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artnet and the China Association of Auctioneers

GLOBAL CHINESE ANTIQUES AND ART AUCTION MARKETANNUAL STATISTICAL REPORT 2012

Global Chinese Antiques and Art Auction Market B Annual Statistical Report: 2012

©2013 Artnet Worldwide Corporation. ©China Association of Auctioneers. All rights reserved.

Table of Contents

Letter from the China Association of Auctioneers (CAA) President ........... i

About the China Association of Auctioneers (CAA) ................................. ii

Letter from the artnet CEO .................................................................. iii

About artnet ...................................................................................... iv

1. Market Overview ............................................................................. v

1.1 Industry Scale ............................................................................. 1

1.2 Market Scale ............................................................................. 3

1.3 Market Share ............................................................................. 5

2. Lot Composition and Price Distribution ........................................ 9

2.1 Lot Composition ....................................................................... 10

2.2 Price Distribution ...................................................................... 21

2.3 Average Auction Prices ............................................................. 24

2.4 High-Priced Lots ....................................................................... 27

3. Regional Analysis ........................................................................ 33

3.1 Mainland China ......................................................................... 37

3.2 Overseas .................................................................................. 41

4. List of Global Chinese Antiques and Art Auction Houses in 2012 . 45

5. List of Lots Sold Over 10 Million RMB in 2012 ............................. 75

Notes ............................................................................................. 107

Contact .......................................................................................... 110

Global Chinese Antiques and Art Auction Market i Annual Statistical Report: 2012


Letter from the China Association of Auctioneers (CAA) President

The China Association of Auctioneers (CAA) is excited

to partner with artnet on the creation of this report

detailing the global auction market for Chinese Art and

Antiques. Working together, we can present a more

comprehensive annual report and a better analysis of

both the mainland Chinese and international auction

industry.

The official collaboration between CAA and artnet

was initiated in the spring of 2013. Combining each

organization’s unique strengths and position within

the market, we hope to create a stronger platform for

promoting discussion about the global auction market

for Chinese Art and Antiques. Our collaboration will

be carried out in various stages, the first of which is

presented here in the Global Chinese Antiques

and Art Auction Market Annual Statistical Report: 2012.

During the last decade, the flourishing art and antiques

auction market in mainland China has led to a shift in

the distribution of power in the global auction market.

In 2011, the Chinese auction market became the world

leader in terms of sales value, making it an international

center for the buying and selling of art. Meanwhile,

the international market for Chinese Art and Antiques

became increasingly active.

To ensure the comprehensiveness and integrity of the

information in this report, artnet has compiled and

analyzed overseas data, and CAA has strictly verified all

data from mainland China to ensure that it is objective

and reliable. This report will provide researchers and

related organizations from China and overseas with

industry data that most closely reflects market reality.

Through this report, we hope to promote the healthy

development of the global auction market.

In the upcoming year, CAA and artnet will launch

additional collaborations, including an international

forum, delving deeper into the global market for Chinese

Art and Antiques. We look forward to continuing this

relationship and providing greater insight into these

markets. We thank you for your support!

Zhang Yanhua

President, China Association of Auctioneers

Global Chinese Antiques and Art Auction Market ii Annual Statistical Report: 2012


About the China Association of Auctioneers (CAA)The China Association of Auctioneers (CAA) is the only

national association of the auction industry in China.

Its functions include auctioneers administration, and

auction house regulation and supervision, as outlined

in the Auction Law of the People’s Republic of China,

as well as business promotion, policy coordination,

information services, and consulting.

Established in 1995, CAA has been the most important

platform in the world for establishing connections

within the Chinese auction industry, making every effort

to promote the development of the Chinese auction

industry and market. Revitalized in 1986, and lead by

CAA, the Chinese auction industry has entered a new

era.

In 1996, the Auction Law of the People’s Republic of

China took effect after several years’ effort by CAA. As

the first auction law in China, it laid a solid foundation

for the standardized development of Chinese auctions.

In 1997, CAA certified the first national auctioneers.

Currently, 11,040 national auctioneers have been trained

and certified, and serve as the backbone of the industry.

In 2005, CAA total membership reached 1,000 for the

first time. Today, we have more than 2,400 members,

including all of the most well-known and prestigious

Chinese auction houses.

In 2010, the Ministry of Commerce of the People’s

Republic of China issued the Standard for Auction of

Cultural Relics and Art Works. This Standard, drafted

by CAA, marked the beginning of the standardized

development of Chinese auctions. Currently, the Chinese

auction industry is regulated by one national standard

and five industry codes of practice.

Today, as the Chinese auction industry grows

internationally, CAA is playing a leading role in building

a platform for communication with international trade

associations, auction houses, academic institutions, and

various other organizations.

CAA looks forward to working with these fellow

organizations to promote a better integration and

development of the global auction market.

Global Chinese Antiques and Art Auction Market iii Annual Statistical Report: 2012


Letter from the artnet CEO

artnet is pleased to present a new report on the 2012

global Chinese Art and Antiques auction market,

produced in collaboration with the China Association of

Auctioneers (CAA).

In recent years, China has held an increasingly

prominent position in the international art market.

Chinese collectors have looked westward to build their

collections, and international organizations are looking

to expand into China, where collectors have significant

purchasing power and a longstanding history of buying

art and antiques.

The art market has witnessed rapid growth, and is a

much more international scene than it was a decade

ago. We hope that our partnership with CAA will help to

initiate cross-cultural dialogue on the Chinese market by

engaging a variety of international industry professionals

to address issues faced by business practitioners

operating within the Chinese market.

Working with CAA to provide data analysis, artnet hopes

to bring a new level of transparency to the Chinese

market. Our Price Database has long been esteemed

by art professionals as the most comprehensive

and trusted resource on auction data; through this

collaboration, we have augmented our existing auction

data with auction results from mainland China analyzed

by CAA.

We look forward to expanding this partnership over

the next year, providing additional platforms to discuss

emerging trends in the market.

Jacob Pabst

CEO, Artnet Worldwide Corporation

Photograph by Todd Eberle

Global Chinese Antiques and Art Auction Market iv Annual Statistical Report: 2012


About artnetartnet is the leading place to buy, sell, and research

Fine Art, Design, and Decorative Art online.

artnet was founded in 1989 with the goal of bringing

transparency to the art world. In the past, the lack of

objective price information was a stumbling block, for

buyers in particular, that prohibited the market from

growing.

The art business has always been international;

however, before artnet, it was managed locally in

relatively inefficient markets by tens of thousands of

geographically disparate art dealers, galleries, auction

houses, book publishers, museums, and collectors.

For 25 years, artnet has worked to transform the

market. We provide a range of services to connect

buyers and sellers online and have a suite of valuation

tools to make market information instantly accessible.

The artnet Price Database provides these local

markets with a global standard of price comparison.

The database includes over 7 million auction results

compiled from more than 1,400 international auction

houses dating back to 1985.

Another pillar of the artnet business is artnet Galleries,

which was introduced in 1995. As the largest network

of its kind, this product features 1,700 galleries,

and approximately 170,000 works of art by nearly

35,000 artists. artnet Galleries offers the world’s most

comprehensive overview of artworks available for

purchase.

In 1999, artnet went public in Germany. Since 2007,

artnet has been listed in the Prime Standard of the

Frankfurt Stock Exchange, the segment with the highest

transparency standards.

In 2008, artnet pioneered the first online auctions

platform exclusively for Fine Art, artnet Auctions. With

artnet Auctions, collectors can both buy and sell art

24/7, with instant turnaround and lower commissions.

Launched in the spring of 2012, artnet Analytics Reports

already cover over 840 Modern and Contemporary

artists. This product allows users to benchmark the

market performance of artists, art categories, and

customized sets of artworks against financial indices,

such as the S&P 500 and Dow Jones, or other assets,

such as gold.

Today, artnet is the undisputed leader of the art world

online. As the art world continues to evolve and expand,

artnet intends to maintain its leadership role and help

connect millions more people around the world who love

and appreciate art.

Global Chinese Antiques and Art Auction Market v Annual Statistical Report: 2012


1Market Overview

Global Chinese Antiques and Art Auction Market 1 Annual Statistical Report: 2012


1.1 Industry Scale

Global Market Overview

In 2012, there were 593 auction houses selling Chinese Art and Antiques globally. This was a 10% increase over

the previous year, in which 535 auction houses sold Chinese works worldwide.

Mainland China

In 2012, the total number of auction houses qualified to sell art in mainland China increased 15% to a total of

355. Of these 46 new auction houses, the majority were located in Beijing (+18 auction houses) and Shanghai

(+17), with several houses added in other areas within mainland China (+11).

Overseas

As buyers look to collect Chinese Art around the world, auction houses overseas have started to aggressively target this market

through dedicated sales.

As buyers look to collect Chinese Art around the world, auction houses overseas have started to aggressively

target this market through dedicated sales. By the end of 2012, there were 238 auction houses selling Chinese

Art outside of mainland China, an increase of approximately 5% over the previous year. Growth was primarily

seen in Asia (+7), Europe (+5), and North America (+2).



Number of Auction Houses Selling Chinese Art Globally, 2011 and 2012

0 50 100 150 200 250 300 350 400

Mainland China

Overseas

20122011

309355

226238

Auction Houses



1.2 Market Scale


In 2012, the global market for Chinese Art and Antiques struggled to reach 2011 levels, shrinking 37% by value

sold to US$6.9 billion (CN¥45.4 billion). This figure is in sharp contrast to the US$10.6 billion (CN¥72 billion)

realized in 2011. Additionally, this global decline was exacerbated by the contracting market in mainland China.

In 2012, the market in China was roughly half the size it was in 2011 in terms of value sold. Conversely, the

overseas market saw growth of 2%.

In 2012, the market in China was roughly half the size it was in 2011 in terms of value sold. Conversely, the overseas market saw

growth of 2%.

Mainland China

In 2012, a total of 788 auctions occurred at houses specializing in Chinese Art and Antiques. These sales can be

broken down into 1,755 individual sessions with over 560,000 lots offered; of the lots offered, over 265,000 lots

were sold. This represents a sell-through rate just shy of 50%, resulting in a total sales value of US$4.39 billion

(CN¥28.8 billion). The overall commission earned by these sales was roughly US$570 million (CN¥3.7 billion).

With only half of the works offered at auction actually selling, the Chinese art market witnessed a decrease in

demand in 2012. As a result, the total sales value dropped by US$4 billion (CN¥26.5 billion), a significant decline



of almost 50%. This is the first contraction in the Chinese Art auction market since the financial crisis of 2008.

Overseas

In 2012, the total sales value of Chinese Art sold outside of mainland China was US$2.52 billion (CN¥16.6

billion), representing an incremental percentage increase over the previous year. This additional revenue brought

the global industry total to US$6.9 billion (CN¥45.4 billion). Overall, this represents a decrease of 37% from

2011, when the industry total reached US$10.6 billion (CN¥72 billion).

Global Total Sales Value (USD) of Chinese Art and Antiques, 2011 and 2012 Total sales value from mainland China converted to USD. Please see exchange rates in Notes.

0 2 4 6 8 10

Mainland China

Overseas

20122011

Billion USD

$8,222,370,766

$2,474,824,951

$4,389,472,083

$2,521,575,160



1.3 Market Share


As is frequently witnessed in other sectors of the art market, several top auction houses were responsible for

the majority of the value sold within the Chinese Art and Antiques market. In fact, the top 60 auctions, globally,

accounted for over 88% of the entire market, in terms of value sold. The top six auctions houses (three of which

were located in mainland China) comprised over 45% of the sales value worldwide.



Market Share by Value (Million USD) held by Top-Ranked Auction Houses Globally, 2012Total sales value from mainland China converted to USD. Please see exchange rates in Notes.

Mainland China

In 2012, the top 35 mainland Chinese auction houses earned a total of US$2.1 billion (CN¥13.7 billion),

representing 85% of the value sold for Chinese Art and Antiques in mainland China. Among these 35 auction

houses, the top five accounted for almost 60% of the market by value in 2012. Auction houses ranked in

positions 6–20 accounted for roughly 20% of the total market by value, while auction houses ranked in positions

21–35 represented 7%. The remaining 320 auction houses rounded out the final 15% of the total market.

Auction Houses Ranked 7–2022.56%($1,559)



Remaining 533Auction Houses11.31%($782)



Market Share by Value (Million USD) held by Top-Ranked Mainland Auction Houses, 2012 Total sales value from mainland China converted to USD. Please see exchange rates in Notes.

Overseas

Outside of mainland China, the total sales value generated by the top 30 overseas auction houses represented

over 95% of the overseas market in terms of value sold. The top five auction houses comprised 65% of the

market, while the remaining houses ranked in positions 6–30 accounted for 30% of the market. In 2012,

overseas sales of Chinese Art and Antiques accounted for roughly 35% of the global total by value.


Auction Houses Ranked 6–2019.18%($472)


320 Remaining Auction Houses14.96%($368)



Market Share by Value (Million USD) held by Top-Ranked Overseas Auction Houses, 2012




Remanining 2084.37%($110)



Global Total Sales Value (US$) of Chinese Art and Antiques in 2011 and 2012

Values Sold at Auction Houses Overseas, 2007–2012

2Lot Composition and Price Distribution



2.1 Lot Composition


In mainland China, the Chinese painting and calligraphy category represented two-thirds of the market by value sold. Overseas, the market was primarily dominated by Chinese porcelain, jade, and

miscellaneous works of art, which accounted for 60% of the market by value.

In mainland China, the Chinese painting and calligraphy category represented two-thirds of the market by value

sold. The second-largest category by value was Chinese porcelain, jade, and miscellaneous works of art, which

represented 20% of the market. The remainder of the market included oil paintings and Contemporary Art,

stamps and coins, and other works of art. Overseas, the market was primarily dominated by Chinese porcelain,

jade, and miscellaneous works of art, which accounted for 60% of the market by value.

Mainland China

Chinese Painting and Calligraphy (Classical, Modern, and Contemporary)

Throughout the 2012 auction season, Chinese painting and calligraphy—Classical, Modern, and Contemporary—

accounted for nearly 66% of the sales value realized in mainland China. Over 265,000 lots were offered and more

than 125,000 were sold, totaling US$2.9 billion (CN¥18.9 billion).



Within the broader Chinese painting and calligraphy auction market, Modern painting and calligraphy performed

particularly well. This category brought in over US$1.9 billion (CN¥12.3 billion), accounting for 65% of the total

US$2.9 billion (CN¥18.9 billion). Classical painting and calligraphy brought in US$610 million (CN¥4.0 billion), or

21% of the revenue. Lastly, Contemporary painting and calligraphy made up almost 14% of total revenue, with

US$394 million (CN¥2.6 billion) in sales.

Porcelain, Jade, and Miscellaneous Works of Art

The sale of porcelain, jade, and miscellaneous works of art made up the second-largest sector of mainland

China’s art market in terms of value sold, capturing 20% of realized revenue. Over 150,000 pieces were offered,

and approximately 69,000 were sold, totaling US$876 million (CN¥5.7 billion) in sales.

Oil Paintings and Contemporary Art

Oil paintings and Contemporary Art represented the third-largest category in mainland China by value sold in

2012. Over 18,000 artworks from this category were offered, and more than half of them were sold. These lots

totaled US$294 million (CN¥1.9 billion) in sales, and accounted for roughly 7% of the total market by value in

mainland China.

Ancient Books and Calligraphy Inscriptions

In the category of ancient books and calligraphy inscriptions, over 45,000 works were offered at auction in

2012, and over half were sold. In terms of the number of lots auctioned, this category represents a significantly

higher portion of lots than oil paintings and Contemporary Art; however, these works commanded a much lower

average sales price. In turn, the total sales value for this category only reached US$76 million (CN¥502 million),

which is less than 2% of the total market by value in mainland China.

Stamps and Coins

Over 45,000 works from the stamps and coins category were auctioned in 2012, and more than 25,000 were sold,

totaling US$61 million (CN¥398 million). This category accounted for a little over 1% of the total market sales by value.



0 1 2 3 4 5 6

Chinese Painting and Calligraphy

20122011

Porcelain, Jade, and Miscellaneous

Works of Art


Ancient Books and Calligraphy

Inscriptions

Stamps and Coins

Others

Billion USD

$5,447,563,874$2,881,484,862

$1,783,125,371$876,007,911

$562,388,592$294,233,988

$99,227,570$76,373,041

$138,888,889$60,550,738

$191,176,471$200,821,543

Other

In addition to the above categories, over 28,000 other pieces, including jewelry, jadeite, watches, wine, tea,

and Contemporary Arts and Crafts, were offered at auction in 2012. More than 13,000 of these lots were sold,

totaling US$201 million (CN¥1.3 billion). Notably, 12 pieces of jewelry and jadeite independently realized prices

of over CN¥10 million.

Total Sales Value (USD) by Collecting Category in Mainland China in 2011 and 2012Total sales value from mainland China converted to USD. Please see exchange rates in Notes.



Total Sales Volume (Lots Sold) by Collecting Category in Mainland China, 2011 and 2012

20122011

0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000



Works of Art



Inscriptions

Stamps and Coins

Others

Lots Sold

184,557125,671

69,918

9,196

20,94523,762

37,86827,191

13,85413,823

101,885

9,384

180,000 200,000



Contemporary Painting and Calligraphy

8.98%

Modern Painting and Calligraphy

42.76%

Classical Painting and Calligraphy

13.90%


6.70%


19.96%


1.74%

Stamps and Coins

1.38% Others

4.58%

Market Share by Value (USD) by Collecting Category in Mainland China, 2012Total sales value from mainland China converted to USD. Please see exchange rates in Notes.



Market Share by Volume (Lots Sold) by Collecting Category in Mainland China, 2012


15.41%


26.60%


4.59%


3.48%


25.92%


8.81%

Stamps and Coins

10.08%

Others

5.12%



Overseas

Chinese Porcelain, Jade, and Miscellaneous Works of Art

In 2012, Chinese porcelain, jade, and miscellaneous works of art represented the largest category of art sold

outside of mainland China, in terms of both value and volume. Throughout the year, 41,000 lots were offered at

auction (approximately 58% of the total number of lots offered overseas), and approximately 26,000 were sold.

Combined, these lots realized US$1.5 billion (CN¥9.9 billion), representing 60% of value sold overseas.


Lots sold in the Chinese painting and calligraphy category accounted for approximately 20% of the total value

sold outside mainland China. Almost 8,000 lots were offered, with a sell-through rate of 70%. Over 5,600 lots

sold in this category, realizing a total of US$514 million (CN¥3.4 billion).

Modern and Contemporary Chinese Art

Although top lots in this sector tend to grab headlines in major evening sales, this category of artwork

represented only 15% of the total market by sales value, earning US$364 million (CN¥2.4 billion). Among the

2,300 works sold in the Modern and Contemporary Chinese Art category, a significant number of these works

sold in the top 1% of the market by value.

Chinese Books and Manuscripts

Chinese books and manuscripts earned roughly 5% of the value sold overseas in 2012, but represented almost a

quarter of the lots offered. Of the more than 15,000 lots offered in this sector, approximately 11,000 works sold

for a total of US$135 million (CN¥885 million).



20th- and 21st-Century Chinese Design

In 2012, 90 lots were offered in this category, representing a slight decrease in lots offered compared to 2011.

Of the 20th- and 21st-century Chinese Design lots offered, 43 works sold, yielding US$1.2 million (CN¥7.7

million). This category represented 0.05% of total overseas sales value and 0.10% of the lots offered.

