up for the event and with 300 bidders on the floor and numerous telephone and absentee bids the atmosphere was at times electrifying. One of the highlights of the afternoon was a Mao painting by Yan Pei-Ming which sold for 49, 880, 000 NT Dollars or US$1, 640, 520 million including commission a record for the artist. The strength and feeling of this painting had attracted major attention during the previews in Taiwan and Hong Kong. The highest price 73, 400, 000 NT Dollars or US$2, 414, 077 including commission came for a Zao Wou-Ki abstract entitled '1.12.68 (13.2.77)'. This expressive work combining Western painting techniques, especially the use of light, with Chinese feeling is one of the artist's favorite pieces. Zao kept this painting in his personal collection for many years and added some strokes in 1977 thus titling it with two dates.

There was a very strong showing for Taiwanese artists, who are always popular among local collectors. In particular, 2 sculptors did very well. A personal record 8, 850, 000 NT Dollars or US$291, 071 including commission was set for Li Chen with his Golden Rain Bronze, a stunning piece evoking Buddhist sympathies. Two pieces by Yuyu Yang also did very well. A record 3, 186, 000 NT Dollars or US$104, 785 including commission was set for Yang Chihung with his abstract 'Looking for light' a magnificent piece almost seeming to invite us to experience the universe. Chuang Che's abstract, 'Night Town' also set a personal record of 4, 484, 000 NT Dollars or US$155, 238 including commission for this artist. Frantic bidding was witnessed for 3 works by Lien Chien-Hsing whose representation of scenes in Taiwan are close to local collectors' hearts. Also, 2 works by Kuo Wei-guo saw keen interest.

Another highlight of the night was the reception for 2 Huang Gang works. This Beijing artist, whose travels to Tibet deeply influence his art, saw frenetic bidding. Both his works doubled their high estimates. Collages composed in part from sutras, and leather boxes from Tibet along with paint work, they evoke many feelings ranging from spiritualism to the sense of loss. 'Golden Iced Lake (diptych) achieved 8, 260, 000 NT Dollars or US$271, 666 including commission. A work by Zeng Fanzhi, who broke the record for a living Chinese artist a week ago in Hong Kong, saw incredible bidding. The work from his 'We series: Mao Zedong' is a mesmerizing piece which far exceeded its high estimate reaching 14, 600, 000 NT Dollars or US$480, 184 including commission. 'Mother' a work by Chen Ke, a young female artist quickly gaining renown attracted much bidding. Ravenel also introduced some young Chinese artists such as Gao Yu, Cui Wei and Xu Maomao to auction in Taiwan for the first time. Gao Yu's large 'Hello Panda –GG' appealed widely and sold above its high estimate. Xu Maomao's 'Romeo and Juliet' cartoon and robot inspired painting drew a lot of attention from younger viewers and much interest in the auction.

Works by Japanese and Korean artists were well received with all lots selling successfully.Two works by Japanese artist Hiroyuki Matsuura saw frantic bidding with excellent results. 'Maintenance' reached 3, 422, 000 NT Dollars or US$ 112, 547 including commission. This rising star of the Japanese art world uses graphic art techniques. 'Gaya' a work by Choi Do-Young who constructs her works from jeans exceeded its high estimate achieving 2, 478, 000 NT Dollars or US$81, 500 including commission.

Ravenel Art has once again set the standard for auction houses in Asia, building strong and long-term relationships with collectors and offering outstanding works by both major established artists and new emerging artists from China, Korea and Japan. Along with the passion of Taiwanese collectors, this auction also achieved its success through the participation of a wide range of overseas bidders including many Westerners.

Sale Date/Venue: Sunday 1st June 2008, Taipei
Number of Lots Sold / Total Lots: 171 / 189
Value of Lots Sold: USD 16,479,802.664 (TWD 501,068,400)

The following prices in Taiwan Dollars include the hammer price, the buyer premium and are rounded to the nearest Taiwan Dollar.
On the date of the sale, exchange rates were as follows：USD 1 = TWD 30.405 . HKD 1 = TWD 3.896

At the exhibition in Kwangju that year, the walls of one exhibition hall were packed with a series of black-and- white portrait "Au bord de l'eau, 108 Brigands", created by Yan Pei-Ming. The audience could not help but be impressed by the tremendous vigor of huge paintings. These works were completed in 1993-1994, when he was studying at the Villa Medici, the Académie de France for one year. He was the winner of "Prix de Rome", the award issued by French Government, so he was able to study at Villa Medici for one year. "Prix de Rome" has its ancient historical heritage, and it was set up in the 17th century during King Louis XIV era. The aim was to cultivate various young artists with potential. Over the years, well-known artists who won the award included Ingres, Poussin, David, as well as the Impressionist musician, Debussy, Berlioz, and so on. "Au bord de l'eau, 108 Brigands" was collected by French Fonds National d'Art Contemporain.

Apart from the Fonds National d'Art Contemporain, many works of Yan Pei-Ming were collected by top art museums. For example, the huge works "Survivants" created in 2000 is the collection of the Centre Georges Pompidou, Musée national d'art moderne, Paris. Yan Pei-Ming is the third Chinese-origin artist, who followed Zao Wou-ki and the late Chen Zhen, whose works were designated to be the collection in Centre Georges Pompidou. Yan Pei-Ming has very high cultural prestige in France. At the end of 2007, he was invited to visit China with French President, Nicolas Sarkozy, and commissioned to paint three portraits of French hero, Guy Moquet, in the resistance movement. According to the French Ministry of Culture, one of the three portraits would be displayed in the former secondary school of Guy Moquet, the second one is currently on display in the office of the Prime Minister, Francois Fillon, and the third will go to Nicolas Sarkozy's own office. Located at the south of France, Maeght Fondation is famous for its long history, and at the end of 2007, the solo exhibition for paintings and sculptures of Yan Pei-Ming was held with the theme, "Yan Pei- Ming, Portraits d'artistes Peintures Sculptures". Yan Pei-Ming expressed his view through painting portraits and sculpture of the sculptor, Giacometti, Mao Zedong, unknown figures, as well as his own. At Galleria d'Arte Moderna e Contemporanea di Bergamo in Italy, the solo exhibition of Yan Pei-Ming is now being held and this is the irst time for Italian oficial art museum to display his works. It can be inferred that how significant he is in Europe.

Despite Yan Pei-Ming often took part in various art museums in Europe or international Biennales, he was most concerned about the exhibition held in Shanghai, his hometown, in 2005. He believed that national art museum in China, such as in Beijing and Shanghai, any exhibition could be held for only eight or nine days, as long as the money spoke, but the condition was so bad. He mentioned that Centre Georges Pompidou in France, the Tate Modern in London and MoMA in New York, low grade of works would not be allowed to exhibit there. Once the works are selected, the art museums will not charge any money from the artists. Therefore, he insisted on exhibiting his works without any conditions. Later, Shanghai Art Museum and Guangdong Art Museum allowed him to hold an exhibition unconditionally for a full month. It is understood that because of his persistence, some Chinese media have deliberately blocked the news of his exhibition in Shanghai Art Museum. Yan Pei-Ming will never compromise for his profession. For the China rush in the art market, Yan Pei-Ming has his self-adherence, and hope that paintings should not be speculated, nor ups and downs with the market.

I will never compromise my efforts of 30 years

Yan Pei-Ming, who boasted as a world-class professional artist, only maintains the relationship with two galleries in Italy and the United States, respectively. He does not accept other agents of the galleries, nor direct contacts with the auction company, as he respects the professional agency mechanism. All his works at current auctions on the market were released from the hands of collectors. He once clearly said that somebody from China wanted to be the agent for his works, but he refused. He said frankly that no Asian art galleries were eligible to be his agent. He has created for more than 30 years, how can I take my artistic life as a joke? He irmly said, "I will never compromise my efforts of 30 years." Born in a worker's family in Shanghai, he had to be a dishwasher in a French restaurant for many years, in order to study in France. But step by step, he climbed upwards, with few requirements for the material, and not craving for wealth. However, when facing his art life, he will be surely persistent to the end.

