Chinese Scroll Sets Record

Fellow appraiser Daphne Rosenzweig, PhD, ISA CAPP sent me the following Artinfo article. Artinfo is reporting that Chinese auction house Poly has sold a hand screen for the record price of $63.8 million.  This is of course just after I posted from a Bloomberg report that the Chinese market seems to have cooled a bit.  I agree with that report based on the recent results from the Christie's Hong Kong sale.  The Hong Kong sales were very successful, but not over the top as we have come to expect.  I am sure we are still going to see some eye opening prices from Chinese collectors in the coming months, especially those from the mainland. It will be interesting to watch as the market moves, and how the global economy might impact the future of the Chinese markets.

Artinfo reports

BEIJING— Auction houses across Asia have enjoyed major triumphs in Chinese classical sales so far this month, and last night proved especially memorable, as Poly Auction — the largest auction house in mainland China — reset the record for an individual ancient Chinese work at auction, selling a 15-meter-long calligraphic hand scroll by Song Dynasty master Huang Tingjian for RMB 436,800,000 ($63.8 million) in a packed auction room.

The longest extant calligraphic hand scroll by Huang Tingjian boasts an unparalleled history and provenance. Completed in 1095, it was extended from the original length of 8.24 meters to 15 meters over the span of 800 years as owners — from prominent ancient Chinese literati and royal court officials — added additional inscriptions to the piece. The work is also believed to hold significant value for the study of Chinese history and literature, as it bears an eloquent essay on the morality and justice exemplified by legendary Tang Dynasty statesman Wei Zheng.

Starting at RMB 80,000,000 ($11.7 million), the bidding price quickly jumped to RMB 200,000,000 ($29.3 million), climbing by increments of RMB 5,000,000 ($730,000). A vicious duel ensued between a collector in the auction room and an anonymous telephone bidder. The latter eventually won the lot but only after 70 bids had been logged over the course of the fierce 30-minute battle.