Shanghai, since its port opened in 1843, has stood as a crucial gateway for Western art entering China. More than a century later, Poly Auction’s establishment of a Shanghai branch underscores this historical role, signaling a strategic pivot towards the burgeoning interest in Western art within the Chinese market. This move was emphatically highlighted on December 22nd, when Poly Huayi Auction hosted its inaugural Shanghai sale at the prestigious Jing An Shangri-La Hotel.
Shanghai’s Embrace of Western Art: A New Auction Frontier
The “Dialogue: From Yuan Ren Qiu Lie Tu (Yuan Dynasty People Hunting in Fall) to “Picasso—Important Eastern and Western Art” evening sale wasn’t just an event; it was a statement. Achieving a remarkable total sale of RMB 590 million ($85.22 million), the auction boasted robust bidding and an impressive 88% sell-through rate across 73 lots. This success underscores Shanghai’s increasing prominence as an international art market hub, particularly for Western masterpieces. For context, while individual transactions might involve smaller sums, understanding currency exchange rates, such as 29.76 Euro To Rmb, becomes crucial when considering the global art market’s financial dynamics. Even seemingly small fluctuations can have significant impacts when scaled to the multi-million dollar art world.
Pablo Picasso, Woman under the Light (Jacqueline) RMB 58,650,000 (.47 million).
Alt text: Pablo Picasso’s Woman under the Light (Jacqueline) sold for 58.65 million RMB at Poly Auction Shanghai, highlighting Western art demand in China.
Evening Sale Highlights: Masterpieces Command Premium Prices
European modern artists were the stars of the evening, capturing unprecedented attention and commanding top prices. Pablo Picasso’s Woman under the Light (Jacqueline) led the charge, fetching RMB 58.65 million ($8.47 million). Claude Monet’s Sainte-Andresse followed closely at RMB 46 million ($6.64 million), and Paul Gauguin’s the Corner of the Garden reached RMB 37.95 million ($5.48 million). Further solidifying the strong interest in Western art, Paul Cezanne’s View from the Bay of L’Estaque and Giorgio Morandi’s Still Life each sold for RMB 11.5 million ($1.66 million). Notably, ten lots alone contributed to a staggering RMB 206 million ($29.76 million) of the total sales. To put this in a different perspective, if one were to consider a smaller art purchase or even related expenses like framing or shipping, understanding the conversion rate of 29.76 euro to rmb would be directly relevant for European buyers or sellers engaging with the Chinese art market. This evening sale marked a historic moment, becoming the most successful of its kind in mainland China, demonstrating the robust appetite for Western art.
Claude Monet, Sainte-Andresse. Courtesy of Poly Auctions.
Alt text: Claude Monet’s painting Sainte-Andresse, presented by Poly Auctions, achieved a significant sale at the Shanghai auction.
Chinese Art Market Strength: Ink and Color Paintings Shine
While Western art garnered significant attention, Chinese ink and color paintings also demonstrated exceptional performance at the Poly Huayi Auction. In the Classical Ink and Color Painting category, Yuan Ren Qiu Lie Tu (Yuan Dynasty People Hunting in Fall) led the segment, realizing RMB 63.25 million ($9.14 million). Wang Hui’s A Horizontal view of the Country commanded RMB 48.3 million ($6.98 million), and Ren Bonian’s Flowers and Birds Hanging Scroll (a set of four) achieved RMB 10.12 million ($1.46 million). Further highlighting the breadth of the Chinese art market, Qi Baishi’s works sold for RMB 5.75 million ($829,000), and Ma Jin’s Emperor Qianlong Picking Horses in the Spring Countryside in Style of Giuseppe Castiglione reached RMB 4.14 million ($598,000).
Fu Baoshi, Poetry of Mountain Shao. RMB 45,425,000 (.56 million).
Alt text: Fu Baoshi’s Poetry of Mountain Shao, a modern ink painting, fetched 45.43 million RMB at the Shanghai Poly Auction, showcasing modern Chinese art value.
In the Modern Ink and Color Painting sector, Fu Baoshi’s Poetry of Mountain Shao impressed with a sale of RMB 45.43 million ($9.14 million), while Zhang Daqian’s Swiss Mountain Landscape exceeded expectations, selling for RMB 14.95 million ($2.15 million) – double its pre-sale estimate. Xu Lei’s Decent of the Moon achieved RMB 4.48 million ($640,000), and Lou Zhenggang’s Nature-32a, Nature-32b, Nature-32c, Nature-32d sold for RMB 3.22 million ($465,100). Beijing Poly Auction continued its leadership in China Modern and Contemporary sales, with Wu Guanzhong’s Night and Wild Chrysanthemum achieving RMB 28.17 million ($4.07 million) and RMB 16.1 million ($2.33 million) respectively. Leng Jun’s Century Landscape No. 3 also reached RMB 28.17 million ($4.07 million), while Zeng Fanzhi’s Untitled 07-14 sold for RMB 21.27 million ($3.07 million), and a work by Chu Teh-Chun commanded RMB 11.04 million ($1.59 million).
Conclusion: A Successful Debut and a Glimpse into Global Art Finance
Poly Huayi Auction’s inaugural Shanghai sale was unequivocally a triumph. The strong sales figures, particularly for both Western and Chinese art, underscore Shanghai’s significance as a growing force in the international art market. While headlines are captured by multi-million dollar transactions, the underlying mechanics of global art commerce involve currency exchange at all levels. Understanding the real-time value of currencies, such as tracking 29.76 euro to rmb, becomes essential for everyone from casual art enthusiasts considering smaller purchases to major collectors and institutions operating across borders. This successful auction not only highlights the vibrancy of the Chinese art market but also subtly reminds us of the interconnected financial landscape that underpins the global art world.
