Chinese bowl auctioned for record US$37.7m in Hong Kong; buyer of rare 11th century piece unknown
Bidding for brush washer from 11th century Ru imperial kiln began at HK$80 million, and 30 bids were made before it was sold; amid speculation over who the buyer is, inquiry to Chinese collector Liu Yiqian draws a polite non-answer
The rare piece, fired in the 11th century Ru imperial kiln in present-day Henan province, drew strong demand at auctioneer Sotheby’s sale room in the Hong Kong Convention and Exhibition Centre. Bidding began at HK$80 million and some 30 bids were made before the bowl was knocked down for HK$260 million excluding Sotheby’s commission. The winning bid was made by phone by an anonymous Asian buyer.
The final price was nearly triple the pre-sale estimate of HK$100 million.
There wasn’t a great deal of expectation ahead of the autumn auction season after fairly flat sales in spring. Market watchers predicted the Chinese authorities’ continuing crackdown on corruption and restrictions on capital outflows would have a negative effect on the autumn sales in Hong Kong just as they did on the spring auctions.
The stock market has certainly been a factor. We are also seeing more young Chinese buyers
However, it appears that some of the profits from gains on world stock markets this year are flowing into the auction market. Hong Kong’s Hang Seng Index has risen by around 25 per cent since January, putting money in the pockets of many collectors, including Chinese ones who over the years have kept a large chunk of their art and financial portfolio outside mainland China.