Whether it’s heavy recession time or economic breakdown, no matter what the situation is, auction of unique and rare art pieces has always fetched prices far exceeding their pre-sale estimate. Recently, international auctioneer Bonhams held a successful auction, Asian Decorative Arts in San Francisco, United States, on March 13, selling 600 lots of essentially Chinese furniture along with jades, and porcelain that fetched good price rewards in each category. We have earlier seen that art enthusiast and casino magnate Steve Wynn bought four ancient 18th century Chinese Ming Dynasty porcelain vases for an astonishing $12.8 million at London auction, showcasing that Chinese art is in huge demand and it sells at breathtaking prices at all worldwide auctions.
Bonhams announced that at the Asian Decorative Arts auction, Chinese jades, ceramics and paintings achieved solid prices. A mottled green jadeite covered bowl from the Republic period of 1911-1945 was sold for $18,750, exceeding pre-sale price of $1,800-$2,500.
Further, the top performing lots of furniture included a rare 20th century set of four hardwood armchairs that fetched $31,250, exceeding its estimate price of $4,000 -$6,000, and a pair of Huanghualli armchairs that sells for $27,500, beating its estimate price of $5,000-$7,000.
However, at another recent Fine Asian Works of Art auction held both by Bonhams and Butterfields witnessed the sale of a rare pair of 17th/18th century Huanghuali armchairs that fetched enormous price of $1.49 million. Another big highlight from the Chinese section of the auction was the collection of Ming Dynasty bronzes, including an impressive bronze Buddha that sold for $266,000. Further, a set of 18 ivory luohan from the late Qing dynasty sold for record breaking price of $506,000.