January 6th, 2010

Dear Valued Clients,

With Ravenel's brilliant and record-breaking Taipei Autumn auction 2009 results fresh in our minds, I am delighted to invite consignments for our forthcoming Spring 2010 auctions in Hong Kong and Taipei. Underlining Ravenel's position as a leading auction house in the Asia region, our Taipei Autumn auction on Sunday December 6 produced exceptional results with some lots reaching 3 or 4 times their high estimates and breaking records for individual artists. The auction was our largest in our 10-year history and produced spectacular prices for key works. Total sales reached US$20,775,622 at 163.63% of value, our most successful sale to date. 85% of lots were sold, a testament to the knowledge and expertise of our sales team who put the portfolio of works together.

Zao Wou-ki's "17.4.64" led the way with a price of US$4,925,373, three times its high estimate and the highest price ever paid for a painting in Taiwan. Other works by Zao Wou-ki, Chu Teh-chun and Sanyu also achieved remarkable results.

Ravenel is now proudly entering its 2nd decade, and I am very happy to announce that we will hold our second Hong Kong auction along with our Taipei auction this spring. It gives me great pleasure to invite consignments of outstanding works by modern and contemporary masters under the following themes:

RAVENEL SPRING AUCTION 2010 HONG KONG: "Modern & Contemporary Art"

RAVENEL SPRING AUCTION 2010 TAIPEI: "Asian Modern & Contemporary Art"

If you would like to offer or purchase works of art through these Ravenel auctions, I welcome you to contact our senior sales staff directly as follows:

The deadline for submitting works of Art for both the Hong Kong and Taipei Spring Auctions is 15th March 2010. My entire sales team looks forward to discussing and consulting with you, as we prepare for 2 more record-breaking sales this spring.

Best Regards,

Clara Kuo
President & CEO
Ravenel Art Group

Original Link

Modern and Contemporary Asian Art

Download Auction Results PDF File

Sale Date / Venue: Sunday 6th December 2009, Taipei
Value of Lots Sold: TWD 668,144,000 (USD 20,775,622)
Number of Lots Sold / Total Lots: 192 / 227
Percentage of Lots Sold: 84.58%
Value of Lots Sold: 163.63%
On the date of the sale, exchange rates were approximately as follows: USD 1 = TWD 32.16   HKD 1 = TWD 4.15    EUR 1 = TWD 48.47   CNY 1 = TWD 4.65

The following prices in New Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest New Taiwan Dollar.

Ravenel is not responsible for typographical errors or omissions.

Ravenel Taipei Autumn Auction 2009 Result Reaches US$20.78 Million

Zao Wou-ki《17.4.64》Record Highest Auction Price for a Painting in Taiwan

【Press Release】

2009/12/6

"Ravenel Autumn Auction 2009 Taipei - Modern and Contemporary Asian Art" took place on December 6 at 2:30pm at the Fubon National Conference Center. The large and enthusiastic crowds during the two-day preview suggested that the auction was going to produce some major results. On Sunday hundreds of highly motivated art lovers and buyers turned up and engaged in very aggressive bidding as they competed for the very high-quality works on offer. As a result the auction enjoyed an enormous success with the total value far above any reasonable estimates. The original estimated total amount was between US$12,500,000 to US$17,700,000, and the final amount realized was US$20,775,622, with a value of lots sold at 164%. 192 out of 227 art pieces found buyers, a turnover rate of 85% and an incredible success for Ravenel Art, which is now a firm leader in Modern and Contemporary art in the Asian region.

In celebration of its 10th Anniversary, Ravenel presented its largest-scale auction this autumn. And the result of the auction stands as a testimony to Ravenel's expertise, knowledge and foresight in the market. The total amount realized is the second best auction result in Ravenel's history next to the 2007 autumn auction at US$22,356,541 when the art market was at its peak. Even though the market today has not yet fully recovered, the result is a major achievement, and indicates Ravenel's pivotal position in the Asian art market.

The highlight of the afternoon was lot 103, an oil painting by Zao Wou-ki, titled “17.4.64". The estimated price was between US$1,430,348 to US$1,927,860. The bidding was very intense between floor buyers and phone bidders. It was finally won by a floor buyer who paid more than three times the estimate, fetching US$4,925,373 including buyer's premium. The result is a record for the highest price for a painting in a Taiwan auction. It is also the second highest world auction record price for a Zao Wou-ki painting, next to “Hommage à Tou Fu" which was sold in Hong Kong last year.

Another smaller work by Zao Wou-ki titled "Oiseaux volent partout" dated 1952 was another highlight of the auction. It realized the second highest price this afternoon selling for US$1,965,174. Three much smaller oil paintings by Zao Wou-ki also drew intense bidding and focus from the auction participants. "Petit pont et l'eau coule" & "30.11.74" sold for US$485,075 each. "Lotus Flowers" was sold for twice its estimated price at US$186,567. The results show Zao Wou-ki's standing among collectors and solidifies his position as a favourite for Asian collectors.

Sanyu's "Vase of Flower with blue Ground" fetched US$1,860,697, almost twice its estimated price. It was the third highest price of the afternoon. Bidding was also very fierce on paintings by the French-Chinese artist Chu Teh-chun. All three paintings raised very high prices: The quadptych painting "Force d'âme" fetched US$1,373,134; a rare snow scene "Evocation hivernale C" was sold for US$1,094,527 and "Composition No.166" fetched US$522,388 far above its estimate. Lot 101 "Still Life, Figure, Fish, Cactus", an ink and color painting on paper by Lin Fengmian was sold for US$354,478. The bidding was also very intense for the small painting "Forest in Central Park" by Yun Gee. It realized US$194,030. The oil painting "Red Horse" by Walasse Ting was also a popular bidding item. The subject of the painting was a "Red Horse", the heritage of the famous American abstract artist Sam Francis. The piece was finally sold at US$111,940, an outstanding result.

While the great Chinese Modern artists are adored by today's art collectors; Asian Contemporary art is also a strong favorite of many art lovers. The triptych "Coca Cola" and the "Great Criticism Series – Channel V" by Wang Guangyi fetched US$447,761 and US$156,716 respectively. The diptych "Rotation of Sun and Moon" by Huang Gang sold for US$171,642; "Mid-Spring" by Hong Ling raised US$149,254; "Me" by Yin Zhaoyang realized US$134,328. The enthusiastic bidding on these lots was unexpected as the market corrects itself after the high points of 2007. Taiwanese artists Tzu-chi Yeh's "Yan-Ming Mountain in June", Michell Hwang's " Water Buffalos" also saw active bidding during the auction; Japanese artists Yoshitake Amano's "Gatchaman" and Yayoi Kusama's "Pumpkin" were well-liked by collectors and so had excellent results. The video installation "TV Rabbit" by American-Korean artist Nam June Paik was also a very popular item, fetching US$134,328.

Ravenel Art Group's "Ravenel auction" has once again set the record for auctions in Taipei. The Group has actively expanded its operation overseas; in addition to its Taipei headquarters, its Beijing and Hong Kong offices also provide professional services in auction and private sales. From 2010, the company plans to expand the size of its auction previews and will organize auctions in Hong Kong. The remarkable results of the 10th Anniversary of Ravenel autumn auction has written an extraordinary record for the company and we look forward to creating other outstanding records in the coming decade.

Ravenel Autumn Auction 2009 Taipei—Modern & Contemporary Asian Art

TOP TEN

The absentee bid forms must be delivered to the Customer Service Department at least 24 hours before the auction begins.The bid forms may be faxed to: Customer Service Department

• Tel: +886 (2) 2708-9868
• Fax: +886 (2) 2701-3306

1. The Buyer
   1. Ravenel as the Agent

      The Company, as the auctioning party, shall act as the agent of the Seller. Except otherwise provided, items successfully sold in the auction held by the Company shall be bound by the agreement made by and between the Seller, through the agency of the Company, and the Buyer.

   2. Prior to the Auction
      1. Authentication

         We strongly recommend that the prospective buyers conduct their own authentication for the items they are interested in bidding prior to the auction. We provide no guarantees to the buyer (with the exception of the guarantee with regard to counterfeits as defined in Section III of the Transaction Agreement).

      2. Important Notice

         Attention, prospective buyers: As far as possible, the descriptions of auction items will mention obvious defects of the items; however, they do not necessarily include all flaws, defects, or incomplete aspects. The Company regrets that it is unable to guarantee that the wristwatches on auction are in good working condition and the descriptions in the catalogue must not be construed as implying such. The description of the auction items also do not imply that the items have not gone through readjustment or repair or allude anything about the current state or storage conditions of the items. Any omission in the catalogue description regarding the current condition or the appraisal of defects in the items by no means represent that those items are in good condition, function normally, or that there will be any free repair or replacement of parts. We strongly recommend prospective buyers to personally view the items for which they plan to bid before the auction itself. If a prospective buyer is unable to view an item for whatever reason, then in our role as a service provider, we would be more than happy to offer our opinion of an item's special characteristics and current condition. However, the Company is not a professional restorer of wristwatches; therefore, any description in the catalogue is purely the Company's subjective opinion and not a statement of fact.

         Please note: The outer shells of many of the water-resistant watches have been opened in order to investigate their working condition and their type; therefore, it must not be assumed that they are currently water-resistant. We recommend buyers to have such watches checked by a competent watchmaker before use.

         Please note: The restoration of the items on auction may have resulted in original parts being replaced; therefore, we are unable to guarantee that any given watch's parts are from the original set of parts.

         All of the items on auction are being sold in "as is" condition.the Company does not provide any representation or guarantee as to the condition of any of the items. Unless otherwise stated, the Company does not provide any warranty with the items.

      3. Catalogue Explanations

         Any statement of the author, history, date, year, size, material, ownership, authenticity, origin, condition of preservation or estimated selling price of any of the Lots shown in the catalogue or the authentication opinion made by the Company, or any other verbal or written statements made separately shall be solely statements of opinions and shall not be deemed the basis for the statements of actual fact. The photographs shown in the catalogue shall serve as reference only and shall not be deemed as the basis for determining the color or tone of any Lots or disclosure of the defects of such item. The estimates of the auction price shall not be deemed the price at which such item will be successfully sold or the statement of the value of the item for other purposes.

         Many auction items fail to maintain their perfect condition because of time and other environmental factors. Some of the explanations in the catalogue or the authentication opinions will state defects and/or the repair background of the Lots. Such information is meant for reference only. Missing information in the statements does not mean the Lot has no defects or has not been repaired. Any statement of one particular defect does not mean there is no any other defect.

      4. Responsibility of the Buyer

         The Buyer is responsible for clarifying and satisfying himself about the condition of the items and any related matters stated in the catalogue descriptions.

   3. In the Auction
      1. Sales Tax Payable by the Buyer

         The Buyer shall pay (value added) sales tax in the amount of 5% of the Hammer Price with respect to imported works of art collected by the Buyer in Taiwan pursuant to the laws of the R.O.C. The Buyer is not required to pay sales tax if such imported works of art (with * marks by the number in the catalogue) are delivered to the buyer outside the R.O.C. and are handled by Ravenel for the relevant shipments. The buyer shall notify Ravenel in writing within two business days following the auction day if he desires to collect the items auctioned outside the R.O.C.

      2. Estimates

         The prices in US dollars or other currencies reproduced in the auction and this catalogue are for reference only. The Buyer is requested to pay by New Taiwan dollars or other foreign currencies in its equivalency based on the exchange rate of the payment day.

      3. Refusal of Admission

         The auction is held at the premises of the Company or any location where the Company has control of for the auction. The Company has full discretion to exercise the right to refuse entry to the premises for the auction or to prevent participation in the auction.

      4. Registration Prior to the Bidding

         Prospective buyers must fill in and sign the registration forms prior to the bidding and provide personal identification. Prospective buyers should also note that the Company may be requested to conduct credit checks against buyers.

      5. The Bidder is the Buyer

         Unless a written agreement has been made upon registration that the bidder will be the agent who acts on behalf of a third person and such third person is accepted by the Company, the bidder will be deemed as the Buyer who will bear individual legal responsibilities.

      6. Commission Bids

         The Company will make every effort to bid for the prospective buyers who instruct us to bid on their behalf by using the forms attached to the explanations of the catalogue; provided, however, bid commission instructions are delivered to the Company prior to the auction. If the Company receives several commission bids for one particular item, with all bid prices being equal and of the highest bid price at the auction, priority shall be given to the Buyer whose bid commission is delivered to the Company first. Commission bids are subject to auction conditions. The situation at the auction may prevent the Company from making the bid as commissioned. This is a free service provided by the Company to the prospective buyers pursuant to the provisions prescribed.The Company will not be held legally liable if it fails to make the bid as commissioned. Prospective Buyers should attend the auction in person if they wish to ensure a successful bid.

      7. Bid by Phone

         The Company will make proper effort to contact the bidder so he can participate in the auction by phone if the prospective buyer make arrangements with the Company prior to the auction. However, the Company will bear no responsibilities to the Seller or any prospective buyer if no contact is made under any circumstances.

      8. Exchange Rate Conversion Board

         There will be an exchange rate conversion board operating at some auctions. The exchange rate is calculated at the exchange rate of the one-month future goods reported to the Company from the bank when starting business on the day of the auction. Nonetheless, the auction will still be conducted in NT dollars. The exchange rate conversion board is not absolutely reliable. The accuracy of either the Lot numbering shown on the board or the equivalent of the bid price in any foreign currency is not within the control of the Company. The Company will not be responsible for any losses caused by the reliance of the Buyer on the exchange rate conversion board.

      9. Recorded Images

         There is image projection in some auctions; however, errors may occur during the operation. The Company is not liable for the color accuracy of the reproduced image and whether the projected image corresponds to the item being auctioned.

      10. Determining Power of the Auctioneer

          The auctioneer has the absolute power to reject any bid, push for bids at his discretion, withdraw any auction items, separate or combine two or more auction items, and if there is any error or dispute, re-auction the items.

      11. Successful Bids

          Under the discretion of the auctioneer, the fall of the hammer indicates the acceptance of the highest bid price, i.e., the Seller and the Buyer enter into a successful auction agreement.

   4. Following the Auction
      1. The Service Fee of Each Lot Payable by the Buyer
         1. The Buyer should pay the hammer price and, in addition, the service fee to the Company. For hammer price below NT$ 20,000,000 (inclusive), the service fee should be calculated at 20% of the hammer price.
         2. For hammer price higher than NT$ 20,000,000, the first NT$ 20,000,000 should be calculated at 20% and the rest of the amount should be 12%.
      2. Taxes

         All the payments payable by the Buyer to the Company do not include any commodity or service taxes or any other value added taxes (whether imposed by the Taiwanese government or elsewhere). The Buyer should be responsible for paying any applicable taxes as required by the law.

      3. Payment

         The Buyer should provide his name and permanent address to the Company upon the successful bid. Relevant bank information should also be provided upon request. All payments due (including the hammer price, service fee and any applicable taxes) should be paid within 7 days following the auction date. The aforesaid provision also applies if the Buyer intends to export the Lot and (may) need the export permit.

         If the Buyer fails to pay to the Company all the payments due, the Buyer will not acquire the ownership of the Lot even if the Company has delivered such item to the Buyer. If the payment to Ravenel are made in any currency other than NT dollars, the Company will collect from the Buyer any foreign exchange expense incurred therefrom, including bank charges and foreign exchange service fees. The exchange rate of the payments to the Company in any currency other than NT dollars should be the exchange rate reported by the Bank of Taiwan to the Company on the auction date and should be based on the certificates issued by the Company according to such exchange rate.

      4. Collection of the Lot Sold

         Unless otherwise agreed by the Company, the Company will hold temporarily the successfully sold Lots until all payments to the Company are made in full. The Lot will be covered by the insurance of the Company from the auction date for 7 days during the temporary holding period. The insurance coverage will terminate upon collection of such item. The Buyer should be responsible for all risks following expiration of the said 7-day period or the collection (whichever is the earlier).

      5. Packaging and Transportation

         The Buyer is requested to note that he should bear all the risks upon expiration of the said 7 days period or from collection of such items.

      6. Referral of Packaging or Transportation Companies

         The shipping department of the Company may act as the agent of the Buyer to arrange for delivery. Although we can refer freight forwarders upon special request, the Company will not be held liable for any legal responsibilities in this regard.

      7. Remedies for Non-Payment or Non-Collection of Items Sold

         The Company is entitled to exercise one or more of the following rights or remedies if the Buyer fails to make payment within 7 days:

         1. An interest at the annual rate of no higher than 10% plus the base interest rate of Bank of Taiwan will be imposed on all of the payment due if payment is not made within 7 days following the auction date. Besides, we have the right of charging also 1% selling price (including of hammer price and the commission) multiplied by the number of delayed days as fine for the default. The payment to be made by the Buyer should offset any payment owed by the Company or its subsidiaries to the Buyer for any other transactions.
         2. To exercise lien of any items owned by the Buyer and held by the Company for any purpose. The Company may arrange to sell such items after serving a 14-day notice to the Buyer about his non-payment. The proceeds shall make up for the payment due.
         3. If the Buyer owes the Company several payments as a result of different transactions, the payments will setoff any payments due in any particular transaction, regardless of whether the Buyer specifies to setoff such payments.
         4. Refuse the Buyer to make, or to make on behalf of others, bids in any future auctions and/or to require a security deposit from the Buyer before accepting any future bids from him. If the Buyer fails to make payment within 35 days, the Company is entitled to exercise the following rights in addition to the aforementioned:
         5. To bring legal proceedings against the Buyer on behalf of the Seller to claim the entire payment due and the legal fees resulting from such proceeding based on a total claim.
         6. Cancel the transaction of Lots bid by the Buyer or any other auction items sold to the Buyer at the same or any other auctions.
         7. To arrange a public or private re-sale of the Lot. If the re-selling price is lower, the difference will be claimed against the Buyer together with any cost incurred as a result of the non-payment by the Buyer.
      8. No Collection of the Lot Sold

         The Company will arrange for the storage of the Lot if such item sold is not collected within 7 days of the successful auction, regardless of payment. Such storage cost will be borne by the Buyer. Only when the storage, shipping, insurance cost and any other expenses together with any other payments due to the Company are paid can the sold Lot be collected.

      9. Export Permit

         Except where otherwise agreed in writing by the Company, the fact that the Buyer's wishes to apply for an export permit does not affect the Buyer's responsibility to make the payments in 7 days; nor does it affect the Company's right to impose interest on delayed payments.

         If the Buyer requests that the Company applies for the export permit on his behalf, the Company is entitled to collect monies made in connection with such an application and any miscellaneous expenses together with any relevant value added taxes.

         If the Buyer makes the payment regardless of the fact that an export permit is needed, the Company is not responsible for returning to the Buyer any interest or other expenses incurred therefrom.

   5. The Legal Responsibility of the Company

      The Company is responsible for returning payment to the Buyer pursuant to Article 6. Otherwise, whether the Buyer, the Company, any employees or agents of the Company will not be held liable for any statements of the author, history, date, year, ownership, authenticity or origin of any auction item or any errors with respect to any explanations and any flaws or defects of any auction item. The Buyer, the Company, the employees or the agents of the Company make no guarantee with respect to any auction items. Any warrantee of any kind shall not be included herein.

   6. Return of Payments for Counterfeits

      The transaction will be cancelled and payments made will be returned to the Buyer if the Lot of the Company is confirmed to be a counterfeit. However, if:

      1. The catalogue explanations or the notice at the auction distributed on the auction day corresponds to the opinions generally accepted by the academic or professional fields;
      2. The method used to prove that the Lot is a counterfeit is a scientific procedure not generally accepted for use before the publication of the catalogue or a procedure unreasonably expensive on the day of the auction, or impractical, or may cause damage to the Lot; the Company is not liable for the return of any payment under any circumstances. In addition, the Buyer's payment can only be refunded when the following terms are met:
         1. The Buyer must notify the Company in writing within 10 days following the auction day that he considers the relevant auction item a counterfeit.
         2. The Buyer must return the Lot to the Company within the following 14 days and the condition of the item must be the same as on the auction day.
         3. Upon returning the Lot, the Buyer must present evidence as soon as possible to convince the Company that the Lot is a counterfeit. The Buyer may also assign the good ownership of the Lot to the Company, which shall not concern any third party claim.

      Under no circumstances is it necessary for the Company to pay the Buyer an amount more than what the Buyer pays in connection with the Lot and the Buyer can not claim interests.

      The interests of the warrantee cannot be assigned and belong solely to the Buyer who receives the original invoice from the Company when the Lot is sold. Such Buyers shall remain the owner of the auction Lot and cannot assign any interest of the Lot to any other person. The Company is entitled to ascertain that the Lot is not a counterfeit based on a scientific procedure or any other procedure, regardless of whether such procedure is being used on the day of the auction.

      The aforementioned does not apply to coins, medals, jewelry and paintings.

2. The Seller
   1. Ravenel as the Agent

      The Company acts as the agent of the Seller at a public auction. The Closing Agreement of the Lot is the agreement by and between the Buyer and the Seller.

   2. Expenses

      The Seller shall bear costs relating to the following:

      1. Packing of the Lot and shipping to the Company for the auction
      2. Any applicable shipping insurance
      3. The packaging and shipping if the item is delivered back to the Seller
      4. Insured under the Company art relic insurance policy (explained in detail later) indicate cohere (we point below)
      5. Any applicable custom duties
      6. Catalogue illustrations
      7. Any repairs made to the Lot as per prior agreement with the Seller
      8. Framing and mounting
      9. Authentication made by independent professionals which the Company believes to be necessary in preparing the catalogue explanations.
      10. Any independent professional opinions which the Company deems proper
      11. Collect 50% of the insured amount as part of the general expenses of the Company in the event the Lot is not successfully auctioned
      12. The storage of the Lot after the auction (if applicable)
      13. The administration cost of the Company reaches 10% of all the expenses incurred as a result of client services provided.
      14. Any marketing and promotional expenses
   3. Insurance Coverage to be Arranged by the Company
      1. Unless otherwise agreed by the Company, the Lot will be automatically insured under the the Company art relic policy in the amount as deemed appropriate by the Company. However, the insured amount is not the amount the Company undertakes to be successfully reached during the auction.
      2. The Company will collect 1% of the hammer price from the Seller or 1% of the reserve price if the Lot is not successfully auctioned. If the shipping is arranged by the Company, an additional amount will be collected by the Company from the Seller as the shipping insurance. Such amount varies depending on the individual condition of each auction item. The Company will refer a freight forwarder if necessary. However, the Company is not responsible for any legal responsibilities incurred therefrom.
      3. The Lot will remain insured up to 7 days after the sale. If the Lot has not been sold, it will be at the Seller's risk upon the expiry of 7 days.
      4. We are unable to accept responsibility for damage caused by woodworm or changes in atmospheric conditions.
   4. Insurance Purchased by the Owner

      If the Seller instructs the Company specifically that it is unnecessary to purchase insurance for the Lot, the risks shall be borne entirely by the Seller until the Buyer makes all the payments. The Seller must indemnify the Company, the employees and agents of the Company and the Buyer (if applicable) any claims in connection with the auction against the Company, the employees and agents of the Company and the Buyer, regardless of the cause of such claim. The Buyer must also pay for the expenses incurred as a result of such claim if requested by the Company, the employees and agents of the Company and the Buyer, even if such expenses are made as a result of negligence by the Company, the employees and agents of the Company and the Buyer without proof of legal responsibility. The Seller must inform the underwriter of the Seller the provision herein.

   5. Commitments Made by the Seller with Respect to the Lot

      The standards for the Company to handle the Lots are provided hereunder. These standards also limit the relationship between the Seller and Buyer. In the event such standards are incorrect in any aspect, the Company or the Buyer may bring legal actions against the Seller.

      The Company should base the purchase and handling of auction items on the following undertaking made by the Seller:

      1. The Seller is the only owner of the Lot and has the unlimited right to assign his ownership to the Buyer which should not concern any third party right or claim (including copyright claims).
      2. The Seller complies with all the laws in connection with the import and export of auction items and any other laws and has notified the Company in writing any failure to comply with such rules in the past.
      3. The Seller has notified the Company in writing of any major modifications in the Lot to the best of his knowledge and any concern the third party has raised with respect to the ownership of the Lot and the condition.

