Over the past few years, China has overtaken the US as the world's biggest market for art and antiques, according to The European Fine Art Foundation (TEFAF), and knocked the UK down to third place. Figures for last year show China had a 30% share of the market based on both auction and dealer sales, and whilst we are all aware of the ongoing repatriation of Chinese antiquities, the Chinese are starting to look West in their collecting taste, something that can only spell good news for the British market.
As founder members of the newly formed Association of Accredited Auctioneers (Triple-A), Cheffins have been part of a joint venture between 21 of the UK’s leading regional auction houses, and as one of the seven elected committee members spearheading the idea, Cheffins Associate, Martin Millard, has just returned from our launch at the Ambassador’s Private Residence in Beijing.
The event was the first of a series during the whirlwind trip, which also included various lectures and an exhibition of selected lotswhich were then offered in the first ever sale of Western Art and Antiquesin Xiamen on April 21. The sale, populated with Western antiques and art works by Triple-A members, was then conducted by HauchenBeijing Auctions Co. Ltd., our local partner, where one couldn’t fail to be impressed by the 150+ Chinese collectors in attendance who helped the sale to its £1,032,966 total.
The sale featured a wide range of furniture, silverware, paintings, clocks and objet d’art, and some of the prices achieved were nothing short of remarkable. The sale was designed to test the market and gauge the appetite of Chinese buyers, and clear trends were apparent. For example, nearly every lot of antique English silver found buyers, whilst clocks, bronze figures and gilt bronze works of art also proved popular.
Mid-market furniture was well received whilst bidding for the more expensive 19th French furniture was very much more selective. However, statement pieces and one-offs at the top of the market did not falter. Leading the field was the impressive pair of Louis XVI style gilt bronze and amboyna centre tables by Francois Linke which achieved 2.3million RMB (£243,907). Its closest contender was a Louis XV style gilt bronze mounted kingwood and marquetry writing desk and cartonnier which made 1.38million RMB(£146,354).
In order to carry out this ambitious project and create a strong platform for Triple-A to move into the Chinese market, we clearly needed an established local partner. We found this in Asia’s only online live bidding portal www.epailive.com who through an exclusive deal are able to promote Triple-A auctioneers’ sales directly to more than 100,000 registered collectors of fine art and antiques in China and posts online catalogues translated into Chinese.
More significantly, however, and the greater appeal perhaps, is an escrow system, operated independently of Epailive, (which, in itself is government backed) guaranteeing payments from successful bidders. You may be aware that there have been some problems for UK based auction houses in obtaining payment from a few Chinese buyers who often regard the fall of the hammer as the start of negotiations on price, but it is hoped that this system will eliminate any such future occurrences.
The launch and subsequent sale in China were great promotional successes and place Cheffins in the position of having been amongst the first to be involved in such an important event. Combined with our own advances in on-line auctions, this spearhead into China will provide our clients with a vastly expanded, secure market as we continue to drive the business forward to the mutual benefit of our vendors and buyers alike.
_________________________________________