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The thangka was made in the Yongle period of the Ming Dynasty. Photo: Christie's

Chinese tycoon Liu Yiqian breaks world auction record for HK$348.4m thangka

Auction sets record for Chinese work of art, which will be housed in Shanghai museum

Shanghai billionaire Liu Yiqian paid HK$348.4 million for a Tibetan tapestry at a Christie's auction yesterday, 10 times what it sold for a little over a decade ago and breaking the auction record for a Chinese work of art he set in April.

It was also a record for any Chinese work of art sold by an international auctioneer.

The pre-sale estimate was HK$80 million. The sale raged for 22 minutes at the Convention and Exhibition Centre in Wan Chai before Liu captured his prize with a telephone bid.

In April, he paid HK$281.24 million for the Meiyintang Chenghua "chicken cup" at Sotheby's spring auction in Hong Kong.

"I am proud to bring back to China this significant and historic 15th century 'thangka', which will be preserved in the Long Museum for years to come," Liu said.

The 600-year-old embroidered silk thangka, measuring 335.3cm x 213.4cm, was made in the Yongle period (1402-1424) during the Ming dynasty.

The Buddhist thangka depicts Raktayamari, the red Conqueror of Death, embracing his consort, Vajravetali, trampling Yama, the Lord of Death.

Antiques dealer Hon Lau, owner of Hollywood Galleries in Central, said the thangka was one of a series of three. He said the other two were in Jokhang Monastery in Tibet.

The thangka sold for US$1 million in New York 20 years ago, and the price shot up to HK$30 million when it was sold to an American collector in a 2002 auction.

Lau said the 10-fold increase in value in 12 years was because Buddhist art had been undervalued in the past.

"This thangka is a magnificent piece of historical artwork made of top-notch craftsmanship," said Lau. He said the imperial mark of "Yongle" added great value to the piece.

"I have had collectors telling me that they wouldn't want to trade this even if they were given 10 chicken cups," Lau said.

Jonathan Stone, chairman of Asian art at Christie's, said the thangka had global appeal.

"Buddhist art is widely respected and interest has gone up. There's no doubt that its value will go up," Stone said.

Liu, chairman of Sunline Group in Shanghai, founded the Long Museum in Pudong with his wife, Wang Wei, also a well-known figure in the art world.

 

This article appeared in the South China Morning Post print edition as: Tibetan tapestry fetches HK$350m
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