Total Sales Value (USD) by Collecting Category Overseas, 2011 and 2012

0

20112012

Billion USD

$1,506,560,633

$364,704,811$515,743,093

$1,311,881,227

$514,486,913$568,225,925

$134,657,793$76,234,087

$1,165,010

$2,740,619

10.5 1.5

Chinese Porcelain, Jade, and Miscellaneous Works

of Art





2



Total Sales Volume (Lots Sold) by Collecting Category Overseas, 2011 and 2012

0 10,000 20,000 30,000

20112012


of Art




Lots Sold

25,986

5,6165,400

11,0197,732

2,3082,751

28,551

20th- and 21st-Century Chinese Design 43

85



Market Share by Value (USD) by Collecting Category Overseas, 2012


0.05% Chinese Books and Manuscripts

5.34%


20.40%


59.75%


14.46%



Market Share by Volume (Lots Sold) by Collecting Category Overseas, 2012


0.10%Chinese Books and Manuscripts

24.50%


12.49%


57.78%


5.13%



2.2 Price Distribution


Both within mainland China and in the overseas market, the vast majority (over 90%) of Chinese Art and Antiques realized prices

below CN¥500,000 (approximately US$76,000) in 2012.

Both within mainland China and in the overseas market, the vast majority (over 90%) of Chinese Art and Antiques

realized prices below CN¥500,000 (approximately US$76,000) in 2012. While the markets for mainland China

and overseas behaved independently in regards to the prices achieved by each category of art, two categories

performed particularly well: oil paintings and Contemporary Art in mainland China, and Chinese porcelain, jade,

and miscellaneous works of art overseas.

Mainland China

More than 90% of all lots sold within mainland China achieved prices less than CN¥500,000 (approximately

US$76,000). Of these lots, the majority fell within the categories of ancient books, calligraphy inscriptions, and

stamps and coins. The highest prices realized at auction were for oil paintings and Contemporary Art, with less

than 10% of these lots fetching over CN¥500,000. The second-highest prices were paid for classical painting

and calligraphy, as well as Modern painting. Chinese painting and calligraphy works had the highest number of

transactions and the greatest sell-through rate by a wide margin, with 134 lots selling for over CN¥10 million,

accounting for nearly 70% of all lots sold in that price range.



Number of Lots by Collecting Category and Price Range in Mainland China (in Lots Sold)

Total AmountChinese Painting and

Calligraphy WorksPorcelain, Jade, and

Miscellaneous Works of Art

Oil Painting and Contemporary

Art


Inscriptions

Stamps and

CoinsOther

Number of Lots

% Ancient Modern Contemporary

CN¥100 Million and Above

5 0.00%1 3 0

0 0 1 0 04

CN¥50–100 Million

7 0.00%3 2 0

2 0 0 0 05

CN¥10–50 Million

194 0.07%50 69 6

37 19 1 0 12125

CN¥5–10 Million 452 0.17%64 176 13

127 56 1 1 14253

CN¥1–5 Million 3,749 1.39%311 1,791 315

768 332 34 21 1772,417

CN¥500,000–1 Million

6,223 2.31%570 2,490 1,240

1,103 365 110 54 2914,300

Under CN¥500,000

259,119 96.06%11,375 67,209 39,983

67,881 8,612 23,615 27115 13,329118,567

Total 269,749 100% 12,374 71,740 41,557 69,918 9,384 23,762 27,191 13,823



Overseas

Similar to the price distribution of Chinese Art in mainland China, more than 90% of all lots sold outside of China

fetched less than CN¥500,000 in 2012 (approximately US$76,000). Over half of the lots sold in this price tier

were Chinese porcelain, jade, and miscellaneous works of art; another quarter of this market was represented by

Chinese books and manuscripts. Chinese porcelain, jade, and miscellaneous works of art frequently populated

the upper echelons of price tiers: all seven lots that sold for CN¥100 million (approximately US$15 million)

came from this category. Chinese paintings and calligraphy, Chinese books and manuscripts, and Modern and

Contemporary Art also had lots sell in the top 1% of the market by value. Less than 500 works sold for over

CN¥5 million, equivalent to US$760,000 in 2012.

Number of Lots by Collecting Category and Price Range Overseas (in Lots Sold)

Total % of Market20th- and 21st- Century Chinese

Design



Chinese Porcelain, Jade, and

Miscellaneous Work of Art

Modern and Contemporary

Chinese Art

CN¥100 Million and Above

7 0.02% 0 0 0 7 0

CN¥50–100 Million 15 0.03% 0 0 4 10 1

CN¥10–50 Million 182 0.40% 0 0 47 95 40

CN¥5–10 Million 282 0.63% 0 7 58 145 72

CN¥1–5 Million 1,805 4.01% 1 116 535 833 320

CN¥500,000–1 Million

1,666 3.70% 1 157 448 824 236

Under CN¥500,000 41,015 91.20% 41 10,739 4,524 24,072 1,639

Total 44,972 100% 43 11,019 5,616 25,986 2,308



2.3 Average Auction Prices


In 2012, the global average price for Chinese Art and Antiques was approximately US$21,900 (CN¥144,300),

a decrease from the 2011 average of US$25,900 (CN¥174,440). Over the course of 2011–2012, the average

prices of works sold in mainland China decreased, while prices overseas remained relatively stable. As works

failed to sell at the high end of the market in China, the overall market dropped considerably by value, and

average prices decreased across the board.

As works failed to sell at the high end of the market in China, the overall market dropped considerably by value, and average prices

decreased across the board.

In China, the highest prices were paid for classical painting and calligraphy, and the lowest prices were paid

for more traditional collectibles: stamps and coins, books, calligraphy inscriptions, and small porcelain works.

Overseas, works of art in the Modern and Contemporary Art category commanded the highest prices, even

though this category only represented 15% of all value sold overseas.

Mainland China

In 2012, the average price for all lots sold was US$16,300 (CN¥107,000), compared to US$22,300

(CN¥150,300) in 2011—a decrease of almost 30%. The highest average prices, up to US$49,300 (CN¥324,100),

were paid for classical painting and calligraphy. The second-highest average prices, up to US$31,400



(CN¥206,100), were paid for oil paintings and Contemporary Art. The third-highest average prices, US$26,200

(CN¥172,000), were paid for Modern painting and calligraphy. Average prices for porcelain, jade, Contemporary

paintings, ancient books, calligraphy inscriptions, stamps and coins, and other categories were all below

US$15,200 (CN¥100,000). In contrast to decreasing average prices for most art categories, average prices for

Contemporary painting and calligraphy are rising.

Average Prices (USD) by Collecting Category in Mainland China, 2012

Total


Porcelain, Jade, and


Oil Painting and Contemporary Art


Inscription

Stamps and Coins

Others

Classical Modern Contemporary

Lots Sold 269,749 12,374 71,740 41,557 69,918 93,84 23,762 27,191 13,823

Toal Sales Volume (Million

USD) $4,389 $610 $1,877 $394 $876 $294 $76 $61 $201

Average Lot Price (USD)

$16,279 $49,308 $26,168 $9,493 $12,536 $31,356 $3,210 $2,221 $14,529

Overseas

A notable distinction between Chinese Art sold in mainland China and outside of China in 2012 was the behavior

of the average price for lots sold. While the average price for art sold in China dropped nearly 30% in 2012,

levels remained fairly stable outside of China. In 2012, the average price for Chinese Art sold overseas was

just over US$56,000 (roughly CN$369,000), a slight increase from US$55,600 (CN¥374,000) in 2011. The

highest average prices were earned by works of art sold in the Modern and Contemporary Art category. Lots



sold in this category fetched an average of approximately US$160,000 (CN¥1.1 million), almost three times the

average for all Chinese Art in 2012. This category was followed by high prices earned by Chinese painting and

calligraphy, and Chinese porcelain, jade, and miscellaneous works of art, with average prices of over US$90,000

(CN¥592,000) and US$55,000 (CN¥361,000), respectively. Overall, average prices across the majority of Chinese

Art categories were slightly lower in 2012 than in 2011, with the notable exception being Chinese porcelain and

jade, where the average price increased roughly 25% in 2012 from 2011 averages.

Average Prices (USD) by Collecting Category Overseas, 2012

Lots Sold Toal Sales Volume (Million USD) Average Lot Price (USD)

20th- and 21st-Century Chinese Design 43 $1 $27,093

Chinese Books and Manuscripts 11,019 $135 $12,221

Chinese Painting and Calligraphy 5,616 $514 $91,611


25,986 $1,507 $57,976

Modern and Contemporary Chinese Art 2,308 $365 $158,018

Total 44,972 $2,522 $56,070



2.4. High-Priced Lots


In 2012, 409 Chinese Art and Antiques works sold for more than CN¥10 million (approximately US$1.5 million) at

auction worldwide. This is a dramatic decrease from the 831 lots that sold in this price range the previous year.

Decreases in the number of high-value lots were seen across the board; however, the most significant decline

was seen in mainland China. Most of the auction houses that sold lots in this price tier were large, established

auction houses that represent significant portions of both volume and value sold. These auction houses are

located in key urban city centers, and benefit from their ability to attract major consignments and collectors.

Mainland China

Throughout 2012, over 200 lots were sold at prices over CN¥10 million in Chinese Art and Antiques auctions, a

decrease of 375 lots compared with 2011. Sales of lots over CN¥10 million in 2012 amounted to approximately

US$700 million (CN¥4.6 billion) in revenue. This is a 66% decrease from the 2011 total of US$2.1 billion

(CN¥13.6 billion). Even though the overall market contracted sharply in mainland China in 2012, the decline of

high-value lots was much more significant than lower-tier segments of the market. In fact, the decline at the high

end exacerbated an already weakened market, resulting in a more severe downturn of the entire art and antiques

auction market.

In fact, the decline at the high end exacerbated an already weakened market, resulting in a more severe downturn of the entire

art and antiques auction market.



Overseas

Similar to mainland China sales, the number of high-priced lots sold overseas also decreased in 2012. During

the 2012 auction season, 203 lots independently realized prices over CN¥10 million, as opposed to 250 in

2011. Despite the decrease in the number of lots sold, the combined total sales volume of these high-value lots

increased from 2011 to 2012. Sales of high-priced lots in 2012 brought in a combined US$1.07 billion (CN¥7.05

billion), up nearly 6% over the previous year.

2.4.1 Distribution of Auction Houses

Mainland China

The 200-plus high-value lots were sold at 23 different auction houses in 2012 (15 less than in 2011). Beijing Poly, China Guardian,

and Beijing Council accounted for roughly two-thirds of lots sold.

The 200-plus high-value lots were sold at 23 different auction houses in 2012 (15 less than in 2011). Beijing

Poly, China Guardian, and Beijing Council accounted for roughly two-thirds of lots sold, with 68, 46, and 23

works sold at each auction house, respectively. The remaining 20 auction houses sold a total of 69 lots at

prices above CN¥10 million, accounting for the remaining one-third of the lots sold in this price range. The three

auction houses mentioned above also accounted for 67% of the value sold by these lots in mainland China,

earning US$245 million (CN¥1.6 billion), US$140 million (CN¥921 million), and US$86 million (CN¥564 million),

respectively. The remaining 20 auction houses brought in a combined US$228 million (CN¥1.5 billion). In total,

nearly US$700 million (CN¥4.6 billion) was realized through the sale of these high-value lots.



Overseas

Outside of mainland China, 203 lots earned prices over CN¥10 million; the vast majority of these lots were sold

in Hong Kong (95 lots), Macau (74 lots), and New York (14 lots). Together, these three cities represented 90% of

the lots sold overseas in this high-value range. Auction houses in other city centers, including London, Paris, and

Taipei, also sold lots in this price tier.

The 203 high-priced lots were sold at 19 different auction houses overseas. Of these auction houses, the top five

sold 169 lots in this price range, accounting for 83% of lots sold, and 90% of value sold.

2.4.2 Lot Composition

Mainland China

Of the 200-plus lots sold at prices over CN¥10 million in 2012, 134 works were from the Chinese painting and

calligraphy category (accounting for 65% of the total volume). Consequently, this category realized US$466

million (CN¥3.1 billion), or 66% of the overall market, in terms of value. The porcelain, jade, and miscellaneous

works of art category was the second-largest contributor to high-value lots in mainland China. 39 works were

sold from this category for a total of US$123 million (CN¥810 million); this represented 19% of the market by

volume, and 18% by value. Additionally, 19 works were sold in the oil paintings and Contemporary Art category

(9% of the total volume), 12 pieces of jewels and jadeite were sold (6% of the total volume), and two ancient

books and calligraphy inscriptions were sold (1% of the total volume). These final three categories represented

the remaining 16% of the market by value.



Overseas

Outside of mainland China, the Chinese porcelain, jade, and miscellaneous works of art category represented

the largest segment of lots sold above CN¥10 million: 112 lots were sold for a combined value of US$780 million

(CN¥5.1 billion). This category made up 55% of the market by volume and 73% by value. Chinese painting and

calligraphy was the second-largest contributor of high-value lots overseas—as opposed to being the largest in

mainland China—with 51 lots sold. While this category made up 25% of the lots sold, it only accounted for 15%

of the market in terms of value, bringing in approximately US$170 million (CN¥1.1 billion). Finally, Modern and

Contemporary Chinese artworks represented the smallest sector of the market, accounting for 20% of the lots

sold, and bringing in US$124 million (CN¥814 million).




$181


$273


$30


$11

Jewelry and Jadeite

$33


$123


$49

Total Sales Value (Million USD) by Collecting Category for High-Value Lots Sold in Mainland China, 2012High-value lots include lots sold for over 10 million RMB. Total sales value from mainland China converted to USD. Please see exchange rates in Notes.




$780


$124


$169

Total Sales Value (Million USD) by Collecting Category for High-Value Lots Sold Overseas, 2012High-value lots include lots sold for over 10 million RMB.



3Regional Analysis




Worldwide, Chinese Art and Antiques primarily sold at auction houses in major urban city centers, including

Beijing, Shanghai, Hong Kong, New York, and Macau. In 2012, smaller cities with growing art scenes also

emerged, with auction houses offering an increased number of works in the Chinese Art and Antiques auction

market. Among the 593 auctions houses selling Chinese Art and Antiques in 2012, 60% were from mainland

China, 21% from Europe, and 11% from North America. However, in terms of total sales value of Chinese Art

per region, mainland China accounted for 64% of the global total; Hong Kong, Macau, and Taiwan accounted

for 27%. The combined sales value of Chinese Art sold in Europe, North America, and the rest of the world

accounted for less than 10% of the global total.



North America

68

Europe

123

Mainland China

355

Hong Kong, Macau, and Taiwan

25

Rest of Asia

10

Rest of the World

12

Number of Auction Houses by Region, 2012



Total Sales Value (USD) by Region, 2012Total sales value from mainland China converted to USD. Please see exchange rates in Notes.

0

Mainland China

Rest of Asia

1 2 3 4 5Billion USD

Europe

Hong Kong, Macau, and Taiwan

North America

Rest of the World

$4,389,431,431

$14,195,701

$395,255,396

$1,163,735

$1,842,009,119

$268,951,208



3.1 Mainland China

Beijing and Tianjin Region

By the end of 2012, there were 130 auction houses in Beijing and the Tianjin region. Together they offered over

290,000 lots, of which more than 140,000 sold. Subsequently, the total sales value earned in this region was the

highest in mainland China at US$2.9 billion (CN¥19.6 billion). Overall, sales here accounted for over 50% of lots

sold and approximately 70% of total revenue earned in mainland China.

As the center of the Chinese auction industry, Beijing alone achieved annual sales of US$2.9 billion (CN¥19.3 billion),

accounting for 67% of the total value sold.

As the center of the Chinese auction industry, Beijing alone achieved annual sales of US$2.9 billion (CN¥19.3

billion), accounting for 67% of the total value sold. This represents a 7% decrease from 2011. Beijing also sold

the most works in the high-value range, with 175 lots selling for over CN¥10 million.

Yangtze River Delta Region

In 2012, the Yangtze River Delta was home to the second-highest number of auction houses in mainland China,

with 119 houses in total. Throughout the auction season, these houses consigned over 200,000 works, and

sold over 100,000, for a total of US$1.1 billion (CN¥7.2 billion). Overall, this region accounted for 37% of sold

lots and 25% of the revenue, indicating an upward trend over the past two years. The heart of this region was

Shanghai, which accounted for 61% of the total regional value sold, generating US$669 million (CN¥4.4 billion).



The Pearl River Delta (Guangdong) Region

By the end of 2012, there were 15 auction houses operating within the Pearl River Delta (Guangdong) region.

Over the course of the year, 20,000 lots were offered and 11,000 were sold, bringing in a revenue of US$167

million (CN¥1.1 billion). This region accounted for 4% of the total lots sold and roughly 4% of revenue, an

increase over 2011.

Other

Other domestic auction houses were located in Shandong, Henan, Hebei, Shanxi, Shaanxi, Gansu, Ningxia,

Liaoning, Heilongjiang, Anhui, Fujian, Hubei, Hunan, Guangxi, Hainan, Sichuan, Yunnan, Chongqing, and other

regions. By the end of 2012, there were 91 auction houses in these areas, which collectively consigned over

40,000 lots and sold more than 16,000 (6% of lots sold in China). These 16,000 works realized US$147 million

(CN¥965 million), or 3% of the revenue in mainland China.



Market Share by Value (Million USD) by Region in Mainland China, 2012Total sales value from mainland China converted to USD. Please see exchange rates in Notes.

Beijin and Tianjin

$2,980

Other Areas

$147 The Pearl River Delta

$167

Yangtze

$1,095



Beijin and Tianjin

142,015

Other Areas

16,388Pearl River Delta

11,030

Yangtze

100,316

Market Share by Volume (Lots Sold) by Region in Mainland China, 2012



3.2 Overseas

Asia (Excluding Mainland China)

In 2012, 35 auction houses offered Chinese Art and Antiques in Asia (excluding mainland China), up from 28

houses selling art in this category in 2011. The total value sold by these 35 auction houses reached US$1.8

billion (CN¥12.2 billion), 10% more than the previous year. Even with an increase in value sold in 2012, the Asian

market contracted 10% in terms of the number of lots sold. In addition to fewer lots sold, the number of lots

selling for over CN¥10 million decreased from 196 in 2011 to 176 in 2012. Chinese Art sold by auction houses

in Asia accounted for over 19,000 of the total lots offered overseas, representing 25% of volume sold and nearly

75% of the value sold overseas. Looking at a more detailed breakdown of Asian sales, it should be noted that

Hong Kong, Macau, and Taiwan make up nearly the entire market in terms of value (99%) and volume (98%).

Europe

While the total sales value of Chinese Art and Antiques increased in 2012 across Asian auction houses, market share decreased for

auction houses in Europe and North America.

While the total sales value of Chinese Art and Antiques increased in 2012 across Asian auction houses, market

share decreased for auction houses in Europe and North America. European auction houses witnessed a 16%

decrease in the value of Chinese Art sold in 2012, even though the volume of lots offered and sold in this

category increased from 2011 levels. This was due, in part, to very few high-value lots sold in this category, with

only 13 lots selling for over CN¥10 million in 2012, compared to 35 in 2011. Chinese Art did gain some traction



within the European market, with a 4% increase in the number of auction houses offering art in this category:

123 European auction houses sold Chinese Art in 2012, in contrast to 118 in 2011. In terms of Chinese Art sold

overseas, this region represented approximately 36% of volume sold (over 16,000 lots) and 15% of value sold

(US$395 million / CN¥2.6 billion).

