On April 9, the art world lost one of the most prominent artists of a generation. Zao Wou‐Ki, an abstract painter with mixed French and Chinese heritage, passed away at 93. During his life Zao Wou‐Ki had the opportunity to observe the incredible performance of his artworks on the international auction market. He was the 5th most valuable living artist worldwide and the 56th most valuable artist in general, according to Skate’s Top 5000.
The premium market for Zao Wou‐Ki was formed in 2006 when auctions saw his works fetch prices above USD 2 million. Ever since, these works, which have appeared on the market irregularly, have often caused substantial interest on the part of international buyers with sales doubling or even tripling pre‐auction estimates.
The total value of Zao Wou‐Ki’s 36 artworks in Skate’s Top 5000 is USD 132.4 million. 2011 was the strongest year in the history of his market with the total value of artworks entering Skate’s rating reaching USD 36 million.
Artworks by Zao Wou‐Ki have been sold at four key auction houses, including Poly International Auction, Ravenel, Sotheby’s and Christie’s. The latter accounts for 53% of the value of Zao Wou‐Ki’s premium works sold.
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