Chinese Works of Art Global Market Report · a gilt-bronze figure of vairocana liao dynasty...

Chinese Works of Art Global Market ReportJANUARY-OCTOBER 20 20

2 | AUCTION REPORT

The Market Leaders FOR CHINESE WORKS OF ART

Sotheby?s has a long-standing history as the leading auction house for Chinese art. From conducting our first Chinese art auction in New York in 1964 and becoming the first international auction house to establish a presence in Hong Kong in 1973, to engaging over 500 new clients in this category in recent years, Sotheby?s dedication to the field has propelled the market to new heights, producing exceptional results for our consignors.

In the year 2020, despite the challenges posed by the COVID-19 crisis, Sotheby's has forged ahead with serving the needs of our clients, buyers and sellers alike. Through innovate auction formats and digital platforms, Sotheby's has brought the auction experience to our clients, no matter where they are in the world. So far this year, Sotheby's has held 17 auctions of Chinese works of art across our four international selling centers: Hong Kong, New York, London and Paris. The following pages demonstrate our unparalleled success across the globe.

3 | AUCTION REPORT

Auction ResultsTHE UNDISPUTED MARKET LEADERS

20 20 SALE TOTALS GLOBAL MARKET SHARE

Achieved:

$165 million USD

Achieved:

$70.6 million USD

Sotheby's Nearest competitor

Sot heby 's global Chinese works of ar t result s

at a glance:

Tot al num ber of auct ions: 17

Total number of lots sold: 1,582

Sell through rate: 75%

Total achieved: $165 million USD

Achieved over 234% t he t ot al of our

nearest int ernat ional com pet it or , and

com m anded 70% m arket share.

This year, Sotheby's cont inues to be the global leader in the field of Chinese works of art . Since the onset of the COVID-19 crisis, Sotheby's has met our clients? needs by present ing opportunit ies to buy and sell while other auct ion houses have shuttered. Our commitment to the field Chinese works of art is demonstrated by our strong global results. Below are the results we have achieved since the beginning of the year.

Sotheby's

70%

Global Market

Share

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The Highest Prices

Highest price achieved for t he following cat egories in 2020 :

TOP 9 PRICES ACHIEVED 20 20 TOP 20 PRICES ACHIEVED 20 20

100%

Sold by

Sot heby 's18 out of 20

Sotheby's maximizes value. For the past two decades, Sotheby's has been at the forefront of the Chinese works of art market . Our success is in part due to our t radit ion of outstanding expert ise, the closest client relat ionships, and a genuine passion for Chinese works of art . The greatest and most important collectors choose to entrust their most t reasured pieces to Sotheby's, and this remains true in 2020. In fact , we have sold all nine of t he most expensive Chinese works of art t his year on t he int ernat ional market .

- Qing Ceramics

- Ming Ceramics

- Song Ceramics

- Archaic Bronzes

- Archaic Jades

- Later Bronzes

- Furniture

- Lacquer

- Qing Jade Carvings

Sot heby 's has sold 18 of t he 20 m ost expensive

Chinese works of ar t t h is year , including t he t op 9

pr ices achieved.

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Exceptional Performance

In addit ion to capturing majority market share globally in Chinese works of art, Sotheby's has achieved exceptional results for sales this year compared to pre-sale expectations.

"A burst of applause came from the saleroom for the bronze vessel that was sold for US$8.3m." The Value.com, September 26th, 2020, on the sale of the fang hu in New York, top lot of New York Asia Week sales, over 3x its pre-sale estimate.

Pre-sale estimate:

$99 million USD

Achieved:

$165 million USD

All t old, Sot heby's sales t ot aled 166% of t he combined low est imat es, once again demonst rat ing t he abilit y of our t eam t o achieve t he best possible result for our client s.

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Top Results Achieved

AN EXCEPTIONALLY RARE AND IMPORTANT GOLD, SILVER AND GLASS-EMBELLISHED BRONZE VESSEL (FANG HU)WARRING STATES PERIOD, 4TH / 3RD CENTURY BC

Sold at Sotheby?s New York, September 2020Est imate: $2,500,000-3,500,000 USDSold For: $8,307,000 USD

2ND HIGHEST PRICE ACHIEVED FOR A CHINESE WORK OF ART IN 20 20

HIGHEST PRICE ACHIEVED FOR A CHINESE WORK OF ART IN NEW YORK SINCE 20 18

A MAGNIFICENT AND HIGHLY IMPORTANT YANGCAI RETICULATED VASESEAL MARK AND PERIOD OF QIANLONG, MATCHING RECORD DATED TO THE 12TH DAY OF THE 8TH MONTH IN THE 7TH YEAR OF THE QIANLONG PERIOD (CORRESPONDING TO 1742)