North America

Closely tracking the performance of Chinese Art sold in Europe, the overall value sold in North American

contracted 21% in 2012, even though both the number of lots offered (over 24,000) and the number of lots

sold (over 17,000) increased significantly in 2012. A total of 68 North American auction houses sold art in this

category in 2012, up slightly from 66 houses in 2011. These houses brought in over US$268 million (CN¥1.8

billion) in sales, accounting for 10% of total value sold and almost 40% of volume sold in this category. Most

notably, demand for Chinese Art sold at auction in North America was higher than market demand in any other

overseas region in both 2011 and 2012, with sell-through rates above 70% both years. Of the roughly 17,000

lots that sold in this region in 2012, 15 lots sold for over CN¥10 million.

The Rest of the World

14 auction houses outside of North America, Europe, and Asia offered Chinese Art and Antiques in 2012. While

these lots represented less than 1% of volume and value sold, an increase in lots offered and sold in this sector

provides a promising indicator that Chinese Art is growing as a collecting category in other regions. Of the 231

lots sold at these auction houses, the majority were low-value works, with an average sale price of just over

US$5,000 (CN¥33,000).



Market Share by Value (Million USD) by Region Overseas, 2012

Asia

$1,856

Rest of the World

$1

Europe

$395

North America

$269



Market Share by Volume (Lots Sold) by Region Overseas, 2012

Asia

11,371

Rest of the World

231

Europe

16,325

North America

17,045



4List of Global Chinese Antiques and Art Auction Houses in 2012

4.1Mainland China



# Region Auction HouseNumber of Lots

OfferedNumber of Lots Sold

Sell-Through Rate (%)

Total Sales Volume (RMB)

(Hammer)Notes

1 Beijing Datang International Auction Co., Ltd. Not reported Not reported Not reported Not reported

2 Beijing Pacific International Auction Co., Ltd. 3,863 2,217 57.39 51,562,000

3 BeijingZhong An Taiping International

Auction Co., Ltd.0 0 0 0

4 BeijingChina Guardian International Auction

Co., Ltd.31,780 22,389 70.45 4,165,074,300

5 Beijing Zhong Bao Auction Co., Ltd. 1,362 982 72.1 60,700,000

6 Beijing Sungari International Auction Co., Ltd. 6,588 3,092 46.93 742,728,000

7 BeijingZhongmei International Auction Co.,

Ltd. Not reported Not reported Not reported Not reported

8 BeijingZhong Heng Yi Ping International

Auction Co., Ltd. Not reported Not reported Not reported Not reported

9 BeijingZhongdu International Auction Co.,

Ltd.7,619 4,114 54 67,646,300

10 BeijingZhong Hong Xin International Auction

Co., Ltd.550 360 65.45 85,140,000

11 BeijingZhong Lian Huan Qiu International

Auction Co., Ltd.1,740 622 35.75 1,995,700

12 BeijingZhong Lian International Auction Co.,

Ltd.132 79 59.85 592,500

13 BeijingDongfangqiushi International Auction

Co., Ltd.3,077 323 10.5 2,813,500

14 BeijingThe Orient International Auction Co.,

Ltd.200 171 85.5 104,710,000

15 BeijingBeijing Jiuge International Auction

Co., Ltd.3,444 688 19.98 100,666,000

16 BeijingBeijing Sanxitang International


17 BeijingBeijing Dade International Auction

Co., Ltd. Not reported Not reported Not reported Not reported

18 Beijing Beijing Wanlong Auction Co., Ltd. 954 466 48.85 206,202,100

19 BeijingBeijing Kai RMBtianxing Auction Co.,

Ltd.429 146 34.03 210,000

20 BeijingBeijing Taihetiancheng International


21 BeijingBeijing Zhonghan International

Auction Co., Ltd.1,078 667 61.87 135,503,900

22 BeijingBeijing Zhongxingtianxia International


New auction house (2012)







(Hammer)Notes

23 BeijingBeijing Zhongtoujiayi International

Auction Co., Ltd.1,442 288 19.97 7,600,000

24 BeijingBeijing Zhongpai International Auction

Co., Ltd.2,846 584 20.52 21,680,000

25 BeijingBeijing Zhongzhao International

Auction Co., Ltd.57 14 24.56 1,151,500

26 Beijing Datang International Auction Co., Ltd. 2,379 179 7.52 1,297,900

27 BeijingBeijing Rilongtianyi International


28 BeijingBeijing Zhong Bo International Auction

Co., Ltd.0 0 0 0

29 BeijingBeijing Zhong Ding International


30 BeijingBeijing Chang Feng International

Auction Co., Ltd.806 473 58.68 116,510,500

31 BeijingBeijing Jindianlianhe International

Auction Co., Ltd.64 51 79.69 2,834,000

32 BeijingBeijing Changyitiandi International

Auction Co., Ltd. Not reported

Not reported

Not reported Not reported

33 BeijingBeijing Wen Jin Ge International

Auction Co., Ltd.393 102 25.95 62,239,000

34 BeijingBeijing Shijishengtang International


35 BeijingBeijing Prospect International Auction

Co., Ltd.1,934 1,005 51.96 213,928,000


36 BeijingBeijing Orient Lide International

Auction Co., Ltd.277 80 28.88 22,380,000


37 BeijingBeijing Orient Jiaqi International


38 BeijingBeijing Dong Zheng International

Auction Co., Ltd.753 174 23.11 111,834,000

39 BeijingBeijing Dong Xi Fang International

Auction Co., Ltd.497 257 51.71 9,225,000

40 BeijingBeijing Dongpai International Auction

Co., Ltd.920 843 91.63 12,160,000

41 BeijingBeijing Long Pu Hua International


42 BeijingBeijing Yin Qian Shan International

Auction Co., Ltd.5,368 487 9.07 4,017,400

43 BeijingBeijing Gu Tian Yi International

Auction Co., Ltd.365 229 62.74 65,850,000



# Region Auction HouseNumber of

Lots OfferedNumber of Lots Sold



(Hammer)Notes

44 BeijingBeijing Xuan He International Auction

Co., Ltd.753 55 7.3 Not reported

45 BeijingBeijing Kang Tai International Auction

Co., Ltd.0 0 0 0

46 BeijingBeijing Forever International Auction

Co., Ltd.1,276 485 38.01 74,440,000

47 BeijingBeijing Council International Auction

Co., Ltd.3,733 2,315 62.01 Not reported

48 BeijingBeijing Yazhouhongda International

Auction Co., Ltd.1,076 188 17.47 3,800,000

49 BeijingBeijing Yazhouronghai International

Auction Co., Ltd.3,694 1,392 37.68 52,460,000

50 BeijingBeijing Xi Rong Ge International

Auction Co., Ltd.426 41 9.62 284,300


51 BeijingBeijing Bai Na International Auction

Co., Ltd.1,063 452 42.52 5,800,000

52 BeijingBeijing Tranthy International Auction

Co., Ltd.2,559 1,755 68.58 480,157,200

53 BeijingBeijing Hua Chen International

Auction Co., Ltd.4,563 1,923 42.14 366,190,000

54 BeijingBeijing Huaxia Chuancheng

International Auction Co., Ltd.1,510 332 21.99 67,540,000

55 BeijingBeijing Huaxia Jindian International

Auction Co., Ltd.10,829 2,905 26.83 27,340,000


56 BeijingBeijing Huaxia Yuzheng International



57 BeijingBeijing Huaxia Cangzhen International


58 BeijingBeijing Hua Ming International Auction

Co., Ltd.431 54 12.53 25,600

59 BeijingBeijing Jiangyang Futong International

Auction Co., Ltd.177 134 75.71 40,252,000

60 BeijingBeijing Hong Tai Yang International


61 BeijingBeijing Yuan Fang International

Auction Co., Ltd.2,086 326 15.63 29,201,800

62 BeijingBeijing Shi Dai International Auction

Co., Ltd. Not reported

Not reported


63 BeijingBeijing Kuang Shen International

Auction Co., Ltd.223 131 58.74 6,294,300








(Hammer)Notes

64 BeijingBeijing Haleshen Century International

Auction Co., Ltd.1,043 945 90.6 146,342,000


65 BeijingBeijing Jihua Chunqiu International

Auction Co., Ltd.369 49 13.28 2,110,000

66 BeijingBeijing Oujiang Chengcheng

International Auction Co., Ltd.102 0 0 0


67 BeijingBeijing Zhuo De International Auction

Co., Ltd.5,085 2,275 44.74 62,500,000

68 BeijingBeijing Guo Pai International Auction

Co., Ltd.0 0 0 0

69 BeijingBeijing Mingzhu Shuanglong

International Auction Co., Ltd.50 21 42 136,500

70 BeijingBeijing Jin Shi De International

Auction Co., Ltd.1,930 175 9.07 2,873,000

71 BeijingBeijing Bao Ji Xuan International



72 Beijing Beijing Baoding Auction Co., Ltd. 437 Not reported 0 4,370,000

73 BeijingBeijing Bao Rui Ying International


74 BeijingBeijing Cheng Xuan International

Auction Co., Ltd.7,855 5,929 75.48 383,879,000

75 BeijingBeijing Cheng Hao International

Auction Co., Ltd.587 151 25.72 14,463,000

76 BeijingBeijing Jian Ya Century Auction Co.,

Ltd.788 164 20.81 22,383,200

77 Beijing Beijing Rombon Auction Co., Ltd. 5,628 4,182 74.31 610,954,300

78 BeijingBeijing Rong Hai Jia International

Auction Co., Ltd.24 2 8.33 778,200

79 BeijingBeijing Poly International Auction Co.,

Ltd.30,335 19,679 64.87 5,311,850,000

80 BeijingBeijing Mei San Shan International

Auction Co., Ltd.925 Not reported 12.97 971,300


81 BeijingBeijing HSDT International Auction

Co., Ltd.957 24 2.51 1,596,500


82 BeijingBeijing Xuan Shi International Auction

Co., Ltd.446 184 41.26 15,487,000

83 BeijingBeijing Inshine International Auction

Co., Ltd.508 116 22.83 91,474,200

84 BeijingBeijing Taihe Jiacheng Auction Co.,

Ltd.6,540 2,159 33.01 69,562,300







(Hammer)Notes

85 BeijingBeijing City Union International

Auction Co., Ltd.833 768 92.2 259,374,000

86 BeijingBeijing Hai Shi De International


87 BeijingBeijing Hai Wang Cun Auction Co.,

Ltd.4,797 3,576 74.55 45,671,400

88 BeijingBeijing Haihua Hongye Auction Co.,

Ltd.1,624 43 2.65 534,300

89 BeijingBeijing Sheng Tian Tai International

Auction Co., Ltd.1,450 203 14 2,450,000


90 BeijingBeijing ShengJia International Auction


91 Beijing Beijing Pengea Auction Co., Ltd. 2,461 446 18.12 123,510,000

92 BeijingBeijing Long Rong International

Auction Co., Ltd.999 601 60.16 479,390,000


93 BeijingBeijing Long Han International Auction


94 BeijingBeijing Vitaviden International Auction

Co., Ltd.500 221 44.2 15,523,000

95 BeijingBeijing Qindao Rongde International

Auction Co., Ltd.1,660 965 58.13 114,760,000

96 BeijingBeijing Zijin Daxi International Auction


97 BeijingBeijing Zijin Wanxiang International


98 BeijingBeijing Dingxing Tianhe International



99 BeijingBeijing Ding Shi International Auction

Co., Ltd.563 227 40.32 730,000

100 BeijingBeijing Jingxing Linfeng International

Auction Co., Ltd.30 15 50 145,000

101 BeijingBeijing Fu Bi Fu International Auction

Co., Ltd.69 3 4.35 366,000

102 BeijingBeijing Reaping International Auction

Co., Ltd.1,488 314 21.1 3,425,400

103 BeijingBeijing Rui Ya Zhai International



104 BeijingBeijing Yonghe Jiacheng International

Auction Co., Ltd.8,570 4,162 48.56 91,241,200







(Hammer)Notes

105 BeijingBeijing Jia He International Auction

Co., Ltd.0 0 0 0

106 BeijingBeijing Jiali Nianhua International



107 BeijingBeijing Jia Bao International Auction


108 BeijingBeijing Jia Xin International Auction

Co., Ltd.0 0 0 0

109 BeijingBeijing Artade Online Auction Co.,

Ltd.64,724 23,898 36.92 38,870,000

110 Beijing Beijing Googut Auction Co., Ltd. 3,142 2,143 68.2 446,910,000

111 BeijingBeijing De Bao International Auction

Co., Ltd.2,401 1,351 56.27 13,932,200

112 BeijingBeijing De Long Bao International


113 BeijingBeijing Han Hai International Auction

Co., Ltd.9,137 6,012 65.8 1,556,394,000

114 BeijingHonchin International Auction Co.,


115 BeijingGeng Le International Auction Co.,


116 Beijing She De Auction Co., Ltd. 258 20 7.75 1,422,000

117 BeijingJin Mao International Auction Co.,

Ltd.529 50 9.45 4,080,000

118 BeijingBao Teng International Auction Co.,


119 BeijingPing Sheng International Auction



120 BeijingShuo Fang International Auction Co.,

Ltd.416 323 77.64 3,334,000

121 BeijingDing Zhou International Auction Co.,


122 BeijingHan Bao International Auction Co.,


Total in Beijing 284,576 134,966 47.43% ¥19,324,758,800

123 Tianjin Tianjin Tong Fang Auction Co., Ltd. 1,703 314 18.44 2,487,200

124 Tianjin Tianjin Yong Sheng Auction Co., Ltd. Not reported Not reported Not reported Not reported

125 Tianjin Tianjin International Auction Co., Ltd. 8,437 6,128 72.63 230,880,000







(Hammer)Notes

126 Tianjin Tianjin Ding Tian Auction Co., Ltd. Not reported Not reported Not reported Not reported

127 TianjinTianjin Lan Tian International Auction

Co., Ltd.451 84 18.63 7,070,000

128 TianjinTianjin Fu Xin International Auction

Co., Ltd.0 0 0 0

129 Tianjin Tianjin Han Ya Auction Co., Ltd. 2,256 141 6.25 252,600

130 Tianjin Haitian International Auction Co., Ltd. 1,044 382 36.59 24,837,700

Total in Tianjin 13,891 7,049 50.75% ¥265,527,500

131 Shanghai Shanghai Da Zhong Auction Co., Ltd. 10,957 5,481 50.02 188,300,000

132 Shanghai Shanghai Gong Mei Auction Co., Ltd. 3,456 2,311 66.87 200,000,000

133 ShanghaiShanghai Yuanheng Lizhen Auction


134 ShanghaiShanghai Tian Heng Auction Co.,

Ltd.1,420 1,194 84.08 459,752,000

135 Shanghai Shanghai Zhong Yi Auction Co., Ltd. 385 102 26.49 5,049,500

136 ShanghaiShanghai Zhong Tian Auction Co.,

Ltd.0 0 0 0

137 ShanghaiShanghai Zhong Han Auction Co.,



138 ShanghaiShanghai Zhong Fu Auction Co.,

Ltd.1,092 234 21.43 7,500,500

139 ShanghaiShanghai Chang Cheng Auction Co.,

Ltd.2,129 431 20.24 494,900

140 ShanghaiShanghai Shen Zhi Jiang Auction

Co., Ltd.0 0 0 0

141 ShanghaiShanghai Epama International

Auction Co., Ltd.2,239 412 18.4 16,919,800

142 Shanghai Shanghai Hui Yuan Auction Co., Ltd. Not reported Not reported Not reported Not reported

143 Shanghai Shanghai Han Lin Auction Co., Ltd. Not reported Not reported Not reported Not reported

144 ShanghaiShanghai Lao Cheng Huang Auction

Co., Ltd.2,223 913 41.07 3,509,000

145 Shanghai Shanghai Xie He Auction Co., Ltd. 729 19 2.61 242,200

146 ShanghaiShanghai Chuan Shi Auction Co.,

Ltd.71 9 12.68 104,000

147 Shanghai Shanghai Hua Yu Auction Co., Ltd. 2,718 1,658 61 29,850,000New auction house

(2012)

148 Shanghai Shanghai Hua Xia Auction Co., Ltd. 3,019 1,582 52.4 3,440,000






Total Sales Volume (RMB) (Hammer)

Notes

149 Shanghai Shanghai Hua Bo Auction Co., Ltd. Not reported Not reported Not reported Not reportedNew auction house

(2012)

150 ShanghaiShanghai Duo Yun Xuan Auction

Co., Ltd.8,686 6,764 77.87 1,045,270,000

151 ShanghaiShanghai Possession Auction Co.,



152 Shanghai Shanghai Chi Han Auction Co., Ltd. 6,210 5,149 82.91 222,813,000

153 ShanghaiShanghai Fan Hua Auction Co.,



154 ShanghaiShanghai Hong Da Auction Co.,

Ltd.1,230 153 12.44 1,367,200

155 ShanghaiShanghai Qing Lian Ge Auction

Co., Ltd.17,248 6,134 35.56 18,607,100

156 Shanghai Shanghai Auction Co., Ltd. 12,743 7,935 62.27 80,760,000

157 Shanghai Shanghai Qi Bei Auction Co., Ltd. Not reported Not reported Not reported Not reportedNew auction house

(2012)

158 ShanghaiShanghai Alltobid International Commodity Auction Co., Ltd.

10,978 7,882 71.8 20,263,000

159 Shanghai Shanghai Guo Tai Auction Co., Ltd. 1,483 197 13.28 2,441,200

160 Shanghai Shanghai He Run Auction Co., Ltd. Not reported Not reported Not reported Not reported

161 Shanghai Shanghai He Yun Auction Co., Ltd. 887 25 2.82 970,100

162 ShanghaiShanghai Jin Zhui Commodity


163 ShanghaiShanghai Hong Sheng Auction Co.,

Ltd.12,493 9,952 79.66 275,516,700

164 ShanghaiShanghai Bao Long Auction Co.,


165 Shanghai Shanghai Yu Zhen Auction Co., Ltd. 0 0 0 0New auction house

(2012)

166 ShanghaiShanghai Chunqiu Hall Artwork

Auction Co., Ltd.788 338 42.89 29,002,200

167 ShanghaiShanghai Hou Bao Auction Co.,

Ltd.1,059 107 10.1 198,900

168 Shanghai Shanghai Xin Ren Auction Co., Ltd. 1,170 468 40 910,000

169 Shanghai Shanghai Heng Li Auction Co., Ltd. 517 234 45.26 270,710,000

170 ShanghaiShanghai Sheng An Auction Co.,








Notes

171 Shanghai Shanghai Li Yuan Auction Co., Ltd. 279 144 51.61 10,997,000

172 ShanghaiShanghai Hai Tong Auction Co.,

Ltd.216 24 11.11 1,221,500


173 Shanghai Shanghai Jun Da Auction Co., Ltd. Not reported Not reported Not reported Not reportedNew auction house

(2012)