      In the event of any inaccuracy of the above a, b and c, the Seller must guarantee, if requested, to identify fully the Company and/or the Buyer all the claims, costs and expenses arising herefrom, whether caused by the Lot or the auction proceeds.

   6. Auction Arrangements
      1. The Company has absolute discretion over the description of the auction in the catalogue, display layouts, authentication opinions, location and method of the auction, who will be allowed to bid and the acceptance of the bid price, whether to seek professional opinion and whether to combine or separate the Lots.
      2. Any price estimates, whether verbal or written are strictly opinions and shall not serve as a guarantee of the final price for the Lot to be sold.
      3. The Seller cannot withdraw the Lot without obtaining consent from the Company. The Company reserves the right to withdraw the Lots for the following reasons. These reasons include:
         1. The Company is doubtful about the definition or authenticity of the Lot or the accuracy of the statement referred to in Articles 5a, b. or c.
         2. Any violations of the Transaction Agreement.
         3. The Company deems it inappropriate to include the Lot in the auction.
      4. If the Company or the Seller withdraws the Lot, the Company may charge 40% of the Reserve set by the Seller and the amount equal to the service fee payable to the Company if the auction is successfully sold at the insured amount and applicable value added tax, insurance and other expenses.
   7. Auction Rules
      1. The Company will auction the item according to the Reserve. The Reserve may not be higher than the minimum of the estimates set in the catalogue except otherwise if the Reserve agreed is in a currency other than NT dollars and the Reserve is higher than the minimum of the estimates caused by the exchange rate fluctuation between the Reserve agreement day and the auction day. Under such circumstances, except where otherwise agreed by the Company, the Reserve shall be in NT dollars calculated by the exchange rate at the closing of the market the day immediately before the successful auction. If the bid price is lower than the Reserve, the Company is in no way to be held liable; however, the Company is entitled to auction the item at a price lower than the Reserve. If the Company so auctions the item, the Company is responsible to pay the Seller the difference between the closing price and the Reserve.
      2. The Seller may not increase the price of sale without fair reasons, nor participate in the bidding of his/her/its auction item(s), however, Ravenel is authorized to bid on behalf of the Seller at the price not higher than the Reserve Price.
   8. After the Successful Auction
      1. Settlement

         Upon the successful auction, the Company will request the Buyer to make full payment no later than within 15 days, including the compensation payable by the Buyer. Upon payment by the Buyer, unless the Company receives a notice claiming such auction item is a counterfeit (as defined in Article 1 of the Transaction Agreement), the Company will remit to the Seller within 60 days following the successful auction day an amount equal to the closing price taking away all the expenses payable by the Seller. In the event the Buyer delays the payment, the Company will remit to the Seller within 7 days following the payment by the Buyer. If for any reason the Company pays the Seller before the Buyer makes his payments, the Company acquires the full ownership of the item. However, if the Company is forced to reclaim the Lot from the Buyer because such item is a counterfeit, the Seller must return the auction proceeds to the Company.

         Unless otherwise instructed by the Seller in writing, the Company will make its payment in NT dollars. If the Seller requests to pay in currencies other than NT dollars, the exchange rate should be according to what the Bank of Taiwan reports and the Company announces on the auction date.

      2. Non-payment by the Buyer

         If the Buyer fails to make all the payments due within 35 days following the auction day, the Company is entitled to negotiate special terms in connection with the payments, storage, and insurance on behalf of the Seller and act as deemed necessary by the Company to collect payments payable from the Buyer. However, the Company is not responsible for making remittance to the Seller nor for bringing any legal actions on behalf of the Seller. The Company will discuss with the Seller to adopt appropriate actions to claim auction payments from the Buyer.

      3. Counterfeits

         If the Buyer convinces the Company that the Lot is a counterfeit (as defined in Article 1 of the Transaction Agreement) within 10 days following the auction day, then

         1. If the Buyer has not paid all or part of the payment, the Company is entitled to call off the transaction and/or
         2. If the Company at that time has paid all or part of the payments payable to the Seller, the Seller must return all the payments made to the Company if requested. The Company will exercise lien for the latter. Any items belonging to the Seller under control of the Company will be kept as security of the payments to be returned.
      4. Items Not Successfully Auctioned

         Any items not successfully auctioned, not included in the auction or withdrawn from the auction for any reason must be collected by the Seller within 35 days upon notification by the Company to the Seller that he must reclaim the Lot. A storage fee of NT$1,000 per day per piece will be imposed on each item not collected after such 35 day period together with an additional charge for purchasing insurance coverage. The Seller may not reclaim such item until all the payments due are made. Such items may be removed to a third party warehouse if not collected in 60 days after the notification of collection is issued. The expenses arising therefrom shall be borne by the Seller. The Company may dispose of the Lot in the manner it deems appropriate if such item is not collected within 90 days following the auction date or the notice date (whichever is the earlier). Such disposal includes removing the item to a third party warehouse with the associated expenses borne by the Seller and to auction such items under terms deemed appropriate by the Company (including the terms of estimates and the Reserve). The Company will pay the Seller the auction proceeds after payments owed are offset.

         The Company is authorized to act as the sole agent of the Seller within 2 months following the auction for any auction item withdrawn from the auction or not sold. The Company may auction in private the item based on the net amount the Seller may receive (the amount after deducting all the expenses payable by the Seller) or sell such item in private at a lower price agreed upon by the Company and the Seller. Under such circumstances, the Seller's responsibilities and liabilities to the Company are the same as during an auction.

   9. Photographs and Display

      The Company owns non-exclusive rights to the photographs, recordings and other reproduced images of the Lot. All the rights of such images shall belong to the Company and the company is entitled to use such images in any manner it deems appropriate.

   10. Other Matters
       1. Taxes

          The payments payable by the Seller to the Company does not include any commodity or service tax or any other value added tax (whether imposed in the Taiwan or elsewhere). The Buyer should be responsible for paying such taxes pursuant to the tax rates and time provided by the law if there is any such applicable tax.

       2. Electrical and Mechanical Parts

          The Seller must be responsible for maintaining the safe operating condition of the electrical and mechanical parts of the Lots. The Seller must return to the Company all the claims, costs and expenses arising out of any violation of the said guarantee and warrantee by the Seller.

       There are other special additional conditions apply to this provision. The relevant conditions are available at the Company.

3. Definition

   Some of the phrases commonly seen herein are defined as follows:

   1. "The Buyer" shall mean highest bidder accepted by the auctioning party.
   2. "The Lot" shall mean the item delivered to the Company to be sold in an auction, especially the single or multiple pieces of items numbered in the catalogue.
   3. "Hammer price" shall mean the highest bid with respect to one particular auction item accepted by the auctioning party.
   4. "Compensation paid by the Buyer" shall mean the fee based on a certain percentage of the Hammer price paid by the Buyer; the percentage shall be as prescribed in Article 4a, section I.
   5. "The Reserve" shall mean the lowest price agreed by the Company and Seller. the Lot cannot be sold at a price lower than such price.
   6. "Counterfeit" shall mean the Lot constitutes imitation and the original concept of the imitation and its overall execution result in fraud to cause deception in connection with the author, history, year, age, culture or origin of the Lot, for which the accurate description is not reflected in the catalogue and the value of the Lot on the auction day is far less than the value it should have according to the description in the catalogue. Therefore, no auction item will become a counterfeit as a result of any damage and/or any repairing in any manner (including repaints).
   7. "Insured amount" shall mean the value of the insurance purchased for the Lot which the Company considers necessary under its absolute power from time to time (regardless whether such insurance is purchased by the Company).
4. Terms Applicable to Both the Buyer and the Seller
   1. Copyright

      The copyright of all the images, photographs and written material in connection with the Lot shall maintain and belong to the Company at any time. The Buyer or any person may not use such items without obtaining prior written consent from the Company.

   2. Notices

      All the notices distributed according to the Transaction Agreement herein shall be made in writing. Any notice shall be deemed served to the recipient on the second day following delivery if sent by mail. If the recipient is abroad, the notice shall be deemed served on the fifth working day following delivery by mail.

   3. Severability

      If any part of the Transaction Agreement is deemed invalid, illegal or unenforceable by any court, such part can be ignored and the rest of the Transaction Agreement continues to be valid and enforceable to the maximum extent permitted by the law.

   4. Jurisdiction

      The Transaction Agreement are governed under the ROC law and the interpretation and effect of the Rules shall be subject to the laws of Taiwan. The Buyer and Seller shall submit themselves to the exclusive jurisdiction of the Taiwanese court for the interests of the Company.

RAVENEL AUTUMN AUCTION TAIPEI 2009

Largest Auction in 10 Years

Modern and Contemporary Asian Art

Ravenel is delighted to announce that our Autumn Auction of Modern and Contemporary Asian Art will take place in the Fubon Center in Taipei on Sunday, 6th December 2009. With recent auction results in Hong Kong pointing to a recovery in the art market especially in Chinese contemporary art, Ravenel is anticipating a very strong showing in its Taipei Auction, and in our 10th anniversary year, are very excited as we present our largest-scale auction in our history, 227 lots of the highest quality artworks.

Ravenel continues to lead the market in auction sales. Our Spring Auction 2009 in Taipei realized US$6,507,768, a remarkable result given the economic circumstances. Even more notable was that the auction was sold 111.14% by value, ensuring that Ravenel once again had the best results this spring.

For our Autumn Auction on 6th December, we have brought together an outstanding collection of very special art pieces. The estimate for the sale is 408 to 577 million NT dollars or US$12.5 million - US$17.7 million. Previews will be held in Taichung and Hong Kong as well as Taipei. At our preview in Hong Kong from Saturday 28 - Sunday 29 November 2009, Ravenel will hold a special event both in celebration of our 10th anniversary and to announce and publicize our plans for 2010. Next spring Ravenel plans to hold its second auction in Hong Kong along with its Taipei auction, and also to expand its previews to important cities in China.

The autumn auction has many highlights this year. In Modern Art major works by Zao Wou-ki, Chu Teh-chun, Sanyu, Lin Fengmian and Yun Gee will be offered. 5 paintings by Zao Wou-ki will be presented from very important series of his work including - his Paul Klee period (1952), oracle-bone inscription series (1955), and works from 1964 and 1974. In particular, "17.4.64" (est. US$1,406,700 - US$1,223,200) is a magnificent work from this abstract master displaying the full range of his powerful poetic feeling and embodying the soulfulness of his Chinese inheritance. His Paul Klee influenced "Oiseaux volent partout" (est. US$795,100 - US$1,223,200), is imbued with the magic of Chinese brush strokes and the poetic landscape of his imagination.

Chu Teh-chun's "Evocation hivernale C" (Reminiscence of Winter) (est. US$917,400 - US$1,223,200) is a spectacular work from his "Snow Scene Series". Capturing the essence of a winter landscape in the great tradition of Chinese ink and water drawing, it is a powerful abstract rendition in oil paint of this great abstract master. Chu's "Force d'âme" (est. US$856,300 - US$1,284,400) from 2004-5 is one of the most important of his later works. An extraordinary quadptych, it glows jewel like, as the power of his brush strokes create an amazingly fluid and beautiful landscape evoking a true spiritualism and experience.

"Vase of Flowers with Blue Ground" (est. US$917,400 - US$1,223,200) by Sanyu is a very rare work containing his signature, address and the date. A magnificent still life, in a characteristic simple form reminiscent of Chinese ink and water style, its great brush strokes and lines powerfully convey the deep imagination of the artist. In contrast to the austerity of Sanyu's still life, Lin Fengmian's "Still Life: Figure, Fish, Cactus" (est. US$259,900 - US$367,000) displays the richness of his expression in terms of brushstrokes, fresh colors, and rich composition. It is one of two works in the auction from the very important San Huai House Collection in Hong Kong. Works by other great Chinese masters are also represented. 5 great works by Yun Gee are on offer including "Frost in Central Park" (est. US$116,200 - US$183,500) a rare masterpiece from his New York Period. Works by Liao Chi-chun and Wu Guanzhong are also included in the auction. Walasse Ting is represented with 4 excellent and rare pieces including "Red Horse" (est. US$48,900 - US$79,500) from the estate of American abstract painter Sam Francis.

The Contemporary Asian Art section also has many excellent highlights. The most important contemporary Chinese artists are represented with works by Wang Guangyi, Xu Bing, Mao Xuhui, Feng Zhengjie, Yue Minjun and Zhou Chunya. Wang Guangyi's "Coca Cola" triptych (est. US$275,200 - US$367,000) from his latest series is a mature reflection on the power of symbols and the influence they wield. Xu Bing's new English calligraphy is shown in 2 important works from his nursery rhyme series.

Great works by Taiwanese artists offered include sculptures by Ju Ming, and paintings by Tzu-chi Yeh, Lien Chien-hsing, Michell Hwang and Kuo Wei-kuo. Japanese contemporary art is represented with works by leading Japanese artist Yaoyoi Kusama, along with pieces by Amano, and Hiroyuki Matsuura. Works by Nam June Paik, and Kwon Ki Soo are offered in the Korean contemporary section. South East Asian art is represent with pieces by the Indian artist Chintan Upadhyay, Pilipino artist Gabriel Barredo, and Indonesian artist Budi Kustarto.

AUCTION: Sunday, Dec. 6, 2009, 2:30pm - 8:30pm Fubon National Conference Center B2, No 108, Sec. 1, Tun-Hwa S. Rd., Taipei, Taiwan
PREVIEWS: Taichung Saturday, Nov. - Sunday, Nov. 8, 2009 1:00pm - 7:00pm GSR Gallery 1F, No. 83, Gong Zheng Road, Taichung, Taiwan Hong Kong Saturday, Nov. 28, 2009 - Sunday, Nov. 29, 2009 10:00am - 7:00pm Grand Hyatt Hong Kong - Salons & The Residence 1 Harbour Rd, Wanchai, Hong Kong Taipei Friday, Dec. 4 - Saturday, Dec. 5, 2009 10:00am - 7:00pm Fubon National Conference Center B2, No 108, Sec. 1, Tun-Hwa S. Rd., Taipei, Taiwan

Ravenel Autumn Auction 2009 Taipei Artworks

AUCTION:

PREVIEWS:

Ravenel Autumn Auction 2009 Taipei Artworks

Ravenel Art Group comply with the Gender Equality in Employment Law and the Employment Services Act provides that job seekers do not have a gender difference in treatment, the recruitment of personnel is also no age limit.

Employee benefits:

• The two-day weekend, working hours: 09:30 ~ 18:30 (one hour lunch break)
• 14 days annual leave after one year
• Labor insurance
• National Health Insurance
• Staff travel abroad
• Twice-weekly afternoon tea snacks
• Free supply of grinding coffee, tea, soft drinks
• Year-end bonus
• Meal allowances

Modern and Contemporary Asian Art

Download Auction Results PDF File

Sale Date / Venue: Sunday 7th June 2009, Taipei
Value of Lots Sold: TWD 212,804,000 (USD 6,507,768)
Number of Lots Sold / Total Lots: 136 / 175
Percentage of Lots Sold: 77.71%
Value of Lots Sold: 111.14%
On the date of the sale, exchange rates were approximately as follows: USD 1 = TWD 32.7   HKD 1 = TWD 4.22   EUR 1 = TWD 45.7

The following prices in New Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest New Taiwan Dollar.

Ravenel is not responsible for typographical errors or omissions.

Ravenel Art's 10th Anniversary Spring Auction Taipei
Modern and Contemporary Asian Art

Ravenel Art, once again, has set the standard for auctions of modern and contemporary Asian art with outstanding results at its Taipei Spring auction on Sunday June 7,2009. The total amount realized at the auction was 212,804,000 NT Dollars, 6,507,768 million US Dollars. 77.7% of lots were sold, 136/175, with a value of lots sold at 111.4%. A truly great result in today's market.

The highlight of the afternoon was Wang Huaiqing's 'Flying Apsaras' Triptych, which fetched 43,760,000 NT Dollars, 1,338,226 US Dollars including commission. A magnificent work of abstract expressionism, 'Flying Apsaras' is imbued with oriental religious awesomeness, with visualized figures of flying goddesses and heavenly beauties. 'Ferry Boat', a work by the most respected Taiwanese artist, Liao Chi-chun, brought in 24,160,000 NT Dollars, 738,838 US Dollars including commission. One of his celebrated great paintings, 'Ferry Boat', is a lively and gorgeous representation of a traditional harbor scene in Taiwan, celebrated in soft and beautiful colors, changes of light, shadow, and wonderful tones.

Another highlight was Cai Guo Qiang's 'Art Shopping Network' which was bought for 16,520,000 NT Dollars, 505,199 US Dollars. A collaborative work created with Tsai Kang-yung a famous Taiwan TV personality, the piece was made in Taiwan as an exploration of the commercialization of art. Famous for his 'explosion art', Cai blew up 'Golden Yuan Bills' which had been issued in 1948 by the Nationalist Government of China in an attempt to control inflation which miserably failed. These 'blown up' bills were then sold on a TV shopping network, treating art as a commodity. The work on offer today is the original three panels on which the bills were exploded along with a video of the 'selling on TV'.

A work by the pioneer of Chinese abstract painting, the Chinese-French artist Zou Wou-ki realized 9,204,000 NT Dollars, 281,468 Dollars including commission. The work, titled 28.4.75, is dominated by orange-yellows and golds, the earthy and sunny colors used by Zou in the 1970s as a refection of his search for warmth and tranquility as he dealt with the grief of losing his wife in 1972. 'Effusion' by Chu Teh-chun, another leader of Chinese abstract painting, and also a Chinese-French artist, fetched 6,372,000 NT Dollars, 194,862 US Dollars. A master of incorporating rays of light dancing among blocks of bright and brilliant reds, yellows and blues, Chu dazzles the viewer with multifaceted layers of space and color. Some works easily beat their high estimates. In the contemporary Chinese section, 'Portrait' by Zeng Fanzhi, a study of an isolated and alone half-figure with his mask removed, brought in 4,956,000 NT Dollars, 151,560 US Dollars including commission against a high-estimate of 3 million NT Dollars. 'Golden Sunshine', a wonderfully evocative study of a young Western Chinese girl in traditional garb bathed in sunlight realized 5,428,000 NT Dollars, 165,994 US Dollars including commission against a high-estimate of 4.5 million NT Dollars.

Japanese and Korean artists maintained their popularity with strong bidding seen for many pieces. Mayuka Yamamoto's soulful 'Red Lamb' was particularly appealing to families and beat its high-estimate. Three works by Yoshitaka Amano saw intense bidding with a wide interest from the Asian region. Two pieces by Ayako Rokkaku both beat their high-estimate and saw very competitive bidding. Two paintings and one sculpture by Korean artist, Kwon Ki Soo also attracted major bidding fetching high prices. Results for Indonesian, Indian, Malaysian and Philippino artists suggest that art from South-East Asia is going to continue growing from strength to strength at auction. Works from this region saw active and intense bidding from buyers throughout the Asian region. Ravenel Art, in its tenth anniversary year, has shown that with its strong reputation, professionalism, and stellar client base, that even in tough economic times, there is still a market for high quality art works.

Suite 87, 17/F, Wheelock House, 20 Pedder St, Central, Hong Kong

• Tel：+852 2889 0859
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Room 2005, Building 6, Wanda Plaza, No. 93, Jianguo Rd., Chaoyang Dist., Beijing 100022, China

• Tel：+86 (10) 5820-6152
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15F-2, No. 76, Sec. 2, Tun-Hwa S. Rd., Da-an District, Taipei City, Taiwan 10683

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The art intermediary service is the bridge connecting artists and collectors. To better serve collectors and investment institutions, Ravenel Art & Investment under Ravenel Art Group provides professional, objective and precise art consultancy service through dedicated operation and with the form of project. It has established the specialized collection and investment system for enterprises, collectors and funds around the world.

In the process of consultancy, Ravenel Art & Investment addresses interaction and pays attention to opinions and thoughts of clients. It does not impose any unilateral standing, but it reserves an orientation for client to operate the system and investment belonging to the his own aesthetics. It is dedicated to recommending the most representative artworks of this era directly to key collectors, enterprises and funds in the world. Through providing masterpieces of top-class Chinese and Western artists, Ravenel defines the current value of potential artists and their works to enter the future history of art with professional standard and international vision.

Art investment must be established on considerable financial strength for distribution of risks. The key lies in professional insight and control over the market. By means of intermediary service, Ravenel Art & Investment is making every effort to promote exchanges and interaction between the Eastern and Western cultures. On the one hand, it recommends Occidental artworks to China; on the other hand, it introduces the Chinese art to the international arena.

In terms of investment, one of the key points of evading investment risk is not to put all eggs in one basket. The investment in Western art relates to the most important part of art investment: risk management. Western artworks feature mature market, relatively high price, as well as low risk.

Today's world is an international community, and pluralized collection urges collectors to treat their collection at a higher level. This way, the national and the international have to be interfaced. In terms of investment or requirements by international market, it requires collectors to accept different kinds of stimulation and carry out this undertaking with open mind and from a more objective standpoint. Meanwhile, it also requires Chinese collectors to draw attention of overseas collectors to the development of contemporary art in China and to invite them for systematic collection with the open vision and pluralized stand.

Important Assurance for Reducing Risk

Art insurance is an indispensable part of art market. This does not only include the modality of insurance during routine handling and the safety assurance invested to potential accident during transport of exhibits and handled pieces, but it also covers, most importantly, the evasion of specific risks and the further guaranteed financial means in the process of collection. In terms of art collection, the collector shall have the prerequisite on the knowledge about art deposit and insurance, in addition to sharp insight, to have the value added in the future.

In the project of Ravenel Art Group, the cooperation with Taian Insurance Co., Ltd. is a fairly important task for the appraisal and valuation of boundless artworks.

The highest risk for accepting insurance of artwork lies in damage during transport and handling. Furthermore, the artwork is also accompanied by a lot of risks including fire, flood and other natural disasters. Insurance company plays a role of deposit and assurance for collectors actually.

The commonest form of insurance for art is the insurance during exhibition and auction, which is generally procured by sponsor and organizer of the exhibition or collecting unit. Safety is the top priority no matter for collection by individual or by institution. Further safety measures shall be provided with the artwork is subject to exhibition or transaction in auction market, including commercial insurance.

Concerning collector, collection features certain risk. The significance for this part is also the functionality of regular insurance companies. Once risk occurs, the insurance company is willing to compensate under stipulated price, meaning the company recognizes this price.

The most important value of an art insurance company is that the company is a neutral third party who is willing to recognize price of the artwork and will provide risk assurance under this price. In addition, the artwork is provided with more practical value provided an object in a financial system. The reason for real estate which is allowed to loan money is that its value is already recognized and the bank may find a confident third party to verify the price. However, it is not easy for a bank to find a fair and objective third party to recognize the value of a specific artwork. Generally, the bank will find an insurance company for guarantee and appraisal. The important role the insurance company plays inside is the neutral third party: a unit that can be trusted by collectors, loan applicants and lenders.

Core Aspect of Insurance: Artwork Valuation

For an insurance company, the biggest problem lies in valuation. Though artwork is provided with a set of independent norms of valuation, the accurate valuated price is hard-won because there is often no specialist in insurance companies. More importantly, moral risk still cannot be checked, even if the insurance company has reached consensus on price with policy holder. At present, the situation of fraudulence in art market is serious, and some fake products may even outsmart professionals. In some cases, after the insurance company reviews a genuine painting, the collector may even replace with a fraudulent one or make a story on that the painting is stolen. Moral risk of collector will add to the loss of insurance companies.

To solve the problem, it does not only require the insurance company to assign special personnel for appraisal and valuation, but it also requires the special personnel to be familiar with the collector and to be able to prove personal character of the collector. There are rare insurance companies willing to guarantee artwork, especially in Asia. However, this also applies to the whole world. An insurance company will not provide assurance for any artwork until introduced by somebody. Quite a few companies engage in art insurance, and all of us understand this is a big market. However, there will be basically no large-scale propaganda because this may result in some unnecessary risks. The situation also applies to Taian Insurance: the insurance company cannot accept the insurance until relative confidence and recommendation. So, our role is to help insurance company screen applicants.

The expense of insurance is directly related to storage conditions, availability of safety equipment, provision of handling, destination etc. Every single point may increase or decrease the insurance premium.

