Chinese Market Strength Continues - Even in Regional Houses

The Art Newspaper is reporting UK regional auction house Woolley & Wallis, Salisbury has set a record for sales from a second tier auction house. The recent oriental sale totaled 8.8 million pounds (approximately $12.7 million).The previous record was 6.6 million pounds, also set by Wooley and Wallis. Perhaps we can call this trickle down economics for auction houses.

The top lot was a jade bell (Qianlong reign mark 1736-1795) with an estimate of 200,000 to 300,000 pounds.  It sold for 2.46 million pounds.  Half the sales value came from the top 10 oriental pieces.  Most of which will be repatriated back to China, as the buyers were from mainland China. The sale shows that quality items are continuing to gain momentum, even beyond the main international houses.

Along those same lines I hear from a fellow appraisser Francine Proulx that reginal auction house Quinss, of Falls Church, VA recently had held a catalog sale with a group of Chinese scrolls. I hear the bidding was furious.  The Proulx stated "It went absolutely wild over the Chinese scrolls they had -- grossed close to $200,000 from them alone. There was a group of wealthy Chinese collectors there -- they were one upping one another -- and all knew each other."

The Art Newspaper reports

The headline work was an Imperial white jade bell, or ghanta, with a four character Qianlong reign mark (1736-1795), which sold for £2.46m (est. £200,000-£300,000). Representing wisdom and feminine power, it is one of the most important symbols of Tibetan Buddhism when combined with the masculine power of vajra, represented by a sceptre. An almost identical ghanta is in the Palace Museum in Beijing.

A pair of Imperial grey-green jade elephants from a throne-room group of the Emperor Qianlong made the second-highest price of £1.23m (est. £200,000-£300,000). “We knew both the ghanta and the elephants would make seven figures, but thought the prices would be the other way round—the ghanta is more to Chinese taste, while the elephants are perhaps easier for Westerners to appreciate,” said John Axford, who masterminded the sale, competing with Christie’s to win the consignment.

Throughout the sale the rocketing strength of the Asian art market was in evidence. Statistically, Woolley & Wallis’s established May Asian Art sale has grown year-on-year, with 85% of its 928 lots sold in 2009 and 69% of its 752 lots in 2008 sold. This year, there were 1013 lots, of which 83% sold. In addition to the two works examined, 11 lots went for over £100,000, while 22 made more than £50,000.

To read the full article, click HERE.