Collector’s cup runneth over

A CHINESE collector who bought an ancient Chinese ceramic cup for a record HK$281-million (about R387million) at auction in April got a surprise bonus when he paid for it on Friday: nearly 422 million American Express points.

Liu Yiqian, who paid for the cup from Sotheby’s Hong Kong with his Centurion Card, hadn’t thought about the rewards until Bloomberg News contacted him.

Liu’s daughter Betty said he used his credit card, which is denominated in yuan, as currency restrictions won’t allow him to transfer that much money directly from China to Hong Kong. Individuals are limited to moving $50 000 a year outside the country because of capital controls.

So what can 421 860 000 AmEx points get? According to the American Express website, they can be converted into more than 28 million frequent flyer miles or about $180 000 worth of vouchers at Hong Kong retailer ParknShop.

Liu, who plans to place the cup in his private museum in Shanghai, had to sign 24 separate AmEx receipts because the system swipes transactions of only up to HK$12-million at a time, said Nicolas

His AmEx points can be converted into 28m frequent flyer miles

Chow, head of Chinese ceramics and works of art and deputy chairman of Sotheby’s Asia.

Chow said Liu agreed to invite the media for the payment and handover of the cup to show that a Chinese collector who bid a record at auction paid his bills. “There have been lots of transactions in China for large amounts that never come into fruition,” Chow said.

Liu, whom Chow describes as the most important Chinese collector, said his Long Museum is a “great landmark and a must-see destination” that has attracted visitors including actress Angelina Jolie.

The cup, from the Chenghua era (1465-87), is nicknamed the “Chicken Cup” for its depiction of a rooster, his hen and their chicks, an allegorical representation of the emperor, empress and his subjects.

American Express collects an average of about 2.5% from retailers on each credit-card transaction, and generated $18.7-billion of discount revenue last year.

The company spent $6.46billion last year on card member rewards.— Bloomberg