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On April 29, the China Guardian 2008 Spring Auction successfully concluded with a total transaction volume of over RMB$ 993 million(USD 142 million), setting a all-time record for any single auction in Guardian's 15 year history.
This spring auction broke several international auction records. Specially, in the dedicated session of imperial hardwood furniture, a zitan (red sandalwood) waisted side table decorated with carved Delilah patterns from the Qianlong period of the Qing Dynasty first broke the world auction record for classical Chinese furniture with a transaction price of RMB$ 31.36 million(USD 4.48 million). This event was followed by the rare and important Yuanmingyuan-style zitan three-railing bed, lohanchuang, also from the Qianlong period of the Qing Dynasty, which set the bar even higher with a transaction price of RMB$ 32.48 million(USD 4.64 million). Moreover, in the silver and coins auction, the silver note issued by the Hubei Governmental Currency Bureau with double portraits of Zhang Zhidong and Duan Fang broke the world record for a single-banknote at auction in China with a transaction price of RMB$ 1.17 million(USD 0.17 million)—this event represents China's successful attempt at exceeding the 1 million Renminbi mark. Another record-breaking event was the sale of a 250 gram piece of gold bullion made by the feudal Chinese Revenue Ministry of the Jiajing period of the Ming Dynasty, which broke the world record for Chinese gold and silver bullion with a transaction price of RMB$ 2.8 million(USD 0.4 million).
Wang Yannan, director and president of China Guardian Auctions Co., Ltd., was quoted as saying, "This spring auction coincided with the 15th anniversary of the China Guardian. With the generous support of our domestic and international collectors, we were not only able to present exquisite works, but we were also able to achieve the best performance in this company's history. We are all very excited and filled with confidence for the Guardian's prospects. I'd like to take this opportunity to extend my sincere thanks to friends from various fields for their support and assistance."
Chinese calligraphy and painting: Top-lots achieved groundbreaking results time and time again
There were plenty of superior-quality Chinese paintings and calligraphy in this Spring auction. The total volume of transaction for the 9 dedicated sessions of Chinese paintings exceeded RMB$ 450 million(USD 64.3 million). Judging from the onsite response, collectors were most interested in works of historical importance with excellent provenance. In particular, modern and contemporary calligraphy and painting showed a noticeable growth, after steady adjustments in 2006 and 2007, as evidenced by an 83% sales volume of continuous sales of top lots. Cloudy Mountain and Deep Stream drawn by Qi Baishi and Lotus with a Semi-cursive Script Four-word Couplet written by Shi Lu ranked among the top lots, reaching prices of RMB$ 6.27 million(USD 0.9 million) and RMB$ 6.16 million(USD 0.88million) respectively.
Sales of ancient paintings and calligraphy also continued to increase steadily. The value of rare top lots works was recognized by collectors and repeatedly sold at high prices. One work, Ferrying a Crane by Yun Shouping, sold for RMB$ 36.96 million(USD 5.28 million), the highest price among works of Chinese painting and calligraphy. Chrysanthemum in Bottle by Zhu Da was also auctioned for a notable RMB$ 31.36 million(USD 4.64 million).
Together the Spring Auction included five special auctions for painting collectors and many works preformed better than expected. This includes the masterpieces Double Cascade by Fu Baoshi, the Linhe Preface by Badashanren and Sword Dance by Chen Hongshou. The auction audience responded actively to these and other works which sold at prices beyond top estimates.
With regard to contemporary paintings and calligraphy, high-quality works by modern artists sold, including Feng Yuan, He Jiaying, Fan Zeng. The results were gratifying; as a sales category, contemporary paintings continue to increase steadily.
Throughout the auction, it seemed that collectors of Chinese paintings and calligraphy were consistent, suggesting that this market is stable and likely to expand. Collectors displayed stronger desire for high-quality works and works of high artistic value, which kept prices surging beyond estimates. It suffices to say that Chinese paintings and calligraphy is still an area that enjoys great attention and enthusiasm from collectors.
Porcelain and works of art: record-breaking results manifest strength once again
The porcelain and works of art section of China Guardian's 2008 spring auction included 7 dedicated sessions, totaling a transaction turnover of over RMB$ 220 million(USD 31.43 million). Prices for 5 top lots totaled more than 10 million yuan. In particular, the Rare and Important Yuanmingyuan–style Zitan Three-railing Bed, Luohanchuang from the Qianlong period of the Qing Dynasty broke the world record for classical Chinese furniture at auction with a transaction price of RMB$ 32.48 million(USD 4.64 million).
The auction session entitled "Returning Treasures-Choice Works of Qing Dynasty Porcelain" included 63 items from overseas collections. Compared to estimates, many works auctioned for considerably higher prices. In particular, an exemplary under-glazed red gourd-shaped bottle with dragon motifs from the Qianlong period of the Qing Dynasty lived up to its reputation with a transaction price of RMB$ 12.32 million(USD 1.76 million). The "Porcelain, Jade and Works of Art" auction session also reported great performance. Notably, an octagonal vase from the Southern Song Dynasty official kiln, an extraordinarily rare and precious work of art with only four known examples in the world, sold on our auction floor for RMB$ 20.16 million(USD 2.88 million).