174 ShanghaiShanghai Huang Pu Auction Co.,

Ltd.2,449 396 16.17 756,400

175 ShanghaiShanghai Chongyuan Artwork

Auction Co., Ltd.3,935 1,460 37.1 52,600,000

176 ShanghaiShanghai Ming Guang Auction

Co., Ltd.435 233 53.56 29,810,000


177 ShanghaiShanghai Hong Sheng Auction Co.,

Ltd.5,044 3,209 63.62 2,200,000

178 ShanghaiShanghai Hong Hai Commodity

Auction Co., Ltd.2,733 1,009 36.92 9,388,600

179 ShanghaiShanghai Han Gu Xuan Auction

Co., Ltd.1,175 222 18.89 10,158,000

180 ShanghaiShanghai Bo Gu Zhai Auction Co.,

Ltd.4,378 1,878 42.9 37,286,600

181 Shanghai Shanghai Bo Hua Auction Co., Ltd. 2,084 285 13.68 8,030,000

182 Shanghai Shanghai Bo Hai Auction Co., Ltd. Not reported Not reported Not reported Not reported

183 ShanghaiShanghai Jing Hua Artwork Auction

Co., Ltd.399 131 32.83 60,590,000

184 Shanghai Shanghai Ya Zang Auction Co., Ltd. 872 178 20.41 10,894,400New auction house

(2012)

185 ShanghaiShanghai Ming Dao Auction Co.,

Ltd.3,193 2,488 77.92 303,765,500

186 Shanghai Shanghai Rui Xing Auction Co., Ltd. Not reported Not reported Not reported Not reported

187 Shanghai Shanghai Xin Hua Auction Co., Ltd. 1,144 201 17.57 32,530,000

188 Shanghai Shanghai Jia He Auction Co., Ltd. 1,496 1,295 86.56 239,410,000

189 Shanghai Shanghai Jia Tai Auction Co., Ltd. Not reported Not reported Not reported Not reported

190 Shanghai Shanghai Galaxy Auction Co., Ltd. 375 16 4.27 9,170,000

191 Shanghai Shanghai Justic Auction Co., Ltd. 2,541 939 36.95 19,504,000

192 Shanghai Rong Bao Zhai Auction Co., Ltd. 3,140 1,918 61.08 674,040,000

Total in Shanghai 141,818 75,710 53.39% ¥4,396,343,300







Notes

193 ChongqingChongqing Chinese Cultural Relic

Auction Co., Ltd.1,040 567 54.52 19,004,900

194 ChongqingChongqing Heng Sheng Auction

Co., Ltd.336 148 44.05 3,844,700

Total in Chongqing 1,376 715 51.96% ¥22,849,600

195 Hebei Hebei Da Ma Auction Co., Ltd. 848 26 3.07 166,700

196 Hebei Hebei Jia Hai Auction Co., Ltd. 584 150 25.68 10,616,000

197 Hebei Hebei Han Hua Auction Co., Ltd. 566 12 2.12 107,300

Total in Hebei 1,998 188 9.41% ¥10,890,000

198 Shanxi Shanxi Bai Ye Auction Co., Ltd. Not reported Not reported Not reported 5,865,000

199 Shanxi Shanxi Xing Jin Auction Co., Ltd. 76 57 75 963,800

200 Shanxi Shanxi Jin Bao Auction Co., Ltd. 1,297 665 51.27 15,021,000

201 Shanxi Shanxi Jin Tong Auction Co., Ltd. 334 72 21.56 1,312,000

202 Shanxi Shanxi Jin De Auction Co., Ltd. 0 0 0 0

203 Shanxi Shanxi Hai De Auction Co., Ltd. Not reported Not reported Not reported Not reported

204 Shanxi Shanxi Rong Yi Da Auction Co., Ltd. 615 363 59.02 36,765,500

Total in Shanxi 2,322 1,157 49.83% ¥59,927,300

205 Liaoning Liaoning You Li Auction Co., Ltd. Not reported Not reported Not reported Not reported

206 LiaoningLiaoning Zhong Zheng Auction Co.,


207 LiaoningLiaoning Zhong Xing International


208 LiaoningLiaoning Guang Da Auction Co.,

Ltd.400 90 22.5 890,000

209 Liaoning Liaoning Hua An Auction Co., Ltd. 159 61 38.36 4,525,000

210 Liaoning Liaoning Ru Feng Auction Co., Ltd. 0 0 0 0

211 LiaoningLining International Commodity

Auction Co., Ltd.839 218 25.98 3,567,100

212 Liaoning Lining Jian Tou Auction Co., Ltd. 1,047 213 20.34 22,520,000

213 Liaoning Lining Rong Xin Auction Co., Ltd. 0 0 0 0

214 LiaoningFu Jia Zhai Auction

Co., Ltd.234 9 3.85 488,000

Total in Liaoning 2,712 591 21.79% ¥31,990,100







Notes

215 HeilongjiangHeilongjiang Jia Rui Auction Co.,

Ltd.196 0 0 0

Total in Heilongjiang 196 0 0% ¥0

216 Jiangsu Wuxi Jin Ding Lai Auction Co., Ltd. 307 38 12.38 148,200

217 Jiangsu Jiangsu Jiu De Auction Co., Ltd. 1,562 184 11.78 12,590,800

218 JiangsuJiangsu Wan Da International


219 Jiangsu Jiangsu Wu Ai Auction Co., Ltd. 37 37 100 2,036,300

220 JiangsuJiangsu Zhongshan Huijin Auction

Co., Ltd.0 0 0 0

221 JiangsuJiangsu Zhong Shan Auction Co.,

Ltd.1,173 156 13.3 1,569,600

222 JiangsuJiangsu Feng Huang Auction Co.,

Ltd.1,740 248 14.25 42,185,000


223 Jiangsu Jiangsu Auction Co., Ltd. 3,227 600 18.59 8,642,600

224 Jiangsu Jiangsu Shi Cheng Auction Co., Ltd. 497 102 20.52 3,179,000

225 Jiangsu Jiangsu Zhen De Auction Co., Ltd. 760 42 5.53 732,500New auction house

(2012)

226 Jiangsu Jiangsu Ai Tao Auction Co., Ltd. 3,046 612 20.09 13,470,000

227 JiangsuJiangsu Huai Hai International

Auction Co., Ltd. Not reported

Not reported


228 JiangsuJiangsu Jing Hong International

Auction Co., Ltd.662 14 2.11 1,087,000

229 JiangsuJiangsu Jia Heng International

Auction Co., Ltd.1,050 520 49.52 39,679,000

230 Jiangsu Jiangsu Ju De Auction Co., Ltd. 1,976 1,675 84.77 136,616,000

231 JiangsuSuzhou Orient Artwork Auction Co.,

Ltd.1,880 838 44.57 54,000,000

232 Jiangsu Suzhou Wu Men Auction Co., Ltd. 2,927 751 25.66 64,051,400

233 JiangsuNanjing Shi Zhu Zhai Auction Co.,

Ltd.2,695 638 23.67 20,880,000

234 Jiangsu Nanjing Zheng Da Auction Co., Ltd. 249 89 35.74 6,200,000

235 Jiangsu Nanjing Jing Dian Auction Co., Ltd. 2,862 1,340 46.82 100,199,100

236 Jiangsu Nanjing Jia Xin Auction Co., Ltd. 1,000 613 61.3 39,000,000

237 JiangsuChangzhou Cang Hai Auction Co.,

Ltd.1,507 288 19.11 17,787,000

Total in Jiangsu 29,157 8,785 30.13% ¥564,053,500







Notes

238 ZhejiangNingbo Fu Bang Auction Co.,

Ltd.1,967 245 12.46 21,489,000

239 Zhejiang Xiling Yinshe Auction Co., Ltd. 6,465 5,609 86.76 1,294,108,000

240 ZhejiangHangzhou Tiangong Yiyuan

Auction Co., Ltd.943 181 19.19 2,096,700


241 ZhejiangShaoxing Han Yue Tang Auction

Co., Ltd.363 117 32.23 244,800

242 ZhejiangZhejiang Yitong Auction Co.,

Ltd.540 85 15.74 12,615,000

243 Zhejiang Zhejiang Da Di Auction Co., Ltd. 1,229 285 23.19 13,713,500

244 ZhejiangZhejiang San Jiang Auction Co.,

Ltd.1,195 507 42.43 119,296,500

245 ZhejiangZhejiang Zhong Cai Auction Co.,

Ltd.1,327 347 26.15 15,222,800

246 ZhejiangZhejiang Zhong Ju Auction Co.,

Ltd.542 220 40.59 25,200,000

247 ZhejiangZhejiang Chang Le Auction Co.,

Ltd.541 510 94.27 280,553,000

248 ZhejiangZhejiang Shi Mao Auction Co.,

Ltd.664 23 3.46 471,700

249 ZhejiangZhejiang Hui Tong Auction Co.,

Ltd.605 157 25.95 17,061,500

250 ZhejiangZhejiang Min He Auction Co.,

Ltd.750 177 23.6 2,943,700

251 ZhejiangZhejiang Yong Xuan Auction Co.,

Ltd.213 87 40.85 1,115,000

252 Zhejiang Zhejiang Li Ze Auction Co., Ltd. 467 112 23.98 4,980,000

253 Zhejiang Zhejiang Shi Dai Auction Co., Ltd. 692 582 84.1 20,094,700

254 ZhejiangZhejiang International Commodity

Auction Co., Ltd. Not reported Not reported Not reported 3,301,600

255 ZhejiangZhejiang Jia Bao Auction Co.,

Ltd.1,246 698 56.02 38,065,000

256 ZhejiangZhejiang Cheng Xin Auction Co.,

Ltd.0 0 0 0

257 ZhejiangZhejiang Jing Dian Auction Co.,

Ltd.0 0 0 0

258 ZhejiangZhejiang Nan Bei Auction Co.,

Ltd.534 234 43.82 29,805,000

259 Zhejiang Zhejiang Auction 203 21 10.34 13,508,000







Notes

260 ZhejiangZhejiang Poly International Auction


261 Zhejiang Zhejiang Art Media Auction Co., Ltd. 1,363 888 65.15 144,476,200New auction house (2012)

262 Zhejiang Zhejiang Qian Tang Auction Co., Ltd. Not reported Not reported Not reported Not reported

263 Zhejiang Zhejiang Zhe Shang Auction Co., Ltd. 1,374 422 30.71 24,133,500

264 Zhejiang Zhejiang Jun Cheng Auction Co., Ltd. 1,388 306 22.05 16,580,000

265 Zhejiang Zhejiang Xiao Ran Auction Co., Ltd. Not reported Not reported Not reported Not reported

266 Zhejiang Zhejiang Sheng Shi Auction Co., Ltd. 4,650 2,780 59.78 71,500,000

267 Zhejiang Zhejiang Hong Jia Auction Co., Ltd. 433 140 32.33 141,200

268 Zhejiang Zhejiang Hong An Auction Co., Ltd. 300 15 5 64,900

269 Zhejiang Zhejiang Union Auction Co., Ltd. 0 0 0 0

270 Zhejiang Zhejiang Hao Han Auction Co., Ltd. 879 632 71.9 61,132,500

271 Zhejiang Zhejiang Heng Dian Auction Co., Ltd. 990 369 37.27 4,330,000New auction house (2012)

272 Zhejiang Wenzhou Hui Feng Auction Co., Ltd. 545 72 13.21 294,700

Total in Zhejiang 32,408 15,821 48.82% ¥2,238,538,500

273 Anhui Anhui Yi Hai Auction Co., Ltd. Not reported Not reported Not reported Not reported

274 Anhui Anhui Xing Han Auction Co., Ltd. 0 0 0 0New auction house (2012)

275 AnhuiAnhui Pan Long Auction House



Total in Anhui 0 0 0% ¥0

276 Fujiang Xiamen Te Pai Auction Co., Ltd. 843 45 5.34 1,133,000

277 Fujiang Fujian Huaxing Auction Co., Ltd. 0 0 0 0

278 Fujiang Fujian Yun Tong Auction Co., Ltd. 1,091 292 26.76 26,066,400

279 FujiangFujian Hua Hong Da Auction Co.,

Ltd.0 0 0 0

280 Fujiang Fujian Auction 679 506 74.52 25,007,700

281 Fujiang Fujian Ding Xin Auction Co., Ltd. 0 0 0 0

282 Fujiang Fujian Jia Fu Auction Co., Ltd. 70 61 87.14 18,445,000

283 Fujiang Fujian Jin Sheng Auction Co., Ltd. 460 17 3.7 523,000







Notes

284 Fujiang Fujian Trade and Trust Auction Co., Ltd. 1,681 382 22.72 1,858,100

285 Fujiang Fujian Hai Xia Auction Co., Ltd. 245 138 56.33 7,997,000

286 Fujiang Fujian Ding Feng Auction Co., Ltd. 0 0 0 0

287 Fujiang Fujian Jing Xuan Auction Co., Ltd. 1,377 933 67.76 12,400,000

Total in Fujian 6,446 2,374 36.83% ¥93,430,200

288 Shandong Shandong Bai Li De Auction Co., Ltd. Not reported Not reported Not reported Not reported

289 ShandongShandong New Century Auction Co.,

Ltd.99 29 29.29 1,926,000

290 Shandong Qingdao Tian Qi Ge Auction Co., Ltd. Not reported Not reported Not reported Not reported

291 Shandong Qingdao Zhong Yi Auction Co., Ltd. 1,360 427 31.4 2,628,000New auction house (2012)

292 Shandong Qingdao New World Auction Co., Ltd. 231 162 70.13 2,322,600

293 Shandong Jianan International Auction Co., Ltd. Not reported Not reported Not reported Not reportedNew auction house (2012)

Total in Shandong 1,690 618 36.57% ¥6,876,600

294 Henan Zhengzhou Auction 469 132 28.14 4,637,000

295 Henan Henan Jin Di Auction Co., Ltd. 696 Not reported 0 55,000,000New auction house (2012)

296 Henan Henan Ri Xin Auction Co., Ltd. 282 123 43.62 2,106,500

297 Henan Henan Fang Di Auction Co., Ltd. 324 9 2.78 113,400

298 Henan Henan Xin Heng Feng Auction Co., Ltd. 270 210 77.78 89,000,000

299 HenanHenan Yu Cheng Xiang Auction Co.,

Ltd.992 260 26.21 5,565,000

300 Henan Henan Yuan Tian Auction Co., Ltd. 196 13 6.63 1,263,000

301 HenanHenan Shengshi Zhongyuan Auction

Co., Ltd. Not reported

Not reported


302 Henan Henan Hong Yuan Auction Co., Ltd. 3,234 666 20.59 33,470,000

303 Henan Jia Xin Cheng Auction Co., Ltd. Not reported Not reported Not reported Not reported

Total in Henan 6,463 1,413 21.86% ¥191,154,900

304 Hubei Wuhan Zhongxin Auction Co., Ltd. Not reported Not reported Not reported Not reported

305 Hubei Wuhan Da Tang Auction Co., Ltd. Not reported Not reported Not reported Not reported

306 Hubei Hubei Jin Xin Auction Co., Ltd. 199 122 61.31 1,126,800

307 Hubei Hubei Cheng Xin Auction Co., Ltd. 2,015 1,166 57.87 11,772,100







Notes

308 Hubei Hubei Jiabao Yipin Auction Co., Ltd. 1,817 818 45.02 7,020,000

Total in Hubei 4,031 2,106 52.25% ¥19,918,900

309 Hunan Hunan Yong Le Auction Co., Ltd. 0 0 0 0

310 HunanHunan International Commodity Auction


Total in Hunan 0 0 0% ¥0

311 GuangdongGuangdong Zhonghan Qinghua Auction

Co., Ltd.631 235 37.24 3,000,000

312 GuangdongGuangdong Feng Huang Auction Co.,

Ltd.647 29 4.48 266,000

313 GuangdongGuangdong Xu Tong Da Auction Co.,

Ltd.0 0 0 0

314 Guangdong Guangdong Gu Jin Auction Co., Ltd. 1,380 302 21.88 15,039,500

315 Guangdong Guangdong Auction Co., Ltd. 1,025 982 95.8 54,870,900

316 Guangdong Guangdong Poly Auction Co., Ltd. 1,301 388 29.82 12,306,800

317 GuangdongGuangdong Hao Hong Auction Co.,

Ltd.1,439 455 31.62 1,501,900

318 Guangdong Guangdong Heng Yi Auction Co., Ltd. 1,273 849 66.69 58,969,300New auction house (2012)

319 GuangdongGuangzhou Huang Ma Auction Co.,

Ltd.3,424 3,078 89.89 311,260,000

320 Guangdong Guangzhou Yin Tong Auction Co., Ltd. 2,373 1,071 45.13 12,670,800

321 GuangdongGuangzhou Hua Yi International Auction

Co., Ltd.3,570 2,171 60.81 519,031,400

322 Guangdong Anhua Baiyun Auction Co., Ltd. 851 304 35.72 48,711,500

323 Guangdong Zhuhai Sheng Rong Auction Co., Ltd. Not reported Not reported Not reported Not reported

324 Guangdong Shenzhen Auction Co., Ltd. 1,758 1,136 64.62 59,350,000

325 Guangdong Shenzhen Chengtou Auction Co., Ltd. 412 30 7.28 533,400

Total in Guangdong 20,084 11,030 54.92% ¥1,097,511,500

326 Hainan Hainan An Da Xin Auction Co., Ltd. Not reported Not reported Not reported Not reported

327 Hainan Hainan Tai Da Auction Co., Ltd. 249 111 44.58 92,365,700

Total in Hainan 249 111 44.58% ¥92,365,700

328 Guangxi Guangxi Zheng Chui Auction Co., Ltd. 0 0 0 0New auction house (2012)

329 Guangxi Guangxi Yong Hua Auction Co., Ltd. 0 0 0 0

Total in Guangxi 0 0 0% ¥0







Notes

330 Sichuan Sichuan Orient Auction Co., Ltd. 336 62 18.45 1,450,100New auction house (2012)

331 SichuanSichuan Dazhou Wanxing Auction Co.,

Ltd.295 159 53.9 3,661,000

332 Sichuan Sichuan Jia Cheng Auction Co., Ltd. 686 459 66.91 27,015,000

333 Sichuan Sichuan Lian Pai Auction Co., Ltd. 87 23 26.44 340,600

334 Sichuan Sichuan Jia Bao Auction Co., Ltd. 0 0 0 0New auction house (2012)

335 Sichuan Sichuan De Xuan Auction Co., Ltd. Not reported Not reported Not

reported Not reported


336 Sichuan Chengdu Ba Yi Pai Auction Co., Ltd. 942 739 78.45 71,507,400

337 Sichuan Chengdu Jin Sha Auction Co., Ltd. 1,324 698 52.72 14,009,400

Total in Sichuan 3,670 2,140 58.31% ¥117,983,500

338 Yunnan Yunnan Guo Xin Auction Co., Ltd. 204 90 44.12 168,400

339 Yunnan Yunnan Dian Cang Auction Co., Ltd. 1,162 463 39.85 61,964,400

340 Yunnan Kunming Ya Shi De Auction Co., Ltd. Not reported 0 Not reported 2,350,000

Total in Yunnan 1,366 553 40.48% ¥64,482,800

341 Shaanxi Xi'an Li Bang Auction Co., Ltd. 625 126 20.16 1,451,700

342 Shaanxi Shaanxi Da De Auction Co., Ltd. 226 111 49.12 13,486,000

343 Shaanxi Shaanxi Tian Long Auction Co., Ltd. 756 436 57.67 38,389,100

344 Shaanxi Shaanxi Wen De Auction Co., Ltd. 31 8 25.81 524,000

345 Shaanxi Shaanxi Hua Qin Auction Co., Ltd. 0 0 0 0

346 Shaanxi Shaanxi Hua Xia Auction Co., Ltd. 1,263 195 15.44 20,115,000

347 Shaanxi Shaanxi Bao Long Auction Co., Ltd. 1,767 974 55.12 37,178,400

348 Shaanxi Shaanxi Cheng Zhi Auction Co., Ltd. 378 100 26.46 11,813,500

349 Shaanxi Shaanxi Qin Bao Zhai Auction Co., Ltd. 1,196 487 40.72 70,597,000

350 Shaanxi Shaanxi Qin Shang Auction Co., Ltd. 648 104 16.05 3,424,900New auction house (2012)

351 Shaanxi Shaanxi Run De Auction Co., Ltd. Not reported Not reported Not


352 Shaanxi Shaanxi Rui Chen Auction Co., Ltd. Not reported Not reported Not


Total in Shaanxi 6,890 2,541 36.88% ¥196,979,600







Notes

353 Gansu Weilai Sifang Auction Co., Ltd. 2,572 1,881 73.13 56,150,500

Total in Gansu 2,572 1,881 73.13% ¥56,150,500

354 Ningxia Ningxia Li Ding Auction Co., Ltd. 0 0 0 0

355 Ningxia Ningxia Jia Peng Auction Co., Ltd. Not reported Not reported Not reported Not reported

Total in Ningxia 0 0 0% ¥0

Total in China 563,915 269,749 47.84% ¥28,851,732,800

4.2Overseas






Total Sales Volume (USD) (Premium)