In addition, an insurance company usually wishes to accept the insurance locally, so it can review the artwork directly, otherwise more manpower shall be invested in judgment of storage conditions. All of these have determined the necessity of more specific, more professional and more careful procedures in this huge market, so as to ensure smooth and secure development. In this regard, the key role is to find proper recommender and institution of appraisal and valuation.

The concept of art foundation was raised in 1960s. It is a means of investment which profiteers from operation of art transaction. In international market, the relatively successful art foundation includes the British Rail Pension Fund. In mid-1970s, it invested in art with USD 100 million and has collected 2,400 pieces of artwork. The average yield rate is between 10%~15%.

Ravenel Art & Investment is experienced in Taiwan in operating art funds. According to the total amount of fund and client's requirements, the company tailors different investment plans and generates specialized art funds, so as to find excellent, potential artworks for the clients. In 2005, the art fund achieved over 50% return rate for its clients. In comparison with other investment tools including real estate and equities, the yield is remarkable. This also proves that art is also a fine investment channel in addition to its interest of collection and value of appreciation. Ravenel emphasizes operation of art funds with pluralized investment approaches. It is worth mentioning that investment return will not be guaranteed until refined selection is made on quality through purchase of artwork.

Investment projects of Ravenel Art Foundation cover a variety of art forms in China and the West. They concentrate on combination of the integrative modality of finance so as to reduce investment risk. This concerns cooperation with domestic and overseas major banks and insurance companies. It also summarizes the most professional and most authoritative appraisal and valuation on artwork and predicts in a most accurate way latest trend and price of artwork in international market, so as to achieve long-term, stable and remarkable return for investors.

The corporate culture of Ravenel contains return to the society and the continuous attention to art education. More importantly, the culture has always maintained intensive focus on the integral development of the contemporary art in China, improvement of the education on arts for the people, and the care about the living environment of young artists, especially the progress of art education started when the learner is still young. Ravenel Art Education Foundation is founded under the fine aspiration of promoting the development of art among the Chinese and pushing forward the education of aesthetics in China. It is dedicated to provision of rich means of support and considerable financial backup to the art education in China.

The major projects under planning include: "Chinese Art Recording Activity".

Chinese Art Recording Activity

Chinese Art Recording Activity, a project initiated in China mainland by Ravenel Art Education Foundation, invites Mr. Wang Weizhong, one of the most authoritative program producers in Taiwan, as the principal producer. The international production team will fabricate a series of documentaries on contemporary art, of which each volume lasts 60 minutes, in three languages including Chinese, English and French that focus on contemporary artists in China. The purpose of this program is to present the Chinese art, especially the contemporary art in China, to a more internationalized stage. This way, the art development and change of social life for more than twenty years in China will be fully reflected on through the mastership of creation by the artists and the personal temperament by presenting the unique historical background and development of the contemporary artists on the basis of global development of art.

Ravenel Art Education Foundation, under the tenet of dedication to aesthetic education and promotion of Chinese art, expects to make the Chinese art accessible to more foreigners in an international stage with the help of this program. This way, this series of documentary is not only produced in Chinese, English and French, it will also focus on other parts of the world than China in terms of issuance and promotion. In particular, the documentaries will strengthen the interaction and cooperation with major foundations, art museums, media and other professional organizations and institutions.

The catalogues are available for subscription. For details of subscription, please refer to the explanations of the catalogue or contact:

International
Sophie Tseng
Tel: +886 (2) 2708-9868 ext. 883
E-mail: sophie_tseng@ravenelart.com

Taiwan, Hong Kong
Kate Lin
Tel: +886 (2) 2708-9868 ext. 182
E-mail: kate_lin@ravenelart.com

China
Dina Zhang
Tel: +86 (10) 5820-6152
E-mail: dina_zhang@ravenelart.com

Order Price
TWD 2,000

AUCTION:

PREVIEWS:

Press Release - A Decade of Ravenel's Realization of Success Promoting Asian Art Auctions

Ravenel Spring Auction 2009 Taipei - Modern and Contemporary Asian Art Lot List

PHONE BIDS AND WRITTEN BIDS

Remarks:
If you are unable to attend the auction in person, you may tender the bid by phone or you may use the absentee bid form to tender your bid.

In view of the limited phone line services at the auction, please inform us 24 hours prior to the auction for arrangements. Particularly for those of you who need foreign language assistance of the bidding.

CATALOGUE SUBSCRIPTION

Order Price

TWD 2,000

The catalogues are available for subscription. For details of subscription, please contact the above persons.

PAYMENT

Payment details are described at the back of the catalogue. Please contact the above person if you need any further information.

COLLECTION AND SHIPPING

Remarks:
All the items auctioned may be collected upon receipt of payments. The Buyers are requested to arrange for collection as soon as possible to facilitate warehouse inventory circulation and centralize management. We accept personal and corporate checks, however collection may be made only when such checks are honored. We apologize for no acceptance of credit cards and traveler's checks. Other items may be collected at the Ravenel Ltd. The business hours are 9:30 am to 6:30 pm, Monday to Friday.

Our professional administration department may make recommendations of arrangement or the most appropriate transportation for you.

Ravenel is glad to provide you with the condition report of any of the items at the auction, however, the buyers must note that all the items at the auction are sold "as is". Please refer to the Transaction Agreement at the back of the catalogue. Please refer to the "Transaction Agreement to the Buyers".

• "Party" general term for auctioneer, the Client, bidder and final buyer
• "Auctioneer" means the enterprise legal person engaged in auction as per Auction Law of the People's Republic of China and Company Law of the People's Republic of China.
• "Client" means the citizen, legal person or other organization (also 'the seller') that entrusts the auction company to auction the articles or property right to which it has ownership or disposition.
• "Bidder" means the citizen, legal person or other organization participating in bidding for the target for auction.
• "Final buyer" means the bidder buying the target of auction at the highest bid price.
• "Target of auction" means article or property right the Client entrusts the auction company to sell in the mode of auction.
• "Due charge" means relevant fees the auction company properly collects from the Client and the final buyer concerning premium, graphic catalogue publication, package and transportation, cultural relic and sealing wax, appraisal and valuation, etc.
• "Closed price" also called "hammer price", means the price that the auctioneer drops the hammer to determine to a buyer in the auction.
• "Reference price" also called "valuating price", means the markedly-indicated price on the printed auction graphic catalogue for every piece of entrusted article for auction. The price shall be decided by the auction company and shall not be deemed as the final sales price.
• "Base price of auction" also called "reserved price", means the final sales price that is required to indicate on the power of attorney after the auction company and the Client make agreement about the entrusted articles for auction.
• "Final auctioned article" means the bargained target of auction.
• "Number plate" means the bidding number plate that the bidder obtains after finishing the bidding registration. Only those obtaining bidding number plate can be deemed as formal bidders.
• "Commotion" also called "agency fee", means fees the auction company collects from the Client and final buyer after the bargain according to relevant laws and regulations.
• "Auction income" means the net fund the auction company pays to the Client after the auction is bargained for sale of the entrusted articles for auction, namely the closed price of the entrusted articles for auction after deduction of commission and payables due for the Client.
• "Power of attorney" means a contract for the Client to sell article, including various auction terms and service charges of the auction company, such as premium, damage compensation, freightage, photo making, commission, etc.
• "Registration for bidding" means the necessary procedures for the bidder to participate in the bidding. If the bidder is the natural person, it is required to fill in and sign on the registration certificate before the auction by holding effective ID card or passport or other effective ID certificate recognized by Chinese Government; if the bidder is legal person or other organization, it is required to fill in and sign on the registration certificate before the auction by holding effective registration certificates, ID certificate of the legal representative or legal authorized certificate, and then obtain the number plate number; otherwise, the bidder cannot be deemed as formal bidder.
• "Entrusted auction" After carefully reading and abides by auction rules of the auction company and taking responsibility to its behavior to participate in the company's auction, the Client consigns the article to the company for auction. If the Client is natural person, it is required to hold effective ID card or passport or other effective ID certificate recognized by Chinese Government and sign contract of entrusted auction with the company; if the client is legal person or other organization, it is required to hold effective registration certificates, ID certificate of the legal representative or legal authorized certificate and sign contract of entrusted auction with the company.

Those intended to buy art crafts through Ravenel in public auction and bid with other buyers in the fair and justice mode are deemed to be the final buyer after getting the target with the highest competitive bidding.

Catalogue

The catalogue shall be published a month before the auction. Collectors intended to put into auction can negotiate about the purchase through telephone, or directly purchased from the company. In the catalogue, apart from the data about all articles for auction this time, there are also detailed statement about many business rules about the auction such as service charge, term of payment, matters about payment and transportation of the entrusted articles for auction. In addition, the last page of the catalogue is usually the written bidding document. Those cannot attend in person shall fill in the form and then entrust the auction company to compete the bidding in agency.

[Latest Catalogue] [Catalogue Order]

Preview Exhibition

Preview exhibition for Ravenel auction is generally conducted in Taizhong, Beijing, Hong Kong and Taipei for a period of 2 to 3 days. Auction is conducted on the second date after the preview exhibition ends. For those intended to participate auction, presence in the preview exhibition is very important, because that is the only chance to see the entrusted articles for auction before the auction.

Knowledge about the articles for auction can be obtained through preview exhibition and telephone inquiry to the auction company as well. Apart from knowledge about the entrusted articles for auction, there may be an outline about the articles bidding for price and possible bidding situation at present. Besides holding preview exhibition before the auction, Ravenel may also arrange a series of lectures in view of some special auctions, so that those intended to participate in auction can get to know more.

Registration

Those intended to participate in auction may fill in registration form on the site of the preview exhibition. Contents to be filled include name, address, telephone number, ID card number, data of current bank, email, etc. Identification is made by the number card that is registered in advance, so as to save entry and bidding time on the date of auction. Without registration in advance, you can get the plate at the plate obtaining zone and take a seat after filling in the form for registration in the auction.

Mode of Competitive Bidding

If you decide to take part in the auction but are unable to be present on the date, you can conduct the bidding through telephone or in written form. [absentee bid form]

Bidding through telephone: If the Client cannot be present for bidding but hopes to simultaneously conduct bidding onsite for the entrusted articles for auction, assignee in the bidding zone shall bid on behalf of the Client through telephone. However, if correct bidding is obstructed by break-off or trouble in receiving, the company shall have no responsibility.

Written bidding: If the Client cannot be present for bidding, bidding can be conducted through written entrustment. When it is the turn for the entrusted auction articles of the Client entrusting in writing, assignee in the bidding zone shall bid on behalf of the Client to show the sum the Client fills in time of entrustment. If price is closed within the sum of entrustment, the deal is clinched. Otherwise, if the closed price goes beyond the sum of entrustment, the assignee will not bid and let other attendees go on bidding.

Those intended to sell art crafts through Ravenel in public auction in the fair and justice mode are deemed to be the sellers after recognition of the company and appraisal of the expert.

Before Auction

You may call the adjacent office; you can email to maggie_lin@ravenelart.com; you can also bring auctioned articles to an auction site during the business time from Monday to Friday to receive consultancy service.

In order to ensure that experts are present to inspect your articles for auction, we suggest that you make an appointment in advance. Before negotiation with our experts, please do not consign your articles for auction to us or leave behind. In order to have adequate time for data collection, catalogue generation and photographing, each auction has a term for consignment, usually two or three months before the auction.

For sale of articles on consignment, Ravenel shall adopt the commission system that is gradually reduced as per transaction sum of the article for auction. For any need, we will collect from the Client premium/ damage compensation, photo making, repair of articles for auction, consignment and other service charge. Unless especially noted, there is no base price for the articles of auction entrusted to Ravenel.

After the entrustment of auction is agreed, you may bring articles for auction in person, or have you consigned company to deliver the articles to Ravenel, or require experts department of Ravenel assisting in arrangement of the consignment matters. The Client shall concluded with Ravenel an agreement of entrustment, which is a contract for sale of articles, including the contents of entrustment provisions and service charge, such as premium/ damage compensation, consignment, photo making, etc.

After Auction

Shortly after auction, Ravenel will send you a post-auction notice, listing out the final concluded price. If your articles are not sold out, you will be informed that your articles have been withdrawn. In view of the articles that are not sold out, we suggested that you contact the expert who provide proposal to you, so as to discuss whether to sell the articles for auction again, or arrange withdrawal of the articles for auction.

In term of fund, once receiving the fund paid by the final buyer, Ravenel will pay the Client 35 days after the date of auction and send to the Client together with settlement bills for commission and other fees.

Formalities of Entrustment

When the Client entrusts, it is required to present effective ID certificate and sign auction contract with the company. If you entrust our company for auction through the Client, it is required to produce power of attorney and effective ID certificate.

The Client shall assure the company and the final buyer in written form that ownership of the entrusted articles for auction is free from any liability or purview. It shall undertake any possible legal liability related to the entrusted articles for auction since the date of auction. Economic loss incurred to the company and the final buyer here from shall be compensated.

The Client shall make adequate and real written description to the company about source and flaw in the entrusted articles for auction and shall undertake legal liability in case of falseness.

If the entrusted articles for auction are brought in from abroad, formalities for entry shall be conducted as per Law of the People's Republic of China on the Control of the Exit and Entry. In case of cultural relics that are forbidden to export by Chinese Government, seal of Customs of the People's Republic of China is required in order to entrust the company to conduct auction.

Online Personal Data Privacy and Protection Policy

Purpose

Right to Opt In and Opt Out

When providing personal information on our website you may have the option of choosing to, or not to, receive promotional information from us. You may request us to discontinue such correspondence at any time by sending us an e-mail.

Privacy

We will not share your Personal Data with anyone outside the Ravenel Art Group.

Security

Web-site

In general, you may browse our Internet site anonymously. However, some online services require the collection of personally identifying information, such as your name, address, and, if appropriate, your credit information.

For transactions over the Ravenel Art web-site involving particularly sensitive information, such as credit card numbers and accounting information, Ravenel Art will employ accepted transmission and storage protocols, such as encryption, to prevent this information from being disclosed. This means that when you type in sensitive information such as credit card details, it will be automatically converted into codes before being securely sent to us over the Internet.

This information will be used for processing transactions but may also be used for internal data processing, such as compiling statistical information about your interests and the use of our Internet site. As a service to you, we may also use this information to customize the content we offer.

Email

Business Relationships

Cookies

Artnet (Past Sales Results)

Phishing

Exceptions

Changes to this Privacy Policy

Contact

Everywhere in the world, Ravenel Art Group is the symbol of refined art culture. It also plays the role of collection advisor for the "20th & 21st Centuries' Chinese Art".

Ravenel Art Group, incorporated in June 1999, receives the complete professional and technical support from Drouot – a major French artwork auctioneer with long-lasting history. Its tenet is to introduce refined European culture, synchronize artistic creation and investment, and push forward contemporary Chinese art. Ravenel brings about dedicated and systematic collection and artistic works investment to enterprises, collectors and foundations across Asia by means of artwork auction which focuses on oil painting and sculpture, intermediary service, art fund investment etc.

It provides important overseas media and art institutions with Chinese artists and dynamic information in China's contemporary art market via the online platform (http://ravenelart.com) by presenting exhibition for contemporary Chinese artists in cooperation with major overseas art institutions, in order to facilitate long-term development of Chinese art in international arena.

Ravenel Art Group has two major art-related departments: Ravenel European Art Auctioneer and Ravenel Art Investment. Through 10 years' unremitting efforts, the numerous businesses including auction, intermediary service, web site, exhibition etc. have achieved remarkable results. New programs such as insurance, fund, foundation and so on are now under preparation. In 2006, along with the strategic expansion in China mainland, Ravenel Beijing was established. Ravenel Art Group will inevitably provide enterprises, collectors, foundations as well as other institutions and individuals with abundant and more professional collection and investment services.

Purpose

Introducing refined European culture

We cannot talk about the evolvement of art without mentioning Europe. Europe represents delicacy and particulars and embodies richness and plurality. The unique cultural connotation in Europe has received recognitions from numerous artists and scholars for centuries. In this regard, the 19th century's Salon Culture in France represents an important stage. In France during the reign of Louis XIV, the expressions from castle, yard and art mean the ultimate goals in Europe and even in the world. From then on, the Salon Culture was penetrating into other European countries with an overwhelming tendency.

It was not only the vogue of the then literary circle, but also means the refined and pluralized cultural connotation and traditional modality through accumulation. In following changes of the trend of thought, the Salon Culture had contributed mentally to the French Revolution, the Democratic Movement, and artistic reform etc. Its contribution cannot be ignored even to the flourishing cultural enlightenment in Europe.

Ravenel is dedicated to introducing the Salon Culture and expects to bring into play the fundamental spirit of that culture – establishing refined life style, to promote exchanges of culture and thought, and to introduce the Chinese art and culture to international arena.

Pushing forward contemporary Chinese art

China, with over five-thousand-year civilization, is now in an era of changes. In the middle of edification, stimulation, discrepancy and struggling for traditional Chinese culture and modern Western civilization, those artists have created a wording culturally suitable for this period through impact. Contemporary art just represents a much featured aspect in this wording. The particularity is that it is close to life and expresses the potential insaneness and strength in the era and life with unique spiritual connotation. Based on traditional Chinese culture and driven by economic boom, contemporary China is drawing numerous strange and yet curious attentions in international arena. The contemporary Chinese art, which just echoes to the times, has naturally become a highlight.

Ravenel is willing to play a role that bridges the Eastern and Western culture, and it is dedicated to recommending the most representative artworks of this era directly to key collectors, enterprises and funds in the world. Meanwhile, Ravenel is making unremitting efforts to bring into play the essence of Chinese art in international market with its unique demeanor.

Synchronizing artistic creation and investment

Artwork is provided with a variety of complicated and peculiar factors such as rareness, history, aesthetics, philosophy etc. This way, the monetary value of a specific artwork cannot be defined under general concept of commodity on the one hand, and the artwork is always hard-won because of its unique spiritual attribution on the other hand. These factors have defined that a fine artwork will have increasing value as the time goes, so it is an optimum tool for long-term investment.

Dedicated to providing masterships of top-class Chinese and Western artists, Ravenel Art Group defines the current value of potential artists and their works to enter the future history of art with professional standard and international vision. In light of this concept, Ravenel extends most scientific data analysis in cooperation with major banks around the world and follows the trend of global art market on a long-term basis. Interaction is favorable between Ravenel and personages in the art industry, so the group is kept informed on latest trend of the global market.

The Art & Investment magazine, a refined quarterly publication, gives detailed and in-depth description and analysis on situation of Chinese art market and artworks by Chinese when recommending works to the West. Thus, the quarterly magazine with auction catalog has become a basis and guideline for collectors in terms of price and quality.

Based on above advantages and specialty, Ravenel Art Group has planned art investment projects for several enterprises and foundations; meanwhile, generous return is guaranteed.

Professional and pluralized art collection

Art investment must be established based on considerable financial strength for distribution of risks. The key lies in professional insight and control over the market. To better serve the collectors and investment institutions, Ravenel European Art Auctioneer and Ravenel Art Investment Consulting under Ravenel Art Group are focusing on oil painting and sculpture by professional operation, so most specialized art investment is assured. As the pluralized investment pattern has been set up, Ravenel is extending optimum options to those in love of art by the most prudential, most opened and most objective means in cooperation with related financial sectors on the basis of auction, intermediary service, art foundation and so on.

As a window of collection and investment tailored for collectors by Ravenel Art Group, Ravenel European Art Auctioneer presents every artwork perfectly with rich connotation and without neglecting any detail, through the flows of auction, by strengthening all particulars from preview with refined arrangement to set off different themes before official auction and appreciation events in salon to creation of auction catalog and in-depth description to the pieces. An auction is just an interaction between art and soul; an artwork may also become a legend and a much-told story.

Characteristics

Drouot Auction Consortia (Drouot Commissaire-Priseurs), Paris

Drouot Auction Consortia (Drouot Commissaire-Priseurs), Paris, is the most ancient artwork auction organization existing in the world. Every year, auctions accounting for one-third of the turnover in global art auction market are called here, and 16 auctions are sponsored every day on average.

Four-hundred-year Commissaire-Priseur system

The foundation of Drouot is closely related to the Commissaire-Priseur system with a history of four hundred years in France. In 1552, Henry II, then French Emperor, launched the firm for the "maîtres priseurs-vendeurs". Those professional auctioneers became the "Commissaire-Priseurs" later. Traditionally, Commissaire-Priseur is the official auction executor in France who, in the capacity of judicial officer, must play a neutral role of arbitration.

Professional, precise college education and concrete training

To be qualified for that hammer, a Commissaire-Priseur must receive professional and precise college training (especially for the history of art and law), intern for three years in a Commissaire-Priseur firm, and then pass the national examinations. Upon receiving the qualification, the Commissaire-Priseur cannot serve genuinely until practicing in France only. The Drouot Auction Consortia (Drouot Commissaire-Priseurs) is just established by responding to this tradition. In this period, any auction could not be performed until it was sponsored by a French organization; no such event was allowed if executed by people from other institutions in France.

Swift transformation, orientation to the world

However, such situation has changed when J. Toubon, former Minister of Justice in France, promulgated the act of opening the auction market on January 1st, 1998, upon buildup of the European Union. This way, Commissaire-Priseur is no longer the professional in France that can perform all auction activities than mandatory auction in court within the French territory.

Thinking highly of the great China region, a booming art market, Drouot has launched a series of planning enthusiastically. While exploring source of funds and transforming to a genuine corporate entity, it also engages in business in other countries besides France, earnestly supporting the Ravenel Art Group in Taipei. Drouot, a time-honored auction consortia with a pool of specialists, is challenging the booming international art market with a brand-new pose.

Drouot Auction Headquarters, Paris

Richelieu Auction House

Drouot Auction Headquarters, located in Richelieu, Paris, represents the French history of auction. The auction house was built during the Second Republic of France, with a history of over one hundred years. The original building was rebuilt in 1980 because of time-wearing. The entire building, three-story, occupies a site area of 10,000m², consisting of sixteen halls. The auction house sponsors shows and auctions every day. It is capable of performing 3,300 auctions in a year, and as many as 700,000 articles could be sold. The north corner of the auction house is a paradise for dealers of used goods, as liquidation sale for modern furniture, electric household appliance and spare parts of gears is available here. In addition, two used vehicle auction spaces are supplied outside the north exit, of which one is 7,000 m² and the other is 4,500 m². Special-purpose used vehicles are auctioned including public utility vehicle, mini antique car, wagon car etc. However, there are also second-hand new vehicles because of cancellation of loan contract or equipment lease contract. The headquarters in Richelieu is a witness of intermittent auctions, colorful, pluralized and dynamic.

Montaigne Auction House

Montaigne Auction House is situated on the beautiful and elegant Avenue Montaigne in Paris, on both sides of which are gathered head offices of all world-top luxury brands such as Chanel, Christian Dior, Louis Vuitton and so on. In September, the fashion brands in this avenue will jointly sponsor a grand gathering for announcing the vogue and trend of next year. This gathering has also become an important annual congregation for upper class in France. In the boutiques, the shopfronts will be decorated and finished meticulously during the event, and most delicate shows and displays are extended. Personages and distinguished guests are received with champagne, and goblets flash from hand to hand. Drouot Montaigne Auction House has been in this gathering since 1987. The auction only sells premium-priced masterpieces during this period. As long as there is important artwork for auction, the scene is transmitted to US and Japan via satellite for synchronized auction. Numerous media will be attracted, waiting for those rare and world-class pieces to be brought.

Ravenel Art Space

The Ravenel Headquarters is located on Dunhua South Road, eastern Taipei. The Beijing Office is located on Jianguo Road, surrounded by a lot of well-known enterprises and vogue-leading international flagship stores. The two places are both ideal landmarks in metropolis. Selection of office place is of symbolic significance as a part of corporate culture. This way, Ravenel Art Space is designed on the basis of three key factors: future, professionalism, and internationalization. They echo to the concept for operation of Ravenel as well – introducing refined European culture, promoting the concept of contemporary art, and bringing Chinese art to international arena.

