Prized Chinese works of art are selling for high prices at auction as growing wealth on the mainland brings a new breed of collectors
Top-end Chinese works of art are achieving handsome prices at auction, despite a scaled-down season last month due to the atypical pneumonia outbreak, and a growing pool of mainland collectors suggests further upside for prices.
Auction house Sotheby's said there was a strong turnout at its sales in late April. It delayed its jewellery sale due to Sars, while rival Christie's moved all its spring sales to early July.
'The prices realised show that the art market continues to be strong,'' said Henry Howard-Sneyd, managing director of Sotheby's China. 'Collectors are willing to pursue pieces they want despite the uncertainties of the time.''
Sotheby's top lot was an underglaze blue and copper red dragon vase from the Qianlong period of the Qing dynasty that sold for HK$10.1 million, from a pre-sale estimate of HK$5 million to HK$7 million. A jade screen from the same period fetched HK$7 million, setting a record for white jade at auction.
Chinese paintings attracted active bidding, with many lots selling way beyond their estimates. Festive Autumn by Ren Yi, estimated at HK$250,000 to $300,000, sold for HK$1.6 million, more than six times its pre-sale estimate.