Liu Yiqian and Wang Wei, the affluent Chinese couple who established Shanghai’s esteemed Long Museum, a distinguished private art institution in the country, are set to sell a segment of their art collection at Sotheby’s auction in Hong Kong later this year.
Nicholas Chow, Chairman of Sotheby’s, expressed appreciation, stating, “Sotheby’s is privileged to present an exceptionally remarkable selection of artworks from the renowned collection of Liu Yiqian and Wang Wei, two of the foremost collectors of our era. Although the pieces up for sale represent only a fraction of the couple’s extensive collection, the range of offerings is truly representative of Liu and Wang’s expansive and enlightened approach to collecting, encompassing historic masterpieces as well as contemporary works by emerging talents.”
The forthcoming sales will generate funds for vital initiatives at the Long Museum, the statement mentions. It will also contribute to future acquisitions and the ongoing promotion of cultural exchanges across artists, regions, and generations.
Liu, who achieved fame by advancing from a taxi driver to one of China’s wealthiest individuals, co-founded Guohua Life Insurance and currently chairs the company. In the first half of 2023, Guohua reported losses ranging between $23.3 million and $28.7 million, as reported by China’s Economic Information Newspaper.
Around 50 paintings from Liu and Wang’s collection will be included in the auction, featuring works by prominent artists such as Amadeo Modigliani, Zao Wou-ki, Kazuo Shirago, Leonard Foujita, René Magritte, David Hockney, Matthew Wong, Dana Schutz, Nicolas Party, Georgette Chen, and Yayoi Kusama, according to Sotheby’s statement.
Insiders suggest that the couple intends to auction around 50 additional artworks at Sotheby’s in New York, possibly encompassing a major piece from their collection. Sotheby’s has not refuted this speculation.
The statement from Sotheby’s refrains from discussing the future of the Long Museum, which inaugurated its first location in late 2012 in Shanghai, followed by a second site in 2014 and a branch in Chongqing in 2016. Plans for a fourth location in Wuhan appear to be on hold. Another private museum, Guangzhou’s esteemed Times Museum, closed in late 2021 due to financial issues faced by its property company patron during China’s period of stringent anti-Covid measures.
Over the past decade, Liu and Wang have gained recognition as prominent global art collectors and fervent promoters of Chinese contemporary art. However, a substantial sell-off of Chinese artworks amid the current sluggish market conditions could potentially impact prices that have historically shown exponential growth.
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