Based on respect for the independent creative, Yan Pei-Ming is away from the hubbub of the market, and the market value of his paintings were keep low at the auction market a few years ago. The number or amount of his works is far less than that of other artists at the same age. Before 2005, less than 10 pieces of his works were appeared at auction market in the global and the annual transaction volume was less than US$210,000 in total, which was equivalent to less than NT$7 million. The market was mostly concentrated in Paris, France. However, as the trend of overall price rising in Chinese contemporary art, his paintings has in fact become the focus of attention at auction market, though he lives in Dijon, France, far away from Asia. So, irst at auction market in Hong Kong in 2005, then at other auction markets, such as in London, New York, Brussels, Cologne, Beijing in 2006, and in Taiwan, Shanghai and other places in 2007. Throughout the year of 2007, 44 pieces of works were displayed and the annual transaction volume was US$15.51 million (about NT$488.63 million). According to the news report, Yan Pei-Ming has accumulated about thousand of his creative works up till now. However, up to the irst quarter of 2008, only 132 lots of Yan Pei- Ming's works were appeared at the auction market. 120 lots were for his oil paintings, 10 lots for his watercolors, drawings and other works, and two auctions for prints. In fact, several oil paintings have been auctioned for the second time. He hopes that collectors will cherish forever his works, but the supply and demand of the economy exists in the market mechanism. When the demand is far greater than the supply, the second time auction is also well received by the market, though prices have been rising.

According to the report, "Art Market Trend 2007", issued by Artprice in March 2008, Yan Pei-Ming's accumulated trading volume at auction markets in 2007 has been ranked 109 among all artists in the world (including the ancient masters and the late artists). In 2006, he was only ranked in the 308. How interesting it is that there were "108 Brigands" ranked in front of him in 2007! Among the irst 100, there are 18 Chinese artists in all, with contemporary artist, Zhang Xiaogang, (No. 22) in the highest rank, followed by other contemporary artists, such as Yue Minjun (No. 26), Zeng Fanzhi (No. 27), Wang Guangyi (No. 77), Fan Lijun (No. 82), Cai Guo Qiang (No. 89), Liu Ye (No. 93), Zhou Chunya (No. 64); the artistic predecessor, Zao Wou-ki (No. 30), Wu Guanzhong (No. 39), Xu Beihong (No. 52), Zhang Daqian (No. 65), Qi Baishi (No. 70), Li Keran (No. 71), Chu Teh-chun (No. 75), Fu Baoshi (No. 86), Chen Yifei (No. 90); and Taiwanese sculpture master, Ju Ming (No. 95) is also on the list.

Yan Pei-Ming's paintings have become hot at the auction market in the past one year. Moreover, he is also very popular at the exhibition gallery in the primary market. Last year, when Milan agent gallery held his solo exhibition, many celebrities and large masses visited the exhibition, as some audience mentioned. At the opening party of the exhibition, no labels with red dots or price lists had been seen. After asking the curator of the gallery, people then knew that all works in the exhibition had been completely sold out, and each piece of works cost about 500,000 Euros (approx. NT$23 million) in average. Hence, Yan Pei-Ming entrusted the agent gallery to deal with all the affairs in the market. His Italian agent is a world-class art dealer. The active auction market has no doubt led the gallery market booming of buyers.

Underestimated value expected to be made up in 2008

Chinese contemporary art market climbed up the peak in 2007 and it brought up the contemporary artists at the market around the Asian. Regardless of the Mainland China, Taiwan and Hong Kong, or in New York, London, Paris, the new records have always been reported at the major auction markets in the world. Though rumors about the sub-prime mortgage crises in the US triggered the economy bubble are constantly heard, the investment in art as an alternative hedge has been advocated by many investors. It is certain that the international art market as a whole will become more rational in 2008 than in the past. Those artists whose works had been raised too much a few years will probably have the tendency of adjustment in the market. Thus, it is good and healthy impact on the market. In 2005, Chinese ink painting and calligraphy market had reached its peak, after that, it was declining, and the market had to be reshuffled. However, the ink market was apparently warmed in 2007. With positive proof of calligraphy and paintings markets, modern and contemporary painting markets can avoid overheating concerns. Unless heavyweight auction, the high prices in general will not be easy to have a new record in short-term for artists whose works are already higher. But prices for those important artists whose works are not too high, a make up for the price can be expected. The situation is similar to Taiwanese contemporary artists, as well as to Japanese, South Korean and other Asian contemporary artists.

In the past, because of the place of residence, Yan Pei- Ming was well known in Europe as a great artist, and his works are mainly concentrated in the European market. From the beginning of 2007, as he has joined the cooperation of New York gallery agency, his solo exhibition began to launch. The works of Yan Pei- Ming with potential of more international buying in future have promising prospect. It fully complies with the conditions of underestimated value in the market. He is expected to follow Cai Guo Qiang and becomes a star artist in international auction market.

In the addendum, a copy of "Top 20 Most Expensive Paintings of Yan Pei-Ming Ever Sold at Auction" has been sorted, and the source is from the data published by major auction companies in the world before March 31, 2008. It can be seen that all new records in the auction market were set up after 2007, except for the black-and-white portrait of "Mao", which ranked No. 12, was set up on October 15, 2006. The prices of ive pieces of works were updated in the irst quarter of 2008. At present, the highest price in the auction market is the red portrait of "Mao", which hit the highest new record in New York on November 14, 2007, and it reached US$1,609,000, equivalent to about NT$50.7 million. The works of the second highest price is "Vermillion de Chine No. 3", set up in Taipei Ravenel on December 2, 2007, which reached NT$45.4 million, equivalent to about US$1.44 million. In contrast to several other high- level contemporary artists, "Family portrait" created by Zhang Xiaogang reached US$4,699,000 at the auction in last autumn. "Xiehe hospital series (triptych)" created by Zeng Fanzhi reached US$5.88 million, "Execution" created by Yue Minjun reached US$5.9 million, "Mao Zedong AO" created by Wang Guangyi reached US$4.07 million, "Set of Fourteen Drawings for Asia-Paciic Economic Cooperation" created by Cai Guo Qiang reached US$9.5 million. It is expected that Yan Pei- Ming's works should be promising in the future market.

The portraits of Mao Zedong occupy half of top 20 highest price

According to media reports, having about 30 years of creative qualifications, Yan Pei-Ming has accumulated about 1,000 pieces of creation, of which about 100 pieces are large and small portraits of Mao Zedong. Other works are self-portraits, portraits of his father, and most of them are decent portrait of the unknown characters. Mao Zedong is indeed the world-renowned figure, although only a small part of the creation are with the subject of Mao, half of 20 pieces of Yan Pei-Ming's works with the highest price at current auction market are portraits of Mao Zedong. From 1987, Yan Pei-Ming began to paint the portraits of Mao in France. In fact, it is also a kind of self-portrait to some extent. Experienced with different times, these portraits have reflected the current thinking about the past culture. The creation of Chairman Mao has shown the personality of Yan Pei-Ming, though they are created in different times. His style could be recognized at a glance. He has long been identified as the significant contemporary portrait artist by art critics.

It is worth mentioning that Yan Pei-Ming began to paint portraits of Chinese ilm star, Bruce Lee, recently. It was stated at his art monograph, "Yan Pei-Ming - The Way of the Dragon". In order to enter the art market and hold solo exhibition in the United States, he deliberately chose a theme to cater with American cultural background with a familiar Chinese face. The result of strategy was successful. London based auction company promoted a portrait of Bruce Lee in February this year and it was auctioned at ￡692,500 (about NT$ 42,935,000 or US$1.36 million). It is good performance for the portrait of Bruce Lee irst appeared in the auction market.

Yan Pei-Ming's works accounted for the largest sales in London auction market

In the past few years, Chinese auction market was booming, and it made Southeast Asia, Northeast Asia and even the local auction companies in New York organize special exhibition for "Chinese Contemporary Art". Based on this, some companies held the auction with the expanded theme as "Asian Contemporary Art". They joined into this unprecedented era of the Warring States Period. One of the largest scales is the promotion of New York Sotheby's, who has promoted special auction themed as "Chinese Contemporary Art" since March 2006, aiming to take the advantage of New York market, which has always been prosperous. But before it succeeds, several auction companies in London, which is the second largest auction distribution center, have aggressively increased the mainstream Chinese artists on a large scale in the original "Contemporary Art" category, hoping to improve the market share. At several auctions in the fall of 2007, a few auction companies in London had indeed made excellent performance and they could rewrite the past records set up by other auction markets frequently. These initiatives undoubtedly facilitate Chinese contemporary art into international art market and this is what we would like to see, as more and more people and global funds to buy Chinese art works.