Sold at Sotheby?s Hong Kong, July 2020Est imate: $70,000,000?90,000,000 HKDSold For: $70,406,000 HKD ($9.08 million USD)

A RARE HUANGHUALI RECESSED-LEG LONG TABLE, QIAOTOUANMING DYNASTY, 17TH CENTURY

Sold at Sotheby?s Hong Kong, July 2020Est imate: $4,000,000-6,000,000 HKDSold For: $66,155,000 HKD ($7.76 million USD)

16 .5 TIMES THE PRE-SALE ESTIMATE

3RD HIGHEST PRICE ACHIEVED FOR A CHINESE WORK OF ART IN 20 20

TOP 3 RESULTS OF 2020

HIGHEST PRICE ACHIEVED FOR A CHIN ESE

WORK OF ART IN 2020

7 | AUCTION REPORT


A MAGNIFICENT AND EXTREMELY RARE BLUE AND WHITE 'WINGED DRAGON' JARLETMARK AND PERIOD OF CHENGHUA

Sold at Sotheby?s Hong Kong, July 2020Est imate: $20,000,000-30,000,000 HKDSold For: $33,775,000 HKD ($4.36 million USD)

HIGHEST PRICE ACHIEVED FOR A MING PORCELAIN IN 20 20

AN EXCEPTIONALLY RARE JADEITE-GREEN GLAZED JAR AND COVERMING DYNASTY, YONGLE PERIOD

Sold at Sotheby?s Hong Kong, October 2020Est imate: $10,000,000-15,000,000 HKDSold For: $17,720,000 HKD ($2.27 million USD)

1.7 TIMES THE PRE-SALE ESTIMATE

AN EXCEPTIONAL AND RARE HEIRLOOM 'JIAN' SILVER-STREAKED 'NOGIME TEMMOKU' TEA BOWLSOUTHERN SONG DYNASTY


CHINESE CERAM ICS

HIGHEST PRICE ACHIEVED FOR A SON G

CERAM IC IN 2020

8 | AUCTION REPORT


A FINE AND EXCEPTIONALLY RARE UNDERGLAZE-BLUE AND COPPER-RED 'LOTUS' BOTTLE VASEQIANLONG SEAL MARK AND PERIOD

Sold at Sotheby?s New York, September 2020Est imate: $150,000?200,000 USDSold For: $842,800 USD


A RARE LARGE BLUE AND WHITE 'LOTUS' VASESEAL MARK AND PERIOD OF QIANLONG

Sold at Sotheby?s Paris, June 2020Est imate: ? 150,000-250,000 EURSold For: ? 237,500 EUR ($267,734 USD)


AN EXTREMELY FINE AND RARE FAMILLE-ROSE 'PEACH' BOWLMARK AND PERIOD OF YONGZHENG


CHINESE CERAM ICS

2N D HIGHEST PRICE ACHIEVED FOR A QIN G

PORCELAIN IN 2020

9 | AUCTION REPORT


AN EXCEPTIONALLY RARE PALE GREEN AND RUSSET JADE 'DAOIST IMMORTALS' GROUPQING DYNASTY, KANGXI / YONGZHENG PERIOD


A LARGE YELLOW AND RUSSET JADE CARVING OF A MYTHICAL BEASTQING DYNASTY, QIANLONG PERIOD

Sold at Sotheby?s New York, September 2020Est imate: $200,000?300,000 USDSold For: $1,714,000 USD

AN EXTREMELY RARE AND IMPORTANT JADE 'TWIN BIRD' STEM CUPWESTERN HAN DYNASTY

Sold at Sotheby?s Hong Kong, October 2020Est imate: $6,000,000?8,000,000 HKDSold For: $21,955,000 HKD ($2.83 million USD)

CHINESE JADES

8.6 TIM ES THE PRE-SALE ESTIM ATE HIGHEST PRICE ACHIEVED FOR A CHIN ESE JADE

CARVIN G IN 2020

5.8 TIM ES THE PRE-SALE ESTIM ATE

10 | AUCTION REPORT


AN EXTREMELY RARE AND LARGE PAIR OF BRONZE FIGURES OF DAOIST OFFICIALSMING DYNASTY, 16TH / 17TH CENTURY

Sold at Sotheby?s New York, September 2020Est imate: $400,000?600,000 USDSold For: $1,109,000 USD

