Following the death of Japanese contemporary art icon Yayoi Kusama at the age of 97 last month, her works are set to appear in major Asian auctions. As this is the first major auction season since her passing, the art world is keenly observing whether a 'posthumous premium' will emerge.
On September 29, Christie's Hong Kong will feature Kusama's large painting 'A-Pumpkin (YHP)' from 2011 in its 20th and 21st Century Evening Auction. The estimated price is between HK$48 million and HK$68 million (approximately US$6.2 million to US$8.7 million). This piece, which prominently displays Kusama's signature pumpkin motif, is making its auction debut.
One day earlier, on September 28, Sotheby's Hong Kong will auction 'Pumpkin (TWPOT),' created in 2010, with the same estimated price range of HK$48 million to HK$68 million. This work was previously sold at Sotheby's Hong Kong in April 2019 for approximately HK$54 million (around US$6.9 million), and its estimated price has quadrupled since then.
Sotheby's will also auction 'Infinity-Nets (LHLUJ)' on the same day, and on September 29, it will feature several other Kusama works, including 'Pumpkin' and 'Nets 19.' Phillips Hong Kong will present 'Pumpkin' and 'Nets' on September 30.
In South Korea, Kusama's work will also be featured. Seoul Auction included a 1994 piece titled 'Pumpkin' in its auction on September 22. This is the first original canvas by Kusama to appear in a domestic auction since her passing, with an estimated price of between 800 million and 950 million won. Kusama is considered a leading blue-chip artist in the domestic auction market. In March, a large painting titled 'Pumpkin (MBOK)' from 2015 sold for 10.45 billion won, setting a record for the highest auction price in South Korea. In the first half of this year, Seoul Auction and K Auction recorded a total sales amount of 18.395 billion won, ranking first among artists.
The market's focus is on the potential for a posthumous premium. Typically, when an artist passes away, the supply of new works ceases, leading to an increase in artwork prices. However, not all deaths result in price increases. According to a study by the World Intellectual Property Organization (WIPO), posthumous price increases are primarily driven by artists who died young. The death of older artists, like Kusama, is often anticipated, and their prices may already reflect this. For instance, Kusama's 1959 work 'Untitled (Nets)' sold for US$10.496 million (approximately 14.2 billion won) at Phillips New York in 2022, indicating that the premium was already factored in during her lifetime.
Particularly, works that are not centered on the pumpkin motif do not enjoy the same level of popularity as her signature pieces. Additionally, there are mysteries surrounding her later works that investors should consider. The New York Times recently raised concerns about Kusama's reduced public activities in her later years, despite her continued production of paintings and large sculptures. Kusama's team stated that she oversaw the production process with assistants and external manufacturers before approving the final works, but the extent of her direct involvement remains unclear.
* This article has been translated by AI.
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