Items from the Riesco dynasty ceramics were sold at auction recently, raising more than £8 million for Croydon Council, the owners of the collection. Only 17 pieces were sold, although bidders had shown interest in the remainder of the pieces. The sale of the items was held to raise enough money to renovate Fairfield Halls.
The auction was held in Hong Kong and organised by Christie’s. Croydon Council had placed 24 items from the collection up for sale, selecting the most valuable for the auction. Following a valuation of the pieces by Christie’s, the council expected the sale to raise £13 million.
The items were valued between £9m and £14.2m. The highest price was paid for a moon flask from the Ming dynasty, selling for £2.2 million. Although the auction raised £8.2 million for the 17 pieces which were sold, the council may have received less than this, as a buyer’s premium is typically deducted from the final total and is received by the auction house.
A Croydon Council spokeswoman said that it may be a while before the final total is known, as the remaining items may still be sold. She also said that the amount was an investment for culture in the city.
For buyers, it’s usually possible to discover collectables at a lower price at antiques dealers, especially items of furniture. The price displayed for something like an antique chest in Preston , for instance, will be the total amount paid. An auction house on the other hand, will usually add on a percentage of the sale as a buyer’s premium, increasing the final price.
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