Refined and professional art space

Unsophisticated materials such as glass, metal and silver foil contribute to the main structural elements of the Ravenel Art Space, corresponding to the interior traffic flow planning, exhibit display, lighting arrangement, and color utilization. The lighted wall of front door perfectly matches luminous yarn curtain; soft beams and silver-foiled columns bring a futuristic space. In a visit to Ravenel, the light changes from the entrance. The artistic quality is advent that emphasizes refinement and particulars. In general, the tone of lighting in front door is vibrant. As long as there is any visitor, the luminance turns darker to avoid disturbance by irrelevant matters, delivering the information of "no disturbance". In the evening, the pattern of lighting is from backward and penetrating. Even when all staff is off duty, the intense artistic feeling is still touchable. The colorful lighting design actually comes from one of the design concepts looking into the next century. In terms of traffic flow, the column at the silver-foiled entrance is the axis, echoing the embedded space on the wall. Flower arrangement highlights the mastermind combining art with life. The meeting room, showroom and VIP lounge, office area, and storage room deliver a style of simplicity on the basis of pro-white or transparent colors and materials. The overall style extends to the General Manager's Office, where office desks and chairs by well-known designers fill the space with a modern feeling. B&O telephone meets well the style of wall deco perfectly. In the corner beside the window, the round table and chair creates a small conversation area, ensuring that even professional consulting can carry on within such a short distance and under leisure.

Establishing integrative collection for professional collectors

Taking into consideration different requirements of collectors on space allocation, artwork layout or investment and taxation planning for art collection etc., Ravenel Art Group tailor-makes professional, objective and precise artwork collection consulting service for every individual collector on a project-oriented basis with the aim to improving the standard of living aesthetics and advancing professional investment collection.

During consulting service, Ravenel emphasizes the target-oriented principle of communication, addresses client's favor and idea about artwork, and centers on diversity other than unilateral position and market analysis. Through comprehensive view on the trend of world art market and general analysis for client, Ravenel will definitely leave a space for every client to run their own aesthetics. Then, adjustment and suggestions will be given so as to consolidate the client's own taste and work towards the investment in art.

Planning for enterprises and foundations

Many major enterprises and related foundations around the world have now engaged in the field of art with such purposes: firstly, to improve corporate image; secondly, to diffuse the influence of enterprises or foundations in history from generation to generation by art collection. Moreover, artwork is often the best investment tool that belongs to the key program of enterprise's taxation planning.

Thanks to advantageous related industries operated by the group such as the affiliated insurance company, financial group, shipping group etc., Ravenel Art Group is now planning the mid- and long-term development projects on the basis of its global resources everywhere in the world according to needs of a variety of enterprises and foundations.

Professional art consulting service for private luxury residences and enterprise headquarters

Ravenel provides professional, objective and precise art consulting services on a project-specific basis according to diversified requirements of luxury residences and enterprises headquarters, including the need on space allocation and artistic deco, improvement of life aesthetics, specialized investment, or pure love of art. In the process of consultancy, Ravenel addresses interactive communication and pays attention to opinions and thoughts of clients. It does not impose any unilateral standing, but it reserves an orientation for client to operate its own aesthetics. In comparison with operation of one's own aesthetics and improvement of the genuine image of a luxury house, the enterprise's investment plan for art is more important.

Appraising and valuating Western art

It is just under the technical support of France-based Drouot that Ravenel can invite internationally recognized and most authoritative special art appraisers or living important artists from the West to provide clients with most professional appraisal service. The field of valuation ensures availability of latest trend of any artwork in international market and the most accurate evaluation of its market price because of frequent exchanges with the information network in global market.

Planning for public art

Ravenel plans for large-scale, important public art and engages in construction of urban culture. The planning and implementation of all public arts shall focus on Western contemporary art masters. Until now, Ravenel has been entrusted by quite a few well-known enterprises in China mainland to plan public space or invite international artists to Taiwan or even purchase masterpieces from the West on an agent basis.

Building an international platform for dissemination of Chinese art

Ravenel is dedicated to building a top-grade online art platform, which does not only specify the origin of Ravenel, professional services, illustration of the auction flows and procedures, detailed information of pieces for auction etc., it also carries out online auction simultaneously in the middle auction. Usually, there are also online auctions on a regular basis. In addition, Ravenel supplies relevant information concerning international art market to artists, art institutions and overseas media, as well as online display, multimedia information sharing platform etc.

Running art foundation for pluralized investment

In the long run, Ravenel operates art foundations for clients and is dedicated to the pursuit of favorable and potential artworks for investment. In 2005, the art foundation achieved over 50% return rate for its clients. In comparison with other investment tools including real estate and equities, the yield is remarkable. This also proves that art is also a fine investment channel in addition to its interest of collection and value of appreciation. Ravenel emphasizes operation of art foundation with pluralized investment approaches. It is worth mentioning that investment return will not be guaranteed until refined selection is made on quality through purchase of artwork.

Exploring overseas market for Chinese artists

Ravenel is not only provided with international vision and qualification, thanks to years' efforts, it has established favorable and long-term cooperation with major art museums in the world, foundations, collection institutions, and exhibition planners. Ravenel, based on integrating the essences from the East and West, adheres to professionalism and refinement by sponsoring important overseas shows for contemporary Chinese artists and building a broader art platform for the artists. Ravenel is bringing contemporary art in China to a more splendid international arena.

Financing art education effectively

The corporate culture of Ravenel contains return to the society and continuous attention to art education. More importantly, the culture has always maintained intense focus on the integral development of the contemporary art in China, all-round improvement of the education on arts for the Chinese people, and the care about living environment of young artists, especially the progress of arts education started when the learner is still young. Ever since its establishment, Ravenel Art Education Foundation has been dedicated to a variety of colorful approaches to support the art education in China and considerable financial support with the funds.

Persistence of Ravenel

Ravenel is persistent towards this cause without ignoring any detail and shines professionally in every aspect of its services, even for a single piece of auction catalog or a preview

Auction Catalog

The information of all works has been elaborated meticulously, including shows the appraised pieces have engaged in, published albums the works were ever in, as well as previous owners, availability of particular legendary stories etc. In each auction, the price is defined only if in-depth study has been carried out across the global art market. Indeed, the Ravenel auction catalog is a reference of art which deserves collection as well.

Auction Preview

The pieces for auction are always presented in a variety of forms according to professional display space planning. Different auction atmospheres are designed according to diversified themes. In light of the meticulous arrangement by Ravenel, the preview is similar to an international standard feast of art.

Sharing of experience for art

Ravenel sticks to the attitude that art service is a kind of sharing of experience from time to time. Ravenel provides clients with detailed information on international art market on a long-term basis and initiates interaction among arts lovers, in order to build a broader vision for the Chinese circle.

The following terms and conditions (the "Terms") govern the use of the Website of Ravenel Art Group (the "Company") at www.ravenelart.com (the "Website"). BY ACCESSING AND USING THE WEBSITE, YOU ACCEPT AND AGREE TO BE BOUND BY THESE TERMS AND CONDITIONS. If you do not accept or agree to be bound by any of these Terms, you may not access or use the website. The Company may change, modify or revise the Terms at any time by updating the text of this page, without notice to you. You are bound by any such modification or revision and should therefore visit this page periodically to review the Terms.

Specific rules, in addition to these Terms, are provided with respect to transactions conducted on or in connection with the Website, and other rules may be provided for the use of certain other items, areas or services provided on or in connection with the Website, and you agree to be bound by such rules.

WARNING: The Website contains uncensored images and literature on a wide range of art, and may include nudity that some people may consider offensive. This content is not intended for minors.

Propriety Rights

The contents of the Website, such as text, graphics, images, photographs, illustrations, logos, button icons, audio, other visuals, video, copy, data, software, coding, scripts, computer programs and other material (the "Material"), are protected by copyright under the laws of Taiwan as well as other countries, and are owned or controlled by the Company or by third parties that have licensed their Material to the Company.

Limited Use and Prohibited Use

Unauthorized use of the Material may violate copyright, trademark, and other laws. Any commercial use, distribution or publishing of material from the website is strictly prohibited unless you have the express written permission of the Company. The Company authorizes you to view and download a single copy of the Material solely for your personal, internal use. Some of the Material may contain digital "watermarks" to indicate their source and ownership. You agree not to attempt to remove, deactivate, reverse engineer, modify, tamper with or obscure any such watermarks.

Copyright Agent

If you believe that your work has been copied in a way that constitutes copyright infringement, please provide the Company's Copyright Agent the following information:

• an electronic or physical signature of the person authorized to act on behalf of the owner of the copyright interest
• a description of the copyrighted work that you claim has been infringed
• a description of where the Material that you claim is infringing is located on the site
• your address, telephone number, and e-mail address
• a statement by you that you have a good faith belief that the disputed use is not authorized by the copyright owner, its agent, or the law
• a statement by you, made under penalty of perjury, that the above information in your Notice is accurate and that you are the copyright owner or authorized to act on the copyright owner's behalf

The Company's Copyright Agent for Notice of claims of copyright infringement on its site is David Kearney who can be reached as follows:

David Kearney
Ravenel Art Group
15F-2, No. 76, Sec. 2, Dunhua S. Rd.,
Da-an District, Taipei 10683, Taiwan
+886 2 2708 9868
Email: david_kearney

Trademarks

The trademarks, logos and service marks (the "Marks") displayed on the Website are owned by the Company or third parties. You are prohibited from using the Marks without the express, prior written permission of the Company or such third party.
If you violate any provision of these Terms, your permission to use the Material and the Website automatically terminate and you must immediately destroy any copies you have made of the Material.

Privacy Policy

The Company maintains a strict privacy policy concerning users of the Website. The Company does, however, gather certain information that you provide to the Website. The Company polices regarding user information is contained in our Privacy Policy to which you are directed to study.

Submitted Materials

By posting any communications or materials to the Website, you grant the Company irrevocable and perpetual non-exclusive use of all such material in any way whatsoever deemed by the Company without the need to pay royalties.
The Company does not screen communications in advance and is not responsible for screening or monitoring material posted by Users. As a User, you are responsible for your own communications and are responsible for the consequences of their posting. You must not do any of the following things while accessing or using the Web Site or using the Material:

1. post or transmit any material unless you are the owner of all patent, trademark, copyright, trade secret or other proprietary rights ("Rights") therein, or have the permission of the owner of the Rights to post or transmit such material to the Web Site
2. post material that otherwise violates any Rights of any third party or violates or infringes on the privacy or publicity rights of third parties
3. post material that is obscene, defamatory, threatening, harassing, abusive, hateful, embarrassing or otherwise objectionable to another User or any other person or entity
4. post sexually-explicit language or images
5. post advertisements or solicitations of business
6. post or transmit any chain letters or pyramid schemes
7. impersonate another person or entity
8. intentionally or unintentionally violate any applicable local, state, national or international law while using or accessing the Web Site or the Materia
9. post or transmit any information containing a virus or other harmful component.

The Company reserves the right to monitor and review all material posted by you on the Website, and may delete or destroy any material submitted to the Website at any time without the necessity of providing any reason by the Company

Prohibited Engagement

When using the Website you agree that you will not in any way engage in: any illegal behavior, impersonation, inserting any third party material or advertising, attempting to access any restricted databases or computer systems, harvesting information, disrupting, impairing or damaging the Website in any way. 

Links to the Website

You agree that if you include a link from any other web site to this Website, such link will opened in a new browser window: and link to the full version of an HTML formatted page of this Website. You are not permitted to link directly to any image hosted on the Website or our services, such as using an "in-line" linking method to cause the image hosted by the Company to be displayed on another web site. The Company reserves the right to insist that any link to the Website be discontinued, and to revoke your right to link to the Website from any other web site at any time upon written notice to you.

Third Party Web Site Links

You may be able to link from the Website to third party web sites and third party web sites may link to the Website ("Linked Sites"). Examples of Linked Sites include artnet.com, Ravenel Art International Realty, Ravenel Art Institute of Art, and Ravenel Art Diamonds. You acknowledge and agree that the Company has no responsibility for the information, content, products, services, advertising, code or other materials which may or may not be provided by or through Linked Sites, even if they are owned or operated by affiliates of the company.

Links to Linked Sites do not constitute an endorsement or sponsorship by the Company of such web sites or the information, content, products, services, advertising, code or other materials presented on or through such web sites. Any reliance on the contents of a third party web site is done at your own risk and you assume all responsibilities and consequences resulting from such reliance. Under no circumstances will the Company be held responsible or liable, directly or indirectly, for any loss or damage that is caused or alleged to have been caused to you in connection with your use of, or reliance on, any content, goods or services available on any other site. You should direct any concerns to that site's administrator or webmaster.

Orders for Products and Services of the Website

The Company may make certain products available for purchase through the Website, including, for example, the Company's auction catalogue. You may only order products if you are 18 years old or older. You agree to pay in full the prices for any purchases you make either by credit/debit card concurrent with your online order or by other payment means acceptable to Ravenel Art. You agree to pay all applicable taxes. If payment is not received by the Company from your credit or debit card issuer or its agents, you agree to pay all amounts due upon demand by the Company. Certain products that you purchase and/or download on or through the Website may be subject to additional terms and conditions presented to you at the time of such purchase or download.

Disclaimer of Warranties

THE COMPANY MAKES NO WARRANTY OF ANY KIND REGARDING THE WEBSITE, ITS CONTENTS, MATERIALS OR FUNCTIONS. THE COMPANY DISCLAIMS ANY WARRANTY REGARDING ACCUARACY AND TIMELINESS OF ANY INFORMATION CONTAINED ON THE WEBSITE. THE COMPANY TRIES TO ENSURE THAT THE INFORMATION POSTED ON THE SITE IS CORRECT AND UP-TO-DATE, HOWEVER THE COMPANY WILL NOT BE LIABLE FOR ANY INACCURACY OR OMISSION CONCERNING ANY OF THE INFORMATION PROVIDED ON THE WEBSITE. YOU USE THE WEBSITE AND THE MATERIAL AT YOUR OWN RISK. WE RESERVE THE RIGHT TO CHANGE OR MAKE CORRECTIONS TO ANY OF THE INFORMATION PROVIDED ON THE SITE AT ANY TIME AND WITHOUT ANY PRIOR WARNING.

Limitation of Libility

IN NO EVENT SHALL RAVENEL ART, OR ANY OF ITS DIRECTORS, EMPLOYEES, AGENTS OR CONTENT OR SERVICE PROVIDERS (COLLECTIVELY, THE "PROTECTED ENTITIES") BE LIABLE, WHETHER IN AN ACTION BASED ON A CONTRACT INDEMNIFICATION, OBLIGATION, TORT (INCLUDING WITHOUT LIMITATION NEGLIGENCE), COLLATERALLY OR ARISING FROM ANY STATUTORY DUTY, PRE-CONTRACT OR OTHER REPRESENTATIONS, OR OTHERWISE, HOWEVER ARISING, FOR ANY ECONOMIC LOSSES (INCLUDING, WITHOUT LIMITATION, LOSS OF REVENUES, PROFITS, CONTRACTS, BUSINESS, GOODWILL OR ANTICIPATED SAVINGS) OR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES ARISING FROM, OR DIRECTLY OR INDIRECTLY RELATED TO, THE USE OF, OR THE INABILITY TO USE, THE SITE OR THE CONTENT, MATERIALS AND FUNCTIONS RELATED THERETO, YOUR PROVISION OF INFORMATION VIA THE SITE, LOST BUSINESS OR LOST SALES, EVEN IF SUCH PROTECTED ENTITY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SOME JURISDICTIONS DO NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES SO SOME OF THE ABOVE LIMITATIONS MAY NOT APPLY TO CERTAIN USERS. IN NO EVENT SHALL THE PROTECTED ENTITIES BE LIABLE FOR OR IN CONNECTION WITH ANY CONTENT POSTED, TRANSMITTED, EXCHANGED OR RECEIVED BY OR ON BEHALF OF ANY USER OR OTHER PERSON ON OR THROUGH THE SITE. IN NO EVENT SHALL THE TOTAL AGGREGATE LIABILITY OF THE PROTECTED ENTITIES TO YOU FOR ALL DAMAGES, LOSSES, AND CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT, INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE OR OTHERWISE) ARISING FROM THE TERMS AND CONDITIONS OR YOUR USE OF THE SITE EXCEED, IN THE AGGREGATE, THE AMOUNT, IF ANY, PAID BY YOU TO RAVENEL ART FOR YOUR USE OF THE SITE OR PURCHASE OF PRODUCTS VIA THE SITE (NOT INCLUDING AUCTION ITEM PURCHASES).

Indemnity

You agree to defend, indemnify and hold harmless the Company, its directors, employees and agents from any and all claims, liabilities, costs, losses, indirect losses, and expenses, including reasonable attorneys' fees, without limitation, arising in any way from your use of the Website, materials or the services thereon, your breach of the Terms, and/or your violation of the law, including infringement of any intellectual property or other right of any person or entity. 

Local Legal Standards

The Company makes no claim that the Materials are appropriate for any particular purpose or audience, or that they may be downloaded outside of Taiwan. Access to the Materials (including Software) may not be legal by certain persons or in certain countries. If you access the Website from outside of Taiwan, you are responsible for compliance with the laws of your jurisdiction. Persons who choose to access the Website do so on their own initiative, and are responsible for compliance with local laws, if and to the extent local laws are applicable.

Legal Jurisdiction

The Terms and the relationship between you and the Company will be governed by the laws of Taiwan, without regard to its conflict of law provisions. You agree that any cause of action that may arise under the Terms will be commenced and be heard in the appropriate court in Taipei, Taiwan. You agree to submit to the personal and exclusive jurisdiction of the courts located in Taipei. The Company's failure to exercise or enforce any right or provision of the Terms will not constitute a waiver of such right or provision. Any waiver of any provision of these Terms by Ravenel Art must be made in writing and signed by an authorized representative of Ravenel Art specifically referencing these Terms and the provision to be waived. If any provision of the Terms is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties' intentions as reflected in the provision, and the other provisions of the Terms remain in full force and effect.

Further Inquiries

You may direct questions about these Terms and Conditions, or other issues, to:
Ravenel Art Group
15F-2, No. 76, Sec. 2, Dunhua S. Rd.,
Da-an District, Taipei 10683, Taiwan

1. The Buyer
   1. Ravenel as the Agent

      The Company, as the auctioning party, shall act as the agent of the Seller. Except otherwise provided, items successfully sold in the auction held by the Company shall be bound by the agreement made by and between the Seller, through the agency of the Company, and the Buyer.

   2. Prior to the Auction
      1. Authentication

         We strongly recommend that the prospective buyers conduct their own authentication for the items they are interested in bidding prior to the auction. We provide no guarantees to the buyer (with the exception of the guarantee with regard to counterfeits as defined in Section III of the Transaction Agreement).

      2. Important Notice

         Attention, prospective buyers: As far as possible, the descriptions of auction items will mention obvious defects of the items; however, they do not necessarily include all flaws, defects, or incomplete aspects. The Company regrets that it is unable to guarantee that the wristwatches on auction are in good working condition and the descriptions in the catalogue must not be construed as implying such. The description of the auction items also do not imply that the items have not gone through readjustment or repair or allude anything about the current state or storage conditions of the items. Any omission in the catalogue description regarding the current condition or the appraisal of defects in the items by no means represent that those items are in good condition, function normally, or that there will be any free repair or replacement of parts. We strongly recommend prospective buyers to personally view the items for which they plan to bid before the auction itself. If a prospective buyer is unable to view an item for whatever reason, then in our role as a service provider, we would be more than happy to offer our opinion of an item's special characteristics and current condition. However, the Company is not a professional restorer of wristwatches; therefore, any description in the catalogue is purely the Company's subjective opinion and not a statement of fact.

         Please note: The outer shells of many of the water-resistant watches have been opened in order to investigate their working condition and their type; therefore, it must not be assumed that they are currently water-resistant. We recommend buyers to have such watches checked by a competent watchmaker before use.

         Please note: The restoration of the items on auction may have resulted in original parts being replaced; therefore, we are unable to guarantee that any given watch's parts are from the original set of parts.

         All of the items on auction are being sold in "as is" condition.the Company does not provide any representation or guarantee as to the condition of any of the items. Unless otherwise stated, the Company does not provide any warranty with the items.

      3. Catalogue Explanations

         Any statement of the author, history, date, year, size, material, ownership, authenticity, origin, condition of preservation or estimated selling price of any of the Lots shown in the catalogue or the authentication opinion made by the Company, or any other verbal or written statements made separately shall be solely statements of opinions and shall not be deemed the basis for the statements of actual fact. The photographs shown in the catalogue shall serve as reference only and shall not be deemed as the basis for determining the color or tone of any Lots or disclosure of the defects of such item. The estimates of the auction price shall not be deemed the price at which such item will be successfully sold or the statement of the value of the item for other purposes.

         Many auction items fail to maintain their perfect condition because of time and other environmental factors. Some of the explanations in the catalogue or the authentication opinions will state defects and/or the repair background of the Lots. Such information is meant for reference only. Missing information in the statements does not mean the Lot has no defects or has not been repaired. Any statement of one particular defect does not mean there is no any other defect.

      4. Responsibility of the Buyer

         The Buyer is responsible for clarifying and satisfying himself about the condition of the items and any related matters stated in the catalogue descriptions.

   3. In the Auction
      1. Refusal of Admission

         The auction is held at the premises of the Company or any location where the Company has control of for the auction. The Company has full discretion to exercise the right to refuse entry to the premises for the auction or to prevent participation in the auction.

      2. Registration Prior to the Bidding

         Prospective buyers must fill in and sign the registration forms prior to the bidding and provide personal identification. Prospective buyers should also note that the Company may be requested to conduct credit checks against buyers.

      3. The Bidder is the Buyer

         Unless a written agreement has been made upon registration that the bidder will be the agent who acts on behalf of a third person and such third person is accepted by the Company, the bidder will be deemed as the Buyer who will bear individual legal responsibilities.

      4. Commission Bids

         The Company will make every effort to bid for the prospective buyers who instruct us to bid on their behalf by using the forms attached to the explanations of the catalogue; provided, however, bid commission instructions are delivered to the Company prior to the auction. If the Company receives several commission bids for one particular item, with all bid prices being equal and of the highest bid price at the auction, priority shall be given to the Buyer whose bid commission is delivered to the Company first. Commission bids are subject to auction conditions. The situation at the auction may prevent the Company from making the bid as commissioned. This is a free service provided by the Company to the prospective buyers pursuant to the provisions prescribed.The Company will not be held legally liable if it fails to make the bid as commissioned. Prospective Buyers should attend the auction in person if they wish to ensure a successful bid.

      5. Bid by Phone

         The Company will make proper effort to contact the bidder so he can participate in the auction by phone if the prospective buyer make arrangements with the Company prior to the auction. However, the Company will bear no responsibilities to the Seller or any prospective buyer if no contact is made under any circumstances.

      6. Exchange Rate Conversion Board

         There will be an exchange rate conversion board operating at some auctions. The exchange rate is calculated at the exchange rate of the one-month future goods reported to the Company from the bank when starting business on the day of the auction. Nonetheless, the auction will still be conducted in NT dollars. The exchange rate conversion board is not absolutely reliable. The accuracy of either the Lot numbering shown on the board or the equivalent of the bid price in any foreign currency is not within the control of the Company. The Company will not be responsible for any losses caused by the reliance of the Buyer on the exchange rate conversion board.

      7. Recorded Images

         There is image projection in some auctions; however, errors may occur during the operation. The Company is not liable for the color accuracy of the reproduced image and whether the projected image corresponds to the item being auctioned.

      8. Determining Power of the Auctioneer

         The auctioneer has the absolute power to reject any bid, push for bids at his discretion, withdraw any auction items, separate or combine two or more auction items, and if there is any error or dispute, re-auction the items.

      9. Successful Bids

         Under the discretion of the auctioneer, the fall of the hammer indicates the acceptance of the highest bid price, i.e., the Seller and the Buyer enter into a successful auction agreement.

   4. Following the Auction
      1. The Service Fee of Each Lot Payable by the Buyer
         1. The Buyer should pay the hammer price and, in addition, the service fee to the Company. For hammer price below HK$ 5,000,000 (inclusive), the service fee should be calculated at 18% of the hammer price.
         2. For hammer price higher than HK$ 5,000,000, the first HK$ 5,000,000 should be calculated at 18% and the rest of the amount should be 12%.
      2. Taxes

         All the payments payable by the Buyer to the Company do not include any government tax any commodity or service taxes or any other value added taxes. The Buyer should be responsible for paying any applicable taxes as required by the law.