Yan Pei-Ming has high reputation in Europe, but New York is still a relatively new market for him. Nevertheless, it can also accept this Chinese artist who came from France. Since 2006, Yan Pei-Ming's works have been transacted for over 35 times in a short span of two years. The amount of sales has reached US$12.64 million (approx. NT$398.2 million), which is the largest share 48% of Yan Pei-Ming at the auction market. It is followed by the New York market, which accounted for 18%. The third market is Paris, which accounted for 12%. Taipei's auction market started from December 2007 to auction the works of Yan Pei-Ming, but only accounted for 7%. However, "Chinese Vermilion #3" has been auctioned at Ravenel, and the second highest record was set up at one stroke. It should also be mentioned that before and after the auction, several major collectors abroad had also paid attention to this auction, with a high degree of inquiry. June 2008, Ravenel will continue to promote the red portrait of Mao Zedong, "Mao. Chinese Vermilion #5". It is a rare piece of red portrait of Chairman Mao, which is estimated at NT$35-44 million, equivalent to US$1.206 million to US$1.517 million. The works has a good chance to set up an excellent record.

Chinese art market this year is a rational one, and it is better to maintain a cautious and optimistic attitude to welcome the forthcoming hot season of auction this year. It is believed that many people have already had their favorite artists in their minds. The artists with high popularity or international buying market can be put on the list. Yan Pei-Ming's works are certainly the first choice in respect of various conditions. We can expect that the artist with self-persistence in his creation will surely bring good evaluation on his valuable works. The market will certainly make up the underestimated works in future, and this will be the focus of art auction market this year, which will absolutely be admired by art lovers.

Press Release

Highlights of Modern and Contemporary Chinese Artists and Outstanding Works by Japanese and Korean Artists

Ravenel Spring Auction 2008 will take place in the Fubon Financial Center in Taipei on June 1, 2008, and will include 189 major works from Chinese, Taiwanese, Japanese, Korean, and overseas Chinese artists. The total value of the Spring Auction 2008 is estimated to reach NT$500 million [approx US$17.2 million]. Among the works, the most valuable piece is the grand work "1.12.68 (13.2.77)" by Chinese Art Master Zao Wou-ki. Painted in the 1960s, it has an estimated price of between 72 to 95 million Taiwan Dollars (approx. US$2,482,800-3,275,900). Influenced by both his Chinese origins and Western learning, Zao follows the composition pattern of a traditional Chinese landscape painting employing Western abstract. The dark red background covered with churning dark strokes stands in juxtaposition to the soft radiance of gold and silver light creating great power. The light source is reminiscent of Western Art techniques. Zao Wou-ki has created a concept of nature and space that is both mysterious and profound.

Great Artists' Masterpieces Transcend Time and Space. This is a Great Time for Collectors.

Along with Zao Wou-ki's work, the Spring Auction 2008 brings together some classic paintings by well-known artists, including three by Lin Fengmian—"Lady with flowers", "Layers of Mountain Scene", and "Rain and the Mountain". There are also early oil paintings by Lin's counterparts, Guan Liang and Yee Bon, a scenery painting of New York by Yun Gee, and the original ink and color painting "Fruit Tree" by Wu Guanzhong, which was later replicated in lithograph. In addition, there are four oil paintings by abstract master Chu Teh-chun, including his classic painting "L'hiver poètique", which reveals gorgeous dancing snow scenery. This piece is illustrated in "Chu Teh-chun" published by the Ueno Royal Museum in 2007. There are two portrait oil paintings by George Chann, which were collected by Michael D. Brown, an important American curator who helped discover early overseas Chinese artists. There is also an unprecedented minimal abstract oil painting by Richard Lin, and an ink and color "Tibet" series from Liu Kuo-sung. Finally, in this category there are oil paintings by Hsiao Chin. All these paintings add a great sense of anticipation to the Spring Auction 2008.

Highlights of Contemporary Arts

Along with the classic paintings of renowned masters Ravenel Spring Auction 2008 is also proud to present major works by Chinese contemporary artists. Contemporary Artists are represented from three regions, — overseas contemporary group, Chinese contemporary group, and Taiwanese contemporary group. Outstanding and fine examples of the great work coming from these regions are represented. The first highlight is Yan Pei Ming's "Mao. Chinese Vermilion #5", a gigantic Chairman Mao Portrait. Ravenel's Autumn Auction 2007 set a record for Yan Pei Ming so it is with great excitement that this painting is presented. Yan, who is greatly admired and respected by French arts society, has resided overseas for many years. His personal experience of the Cultural Revolution, his unique cultural origin as well as his own artistic exploration, are all portrayed in this gigantic portrait of Mao. Another highlight from contemporary artists is Zeng Fanzhi's "We Series: Mao" employing rare circular strokes to depict a transitional piece between "Mask" series and "Portrait" series. The disappearance of the personal mask and the abstraction of the image help single out the subsequent "Portrait" and "Wild Cursive" series. Yin Zhaoyang's large oil painting, "Rent Collection Courtyard," based on the rent collection courtyard during the Cultural Revolution, is a milestone in his contemporary work. Wang Guangyi's "V" from his Great Criticism Series reveals his reflections on consumer society and is full of contemporary significance. Ye Yongqing's "The Nine Bird Cages in Winter" was one of the exhibitions at the Shanghai Biennial 1996. In addition, other great works include Qi Zhilong's large oil painting "Woman Solider" and Zhang Xiaotao's "The Decay of Landscape: Cloud and Mist," Su Xinping's "Banquet Series" and "Sea of Desire No. 32," Zhou Chunya's "Green Dog" and "Mountain Rocks," Xu Jiang "Charm of Autumn," as well as Huang Gang's "My Box" and "Golden Iced Lake." Wang Huaiqing's "Lute Table" 2003 portrays a simple image in black and white representing the unique space effect of the classic Chinese platform. Wang's "Antique Jade Series" in 1999, completed after Commoner's House and Ming-Style Furniture Series blends colors in an abstract painting.

Great works by contemporary Taiwanese artists include Yang Mao-lin's "Yun Mountain Memorandum L9215," Michell Hwang's "Group Portraits-Lovers in the City," Wu Tien-chang's "Aboriginal Melody," and fine works by other artists, including Chiu Ya-tsai, Cheng Tsai-tung, Li Chen, Hou Chun-ming, Kuo Wei-guo, Lien Chien-hsing, Hwang Jyi, Lu Hsien-ming, Su Wong-shen, and Huang Chih-yang. The magnificent achievements from these artists have contributed to the great success of the auction market for Chinese artworks.

Since its establishment in 1999, Ravenel Auction has dedicated tremendous effort in promoting artistic and high quality Chinese works and has won great admiration from its peers. In the autumn of 2007, a Korean contemporary art section was added. Each piece was admired and achieved excellent results. Following from this success, Ravenel Auction will include a Japanese section in a new "Japanese and Korean Contemporary Arts Section' in our Spring Auction 2008. This new section will enrich our original "20th and 21st Century Chinese Arts". The Japanese contemporary artworks include works of avant-garde pioneer Yayoi Kusama, animation cartoon artists—Hiroyuki Matsuura and Rieko Sakurai, Flat Art artist Ai Yamaguchi, and classical descriptive artist Lyntalo Torii. The Korean artworks come a diverse field including modern Korean masters—Kim Tschang-yuel and Park Seo-Bo, negative sculptures form the young artist Lee Yong Deok, denim scenery by Choi So-Young, and cartoon paintings by Kwon Ki-soo. All these works show the beautiful representation of multi-dimensional Korean arts.

on last Saturday, the Ravenel auction on Sunday was more vehement. It was hustle and bustle in the auction and the volume of transaction broke new high again, reaching NTD 760 million. Artist Wang Huaiqing's "Sincerity makes metal and stone crack" got the champion at the closing price of NTD 87.96 million. Meanwhile, the price for the works of Taiwan artists also rose accordingly. Hou Junming's "Body Splitting Technique" was only initially quoted NTD 300,000. After severe bidding, the final closing price was 17 times higher than the quotation price, reaching a height of NTD 5.42 million (including commission), breaking the highest auction record for individual single works.

The "Ravenel Autumn Auction 2007" held in Fubang Building on South Dunhua Road of Taipei yesterday demonstrated an extraordinary popularity. The auction is hustle and bustle. The bidders were vying and the scene can be described as "vehement". That indicates that the artist works market in Taiwan has gradually developed to a higher level. "Ravenel" auction is generally described by market insiders as the most wonderful one among the five auctions this year.

Huang He, Deputy Director of Art Galleries Association R.O.C., indicated that the most outstanding point in this auction was the upswing of contemporary Taiwan artists. Price for the works of many artists is over 5 to 6 times of the estimated price. Though the price for the works of contemporary Taiwan artists has marked into the market in autumn this year, it is unexpected that there is such a vying scene among the bidders in the autumn auction and the price is rising increasingly.

