A staggering £57.4 million was raised at auctions in London this week. Chinese lots were auctioned at Christie’s International, Sotheby’s and Bonhams, including a rare Chinese vase which fetched £9 million.
The main salesrooms of the auction houses offered 1695 lots of Chinese art during the 14th yearly Asian Art in London event. Although the Qianlong-era Imperial vase was sold for £9 million, almost half the other antiques were left unsold. The same sales which were held in November 2010 raised £37.4 million. According to experts, $10 billion dollars is a conservative estimate for the international trade of Chinese art. Although Asian buyers are becoming increasingly selective and are finding it harder to raise money for the buys, more antiques are being offered for sale than ever before. One exhibitor at Asian Art in London, John Berwald said:
“The market has been very hot for the last four years. Everyone wants part of the Chinese auction phenomenon. A cooling off probably isn’t a bad thing. The market for the best things is still good.”
Berwald also raised between £200,000 and £300,000 for a long sleeved dancer from the rare Han dynasty. He was among the exhibitors who said that Asian customers were discontent with the stricter credit management.
Although a number of people are finding it harder to obtain credit for antique purchases, it is possible to locate fine quality antique furniture, like antique dining chairs in Preston , which will bring as much charm to a home as the rare Chinese vase.
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