Total Sales Volume (RMB) (Premium)

1 Asia 33 Auction 90 52 57.78 1,446,870 9,510,278

2 Asia All Arts Auctioneers Ltd. 554 189 34.12 865,438 5,688,524

3 Asia Bonhams Hong Kong 1301 953 73.25 47,547,327 312,528,581

4 Asia Borobudur Auction Ptd. Ltd. 26 12 46.15 2,236,160 14,698,277

5 Asia China Guardian Hong Kong 347 293 84.44 58,130,606 382,092,476

6 AsiaChinese Paintings & Arts

Auctioneer Co., Ltd.1001 619 61.84 2,008,465 13,201,642

7 Asia Christie's Hong Kong 2658 2099 78.97 429,817,737 2,825,191,984

8 AsiaDatang International Auction

(Macau) Co., Ltd.671 189 28.17 28,023,766 184,200,215

9 Asia Est-Ouest Auctions Co., Ltd. 23 16 69.57 457,780 3,008,987

10 Asia Fortune Auctioneers Ltd. 1169 734 62.79 3,477,701 22,858,926

11 Asia Hangsoi Auction 267 106 39.70 745,174 4,898,029

12 AsiaHong Kong Sincerity

International Auction Co., Ltd.249 175 70.28 382,078 2,511,401

13 Asia Ise Art Co., Ltd. 175 86 49.14 456,107 2,997,992

14 Asia Ji Chai Auctioneers Ltd. 226 67 29.65 363,930 2,392,115

15 Asia Jin Shi Arts Auctioneers Ltd. 296 151 51.01 591,056 3,885,011

16 Asia JSL Auction Co. 87 70 80.46 5,378,245 35,351,207

17 Asia K Auction 2 2 100 1,054,224 6,929,413

18 Asia Kingsley Art Auction 107 80 74.77 4,197,970 27,593,257

19 AsiaLarasati Auctioneers and

Borobudur Auction13 11 84.62 1,546,852 10,167,455

20 AsiaLong Hei International Auction

(Macao) Limited390 137 35.13 81,821,801 537,814,698

21 AsiaMacau Chung Shun

International Auctions Co., Ltd.690 219 31.74 631,594,163 4,151,468,433

22 Asia Mainichi Art Auction 7 6 85.71 9,636 63,335

23 Asia Mallet Japan 3 3 100 8,808 57,892

24 AsiaPaidegao International

Auctioneer Limited990 379 38.28 2,016,476 13,254,295

25 AsiaPo Yuen International Auction

Co., Ltd.210 135 64.29 1,307,627 8,595,034

26 Asia Poly Auction (Hong Kong) 405 281 69.38 66,586,153 437,670,784








27 Asia Pundole's 1 1 100 8,324 54,713

28 Asia Ravenel 300 224 74.67 37,616,539 247,253,510

29 Asia Seoul Auction 46 31 67.39 6,970,942 45,820,001

30 Asia Sino Art Auctioneers Ltd. 2,128 1457 68.47 9,683,465 63,649,414

31 Asia Sotheby's Hong Kong 1,770 1420 80.23 392,376,629 2,579,091,582

32 AsiaTianxia Treasure Auction Co.,

Ltd.1,018 149 14.64 22,514,784 147,989,676

33 Asia Treasure Auctioneer Limited 1,610 802 49.81 7,348,793 48,303,618

34 Asia United Asian Auctioneers 2 2 100 46,349 304,654

35 Asia Zhong Cheng Auctions 285 221 77.54 7,566,845 49,736,875

Total in Asia 19,117 11,371 59.48% $1,856,204,821 ¥2,200,834,286

36 Europe Ader 4 3 75 30,993 203,715

37 Europe Alcala Subastas 1 0 0 0 0

38 EuropeArtcurial | Briest - Poulain -

F.Tajan934 606 64.88 8,665,772 56,960,121

39 Europe Artcurial Deauville 1 0 0 0 0

40 Europe Artesegno Auctions 2 1 50 3,960 26,032

41 Europe Artprecium 3 0 0 0 0

42 Europe Auction Evente 3 3 100 18,639 122,516

43 Europe Auction House Zezula 12 9 75 195,889 1,287,578

44 Europe Auctionata 20 16 80 262,692 1,726,671

45 Europe Audap & Mirabaud 1 1 100 551 3,619

46 Europe Auktionshaus Arnold 3 3 100 18,127 119,152

47 Europe Auktionshaus Kaupp 174 97 55.75 1,306,781 8,589,469

48 Europe Auktionshaus Stahl 10 7 70 94,683 622,352

49 Europe Auktionshaus Stuker 1 0 0 0 0

50 Europe Azur Enchères Cannes 2 2 100 11,289 74,201

51 Europe Bailly-Pommery & Associés 1 1 100 3,535 23,238

52 EuropeBailly-Pommery & Voutier

Associés1 1 100 124,210 816,432

53 Europe Balclis Auction 3 3 100 10,095 66,357








54 Europe Baron Ribeyre & Associés 1 1 100 2,681 17,624

55 Europe Bernaerts 2 1 50 1,423 9,351

56 Europe Beurret & Bailly Auktionen AG 2 2 100 331,557 2,179,321

57 Europe Blindarte 3 1 33.33 6,144 40,384

58 Europe Bloomsbury Auctions 16 6 37.50 15,183 99,801

59 Europe Bonhams Chester 39 20 51.28 195,101 1,282,396

60 Europe Bonhams Edinburgh 460 325 70.65 1,046,226 6,876,842

61 Europe Bonhams Knightsbridge 1,778 1,084 60.97 5,930,980 38,984,332

62 Europe Bonhams London 1,295 862 66.56 28,613,593 188,077,144

63 Europe Bonhams Oxford 662 564 85.20 658,366 4,327,441

64 Europe Brightwells 1 1 100 3,855 25,337

65 Europe Brussels Art Auctions 3 2 66.67 11,458 75,315

66 Europe Bruun Rasmussen Auctioneers 40 29 72.50 890,165 5,851,057

67 Europe Bruun Rasmussen online 19 15 78.95 10,140 66,650

68 Europe Bukowskis Stockholm 21 18 85.71 467,182 3,070,788

69 Europe Cambi Casa d'Aste 10 3 30 8,105 53,273

70 Europe Campo & Campo 2 2 100 480 3,157

71 Europe Cannes enchères 13 8 61.54 16,172 106,298

72 Europe Casa d'Aste Galleria Pananti 3 2 66.67 3,380 22,214

73 Europe Casa d'Aste Meeting Art S.p.A. 6 5 83.33 16,246 106,788

74 Europe Christie's Amsterdam 489 394 80.57 3,358,847 22,077,704

75 Europe Christie's Geneva 1 1 100 2,005 13,180

76 Europe Christie's London 1,757 1,135 64.60 64,731,642 425,481,080

77 Europe Christie's Paris 1,429 1,149 80.41 44,307,131 291,230,773

78 Europe Christie's South Kensington 4,289 3,224 75.17 29,511,774 193,980,891

79 Europe Christophe Joron-Derem 4 3 75 11,011,396 72,377,908

80 Europe Claude Aguttes 796 553 69.47 4,396,358 28,897,258

81 Europe Conan Lyon Rive Gauche 2 1 50 3,070 20,181

82 Europe Cornette de Saint-Cyr 23 8 34.78 257,223 1,690,728

83 Europe Damien Leclere 5 2 40 471,001 3,095,890








84 Europe David Lay, F.R.I.C.S 1 1 100 3,117 20,485

85 Europe De Baecque & Associés 2 1 50 589 3,874

86 Europe De Muizon - Le Coent 2 2 100 24,182 158,948

87 Europe De Vuyst 34 19 55.88 291,390 1,915,305

88 Europe Delorme, Collin du Bocage 4 2 50 145,215 954,501

89 Europe Dobiaschofsky Auktionen 1 0 0 0 0

90 Europe Dorotheum 190 117 61.58 565,711 3,718,419

91 Europe Dorotheum Linz 13 9 69.23 8,697 57,165

92 Europe Dorotheum Prague 2 2 100 108,555 713,531

93 Europe Dorotheum Salzburg 14 10 71.43 16,494 108,414

94 Europe Dr. Fischer Kunstauktionen 82 57 69.51 425,789 2,798,710

95 Europe Drouot-Estimations 3 0 0 0 0

96 EuropeEstimations & Ventes aux

Enchères, EVE1 1 100 75,776 498,078

97 Europe Europ Auction 4 0 0 0 0

98 EuropeEwbank Clarke Gammon

Wellers1 0 0 0 0

99 Europe Fabiani Arte 1 1 100 3,282 21,571

100 Europe Fraisse & Jabot 4 0 0 0 0

101 Europe Freudenberg Auktionen 15 13 86.67 671,786 4,415,648

102 Europe Galerie Arcimboldo 102 71 69.61 4,180,269 27,476,910

103 Europe Galerie Fischer Auktionen AG 69 34 49.28 150,753 990,902

104 Europe Germann Auktionshaus AG 3 1 33.33 7,883 51,814

105 Europe Gorringes Auction Galleries 196 118 60.20 444,953 2,924,677

106 Europe Guillaume le Floc'h 1 0 0 0 0

107 Europe Hampel Fine Art Auctions 201 65 32.34 1,830,733 12,033,407

108 Europe Hauswedell & Nolte 1 0 0 0 0

109 Europe Historia Auktionshaus 6 2 33.33 1,464 9,626

110 Europe Hôtel de Ventes Horta 3 3 100 4,709 30,949

111 Europe Hôtel des ventes de Monte-Carlo 1 0 0 0 0

112 Europe Hotêl des Ventes Nice Riviéra 1 1 100 97,121 638,375








113 Europe Il Ponte Casa d'Aste 4 2 50 10,378 68,213

114 Europe Jean-Marc Delvaux 2 2 100 5,383 35,384

115 EuropeJeschke van Vliet Auctions

Berlin GmbH31 7 22.58 23,423 153,958

116 Europe Kapandji Morhange 3 0 0 0 0

117 Europe Ketterer Kunst München 9 5 55.56 844,745 5,552,511

118 Europe Koller Auktionen Zürich 952 421 44.22 4,119,650 27,078,462

119 EuropeKunst- & Auktionshaus W. G.

HERR3 1 33.33 1,770,395 11,636,808

120 Europe Lempertz 188 90 47.87 811,040 5,330,966

121 EuropeLoizillon (Hôtel des Ventes de

Compiègne)1 1 100 4,648 30,551

122 Europe Lombrail & Teucquam 2 2 100 115,375 758,360

123 Europe Louiza Auktion & Associés 8 0 0 0 0

124 Europe Lucien Paris 1 1 100 341 2,245

125 Europe Lyon & Turnbull 580 317 54.66 1,411,652 9,278,791

126 Europe Marc-Arthur Kohn 3 0 0 0 0

127 Europe McTear's Auctioneers 4 0 0 0 0

128 Europe Millon & Associés 13 3 23.08 302,718 1,989,763

129 Europe Morand & Morand 1 1 100 29,243 192,216

130 Europe Nagel Auktionen 2,071 1149 55.48 35,879,656 235,836,978

131 Europe Neret-Minet Scp. 8 1 12.50 3,180 20,905

132 Europe Neumeister Kunstauktionen 5 3 60 30,731 201,992

133 Europe O. Doutrebente 7 7 100 2,657,430 17,467,290

134 Europe Pandolfini Casa D'Aste 1 1 100 2,975 19,558

135 EuropePerrin, Royere, Lajeunesse -

Versailles Enchères13 7 53.85 1,677,099 11,023,572

136 Europe Pestel-Debord 2 0 0 0 0

137 EuropePeter Karbstein Kunst &

Auktionshaus1 1 100 2,762 18,152

138 EuropePhillips de Pury & Company

London23 8 34.78 396,930 2,609,024

139 Europe Piasa 15 8 53.33 30,627 201,308








140 Europe Pierre Berge & Associés 395 331 83.80 2,695,200 17,715,547

141 Europe Pousse-Cornet 1 0 0 0 0

142 EuropeQuittenbaum Kunstauktionen

München1 0 0 0 0

143 Europe Schuler Auktionen 7 4 57.14 51,941 341,406

144 Europe Segre Subastas 3 0 0 0 0

145 Europe Sotheby's London 2,652 1,731 65.27 83,642,809 549,784,185

146 Europe Sotheby's Milan 1 0 0 0 0

147 Europe Sotheby's Paris 1,268 962 75.87 36,350,188 238,929,783

148 Europe Stockholms Auktionsverk 276 185 67.03 1,701,204 11,182,013

149 Europe Tajan 130 63 48.46 732,829 4,816,882

150 Europe The Canterbury, Auction Galleries 2 2 100 2,100 13,800

151 Europe Van Ham Kunstauktionen 7 0 0 0 0

152 Europe Vanderkindere Auctioneer 1 1 100 4,027 26,473

153 Europe Venator & Hanstein KG 1 1 100 428 2,810

154 EuropeVilla Grisebach Auktionen

GmbH4 4 100 71,946 472,899

155 Europe Villanfray & Associés 2 2 100 10,120 66,518

156 Europe Vlaamse Kaai Campo 1 1 100 79 520

157 Europe Wannenes Art Auctions 2 0 0 0 0

158 Europe Woolley & Wallis 470 296 62.98 3,777,576 24,830,005

Total in Europe 24,480 16,325 66.69% $395,255,396 ¥2,598,013,718

159North

AmericaAltermann Galleries &

Auctioneers12 10 83.33 94,532 621,359

160North

Americaartnet Auctions 128 128 100 1,360,625 8,943,388

161North

AmericaAspire Auctions 4 4 100 23,231 152,697

162North

AmericaAuction Gallery of the Palm

Beaches4 3 75 3,599 23,656

163North

AmericaBonhams Los Angeles 280 156 55.71 346,679 2,278,721

164North

AmericaBonhams New York 1,554 1,040 66.92 7,000,992 46,017,520








165North

AmericaBonhams San Francisco 2,809 1876 66.79 18,097,470 118,954,670

166North

AmericaBrunk Auctions 213 111 52.11 239,071 1,571,414

167North

AmericaCharlton Hall Auctioneers 59 59 100 809,836 5,323,052

168North

AmericaChristie's New York 3,477 2,735 78.66 85,508,185 562,045,300

169North

AmericaClark's Fine Art Gallery &

Auctioneers Inc.2 1 50 366 2,406

170North

AmericaClars Auction Gallery 94 63 67.02 162,981 1,071,271

171North

AmericaCoeur d'Alene Art Auction 11 10 90.91 229,970 1,511,593

172North

AmericaCottone Auctions 1 1 100 6,466 42,501

173North

AmericaCowan's Auctions, Inc. 189 117 61.90 739,168 4,858,551

174North

AmericaCRN Auctions 2 2 100 6,649 43,704

175North

AmericaDallas Auction Gallery 315 250 79.37 1,464,068 9,623,319

176North

AmericaDoyle New York 1,607 1,164 72.43 7,137,362 46,913,880

177North

America

DuMouchelles Fine Arts Auctioneers and Estate

Appraisal2 2 100 12,139 79,790

178North

AmericaEldred's 1,612 860 53.35 2,078,140 13,659,614

179North

AmericaElite Decorative Arts 66 45 68.18 211,152 1,387,902

180North

AmericaFine Art Auctions Miami 7 0 0 0 0

181North

AmericaFreeman's 1,233 832 67.48 4,184,320 27,503,535

182North

AmericaGarth's Auctions 3 3 100 4,083 26,838

183North

AmericaGianguan Auctions 298 161 54.03 2,617,480 17,204,693

184North

AmericaGolden State Auction Gallery 235 91 38.72 716,954 4,712,539








185North

AmericaGray's Auctioneers 2 0 0 0 0

186North

AmericaGrogan & Company 3 2 66.67 2,787 18,319

187North

AmericaHeffel Fine Art Auction House 5 3 60 7,992 52,532

188North

AmericaHeritage Auctions New York 3 3 100 15,625 102,703

189North

AmericaHeritage Auctions Texas 50 29 58 124,503 818,358

190North

AmericaI.M. Chait 2,483 1,883 75.84 4,699,207 30,887,890

191North

AmericaIvey-Selkirk 1 1 100 1,000 6,573

192North

AmericaJackson Hole Art Auction 5 4 80 91,425 600,937

193North

AmericaJackson's 65 41 63.08 205,620 1,351,540

194North

AmericaJohn Moran Auctioneers &

Appraisers7 7 100 12,723 83,628

195North

AmericaKaminski Auctions 32 24 75 2,696,048 17,721,120

196North

AmericaLeland Little Auction & Estate

Sales4 4 100 7,736 50,849

197North

AmericaLeslie Hindman Auctioneers 1,268 1,013 79.89 4,581,122 30,111,715

198North

AmericaLos Angeles Modern Auctions 1 1 100 1,875 12,324

199North

AmericaMaynards 23 7 30.43 82,790 544,178

200North

AmericaMichaan's Auctions 704 570 80.97 2,522,943 16,583,304

201North

AmericaMorton Houston 14 6 42.86 7,076 46,511

202North

AmericaNader's & Fine Art Auctions

Miami1 1 100 67,500 443,678

203North

AmericaNeal Auction Company 172 95 55.23 365,131 2,400,006

204North

AmericaNew Orleans Auction Galleries 261 103 39.46 168,955 1,110,541








205North

AmericaNortheast Auctions 2 2 100 431,680 2,837,433

206North

AmericaPalm Beach Modern Auctions 1 0 0 0 0

207North

AmericaPhillips de Pury & Company New

York16 12 75 157,500 1,035,248

208North

AmericaPook & Pook, Inc. Auctioneers

and Appraisers28 28 100 51,208 336,590

209North

AmericaQuinn's Auction Galleries 9 8 88.89 11,929 78,409

210North

AmericaRago Arts and Auction Center 54 41 75.93 155,815 1,024,172

211North

AmericaRoGallery.com 23 1 4.35 25,000 164,325

212North

AmericaScottsdale Art Auction 4 4 100 58,075 381,727

213North

AmericaShannon's 2 2 100 30,000 197,190

214North

AmericaSkinner 1,225 966 78.86 4,259,869 28,000,119

215North

AmericaSloans & Kenyon 452 218 48.23 418,836 2,753,006

216North

AmericaSotheby's New York 2,024 1,460 72.13 112,057,012 736,550,740

217North

AmericaStair Galleries - Auctioneers &

Appraisers9 9 100 23,241 152,763

218North

AmericaSusanin's 1 0 0 0 0

219North

AmericaSwann Galleries 623 558 89.57 1,488,354 9,782,951

220North

AmericaThe Potomack Company 8 5 62.50 36,661 240,973

221North

AmericaThomaston Place Auction

Galleries13 5 38.46 28,487 187,245

222North

AmericaTreadway Toomey Galleries 2 1 50 14,640 96,229

223North

AmericaTrinity International Auctions &

Appraisals4 2 50 6,100 40,095

224North

AmericaWaddington's 272 193 70.96 905,437 5,951,435








225North

AmericaWeschler's 11 7 63.64 61,915 406,967

226North

AmericaWright 3 2 66.67 11,875 78,054

Total in North America 24,107 17,045 70.71% $268,951,208 ¥1,767,816,290

227Rest of

the WorldBay East Auctions 3 3 100 12,574 82,646

228Rest of

the WorldBonhams Sydney 356 170 47.75 624,144 4,102,501

229Rest of

the WorldDeutscher and Hackett 1 1 100 6,800 44,696

230Rest of

the WorldDunbar Sloane 1 0 0 0 0

231Rest of

the WorldLawson-Menzies 5 4 80 14,441 94,922

232Rest of

the WorldLeonard Joel 2 1 50 5,021 33,006

233Rest of

the WorldMcKenzies Auctioneers 1 0 0 0 0

234Rest of

the WorldMenzies Art Brands 2 1 50 3,181 20,910

235Rest of

the WorldMossgreen Gallery 17 11 64.71 157,548 1,035,561

236Rest of

the WorldShapiro Auctioneers 7 5 71.43 257,160 1,690,310

237Rest of

the WorldSotheby's Australia 5 5 100 28,549 187,650

238Rest of

the WorldSotheby's Cape Town /

Stephan Welz & Co.58 30 51.72 54,317 357,028

Total in the Rest of the World 458 231 50.44% $1,163,735 ¥7,649,231

Total Overseas 68,162 44,972 65.98% $2,521,575,160 ¥16,574,313,526



5List of Lots Sold Over 10 Million RMB in 2012

5.1Mainland China



# RegionAuction House and Sale Title

Category Lot Title and ArtistPrice Realized

(RMB) (Hammer)

