Renowned billionaire art collectors Liu Yiqian and Wang Wei, the masterminds behind Shanghai’s illustrious Long Museum, have announced their intention to auction off an impressive selection of artworks valued at an estimated $150 million through Sotheby’s this auction season.
Established in 2012, the Long Museum has emerged as a prominent player in the dynamic Shanghai art scene. Having originally established its presence in the West Bund district of the city, the institution has since expanded its footprint to encompass a second location in Pudong and even a space in Chongqing.
While specific dates for the upcoming Sotheby’s auction have yet to be unveiled, the news of the sale, initially reported by Artnet News, has sent ripples of excitement throughout the art world. Liu and Wang have gained widespread recognition, not only within artistic circles but beyond, for their acquisition of highly sought-after masterpieces. Notable examples include Amedeo Modigliani’s “Nu couché (Reclining Nude)” and “Paulette Jourdain (1919),” which fetched staggering sums of $170.4 million and $42.8 million, respectively, in separate auctions during 2015.
The forthcoming auction is set to feature between 50 and 60 carefully curated works of art. A diverse array of artists including Amadeo Modigliani, Zao Wou-ki, Kazuo Shirago, Leonard Foujita, René Magritte, David Hockney, Matthew Wong, Dana Schutz, Nicolas Party, Georgette Chen, and Yayoi Kusama are expected to be represented in this unique event.
Reports from Artnet also suggest that potential offerings might include works by Jenny Saville and Kerry James Marshall. The Long Museum acquired Saville’s captivating painting “Shift (1996–97)” for a record-breaking $9.1 million at a Sotheby’s auction in June 2016. Similarly, the museum secured Kerry James Marshall’s 1992 masterpiece “Plunge” for $2.1 million at Christie’s in New York during the same year, establishing a new benchmark for the artist’s work.
This unprecedented move by the collecting duo has spurred intrigue and speculation within the art world. Artnet reveals that Liu and Wang have engaged with executives and specialists from renowned auction houses—Christie’s, Sotheby’s, and Phillips—to present proposals for the sale of contemporary and modern artworks from their remarkable holdings. However, the reasons behind this decision remain undisclosed.
The decision to part with a substantial portion of their collection is rare for collectors of this stature, further amplifying the significance of this event within the art market. Sotheby’s has indicated that the proceeds from these sales will be channeled towards museum initiatives and future acquisitions, ensuring the Long Museum’s continued vitality.
As anticipation builds, experts and enthusiasts alike await the unveiling of the auction’s details and the artworks that will take center stage. The auction is not just a commercial venture but a significant moment that marks a new chapter in the art world journey of Liu Yiqian and Wang Wei, two influential figures who have indelibly shaped the artistic landscape of Shanghai and beyond.