During Asia Week New York, two auctions made headlines with the sale of Katsushika Hokusai’s iconic print, The Great Wave off Kanagawa. On September 17 2024, Christie’s auctioned the masterpiece for an impressive $856,800, surpassing its estimated range of $500,000 to $700,000. The following day, Bonhams matched the excitement by selling another impression of the same print for $889,500, including the premium, within its estimate of $700,000 to $900,000.
These sales highlight the enduring allure of Hokusai’s work and signal a robust market for Japanese ukiyo-e prints. Collectors and enthusiasts watched closely as these prints fetched prices that reflect their historical and artistic significance. The back-to-back auctions provided a unique opportunity to observe market dynamics and the value placed on exceptional impressions of this renowned piece.
A Closer Look at the Auctions
Christie’s New York presented a diverse array of artworks during their sale which netted over $4 million. The auction not only featured Hokusai’s The Great Wave but also included other significant pieces. Notably, a print by Utagawa Hiroshige, another master of the ukiyo-e genre, from the series 100 Famous Views of Edo, sold for over $118,000. This print, part of the same lot as Hokusai’s masterpiece, drew considerable attention and competitive bidding, highlighting the market’s appreciation for high-quality prints.
Bonhams’ auctions from September 16 – 18 further emphasized the strength of the market for Japanese art. Achieving over $14 million in total sales, the auction showcased a variety of artworks that appealed to collectors worldwide. The sale of Hokusai’s The Great Wave for $889,500 on September 18th was a standout moment, but it was complemented by other significant sales that contributed to the auction’s success.
Understanding the Significance of The Great Wave off Kanagawa
Katsushika Hokusai (1760–1849) stands as one of Japan’s most celebrated artists. His work transcends cultural boundaries, and The Great Wave off Kanagawa is perhaps his most famous creation. Part of the series Thirty-six Views of Mount Fuji, this print captures a dramatic scene of towering waves threatening boats near Kanagawa, with Mount Fuji visible in the background.
The print symbolizes the interplay between nature’s power and human perseverance. Hokusai’s use of Prussian blue pigment and innovative composition techniques contributed to the print’s lasting impact. Collectors prize early impressions for their clarity and color vibrancy, making them highly sought after at auctions.
Capucine Korenberg, a researcher at The British Museum, has estimated that up to 8,000 impressions of The Great Wave may have been produced, reflecting its widespread popularity. So far, scholars have identified 113 authentic impressions of The Great Wave in museums, galleries, and private collections worldwide.
The rarity and historical significance of the print are key factors influencing its value. Prints that remain in their “innocent” state, meaning they haven’t been altered or reprinted, are especially prized. These factors, along with the print’s condition, heavily impact its final auction price.
Collectors often scrutinize the quality of the impression, color preservation, and any signs of wear. Early impressions with vibrant colors and minimal fading are particularly valuable.
Market Dynamics and Collector Interest
The recent sales at Christie’s and Bonhams highlight several trends in the art market. First, there is a growing appreciation for high-quality ukiyo-e prints among international collectors. The competitive bidding suggests that buyers recognize the rarity and importance of exceptional impressions.
Second, the sales reflect confidence in the market for Japanese art. Despite global economic uncertainties, collectors are willing to invest significant sums in works of proven historical and artistic value. The strong results from both auctions indicate a healthy demand and suggest that prices for top-tier prints may continue to rise.
Other Noteworthy Sales
The Christie’s Sale
On September 16, Asian Art Week commenced with a robust sale of Japanese and Korean Art totaling $4,241,160, selling 89% by lot and achieving 162% of the low estimate. Notable ukiyo-e art sales included Katsushika Hokusai’s hanging scroll Swimming Carp, which sold for $655,200, over two and a half times its low estimate. There were several other notable ukiyo-e works sold by Kuniyoshi, Hiroshighe, Hokusai, Utamaro, Kunisada, and Eisho.
The auction also featured netsuke from a European private collection, with a carved wood Insho (Seal-Type) Sashi-Netsuke of the Edo Period selling for $37,800, more than 7.5 times its low estimate. Korean works excelled as well, with an 18th-century Joseon dynasty Blue and White Porcelain Jar selling for $378,000, and Park Sookeun’s 1960 oil painting Playing Children realizing $277,200.
The Bonham’s Sale
On September 16, the Chinese Ceramics and Works of Art sale more than doubled its estimate, reaching $7.8 million, highlighted by the Utterberg collection’s huanghuali table sold for $1.6 million. The same day, the Weiss Collection of Chinese Snuff Bottles achieved $283,000.
On September 17, the Classical and Modern Chinese Paintings sale totaled $2.1 million, with the Celebrating the Sheizhuang Residence albums selling for $406,900.
On September 18, Japanese art took center stage. A Private Collection of Japanese Prints and Watercolors achieved $2.3 million, with key ukiyo-e sales including Hokusai’s A Tour of Waterfalls in Various Provinces at $508,500. The Fine Japanese and Korean Art sale reached $1.5 million, featuring Hokusai’s prints Ri Haku (Li Bai) at $76,700 and an untitled work at $70,350.
The Role of Asia Week New York
Asia Week New York serves as a pivotal event for showcasing Asian art and attracting global attention. The timing of these auctions during the event amplifies their impact. Collectors and dealers converge in the city, creating a competitive atmosphere that can drive auction results higher.
The success of these sales during Asia Week underscores the event’s importance in the art market calendar. It provides a platform for auction houses to present significant works and for collectors to acquire them in a dynamic environment.
The Enduring Legacy of Hokusai’s Masterpiece
The Great Wave off Kanagawa continues to captivate audiences worldwide. Its recent auction results affirm its status not just as a cultural icon but also as a valuable collectible. The print’s influence extends beyond the art world, inspiring countless reproductions and references in popular culture.
Hokusai’s ability to capture the essence of nature and human experience resonates with contemporary audiences. The print’s composition, with its dramatic waves and serene Mount Fuji, offers a visual narrative that is both powerful and poignant.
A near-pristine edition of The Great Wave became the most expensive ukiyo-e artwork sold at auction fetching $2.76 million at Christie’s in March 2023. This sale, which set a new record for the genre, reflects the increasing demand for high-quality Japanese prints among collectors.
Another auction saw a complete set of Hokusai’s Thirty Six Views of Mount Fuji Sell for $3.5 Million which included an edition of The Great Wave.
Implications for the Ukiyo-e Market
These auctions may influence the broader market for ukiyo-e prints. Strong sales of high-profile works can boost interest in the genre, encouraging new collectors to explore Japanese woodblock prints. Auction houses may also see increased consignments of similar works as sellers seek to capitalize on the market momentum.
However, the rarity and condition of prints like The Great Wave off Kanagawa set them apart. While general interest may rise, achieving similar prices depends on the uniqueness and quality of each piece. Collectors and investors should consider these factors when entering the market.
Another Significant Moment for The Great Wave
The recent sales of The Great Wave off Kanagawa at Christie’s and Bonhams mark significant moments in the art world. They reflect the enduring appeal of Hokusai’s masterpiece and the strong market for exceptional ukiyo-e prints. The auctions during Asia Week New York provided a fitting stage for these remarkable transactions.
As collectors and enthusiasts celebrate these sales, they also highlight the importance of preserving and appreciating cultural treasures. Hokusai’s work continues to inspire, reminding us of the profound connections between art, history, and human experience. The waves may be over a century old, but their impact is as powerful today as ever.
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At The Art of Zen we carry a selection of our own hand-crafted original Japanese art prints in the ukiyo-e and Japandi style. Some of our best selling work is Mount Fuji wall art and Japandi wall art.
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