Works of contemporary Taiwan artists such as Lian Jianxing's "Astonishing Encounter", Huang Mingzhe's "Bird", Hou Junming's "Body Splitting Technique", Yang Renming's "Unstable Binding" and Guo Weiguo's "Memory about Countrymen", etc. were all closed at a high price. Huang Ji's works, the "Fracture of the Colony-Decadent God of Beauty", was closed at NTD at the price of 4.8 million, also breaking the highest auction record for individual.

Chen Huidai, the expert on the Ravenel Auction indicated that, compared with auctioned works of contemporary Chinese artists, the works of contemporary Taiwan artists have competitive edge in price. The reason that works of contemporary Taiwan artists can rise directly to a high position is not only the price parity. The senses of quality of creativity of contemporary Taiwan arts are the main reasons that contemporary Taiwan artists have gradually won the favor of the collectors.

Additionally, the focus on the auction is that the auctioned works with the highest price estimation is Wang Huaiqing's "Sincerity Makes Metal and Stone Crack", a triplicate painting. The estimated price is between NTD 80 million to NTD 98 million and the closing price is NTD 87.96 million. The work was finished in 1998. It has once been published on the cover for Wang Huaiqing's individual exhibition and was selected as Wang Huaiqing's representative work in the millennium "Exhibition of Chinese Oil Paintings in 20th Century", indicating its great importance. The painting work has been originally collected by a domestic renowned estate businessman.

Another highlight is Yan Peiming's "Chinese cinnabar" with Mao zedong's portrait as the topic, which is closed at the price of NTD 45.4 million.

Sale Date/Venue: Sunday, 2 December, 2007, Taipei
Number of Lots Sold: 174
Value of Lots Sold: approx. USD 22,356,541 (TWD 721,333,800)

The following prices in Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest Taiwan Dollar.
On the date of the sale, exchange rates were approximately as follows: USD 1 = TWD 32.265   HKD 1 = TWD 4.143

Wang Huaiqing's "Gold Stone" Set the Artist's Record for US$2,726,174 Masters' Works Like Zao Wou-ki's Maintaining High Standard
Works by Hong Ling,Yang Din, Li Chen and Hwang Jyi Broke Artists' Auction Records

Ravenel Autumn Auction 2007 attracted hundreds of collectors and celebrated people from the art circuit on Sunday, December 2nd. The crowd filled the whole saleroom. The total sale of "The 20th & 21st Century Chinese Art, Korean Contemporary Art" brought over NT$720,000,000 (US$22,356,541), also a new record for the past Ravenel sales and in Taiwan auction scene.

This sale assembled 203 pieces of artworks, among them 174 lots found buyers successfully. It was 85.7% sold by lot, 129.6% sold by value. The top lot was lot 069 Wang Huaiqing's gorgeous triptych "Gold Stone", setting the artists' new record for NT$87,960,000 (US$2,726,174), breaking the last record NT$39,970,000 (RMB 9,296,000) in Shanghai this spring; the second highest lot in this sale was lot 071, Zao Wou-ki "19.7.63", was sold for NT$48,760,000 (US$1,511,235); The third highest lot was lot 156 "Vermillion de Chine No. 3" by Yan Pei Ming, gained by a phone bidder for NT$45,400,000 (US$1,407,097). Other Zao Wou-ki's pieces obtained brilliant results as well, such as NT$44,280,000 (US$1,372,385) of lot 070 "20.11.89", and NT$34,200,000 (US$1,059,972) of lot 078 "5.11.62".

20th century modern masters' works were very present this time, Chu Teh-chun's "Nature hivernale" was sold for NT$31,960,000 (US$990,547), the rest of Chu's works offered in this auction obtained good results as well; Liao Chi-chun's "Venice" went for NT$21,880,000 (US$678,134), Wu Guanzhong's "Mountain Bamboo" went for NT$17,400,000 (US$539,284), Ju Ming's wood sculpture "Taichi Series- Single Whip" sold for NT$16,280,000 (US$504,572).

In addition to the said Wang Huaiqing, some Chinese contemporary artists also established their new world records or their works went for more than their presale estimates. Hong Ling's "Surge" fetched NT$14,040,000 (US$435,146), Zhou Chunya's "Vase of Flowers" sold for NT$10,856,000 (US$336,464), twice higher than the estimate. Zeng Fanzhi's "Watermelon" went for NT$7,316,000 (US$226,747), even over twice higher than the estimate. France sojourning artist Yan Pei Ming's "Vermillion de Chine No. 3" fetched a spectacular price here. "Woods on Blue Background" by Yang Din, its rare wonderfulness, addition of the French films, established the artist's new record for NT$2,832,000 (US$87,773).

Taiwanese contemporary artists had tremendous results in this sale, Hwang Jyi's "Fault in a Colony- Three Graces" set the artist's record for NT$5,664,000 (US$175,546), Hou Chun-ming's "Chakra, Clone Technique" renewed the record of single piece by the artist; Li Chen's sculptures "Avalokitesvara" and "Float to Sukhavati" set new records in sequence with NT$5,900,000 (US$182,861) and

NT$6,136,000 (US$190,175). The final prices of works by Chuang Che, Michell Hwang, Kuo Wei-guo and Lien Chien-hsing all reached at results several times higher than their estimates.

The debut of Korean contemporary art had a great result. Kwon Ki-soo's "Grey Forest", estimates NT$360,000-600,000 (US$10,900-18,200), sold for NT$2,124,000 (US$65,830); "Library" by Hong Kyong-tack, "Words in the Water" by Kim Tschang-yeui, "Brush" by Lee Jung-woong and "Looking 050301" by Lee Yong Deok brought about the strong bidding between the present buyers and phone bidders. This sale was full of excitements and the bustling had never been seen before in Taiwan. There were many newly collectors, and buyers from abroad. Ravenel autumn auction 2007 was considered as the most thronged sale ever in Taiwan art scene.

RAVENEL'S AUCTION TO FEATURE PROMINENT CHINESE

CONTEMPORARY ARTISTS

WANG HUAIQING'S GOLD STONE TAKES THE STAGE IN GRAND MANNER
YAN PEI MING'S VERMILLION DE CHINE RECORDS THE HISTORY OF MAO ZEDONG

MODERN MASTERS INCLUDING ZAO WOU-KI, CHU TEH-CHUN, WU GUANZHONG,
LIN FENGMIAN, WU DAYU AND LIAO CHI-CHUN

NEW FOCUS ON CHINESE CONTEMPORARY SCULPTURE AND KOREAN
CONTEMPORARY ART

【Press Release】

Chinese art auction market contains stunning energy and for years it has kept rewriting the world record for many Chinese artists or turnovers of auction in succession. Besides the continuous increasing Greater Chinese Region market, more international collectors have also favored this market, especially Chinese modern and contemporary art categories catch up with the trend and drawn near the level of market status for Western masters. Established in June 1999, boasting professional and high-quality consultation and services, Ravenel has a proven track record in international auction market. In the "Art China, Annual influence 2006" held at the beginning of 2007 in Beijing, Ravenel was recommended as one of the most influential auction houses in Hong Kong, Macao and Taiwan. In order to recommend more works of art and efficient services the majority of collectors, in April 2007, Ravenel established its branch in Beijing and in the future it will make efforts towards auctions on Asian art, private sale of Western art, art fund, art insurance, etc. In 2007, the Ravenel spring auction established a transaction value of NT$ 562 million (approx. US$17 million), a new record for any single auction of Taiwan.

Ravenel's team of Taipei and Beijing assembles an excellent selection for upcoming auction from international and Chinese markets and create exquisite professional platform for Chinese art auction. "Ravenel Autumn Auction 2007" this time has larger scale and higher sum than ever. The sale is expected to bring NT$560-760 million (approx. US$17-23 million), the highest value ever staged for the company. Besides original "The 20th & 21st Century Chinese Art ", it has increased "Korean Contemporary Art" in a hope that due to market demands the scope of service gradually expands to other fields of contemporary art in Asia.

"Ravenel Autumn Auction 2007" in Taipei will take place on Sunday, December 2, 2007 at Fubon National Conference Center. The sale includes 203 lots by 118 artists from Chinese, Taiwan, oversea Chinese and Korea. The auction preview exhibitions will make tour in various places at Taichung's GSR Gallery (Oct 27 and Oct 28), Beijing's Grand Hyatt Beijing – The Residence (Nov 11 and Nov 12), Hong Hong's Grand Hyatt Hotel – Salon (Nov 23 to Nov 25) and Taipei's Fubon National Conference Center (Nov 30 and Dec 1).

