Chinese collectors keep autumn auctions alive

Qianlong's dragon throne went to a Chinese collector for $11.07 million. (CFP Photo)

With autumn auctions in full swing after opening in September, Chinese buyers have been making headlines in the international auction world with their enthusiasm for buying art, both antiques and modern works, stunning foreign sellers and collectors alike.

At Sotheby's Hong Kong Autumn Sales, held from October 3 to 8, the extremely active participation by a large group of buyers from the Chinese mainland created a media sensation.

The total sales of over $168 million was 88 percent higher than Sotheby's Spring Sales this year, said to be a sign of a rebound in China's art market and the auction giant's strengthening presence in the region.

Different from Sotheby's past auctions in Hong Kong, which were dominated by Western collectors, this time collectors from the mainland played a very important role.

During the six-day long auction of a wide array of works, including Chinese antiques and modern paintings, contemporary Asian works and rare watches and jewelry, one of the highlights was a dragon throne, 1.4 meters wide, believed to belong to Emperor Qianlong (1711-99) of the Qing Dynasty (1644-1911).

About 20 buyers joined the fi erce competition as the throne was being auctioned, raising their paddles with great fever. Among the bidders, most were Chinese buyers, according to famous Chinese collector Ma Weidu who witnessed the bidding process.

As the hammer fell, the eye-catching antique went to a Chinese collector, fetching an extraordinary $11.07 million, five times higher than expected.

Patti Wong, chairman of Sotheby's Asia, described the participation of Chinese collectors as "notably stronger" and said it was a vital factor if the market in China was to recover steadily.

The presence of Chinese buyers has not been confi ned to their homeland. Autumn auctions overseas have also seen participation increase. At the September 14 to 15 auction at Christie's New York, sales rallied to $23.94 million and were labeled "an unmitigated triumph" that would not have been reached without the enthusiastic participation of Chinese new buyers, according to a report by the New York Times on September 25.

Although somewhat lacking in highquality works, the auction proved itself a success, with many Chinese collectors competing to buy works within a wide range of price levels.

A white vase with molded patterns from the Jiajing period (1522-66), was expected to be sold between $30,000 and $50,000, but it fetched a massive $590,000 including commission.

Bryan Chow, a famed art dealer from Hong Kong, was the winner of the vase, he had rarely attended large international auctions to buy works until this year.

In recognition of the increasing presence of Chinese buyers and the Chinese contemporary art market, The Global Art Works Collecting Forum 2009, initiated by British organization Institute for Strategic Dialogue in 2004, was held in Beijing for the fi rst time over the weekend. The internationally renown event attracted a handsome list of collectors and galleries, including Baroness Helena Kennedy QC from the British Museum, Alexandra Munroe, senior curator at the Guggenheim and Alia Al-senussi from the Tate.

"During the global recession we have seen a large decline in the art market, but we can see huge potential in the Chinese market," explained Munroe, noting that it was largely due to China's economic growth.

"We are also seeing Chinese collectors participating in the art market more enthusiastically than ever, which is essential for the healthy development of the Chinese art world," she added.

Despite the emergence of a large group of new collectors, there are still many problems to be solved in China's circle, according to Yu Ke, editor-in-chief of Contemporary Artist Magazine.

"For most Chinese collectors, buying art is no different from buying stocks, which means what they are concerned about most is money, not the value of art itself," he said. Many collectors are buying works at extraordinarily high prices, with few of them taking the real artistic value into account, Yu added.

"Such behavior is no good in establishing a healthy and sound collecting system within China," Yu explained. "Art should never be considered a money-making tool, both for artists and collectors."

He added that many Western collectors establish foundations, or donate their collections to museums as their final goal after their life-long collecting career, a mode that needs to be learned and adopted by new Chinese collectors.

Source: Global Times