News / Asia

Wealthy Chinese Buyers Break Records in Chinese Art Auctions

The Qing dynasty yellow-ground vase that fetched US$32.5 million at a Hong Kong auction this week, 08 Oct 2010
The Qing dynasty yellow-ground vase that fetched US$32.5 million at a Hong Kong auction this week, 08 Oct 2010
TEXT SIZE - +

A rare collection of Chinese art works and ceramics fetched record prices in a Hong Kong auction, with wealthy mainland Chinese buyers eagerly raising their paddles to win sought after treasures.

A Qing dynasty yellow-ground vase, decorated with flowers and edged in gilt, broke the world record for the most expensive single piece of Chinese art sold, at $32.5 million. It was just part of what the auction house Sotheby's called the largest sale of Chinese ceramics and works of art in the world.

In one day, 35 rare pieces sold for $148 million. Nicolas Chow, deputy chairman of Sotheby's Asia, says this week's series of auctions in Hong Kong breaks previous Chinese art auction records.

"This was the most extraordinary sale that the market has ever witnessed," he said. "This is a real, very dramatic entrance of Chinese art among the main collecting categories. I think when a sale brings in excess of 150 million I think we have to table [it] with the great collecting categories in the art world."

The Qing dynasty vase was expected to fetch at least $3.8 million. A similar vase sold for $6.9 million in 2008.

The buyer, Alice Cheng, is a Hong Kong collector, whose family had ties with the vase's previous owner, the renowned Shanghai-born, New York antique collector J.T. Tai. Many of rare porcelains auctioned off this week came from Tai's vast collection.

A white jade Qing dynasty seal sold for $16 million, four times its expected price.

Chow says the week-long auctions have drawn hundreds of collectors, mostly wealthy mainland Chinese buyers. "It's very clear that the Chinese are buying back their culture, it's part of the process of rebuilding their identity. It's to some extent understandable given the very particular history of China in the second part of the 20th century," he said.

After China's Communist Party won the country's civil war in 1949, many wealthy families fled overseas, taking along thousands of works of art. And many works were lost, destroyed or hidden in the 1960s, as China went through the political upheaval of the Cultural Revolution.

Hong Kong is the third-largest art auction location in the world after New York and London. China's expanding ranks of millionaires has not only fueled demand for art, but also rare French wines and luxury properties. This week, Sotheby's opened a real estate office in Hong Kong for clients seeking the city's most sought-after addresses.

You May Like

Abuja Blast Impacts Lives, Livelihoods

Officials say they are looking at ways to help bombing victims and boosting security More

Cambodia Technology Adviser Criticizes Cybercrime Draft Law

Phu Leewood says current criminal code can be used to prosecute offenders and that there is no need for a separate law More

Photogallery A Year Later, Boston Remembers Deadly Marathon Bombings

City pauses to honor victims and salute emergency workers who came to their assistance in frantic moments after blasts More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Google Buys Drone Companyi
|| 0:00:00
...
 
🔇
X
George Putic
April 15, 2014
In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
Video

Video Google Buys Drone Company

In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
Video

Video Ray Bonneville Sings the Blues and More on New CD

Singer/songwriter Ray Bonneville has released a new CD called “Easy Gone” with music that reflects his musical and personal journey from French-speaking Canada to his current home in Austin,Texas. The eclectic artist’s fan base extends from Texas to various parts of North America and Europe. VOA’s Greg Flakus reports from Austin.
Video

Video Millions Labor in Pakistan's Informal Economy

The World Bank says that in Pakistan, roughly 70 percent work in the so-called informal sector, a part of the economy that is unregulated and untaxed. VOA's Sharon Behn reports from Islamabad on how the informal sector impact's the Pakistani economy.
Video

Video Passover Celebrates Liberation from Bondage

Jewish people around the world are celebrating Passover, a commemoration of their liberation from slavery in Egypt more than 3,300 years ago. According to scripture, God helped the Jews, led by Moses, escape bondage in Egypt and cross the Red Sea into the desert. Zlatica Hoke reports that the story of the Jewish Exodus resonates with other people trying to escape slave-like conditions.
Video

Video Police Pursue Hate Crime Charges Against Kansas Shooting Suspect

Prosecutors are sifting through the evidence in the wake of Sunday’s shootings in a suburb of Kansas City, Missouri that left three people dead. A suspect in the shootings taken into custody is a white supremacist. As VOA’s Kane Farabaugh reports, he was well-known to law enforcement agencies and human rights groups alike.
Video

Video In Eastern Ukraine, Pro-unity Activists Emerge from Shadows

Amid the pro-Russian uprisings in eastern Ukraine, there is a large body of activists who support Ukrainian unity and reject Russian intervention. Their activities have remained largely underground, but they are preparing to take on their pro-Moscow opponents, as Henry Ridgwell reports from the eastern city of Donetsk.
Video

Video Basket Maker’s Skills Have World Reach

A prestigious craft show in the U.S. capital offers one-of-a-kind creations by more than 120 artists working in a variety of media. As VOA’s Julie Taboh reports from Washington, one artist lucky enough to be selected says sharing her skills with women overseas is just as significant.
Video

Video UN Report Urges Speedier Action to Avoid Climate Disaster

A new United Nations report says the world must switch from fossil fuels to cleaner energy sources to control the effects of climate change. The Intergovernmental Panel on Climate Change released the report (Sunday) following a meeting of scientists and government representatives in Berlin. The comprehensive review follows two recent IPCC reports that detail the certainty of climate change, its impacts and in this most recent report what to do about it. VOA’s Rosanne Skirble has the details.
AppleAndroid