Highlights of Ravenel Autumn Auction 2007

Wang Huaiqing's "Gold Stone" triptych and YAN Pei Ming's "Vermillion de Chine No. 3" The top lot of Ravenel Autumn Auction 2007 is the triptych "Gold Stone" by Wang Huaiqing, whose pre-sale estimate is NT$80-98 million (approx. US$2.4-3 million). It is the artist's most monumental painting in scale and in meaning appearing in auction market up till now. Finished in 1998, "Gold Stone" has once been illustrated as the cover of Wang Huaiqing's solo exhibition and was selected as Wang Huaiqing magnum opus in millennium "20th Century Chinese Oil Painting Exhibition" held in National Art Museum of China in Beijing, which could be a reflection to its importance. "Gold Stone" is Wang Huaiqing's abstract painting with "black" and "gold" as the base tone, which is different from previous black and white elements. The painter has attempted in portrait with the third color besides black and white. In his early works, he adopted some golden color to express holiness and permanent significance. In Western religious civilization, gold used to be the major color in painting. "Black" and "gold" that are hard to be classified into color yet represented the most classic color application in the painting history at home and abroad. Eastern black and Western gold respectively represent two types of special cultural connotations and get integrated artfully in Wang Huaiqing's "Gold Stone". Fin a series of YAN Pei Ming's portraits, Mao Zedong is the most primitive and the most important topic and Mao Zedong in vermilion red is the most powerful subject. Vermillion is color of traditional China. It has been once the elixir for the warlock's pursuit for eternal life. Being elixir, it also has toxic feature. In 2001, Berlin, YAN Pei Ming named his exhibition as "Vermillion de Chine: Portrait de Mao Zedong" exhibition, reflecting great significance of the theme. In 1993, YAN Pei Ming won "Prix de Rome" and entered Académie de France, Villa Medici, Roma for one year of study. The award was firstly established in the era of Louis XIV in the 17th Century. Artists that have won the award include Ingres, Poussin and David and musicians like Debussy, Berlioz, etc. "Vermillion de Chine No.3" (est. NT$28-42 million or US$847,700-1,271,600) that is created in 1995 in this auction participated in 1998 exhibition in Académie de France, Villa Medici, Roma, which could be a reflection to its importance. Modern Masterpieces——Four oil painting by ZAO Wou-ki, Eight oil painting by CHU Teh-chun Ravenel Autumn Auction 2007 has altogether collected four wonderful paintings of ZAO Wou-ki the international master in different periods: two from early 1960's and are of brown tone "5.11.62" (est. NT$27-42 million or US$817,400-1,271,600) and yellow tone"19.7.63" (est. NT$36-48 million or US$1,089,900-1,453,200); the sentimental works of "11.1.72"(est. NT$11-18 million or US$333,000-545,000) for May, his sick-laden ex-wife in 1972 and "20.11.89" in homage to Henri Matisse who's the master of 20th century (est. NT$ 45-55 million or US$1,362,400-1,665,200). All are ZAO Wou-ki's key magnum opus in various times. "5.11.62" was once in the possession of Laing Galleries in Toronto, which is the leading gallery in Canada with great contribution to abstract arts after World War II. The works adopts the sea scenery horizontal composition that is most typical of 1960 with grand and vivid manner. The painting is divided into three paralleled sections. Upper and lower scope containing sky and earth are almost ochre and copper color. The mid part is bright yellow and green. The light rushes out of the center of the painting. Black lines move across in between resembling the shadow left behind after racing. Actual and imaginary connotations have mingled into dragging and pushing power. ZAO Wou-ki's "19.7.63" from 1963 was once in the possession of famous New York Kootz Gallery. The painting catches viewer's eyes with rapid strokes. The style full of uninhibited strokes of brush is the tradition of Chinese calligraphy. The work has combined with calligraphy and painting. Another painting, namely "11.1.72" is a painting finished by the artist two months before May died from disease. The painting contains private codes and sentiments of the artist. The superfine tension emanates a concise and mysterious poetic flavor. The wretched and boundless world is tinted by pinkish purple featuring the gentle mood. In his oil painting, the wretched and boundless world is tinted with pinkish purple, featuring gentle mood. In the oil painting of"20.11.89", ZAO Wou-ki has also explored into Matisse's abstract scope. "20.11.89" is more concise as compared to other two works of "Homage to Matisse". The central black is displaying the vast universe, as the black door mentioned by Matisse. Blue and green and purple recede to the skyline and the pure black make a vertical cut on the greenish white background. It resembles the free strokes free strokes in Chinese landscape painting indicating unfathomable valley. In the vertical composition of ZAO Wou-ki enlightened by Matisse, link of Chinese calligraphy can be found as well as harmony between yin and yang actual and imagery scopes. There are 8 works of CHU Teh-chun from his significant periods were presented in the auction: including the "Composition in Red" (est. NT$2.4-3.6 million or US$72,700-109,000) in 1979. The orange light source reflected from inside source out. In the red background, the black calligraphy lines have composed powerful flavor and displayed the artist's up-heaving sentiment. The snow scenery completed from 1987 to 1988, namely the "Nature hivernale" (est. NT$19-28 million or US$575,200-847,700) is the rare vertical composition in the series presenting the cozy and elegant snow scenery. In 1988, his "Lightening Shadow II" (est. NT$9.8-16 million or US$296,700-484,400), has stroke with definite layers and bright tempo. In 1989, the sapphire blue series of "Ombres bleues" (Blue Shadows) (NT$9.5-12 million or US$287,600-363,300) is a detailed blue color painting giving the impression of profoundness. Abstract painting as it is, it is close to the splendid scenery in Chinese landscape painting. 1989 the brown color "Échos lumineux" (est. NT$6-7 million or US$181,700-211,900) displays the artist's large brush skills, smooth and affluent in music connotation. In 1992, the works of "Revelation dans les ténèbres" (est. NT$8.2-9.6 million or US$248,300-290,600), the colors wake up from the dark. The image of the mountains gives a happy astonishment of "When one door shuts, another opens." In 1995, the fresh vernal charm in "La Nature" (est. NT$9.5-12 million or US$ US$287,600-363,300) has reflected endless vividness of the nature. "Hong Kong No. 25" (est. NT$2.3-2.6 million or US$69,600-78,700) is the masterpiece in response to return of Hong Kong. 12 LIN Fengmian's stunning color ink paintings from various ce In the autumn auction, there is "LIN Fengmian Collection" made up of 12 exquisite paintings. They are years of collection of the literature personnel in Taiwan and the veteran collectors. The works have rich book publishing record. Four of the paintings are shown in the "Colours of East and West: Paintings by Lin Fengmian" exhibition held in Fine Arts Museum of Hong Kong University in 2003. There are "Lady in Front of Mirror" (1940's), "Flowers in Vase" (1950's), "Bird" (1977) and "Still Life" (early 1980's). Among these, "Still Life" has been appraised by Shen Roujian, the late Chairman of Shanghai Artist Society, as LIN Fengmian's precious works and recommended. We are honored to have support from the owner of Sanhuai House in Hong Kong, who offers 6 works he has kept for years. "Dongpo Appreciating Bamboo" (1950's), "Pot of Flowers" (1960's) and "Autumn Forest" (1950's-1960's) during his stay in Shanghai and "Reclining Nude in Modigliani's Style" (about 1979), "Reeds and Wild lebrities' collection Geese", "Village in the Maple Forest" (mid 1980's), etc. during his stay in Hong Kong. Most of the works have literature references. "Reclining Nude in Modigliani's Style" has been owned by Jin Dongfang, LIN Fengmian's female disciple. The work was painted for Jin Dongfang's biography of "Modigliani" and has been published on the cover of the book. The painting adopts the gesture like female nude of Amedo Modigliani, Italian artist of École de Paris and displays as compared to uninhibited sentimental of Modigliani nude woman painting. LIN Fengmian's nude painting displays the refrained oriental sentiments. Autumn Forest is the key works for exhibition in 1992 in "The Art of Lin Feng Mian" held in Hong Kong Arts Center. The exhibition is in memory of anniversary of LIN Fengmian's death. "Village in the Maple Forest" has been selected to print on cover of ArtLink, journal of the Arts Center and its estimate is at NT$13.5-22 million or US$408,700-666,100. This "LIN Fengmian Collection" contains other precious works: a colorful "Lady" that belongs to the exquisite works in 1980's in Hong Kong. It has been exhibited in Taiwan Mountain Art Museum and published in its catalogue, with estimate of NT$5.6-8 million or US$169,500-242,200; the other painting, "Flowers and Bird", has been painted for fellow artists in Taiwan as LIN Fengmian held retrospective exhibition in Taiwan in 1989, so as to express their friendship. Rare works of WU Dayu, GUAN Liang and WU Guanzhong In this auction, an oil painting is solicited, namely WU Dayu's "Flower Symphony". It is one of the artist's rare paintings in his late stage. The painting adopts an overall classic blue color. The color patches of various sizes match tempo of the lines and the dubbing is used for the artful statement. Abstract indication and association gives vent to dream in mind. It is WU Dayu's confident creation. "Flower Symphony' is estimated at NT$3.6-5 million (approx. US$109,000-151,400). GUAN Liang, the Chinese first generation painter, two of his works are presented in the auction. One is "German Scenery", the small oil paining of 1950's. Though in small size, it is full of vividness. The other is "Chinese Opera Figure", the colored ink painting for figure in drama, presenting GUAN Liang's consummate master of mien contained in figures. The forthcoming Ravenel's autumn auction has solicited three of WU Guanzhong's works, one of which is "Mountain Bamboo" in 1975, collected by Wu Guiping, friend of the painter, who has been gifted by WU Guanzhong and colleted it for nearly 30 years. In the summer of 2006, it was identified by WU Guanzhong in person and determined as the painting in the period of Cultural Revolution. After that he happily talked about the past of friendship with Wu Guiping. "Mountain Bamboo" is extremely precious in the eyes of WU Guanzhong. He said, "It is my creation rather than sketch!" Estimate of "Mountain Bamboo" is NT$16-20 million (approx. US$484,400-605,500). WU Guanzhong' "Mansion in Jiangnan" is his magnum opus in 1985 depicting vernal charm of Jiangnan. Another landscape titled "Hong Kong" from 1997 turns the rows of modernized high-rises in Hong Kong into beautiful lines, demonstrating the landscape painting in WU Guanzhong's style. 