      3. Payment

         The Buyer should provide his name and permanent address to the Company upon the successful bid. Relevant bank information should also be provided upon request. All payments due (including the hammer price, service fee and any applicable taxes) should be paid within 7 days following the auction date. The aforesaid provision also applies if the Buyer intends to export the Lot and (may) need the export permit.

         If the Buyer fails to pay to the Company all the payments due, the Buyer will not acquire the ownership of the Lot even if the Company has delivered such item to the Buyer. If the payment to Ravenel are made in any currency other than HK dollars, the Company will collect from the Buyer any foreign exchange expense incurred therefrom, including bank charges and foreign exchange service fees. The exchange rate of the payments to the Company in any currency other than HK dollars should be the exchange rate reported by the Hongkong and Shanghai Banking Corporation (HSBC) to the Company on the auction date and should be based on the certificates issued by the Company according to such exchange rate.

      4. Collection of the Lot Sold

         Unless otherwise agreed by the Company, the Company will hold temporarily the successfully sold Lots until all payments to the Company are made in full. The Lot will be covered by the insurance of the Company from the auction date for 7 days during the temporary holding period. The insurance coverage will terminate upon collection of such item. The Buyer should be responsible for all risks following expiration of the said 7-day period or the collection (whichever is the earlier).

      5. Packaging and Transportation

         The Buyer is requested to note that he should bear all the risks upon expiration of the said 7 days period or from collection of such items.

      6. Referral of Packaging or Transportation Companies

         The shipping department of the Company may act as the agent of the Buyer to arrange for delivery. Although we can refer freight forwarders upon special request, the Company will not be held liable for any legal responsibilities in this regard.

      7. Remedies for Non-Payment or Non-Collection of Items Sold

         The Company is entitled to exercise one or more of the following rights or remedies if the Buyer fails to make payment within 7 days:

         1. An interest at the annual rate of no higher than 10% plus the base interest rate of Hongkong and Shanghai Banking Corporation (HSBC) will be imposed on all of the payment due if payment is not made within 7 days following the auction date. Besides, we have the right of charging also 1% selling price (including of hammer price and the commission) multiplied by the number of delayed days as fine for the default. The payment to be made by the Buyer should offset any payment owed by the Company or its subsidiaries to the Buyer for any other transactions.
         2. To exercise lien of any items owned by the Buyer and held by the Company for any purpose. The Company may arrange to sell such items after serving a 14-day notice to the Buyer about his non-payment. The proceeds shall make up for the payment due.
         3. If the Buyer owes the Company several payments as a result of different transactions, the payments will setoff any payments due in any particular transaction, regardless of whether the Buyer specifies to setoff such payments.
         4. Refuse the Buyer to make, or to make on behalf of others, bids in any future auctions and/or to require a security deposit from the Buyer before accepting any future bids from him. If the Buyer fails to make payment within 35 days, the Company is entitled to exercise the following rights in addition to the aforementioned:
         5. To bring legal proceedings against the Buyer on behalf of the Seller to claim the entire payment due and the legal fees resulting from such proceeding based on a total claim.
         6. Cancel the transaction of Lots bid by the Buyer or any other auction items sold to the Buyer at the same or any other auctions.
         7. To arrange a public or private re-sale of the Lot. If the re-selling price is lower, the difference will be claimed against the Buyer together with any cost incurred as a result of the non-payment by the Buyer.
      8. No Collection of the Lot Sold

         The Company will arrange for the storage of the Lot if such item sold is not collected within 7 days of the successful auction, regardless of payment. Such storage cost will be borne by the Buyer. Only when the storage, shipping, insurance cost and any other expenses together with any other payments due to the Company are paid can the sold Lot be collected.

      9. Export Permit

         Except where otherwise agreed in writing by the Company, the fact that the Buyer's wishes to apply for an export permit does not affect the Buyer's responsibility to make the payments in 7 days; nor does it affect the Company's right to impose interest on delayed payments.

         If the Buyer requests that the Company applies for the export permit on his behalf, the Company is entitled to collect monies made in connection with such an application and any miscellaneous expenses together with any relevant value added taxes.

         If the Buyer makes the payment regardless of the fact that an export permit is needed, the Company is not responsible for returning to the Buyer any interest or other expenses incurred therefrom.

   5. The Legal Responsibility of the Company

      The Company is responsible for returning payment to the Buyer pursuant to Article 6. Otherwise, whether the Buyer, the Company, any employees or agents of the Company will not be held liable for any statements of the author, history, date, year, ownership, authenticity or origin of any auction item or any errors with respect to any explanations and any flaws or defects of any auction item. The Buyer, the Company, the employees or the agents of the Company make no guarantee with respect to any auction items. Any warrantee of any kind shall not be included herein.

   6. Return of Payments for Counterfeits

      The transaction will be cancelled and payments made will be returned to the Buyer if the Lot of the Company is confirmed to be a counterfeit. However, if:

      1. The catalogue explanations or the notice at the auction distributed on the auction day corresponds to the opinions generally accepted by the academic or professional fields;
      2. The method used to prove that the Lot is a counterfeit is a scientific procedure not generally accepted for use before the publication of the catalogue or a procedure unreasonably expensive on the day of the auction, or impractical, or may cause damage to the Lot; the Company is not liable for the return of any payment under any circumstances. In addition, the Buyer's payment can only be refunded when the following terms are met:
         1. The Buyer must notify the Company in writing within 10 days following the auction day that he considers the relevant auction item a counterfeit.
         2. The Buyer must return the Lot to the Company within the following 14 days and the condition of the item must be the same as on the auction day.
         3. Upon returning the Lot, the Buyer must present evidence as soon as possible to convince the Company that the Lot is a counterfeit. The Buyer may also assign the good ownership of the Lot to the Company, which shall not concern any third party claim.

      Under no circumstances is it necessary for the Company to pay the Buyer an amount more than what the Buyer pays in connection with the Lot and the Buyer can not claim interests.

      The interests of the warrantee cannot be assigned and belong solely to the Buyer who receives the original invoice from the Company when the Lot is sold. Such Buyers shall remain the owner of the auction Lot and cannot assign any interest of the Lot to any other person. The Company is entitled to ascertain that the Lot is not a counterfeit based on a scientific procedure or any other procedure, regardless of whether such procedure is being used on the day of the auction.

      The aforementioned does not apply to coins, medals, jewelry and paintings.

2. The Seller
   1. Ravenel as the Agent

      The Company acts as the agent of the Seller at a public auction. The Closing Agreement of the Lot is the agreement by and between the Buyer and the Seller.

   2. Expenses

      The Seller shall bear costs relating to the following:

      1. Packing of the Lot and shipping to the Company for the auction
      2. Any applicable shipping insurance
      3. The packaging and shipping if the item is delivered back to the Seller
      4. Insured under the Company art relic insurance policy (explained in detail later) indicate cohere (we point below)
      5. Any applicable custom duties
      6. Catalogue illustrations
      7. Any repairs made to the Lot as per prior agreement with the Seller
      8. Framing and mounting
      9. Authentication made by independent professionals which the Company believes to be necessary in preparing the catalogue explanations.
      10. Any independent professional opinions which the Company deems proper
      11. Collect 50% of the insured amount as part of the general expenses of the Company in the event the Lot is not successfully auctioned
      12. The storage of the Lot after the auction (if applicable)
      13. The administration cost of the Company reaches 10% of all the expenses incurred as a result of client services provided.
      14. Any marketing and promotional expenses
   3. Insurance Coverage to be Arranged by the Company
      1. Unless otherwise agreed by the Company, the Lot will be automatically insured under the the Company art relic policy in the amount as deemed appropriate by the Company. However, the insured amount is not the amount the Company undertakes to be successfully reached during the auction.
      2. The Company will collect 1% of the hammer price from the Seller or 1% of the reserve price if the Lot is not successfully auctioned. If the shipping is arranged by the Company, an additional amount will be collected by the Company from the Seller as the shipping insurance. Such amount varies depending on the individual condition of each auction item. The Company will refer a freight forwarder if necessary. However, the Company is not responsible for any legal responsibilities incurred therefrom.
      3. The Lot will remain insured up to 7 days after the sale. If the Lot has not been sold, it will be at the Seller's risk upon the expiry of 7 days.
      4. We are unable to accept responsibility for damage caused by woodworm or changes in atmospheric conditions.
   4. Insurance Purchased by the Owner

      If the Seller instructs the Company specifically that it is unnecessary to purchase insurance for the Lot, the risks shall be borne entirely by the Seller until the Buyer makes all the payments. The Seller must indemnify the Company, the employees and agents of the Company and the Buyer (if applicable) any claims in connection with the auction against the Company, the employees and agents of the Company and the Buyer, regardless of the cause of such claim. The Buyer must also pay for the expenses incurred as a result of such claim if requested by the Company, the employees and agents of the Company and the Buyer, even if such expenses are made as a result of negligence by the Company, the employees and agents of the Company and the Buyer without proof of legal responsibility. The Seller must inform the underwriter of the Seller the provision herein.

   5. Commitments Made by the Seller with Respect to the Lot

      The standards for the Company to handle the Lots are provided hereunder. These standards also limit the relationship between the Seller and Buyer. In the event such standards are incorrect in any aspect, the Company or the Buyer may bring legal actions against the Seller.

      The Company should base the purchase and handling of auction items on the following undertaking made by the Seller:

      1. The Seller is the only owner of the Lot and has the unlimited right to assign his ownership to the Buyer which should not concern any third party right or claim (including copyright claims).
      2. The Seller complies with all the laws in connection with the import and export of auction items and any other laws and has notified the Company in writing any failure to comply with such rules in the past.
      3. The Seller has notified the Company in writing of any major modifications in the Lot to the best of his knowledge and any concern the third party has raised with respect to the ownership of the Lot and the condition.

      In the event of any inaccuracy of the above a, b and c, the Seller must guarantee, if requested, to identify fully the Company and/or the Buyer all the claims, costs and expenses arising herefrom, whether caused by the Lot or the auction proceeds.

   6. Auction Arrangements
      1. The Company has absolute discretion over the description of the auction in the catalogue, display layouts, authentication opinions, location and method of the auction, who will be allowed to bid and the acceptance of the bid price, whether to seek professional opinion and whether to combine or separate the Lots.
      2. Any price estimates, whether verbal or written are strictly opinions and shall not serve as a guarantee of the final price for the Lot to be sold.
      3. The Seller cannot withdraw the Lot without obtaining consent from the Company. The Company reserves the right to withdraw the Lots for the following reasons. These reasons include:
         1. The Company is doubtful about the definition or authenticity of the Lot or the accuracy of the statement referred to in Articles 5a, b. or c.
         2. Any violations of the Transaction Agreement.
         3. The Company deems it inappropriate to include the Lot in the auction.
      4. If the Company or the Seller withdraws the Lot, the Company may charge 40% of the Reserve set by the Seller and the amount equal to the service fee payable to the Company if the auction is successfully sold at the insured amount and applicable value added tax, insurance and other expenses.
   7. Auction Rules
      1. The Company will auction the item according to the Reserve. The Reserve may not be higher than the minimum of the estimates set in the catalogue except otherwise if the Reserve agreed is in a currency other than HK dollars and the Reserve is higher than the minimum of the estimates caused by the exchange rate fluctuation between the Reserve agreement day and the auction day. Under such circumstances, except where otherwise agreed by the Company, the Reserve shall be in HK dollars calculated by the exchange rate at the closing of the market the day immediately before the successful auction. If the bid price is lower than the Reserve, the Company is in no way to be held liable; however, the Company is entitled to auction the item at a price lower than the Reserve. If the Company so auctions the item, the Company is responsible to pay the Seller the difference between the closing price and the Reserve.
      2. The Seller may not increase the price of sale without fair reasons, nor participate in the bidding of his/her/its auction item(s), however, Ravenel is authorized to bid on behalf of the Seller at the price not higher than the Reserve Price.
   8. After the Successful Auction
      1. Settlement

         Upon the successful auction, the Company will request the Buyer to make full payment no later than within 15 days, including the compensation payable by the Buyer. Upon payment by the Buyer, unless the Company receives a notice claiming such auction item is a counterfeit (as defined in Article 1 of the Transaction Agreement), the Company will remit to the Seller within 60 days following the successful auction day an amount equal to the closing price taking away all the expenses payable by the Seller. In the event the Buyer delays the payment, the Company will remit to the Seller within 7 days following the payment by the Buyer. If for any reason the Company pays the Seller before the Buyer makes his payments, the Company acquires the full ownership of the item. However, if the Company is forced to reclaim the Lot from the Buyer because such item is a counterfeit, the Seller must return the auction proceeds to the Company.

         Unless otherwise instructed by the Seller in writing, the Company will make its payment in HK dollars. If the Seller requests to pay in currencies other than HK dollars, the exchange rate should be according to what the Hongkong and Shanghai Banking Corporation (HSBC) reports and the Company announces on the auction date.

      2. Non-payment by the Buyer

         If the Buyer fails to make all the payments due within 35 days following the auction day, the Company is entitled to negotiate special terms in connection with the payments, storage, and insurance on behalf of the Seller and act as deemed necessary by the Company to collect payments payable from the Buyer. However, the Company is not responsible for making remittance to the Seller nor for bringing any legal actions on behalf of the Seller. The Company will discuss with the Seller to adopt appropriate actions to claim auction payments from the Buyer.

      3. Counterfeits

         If the Buyer convinces the Company that the Lot is a counterfeit (as defined in Article 1 of the Transaction Agreement) within 10 days following the auction day, then

         1. If the Buyer has not paid all or part of the payment, the Company is entitled to call off the transaction and/or
         2. If the Company at that time has paid all or part of the payments payable to the Seller, the Seller must return all the payments made to the Company if requested. The Company will exercise lien for the latter. Any items belonging to the Seller under control of the Company will be kept as security of the payments to be returned.
      4. Items Not Successfully Auctioned

         Any items not successfully auctioned, not included in the auction or withdrawn from the auction for any reason must be collected by the Seller within 35 days upon notification by the Company to the Seller that he must reclaim the Lot. A storage fee of HK$300 per day per piece will be imposed on each item not collected after such 35 day period together with an additional charge for purchasing insurance coverage. The Seller may not reclaim such item until all the payments due are made. Such items may be removed to a third party warehouse if not collected in 60 days after the notification of collection is issued. The expenses arising therefrom shall be borne by the Seller. The Company may dispose of the Lot in the manner it deems appropriate if such item is not collected within 90 days following the auction date or the notice date (whichever is the earlier). Such disposal includes removing the item to a third party warehouse with the associated expenses borne by the Seller and to auction such items under terms deemed appropriate by the Company (including the terms of estimates and the Reserve). The Company will pay the Seller the auction proceeds after payments owed are offset.

         The Company is authorized to act as the sole agent of the Seller within 2 months following the auction for any auction item withdrawn from the auction or not sold. The Company may auction in private the item based on the net amount the Seller may receive (the amount after deducting all the expenses payable by the Seller) or sell such item in private at a lower price agreed upon by the Company and the Seller. Under such circumstances, the Seller's responsibilities and liabilities to the Company are the same as during an auction.

   9. Photographs and Display

      The Company owns non-exclusive rights to the photographs, recordings and other reproduced images of the Lot. All the rights of such images shall belong to the Company and the company is entitled to use such images in any manner it deems appropriate.

   10. Other Matters
       1. Taxes

          The payments payable by the Seller to the Company does not include any commodity or service tax or any other value added tax (whether imposed in the Taiwan or elsewhere). The Buyer should be responsible for paying such taxes pursuant to the tax rates and time provided by the law if there is any such applicable tax.

       2. Electrical and Mechanical Parts

          The Seller must be responsible for maintaining the safe operating condition of the electrical and mechanical parts of the Lots. The Seller must return to the Company all the claims, costs and expenses arising out of any violation of the said guarantee and warrantee by the Seller.

       There are other special additional conditions apply to this provision. The relevant conditions are available at the Company.

3. Definition

   Some of the phrases commonly seen herein are defined as follows:

   1. "The Buyer" shall mean highest bidder accepted by the auctioning party.
   2. "The Lot" shall mean the item delivered to the Company to be sold in an auction, especially the single or multiple pieces of items numbered in the catalogue.
   3. "Hammer price" shall mean the highest bid with respect to one particular auction item accepted by the auctioning party.
   4. "Compensation paid by the Buyer" shall mean the fee based on a certain percentage of the Hammer price paid by the Buyer; the percentage shall be as prescribed in Article 4a, section I.
   5. "The Reserve" shall mean the lowest price agreed by the Company and Seller. the Lot cannot be sold at a price lower than such price.
   6. "Counterfeit" shall mean the Lot constitutes imitation and the original concept of the imitation and its overall execution result in fraud to cause deception in connection with the author, history, year, age, culture or origin of the Lot, for which the accurate description is not reflected in the catalogue and the value of the Lot on the auction day is far less than the value it should have according to the description in the catalogue. Therefore, no auction item will become a counterfeit as a result of any damage and/or any repairing in any manner (including repaints).
   7. "Insured amount" shall mean the value of the insurance purchased for the Lot which the Company considers necessary under its absolute power from time to time (regardless whether such insurance is purchased by the Company).
4. Terms Applicable to Both the Buyer and the Seller
   1. Copyright

      The copyright of all the images, photographs and written material in connection with the Lot shall maintain and belong to the Company at any time. The Buyer or any person may not use such items without obtaining prior written consent from the Company.

   2. Notices

      All the notices distributed according to the Transaction Agreement herein shall be made in writing. Any notice shall be deemed served to the recipient on the second day following delivery if sent by mail. If the recipient is abroad, the notice shall be deemed served on the fifth working day following delivery by mail.

   3. Severability

      If any part of the Transaction Agreement is deemed invalid, illegal or unenforceable by any court, such part can be ignored and the rest of the Transaction Agreement continues to be valid and enforceable to the maximum extent permitted by the law.

   4. Jurisdiction

      The Transaction Agreement are governed under the Hong Kong laws and the interpretation and effect of the Rules shall be subject to the laws of Hong Kong. The Buyer and Seller shall submit themselves to the exclusive jurisdiction of the Hong Kong courts for the interests of the Company.

Promoting Asian Art Auctions

Through a worldwide competition strategy, regional integration between countries is being established in the 21st century. Regional economic units, such as with North America, and the European Union, points to a sure trend for the forming of an Asian economic unit. Economic cooperation in the region will stimulate interaction in art and culture. In April 2009, the Boao Forum for Asia was first established, the "Boao Asian Contemporary Art Salon". Its purpose is to allow different Asian countries build a common consensus on the value of art and culture. Ravenel had its debut Hong Kong auction in 2008, and its success enhanced our reputation. Ravenel Spring auction 2009 expands the theme to Asian art.

In celebration of our 10th anniversary, despite the global financial crisis, Ravenel is fully engaged in the art world, sponsoring art exhibitions and holding auctions to promote art for art lovers. Ravenel is sponsoring the "Sculptures in Movement" exhibition from the Louvre Museum on its Asian tour. It will visit Taipei, Kaohsiung, Beijing, Wuhan, Hangzhou, Hong Kong, and Macau. The first opening was held in the National Museum of History, Taipei in April 2009. Ravenel's Spring Auction 2009 Taipei will take place on June 7, with 3 previews in Taichung, Hong Kong and Taipei. In the second half of the year, Ravenel will hold auctions in both Hong Kong and Taipei as in 2008.

"Ravenel Spring Auction 2009 Taipei" will be held on June 7, 2009, in the Fubon National Conference center, Taipei. The auction includes works by more than 130 renowned Asian artists. The total value of the 175 lots is estimated to reach NT$200 million to NT$300 million (approx. HK$50 million to HK$70 million; US$6 million to US$9 million). Works by 20th century Chinese art masters, along with works by contemporary Taiwanese, Chinese, Korean, Japanese, Indian, Indonesian, Philipino and Malaysian artists are included. The most valuable piece on offer is Wang Huaiqing's triptych creation, "Flying Apsaras", estimated NT$29 million to NT$42 million (US$865,700-1,253,700), which was part of the artist's solo exhibition in Shanghai Art Museum in 2007. It is imbued with a strong sense of abstract expressionism, interpreting flying immortals in a fluent calligraphic sense. "Flying Apsaras" has an extraordinary vigor, and is a representative work of Wang's creation when he was evolving a new artistic style.

Other highlights include Taiwanese art master, Liao Chi-chun's 1974-1975 beautiful oil painting, "Ferryboat". This masterpiece was shown in "The 30th Taiwan Provincial Art Exhibition" in 1975, the last art exhibition Liao participated in while living. Rich in composition, color and arrangement, it is a work from the artist's most important creative period. The estimate is NT$18 million to NT$28 million (US$537,300-835,800). The owner will donate half the hammer price of a successful sale to Fo Guang Shan Pumen Temple and Dizang Temple. Internationally renowned master Zao Wou-ki's "28.4.75" is one of his classic 70s creations, provenance Galerie Kutter in Luxemburg. It has been owned by Luxemburg collectors for more than thirty years, and has rarely been shown. The estimate is NT$10 million to NT$20 million (US$298,500-597,000); "Still Life with Flowers and Fish" which Lin Fengmian painted circa 1977 has a Cubist form and Matisse style. It is owned by Lin Fengmian expert, Sanhuai House, and was illustrated in Modern Artists Theory, Work, biography: Lin Fengmian published in 1988. Two paintings from Yun Gee's San Francisco period, "California Landscape", and "Lady in Pink Hat" are also highlights of the sale. "Lady in Pink Hat" belonged to Yun Gee's daughter, and "California Landscape" was a gift to his teacher Otis Oldfield in the late 20s. Otis' widow later returned it to the artist's wife Helen Gee. The previous ownership of this work makes this painting particularly precious. Paintings from the first generation of Chinese oil painters include, Guan Liang's "Bergen, Germany", Wei Tianlin's "Fish", Taiwanese art master Shiy De-jinn's "Woman", overseas Chinese George Chann's "Bronze and Stone Variation X", Sanyu's watercolor piece "Nude" and Wu Guanzhong's "Viewing Fish at Flower Harbour". They are all great works, which are very rare to find on the art market.

Cai Guo-Qiang's explosion installation work, "Art Shopping Network" is especially noteworthy. The idea of the work was originally conceived by a Taiwanese mass media person, Tsai Kang-yung and was executed at the invitation of the Museum of Contemporary Art Taipei. Tsai wanted to explore the concept of art as a commodity. Cai Guo-Qiang exploded Golden Yuan bills issued by the Chinese Nationalist government in Shanghai to counteract inflation but which failed miserably within 10 months . Tsai Kang-yung was in charge of the mass marketing of the resulting 66 sets of exploded notes on a TV shopping network, and pointed out the value and meaning of artworks in the commercial market. The work combines exploded notes, performance, and a multimedia installation. This collective work "Art Shopping Network" by Cai Guo-Qiang and Tsai Kang-yung is estimated between NT$16 million to NT$24 million (US$477,600-716,400). Yue Minjun's bronze sculpture "Contemporary Terracotta Warriors No. 6", was exhibited in Queen's Museum in New York. This piece demonstrates the irony and humor of history, while subverting the concepts of new heroism and idolatry. Other works by Chinese contemporary artists include, Zeng Fanzhi's "Portrait", Wang Guangyi's "Louis Vuitton", Zhou Chunya's "Red Rock Series", and "Peach Blossom in Long Quan", Li Shan's "Reading Series", and "Mao (Rouge Series)", Qi Zhilong's "A Chinese Girl in Male Military Uniform", Feng Zhengjie's "Chinese Portrait Series No. 2" and Yang Shaobin's figure oil painting.

