Pot o’ gold as family’s old vase fetches $83 million
IT WAS just an old Chinese vase that had been in the family for 80 years – but it turned out to be much more.
When the intricately painted 18th-century piece recently went on the block at Bainbridges, a small London auction house, the vase was scooped up by a Chinese buyer for a record $83 million (R592m).
“How do you anticipate the Chinese market?” asked the shocked auctioneer, Peter Bainbridge. “It’s totally on fire.”
The sale price was more than 40 times the pre-sale esti- mate and a record for a Chinese work of art – an outcome Bainbridge called “a fairytale” for the family who owned the vase.
The sellers, who wished to remain anonymous, are the sister and nephew of an elderly woman who died in the West London suburb of Pinner.
The vase had been in the family at least since the 1930s, but they don’t know how it was acquired.
Many Chinese artefacts surfaced in Britain in the 19th century, having been looted from Beijing’s Summer Palace when it was sacked by British and French soldiers at the end of the Second Opium War in 1860.
Painted sky blue and imperial yellow, and adorned with medallions depicting leaping goldfish, the 40.6cm vase dates from the Qing dynasty, a time when Chinese porcelainmaking was at its pinnacle.
Made for the personal collection of Emperor Qianlong and bearing the imperial seal, it was an exceptional piece, experts said.
Still, no one expected what happened when the delicate enamelled vase went under the hammer.
Bainbridge said the atmosphere was “electric”, and when the winning bid was reached he brought the gavel down with such force that it broke.
“There was a silence that wrapped itself around the sale as the figure grew slowly but surely up to the sky,” said Bainb r i d g e , wh o s p e c i a l i s e s i n house clearance sales – and whose previous sale record was $161 000.
“I’m an auctioneer, so at that point I’m just doing the professional job I’m paid to do. But once the hammer’s down you do take stock slightly and think, ‘Oh, wow, that’s really rather a lot of money’,” said Bainbridge, whose $13.9 million buyer’s premium is included in the sale price.
The vase, bought by a Chi- nese bidder on behalf of an undisclosed buyer, beat the previous record for Chinese art.
This was a 13.7-metre-long 11th century scroll elaborately decorated with calligraphy that went for almost $64m in Beijing in June.
While the vase sold last month is not extremely old – it dates from around 1740 – it is from a period whose works are coveted by Chinese buyers. Last month, Sotheby’s sold another Qing dynasty vase in Hong Kong for $32m.
“While European taste tends to focus on the really old stuff produced by the Chinese, Chinese collectors consider this period of porcelains the zenith of their art,” said Roland Arkell, deputy editor of the Antiques Trade Gazette.
“It’s a superb object. It’s also a piece which chimes completely with Chinese taste. And it has to be seen in the context of a rapidly rising market.”
Even Arkell was surprised by the sale price, which makes this artwork by anonymous artisans the 11th most expensive yet sold at auction.
“It’s right up there alongside the Picassos, which is unheard-of for porcelain.”
More record prices are sure to follow. Prices for Chinese art and antiquities are buoyant.
Art markets in the West are feeling the effects of the economic downturn. Masterpieces set records – often acquired by Russian, Middle Easter n or Asian collectors – while midrange works languish unsold.
“It’s like crème brûlée: hard at the top and a bit soft underneath,” said Robert Read, a fine art expert at specialist insurer Hiscox.
In contrast, China’s booming economy means wealthy new collectors are joining the market all the time, eager to repatriate treasures from their heritage.
“There’s definitely a shift in the balance of power,” said Read.
“Things are going East these days. That’s where the future is, and that’s where the big collectors are going to be over the next 20 years.”
Read said the result was also good news for small auction houses such as Bainbridge’s, which the auctioneer runs with his wife and a staff of eight.
“This result indicates the depth to which buyers are prepared to hunt for treasure. The inter net has opened up the market for small auctioneers who now find themselves in the happy position of being able to compete with the big players,” he said. – Sapa-AP