1 BeijingChina Guardian 2012 Spring Auctions: Paintings

and Calligraphy of Yangzhou SchoolClassical Paintings

and CalligraphyInk Bamboo by Jin Nong 14,000,000

2 BeijingChina Guardian 2012 Spring Auctions: Classical

Chinese Paintings and Calligraphy Classical Paintings

and CalligraphyAlbum of Colored Paintings after

Song Masters by Jiang Tingxi 22,000,000



and Calligraphy

Album of Paintings with Diffused Colors after Song Masters by Jiang

Tingxi 19,000,000



and Calligraphy

Poem on Painting Horse in Running Script

by Li Dongyang 15,000,000

5 BeijingChina Guardian 2012 Spring Auctions: Grand

View: Chinese Painting HighlightModern Paintings and Calligraphy

Shaoshan—Revolutionary Sacred Place of Chairman Mao's Former

Residence by Li Keran 108,000,000



Grand Trees and Overlapping Mountains by Wu Hufan

18,000,000



Standing Horse by Xu Beihong 16,000,000



Red Lotus with Golden Lines by Zhang Daqian

15,000,000



Bodhisattva Avaloki Tesvara by Zhang Daqian

14,000,000



Four Paintings with Flowers by Wu Changshuo

13,500,000



Travelling in the Autumn Mountain by Fu Baoshi

13,000,000



Chausie by Xu Beihong and Zhang Shuqi

12,000,000

13 BeijingChina Guardian 2012 Spring Auctions: Modern

Chinese Paintings II

Modern Paintings and Calligraphy

Landscape of a Pine-tree-shadowed Path in the Mountains

by Huang Binghong 12,500,000


Chinese Paintings IIModern Paintings and Calligraphy

Crossing the Changjiang River by Li Keran

10,500,000

15 BeijingChina Guardian 2012 Spring Auctions:

Contemporary Chinese Paintings

Contemporary Paintings and Calligraphy

Silence by Jia Youfu 13,000,000

16 BeijingChina Guardian 2012 Spring Auctions: Chinese

Oil Painting and SculptureOil Painting and

Contemporary ArtRevolution Tops All by

Shen Yaoyi 35,000,000

17 BeijingChina Guardian 2012 Spring Auctions: Chinese


Contemporary Art13.2.92 by Zao Wou-ki 10,500,000

18 BeijingChina Guardian 2012 Spring Auctions: Treasured

Playthings from the Scholar's Studio—The Jiansong Ge Collection


Works of Art

Zitan Wood Brushpot Carved with Dragon and Auspicious Sea Creatures Made by Master Chou Zhu of the Ming Dynasty (Period Zhengde to Jiajing, 1506–1566)

48,000,000





(RMB) (Hammer)

19 BeijingChina Guardian 2012 Spring Auctions: Treasured

Playthings from the Scholar's Studio—The Jiansong Ge Collection


Works of Art

Royal Caparisoned and Gold-decorated Elephant Made in The Yongle Period of the

Ming Dynasty

13,500,000

20 BeijingChina Guardian 2012 Spring Auctions: Collection

of Chinese Ancient Porcelain


Works of Art

Rare Large Wucai Porcelain Jar with Fish and Water Plants Motif Made in the Jiajing Period of the

Ming Dynasty

13,000,000

21 BeijingChina Guardian 2012 Spring Auctions: Collection

of Chinese Ancient Porcelain


Works of Art

Rare Large Dish with Yellow-ground and Blue-and-white Lotus Motif

Made in the Yongzheng Period of the Qing Dynasty

10,000,000

22 BeijingChina Guardian 2012 Spring Auctions: Immortal Beauties: Classical Furniture from the Ming and

Qing Dynasties


Works of Art

Rectangular Huanghuali Wood Table with Everted Flanges Made in the Late Ming Dynasty and the

Early Qing Dynasty

28,000,000

23 BeijingChina Guardian 2012 Spring Auctions: Immortal Beauties: Classical Furniture from the Ming and

Qing Dynasties


Works of Art

Zitan Wood Luohan Couch-Bed with Fences on Three Sides Made

in the Early Qing Dynasty 18,000,000


and Contemporary Ceramic Art


Works of Art

Over-glazed Plaque with an Autumn Moon Over the

Han Palace 10,800,000

25 BeijingChina Guardian 2012 Autumn Auctions: Grand

View: Chinese Painting Highlight (Classical)Classical Paintings

and Calligraphy

A Landscape of Fuchun Mountain after Huang Gongwang by Dong

Qichang 54,500,000



and CalligraphyTemple in Cloudy Mountain by

Zhang Zongcang 34,500,000



and Calligraphy

Calligraphy in Running Script by Emperor Kangxi and 40 Poems in

Praise of it by his Officials 20,000,000



and Calligraphy21 Lyrics in Small Regular Script

by Zhu Yunming 14,900,000



and Calligraphy

Landscape of Green Mountains and Waters after Song Masters

by Lan Ying 13,000,000

30 BeijingChina Guardian 2012 Autumn Auctions:

Classical Chinese PaintingsClassical Paintings

and CalligraphyLeisure in Royal Garden by

Anonymous 15,800,000



and Calligraphy

Imaginary Landscape of Wangwei's Village in Wangchuan after Wang

Meng by Song Xu 11,500,000



and Calligraphy

Hermits in Mountain with a Poem in Cursive Script by Shen Zhou and

Zhu Yunming 10,000,000

33 BeijingChina Guardian 2012 Autumn Auctions: Modern

Chinese Painting and Calligraphy IModern Paintings and Calligraphy

Landscape Painted with Splashed Blue Ink by Zhang Daqian

19,000,000





(RMB) (Hammer)

34 BeijingChina Guardian 2012 Autumn Auctions: Modern

Chinese Painting and Calligraphy IModern Paintings and Calligraphy

The Elegant Gathering by Fu Baoshi

18,000,000


View: Chinese Painting Highlight (Modern)Modern Paintings and Calligraphy

Mountain Dwelling by Huang Binhong

12,000,000



Landscape of Sightseeing in the River-side Mountains by Li Keran

12,000,000



Album of Flowers and Landscapes for Zhang Qunshan by Zhang Daqian

22,000,000



Album of Flowers by Wu Changshuo

17,500,000



Leisure by Qi Baishi 11,500,000



Four Paintings of Auspicious Flowers by Qi Baishi

16,000,000



The View of Xuan Wu Lake at a Spring Night by Fu Baoshi

18,000,000



Landscape of Mountains by Fu Baoshi and Guan Shanyue

11,000,000

43 BeijingChina Guardian 2012 Autumn Auctions: Chinese


Contemporary Art

Sinology Research Institute (Enclosed with an Oil Draft and 16

Sketches) by Chen Danqing 18,000,000

44 BeijingChina Guardian 2012 Autumn Auctions: An Exceptional Imperial Ceremonial Sabre and

Scabbard


Works of Art

No.17 Imperial Ceremonial Sabre Baoteng with Jade Hilt and

Scabbard Covered with Golden Peach Tree Bark

42,000,000

45 BeijingChina Guardian 2012 Autumn Auctions: Hall

of Beauty—Jewelry and Replica of Qing Court Furniture Donated by Madam Chen Lihua


Works of Art

Zitan Throne Chair Carved with Landscape, a Footstool with

Dragon-shaped Carving, a Pair of Incense Zitan Stands with Dragon-shaped Carving, Standing Screen Carved with Auspicious Scenes

from the Story Adding Living Years in the Sea House

15,000,000

46 BeijingChina Guardian 2012 Autumn Auctions: Rare

Books and Manuscripts


Inscriptions

Ti Song Ban Tong Jian Zong Lei (the Song Version of Overview of

Chronicles) compiled by Shen Shu 12,000,000

47 BeijingSungari 2012 Spring Auctions: Classical Chinese

Paintings and Calligraphy Classical Paintings

and Calligraphy10 Paintings of 10 Views of the

West Lake by Lan Ying 17,500,000

48 BeijingSungari 2012 Spring Auctions: Classical Chinese


and CalligraphyTwo Pine Trees by Xie Shichen 16,500,000

49 BeijingSungari 2012 Autumn Auctions: The Bloom of

the Best: JewelryJewelry and

JadeiteJadeite Bangle 21,000,000





(RMB) (Hammer)

50 BeijingThe Orient International Auction 2012 Autumn

Auctions: Porcelain


Works of Art

Colored Enamel Porcelain Pot Decorated with Nine Dragons and

Two Creature-shaped Ears Made in the Qianlong Period of the

Qing Dynasty

28,000,000

51 BeijingBeijing Council 2012 Spring Auctions: Classical


and CalligraphyLandscape after Huang Gongwang

by Wang Yuanqi 19,000,000

52 BeijingBeijing Council 2012 Spring Auctions: Classical


and CalligraphyChrysanthemum and Rock

by Zou Yigui 10,000,000

53 BeijingBeijing Council 2012 Spring Auctions: The

Classical Chinese Calligraphy of the Ming and Qing Dynasties

Classical Paintings and Calligraphy

Five-character Poem in Cursive Script by Li Yuanlu

10,000,000

54 BeijingBeijing Council 2012 Spring Auctions: The

Classical Chinese Calligraphy of the Ming and Qing Dynasties


Calligraphy after Xu Qiao by Wang Duo

30,000,000

55 BeijingBeijing Council 2012 Spring Auctions: Homeland Feeling—Chinese Paintings and Calligraphy by

Adherents of the Ming Dynasty


Poem of Growing Vegetables by Wu Zhizhen

28,000,000




Orchid and Bamboo in the Wind by Shi Tao

25,000,000




Vajracchedika-sutra in Small Regular Script by Fu Shan

18,000,000




Album of Calligraphy byBada Shanren

16,000,000




Red Plum Blossoms on the Cliff by Jian Jiang

14,000,000




Representation of Du Shaoling's Poem by Wu Li

12,000,000




Yellowbird by Bada Shanren 10,500,000

62 BeijingBeijing Council 2012 Spring Auctions: Innate

Interest: Chinese Paintings by Qi BaishiModern Paintings and Calligraphy

Dwelling in the Mountains with Bamboos by Qi Baishi

18,500,000

63 BeijingBeijing Council 2012 Spring Auctions: Modern

Chinese Painting and CalligraphyModern Paintings and Calligraphy

Reminisce in a Quiet Valley by Fu Baoshi

12,000,000

64 BeijingBeijing Council 2012 Spring Auctions: Oil

Painting and SculptureOil Painting and

Contemporary ArtButterfly by Zhao Bandi 24,000,000





(RMB) (Hammer)

65 BeijingBeijing Council 2012 Spring Auctions: Ancient Books and Reliable Text Collected by Guo Yun

Lou


InscriptionsBooks Collected by Guo Yun Lou 188,000,000

66 BeijingBeijing Council 2012 Autumn Auctions: Past

Dynasties’ Chinese Calligraphy


Collection of Poems by Ding Jing 10,500,000

67 BeijingBeijing Council 2012 Autumn Auctions: Classical

Chinese PaintingsClassical Paintings

and CalligraphyLandscape by Wang Yuanqi 17,500,000

68 BeijingBeijing Council 2012 Autumn Auctions: Classical

Chinese PaintingsClassical Paintings

and CalligraphyAlbum with Calligraphy and Paintings by Dong Qichang

10,000,000

69 BeijingBeijing Council 2012 Autumn Auctions: Chinese Paintings and Calligraphy by “Art School of Wu”

of the Ming Dynasty


Wo Gu, a Poem in Praise of Shi Chiweng, in Running Script by Shen

Zhou 26,500,000

70 BeijingBeijing Council 2012 Autumn Auctions: Paintings

and Calligraphy by Adherents of the Ming Dynasty


A Portrait of Bada Shanren by Shi Tao

21,000,000

71 BeijingBeijing Council 2012 Autumn Auctions: Paintings

and Calligraphy by Adherents of the Ming Dynasty


Yu Gezi, a Poem of Fishing in Running Script by Gong Xian

18,000,000

72 BeijingBeijing Council 2012 Autumn Auctions: Modern

Paintings and Calligraphy I


The Miners by Zhou Sicong 13,000,000

73 BeijingBeijing Council 2012 Autumn Auctions: Chinese

Paintings Collected in “Xiu Mei Cao Tang”Modern Paintings and Calligraphy

Landscape: In the Tree-shaded Mountains with My Zither

by Fu Baoshi 12,500,000

74 BeijingBeijing Tranthy 2012 Spring Auctions: Chinese

Paintings and CalligraphyModern Paintings and Calligraphy

Landscape: A Talk in the Mountains by Fu Baoshi

18,500,000



The Central District of Hong Kong by Wu Guanzhong

16,000,000



Landscape: The Waterfall by Fu Baoshi

13,000,000



Landscape: The Autumn Mountains in Lijiang by Li Keran

30,000,000

78 BeijingBeijing Tranthy 2012 Spring Auctions: Antiques

and Rare Playthings


Works of Art

A Porcelain Pot with Two Pink Dragon-shaped Ears and

Auspicious Deer Motif Made in the Qianlong Period of the

Qing Dynasty

25,000,000

79 BeijingBeijing Huachen 2012 Spring Auctions: Chinese

Paintings and Calligraphy

Modern Chinese Paintings and Calligraphy

Bao Yan Lou and Its Master by Fu Baoshi

34,800,000


Oil Paintings and Sculptures


A Portrait of Sun Yat-sen by Jin Shangyi

17,800,000





(RMB) (Hammer)


Ceramics, Jades and Craft Arts


Works of Art

A Blue-and-white Plate with Flower, Fish, and Water Plants Motif Made

in the Yuan Dynasty 59,900,000




The Fairyland—Fu Rong Ge (Cotton Rose Pavilion) by Qi Baishi

19,800,000

83 BeijingBeijing Rombon 2012 Autumn Auctions: Modern



Album of 16 Arhats by Qi Baishi

10,000,000

84 Beijing

Beijing Poly 2012 Spring Auctions: Spectacular Scene: Ancient Chinese Paintings and

Calligraphies Evening Sale


Landscape: Mountains in the Cloud by Fang Congyi

15,000,000

85 Beijing




Landscape: The Bell of the Temple in the Mist

by Xiang Shengmo 13,500,000

86 Beijing




Landscape: 12 Views of Wuzhong by Wen Zhengming

10,000,000

87 BeijingBeijing Poly 2012 Spring Auctions: Modern

Chinese Paintings and Calligraphies Evening Sale Modern Paintings and Calligraphy

Mountains in Red by Li Keran 255,000,000



Representation of Du Fu's Poem by Fu Baoshi

80,000,000



Seven Magpies by Xu Beihong 28,000,000



Hermit in Landscape by Zhang Daqian

25,500,000



Facing the Cliffside Springs by Fu Baoshi

22,000,000



Eagle on a Rock by Pan Tianshou

21,000,000



Hermits under Pine Trees by Fu Baoshi

18,500,000



Bird and Wood after the Song Masters by Zhang Daqian

16,500,000



Kang Youwei and His Family on His 60th Birthday by Xu Beihong

13,000,000



Landscape: Tongguan in Snow by Zhang Daqian

11,500,000



Xie Dongshan Meeting Three Scholars by Fu Baoshi

11,500,000





(RMB) (Hammer)



Leaves and Insects by Qi Baishi 10,000,000

99 BeijingBeijing Poly 2012 Spring Auctions: Chinese

Contemporary Ink Paintings


Pu Songling Telling Stories by Wang Mingming

12,000,000

100 BeijingBeijing Poly 2012 Spring Auctions: Chinese

Contemporary Ink Paintings


Sew the Tent by Zhao Xucheng 11,000,000

101 BeijingBeijing Poly 2012 Spring Auctions:

Contemporary Ink Paintings—Thirty Years History Retrospection


A Peaceful World—Pope John Paul by Wang Xijing

10,100,000

102 BeijingBeijing Poly 2012 Spring Auctions: A Rare

Collection of Realist Paintings from the 1988 Body Art Exhibition


Girl in Front of the Still Life by Yang Feiyun

30,000,000

103 BeijingBeijing Poly 2012 Spring Auctions: A Rare

Collection of Xinjiang Themed Realist Paintings Oil Painting and

Contemporary ArtUyghur Girl in Her Colorful Dress by

Wang Yidong 13,000,000

104 BeijingBeijing Poly 2012 Spring Auctions: Modern and

Contemporary Chinese Arts Evening Sale Oil Painting and

Contemporary Art23.3.68 by Zhao Wuji 16,900,000

105 BeijingBeijing Poly 2012 Spring Auctions: Modern and

Contemporary Chinese Arts Evening Sale Oil Painting and

Contemporary ArtThe Fortune Teller

by Chen Yifei 11,200,000


and Contemporary Chinese Arts Evening Sale: Important Paintings of Wu Guanzhong


Zizhuyuan Park in Early Spring by Wu Guanzhong

15,500,000

107 BeijingBeijing Poly 2012 Spring Auctions: Imperial

Chinese Ceramics and Works of Art


Works of Art

Famille Rose Floral Globular Vase Made in the Qianlong Period of the

Qing Dynasty 11,000,000

108 BeijingBeijing Poly 2012 Spring Auctions: The Eightieth

Birthday—Emperor Qianlong's 80th Birthday Jade Seal and His Curios


Works of Art

A White Jade Seal with a Dragon Button and an Inscription: "Ba

Zheng Mao Nian Zhi Bao," Made in the Qianlong Period of the

Qing Dynasty

60,000,000




Works of Art

A Rectangular Pot with Hollow Ears Made in the Government Kiln

Inscribed by Qianlong 31,500,000




Works of Art

A Chenxiang Wood Seat Screen with Mirror and Fairyland Carving

Made in the Qianlong Period of the Qing Dynasty

18,000,000

111 Beijing

Beijing Poly 2012 Spring Auctions: New Moon Collection: Ceramic Paintings by Artists in the