A GILT-BRONZE FIGURE OF VAIROCANALIAO DYNASTY


A RARE GILT-BRONZE FIGURE OF A PENSIVE BODHISATTVANORTHERN QI DYNASTY

Sold at Sotheby?s London, June 2020Est imate: £30,000?40,000 GBP Sold For: £81,250 ($103,000 USD)

4.9 TIM ES THE PRE-SALE ESTIM ATE2.8 TIM ES THE PRE-SALE ESTIM ATE

CHINESE BRONZES

2.7 TIM ES THE PRE-SALE ESTIM ATE

11 | AUCTION REPORT

New York ASIA WEEK AUCTIONS

SEPTEMBER 20 20

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Auction ResultsSTRENGTH IN THE MARKET

SELL-THROUGH BY VALUE 20 20 PERFORMANCE AGAINST ESTIMATE

88% sell-through

by value

Christie's

Pre-sale estimate:

$18.9 million USD

Achieved:

$37.2 million USD

Sot heby 's New York Chinese works of ar t

result s at a glance:

Total number of lots sold: 627

Total low estimate of lots offered: $18.9 million USD

Tot al achieved: $37.2 m il l ion USD

Per form ance against est im at e: 197%

This fall, Sotheby's New York cont inued to deliver except ional results for our consignors and achieved the highest price for any Chinese work of art sold in New York since 2018. Since June, we have held 5 Chinese works of art auct ions in New York, with all sales soaring past the pre-sale high est imates, totaling nearly twice the pre-sale est imates.

Asia Week sales 2020, New York,

Chinese works of art

13 | AUCTION REPORT


A LARGE YELLOW AND RUSSET JADE CARVING OF A MYTHICAL BEASTQING DYNASTY, QIANLONG PERIOD

Est imate: $200,000?300,000 USDSold For: $1,714,000 USD

8 .6 TIMES THE PRE-SALE ESTIMATE

AN EXCEPTIONALLY RARE AND IMPORTANT GOLD, SILVER AND GLASS-EMBELLISHED BRONZE VESSEL (FANG HU)WARRING STATES PERIOD, 4TH / 3RD CENTURY BC

Est imate: $2,500,000-3,500,000 USDSold For: $8.307,000 USD

AN EXTREMELY IMPORTANT AND RARE CELADON AND RUSSET JADE HORSE HEADHAN - SIX DYNASTIES

Est imate: $600,000?800,000 USDSold For: $746,000 USD

2ND HIGHEST PRICE ACHIEVED FOR A CHINESE WORK OF ART IN 2020 GLOBALLY

HIGHEST PRICE ACHIEVED FOR A SINGLE CHINESE WORK OF ART SOLD IN NEW YORK SINCE 20 18

14 | AUCTION REPORT


AN EXTREMELY RARE AND LARGE PAIR OF BRONZE FIGURES OF DAOIST OFFICIALSMING DYNASTY, 16TH / 17TH CENTURY

Est imate: $400,000-600,000 USD Sold For: $1,109,000 USD

A GILT-BRONZE FIGURE OF VAIROCANALIAO DYNASTY


AN EXCEPTIONAL WHITE JADE 'RED CLIFFS' TABLE SCREENQING DYNASTY, QIANLONG PERIOD


4.9 TIM ES THE PRE-SALE ESTIM ATE2.8 TIM ES THE PRE-SALE ESTIM ATE 2.8 TIM ES THE PRE-SALE ESTIM ATE

15 | AUCTION REPORT


A FINE AND EXCEPTIONALLY RARE UNDERGLAZE-BLUE AND COPPER-RED 'LOTUS' BOTTLE VASEQIANLONG SEAL MARK AND PERIOD

Est imate: $150,000-200,000 USDSold For: $842,800 USD

A RARE PEACHBLOOM-GLAZED 'CHRYSANTHEMUM' VASEKANGXI MARK AND PERIOD


A FINE PEACHBLOOM-GLAZED AMPHORA VASEKANGXI MARK AND PERIOD


5.6 TIM ES THE PRE-SALE ESTIM ATE 7.5 TIM ES THE PRE-SALE ESTIM ATE 2.8 TIM ES THE PRE-SALE ESTIM ATE

16 | AUCTION REPORT

STRICTLY PRIVATE & CONFIDENTIALThis document is highly confident ial and is the copyright of

Sotheby?s. The informat ion it contains may not be disclosed to any party other than the immediate family of the addressee and their

professional advisors without the explicit authorisat ion of Sotheby?s.

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Chinese Works of Art Global Market Report · a gilt-bronze figure of vairocana liao dynasty...

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