Taiwanese contemporary works include Michell Hwang's "Woman in the Modern City", and "Woman and Cat", Yang Mao-lin's "Zealandia Memorandum M9301", Tsu-chi Yeh's "Taimali-Taitung", Chiu Ya-tsai's "Professor of Jurisprudence", Kuo Wei-kuo's "A Photo with Imperfection on Its Shape". These works demonstrate Taiwanese artists' sensitive point of view and rich expressive methods. Li Chen's brilliant sculptures "Snow Wonderland", and "Clear Soul" adopt different features from both the East and West. North- East Asian contemporary art also shows different features. Ravenel is offering works from Japanese artists: Yoshitaka Amano, Korehiko Hino, Ayako Rokkaku, Kiriki Iida, Taira Hisaya, and Lyntalo Torii. A strong list of Korean contemporary artists are also represented, such as Chun Kwang Young, his "Aggregation" conveys oriental thought with Korean mulberry paper, Lee Lee Nam with a multimedia installation, Kwon Ki Soo, Yoon Jongseok, Lee Jaesun, Kim Ji Min, Lee Ho Ryon, Hwang Hyun Seung, Yim Tae Kyu, Lee Youjin, and Yim Man Hyeok. The Korean section has works of high artistry and a variety of creative possibility for which Korean artists are renowned.

Works from South-East Asia are also outstanding. Chintan Upadhyay from India has participated in the Asian Art Biennial held by the National Taiwan Museum of Fine Arts. His "Bhogi to Yogi" depicts his iconic figure. Bose Krishnamachari's abstract piece unites Western skills and Indian original color tones. Indonesian artist I Nyoman Masriadi's early period painting "Save the Land" already shows an aspect of black humor in comic style. Haris Purnomo's "Alienated Baby No. 3" implies the violence hidden in real society through a tattooed infant. Agus Suwage's "Swimming", and "Man with Fans", and Budi Kustarto's "See Something which is Upsidedown" narrate serious social issues that Indonesia has to deal with currently.

So only in the long term can we tell which artists are with the potential or not. Our company has devoted much time and energy to the investment analyses, including the investment trend of artists, the location of the buyers, the general collectors group and the future trend. These analyses are based on the scientific statistic methods. The art works are bought on the basis of sound information. The value of artworks is not just heard from others, but selected by very clear data, which is totally trustworthy.

Like Zhao Wuji, Zhu Dequn once resided in France. He begins to enjoy popularity gradually in Taiwan, Singapore, Indonesia with our continous recommending. Now the price of his works is rising steeply. Few Taiwan collectors paid great attention to his work when we commended him at the first time. Later one collector bought that piece with exceptional insight. In the auction 2005, its price rose to 12 million TWD ( 3 million HKD), but the collector bought it only at 0.96 million TWD (0.24 million HKD). We treat our clients as well as our friends. We establish strong trusting relations with them bit by bit in daily life, which is very unique in my opinnion. Clients' trust mainly bases on our good sercive. It is very easy for clients to buy or sell art works. And we will consider for clients that whether it's easy to sell later when they buy it.

Trust is not based on how many staff one company has. How to think for clients is the key to gain trust.

The 20th & 21st Century Chinese Art, Japanese & Korean Contemporary Art

Download Auction Results PDF File

Sale Date / Venue: Sunday 7th December 2008, Taipei
Value of Lots Sold: NTD 243,015,400　(USD 7,245,540)
Number of Lots Sold / Total Lots: 102 / 147
Percentage of Lots Sold: 69.39%
Value of Lots Sold: 66.41%
On the date of the sale, exchange rates were approximately as follows：USD 1 = NTD 33.54   HKD 1 = NTD 4.33   EUR 1 = NTD 42.81

The following prices in New Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest New Taiwan Dollar.

Ravenel is not responsible for typographical errors or omissions.

Once again for Ravenel Art, the auction auditorium in the Fubon National Conference Center on Sunday December 7, 2008 was packed with more than 500 people and 250 registered bidders but bidding reflected the new realities of a challenging market. Total sales reached USD 7, 245, 540, which was 66.41% of value, a very respectable result in difficult market conditions. 102 of 147 lots were sold representing 69.39%.

As has been witnessed in New York, London and Hong Kong over the last few months, there is still a market for high quality works at attractive prices. The top selling lot on Sunday was Cai Guo Qiang's 'Descending Wolves for the Guggenheim International Gala', which realized USD 903, 995 among intense early bidding. One of the best of Cai's 'explosion pictures', it is truly a masterpiece of the artist's technique and expression. Created on five paper panels, it depicts a pack of wolves descending a rocky mountain. Cai has captured the full power, beauty and energy of the wolves through his use of explosives and created a magnificent picture where the tones and hues evoke the greatness of traditional Chinese ink and brush painting.

Zhang Xiaogang's 'Bloodline Series – Big Family' brought in a winning bid of USD 837, 209. Painted in 1998, the work reflects the mature abilities of Zhang in this series. The painting is of particular note because of the intenseness of the expression in the eyes of the mother, father and son created by an artist at the height of his powers. Based on old black and white family photographs, the Bloodline Series depicts the soul and character of the Chinese people who have alert yet distant gazes.

A superb work from Wang Huaiqing's Ming Furniture Series, 'Separation and Reunion' fetched USD 703, 637. Depicting a deconstructed Ming chair, the work is a profound study of a symbol at the heart of Chinese Culture.

Works by Ju Ming, world famous for his Taichi Series of sculptures, continued to perform well. 'Taichi Series – Shadow Boxing', a pair of wood sculptures raised USD 474, 955. Exquisitely carved, the sculptures capture the full power, energy and calmness of Taichi.

'Composition No. 190', [USD 369, 410] an abstract by Chu Teh-chun, attracted a lot of interest because of the rarity of its style. A very beautiful work, created in dark colors, and bursting with energy, it evokes a rocky landscape. The full power of Chu's merging of traditional Chinese expression in ink and brush paintings and Western oil painting techniques is seen in the picture. Another Work by Chu 'Souffle de la nature' fetched USD 182, 946. A more traditional work by Chu, it is suffused with light and color.

There were some surprising results considering the present market. Two statues by Li Chen, a Taiwanese sculptor, renowned for his Buddhist works attracted fierce bidding. 'Landscape in Heaven' a large Buddha holding a golden mountain in one hand and silver water in the other while standing on a cloud, brought in USD 154, 800. Rounded and smooth, and imbued with calmness and serenity the work is sure to bring peaceful feelings to its new owner. Another smaller sculpture 'Cultivated by Mist and Cloud' also attracted intense bidding and realized USD 42, 218. Huang Gang's works continue to surprise the market this autumn and 'Beijing My Home' was no exception fetching USD 84, 436, more than double its high estimate. Huang renowned for creating collages from Tibetan wooden sutras and various artifacts from Tibet, this time has created a magnificent work using materials from his hometown, Beijing. Centered round a large red star, symbol of China, Huang has placed traditional woodcuts used to print records of ancestors. The work is a splendid example of Huang's artistic sensibilities and captures the full power of his belief in remembering the past.

Modern and Contemporary Asian Art

Download Auction Results PDF File

Sale Date / Venue: Monday 1st December 2008, Hong Kong
Value of Lots Sold: HKD 72,603,140　(USD 9,368,147)
Number of Lots Sold / Total Lots: 45 / 62
Percentage of Lots Sold: 72.58%
Value of Lots Sold: 88.03%
On the date of the sale, exchange rates were approximately as follows：TWD 1 = HKD 0.23    USD 1 = HKD 7.75

The following prices in Hong Kong Dollars include the hammer price, the buyer's premium and are rounded to the nearest Hong Kong Dollar.

Ravenel is not responsible for typographical errors or omissions.

Ravenel Art surprised the art world with a very successful first auction of Modern and Contemporary Art in Hong Kong on Monday December 1, 2008. As other auction houses struggle in a strained market, Ravenel, the leading Taipei based art auction house, used its experience and knowledge of the market to present a group of very high quality artworks.

The auction hall in the Four Season's Hotel was thronged with bidders and the approximately 300 people present exceeded expectations. Major Hong Kong collectors were there in large numbers as were big collectors from Taiwan. There were also many foreign collectors spread around the hall.

Total sales reached HK$ 72,603,140 [US$ 9,368,147] which was 88.03% of value, a major achievement in present market conditions. 72.58% of lots were sold with 45 of 62 attracting successful bids. This is a remarkable result in present times, and is due to the high quality of the works on offer. Major works by important artists all sold well.

Yue Minjun's 'Enchanted Spring' fetched the top price, HK$ 11,500,000 [US$ 1,483,871]. This large painting depicts a joyous, laughing androgynous self-portrait, kicking up his high-heels against a purple flag with a laughing Mao. This work is seminal to Yue's style and expression and it attracted very active bidding.

A stunning abstract expressionist painting by Zao Wou-ki '22.3.1979' brought in HK$ 8,140,000 [US$ 1,050,324]. The painting in warm yellows and oranges is a magnificent landscape representation embodying the full power of Zao's language and technique which combines Chinese sensibilities with Western oil painting techniques.

Further proof that quality will still sell well at auction came with Sanyu's 'Chrysanthemums on a Red Table with Yellow Background. A magnificent still-life, painted in simple colors of yellow, black and red, is centred on a powerful composition of Sanyu's favorite flowers. The painting is deeply affecting, with a strong calming influence and full of serenity.

Other highlights of the auction included works which easily beat their high estimates again due to the high quality of the works. Wu Guanzhong's 'The Blooming Mountain', a superb abstract expressionist depiction of the famous scenic area near Beijing, attracted intense bidding. It realized HK$ 6,460,000 [US$ 833,548] against a high estimate of 4.5 million HKD. Yan Pei Ming's 'Mao Soleil rouge' also attracted fierce bidding and brought in HK$ 6,460,000 [US$ 833,548].

Two works by Zeng Fanzhi 'Man with Bamboo' and 'Red Clouds' attracted significant bids selling for HK$ 4,720,000 [US$ 609,032] and HK$ 5,900,000 [US$ 761,000]

12 of 14 Taiwanese paintings found buyers, and one of Ravenel Art's aims was to introduce major Taiwanese artists who have developed very personal and different artistic voices. Two works by Michell Hwang 'Young Girl – Chasing Dreams' and 'Story' attracted spirited bidding. Japanese and Korean works all sold well as did works from South East Asia and India.

After its success today, Ravenel is looking forward to 2009 and further consolidating its position in Hong Kong.

Ravenel Art

Hong Kong & Taipei Autumn Auctions

Modern and Contemporary Asian Art

Ravenel Art Group is pleased to announce that it will hold two auctions this autumn in Hong Kong and Taipei. Our first Hong Kong auction of Contemporary Asian Art with 62 lots offered will be held on Monday December 1, 2008. Our Taipei auction of Contemporary Chinese, Korean and Japanese Art with 147 lots offered will take place on Sunday December 7, 2008.

Ravenel Art has been the leading Modern and Contemporary Art House in Taiwan since our founding in 1999. With offices in Hong Kong and Beijing, Ravenel has played a major part in the growth of the art market over the last 10 years not just in Taiwan but also in the North Asia region. Our biannual spring and autumn sales in Taipei have met with unprecedented success and have continuously broken total sales records for auctions as well as setting numerous records for individual artists.

As China opened to the world at the beginning of the 20th Century, many of its artists chose to study Western Art in Europe. These artists then introduced Western Art techniques and concepts into Chinese painting. Chinese painting was very traditional, preferring ink and brush painting, and portraying scenery. These new artists who ventured to Europe started to adopt oil painting techniques, which they combined with a Chinese sensibility. Ravenel will offer works by some of these artists including Sanyu, Zao Wou-ki and Chu Teh-chun. These three artists settled in France. Sanyu is appreciated for his still-lifes combining elements of traditional Chinese painting with Western oil techniques. Zao Wou-ki is famous for his dramatic abstracts, which use light in an unique way to create profoundly deep works in oil imbued with Chinese sentiment. Chu Teh-chun, also creates dramatic abstracts. Chinese Contemporary Art has enjoyed enormous success over the last five years with a strong appeal for both Western and Regional collectors. Ravenel will offer works by the leading artists in this field including Zhang Xiaogang, Zeng Fanzhi, Wang Guangyi, Yue Minjun and Yan Pei Ming. Zhang Xiaogang is renowned for his ''Big Family – Bloodline'' series, which portrays Chinese faces taken from old photographs. Zeng Fanzhi''s ''Wild Grass'' series as with all his works is concerned with portraying the inner self. Wang Guangyi''s ''Great Criticism'' series is one of the best known in the West. Wang is part of the ''Political Pop Art'' group and in his works he combines images from Cultural Revolution posters with modern consumerist images to comment on present day life in China. Yue Minjun''s laughing self-portraits have become an iconic image of Contemporary Chinese art. Part of the ''Cynical Realism'' group, Yue''s laughing faces make a profound comment on life in China. Korean art will be represented by Kim Tschang-Yeul and Park Seo-Bo. Paintings by Japanese artists Hino Korehiko and Hiroyuki Matsuura will attract much interest. Two of the most sought after S. E. Asian artists, Augus Suwage and Budi Kustaro will have works included. A work by Justin Ponmany, a rising star of Indian Contemporary Art will be on offer.   The auction will be held in: The Four Seasons Hotel Ballroom, 8 Finance Street, Central, Hong Kong on Monday December 1. Previews will be held in: Taichung Saturday, November 8-Sunday, November 9, 1:00pm-7:00pm GSR Gallery 1F, No. 83, Gong Zheng Road, Taichung, Taiwan Taipei Friday, November 15-Saturday, November 16, 10:00am-7:00pm Fubon National Conference Center B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan Hong Kong Friday, November 28-Sunday, November 30, 10:00am-7:30pm Grand Hyatt Hong Kong-Salon 1 Harbour Road, Wanchai, Hong Kong

The December 7 auction will present works in four key categories. In Modern Chinese Art, paintings by artists influenced by Western oil painting including Zao Wou-ki, Sanyu and Chen Baoyi will be offered. Zao Wou-ki, who settled in France, is famous for his dramatic abstracts combining Chinese sensibilities with Western painting methods. Sanyu, who also moved to Paris, is appreciated for his still-lifes, which combine elements of traditional Chinese painting with Western oil techniques. Chen Baoyi, who studied Western painting in Japan and who was one of the leaders in bringing Western styles to China, is acknowledged for his outstanding still-lifes. Other artists included in this section are Wang Huaiqing, Liao Chi-chun and Chu Teh-chun. In the Taiwanese Art section key works by many renowned artists will be offered. Taiwanese Modern and Contemporary Art is defined by the unique voices developed by its artists as they engaged with their personal concerns and particularly with the major changes that have taken place in Taiwanese society over the last 30 years. Sculptures by the world-renowned artist Ju Ming will be on offer. He is most famous for his ''Tai-chi Boxing'' series. Works by Lien Chien-hsin will also be featured. His paintings of Taiwanese localities, now touched by the effects of industrialization are always much sought after. Kuo Wei-kun, whose intensely personal works often combining Chinese mythology will also be represented. Other artists included in this section are Michelle Hwang, Chiu Ya-tsai and Liu Kuo-song. Contemporary Chinese art has been top of the market for the last five years. Ravenel will offer works by many of the top artists of this new generation. Cai Guo-qiang, famous for his gunpowder drawings, which he literally explodes onto paper, will be featured. Zhang Xiaogang will be represented by his ''Big Family – Bloodline'' series. Taking his inspiration from old family photographs, Zhang was one of the first Chinese artists to present the Chinese person in an entirely new way. New works from Zeng Fanzhi''s ''Wild Grass'' series will be on offer. Zeng has always been concerned with the inner world of his subjects and their relationship to the outside world. Other artists included are Zhou Chunya, Zhang Linhai, Ma Liuming (Photography) and Luo Zhongli. New interest has arisen in Korean and Japanese art and works by leading artists in these countries will be featured. Japanese artists will include Nara Yoshitomo, famous for his characters with big eyes and a bewildered look on their faces as they face a modern technological society. Hiroyuki Matsuura will also have a work offered. Korean art will be represented by Bahk Seonghi and Kwon Ki-soo.   The auction will be held in: The Fubon National Conference Center B2, No, 108, Section1, Tun-Hwa South Road, Taipei, Taiwan on Sunday December 7, 2008. Previews will be held in: Taichung Saturday, November 8-Sunday, November 9, 1:00pm-7:00pm GSR Gallery 1F, No. 83, Gong Zheng Road, Taichung, Taiwan Hong Kong Friday, November 28, 1:00pm-7:30pm; Saturday, November 29, 10:00am-7:30pm Grand Hyatt Hong Kong-Residence 1 Harbour Road, Wanchai, Hong Kong Taipei Friday, December 5-Saturday, December 6, 10:00am-7:00pm Fubon National Conference Center B2, No. 108, Section 1, Tun-Hwa South Road, Taipei, Taiwan

Ravenel Spring Auction

June 1 2008

Press Release

Browse Auction Results

Ravenel's Spring Auction of Modern and Contemporary Chinese, Korean and Japanese Art in Taipei on June 1 was a resounding success. Reaching a total of over 500 million NT Dollars or 16.5 million US Dollars, it far exceeded expectations in the present economic climate, and emphasizes that great results can be achieved through a strong professional approach and the offer of high quality works. 171 of 189 lots were sold representing a sale rate of 90.5% and the value of lots sold was 112.8% of estimates showing the strength of the Taiwan art market.

The auction venue was thronged with excited bidders. More than 600 people turned up for the event and with 300 bidders on the floor and numerous telephone and absentee bids the atmosphere was at times electrifying. One of the highlights of the afternoon was a Mao painting by Yan Pei-Ming which sold for 49, 880, 000 NT Dollars or US$1, 640, 520 million including commission a record for the artist. The strength and feeling of this painting had attracted major attention during the previews in Taiwan and Hong Kong. The highest price 73, 400, 000 NT Dollars or US$2, 414, 077 including commission came for a Zao Wou-Ki abstract entitled '1.12.68 (13.2.77)'. This expressive work combining Western painting techniques, especially the use of light, with Chinese feeling is one of the artist's favorite pieces. Zao kept this painting in his personal collection for many years and added some strokes in 1977 thus titling it with two dates.

There was a very strong showing for Taiwanese artists, who are always popular among local collectors. In particular, 2 sculptors did very well. A personal record 8, 850, 000 NT Dollars or US$291, 071 including commission was set for Li Chen with his Golden Rain Bronze, a stunning piece evoking Buddhist sympathies. Two pieces by Yuyu Yang also did very well. A record 3, 186, 000 NT Dollars or US$104, 785 including commission was set for Yang Chihung with his abstract 'Looking for light' a magnificent piece almost seeming to invite us to experience the universe. Chuang Che's abstract, 'Night Town' also set a personal record of 4, 484, 000 NT Dollars or US$155, 238 including commission for this artist. Frantic bidding was witnessed for 3 works by Lien Chien-Hsing whose representation of scenes in Taiwan are close to local collectors' hearts. Also, 2 works by Kuo Wei-guo saw keen interest.

Another highlight of the night was the reception for 2 Huang Gang works. This Beijing artist, whose travels to Tibet deeply influence his art, saw frenetic bidding. Both his works doubled their high estimates. Collages composed in part from sutras, and leather boxes from Tibet along with paint work, they evoke many feelings ranging from spiritualism to the sense of loss. 'Golden Iced Lake (diptych) achieved 8, 260, 000 NT Dollars or US$271, 666 including commission. A work by Zeng Fanzhi, who broke the record for a living Chinese artist a week ago in Hong Kong, saw incredible bidding. The work from his 'We series: Mao Zedong' is a mesmerizing piece which far exceeded its high estimate reaching 14, 600, 000 NT Dollars or US$480, 184 including commission. 'Mother' a work by Chen Ke, a young female artist quickly gaining renown attracted much bidding. Ravenel also introduced some young Chinese artists such as Gao Yu, Cui Wei and Xu Maomao to auction in Taiwan for the first time. Gao Yu's large 'Hello Panda –GG' appealed widely and sold above its high estimate. Xu Maomao's 'Romeo and Juliet' cartoon and robot inspired painting drew a lot of attention from younger viewers and much interest in the auction.

Works by Japanese and Korean artists were well received with all lots selling successfully.Two works by Japanese artist Hiroyuki Matsuura saw frantic bidding with excellent results. 'Maintenance' reached 3, 422, 000 NT Dollars or US$ 112, 547 including commission. This rising star of the Japanese art world uses graphic art techniques. 'Gaya' a work by Choi Do-Young who constructs her works from jeans exceeded its high estimate achieving 2, 478, 000 NT Dollars or US$81, 500 including commission.

Ravenel Art has once again set the standard for auction houses in Asia, building strong and long-term relationships with collectors and offering outstanding works by both major established artists and new emerging artists from China, Korea and Japan. Along with the passion of Taiwanese collectors, this auction also achieved its success through the participation of a wide range of overseas bidders including many Westerners.

Sale Date/Venue: Sunday 1st June 2008, Taipei
Number of Lots Sold / Total Lots: 171 / 189
Value of Lots Sold: USD 16,479,802.664 (TWD 501,068,400)

The following prices in Taiwan Dollars include the hammer price, the buyer premium and are rounded to the nearest Taiwan Dollar.
On the date of the sale, exchange rates were as follows：USD 1 = TWD 30.405 . HKD 1 = TWD 3.896

Ravenel is not responsible for typographical errors or omissions.

At the exhibition in Kwangju that year, the walls of one exhibition hall were packed with a series of black-and- white portrait "Au bord de l'eau, 108 Brigands", created by Yan Pei-Ming. The audience could not help but be impressed by the tremendous vigor of huge paintings. These works were completed in 1993-1994, when he was studying at the Villa Medici, the Académie de France for one year. He was the winner of "Prix de Rome", the award issued by French Government, so he was able to study at Villa Medici for one year. "Prix de Rome" has its ancient historical heritage, and it was set up in the 17th century during King Louis XIV era. The aim was to cultivate various young artists with potential. Over the years, well-known artists who won the award included Ingres, Poussin, David, as well as the Impressionist musician, Debussy, Berlioz, and so on. "Au bord de l'eau, 108 Brigands" was collected by French Fonds National d'Art Contemporain.

Apart from the Fonds National d'Art Contemporain, many works of Yan Pei-Ming were collected by top art museums. For example, the huge works "Survivants" created in 2000 is the collection of the Centre Georges Pompidou, Musée national d'art moderne, Paris. Yan Pei-Ming is the third Chinese-origin artist, who followed Zao Wou-ki and the late Chen Zhen, whose works were designated to be the collection in Centre Georges Pompidou. Yan Pei-Ming has very high cultural prestige in France. At the end of 2007, he was invited to visit China with French President, Nicolas Sarkozy, and commissioned to paint three portraits of French hero, Guy Moquet, in the resistance movement. According to the French Ministry of Culture, one of the three portraits would be displayed in the former secondary school of Guy Moquet, the second one is currently on display in the office of the Prime Minister, Francois Fillon, and the third will go to Nicolas Sarkozy's own office. Located at the south of France, Maeght Fondation is famous for its long history, and at the end of 2007, the solo exhibition for paintings and sculptures of Yan Pei-Ming was held with the theme, "Yan Pei- Ming, Portraits d'artistes Peintures Sculptures". Yan Pei-Ming expressed his view through painting portraits and sculpture of the sculptor, Giacometti, Mao Zedong, unknown figures, as well as his own. At Galleria d'Arte Moderna e Contemporanea di Bergamo in Italy, the solo exhibition of Yan Pei-Ming is now being held and this is the irst time for Italian oficial art museum to display his works. It can be inferred that how significant he is in Europe.

Despite Yan Pei-Ming often took part in various art museums in Europe or international Biennales, he was most concerned about the exhibition held in Shanghai, his hometown, in 2005. He believed that national art museum in China, such as in Beijing and Shanghai, any exhibition could be held for only eight or nine days, as long as the money spoke, but the condition was so bad. He mentioned that Centre Georges Pompidou in France, the Tate Modern in London and MoMA in New York, low grade of works would not be allowed to exhibit there. Once the works are selected, the art museums will not charge any money from the artists. Therefore, he insisted on exhibiting his works without any conditions. Later, Shanghai Art Museum and Guangdong Art Museum allowed him to hold an exhibition unconditionally for a full month. It is understood that because of his persistence, some Chinese media have deliberately blocked the news of his exhibition in Shanghai Art Museum. Yan Pei-Ming will never compromise for his profession. For the China rush in the art market, Yan Pei-Ming has his self-adherence, and hope that paintings should not be speculated, nor ups and downs with the market.

