🔥 Lots to Watch - 12 June 2024

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HEY Y’ALL! 🔥

Thanks for all the great feedback from the lots I shared last Wednesday!

📈 Top Picks from the Last Issue:

#1: Christine Ay Tjoe, Diangkat Pemandangan, 2009 sold for $382,000 (179% over the estimate)

#2: Bernard Frize, Neoku, 2004 sold for $123,000 (126% over the estimate)

#3: Lee Bae, Issu du Feu 78-1 從火 78－1, 2002 sold for $115,000 (30% over the estimate)

I’m excited to share 4 artists and lots worth checking out for this week.

Today’s issue is sponsored by Beehiiv, the secret behind the success of top newsletters like Milk Road.

1) Li Chen

• 📍 Bio: Chinese, 1963

• 📊 Price Range: $100,000 - $200,000

• 💰 Record Price: $2,312,908 for Dragon-Riding Buddha, sold at China Guardian Auctions, Hong Kong in 2021.

• 🌎 Main Market: Hong Kong

• 📋 Data Insights

💭 My 2 Cents: Li Chen's "Cause, 2003" might be the dark horse at auction. This bronze sculpture, has a bold estimate of $154,000-$220,000. Li Chen, born in 1963 in Taiwan, mixes Eastern philosophies with a modern twist. His market peaked in 2021, with pieces selling for up to $360K, but prices dipped to $120,000 by 2024, hinting at a market shift. Here’s the good news: High estimates show confidence, and similar works have a strong 91% sell-through rate and a hammer ratio of 2.01. On the flip side, the high estimate might be a stretch given the recent market cool-down. "Causation, 2003" is both an opportunity and a risk. Its unique qualities and Li Chen’s consistent demand are promising, but the ambitious pricing and recent market volatility call for caution. Keep an eye on this one.

2) KYNE

• 📍 Bio: Japanese, 1988

• 📊 Price Range: $20,000 - $30,000

• 💰 Record Price: $287,644 for Untitled, sold at SBI Art Auction in 2021.

• 🌎 Main Market: Japan

• 📋 Data Insights

💭 My 2 Cents: KYNE’s market has been on a rollercoaster. His cool, sable-haired women have a unique charm that draws in collectors. But the auction results tell a mixed story. KYNE's estimated prices have steadily risen from $12,000 in 2021 to $28,000 in 2024. Realized prices, though, show some bumps—$41,000 in 2022, dipping to $34,000 in 2023, then up to $38,000 in 2024. Sell-through rates are solid, over 90%. But the hammer ratio has fallen, showing less intense bidding. Upcoming is "Untitled, 2018," an acrylic on canvas. Estimated at $108,000- $154,000 USD. Despite high estimates, recent market volatility and less competitive bidding might impact the final price. KYNE’s prints and graphic art sell well. But high-end buyers might shy away due to lower price segments. Strong market, but caution is advised.

3) Etsu Egami

• 📍 Bio: Japanese, 1994

• 📊 Price Range: $15,000 - $30,000

• 💰 Record Price: $67,429 USD for Untitled 無題, sold at Sotheby's Hong Kong in 2022.

• 🌎 Main Market: Hong Kong

• 📋 Data Insights

💭 My 2 Cents: Etsu Egami's market has been both exciting and uncertain recently. In 2021, her secondary sales were $50,000, soaring to $730,009 by mid-2023. Quite a leap! But here's the catch: both estimated and realized prices are dropping. Estimated prices fell from $47,000 in 2021 to $18,000 in 2024. Realized prices also dropped from $51,000 to $15,000 in the same period. This could mean auction houses are overestimating or demand is softening. Zhong Cheng is now offering "Rainbow-2022-W-57," estimated between $46,000 and $62,000. Yet, similar 2022 works averaged $25,000, making this estimate seem high. Egami's high sell-through rate of 92% shows interest is strong. But the declining prices suggest caution is needed. Collectors should note that historical trends indicate this piece might not reach the high estimate without intense bidding. Egami's art is compelling, but financial trends can't be ignored.

4) Alex Face

• 📍 Bio: Thai, 1981

• 📊 Price Range: $20,000 - $30,000

• 💰 Record Price: $67,949 USD for Breathe, sold at Phillips Hong Kong in 2023.

• 🌎 Main Market: Taiwan & Hong Kong

• 📋 Data Insights

💭 My 2 Cents: Direct from Trendy Gallery in Thailand, Alex Face’s "The Gardener, 2021" is set to hit the auction block with an estimate of $28,000 - $37,000 USD. This sale comes during a booming period for Alex Face's market. According to recent data, Alex Face’s market peaked in 2023 with an average realized price of $35,000. The year prior, the average was $27,000. The upward trend continued into 2024, with average prices reaching $39,000. Alex Face, is famous for his iconic character—an aged, worried child inspired by his daughter's expression at birth. In the last five years, his works have consistently sold above estimates, with a sell-through rate of 94%. Earlier this year, a significant piece fetched $41,000, demonstrating high bidder interest. With this backdrop, "The Gardener" could surpass expectations. The unique 1/1 sculpture is expected to attract competitive bids. In short, Alex Face’s market is hot, and this sculpture is one to watch.

See you next Wednesday!

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