SINGAPORE, May 12, 2014 /PRNewswire/ -- Chinese Master Yuan Ye -- who recently held his first solo and sold-out exhibition at the Singaporean art gallery Dominic Khoo's 28th Fevrier -- announced an IPO with a total offering size of HKD 25,000,000.
With the assistance of The Chinese Cultural and Arts Property Exchange Limited, the artist announced the initial public offering of 25,000,000 shares with an expected price of HKD 1.00 per share. Yuan Ye's portfolio value increased dramatically after selected paintings were chosen for a set of commemorative stamps by the Chinese Government, honouring him as a representative of modern China's art culture. Additionally, Yuan Ye recently announced that he was the youngest ever artist to hold a personal exhibition at Beijing's prestigious gallery Rong Bao Zai which was founded more than 300 years ago.
The perpetuation of his artwork and factors such as market demand and scarcity determined the value of the IPO. Suzhou Xin Shen, the responsible art appraisal firm, also analysed the material and texture of the paintings and evaluated Yuan Ye's influences on the art industry.
Gallery director Dominic Khoo started Yuan Ye's latest exhibition in March, showcasing 28 paintings in his gallery 28th Fevrier. He was overwhelmed by the success: "Singapore was a new territory for the artist but we sold most of his paintings by email even before the exhibition started -- after just a few days, it was completely sold out." 28th Fevrier owns exclusively the distribution rights for Hong Kong and Southeast Asia.
Dominic Khoo expected a high increase in value, but admitted that he did not think it would be this quick: "During the exhibition, we could offer prices that were 40 percent lower than on the Chinese and European markets -- it was definitely a good deal." The paintings were sold in three sizes: small (5.1 - 5.3 square feet), medium (5.8 - 8.7 square feet) and large (15.5 square feet). Yuan Ye's painting #2, an artpiece measuring 15.5 square feet, sold for SGD$12,000 last month. The stock exchange recently traded his works at 30,000 RMB (about SGD$6,000) per square feet. Consequently, the owner of Yuan Ye #2 now has a traded value on the Hong Kong exchange at 465,000 RMB or SGD$93,500 -- a 780% gain in only one month.
The artist's first sale of stock was only a question of time: "Yuan Ye's paintings immediately feel familiar and leave a soothing effect on the viewer." says Khoo. "It does not matter if people are from Europe or Asia, they can connect with this kind of art. It amazing how an artist can reach such a broad audience."
The renowned Chinese artist Wu Guanzhong said about Yuan Ye: "His artwork is special and flawless -- this is the developing Chinese painting." The secret lies in a harmonious fusion of Western and Chinese art. Traditional Ming vases are combined with vibrant, lively colours; the deformation and reconstruction of the vases leaves an impression of the object's transience. While the artist's precise brush strokes and bright colours are a reminiscence of European post-impressionism, Chinese porcelain and bamboo curtains take the viewer back to old dynasties.
Dominic Khoo showcases selected paintings of Yuan Ye in his art gallery 28th Fevrier alongside renowned Chinese painters such as Zhu Shuang Da and Guo Tailai. Visitors can also see a unique collection of urban artists, 3D anamorphic art, flexible furniture, the world's most famous photograph and Dominic Khoo's own award-winning photography. The gallery is integrated in the private OOZI Clubhouse, an invite-only black-and-white British officer's mansion behind Singapore's Orchard Road. More information on http://www.whereisthesite.com and via +65-6366-4642.