I will never compromise my efforts of 30 years

Yan Pei-Ming, who boasted as a world-class professional artist, only maintains the relationship with two galleries in Italy and the United States, respectively. He does not accept other agents of the galleries, nor direct contacts with the auction company, as he respects the professional agency mechanism. All his works at current auctions on the market were released from the hands of collectors. He once clearly said that somebody from China wanted to be the agent for his works, but he refused. He said frankly that no Asian art galleries were eligible to be his agent. He has created for more than 30 years, how can I take my artistic life as a joke? He irmly said, "I will never compromise my efforts of 30 years." Born in a worker's family in Shanghai, he had to be a dishwasher in a French restaurant for many years, in order to study in France. But step by step, he climbed upwards, with few requirements for the material, and not craving for wealth. However, when facing his art life, he will be surely persistent to the end.

Based on respect for the independent creative, Yan Pei-Ming is away from the hubbub of the market, and the market value of his paintings were keep low at the auction market a few years ago. The number or amount of his works is far less than that of other artists at the same age. Before 2005, less than 10 pieces of his works were appeared at auction market in the global and the annual transaction volume was less than US$210,000 in total, which was equivalent to less than NT$7 million. The market was mostly concentrated in Paris, France. However, as the trend of overall price rising in Chinese contemporary art, his paintings has in fact become the focus of attention at auction market, though he lives in Dijon, France, far away from Asia. So, irst at auction market in Hong Kong in 2005, then at other auction markets, such as in London, New York, Brussels, Cologne, Beijing in 2006, and in Taiwan, Shanghai and other places in 2007. Throughout the year of 2007, 44 pieces of works were displayed and the annual transaction volume was US$15.51 million (about NT$488.63 million). According to the news report, Yan Pei-Ming has accumulated about thousand of his creative works up till now. However, up to the irst quarter of 2008, only 132 lots of Yan Pei- Ming's works were appeared at the auction market. 120 lots were for his oil paintings, 10 lots for his watercolors, drawings and other works, and two auctions for prints. In fact, several oil paintings have been auctioned for the second time. He hopes that collectors will cherish forever his works, but the supply and demand of the economy exists in the market mechanism. When the demand is far greater than the supply, the second time auction is also well received by the market, though prices have been rising.

According to the report, "Art Market Trend 2007", issued by Artprice in March 2008, Yan Pei-Ming's accumulated trading volume at auction markets in 2007 has been ranked 109 among all artists in the world (including the ancient masters and the late artists). In 2006, he was only ranked in the 308. How interesting it is that there were "108 Brigands" ranked in front of him in 2007! Among the irst 100, there are 18 Chinese artists in all, with contemporary artist, Zhang Xiaogang, (No. 22) in the highest rank, followed by other contemporary artists, such as Yue Minjun (No. 26), Zeng Fanzhi (No. 27), Wang Guangyi (No. 77), Fan Lijun (No. 82), Cai Guo Qiang (No. 89), Liu Ye (No. 93), Zhou Chunya (No. 64); the artistic predecessor, Zao Wou-ki (No. 30), Wu Guanzhong (No. 39), Xu Beihong (No. 52), Zhang Daqian (No. 65), Qi Baishi (No. 70), Li Keran (No. 71), Chu Teh-chun (No. 75), Fu Baoshi (No. 86), Chen Yifei (No. 90); and Taiwanese sculpture master, Ju Ming (No. 95) is also on the list.

Yan Pei-Ming's paintings have become hot at the auction market in the past one year. Moreover, he is also very popular at the exhibition gallery in the primary market. Last year, when Milan agent gallery held his solo exhibition, many celebrities and large masses visited the exhibition, as some audience mentioned. At the opening party of the exhibition, no labels with red dots or price lists had been seen. After asking the curator of the gallery, people then knew that all works in the exhibition had been completely sold out, and each piece of works cost about 500,000 Euros (approx. NT$23 million) in average. Hence, Yan Pei-Ming entrusted the agent gallery to deal with all the affairs in the market. His Italian agent is a world-class art dealer. The active auction market has no doubt led the gallery market booming of buyers.

Underestimated value expected to be made up in 2008

Chinese contemporary art market climbed up the peak in 2007 and it brought up the contemporary artists at the market around the Asian. Regardless of the Mainland China, Taiwan and Hong Kong, or in New York, London, Paris, the new records have always been reported at the major auction markets in the world. Though rumors about the sub-prime mortgage crises in the US triggered the economy bubble are constantly heard, the investment in art as an alternative hedge has been advocated by many investors. It is certain that the international art market as a whole will become more rational in 2008 than in the past. Those artists whose works had been raised too much a few years will probably have the tendency of adjustment in the market. Thus, it is good and healthy impact on the market. In 2005, Chinese ink painting and calligraphy market had reached its peak, after that, it was declining, and the market had to be reshuffled. However, the ink market was apparently warmed in 2007. With positive proof of calligraphy and paintings markets, modern and contemporary painting markets can avoid overheating concerns. Unless heavyweight auction, the high prices in general will not be easy to have a new record in short-term for artists whose works are already higher. But prices for those important artists whose works are not too high, a make up for the price can be expected. The situation is similar to Taiwanese contemporary artists, as well as to Japanese, South Korean and other Asian contemporary artists.

In the past, because of the place of residence, Yan Pei- Ming was well known in Europe as a great artist, and his works are mainly concentrated in the European market. From the beginning of 2007, as he has joined the cooperation of New York gallery agency, his solo exhibition began to launch. The works of Yan Pei- Ming with potential of more international buying in future have promising prospect. It fully complies with the conditions of underestimated value in the market. He is expected to follow Cai Guo Qiang and becomes a star artist in international auction market.

In the addendum, a copy of "Top 20 Most Expensive Paintings of Yan Pei-Ming Ever Sold at Auction" has been sorted, and the source is from the data published by major auction companies in the world before March 31, 2008. It can be seen that all new records in the auction market were set up after 2007, except for the black-and-white portrait of "Mao", which ranked No. 12, was set up on October 15, 2006. The prices of ive pieces of works were updated in the irst quarter of 2008. At present, the highest price in the auction market is the red portrait of "Mao", which hit the highest new record in New York on November 14, 2007, and it reached US$1,609,000, equivalent to about NT$50.7 million. The works of the second highest price is "Vermillion de Chine No. 3", set up in Taipei Ravenel on December 2, 2007, which reached NT$45.4 million, equivalent to about US$1.44 million. In contrast to several other high- level contemporary artists, "Family portrait" created by Zhang Xiaogang reached US$4,699,000 at the auction in last autumn. "Xiehe hospital series (triptych)" created by Zeng Fanzhi reached US$5.88 million, "Execution" created by Yue Minjun reached US$5.9 million, "Mao Zedong AO" created by Wang Guangyi reached US$4.07 million, "Set of Fourteen Drawings for Asia-Paciic Economic Cooperation" created by Cai Guo Qiang reached US$9.5 million. It is expected that Yan Pei- Ming's works should be promising in the future market.

The portraits of Mao Zedong occupy half of top 20 highest price

According to media reports, having about 30 years of creative qualifications, Yan Pei-Ming has accumulated about 1,000 pieces of creation, of which about 100 pieces are large and small portraits of Mao Zedong. Other works are self-portraits, portraits of his father, and most of them are decent portrait of the unknown characters. Mao Zedong is indeed the world-renowned figure, although only a small part of the creation are with the subject of Mao, half of 20 pieces of Yan Pei-Ming's works with the highest price at current auction market are portraits of Mao Zedong. From 1987, Yan Pei-Ming began to paint the portraits of Mao in France. In fact, it is also a kind of self-portrait to some extent. Experienced with different times, these portraits have reflected the current thinking about the past culture. The creation of Chairman Mao has shown the personality of Yan Pei-Ming, though they are created in different times. His style could be recognized at a glance. He has long been identified as the significant contemporary portrait artist by art critics.

It is worth mentioning that Yan Pei-Ming began to paint portraits of Chinese ilm star, Bruce Lee, recently. It was stated at his art monograph, "Yan Pei-Ming - The Way of the Dragon". In order to enter the art market and hold solo exhibition in the United States, he deliberately chose a theme to cater with American cultural background with a familiar Chinese face. The result of strategy was successful. London based auction company promoted a portrait of Bruce Lee in February this year and it was auctioned at ￡692,500 (about NT$ 42,935,000 or US$1.36 million). It is good performance for the portrait of Bruce Lee irst appeared in the auction market.

Yan Pei-Ming's works accounted for the largest sales in London auction market

In the past few years, Chinese auction market was booming, and it made Southeast Asia, Northeast Asia and even the local auction companies in New York organize special exhibition for "Chinese Contemporary Art". Based on this, some companies held the auction with the expanded theme as "Asian Contemporary Art". They joined into this unprecedented era of the Warring States Period. One of the largest scales is the promotion of New York Sotheby's, who has promoted special auction themed as "Chinese Contemporary Art" since March 2006, aiming to take the advantage of New York market, which has always been prosperous. But before it succeeds, several auction companies in London, which is the second largest auction distribution center, have aggressively increased the mainstream Chinese artists on a large scale in the original "Contemporary Art" category, hoping to improve the market share. At several auctions in the fall of 2007, a few auction companies in London had indeed made excellent performance and they could rewrite the past records set up by other auction markets frequently. These initiatives undoubtedly facilitate Chinese contemporary art into international art market and this is what we would like to see, as more and more people and global funds to buy Chinese art works.

Yan Pei-Ming has high reputation in Europe, but New York is still a relatively new market for him. Nevertheless, it can also accept this Chinese artist who came from France. Since 2006, Yan Pei-Ming's works have been transacted for over 35 times in a short span of two years. The amount of sales has reached US$12.64 million (approx. NT$398.2 million), which is the largest share 48% of Yan Pei-Ming at the auction market. It is followed by the New York market, which accounted for 18%. The third market is Paris, which accounted for 12%. Taipei's auction market started from December 2007 to auction the works of Yan Pei-Ming, but only accounted for 7%. However, "Chinese Vermilion #3" has been auctioned at Ravenel, and the second highest record was set up at one stroke. It should also be mentioned that before and after the auction, several major collectors abroad had also paid attention to this auction, with a high degree of inquiry. June 2008, Ravenel will continue to promote the red portrait of Mao Zedong, "Mao. Chinese Vermilion #5". It is a rare piece of red portrait of Chairman Mao, which is estimated at NT$35-44 million, equivalent to US$1.206 million to US$1.517 million. The works has a good chance to set up an excellent record.

Chinese art market this year is a rational one, and it is better to maintain a cautious and optimistic attitude to welcome the forthcoming hot season of auction this year. It is believed that many people have already had their favorite artists in their minds. The artists with high popularity or international buying market can be put on the list. Yan Pei-Ming's works are certainly the first choice in respect of various conditions. We can expect that the artist with self-persistence in his creation will surely bring good evaluation on his valuable works. The market will certainly make up the underestimated works in future, and this will be the focus of art auction market this year, which will absolutely be admired by art lovers.

Press Release

Highlights of Modern and Contemporary Chinese Artists and Outstanding Works by Japanese and Korean Artists

Ravenel Spring Auction 2008 will take place in the Fubon Financial Center in Taipei on June 1, 2008, and will include 189 major works from Chinese, Taiwanese, Japanese, Korean, and overseas Chinese artists. The total value of the Spring Auction 2008 is estimated to reach NT$500 million [approx US$17.2 million]. Among the works, the most valuable piece is the grand work "1.12.68 (13.2.77)" by Chinese Art Master Zao Wou-ki. Painted in the 1960s, it has an estimated price of between 72 to 95 million Taiwan Dollars (approx. US$2,482,800-3,275,900). Influenced by both his Chinese origins and Western learning, Zao follows the composition pattern of a traditional Chinese landscape painting employing Western abstract. The dark red background covered with churning dark strokes stands in juxtaposition to the soft radiance of gold and silver light creating great power. The light source is reminiscent of Western Art techniques. Zao Wou-ki has created a concept of nature and space that is both mysterious and profound.

Great Artists' Masterpieces Transcend Time and Space. This is a Great Time for Collectors.

Along with Zao Wou-ki's work, the Spring Auction 2008 brings together some classic paintings by well-known artists, including three by Lin Fengmian—"Lady with flowers", "Layers of Mountain Scene", and "Rain and the Mountain". There are also early oil paintings by Lin's counterparts, Guan Liang and Yee Bon, a scenery painting of New York by Yun Gee, and the original ink and color painting "Fruit Tree" by Wu Guanzhong, which was later replicated in lithograph. In addition, there are four oil paintings by abstract master Chu Teh-chun, including his classic painting "L'hiver poètique", which reveals gorgeous dancing snow scenery. This piece is illustrated in "Chu Teh-chun" published by the Ueno Royal Museum in 2007. There are two portrait oil paintings by George Chann, which were collected by Michael D. Brown, an important American curator who helped discover early overseas Chinese artists. There is also an unprecedented minimal abstract oil painting by Richard Lin, and an ink and color "Tibet" series from Liu Kuo-sung. Finally, in this category there are oil paintings by Hsiao Chin. All these paintings add a great sense of anticipation to the Spring Auction 2008.

Highlights of Contemporary Arts

Along with the classic paintings of renowned masters Ravenel Spring Auction 2008 is also proud to present major works by Chinese contemporary artists. Contemporary Artists are represented from three regions, — overseas contemporary group, Chinese contemporary group, and Taiwanese contemporary group. Outstanding and fine examples of the great work coming from these regions are represented. The first highlight is Yan Pei Ming's "Mao. Chinese Vermilion #5", a gigantic Chairman Mao Portrait. Ravenel's Autumn Auction 2007 set a record for Yan Pei Ming so it is with great excitement that this painting is presented. Yan, who is greatly admired and respected by French arts society, has resided overseas for many years. His personal experience of the Cultural Revolution, his unique cultural origin as well as his own artistic exploration, are all portrayed in this gigantic portrait of Mao. Another highlight from contemporary artists is Zeng Fanzhi's "We Series: Mao" employing rare circular strokes to depict a transitional piece between "Mask" series and "Portrait" series. The disappearance of the personal mask and the abstraction of the image help single out the subsequent "Portrait" and "Wild Cursive" series. Yin Zhaoyang's large oil painting, "Rent Collection Courtyard," based on the rent collection courtyard during the Cultural Revolution, is a milestone in his contemporary work. Wang Guangyi's "V" from his Great Criticism Series reveals his reflections on consumer society and is full of contemporary significance. Ye Yongqing's "The Nine Bird Cages in Winter" was one of the exhibitions at the Shanghai Biennial 1996. In addition, other great works include Qi Zhilong's large oil painting "Woman Solider" and Zhang Xiaotao's "The Decay of Landscape: Cloud and Mist," Su Xinping's "Banquet Series" and "Sea of Desire No. 32," Zhou Chunya's "Green Dog" and "Mountain Rocks," Xu Jiang "Charm of Autumn," as well as Huang Gang's "My Box" and "Golden Iced Lake." Wang Huaiqing's "Lute Table" 2003 portrays a simple image in black and white representing the unique space effect of the classic Chinese platform. Wang's "Antique Jade Series" in 1999, completed after Commoner's House and Ming-Style Furniture Series blends colors in an abstract painting.

Great works by contemporary Taiwanese artists include Yang Mao-lin's "Yun Mountain Memorandum L9215," Michell Hwang's "Group Portraits-Lovers in the City," Wu Tien-chang's "Aboriginal Melody," and fine works by other artists, including Chiu Ya-tsai, Cheng Tsai-tung, Li Chen, Hou Chun-ming, Kuo Wei-guo, Lien Chien-hsing, Hwang Jyi, Lu Hsien-ming, Su Wong-shen, and Huang Chih-yang. The magnificent achievements from these artists have contributed to the great success of the auction market for Chinese artworks.

Since its establishment in 1999, Ravenel Auction has dedicated tremendous effort in promoting artistic and high quality Chinese works and has won great admiration from its peers. In the autumn of 2007, a Korean contemporary art section was added. Each piece was admired and achieved excellent results. Following from this success, Ravenel Auction will include a Japanese section in a new "Japanese and Korean Contemporary Arts Section' in our Spring Auction 2008. This new section will enrich our original "20th and 21st Century Chinese Arts". The Japanese contemporary artworks include works of avant-garde pioneer Yayoi Kusama, animation cartoon artists—Hiroyuki Matsuura and Rieko Sakurai, Flat Art artist Ai Yamaguchi, and classical descriptive artist Lyntalo Torii. The Korean artworks come a diverse field including modern Korean masters—Kim Tschang-yuel and Park Seo-Bo, negative sculptures form the young artist Lee Yong Deok, denim scenery by Choi So-Young, and cartoon paintings by Kwon Ki-soo. All these works show the beautiful representation of multi-dimensional Korean arts.

on last Saturday, the Ravenel auction on Sunday was more vehement. It was hustle and bustle in the auction and the volume of transaction broke new high again, reaching NTD 760 million. Artist Wang Huaiqing's "Sincerity makes metal and stone crack" got the champion at the closing price of NTD 87.96 million. Meanwhile, the price for the works of Taiwan artists also rose accordingly. Hou Junming's "Body Splitting Technique" was only initially quoted NTD 300,000. After severe bidding, the final closing price was 17 times higher than the quotation price, reaching a height of NTD 5.42 million (including commission), breaking the highest auction record for individual single works.

The "Ravenel Autumn Auction 2007" held in Fubang Building on South Dunhua Road of Taipei yesterday demonstrated an extraordinary popularity. The auction is hustle and bustle. The bidders were vying and the scene can be described as "vehement". That indicates that the artist works market in Taiwan has gradually developed to a higher level. "Ravenel" auction is generally described by market insiders as the most wonderful one among the five auctions this year.

Huang He, Deputy Director of Art Galleries Association R.O.C., indicated that the most outstanding point in this auction was the upswing of contemporary Taiwan artists. Price for the works of many artists is over 5 to 6 times of the estimated price. Though the price for the works of contemporary Taiwan artists has marked into the market in autumn this year, it is unexpected that there is such a vying scene among the bidders in the autumn auction and the price is rising increasingly.

Works of contemporary Taiwan artists such as Lian Jianxing's "Astonishing Encounter", Huang Mingzhe's "Bird", Hou Junming's "Body Splitting Technique", Yang Renming's "Unstable Binding" and Guo Weiguo's "Memory about Countrymen", etc. were all closed at a high price. Huang Ji's works, the "Fracture of the Colony-Decadent God of Beauty", was closed at NTD at the price of 4.8 million, also breaking the highest auction record for individual.

Chen Huidai, the expert on the Ravenel Auction indicated that, compared with auctioned works of contemporary Chinese artists, the works of contemporary Taiwan artists have competitive edge in price. The reason that works of contemporary Taiwan artists can rise directly to a high position is not only the price parity. The senses of quality of creativity of contemporary Taiwan arts are the main reasons that contemporary Taiwan artists have gradually won the favor of the collectors.

Additionally, the focus on the auction is that the auctioned works with the highest price estimation is Wang Huaiqing's "Sincerity Makes Metal and Stone Crack", a triplicate painting. The estimated price is between NTD 80 million to NTD 98 million and the closing price is NTD 87.96 million. The work was finished in 1998. It has once been published on the cover for Wang Huaiqing's individual exhibition and was selected as Wang Huaiqing's representative work in the millennium "Exhibition of Chinese Oil Paintings in 20th Century", indicating its great importance. The painting work has been originally collected by a domestic renowned estate businessman.

Another highlight is Yan Peiming's "Chinese cinnabar" with Mao zedong's portrait as the topic, which is closed at the price of NTD 45.4 million.

Sale Date/Venue: Sunday, 2 December, 2007, Taipei
Number of Lots Sold: 174
Value of Lots Sold: approx. USD 22,356,541 (TWD 721,333,800)

The following prices in Taiwan Dollars include the hammer price, the buyer's premium and are rounded to the nearest Taiwan Dollar.
On the date of the sale, exchange rates were approximately as follows: USD 1 = TWD 32.265   HKD 1 = TWD 4.143

Ravenel is not responsible for typographical errors or omissions.

Ravenel Autumn Auction 2007 attracted hundreds of collectors and celebrated people from the art circuit on Sunday, December 2nd. The crowd filled the whole saleroom. The total sale of "The 20th & 21st Century Chinese Art, Korean Contemporary Art" brought over NT$720,000,000 (US$22,356,541), also a new record for the past Ravenel sales and in Taiwan auction scene.

This sale assembled 203 pieces of artworks, among them 174 lots found buyers successfully. It was 85.7% sold by lot, 129.6% sold by value. The top lot was lot 069 Wang Huaiqing's gorgeous triptych "Gold Stone", setting the artists' new record for NT$87,960,000 (US$2,726,174), breaking the last record NT$39,970,000 (RMB 9,296,000) in Shanghai this spring; the second highest lot in this sale was lot 071, Zao Wou-ki "19.7.63", was sold for NT$48,760,000 (US$1,511,235); The third highest lot was lot 156 "Vermillion de Chine No. 3" by Yan Pei Ming, gained by a phone bidder for NT$45,400,000 (US$1,407,097). Other Zao Wou-ki's pieces obtained brilliant results as well, such as NT$44,280,000 (US$1,372,385) of lot 070 "20.11.89", and NT$34,200,000 (US$1,059,972) of lot 078 "5.11.62".

20th century modern masters' works were very present this time, Chu Teh-chun's "Nature hivernale" was sold for NT$31,960,000 (US$990,547), the rest of Chu's works offered in this auction obtained good results as well; Liao Chi-chun's "Venice" went for NT$21,880,000 (US$678,134), Wu Guanzhong's "Mountain Bamboo" went for NT$17,400,000 (US$539,284), Ju Ming's wood sculpture "Taichi Series- Single Whip" sold for NT$16,280,000 (US$504,572).

In addition to the said Wang Huaiqing, some Chinese contemporary artists also established their new world records or their works went for more than their presale estimates. Hong Ling's "Surge" fetched NT$14,040,000 (US$435,146), Zhou Chunya's "Vase of Flowers" sold for NT$10,856,000 (US$336,464), twice higher than the estimate. Zeng Fanzhi's "Watermelon" went for NT$7,316,000 (US$226,747), even over twice higher than the estimate. France sojourning artist Yan Pei Ming's "Vermillion de Chine No. 3" fetched a spectacular price here. "Woods on Blue Background" by Yang Din, its rare wonderfulness, addition of the French films, established the artist's new record for NT$2,832,000 (US$87,773). Taiwanese contemporary artists had tremendous results in this sale, Hwang Jyi's "Fault in a Colony- Three Graces" set the artist's record for NT$5,664,000 (US$175,546), Hou Chun-ming's "Chakra, Clone Technique" renewed the record of single piece by the artist; Li Chen's sculptures "Avalokitesvara" and "Float to Sukhavati" set new records in sequence with NT$5,900,000 (US$182,861) and

The debut of Korean contemporary art had a great result. Kwon Ki-soo's "Grey Forest", estimates NT$360,000-600,000 (US$10,900-18,200), sold for NT$2,124,000 (US$65,830); "Library" by Hong Kyong-tack, "Words in the Water" by Kim Tschang-yeui, "Brush" by Lee Jung-woong and "Looking 050301" by Lee Yong Deok brought about the strong bidding between the present buyers and phone bidders. This sale was full of excitements and the bustling had never been seen before in Taiwan. There were many newly collectors, and buyers from abroad. Ravenel autumn auction 2007 was considered as the most thronged sale ever in Taiwan art scene.

RAVENEL'S AUCTION TO FEATURE PROMINENT CHINESE

CONTEMPORARY ARTISTS

WANG HUAIQING'S GOLD STONE TAKES THE STAGE IN GRAND MANNER
YAN PEI MING'S VERMILLION DE CHINE RECORDS THE HISTORY OF MAO ZEDONG

MODERN MASTERS INCLUDING ZAO WOU-KI, CHU TEH-CHUN, WU GUANZHONG,
LIN FENGMIAN, WU DAYU AND LIAO CHI-CHUN

NEW FOCUS ON CHINESE CONTEMPORARY SCULPTURE AND KOREAN
CONTEMPORARY ART

【Press Release】

Chinese art auction market contains stunning energy and for years it has kept rewriting the world record for many Chinese artists or turnovers of auction in succession. Besides the continuous increasing Greater Chinese Region market, more international collectors have also favored this market, especially Chinese modern and contemporary art categories catch up with the trend and drawn near the level of market status for Western masters. Established in June 1999, boasting professional and high-quality consultation and services, Ravenel has a proven track record in international auction market. In the "Art China, Annual influence 2006" held at the beginning of 2007 in Beijing, Ravenel was recommended as one of the most influential auction houses in Hong Kong, Macao and Taiwan. In order to recommend more works of art and efficient services the majority of collectors, in April 2007, Ravenel established its branch in Beijing and in the future it will make efforts towards auctions on Asian art, private sale of Western art, art fund, art insurance, etc. In 2007, the Ravenel spring auction established a transaction value of NT$ 562 million (approx. US$17 million), a new record for any single auction of Taiwan.

