Chinese billionaires’ attempt to trim art collection ends in a surprise flop at Sotheby’s Hong Kong auction

A prominent Chinese billionaire couple, Liu Yiqian and Wang Wei, experienced a disappointing outcome as they attempted to sell a portion of their extensive art collection. The couple had hoped to sell 39 pieces at a Sotheby's auction in Hong Kong, but only 28 found buyers. The total earnings from the sale were HK$455 million, significantly less than the anticipated HK$597 million. This auction was the first of three planned sales of their collection, with subsequent auctions scheduled in London and New York. The highest selling piece was Amedeo Modigliani's 1919 Paulette Jourdain, which was purchased by dealer Patti Wong for HK$235 million. However, this represented a substantial loss for the couple, who had originally purchased the piece in 2015 for a higher price. Conversely, Rene Magritte's Le Miroir Universel fetched a profit of HK$13. 3 million. Notably, 10 works failed to sell, including a piece by David Hockney. Liu and Wang began their high-profile venture into the Western art market in the mid-2010s, coinciding with the opening of their second Long Museum. They have been known to acquire works from emerging artists and sell them quickly, a practice known as 'flipping', which has drawn criticism from some quarters. Liu, a former taxi driver, amassed his wealth through savvy investments in the stock market and various industries. His family's estimated wealth is 37 billion yuan. The reason for the couple's decision to sell during a market downturn remains unclear. Of their three museums, only the West Bund location is currently operational. Sotheby's downplayed the significance of the sale, stating that collections naturally evolve over time. They also noted that the couple still retains a significant collection of artworks acquired since the 1990s. Liu is known for his eccentricity, famously drinking tea from a Ming dynasty porcelain cup he purchased for US$36 million.