"An Elegant Gathering from a Prosperous Era—Qing Dynasty Imperial Zitan Furniture" was not only the largest imperial zitan furniture auction in history, but was also the auction that achieved the highest results. The 13 furniture items in the session were all red sandalwood pieces from Qing royalty, representing the supreme artistic achievement of royal furniture during this period. The Zitan Grand Table with Recessed Legs and Decorated with Dahlia Patterns from the Qianlong period of the Qing Dynasty broke the world record in the auction of classic Chinese furniture with a transaction price of RMB$ 31.36 million(USD 4.48 million). This event was closely followed by the Rare and Important Yuanmingyuan–style Zitan Three-railing Bed, Luohanchuang from the Qianlong period of the Qing Dynasty which set the bar even higher with a transaction price of RMB$ 32.48 million(USD 4.64 million). Based on the performance of this auction session, experts have concluded that collectors are gaining a clearer understanding of the value and rarity of high-end rosewood furniture. Thus, there is still room for growth in the Chinese classical furniture market.
The China Guardian's new "Contemporary Porcelain Works of Art" and "Contemporary Works of Sculpture Art" special auctions also reported good news. The total volume of transaction for the two auctions amounted to over RMB$24 million(USD 3.43 million). These were the first such auctions organized by the China Guardian, and their excellent results indicates collectors' and art lovers' desire for auctioned works in terms of their epochal character, creativity, and academic features. Therefore, the market response seems to be very active
The Chinese oil painting Liu Xiaodong Hot Bed No.1 sets a new world record for a Chinese oil painting at auction with a price of RMB$57.12 million
This spring, the total transaction for Chinese oil painting, sculpture and Chinese photography at auction climbed to RMB$ 248 million(USD 35.43million). The auction sessions focused on exquisite works and the current needs of the market. Meanwhile, it also took into consideration the historical and academic features of works. Reviewing the auction as a whole, it seems that prices have become more stable after a period of steady development. Collectors are increasing their understanding of the artistic and academic values of contemporary art and focusing on important works.
Notable pieces include: Hotbed No.1, a series of five paintings, by Liu Xiaodong, which led the auction with a transaction price of RMB$ 57.12 million(USD 8.16 million), breaking the record for any Chinese oil painting at auction. Homeless Furniture by Wang Huaiqing was sold for RMB$ 28 million(USD 4 million), another outstanding record for this Chinese painter. Zhang Xiaogang's Blood Line Series-Childhood reached for RMB$ 9.52 million(USD 1.36 million). Finally, Chen Yifei’s Duet was auctioned for a remarkable RMB$ 8.96 million(USD 1.28 million).
The special auction of Chinese photographic art adhered to our principle of selecting exquisite and important works. Although the number of works for auction decreased by 50%, the volume of transaction increased significantly, reaching RMB$ 5.76 million(USD 0.82 million). As a relatively new investment field in mainland China, photographic art is attracting the attention of collectors of various backgrounds and has a great potential to develop. Of note, Wang Qingsong's Past and Present Future sold for RMB$ 0.98 million(USD 0.14 million). In addition, works from internationally distinguished photographers such as Ma Gang, Liao Xiaochun, and Zhang Dali also reported outstanding results.
Rare books and manuscripts: famous collectors' collection received great attention
In the rare books and manuscripts auction, valuable collections of books from various dynasties were presented. With excellent works being offered for sale, the total transaction volume climbed to RMB$ 14.18 million(USD 2.03 million). Of note, Cai Zhong Lang Wen Ji, Waizhuan written by Cai Zhonglang during the Han Dynasty is normally presented in 10 volumes, but here an additional volume grabbed the attention of collectors and the lot sold for a soaring price of RMB$ 5.37 million(USD 0.77 million). Judging from the auction response, collections from famous scholars and book collections of notable cultural significance received the most attention. The entire rare book filed seems to be steadily increasing, particularly because there are many new collectors. Thus, the prospect is for rare books and manuscripts continues to be brilliant.
Stamps, coins and bronze mirror: two world record breakings (breaking the world records of gold bullion and silver sycees and single Chinese banknote)
In general, this sector had an outstanding performance, steady growing trend and repeated world record breakings. Buyers are improving their taste for collection year by year, with wider gap in the price of collection items of the same kind but in different conditions. Also, fine items with a historical background and cultural content are preferred more and more by collectors. This sector finally achieved a total transaction volume of nearly 59 million RMB. Meanwhile, many new buyers poured in, injecting a lot of vitality into the market.
A banknote with double portraits of Zhang Zhidong and Duan Fang issued by Hubei Official Bureau of Minting was auctioned for RMB$ 1.17 million(USD 0.17 million), breaking the world record for a single Chinese banknote. It was also the first transaction for a single Chinese banknote to exceed one million Renminbi. In addition, many other works witnessed active response from collectors. A 250 g piece of gold bullion minted by Ministry of Revenue during the reign of Jiajing of the Ming Dynasty, the auction highlight, was auctioned for RMB$ 2.80 million(USD 0.4 million), setting a new world record for Chinese ancient gold and silver bullion.
In regard to stamps, various collections were favored by collectors. Among them, one of the most precious stamps in the history of new China is the blue military stamp because of its rarity. On our auction floor, one such rare stamp sold RMB$ 640,000(USD 91,400). Another 1968 stamp "The Whole Country is Red" Issue was also extremely rare and was auctioned for RMB$ 340,000(USD 48,600).
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