3 LIAO Chi-chun's classic waterscape paintings: "Sun-Moon Lake", "Scenery in Yehliu" and "Venice" LIAO Chi-chun, predecessor painter of Taiwan, is good at expression in color. In the autumn auction he has three classic works: "Venice" of 1973 (est. NT$15-22 million or US$454,100-666,100), "Scenery in Yehliu" in 1972 (est. NT$7.2-8.2 million or US$218,000-248,300) and "Sun-Moon Lake" in 1957 (est. NT$6-7 million or US$181,700-211,900). Sun-Moon Lake, his early oil paintings in 1957 has been exhibited in the 19th Taiyang Art Exhibition and 1950-2000 "From the Ground Up: Artists Association in 1950s Taiwan" unit of Taiwan Art Exhibition planned by Taipei Fine Arts Museum in 2003 and become one of the magnum opus for fine arts development of Taiwan in 1950's. LIAO Chi-chun's "Sun-Moon Lake" has used cursive strokes and adopted rough and outlining style of Fauvism. The subject is special and rare. In early 1970's, LIAO Chi-chun has for times depicted sceneries of seashores near Yehliu and each time he presented different expressions. The "Scenery in Yeliu" finished in 1972, it adopts blue thick pen to outline and present the scene of sea and sky combination in a pristine manner. One or two persons sauntering in the beach have added vividness to the picture. LIAO Chi-chun is good at depicting landscapes, especially sceneries of river and port. In the work "Venice", 1973, LIAO Chi-chun construing "Venice" has not emphasized external pursuit or the subtle water light change typical of impressionist, but recreated romantic nostalgia in mind about Venice through alternating interactive tempo of the colors, strokes, lines, actual and imaginary. Chinese elite contemporary artists like ZHOU Chunya, ZENG Fanzhi and HUANG Gang take presence There are 6 ZHOU Chunya's oil paintings about to come onto the stage in Ravenel autumn auction, including "Mountain Rocks – Red Rocks" in 1999 (est. NT$11-15 million or US$333,000-454,100), "Landscape Series V" in 2001 (est. NT$4-5 million or US$121,100-151,400); antecedent of Green Dog series: "Running Heigen" in 1995 (est. NT$3.2-4.2 million or US$96,900-127,200), "Frisking Heigen" in 2000 (est. NT$4.2-5.4 million or US$127,200-163,500); as well as "Vase of Flowers" in 1994 (est. NT$3.2-4.8 million or US$96,600-145,300) and "Lilies" in 2003 (est. NT$1.6-2.2 million or US$484,00-66,600). Mountain Rocks series has pushed ZHOU Chunya to the summit of contemporary art of most typical Chinese style and internationalization. He has used the skills of Neo-Expressionism to reinterpret traditional Chinese mountain rocks and vase of flower topics. "Watermelon", ZENG Fanzhi's works in 2004 has strong symbolic implication. The cut open red pulp associates with silent violence and protest, extending previous claiming of topics like Peking Union Medical College Hospital, mask, etc. Image of watermelon has once appeared in his early self-portrait or in the theme of Last Supper, symbolizing blood and flesh. Here, the independently existing "Watermelon" presents the full visual sense resembling silentmonolog of the painter. "Watermelon" is estimated NT$2.9-3.8 million (approx. US$87,800-115,000). After getting to know Tibetan arts in 1980's, HUANG Gang was convinced by its strong humanistic color and political status, so his raw materials often have something to do with Tibet or red China. "My Box" depicts concurrence of sun and moon in the sky on the splendid background of the snow mountain, resembling ancient skin trunk floating in the air. It symbolizes family warmth and elapse of times. "1966" responds to the year when Cultural Revolution began. Red figures are silhouettes of the Red Guards inspected by Mao Zedong at Tian'anmen Square of Beijing in August 8, 1966. The background is the Tibetan lection printing. The bright highlighted image of Mao Zedong forms a sharp contrast with the tranquil Tibetan characters. Chinese contemporary sculpture reveals market potential Contemporary sculpture array in this Ravenel autumn auction is great. There are JU Ming's five Taichi series. "Taichi Series - Single Whip" wood carving created in 1982 is JU Ming's early works that is rarely seen. Its estimate is at NT$16-22 million (US$484,400-666,100); "Taichi Series" in 1991 is similar to the poses in Single Whip and its estimate is at NT$9.2-15 million (US$278,500-454,100). There are also "Taichi Series" large bronze in 1988 presenting the kinetics of side tick and its estimate is at NT$5.5-7 million (US$166,500-211,900); "Taichi Series- Boxing" bronze sculpture in 1990, whose estimate is at NT$920,000-1,200,000 (US$27,900-36,300); and "Taichi Arch" bronze sculpture executed in 1991, whose estimate is at NT$1.2-2.2 million (US$36,300-66,600). There are abundant works by contemporary Chinese sculptors, including WANG Keping's abstract wood carving: "Allies"; XIANG Jing's figurative sculpture in fiberglass, "Virgin with a Cigarette"; CHEN Wenling's "Red Memories" depicting the course of life; LI Jikai's jocose "Box"; JIANG Shuo's bronze sculpture: "Red Guard with Fish"; REN Sihong's "Broadcast Exercise– Sidebend Action" in preparation for Olympics; PANG Yongjie's "Women" (a pair); JIAO Xingtao's "Yellow Arrow" appealing for culture of consumption; and REN Zhe's Neo-Classicism bronze sculpture: "Dashing and Spirited". All have demonstrated development of creative contemporary Chinese sculpture. Works of contemporary Taiwan sculptors include: The "Haunted Axe Works Miraculously", Yuyu YANG's early bronze sculpture, and stainless steel "Heaven and Earth Destiny"; Sculptor LI Chen's "Avalokitesvara" and "Float to Sukhavati" that are selected into Venice biennial exhibition in this year; YANG Mao-lin's "Astro Bodhisattiva" bronze sculpture combining cartoon caricature and national religious styles to present diversified contemporary cultural integration; PENG Kuan-jun's "Listen to Spring" bronze sculpture also presents the elegant oriental Chan; CHU Chen-yung's "China Dolls Series-Elegancy and Poise" has conveyed female image of modern pattern through terra cotta crafts. Both WONG Kuo-chen's terra cotta sculpture and CHEN Yi-lang's wood carving are the attempting to start from tradition and then embody with new connotation; Standing Woman iron carving created by WU De-chun, the oversea famous sculptor, explores relationship between structure and space. Abundant sculptural topics expose the collectors to various options. Taiwan contemporary artists have become focus of the market; Korean Contemporary Art has expanded the collection cluster Motivated by the overall market, works of contemporary Taiwan artists have also become one of the market focuses. These artists include CHIU Ya-tsai, LIEN Chien-hsing, HOU Chun-ming, JAN Chin-shui, HWANG Jyi, Michell HWANG, HUANG Chih-yang, CHENG Tsai-tung, PANG Jiun, KUO Wei-guo, etc. Most of them have rich experiences in international exhibition and have established their own style in the artistic circle. Their popularity is gaining recently. Especially recommend here are: "Fault in a Colony-Three Graces", finished by HWANG Jyi between 1982 and 1985 is an important magnum opus of the painter. Hou Junming's "Chakra, Clone Technique", the large-scale engraved painting created in 1997 represent energy of contemporary Taiwan artists. One of the features of Ravenel Autumn Auction 2007 is adding of five works from Korean Contemporary Art in a hope of gradual incorporating arts of other regions in Asia. These Korean artists have high reputation and their works include: KWON Ki-soo's "Grey Forest", whose estimate is NT$360,000-600,000 (approx. US$10,900-18,200). There is reputed Donguri cartoon figure he has created in the paining, where there are also super-modern elements and ancient and traditional plum and bamboo topics interestingly intermingled; HONG Kyong-tack has used numberless books clubbed together to form the "Library" (polyptych) has strong individual style; KIM Tschang-yeui, termed as water dripping painter, has used a strongly oriental tinted "Words in the Water" in 2003 to participate in the auction, with estimate NT$1.6-2.5 million (approx. US$48,400-75,700); LEE Jung-woong has been praised by all circles as . worthy of being written into Korean Fine Arts history. "Brush", his classic works, is also in the auction, with estimate of NT$1.6-2.2 million (approx. US$48,400-66,600); LEE Yong Deok's negative sculpture, "Looking", has broken through limit of old sculpture and use the concave sculpture to present the embossing impression, presenting innovative aesthetic sense and response to oriental yin and yang, actual and imaginational philosophy. Its estimate is at NT$2.9-3.8 million (approx. US$87,800-115,000)