Period of the Republic of China and the Modern Ceramic Art


Works of Art

A Set of Four Famille Rose Landscape Wall Plaques

by He Xuren 19,500,000





(RMB) (Hammer)

112 Beijing

Beijing Poly 2012 Spring Auctions: New Moon Collection: Ceramic Paintings by Artists in the

Period of the Republic of China and the Modern Ceramic Art


Works of Art

Over-glazed Enamel Horse Panel by Zhu Legeng

10,000,000

113 BeijingBeijing Poly 2012 Spring Auctions: Senses at

Dawn—Important Jewels and Jadeite Jewelry and

Jadeite

A Set of Jadeite and Diamond Necklace, Pendant Earrings,

and Ring 16,500,000



JadeiteGreen Jadeite Bangle 16,000,000



JadeiteGreen Jadeite Leaf Pendant 11,000,000

116 BeijingBeijing Poly 2012 Autumn Auctions: Guangyun

Lou's Legendary Book Collection


Song Dynasty Phonetic Dictionary of Chinese Characters (Five

Volumes) compiled by Lu Fayan

30,000,000

117 BeijingBeijing Poly 2012 Autumn Auctions: Classical

Chinese Paintings and Calligraphies Evening Sale Classical Paintings

and CalligraphyLandscape by Wang Zhenpeng 88,000,000



and CalligraphyLandscape in Memory of My

Mother by Shen Zhou 20,000,000



and CalligraphyLandscape of Yushan

by Wang Hui 19,500,000



and CalligraphyManuscript of Jishizhu (A Memoriam) by Qian Yong

15,500,000



and Calligraphy

Representation of Fan Chengda's Poem of the Lantern Market with Emperor Gaozong's Inscription by

Shen Yuan

11,000,000

122 BeijingBeijing Poly 2012 Autumn Auctions: Modern


Landscape: Mountains in Cloud by Li Keran

28,500,000



Crows on a Rock by Pan Tianshou

24,000,000



Figures by Qi Baishi 19,000,000



Main Peak of Jinggang Mountains by Li Keran

17,500,000



Hut in the Pines by Fu Baoshi 12,000,000



Landscape of Yandang Mountain by Lu Yanshao

10,000,000

128 BeijingBeijing Poly 2012 Autumn Auctions: Salute to Masters—Floating Clouds and Flowing Water:

Important Works of Lu Yanshao


Representation of Xin Qiji’s Poem by Lu Yanshao

13,000,000





(RMB) (Hammer)

129 BeijingBeijing Poly 2012 Autumn Auctions: Salute to Masters—Collections from Li Keran's Family:

Important Works of Li Keran


Representation of Mao Zedong's Poem by Li Keran

35,500,000

130 BeijingBeijing Poly 2012 Autumn Auctions: Salute to

Masters—Ode to My Country: Important Works of Qi Baishi


Ode to the Mother Country by Qi Baishi

72,000,000

131 BeijingBeijing Poly 2012 Autumn Auctions: Ode to My

Country: Important Works of Qi Baishi Modern Paintings and Calligraphy

Eagle on a Pine Tree by Qi Baishi

21,000,000



Drinking in the House Surrounded by Pine Trees by Qi Baishi

15,000,000



Scenery from a Past Trip by Qi Baishi

10,000,000

134 BeijingBeijing Poly 2012 Autumn Auctions: Chinese Oil

Paintings Collected in Early YearsOil Painting and

Contemporary ArtThe Story of Youth by Liu Xiaodong

17,500,000

135 BeijingBeijing Poly 2012 Autumn Auctions: Modern and

Contemporary Chinese Art Evening SaleOil Painting and

Contemporary ArtThe Full Moon Night

by Chen Xianrui 16,500,000



Contemporary Art2008. Beijing

by Liu Yi 16,000,000



Contemporary ArtSnow by Wang Yidong 11,500,000

138 BeijingBeijing Poly 2012 Autumn Auctions: A

Retrospect of Yang Feiyun's Important Works in 20 Years


Lotus Screen by Yang Feiyun 15,000,000

139 BeijingBeijing Poly 2012 Autumn Auctions: Joyful

Contemplation—Imperially Inscribed Scholarly Works of Art


Works of Art

Emperor-inscribed Zitan Ruyi Inlaid with Three Pieces of Ancient Jade Made in the Qianlong Period of the

Qing Dynasty

12,000,000

140 BeijingBeijing Poly 2012 Autumn Auctions: The Art of

the Ming Dynasty


Works of Art

A Blue-and-white Openwork Censer with Flower and Wave Motif Made in the Xuande Period of the

Ming Dynasty

22,000,000

141 BeijingBeijing Poly 2012 Autumn Auctions: The Art of

the Ming Dynasty


Works of Art

A Blue-and-white Jar with Dragon and Peony Motif Made in the

Yuan Dynasty 11,500,000

142 Beijing

Beijing Poly 2012 Autumn Auctions: A Magnificent Imperial Jadeite Mythological Chimera Water

Vessel and Imperial Ceramics and Works of Arts


Works of Art

Imperial Jadeite Water Vessel with Mythological Chimera Motif Made in the Qianlong Period of the Qing

Dynasty

43,000,000

143 Beijing

Beijing Poly 2012 Autumn Auctions: A Magnificent Imperial Jadeite Mythological Chimera Water

Vessel and Imperial Ceramics and Works of Arts


Works of Art

A Blue-and-white Moonflask Decorated with Eight Symbols of Buddhist Power Made in the

Qianlong Period of the Qing Dynasty

11,500,000





(RMB) (Hammer)

144 BeijingBeijing Poly 2012 Autumn Auctions: A Magnificent

Imperial Jadeite Mythological Chimera Water Vessel and Imperial Ceramics and Works of Arts


Works of Art

A Pair of Yellow-ground, Famille Rose Vases (with Motif of the Eight

Immortals’ Symbols Twined in Flowers, Four Elephant-shaped

Ears, and Two Covers) Made in the Jiaqing Period of the Qing Dynasty

11,500,000




Works of Art

A Circular White Jade Table Screen with Landscape and Figure Carving Made in the Qianlong Period of the

Qing Dynasty

11,000,000




Works of Art

A Lotus-shaped White Jade Box with Seven Buddhist Motifs Made in the Qianlong Period of the Qing

Dynasty

11,000,000

147 Beijing

Beijing Poly 2012 Autumn Auctions: New Moon Collection: Ceramic Paintings by Artists of the

Late Qing Dynasty and the Republic of China & the Modern and Contemporary Ceramic Art


Works of Art

Six Famille Rose Plaques with Figures and Landscape Motif Made at the Request of Important People (Wang Qi, Wang Yeting, etc.) of the

Republic of China Period

28,500,000

148 Beijing

Beijing Poly 2012 Autumn Auctions: New Moon Collection: Ceramic Paintings by Artists of the

Late Qing Dynasty and the Republic of China & the Modern and Contemporary Ceramic Art


Works of Art

A Set of Four, Five-Color Enameled Plaques with Ancient Chinese Lady

Motif Made by Dai Ronghua in 2011

10,000,000

149 BeijingBeijing Poly 2012 Autumn Auctions: Fruits of

Desire—Important Jewels and JadeiteJewelry and

Jadeite

A Green Jadeite Bead Necklace with a Diamond and Red

Tourmaline Pendant 16,000,000

150 BeijingBeijing Poly 2012 Autumn Auctions: Fruits of

Desire—Important Jewels and JadeiteJewelry and

Jadeite

33.88 Cts Yellow IF Clarity Diamond—The Sundance with a

Diamond Necklace 13,000,000

151 BeijingBeijing Poly the 18th Fine Art Work Auction:

Chinese Paintings and Calligraphy VClassical Paintings

and Calligraphy

A Landscape: Zhu Lin Da Shi on His Way to a Sermon attributed to

Chen Kengru 10,000,000

152 BeijingBeijing Inshine 2012 Autumn Auction:

Classical Paintings and CalligraphyClassical Paintings

and CalligraphyAn Album of Landscapes after the

Ancient Style by Wang Hui 26,500,000



and Calligraphy

Representation of a Buddhism Legend (about Hariti Trying to Save

Her Child from Buddha’s Alms-bowl) by Zhu Yu

26,000,000



and Calligraphy

Landscape: The Spring Mountains and Waters

by Wang Shimin 16,000,000

155 BeijingBeijing Longrong 2012 the First Auction:

Collection of Masters'Classical Paintings

and CalligraphyMeeting of Elders by Anonymous 110,000,000


Collection of Masters'Modern Paintings and Calligraphy

10 Horses in the Spring Mountain by Xu Beihong

105,000,000





(RMB) (Hammer)


Collection of Masters'Modern Paintings and Calligraphy

Insect and Landscape (Set of Six) by Qi Baishi and Qi Liangzhi

30,000,000


Heavenly Treasures


Works of Art

A Pair of Copper Enamel Vases with Playing Children Motif

16,000,000


Heavenly TreasuresJewelry and

JadeiteJadeite Round Bangle 29,000,000



JadeiteJadeite Avalokiteshvara Pendant 17,800,000



JadeiteJadeite Leaf Pendant 15,000,000

162 BeijingBeijing Hanhai 2012 Spring Auctions: Hanhai Important Antiques, Paintings and Calligraphy

Evening Sale


Album of Flowers by Zou Yigui 20,000,000

163 BeijingBeijing Hanhai 2012 Spring Auctions: Qingyun Grand View: Modern Paintings and Calligraphy


Avalokiteshvara from the South Sea by Zhang Daqian

15,500,000

164 BeijingBeijing Hanhai 2012 Spring Auctions: Hanhai

Important Antiques, Paintings, and Calligraphy Evening Sale


Red Leaves and White Dove by Zhang Daqian

14,500,000

165 BeijingBeijing Hanhai 2012 Spring Auctions: Hanhai

Important Antiques, Paintings, and Calligraphy Evening Sale


Landscape by Huang Binhong 11,500,000

166 BeijingBeijing Hanhai 2012 Spring Auctions:

Collection of Rare Zisha Works


Works of Art

Zisha Tea Pot with a Long Handle by Gu Jingzhou

11,200,000


Collection of Rare Zisha Works


Works of Art

Oblate Zisha Tea Pot Made by Gu Jingzhou

10,000,000


Antiques and Curios


Works of Art

Purple-ground Famille Rose Vase with Double Ears and

Haiwutianchou (the Myth of Adding Living Years in a Sea House) Motif Made in the Jiaqing Period of the

Qing Dynasty

15,000,000

169 BeijingBeijing Hanhai 2012 Spring Auctions: Bright Lead-

Bronze Mirror


Works of Art

Bronze Mirror with Motif of Auspicious Sea Creatures Twined in

Grape Vines 13,000,000

170 BeijingBeijing Hanhai 2012 Spring Auctions: Hanhai Important Antiques, Paintings, and Calligraphy

Evening Sale


Works of Art

Five-Color Enamel Brushpot with Landscape and Figure Motif Made

in the Yongzheng Period of the Qing Dynasty

30,000,000

171 BeijingBeijing Hanhai 2012 Spring Auctions: Hanhai Important Antiques, Paintings, and Calligraphy

Evening Sale


Works of Art

Two Blue-and-white Jar with Hollow Ears and Twined Flowers Made in the Qianlong Period of the Qing

Dynasty

15,000,000





(RMB) (Hammer)

172 BeijingBeijing Hanhai 2012 Autumn Auctions: Antiques

and Curios


Works of Art

Gilded Bronze Nanlv Bozhong Bell Made in the Qing Dynasty

15,000,000

173 BeijingBeijing Hanhai 2012 Spring Auctions: The Eyes

of the Heaven-Dzi BeadJewelry and

Jadeite12-Eyed Dzi Bead 16,000,000

174 BeijingBeijing Hanhai 2012 Autumn Auctions: Spectacular Grace-Jewels and Jadeite

Jewelry and Jadeite

Jadeite Bangle 29,000,000

175 BeijingBeijing Hanhai 2012 Autumn Auctions:

Spectacular Grace-Jewels and Jadeite

Jewelry and Jadeite

Green Jadeite Bangle 14,800,000

176 ShanghaiShanghai Gongmei 2012 Summer Auctions:

Chinese Paintings and CalligraphyClassical Paintings

and CalligraphyPavilions in the Fairyland

by Qiu Ying 34,000,000

177 ShanghaiShanghai Gongmei 2012 Summer Auctions:


and CalligraphyAncient Buddha under a Bodhi Tree

by Jin Nong 11,500,000

178 ShanghaiShanghai Duoyunxuan 2012 Spring Auctions:


and CalligraphyLeisure Life of Hermits in the

Mountains by Wang Hui 19,000,000


Modern Paintings and Calligraphy IModern Paintings and Calligraphy

Landscape: Fishing Boats in the Evening River by Zhang Daqian

25,000,000


Modern Paintings and CalligraphyModern Paintings and Calligraphy

Five Oxen after Han Huang by Wu Hufan

17,500,000


Contemporary Art, Oil Paintings, and SculptureOil Painting and

Contemporary ArtHelping with Make Up

by Chen Yifei 18,500,000


Contemporary Art, Oil Paintings, and SculptureOil Painting and

Contemporary ArtPortrait of a Lady with a Fan (I) by

Chen Yifei 14,000,000

183 ShanghaiShanghai Duoyunxuan 2012 Autumn Auctions:


and Calligraphy

Landscape: Clean Streams and Distant Mountains

by Wen Zhengming 65,000,000



and CalligraphyInk Lotus Scrolls

by Zhu Da and Gao Zi 14,000,000


Modern Paintings and Calligraphy IModern Paintings and Calligraphy

Colorful Mountain and Pavilion by Zhang Daqian

13,500,000

186 ShanghaiShanghai Duoyunxuan 2012 Autumn Auctions: Albums of Birds and Flowers of Jiang Hanting


Album of Birds and Flowers by Jiang Hanting

12,200,000


Bogu Zhai Paintings and CalligraphyModern Paintings and Calligraphy

Landscape: Mountains and Rivers by Zhang Daqian

45,500,000

188 ShanghaiShanghai Hengli 2012 Spring Auctions:

Paintings of Fu BaoshiModern Paintings and Calligraphy

Thoughtful Ladies Under the Misty Willows by Fu Baoshi

14,500,000

189 ShanghaiShanghai Hengli 2012 Autumn Auctions:


Three Horses Under the Willow by Xu Beihong

11,500,000

190 ShanghaiShanghai Hengli 2012 Autumn Auctions:



Magnanimous Maitreya Buddha by Wu Guanzhong

14,500,000





(RMB) (Hammer)

191 ShanghaiShanghai Xinhua 2012 Autumn Auctions:

Faience of Kangxi, Yongzheng and Qianlong Period & Rare Curios


Works of Art

Yellow-ground Blue-and-white Vase with Twined Lotus and Plum Flowers Made in the Qianlong Period of the

Qing Dynasty

12,000,000

192 ShanghaiShanghai Jiahe 2012 Spring Auctions: Modern

Masters—Paintings of Lu Yanshao IIModern Paintings and Calligraphy

Album of Calligraphy and Landscape by Lu Yanshao

15,000,000

193 ShanghaiXiling Yinshe 2012 Spring Auctions: Classical


and Calligraphy

Comments About Cao Yuansi's Governance Written in Small Script

by Huang Daozhou 17,000,000

194 ShanghaiXiling Yinshe 2012 Autumn Auctions: Paintings

of Xiling Yinshe MembersModern Paintings and Calligraphy

An Ancient Cave in Gengsang by Wu Hufan

15,000,000

195 ShanghaiRongbaizhai (Shanghai) 2012 Autumn Auctions:

Chinese Paintings and Calligraphy IIClassical Paintings

and CalligraphyOrchid and Bamboo by Zheng Banqiao

11,000,000


Chinese Paintings and Calligraphy IModern Paintings and Calligraphy

Galloping Horse by Xu Beihong 20,000,000


Chinese Paintings and Calligraphy IIModern Paintings and Calligraphy

Purple Grapes, Chestnuts, and Peaches by Qi Baishi

10,500,000

198 ShanghaiRongbaizhai (Shanghai) 2012 Spring Auctions:

Oil PaintingsOil Painting and

Contemporary ArtBeautiful Crow by He Duolin 12,000,000

199 ShanghaiRongbaizhai (Shanghai) 2012 Spring Auctions:

Oil PaintingsOil Painting and

Contemporary ArtRed Rocks by Zhou Chunya 11,000,000

200 ShanxiShanxi Rongyida 2012 Autumn Auctions:

Chinese Paintings and CalligraphyModern Paintings and Calligraphy

Standing Horse by Xu Beihong 13,000,000

201 LiaoningLiaoning Jiantou 2013 Spring Auctions:

Chinese Paintings and Calligraphy


Lotus in the Rain by Song Yujia 10,000,000

202 ZhejiangNingbo Fubang 2012 Spring Art Work Auction:


and CalligraphyFishing Joy by Liu Songnian 12,000,000

203 Hainan Hainan Taida 2012 Autumn AuctionModern Paintings and Calligraphy

Red Lotus by Zhang Daqian 16,000,000

204 Hainan Hainan Taida 2012 Autumn AuctionPorcelain, Jade,

and Miscellaneous Works of Art

A Pair of Blue-and-white Famille Rose Vases Made in the Qianlong

Period of the Qing Dynasty 16,500,000

205 Hainan Hainan Taida 2012 Autumn AuctionPorcelain, Jade,

and Miscellaneous Works of Art

A Top Cabinet Made of Hainan Huanghuali Wood

19,000,000

206 ShanxiShanxi Tianlong 2012 Spring Auction: Fine

Chinese Paintings and CalligraphyModern Paintings and Calligraphy

Ba Qiao Willows by Shi Lu 12,000,000

As of May 31, 2013, of the 206 lots listed above, 96 lots have been paid in full, 48 lots have been paid in part,

and 62 lots have not been paid for. For details, please see the 2012 China Antiques and Artworks Auction Market

Statistical Annual Report published by the China Association of Auctioneers in July 2013.

