Imperial Throne Fetches Record $11.1 Million at Hong Kong Sale

"Imperial Throne Fetches Record $11.1 Million at Hong Kong Sale | AboutHK.Com - More Information About HK"

Bloomberg A Qing Dynasty imperial throne with carved dragons fetched a record HK$85.8 million ($11.1 million) at a Hong Kong auction, confirming a Chinese-led resurgence of Asia’s fine-art and antiques market. At the standing-room-only sale attended by the biggest names in the multibillion-dollar Chinese antiques business, such as top collector Robert Chang and the Chak family of dealers, some 10 bidders offered more than $2 million each for the throne. One contender placed a HK$10 million bid and the jostling carried on at incremental rates of between HK$1 million and HK$5 million. The final bid, which was seen to be made by the posse of Chinese stock-investor Liu Yiqian, is a record for Chinese furniture. Host Sotheby’s Asia Chief Executive Kevin Ching wouldn’t confirm Liu’s identity as buyer. Liu declined to comment. “He got it at a bargain,” said Kevin Li, a Taiwanese antiques dealer, in an interview at the venue. “That item is so rare, it will easily resell for HK$200 million in a few years.” Chinese buyers have been dominating this five-day auction, one of Hong Kong’s biggest, paying top dollar only for the best wines, antiques and paintings by Chinese masters. Contemporary art, the auction favorite for about for two years before Lehman Brothers Holdings Inc. collapsed, is still out of favor, with top pieces by the biggest names such as Cai Guoqiang unsold. The auction continues today with more Chinese ceramics. Sotheby’s buyers’ commission is 25 percent of the hammer price for the first HK$400,000; 20 percent for an amount between HK$400,001 and HK$8 million; and 12 percent for any amount above that. To contact the reporter on the story: Le-Min Lim in Hong Kong at lmlim@bloomberg.net This e-mail address is being protected from spambots. You need JavaScript enabled to view it