Introduction

Renowned billionaire collectors Liu Yiqian and Wang Wei, founders of Shanghai’s prestigious Long Museum, are set to make a significant impact in the art world by selling an estimated $150 million worth of art through Sotheby’s auction. This move comes as a surprise, given their stature in the art scene. The Long Museum, which they established in 2012, has become a prominent player in Shanghai’s art community, with multiple locations showcasing their remarkable collection.

Long Museum: A Shanghai Art Powerhouse

The Long Museum, originally located in Shanghai’s West Bund district, has expanded its influence with a second site in the Pudong neighborhood and an additional space in Chongqing. This museum has rapidly solidified its reputation in the art world, and the founders’ decision to part with a substantial portion of their collection is creating ripples of interest.

A Noteworthy Artistic Journey

Liu and Wang have gained recognition, both within the art realm and beyond, for acquiring highly valued artworks, including Amedeo Modigliani’s Nu couché (Reclining Nude) and Paulette Jourdain (1919), which fetched staggering amounts of $170.4 million and $42.8 million, respectively, in separate 2015 auctions.

The Auction Preview

Approximately 50 to 60 artworks will be featured in the upcoming Sotheby’s sale, boasting an impressive lineup that spans diverse artists and styles. Among those listed are Amadeo Modigliani, Zao Wou-ki, Kazuo Shirago, Leonard Foujita, René Magritte, David Hockney, Matthew Wong, Dana Schutz, Nicolas Party, Georgette Chen, and Yayoi Kusama.

Exploring Potential Additions

Reports from Artnet suggest that pieces by Jenny Saville and Kerry James Marshall are also under consideration for sale, adding further intrigue to the upcoming auction.

Unveiling the Motive Behind the Sale

While the decision to sell a significant portion of their art collection is unprecedented, the motivation behind this move remains shrouded in mystery. Speculations abound as art enthusiasts and experts eagerly anticipate the reveal of the underlying reasons.

Uncommon Move by Major Collectors

It’s noteworthy that collectors of Liu and Wang’s stature, who are deeply involved and influential within the art community, rarely opt to sell artworks from their holdings at auction. This decision has sparked discussions about the potential implications for the art market and their personal financial situations.

Museum’s Future and Fund Allocation

Sotheby’s has confirmed that proceeds from the planned auction will be channeled towards initiatives and future acquisitions at the Long Museum. Despite this significant sale, the museum intends to continue its operations and uphold its mission of showcasing art to the public.

Liu Yiqian: A Collector with Vision

Liu Yiqian’s journey in the art world began in the mid-1990s. Accumulating his wealth from the Sunline Group, a conglomerate of pharmaceuticals, real estate, and financial services, Liu’s collecting passion has elevated him to a prominent position. With an estimated net worth of $5 billion, he and his wife have cemented their place among Asia’s most notable collectors.

Long Museum’s Rise and Influence

Over the past decade, the Long Museum has contributed significantly to the private museum boom in China. Liu and Wang’s institution has showcased exhibitions featuring contemporary artists such as Olafur Eliasson and James Turrell, further solidifying their role as influential patrons of the arts.

Conclusion

The upcoming auction of artworks from Liu Yiqian and Wang Wei’s collection represents a major development in the art world. As the founders of the Long Museum, their decision to part with a substantial portion of their collection at Sotheby’s raises questions about their motivations and the potential impact on the broader art market. Regardless of the reasons behind this unprecedented move, the funds generated from the sale are poised to shape the museum’s future endeavors and acquisitions, ensuring their enduring legacy in the art community.