Within two years, the market prices of twentysix Chinese modern and contemporary artists' artworks have crossed the threshold of one million US dollars.

Even though the American financial crisis of the secondlevel house loans has resulted in a global stock market chaos, the heat wave in the international art market is not influenced by it. Especially, Chinese contemporary arts have been the dominating mainstream in the global art market. International art collectors or art dealers are eager to take part in this circle. This continuing trend pushes up the record-high market prices of Chinese artists. The period for hitting new high prices has come to them. In Art & Investment of 2006, No. 15, it is mentioned that in 2005 there were 8 Chinese artists excellent at western paintings whose market prices have crossed the threshold of 1 million US dollars (about NT$ 33,000,000). In some cases, a single deal even reaches more than two million US dollars (about NT$66,000,000). The eight Chinese artists are Xu Beihong, Zao Wou-ki, Sanyu, Liao Chi-chun, Chen Yanning, Pan Yu-liang, Wu Guanzhong, and Chen Yifei. Among them, only Zao Wou-ki, Wu Guanzhong and Chen Yanning are still alive. The rest of them already passed away.

Nevertheless, in just two years, the market prices of Chinese contemporary and modern artists have made a huge step furthur once more. In fact, they are soaring. In the spring auction of 2007, the oil-painting price of Xu Beihong, a pioneer in Chinese modern paintings, reached US$ 9,200,000 (more than NT$300,000,000) and that of Wu Guanzhong exceeded US$4,900,000 (about NT$160,000,000). Last year, the sales of the artworks of Chen Cheng-po, a respected Taiwanese artist, even broke a record of US$4,400,000 (about NT$ 140,000,000). Moreover, the painting sales of other overseas Chinese painters such as Sanyu, Chu Teh-chun and Zao Wou-ki also marked a record, crossing the threshold of US$3,000,000 (about NT$120,000,000) in one year.

The following international art collectors who continuously pay close attention to the Chinese contemporary art market, Asian collectors with strong economic power, also have taken steps to catch up rather than falling behind. They have steadily brought in a huge amount of capital into the Chinese art market. In this Chinese capital flow, Zhang Xiaogang's paintings initially stimulated the market price. Afterwards, the other Chinese contemporary artists also joined in. Between 2006 and 2007, many Chinese avant-garde artists have squeezed into the millions of the US dollars art club. This June, the art deal of Yue Minjun's oil painting, Pope, marked a sky-high price in London, US$4,200,000, more than any living artists all around the world. Moreover, this September, one of Zhang Xiaogang's paintings was also auctioned for US$ 3,065,000 (about NT$100,000,000) in New York. The price is indeed astonishing! Until September of 2007, the global art auction market has sold 17 pieces of Zhang Xiaogang's paintings. In all, the total sales reached more than US$1,000,000, and the period of these sales is not more than two years. In addition, there are other Chinese avant-garde artists whose market prices have also soared. For example, seven pieces of Yue Minjun's artworks have bee sold and the accumulated sales price is more than US$1,000,000. Moreover, five pieces of Zeng Fanzhi's artworks, four pieces of Fang lijun's, one piece of Fang Lijun's, of Cai Guo Qiang's, of Mao Yan's and of Yan Pei Ming's respectively have been sold for more than US$1,000,000. In terms of Chinese realistic artists, from 2006 until the present, five of Chen Yifei's artworks have been sold for more than US$1,000,000. Each of Chen Danqing, Wang Yidong, Liu Xiaodong, Leng Jun and Shi Chong has one artwork sold for more than US$1,000,000. Moreover, an internationally well-known Taiwanese sculptor, Ju Ming has three of his sculpture works of Taichi Series sold out and the value of these deals marks more than US$1,000,000 as well. What is more, another senior Chinese contemporary artist whose unique art style is hard to classify (his name is Wang Huaiqing) just sold two artworks valued at more than US$1,000,000 this June. He was chosen as one of the ten "Top People" selected by Contemporary Art Magazine. At the apex of Chinese contemporary art market, he is the first Chinese artist discussed in this month's issue of our Art & Investment. Now let us discuss the past, present and future conditions for Wang's paintings on the art market.

A senior Chinese contemporary artist -- Wang Huaiqing

Wang Huaiqing, born in 1944 in Beijing, China, is 63 years old. Among Chinese contemporary artists, he is said to be the most senior of the senior. Since his childhood, he has came to love painting. In 1956 he entered Fine Arts School attached to the Central Academy of Fine Arts and studied there. Later on, he advanced his study of art in Central Academy of Arts and Crafts. There he acquired his bachelor and master's degrees. On the one hand, he received academic training. On the other hand he also involved himself in knowing folk art crafts, architecture and western painting. Thus, his creative concepts are quite broad. During the 1970s Cultural Revolution, he followed Wu Guanzhong to the countryside where Wang was being greatly inspired by Wu's personality and ideas about art. Wang, since he started paintings at 12, has had more than half a century of experience in art creation.

At present, Wang is a member of Chinese Artists' Association, and also a member of Chinese Oil Painting Association and a master painter of Beijing Huayuan. Apart from the professional hierarchy, he is a heavyweight in the art cycle of Beijing. He has numerous artistic achievements to his credit. In 1980, he became famous for the first time with his realistic painting, "Bo Le Choosing a Horse", in the exhibition named Same Generation Painting Society in National Art Museum of China. He also has other award-winning experiences: For instance, his "Struggle" (1984) won the Excellence award of Beijing City Artworks; with "Hometown" (1989) he received a bronze medal from the "National 7th Fine Arts Exhibition;" with his artworks, "The Great Ming Manner" and "A Person Goes towards the World" (1991), inspired by Ming-style furniture, he consecutively attained a gold medal in "Chinese Oil Painting Annual Exhibition" and the silver medal in the "Contemporary International Book-and-Arts Exhibition in Memorial of Mr. Huang Zhen-sian." In 2001, he received an Excellence Award in the "Science and Arts Exhibition" of National Art Museum of China. In 2003, he was presented with an Academy Award in the "National Huayuan Biennale" and so on. His awards are countless because of his continuing creative excellence.

Since the 1980s, Wang has become very famous. Many of his paintings have been collected by museums or institutions, such as "Bo Le Choosing a Horse" (1980), "Jujube Tree" (1980) and "April" (1985) collected in National Art Museum of China; his "Struggle" (1984) collected by Beijing Artists Association; "Hometown" (1989) collected by Shanghai Art Museum, etc. Additionally, Art Retreat Museum, privately founded in Singapore, also collects lots of Wang's recent works. The owner of Art Retreat Museum, Mr. Kwee, is also the largest art collector of Wu Guanzhong's paintings in the southeastern Asia. Because of his social contacts, Mr. Kwee's art dealers in both Hong Kong and Singapore, Yan Gallery and Soobin Art Gallery have arranged sales of Wu's and Wang's artworks. In 2005, Wang's exhibition, "Traces of Nature", in Centre Exchange Plaza in Hong Kong, was organized by Mr. Kwee and Yang Gallery in Hong Kong.

