Biz Unusual

Chinese buyers snub Ming-era album at $15m in HK

(Agencies)
Updated: 2010-05-28 14:59

Album by Shitao [Guangzhou Daily]

A 3-century-old ink-on-paper album by painter Shitao that was tipped to fetch HK$120 million ($15 million) at a Hong Kong auction didn't sell as the record price set by host Christie's International gave Chinese buyers pause.

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Auctioneer Hugh Edmeades recalled the collection of eight leaves depicting Chinese landscape after bidding rose to HK$105 million and his 2-minute call for buyers in the packed saleroom for another HK$5 million bid went unanswered. The item is the highest-priced lot at Christie's Hong Kong's six-day auction that the company estimated earlier would fetch more than $192 million.

"That work is a treasure, but HK$100 million is a big price to pay," said Ye Hongtao, a Beijing-based dealer who bought three of the most-expensive lots at the sale.

The auction started today as falling stock prices in China and government measures to cool the real-estate market are eroding the wealth of China's richest and curbing their appetite for big-ticket purchases such as antiques, according to Andy Xie, Morgan Stanley's former chief Asia economist who now works as an independent economist in Shanghai.

The auction continues with more Chinese paintings on offer.