Jack Ma's Paradise lost: charity art sale distorts market, say critics
Art expert and blogger both critical of the HK$42 million sale for charity of Paradise, which Ma painted with Zeng Fanzhi - whose own 'Self-portrait' didn't find a buyer
The general feeling in the art market is that the first batch of autumn auctions in Hong Kong did pretty well, all things considered. Even Sotheby’s long-suffering share price has racked up a 3.5 per cent gain since October 3, the first day of its sales at the Hong Kong Convention and Exhibition Centre.
The sales were not without controversy, though.
The amateur artist created Paradise with help from blue-chip Chinese contemporary artist Zeng Fanzhi to raise money for Ma's environmental conservation charity. The painting was estimated at a mere HK$1.5 million to HK$2.5 million, so the auction room went wild when the bids started doubling, then tripling.
It might have been great news for planet earth, but was it great news for the art market?
Sotheby’s ... strategy of putting Self-portrait after Paradise didn’t work
It’s not the first time Sotheby’s has held a charity sale in the middle of a regular Hong Kong auction. On October 6, 2013, two works of art were sold during the contemporary Asian art auction to raise money for the First Initiative Foundation. But the practice is not without its critics, since the prices fetched by charity lots may not be a useful reference for the broader art market.
