Although there may seem to be a general cooling by the big spenders in the art market in China because of falling world stock prices, according to Andy Xie an independent economist from Shanghai, an article by Le-Min Lim writing for Bloomberg recently reported on a Hong Kong auction of the very finest Chinese imperial art and antiques that is set to be some of the finest ever seen in the city.
The worry that art and antique prices would remain high in a recession, according to Xie, is unrealistic where he says that: ‘they move in the same direction’ as property and stock prices. However Christie’s, who host the auction, will try to tempt wealthy Chinese to the auction to buy some of the precious items on offer.
An auction regular, Mr Wu, says this is set to be one of the best auctions of fine art and antiques in Hong Kong. Chinese gilt bronze figures and paintings, plus an Andy Warhol painting of Mao Zedong, are expected to fetch high prices. The painting alone is expected to fetch nearly £1 million.
Mr Wu plans to buy now because he says that ‘antiques will only get rarer as time goes by’. Since the financial crisis, there has been a rise in Chinese collectors at Hong Kong auctions where they are constantly outbidding Americans across all categories and are now venturing into the western art market. However, Chinese antiques are still top of these wealthy Chinese’ shopping lists where quite recently a dragon decorated wooden seat fetched over £1million at Sotheby’s sale in Hong Kong.
For advice on Chinese antique furniture and Chinese influenced period and revival English chinoiserie antique dining chairs , Lancashire has a host of expert antique dealers that can help.
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