Regional auctioneers benefit from record Chinese sales
The recent record Chinese sales haven’t just been confined to the larger international auction houses, many regional sellers have also been benefiting as well.
Recent analysis estimates that China now has over 450,000 millionaires and many regularly venture overseas to find the very best sources of art. Until recently this interest was confined to the major auction houses but remarkable prices are now being paid at lesser known auctioneers.
The sale last year of an imperial Qianlong vase for £53 million at Bainbridges in West Ruislip, Middlesex was thought to be a fairly isolated incident. Since then many companies have reported record turnovers sometimes only due to the sale of one or two objects, each for staggering amounts. Tennants and Sworders are just some of the names that have seen their profits inflated through record Chinese sales. Wooley & Wallis sold a mid-18th century Qianlong carved jade water buffalo for £4.2m back in 2009 and continues to enjoy further success having parted in November with a Qianlong imperial jade deer worth £3.8m.
Many auction results are still surprising experts even when objects are damaged. Duke’s in Dorset recently sold a Ming vase for £550,000 that despite having a wooden base and a hole in the bottom that had been drilled to convert it to a table lamp.
As this expanding consumer base continues to repatriate items of value, the competition for buyers and the prices achieved have meant that collectors are more thorough with their search. Is it a bubble or will our auction houses continue to help the Chinese reclaim its history for many years to come.