The series of gallery and auction sales netted a robust $132 million, driven by increased travel from China.
Katsushika Hokusai, Under the Well off the Great Wave Of Kanagawa. Courtesy of Christie’s.
As the 14th edition of Asia Week New York drew to a close, sales figures suggested the robust purchasing of pre-pandemic years is returning.
As of press time, 22 out of 26 galleries and five out of six auction houses taking part in the nine-day event reported a sum total of $131.7 million in sales, according to organizers. The five auction houses—Christie’s, Sotheby’s, Bonhams, Doyle, and Heritage—have concluded their live and online sales, while iGavelAuctions has its last sale slated for April 18.
This year’s total, a welcome return to strong spending, far exceeds that of 2022, with its relatively slim $98.6 million. It still has not fully hit pre-pandemic numbers: the year 2019 saw a healthy collective total of $150.5 million, while 2017 eclipsed all other editions, fetching a total of $423.7 million from 50 participating galleries and five auction houses.
Asia Week organizers attributed the success of 2023 to increased global travel. This was the first edition taking place as most lockdown travel bans around the world have been lifted. Most notably, China reopened its borders, allowing citizens to travel abroad without needing to quarantine, and the United States recently lifted testing requirements on travelers entering the country from China.
Dessa Goddard, chair of Asia Week New York, noted that “increasing levels of international travel by scholars and colleagues from around the globe demonstrated once again what a powerful magnet New York City is for all of us who value celebrating our love for Asian art with our colleagues and friends.”
About Hokusai’s Great wave
A rare Katsushika Hokusai woodblock print set a new record for the artist, one of Japan’s most famous historical figures, when it sold for $2.8 million on March 23. Projected to fetch $500,000 to $700,000, the print, titled Under the Well of the Great Wave off Kanagawa, attracted six bidders who drove up the price in a 13-minute battle. The work’s sale helped Christie’s net nearly $67 million (premiums included) across its three sales during Asia Week.
Hokusai’s “wave” series, which he began in the early 1800s, remains one of his most recognizable bodies of work. Introduced to the European market in the mid-19th century, these prints depict boaters braving stormy conditions in the waters off of Tokyo, with Mount Fuji visible in the background.
Also known as the Great Wave, the print is Hokusai’s signature piece and a symbol of Japan’s artistic heritage. The exact number of prints produced remains a mystery, as does the number of prints that still exist. The most coveted prints are the earliest ones, with sharper lines and a subtle cloud against a pale pink sky—like those exhibited in this iconic print.
Source: Artnet News