The early collection of overseas art markets boosts new market prices of Chinese artworks

The time at which Wang Huaiqing's paintings began to enter the commercial mechanism of art markets was quite early. Most of his art deals centered in Hong Kong and Singapore and Taiwan. Since 1991, his paintings appeared in the auction market in Hong Kong and a few of his paintings were quickly sold there. In 1991, a joint exhibition in Hanart Gallery in Taipei initially introduced Wang and one of his prize-winning oil paintings, size No. 100: "The Great Ming Manner" (1991, 145x130cm). It was said that the fixed price of his paintings at that time was $10,000 each. In other words, each painting was valued at NT$1,000,000 (about US$33,000 now). Since 1992 and the following year, Soobin Art Gallery in Singapore held "Wang Huaiqing's Water-Ink Painting Exhibition." At that time, the oil painting market was not booming, hence, water-ink paintings were more appeal to the local art collection. Every painting cost around NT$120,000 to 150,000 (about US$3,000 to 4,000).

Judging from the art collectors and distributing galleries of Wang's early paintings, it was apparent that the earlier market of his work benefited from the care of Wu Guanzhong. In the early 1980s, Wu became famous in Hong Kong and Singapore. In both places, he had his cooperating art dealers and supporting collectors. Mr. Fong, the person in charge of Yan Gallery, recalled that once he accompanied Wu to visit a contemporary art museum in the United Kingdom. He heard Wu's comment on Wang's oil paintings. He said that if Wang's works could be exhibited together with those of western master sculptors, his works would be very favorable compare to these of sculptors'. Mr. Fong bore in mind what Wu said and hence had a positive impression on the potential of Wang's creation. In May of 1991, Museum of History in Beijing held an exhibition, "Selected Art Works by Wu Guanzhong & His Students." Several of Wang's works we r e al so e xhibi t ed i n that exhibition. The hand behind the exhibition, pushing it through, was Yan Gallery in Hong Kong . The exhibition displayed his works, "Four Vertical Logs against the White Wall" (1990, 117x80.8cm) and "Black Windows Frame Cutting White Paper" ( 1991, 145.5x112cm) . In the same year, on September 30th, these two artworks of his appeared and sold at Sotheby's Auction in Hong Kong. The dealing price was somewhere between US$12,000 to 15,000. The average market price of his paintings was NT$6,000 to 8,000 pe r numbe r. Compared with the regular price of the deal at that time, the market price of Wang's paintings in the initial market performance was quite fair.

Since 1991, Wang's works have been seen in the auction market every year. For the entire 1990s, the market price of Wang's works was kept at NT$10,000 per number. Because the space of Wang's residence was limited, it was difficult for him to do large paintings. Therefore, the size of his paintings in the early 1990s was not more than two meters. The donedeal values were under NT$1,000,000 (about US$33,000). After 1996, large paintings occasionally appeared in twoor three-joint paintings. Since 1999, Lin & Keng Gallery in Taipei began to exhibit Wang's paintings. At the beginning, the market price remained around NT$10,000 per number. Later on, the single price of his paintings started to grow dramatically. From 2004, every number of his paintings soared to NT$30,000 to 70,000. In 2006, the price rose up to NT$150,000 to 200,000 every number. In 2007, there was even a new market price of his paintings, NT$280,000 per number.

From 1991 to August of 2007, the ac cumulated number of Wang's artworks in the auc t ions i s 6 6 . There were 56 deals on his paintings (47 deals on his oil paintings, 6 deals on his water-ink paintings, and 3 deals on his graphics.) There were ten occasions of lost bids. The ones failed to deal focus mainly on the years between 1993 and 1999. Apparently, at that time his unique style was difficult to be accepted in a period when realistic paintings were in a better position. Nevertheless, after 2000, there were only two lost bids. All of them were graphics. It means that in the past seven years, the trading ratio of all the deals on his oil paintings was 100%.

Art values are in quality rather than quantity; good paintings are in scarce supply

Being painter for more than half a century, and has been wellknown for 27 years, Wang's record of having his paintings being auctioned for 66 times in 16 years is considered low.

Moreover, among them, there are at least 10 oil paintings with 22 auction times. For example, "San Wei Book Room" (On November 26th, 2006 in Hong Kong, May 14th, 2006 in Beijing, and May 14th, 2005 in Beijing); "Combining Two into One" (May 31st, 2007 in Beijin and November 21st, 2006 in Beijing); "Double Chairs" (November 26th, 2006 in Hong Kong and November 15th, 2000 in Hong Kong); "Ting Ting" (November 21st, 2006 in Beijing and July 16th, 2003 in Beijing); "The Great Wall" (December 20th, 2006 in Shanghai and June 24th, 2006 in Beijing); "Local Dwellings" (April 11th, 2006 in Taipei and November 5th, 2000 in Beijing); "Portrait of Stool" (June 4th, 2006 in Taipei and October 31st, 2004 in Hong Kong); "Split in Blackness" (May 28th, 2006 in Hong Kong and October 26th, 1999 in Beijing, a lost bid); "Concave and Convex" (July 6th, 2003 in Hong Kong and October 27th, 1998 in Beijing, a lost bid and April 30th, 1995 in Hong Kong a lost bid) and "A Man's Home" (April 22nd, 2001 in Taipei and May 10th, 1998 Beijing), etc.

Some artists can complete dozens of paintings every year. However, Wang insists on: "no inspirations, no painting." Thus, the speed of his creation is very low. Sometimes, he only finishes 6 artworks in 2 years. From my decade-long observation of art markets, I suspect that the number of Wang's oil paintings should not exceed 200. No wonder that the auction markets have been searching again and again for the repetitively-shown auction artworks of his. Reasonably, the auction prices of his paintings climb higher time after time. Some of them are even only one-season difference. "San Wei Book Room" has shown up three times in the auctions and the price has grown 378%.

Short collecting cycle is neither normal in the art market nor worth encouraged. However, it is almost the shared feelings among the admirers or collectors that Wang's paintings are of scarce quantity. Fortunately, the painter does not lose himself in the heat waves of the art market. As usual, he insists on his feelings of creation. Looking at this from another perspective, the guarantee of a painter's quality is the luck of collectors. The paintings of Wang have entered in the auction market for more than 16 years. Though the initial market price of his paintings stayed average for quite a long period of time and sometimes lost bids do occur, his market got stronger and went steadily up. In order to compensate his fans who could not wait for or could not afford high-priced oil paintings, Lin & Keng Gallery entrusted a Spanish company, Poligrafa, to produce 50 pieces of copperplate paintings out of Wang's 5 artworks. Therefore, there were at least 250 pieces of graphics released to the art market. In 2005 the auction market began selling Wang's works. This year, in the auction market every copperplate painting of his has reached NT$180,000 to 200,000 (about US$5,500 to 6,000).

Last year, the total value of the deals was NT$138,660,000. This year, the value of the first-half-year deals already exceeds that of the last year's.

Because of the scarcity and the demand is more than supply, the paintings of Wang Huaiqing not only notch up a new record of market prices in the auction but the dealing value has kept going up. In 2006, the global auction market recorded 15 deals of his artworks, which had made an apex of art deals, and had created a total value of NT$386,600,000 (about US$4,200,000). In the first half of this year, there have been 8 deals. The value of these art deals reaches NT$153,830,000 (about US$4,660,000), exceeding last year's total value of his art sales. As predicted, at the end of this year, the total value of his art deals will amount NT$300,000,000

Analyzing Wang's market performance of the past 7 years, in the aspect of painting materials, the ratio of oil-painting in all deals is 99.4%. The ratios of water-ink and copperplate are 0.3% and 0.2% respectively. In the distribution of his art market, most art deals were done in Hong Kong; the ratio is 46%. The second best-selling place is Beijing; the ratio is 25%, followed by Taiwan, with the ratio of 15%, and Shanghai, where the ratio is 14%.

In spring of 2007, two of Wang's oil paintings. "Han Xizai's Night Revel", "3 and Three and Half Pairs of Chopstick" have set other record of selling at NT$39,970,000 (about US$1,210,000) and NT$34,170,000 (about US$1,035,000) respectively, and are the most expensive among Wang's oil paintings. In the autumn auction of Ravenel, his triptych, "Gold Stone" will be on the auction list. There might be a chance to break these two records. The painting, No. 500, is a large painting with an innovative spirit and structure. The estimated price