Ravenel's team of Taipei and Beijing assembles an excellent selection for upcoming auction from international and Chinese markets and create exquisite professional platform for Chinese art auction. "Ravenel Autumn Auction 2007" this time has larger scale and higher sum than ever. The sale is expected to bring NT$560-760 million (approx. US$17-23 million), the highest value ever staged for the company. Besides original "The 20th & 21st Century Chinese Art ", it has increased "Korean Contemporary Art" in a hope that due to market demands the scope of service gradually expands to other fields of contemporary art in Asia.

"Ravenel Autumn Auction 2007" in Taipei will take place on Sunday, December 2, 2007 at Fubon National Conference Center. The sale includes 203 lots by 118 artists from Chinese, Taiwan, oversea Chinese and Korea. The auction preview exhibitions will make tour in various places at Taichung's GSR Gallery (Oct 27 and Oct 28), Beijing's Grand Hyatt Beijing – The Residence (Nov 11 and Nov 12), Hong Hong's Grand Hyatt Hotel – Salon (Nov 23 to Nov 25) and Taipei's Fubon National Conference Center (Nov 30 and Dec 1).

Highlights of Ravenel Autumn Auction 2007

Wang Huaiqing's "Gold Stone" triptych and YAN Pei Ming's "Vermillion de Chine No. 3" The top lot of Ravenel Autumn Auction 2007 is the triptych "Gold Stone" by Wang Huaiqing, whose pre-sale estimate is NT$80-98 million (approx. US$2.4-3 million). It is the artist's most monumental painting in scale and in meaning appearing in auction market up till now. Finished in 1998, "Gold Stone" has once been illustrated as the cover of Wang Huaiqing's solo exhibition and was selected as Wang Huaiqing magnum opus in millennium "20th Century Chinese Oil Painting Exhibition" held in National Art Museum of China in Beijing, which could be a reflection to its importance. "Gold Stone" is Wang Huaiqing's abstract painting with "black" and "gold" as the base tone, which is different from previous black and white elements. The painter has attempted in portrait with the third color besides black and white. In his early works, he adopted some golden color to express holiness and permanent significance. In Western religious civilization, gold used to be the major color in painting. "Black" and "gold" that are hard to be classified into color yet represented the most classic color application in the painting history at home and abroad. Eastern black and Western gold respectively represent two types of special cultural connotations and get integrated artfully in Wang Huaiqing's "Gold Stone". Fin a series of YAN Pei Ming's portraits, Mao Zedong is the most primitive and the most important topic and Mao Zedong in vermilion red is the most powerful subject. Vermillion is color of traditional China. It has been once the elixir for the warlock's pursuit for eternal life. Being elixir, it also has toxic feature. In 2001, Berlin, YAN Pei Ming named his exhibition as "Vermillion de Chine: Portrait de Mao Zedong" exhibition, reflecting great significance of the theme. In 1993, YAN Pei Ming won "Prix de Rome" and entered Académie de France, Villa Medici, Roma for one year of study. The award was firstly established in the era of Louis XIV in the 17th Century. Artists that have won the award include Ingres, Poussin and David and musicians like Debussy, Berlioz, etc. "Vermillion de Chine No.3" (est. NT$28-42 million or US$847,700-1,271,600) that is created in 1995 in this auction participated in 1998 exhibition in Académie de France, Villa Medici, Roma, which could be a reflection to its importance. Modern Masterpieces——Four oil painting by ZAO Wou-ki, Eight oil painting by CHU Teh-chun Ravenel Autumn Auction 2007 has altogether collected four wonderful paintings of ZAO Wou-ki the international master in different periods: two from early 1960's and are of brown tone "5.11.62" (est. NT$27-42 million or US$817,400-1,271,600) and yellow tone"19.7.63" (est. NT$36-48 million or US$1,089,900-1,453,200); the sentimental works of "11.1.72"(est. NT$11-18 million or US$333,000-545,000) for May, his sick-laden ex-wife in 1972 and "20.11.89" in homage to Henri Matisse who's the master of 20th century (est. NT$ 45-55 million or US$1,362,400-1,665,200). All are ZAO Wou-ki's key magnum opus in various times. "5.11.62" was once in the possession of Laing Galleries in Toronto, which is the leading gallery in Canada with great contribution to abstract arts after World War II. The works adopts the sea scenery horizontal composition that is most typical of 1960 with grand and vivid manner. The painting is divided into three paralleled sections. Upper and lower scope containing sky and earth are almost ochre and copper color. The mid part is bright yellow and green. The light rushes out of the center of the painting. Black lines move across in between resembling the shadow left behind after racing. Actual and imaginary connotations have mingled into dragging and pushing power. ZAO Wou-ki's "19.7.63" from 1963 was once in the possession of famous New York Kootz Gallery. The painting catches viewer's eyes with rapid strokes. The style full of uninhibited strokes of brush is the tradition of Chinese calligraphy. The work has combined with calligraphy and painting. Another painting, namely "11.1.72" is a painting finished by the artist two months before May died from disease. The painting contains private codes and sentiments of the artist. The superfine tension emanates a concise and mysterious poetic flavor. The wretched and boundless world is tinted by pinkish purple featuring the gentle mood. In his oil painting, the wretched and boundless world is tinted with pinkish purple, featuring gentle mood. In the oil painting of"20.11.89", ZAO Wou-ki has also explored into Matisse's abstract scope. "20.11.89" is more concise as compared to other two works of "Homage to Matisse". The central black is displaying the vast universe, as the black door mentioned by Matisse. Blue and green and purple recede to the skyline and the pure black make a vertical cut on the greenish white background. It resembles the free strokes free strokes in Chinese landscape painting indicating unfathomable valley. In the vertical composition of ZAO Wou-ki enlightened by Matisse, link of Chinese calligraphy can be found as well as harmony between yin and yang actual and imagery scopes. There are 8 works of CHU Teh-chun from his significant periods were presented in the auction: including the "Composition in Red" (est. NT$2.4-3.6 million or US$72,700-109,000) in 1979. The orange light source reflected from inside source out. In the red background, the black calligraphy lines have composed powerful flavor and displayed the artist's up-heaving sentiment. The snow scenery completed from 1987 to 1988, namely the "Nature hivernale" (est. NT$19-28 million or US$575,200-847,700) is the rare vertical composition in the series presenting the cozy and elegant snow scenery. In 1988, his "Lightening Shadow II" (est. NT$9.8-16 million or US$296,700-484,400), has stroke with definite layers and bright tempo. In 1989, the sapphire blue series of "Ombres bleues" (Blue Shadows) (NT$9.5-12 million or US$287,600-363,300) is a detailed blue color painting giving the impression of profoundness. Abstract painting as it is, it is close to the splendid scenery in Chinese landscape painting. 1989 the brown color "Échos lumineux" (est. NT$6-7 million or US$181,700-211,900) displays the artist's large brush skills, smooth and affluent in music connotation. In 1992, the works of "Revelation dans les ténèbres" (est. NT$8.2-9.6 million or US$248,300-290,600), the colors wake up from the dark. The image of the mountains gives a happy astonishment of "When one door shuts, another opens." In 1995, the fresh vernal charm in "La Nature" (est. NT$9.5-12 million or US$ US$287,600-363,300) has reflected endless vividness of the nature. "Hong Kong No. 25" (est. NT$2.3-2.6 million or US$69,600-78,700) is the masterpiece in response to return of Hong Kong. 12 LIN Fengmian's stunning color ink paintings from various ce In the autumn auction, there is "LIN Fengmian Collection" made up of 12 exquisite paintings. They are years of collection of the literature personnel in Taiwan and the veteran collectors. The works have rich book publishing record. Four of the paintings are shown in the "Colours of East and West: Paintings by Lin Fengmian" exhibition held in Fine Arts Museum of Hong Kong University in 2003. There are "Lady in Front of Mirror" (1940's), "Flowers in Vase" (1950's), "Bird" (1977) and "Still Life" (early 1980's). Among these, "Still Life" has been appraised by Shen Roujian, the late Chairman of Shanghai Artist Society, as LIN Fengmian's precious works and recommended. We are honored to have support from the owner of Sanhuai House in Hong Kong, who offers 6 works he has kept for years. "Dongpo Appreciating Bamboo" (1950's), "Pot of Flowers" (1960's) and "Autumn Forest" (1950's-1960's) during his stay in Shanghai and "Reclining Nude in Modigliani's Style" (about 1979), "Reeds and Wild lebrities' collection Geese", "Village in the Maple Forest" (mid 1980's), etc. during his stay in Hong Kong. Most of the works have literature references. "Reclining Nude in Modigliani's Style" has been owned by Jin Dongfang, LIN Fengmian's female disciple. The work was painted for Jin Dongfang's biography of "Modigliani" and has been published on the cover of the book. The painting adopts the gesture like female nude of Amedo Modigliani, Italian artist of École de Paris and displays as compared to uninhibited sentimental of Modigliani nude woman painting. LIN Fengmian's nude painting displays the refrained oriental sentiments. Autumn Forest is the key works for exhibition in 1992 in "The Art of Lin Feng Mian" held in Hong Kong Arts Center. The exhibition is in memory of anniversary of LIN Fengmian's death. "Village in the Maple Forest" has been selected to print on cover of ArtLink, journal of the Arts Center and its estimate is at NT$13.5-22 million or US$408,700-666,100. This "LIN Fengmian Collection" contains other precious works: a colorful "Lady" that belongs to the exquisite works in 1980's in Hong Kong. It has been exhibited in Taiwan Mountain Art Museum and published in its catalogue, with estimate of NT$5.6-8 million or US$169,500-242,200; the other painting, "Flowers and Bird", has been painted for fellow artists in Taiwan as LIN Fengmian held retrospective exhibition in Taiwan in 1989, so as to express their friendship. Rare works of WU Dayu, GUAN Liang and WU Guanzhong In this auction, an oil painting is solicited, namely WU Dayu's "Flower Symphony". It is one of the artist's rare paintings in his late stage. The painting adopts an overall classic blue color. The color patches of various sizes match tempo of the lines and the dubbing is used for the artful statement. Abstract indication and association gives vent to dream in mind. It is WU Dayu's confident creation. "Flower Symphony' is estimated at NT$3.6-5 million (approx. US$109,000-151,400). GUAN Liang, the Chinese first generation painter, two of his works are presented in the auction. One is "German Scenery", the small oil paining of 1950's. Though in small size, it is full of vividness. The other is "Chinese Opera Figure", the colored ink painting for figure in drama, presenting GUAN Liang's consummate master of mien contained in figures. The forthcoming Ravenel's autumn auction has solicited three of WU Guanzhong's works, one of which is "Mountain Bamboo" in 1975, collected by Wu Guiping, friend of the painter, who has been gifted by WU Guanzhong and colleted it for nearly 30 years. In the summer of 2006, it was identified by WU Guanzhong in person and determined as the painting in the period of Cultural Revolution. After that he happily talked about the past of friendship with Wu Guiping. "Mountain Bamboo" is extremely precious in the eyes of WU Guanzhong. He said, "It is my creation rather than sketch!" Estimate of "Mountain Bamboo" is NT$16-20 million (approx. US$484,400-605,500). WU Guanzhong' "Mansion in Jiangnan" is his magnum opus in 1985 depicting vernal charm of Jiangnan. Another landscape titled "Hong Kong" from 1997 turns the rows of modernized high-rises in Hong Kong into beautiful lines, demonstrating the landscape painting in WU Guanzhong's style. 3 LIAO Chi-chun's classic waterscape paintings: "Sun-Moon Lake", "Scenery in Yehliu" and "Venice" LIAO Chi-chun, predecessor painter of Taiwan, is good at expression in color. In the autumn auction he has three classic works: "Venice" of 1973 (est. NT$15-22 million or US$454,100-666,100), "Scenery in Yehliu" in 1972 (est. NT$7.2-8.2 million or US$218,000-248,300) and "Sun-Moon Lake" in 1957 (est. NT$6-7 million or US$181,700-211,900). Sun-Moon Lake, his early oil paintings in 1957 has been exhibited in the 19th Taiyang Art Exhibition and 1950-2000 "From the Ground Up: Artists Association in 1950s Taiwan" unit of Taiwan Art Exhibition planned by Taipei Fine Arts Museum in 2003 and become one of the magnum opus for fine arts development of Taiwan in 1950's. LIAO Chi-chun's "Sun-Moon Lake" has used cursive strokes and adopted rough and outlining style of Fauvism. The subject is special and rare. In early 1970's, LIAO Chi-chun has for times depicted sceneries of seashores near Yehliu and each time he presented different expressions. The "Scenery in Yeliu" finished in 1972, it adopts blue thick pen to outline and present the scene of sea and sky combination in a pristine manner. One or two persons sauntering in the beach have added vividness to the picture. LIAO Chi-chun is good at depicting landscapes, especially sceneries of river and port. In the work "Venice", 1973, LIAO Chi-chun construing "Venice" has not emphasized external pursuit or the subtle water light change typical of impressionist, but recreated romantic nostalgia in mind about Venice through alternating interactive tempo of the colors, strokes, lines, actual and imaginary. Chinese elite contemporary artists like ZHOU Chunya, ZENG Fanzhi and HUANG Gang take presence There are 6 ZHOU Chunya's oil paintings about to come onto the stage in Ravenel autumn auction, including "Mountain Rocks – Red Rocks" in 1999 (est. NT$11-15 million or US$333,000-454,100), "Landscape Series V" in 2001 (est. NT$4-5 million or US$121,100-151,400); antecedent of Green Dog series: "Running Heigen" in 1995 (est. NT$3.2-4.2 million or US$96,900-127,200), "Frisking Heigen" in 2000 (est. NT$4.2-5.4 million or US$127,200-163,500); as well as "Vase of Flowers" in 1994 (est. NT$3.2-4.8 million or US$96,600-145,300) and "Lilies" in 2003 (est. NT$1.6-2.2 million or US$484,00-66,600). Mountain Rocks series has pushed ZHOU Chunya to the summit of contemporary art of most typical Chinese style and internationalization. He has used the skills of Neo-Expressionism to reinterpret traditional Chinese mountain rocks and vase of flower topics. "Watermelon", ZENG Fanzhi's works in 2004 has strong symbolic implication. The cut open red pulp associates with silent violence and protest, extending previous claiming of topics like Peking Union Medical College Hospital, mask, etc. Image of watermelon has once appeared in his early self-portrait or in the theme of Last Supper, symbolizing blood and flesh. Here, the independently existing "Watermelon" presents the full visual sense resembling silentmonolog of the painter. "Watermelon" is estimated NT$2.9-3.8 million (approx. US$87,800-115,000). After getting to know Tibetan arts in 1980's, HUANG Gang was convinced by its strong humanistic color and political status, so his raw materials often have something to do with Tibet or red China. "My Box" depicts concurrence of sun and moon in the sky on the splendid background of the snow mountain, resembling ancient skin trunk floating in the air. It symbolizes family warmth and elapse of times. "1966" responds to the year when Cultural Revolution began. Red figures are silhouettes of the Red Guards inspected by Mao Zedong at Tian'anmen Square of Beijing in August 8, 1966. The background is the Tibetan lection printing. The bright highlighted image of Mao Zedong forms a sharp contrast with the tranquil Tibetan characters. Chinese contemporary sculpture reveals market potential Contemporary sculpture array in this Ravenel autumn auction is great. There are JU Ming's five Taichi series. "Taichi Series - Single Whip" wood carving created in 1982 is JU Ming's early works that is rarely seen. Its estimate is at NT$16-22 million (US$484,400-666,100); "Taichi Series" in 1991 is similar to the poses in Single Whip and its estimate is at NT$9.2-15 million (US$278,500-454,100). There are also "Taichi Series" large bronze in 1988 presenting the kinetics of side tick and its estimate is at NT$5.5-7 million (US$166,500-211,900); "Taichi Series- Boxing" bronze sculpture in 1990, whose estimate is at NT$920,000-1,200,000 (US$27,900-36,300); and "Taichi Arch" bronze sculpture executed in 1991, whose estimate is at NT$1.2-2.2 million (US$36,300-66,600). There are abundant works by contemporary Chinese sculptors, including WANG Keping's abstract wood carving: "Allies"; XIANG Jing's figurative sculpture in fiberglass, "Virgin with a Cigarette"; CHEN Wenling's "Red Memories" depicting the course of life; LI Jikai's jocose "Box"; JIANG Shuo's bronze sculpture: "Red Guard with Fish"; REN Sihong's "Broadcast Exercise– Sidebend Action" in preparation for Olympics; PANG Yongjie's "Women" (a pair); JIAO Xingtao's "Yellow Arrow" appealing for culture of consumption; and REN Zhe's Neo-Classicism bronze sculpture: "Dashing and Spirited". All have demonstrated development of creative contemporary Chinese sculpture. Works of contemporary Taiwan sculptors include: The "Haunted Axe Works Miraculously", Yuyu YANG's early bronze sculpture, and stainless steel "Heaven and Earth Destiny"; Sculptor LI Chen's "Avalokitesvara" and "Float to Sukhavati" that are selected into Venice biennial exhibition in this year; YANG Mao-lin's "Astro Bodhisattiva" bronze sculpture combining cartoon caricature and national religious styles to present diversified contemporary cultural integration; PENG Kuan-jun's "Listen to Spring" bronze sculpture also presents the elegant oriental Chan; CHU Chen-yung's "China Dolls Series-Elegancy and Poise" has conveyed female image of modern pattern through terra cotta crafts. Both WONG Kuo-chen's terra cotta sculpture and CHEN Yi-lang's wood carving are the attempting to start from tradition and then embody with new connotation; Standing Woman iron carving created by WU De-chun, the oversea famous sculptor, explores relationship between structure and space. Abundant sculptural topics expose the collectors to various options. Taiwan contemporary artists have become focus of the market; Korean Contemporary Art has expanded the collection cluster Motivated by the overall market, works of contemporary Taiwan artists have also become one of the market focuses. These artists include CHIU Ya-tsai, LIEN Chien-hsing, HOU Chun-ming, JAN Chin-shui, HWANG Jyi, Michell HWANG, HUANG Chih-yang, CHENG Tsai-tung, PANG Jiun, KUO Wei-guo, etc. Most of them have rich experiences in international exhibition and have established their own style in the artistic circle. Their popularity is gaining recently. Especially recommend here are: "Fault in a Colony-Three Graces", finished by HWANG Jyi between 1982 and 1985 is an important magnum opus of the painter. Hou Junming's "Chakra, Clone Technique", the large-scale engraved painting created in 1997 represent energy of contemporary Taiwan artists. One of the features of Ravenel Autumn Auction 2007 is adding of five works from Korean Contemporary Art in a hope of gradual incorporating arts of other regions in Asia. These Korean artists have high reputation and their works include: KWON Ki-soo's "Grey Forest", whose estimate is NT$360,000-600,000 (approx. US$10,900-18,200). There is reputed Donguri cartoon figure he has created in the paining, where there are also super-modern elements and ancient and traditional plum and bamboo topics interestingly intermingled; HONG Kyong-tack has used numberless books clubbed together to form the "Library" (polyptych) has strong individual style; KIM Tschang-yeui, termed as water dripping painter, has used a strongly oriental tinted "Words in the Water" in 2003 to participate in the auction, with estimate NT$1.6-2.5 million (approx. US$48,400-75,700); LEE Jung-woong has been praised by all circles as . worthy of being written into Korean Fine Arts history. "Brush", his classic works, is also in the auction, with estimate of NT$1.6-2.2 million (approx. US$48,400-66,600); LEE Yong Deok's negative sculpture, "Looking", has broken through limit of old sculpture and use the concave sculpture to present the embossing impression, presenting innovative aesthetic sense and response to oriental yin and yang, actual and imaginational philosophy. Its estimate is at NT$2.9-3.8 million (approx. US$87,800-115,000)

Within two years, the market prices of twentysix Chinese modern and contemporary artists' artworks have crossed the threshold of one million US dollars.

Even though the American financial crisis of the secondlevel house loans has resulted in a global stock market chaos, the heat wave in the international art market is not influenced by it. Especially, Chinese contemporary arts have been the dominating mainstream in the global art market. International art collectors or art dealers are eager to take part in this circle. This continuing trend pushes up the record-high market prices of Chinese artists. The period for hitting new high prices has come to them. In Art & Investment of 2006, No. 15, it is mentioned that in 2005 there were 8 Chinese artists excellent at western paintings whose market prices have crossed the threshold of 1 million US dollars (about NT$ 33,000,000). In some cases, a single deal even reaches more than two million US dollars (about NT$66,000,000). The eight Chinese artists are Xu Beihong, Zao Wou-ki, Sanyu, Liao Chi-chun, Chen Yanning, Pan Yu-liang, Wu Guanzhong, and Chen Yifei. Among them, only Zao Wou-ki, Wu Guanzhong and Chen Yanning are still alive. The rest of them already passed away.

Nevertheless, in just two years, the market prices of Chinese contemporary and modern artists have made a huge step furthur once more. In fact, they are soaring. In the spring auction of 2007, the oil-painting price of Xu Beihong, a pioneer in Chinese modern paintings, reached US$ 9,200,000 (more than NT$300,000,000) and that of Wu Guanzhong exceeded US$4,900,000 (about NT$160,000,000). Last year, the sales of the artworks of Chen Cheng-po, a respected Taiwanese artist, even broke a record of US$4,400,000 (about NT$ 140,000,000). Moreover, the painting sales of other overseas Chinese painters such as Sanyu, Chu Teh-chun and Zao Wou-ki also marked a record, crossing the threshold of US$3,000,000 (about NT$120,000,000) in one year.

The following international art collectors who continuously pay close attention to the Chinese contemporary art market, Asian collectors with strong economic power, also have taken steps to catch up rather than falling behind. They have steadily brought in a huge amount of capital into the Chinese art market. In this Chinese capital flow, Zhang Xiaogang's paintings initially stimulated the market price. Afterwards, the other Chinese contemporary artists also joined in. Between 2006 and 2007, many Chinese avant-garde artists have squeezed into the millions of the US dollars art club. This June, the art deal of Yue Minjun's oil painting, Pope, marked a sky-high price in London, US$4,200,000, more than any living artists all around the world. Moreover, this September, one of Zhang Xiaogang's paintings was also auctioned for US$ 3,065,000 (about NT$100,000,000) in New York. The price is indeed astonishing! Until September of 2007, the global art auction market has sold 17 pieces of Zhang Xiaogang's paintings. In all, the total sales reached more than US$1,000,000, and the period of these sales is not more than two years. In addition, there are other Chinese avant-garde artists whose market prices have also soared. For example, seven pieces of Yue Minjun's artworks have bee sold and the accumulated sales price is more than US$1,000,000. Moreover, five pieces of Zeng Fanzhi's artworks, four pieces of Fang lijun's, one piece of Fang Lijun's, of Cai Guo Qiang's, of Mao Yan's and of Yan Pei Ming's respectively have been sold for more than US$1,000,000. In terms of Chinese realistic artists, from 2006 until the present, five of Chen Yifei's artworks have been sold for more than US$1,000,000. Each of Chen Danqing, Wang Yidong, Liu Xiaodong, Leng Jun and Shi Chong has one artwork sold for more than US$1,000,000. Moreover, an internationally well-known Taiwanese sculptor, Ju Ming has three of his sculpture works of Taichi Series sold out and the value of these deals marks more than US$1,000,000 as well. What is more, another senior Chinese contemporary artist whose unique art style is hard to classify (his name is Wang Huaiqing) just sold two artworks valued at more than US$1,000,000 this June. He was chosen as one of the ten "Top People" selected by Contemporary Art Magazine. At the apex of Chinese contemporary art