11.7 Billion NFTs Sold Out...Art Basel has found 90,000 people in Hong…
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View of Art Basel Hong Kong LDGR booth. The video installation on the left is Biffle's "S.2122," which was sold for 11.7 billion won. [Art Basel]
Art Basel Hong Kong, which returned on a large scale in four years, ended successfully on March 25. Art Basel Hong Kong announced that 86,000 visitors visited for five days. Amid the attention of collectors from Asian countries, most mega galleries sold out their entries and returned with light hands.
According to the closing data released by Art Basel Hong Kong on the 25th, private collectors from 70 countries attended the art fair to see various exhibitions of the city, and sponsors of more than 100 international museums and institutions, including museum officials and curators, visited the event.
Although the number of visitors was slightly reduced and the atmosphere of the event was calm compared to 88,000 tallied in 2019, the sales of mega galleries participating were successful with a large number of representative works worth more than $1 million.
"The atmosphere in Hong Kong is vibrant and I could feel full energy everywhere with the easing of COVID-19 restrictions," said Marc Payot, president of Hauser & Worth. Hauser & Worth sold a large number of masterpieces, including George Kondo's Purple Compression for $4.75 million (KRW 6.2 billion), Mark Bradford's A Straight Line for $3.5 million (KRW 4.5 billion), and Ronnie Horn's sculpture Untitled for $1.75 million (KRW 2.3 billion).
One of the best-selling galleries was LGDR, which entered New York, London and Hong Kong. Biffle's NFT video installation work, "S.2122," was sold for the highest price among sales data released at a price of $9 million (11.7 billion won). Rebecca Wei, co-founder and chairman of LGDR, said, "The participation and passion across countries and generations at the fair and throughout the city were unrivaled. "We have now sold Biffle's 'S.2122' to the permanent collection of Deji Art Museum in Nanjing, China," it said. The gallery sold Pablo Picasso's "Fillette au bére" for $5.5 million (7.1 billion won) and Nicholas Party's "Birds Fighting for Worms" for $2.8 million (3.6 billion won).
The International Gallery in Korea also said that Korean artists' sales were particularly good. Ha Jong-hyun's representative work "Conjunction 22-38" sold for 700 million won, Lee Seung-jo's "Nucleus" for 400 million won, and Choi Wook-kyung's "God Damn" for 100 million won. Hugo Rondinone and Jenny Holzer were also sold for 200 million won each.
White Cube sold Angel Keeper's Rapunzel for 1 million euros (1.4 billion won). Gladstone sold two Alex Katz paintings for $1.3 million (1.7 billion won) and $1.2 million (1.56 billion won), respectively. Grace Schofield, director of Union Pacific in London, who submitted Nova Jang's works, said, "All of the works were sold out on the first day. I was able to meet new customers from South Korea, Japan, Thailand, Singapore and Bangladesh as well as Hong Kong and mainland China," he said.