5.2Overseas



# Region Auction House and Sale Title Category Lot Title and ArtistAdjusted

Price (USD)(Premium)

Adjusted Price (RMB)(Premium)

1Hong Kong,

ChinaBonhams Hong Kong: Fine Chinese Paintings & Contemporary Asian Art


Chinese Art

A Fish Pool in the Mountain City by Wu Guanzhong

1,957,880 12,869,144

2Hong Kong,

China

Bonhams Hong Kong: Voyages of Discovery. A Connoisseur‘s Choice: Imperial Masterworks from a Private

Portuguese Collection



A Magnificent and Extremely Rare Monumental Gilt-bronze

and Cloisonné-enameled Incense Burner and Cover

1,674,546 11,006,788

3Hong Kong,

China

China Guardian Hong Kong: Chinese Paintings and Calligraphy from the Four

Seas


Landscapes (Album of 10) by Qi Baishi

5,933,723 39,002,361

4Hong Kong,

China


Seas


Grand Pine and Eagle by Xu Beihong

2,744,347 18,038,592

5Hong Kong,

China


Seas


Landscape after Dong Qichang by Wang Jian

2,225,146 14,625,885

6Hong Kong,

China


Seas


Birds and Flowers (Four Works)

by Ren Bonian 2,225,146 14,625,885

7Hong Kong,

China


Seas


Landscape by Li Keran

2,076,803 13,650,826

8Hong Kong,

China


Seas


Bamboo and Pine Tree by Wang Hui

1,928,460 12,675,767

9Hong Kong,

China


Seas


Scholar Living in the Mountain by Fu Baoshi

1,705,945 11,213,179

10Hong Kong,

China

Christie's Hong Kong: Asian 20th Century & Contemporary Art (Evening

Sale)


Chinese Art

La Forêt Blanche II (Diptych) by Chu Teh-Chun

7,744,017 50,901,421

11Hong Kong,

China


Sale)


Chinese Art

Blue Chrysanthemums in a Glass Vase

by Sanyu 6,144,136 40,385,406

12Hong Kong,

China


Sale)


Chinese Art

Fly by Zeng Fanzhi

5,134,282 33,747,637

13Hong Kong,

China


Sale)


Chinese Art

Pink Lotus by Sanyu

4,990,017 32,799,384

14Hong Kong,

China


Sale)


Chinese Art

15.05.60 by Zao Wou-Ki

4,420,360 29,055,026






15Hong Kong,

China


Sale)


Chinese Art

Pot de Chrysanthèmes Roses

by Sanyu 4,275,853 28,105,183

16Hong Kong,

China


Sale)


Chinese Art


3,264,306 21,456,280

17Hong Kong,

China


Sale)


Chinese Art

Mask Series by Zeng Fanzhi

3,258,839 21,420,352

18Hong Kong,

China


Sale)


Chinese Art


2,903,039 19,081,672

19Hong Kong,

China


Sale)


Chinese Art

No. 314 (Diptych) by Chu Teh-Chun

2,830,785 18,606,751

20Hong Kong,

China


Sale)


Chinese Art

No. 96 by Chu Teh-Chun

2,686,278 17,656,907

21Hong Kong,

China


Sale)


Chinese Art

No. 81 by Chu Teh-Chun

2,686,278 17,656,907

22Hong Kong,

China


Sale)


Chinese Art


2,609,648 17,153,214

23Hong Kong,

China


Sale)


Chinese Art


2,035,998 13,382,613

24Hong Kong,

China


Sale)


Chinese Art


1,888,324 12,411,951

25Hong Kong,

China


Sale)


Chinese Art

No. 8 by Zhang Xiaogang

1,602,477 10,533,083

26Hong Kong,

ChinaChristie's Hong Kong: Fine Chinese Classical Paintings and Calligraphy


Poems in Running Script Calligraphy by Dong Qichang

7,443,095 48,923,462

27Hong Kong,

ChinaChristie's Hong Kong: Fine Chinese Classical Paintings and Calligraphy


Farewell to Wu Kuan by Shen Zhou

4,773,989 31,379,430

28Hong Kong,

China

Christie's Hong Kong: Fine Chinese Furniture From Private American

Collections



A Superb and Very Rare Pair of Large Huanghuali Square-corner Display Cabinets (Liangge Gui),

17th–18th Century

2,975,484 19,557,855






29Hong Kong,

ChinaChristie's Hong Kong: Fine Chinese

Modern PaintingsChinese Painting and Calligraphy

Separation by Zhang Daqian

4,412,560 29,003,758

30Hong Kong,



Mist Clearing over Pine Covered Peaks

by Zhang Daqian 3,835,553 25,211,089

31Hong Kong,



Magpies on Branches by Xu Beihong

2,830,931 18,607,711

32Hong Kong,



Admiring the Stallion by Xu Beihong

2,104,531 13,833,083

33Hong Kong,



Waterfall in Dinghu by Qi Baishi

1,527,524 10,040,414

34Hong Kong,

China

Christie's Hong Kong: Grandiose and Mysterious–Magnificent Paintings

by Cui Ruzhuo


Beautiful Spring by Cui Ruzhuo

2,970,042 19,522,086

35Hong Kong,

China

Christie's Hong Kong: Grandiose and Mysterious—Magnificent Paintings

by Cui Ruzhuo


Lotus by Cui Ruzhuo

1,960,279 12,884,915

36Hong Kong,

ChinaChristie's Hong Kong: Important Chinese Ceramics & Works of Art



A Magnificent Large Blue-and-white ‘Mandarin Ducks’ Charger,

Yuan Dynasty (1279–1368) 3,763,379 24,736,687

37Hong Kong,


Chinese Porcelain, Jade and


A Fine Emerald-green Jadeite Archaistic Vessel and Cover

(Fangding), Late Qing Dynasty (1644–1911)

2,176,629 14,306,982

38Hong Kong,




A Magnificent Imperial Falangcai Enameled Glass Brush Pot,

Qianlong Incised Dour-character Mark within Double Squares and

of the Period (1736–1795)

6,299,355 41,405,659

39Hong Kong,




An Important and Very Fine Inscribed Falangcai Enameled ‘Beneath Pine Trees’ Mallet-shaped Vase, Yongzheng-

Qianlong Period (1723–1795)

4,565,161 30,006,805

40Hong Kong,




An Important and Very Fine Inscribed Falangcai Enameled ‘Lofty Mountain’ Mallet-shaped

Vase, Yongzheng-Qianlong Period (1723–1795)

4,420,645 29,056,901

41Hong Kong,




A Very Rare Pair of Clair-de-lune Glazed Bottle Vase, Yongzheng

Six-character Marks within Double Circles and of the Period

(1723–1735)

4,420,645 29,056,901






42Hong Kong,

ChinaChristie's Hong Kong: Important




A Magnificent Pair of Carved White Jade 'Chicken' Bowls, Qing

Dynasty, 18th Century 1,602,581 10,533,763

43Hong Kong,





A Fine and Rare Clair-de-lune Glazed Vase, Kangxi Six-

character Mark and of the Period (1662–1722)

1,602,581 10,533,763

44Hong Kong,





A Magnificent Blue-and-white Cylindrical Vase and Cover,

Yongzheng Six-character Mark within Double Circles and of the

Period (1723–1735)

1,530,323 10,058,810

45Hong Kong,

ChinaChristie's Hong Kong:

The Imperial Sale



A Magnificent and Rare Celadon-glazed Archaistic Vase (Zun),

Qianlong Six-character Seal Mark and of the Period (1736–1795)

3,691,254 24,262,610

46Hong Kong,

ChinaChristie's Hong Kong: The Imperial Sale



An Important and Rare Mallow-shaped ‘Numbered’ Jun-glazed Jardiniere with Matching Stand, Yuan/Ming Dynasty, 14th–15th

Century

2,104,504 13,832,904

47Hong Kong,




A Magnificent Pair of White ‘Boys’ Table Screens, Qianlong Period

(1736–1795) 1,960,254 12,884,749

48Hong Kong,




A Fine and Very Rare Archaistic Yellow Jade Covered Vase,

Qianlong Period (1736–1795) 1,960,254 12,884,749

49Hong Kong,




A Magnificent Famille Rose ‘Hundred Deer’ Vase (Zun),

Qianlong Six-character Seal Mark and of the Period (1736–1795)

1,888,129 12,410,672

50Hong Kong,

ChinaPoly Auction (Hong Kong): Chinese

Modern and Contemporary Art


Chinese Art

Rough Lourd et Vert Leger (No. 39) by Chu Teh-Chun

5,193,213 34,134,991

51Hong Kong,

ChinaPoly Auction (Hong Kong): Chinese

Modern and Contemporary Art


Chinese Art

Horses Rambling on the Grassland

by Sanyu 1,780,530 11,703,426

52Hong Kong,

ChinaPoly Auction (Hong Kong):

Fine Chinese PaintingsChinese Painting and Calligraphy

Tibetan Women with Dogs by Zhang Daqian

6,231,695 40,960,933

53Hong Kong,

China

Poly Auction (Hong Kong): Chinese Ceramics and

Works of Art



An Imperial and Magnificent Blue-and-white ‘Eight Immortals’ Vase with Handles, Qing Dynasty

(1644–1911)

4,154,463 27,307,288






54Hong Kong,

ChinaSotheby's Hong Kong:

20th Century Chinese ArtModern and Contemporary

Chinese ArtPotted Chrysanthemums by Sanyu 3,985,914 26,199,412

55Hong Kong,



Chinese Art25.06.86

by Zao Wou-Ki 3,257,916 21,414,283

56Hong Kong,



Chinese Art25.05.70

by Zao Wou-Ki 3,113,692 20,466,299

57Hong Kong,



Chinese ArtComplexité Hivernale

by Chu Teh-Chun 2,830,128 18,602,430

58Hong Kong,



Chinese Art22.3.61

by Zao Wou-Ki 1,963,288 12,904,694

59Hong Kong,



Chinese ArtPlus Loin

by Chu Teh-Chun 1,815,677 11,934,442

60Hong Kong,



Chinese ArtNature Morte aux Poissons by Zao

Wou-Ki 1,815,677 11,934,442

61Hong Kong,



Chinese ArtMorning Mist in Mengshan by

Wang Yidong 1,527,229 10,038,474

62Hong Kong,



Chinese ArtBloodline—Big family: Family No. 2

by Zhang Xiaogang 6,719,291 44,165,901

63Hong Kong,



Chinese Art1993.4

by Fang Lijun 3,690,588 24,258,236

64Hong Kong,



Chinese ArtTiananmen No.1

by Zhang Xiaogang 2,685,655 17,652,808

65Hong Kong,



Chinese ArtRevolutionary Family Series—Invitation to Dinner by Liu Wei

2,252,235 14,803,939

66Hong Kong,



Chinese ArtDog

by Liu Wei 1,815,677 11,934,442

67Hong Kong,

China

Sotheby's Hong Kong: Exceptional Qing Porcelain

from the Collection of Dr. Alice Cheng

Chinese Porcelain, Jade and Miscellaneous Works

of Art

A Magnificent and Rare Iron-red and Underglaze Blue ‘Nine

Dragon’ Charger, Mark, and Period of Yongzheng (1723–1735)

5,286,241 34,746,464

68Hong Kong,

China

Sotheby's Hong Kong: Fine Chinese Ceramics &

Works of Art


Shi Gu Ge by Han Yu, in Cursive Script by Zhang Zhao

9,042,594 59,436,973

69Hong Kong,

China

Sotheby's Hong Kong: Fine Chinese Ceramics &

Works of Art


of Art

An Exquisite Pair of Yellow-ground, Famille Rose, Double-gourd Vases, Seal Marks and Period of Qianlong

(1736–1795)

13,810,273 90,774,926

70Hong Kong,

China

Sotheby's Hong Kong: Fine Chinese Ceramics & Works of

Art


of Art

A Fine and Rare Robin’s Egg-ground Gilt-decorated Archaistic Vase, Seal Mark, and Period of

Qianlong (1736–1795)

4,563,866 29,998,290






71Hong Kong,

ChinaSotheby's Hong Kong: Fine

Chinese Ceramics & Works of Art

Chinese Porcelain, Jade and Miscellaneous

Works of Art

A Magnificent Blue-and-white ‘Dragon’ Dish, Mark, and Period of

Xuande (1426–1435) 2,392,788 15,727,797

72Hong Kong,




Works of Art

An Imperial Celadon and Brown Jade ‘Tian’en Shiquan’ Oval Seal,

Qing Dynasty, Qianlong Period (1736–1795)

2,107,789 13,854,496

73Hong Kong,




Works of Art

An Outstanding Mother-of-pearl Inlaid Incense Stand, Mark and Period of Kangxi, Dated to the

Guichou Year (1673)

1,818,839 11,955,226

74Hong Kong,




Works of Art

An Important and Finely Carved Imperial lacquer ‘Dragon’ Box and

Cover, Incised Mark and Period of Yongle (1403–1424) beneath a Carved Xuande (1426–1435) Mark

1,815,840 11,935,518

75Hong Kong,

ChinaSotheby's Hong Kong: Fine Chinese Paintings


Willows at the Riverside (Screen) by Qi Baishi

9,028,502 59,344,345

76Hong Kong,



Mount Lu by Fu Baoshi

3,114,254 20,469,990

77Hong Kong,



Swiss Peaks; Calligraphy in Running Script (Set of Two)

by Zhang Daqian 2,974,639 19,552,305

78Hong Kong,



Lady at the Pavilion by Fu Baoshi

2,974,639 19,552,305

79Hong Kong,



Lotus Pond by Xie Zhiliu

2,107,789 13,854,496

80Hong Kong,



Guanyin by Zhang Daqian

2,032,379 13,358,827

81Hong Kong,



Budding Lotus by Zhang Daqian

1,963,314 12,904,861

82Hong Kong,



Galloping Horse by Xu Beihong

1,816,004 11,936,594

83Hong Kong,



Magnificent Lotus by Zhang Daqian

1,674,363 11,005,591

84Hong Kong,



Dragon in the Clouds by Qi Baishi

1,671,754 10,988,439

85Hong Kong,



Landscapes by Fu Baoshi

1,529,888 10,055,956

86Hong Kong,

China

Sotheby's Hong Kong: Qing Imperial Monochromes from

the J.M. Hu Collection


Works of Art

An Exquisite Pair of Turquoise-glazed ‘Pomegranate’ Vases,

Carved Seal Marks, and Period of Qianlong

(1736–1795)

2,974,639 19,552,305






87Hong Kong,

ChinaSotheby's Hong Kong: Ru–From a

Japanese Collection



An Outstanding Ru Guanyao Lobed Brush Washer, Northern

Song Dynasty (960–1126) 26,768,835 175,951,549

88Hong Kong,

China

Sotheby's Hong Kong: The Meiyintang Collection, Part III—An

Important Selection of Imperial Chinese Porcelains



An Outstanding Blue-and-white and Anhua ‘Dragon’ Stembowl,

Mark, and Period of Xuande (1426–1435)

14,508,693 95,365,638

89Hong Kong,

China





A Fine and Exceptionally Rare Yellow-glazed Bowl, Incised Mark, and Period of Xuande (1426–1435)

3,474,565 22,838,318

90Hong Kong,

China





A Magnificent Famille Rose ‘Peach’ Dish, Seal Mark, and

Period of Qianlong (1736–1795) 2,537,025 16,675,866

91Hong Kong,

China





A Fine and Rare Miniature Double-ground Doucai Vase, Mark and

Period of Yongzheng (1723–1735) 1,960,077 12,883,588

92Hong Kong,

China





A Rare Turquoise and Blue ‘Dragon’ Box and Cover, with

Period Mark 1,671,603 10,987,449

93Hong Kong,

China





A Rare Blue-and-white ‘Peach’ Cup, Ming Dynasty, Yongle Period

(1403–1424) 1,527,366 10,039,379

94Hong Kong,

China





A Fine and Rare Blue-and-white Molded ‘Dragon’ Stemcup, Yuan

Dynasty, Early to Mid-14th Century 1,602,126 10,530,773

95Hong Kong,

China

Sotheby's Hong Kong: Water, Pine and Stone Retreat Collection,

Scholarly Art II



A Massive Inlaid Zitan Box and Cover, attributed to Zhou Zhu, Ming Dynasty, Jiajing Period

(1522–1566)

2,681,262 17,623,936

96Macau, China

Datang International Auction (Macau) Co., Ltd.: Chinese Antiques



Early Western Zhou Dynasty Square Zun (Wine Vessel) with Animal Mask Design and Kui-

dragon Pattern

5,638,346 37,060,848

97Macau, China

Long Hei International Auction (Macao) Limited: Chinese Painting and

Calligraphy


Mountains Colored in Autumn Red by Li Keran

5,812,151 38,203,272

98Macau, China

Long Hei International Auction (Macao) Limited: Chinese Painting and

Calligraphy


Calligraphy and Painting by Wu Guanzhong

3,590,759 23,602,060






99Macau, China

Long Hei International Auction (Macao) Limited: Chinese Painting and Calligraphy


Landscapes by Fu Baoshi 2,638,734 17,344,398

100Macau, China



Happiness of Fishing Family by Qi Baishi

2,638,734 17,344,398

101Macau, China



Bamboo, Rocks, and Chickens by Xu Beihong

2,480,063 16,301,455

102Macau, China



Flowers and Birds at Lotus Pond by Qi Baishi

2,162,721 14,215,567

103Macau, China



Flowers by Qi Baishi

2,004,050 13,172,624

104Macau, China



Mountains Colored in Autumn Red

by Li Keran 2,004,050 13,172,624

105Macau, China



Two Vultures by Xu Beihong

1,845,380 12,129,680

106Macau, China



Lijiang River after Rain by Li Keran

1,845,380 12,129,680

107Macau, China

Long Hei International Auction (Macao) Limited: Porcelain, Miscellaneous



Blue-and-white Floral Dragon Ears Vase with Figure and Flowers Design and Eight Treasure Patterns, Yuan Dynasty (1271–1368)

1,700,045 11,174,396

108Macau, China




Jasper Seal of the Founding of Qing, Qing Dynasty, Qianlong

Period (1736–1795) 5,383,476 35,385,588

109Macau, China




White Jade Ding, the Warring States Period (475–221 B.C.)

4,250,113 27,935,991

110Macau, China




Serial Bells of Blue Topaz (Nine Bells), the Warring States

Period (475–221 B.C.) 2,550,068 16,761,594

111Macau, China




Blue-and-white Floral Candlestick, during the Reign of

Ming Emperor Xuande (1426–1435)

2,125,056 13,967,995

112Macau, China




Green Topaz Mountain Ornaments with God of Wealth,

during the Reign of the Qing Emperor Qianlong (1736–1795)

1,955,052 12,850,556






113Macau, China

Long Hei International Auction (Macao) Limited: Porcelain,

Miscellaneous



Blue-and-white Floral Four-lug Pot with Kylin Pattern, Yuan Dynasty

(1271–1368) 1,558,375 10,243,197

114Macau, China

Macau Chung Shun International Auctions Co., Ltd: Jade, Paintings, Porcelain Works of Art Collection



Big Jar with design of Nine Dragons

142,257,042 935,055,537

115Macau, China




Plate from Official Kiln, Song Dynasty

(960–1279) 16,893,024 111,037,845

116Macau, China




Enamel-colored Vase with Design of Flower

8,298,327 54,544,906

117Macau, China




Famille Rose Vase with Design of Glossy Ganoderma and Flower

8,150,143 53,570,890

118Macau, China




Yellow-glazed, Lantern-shaped Vase with Design for Luck

and Wealth 7,409,221 48,700,809

119Macau, China




Blue-and-white Vase with Design of Fish and Grass, Yuan Dynasty

(1271–1368) 7,112,852 46,752,777

120Macau, China




Flat Blue-and-white Pot with Design of Lotus Scrolls

5,631,008 37,012,615

121Macau, China




Blue-and-white Pot with Red Design of Dragon

5,631,008 37,012,615

122Macau, China




Buddha 5,631,008 37,012,615

123Macau, China




Enamel-colored Vase with Design of Flower

4,593,717 30,194,502

124Macau, China




Tianhuang Stone-carved Ornament with Design of Portrait

4,149,164 27,272,453






125Macau, China



of Art

Famille Verte Jar with Cover and Design of Fish and

Algae 3,704,610 24,350,405

126Macau, China



of Art

Colored Vases with Design of Flower

3,704,610 24,350,405

127Macau, China



of Art

Blue-and-white Candle Holder with Design of Dragon and Clouds

3,704,610 24,350,405

128Macau, China



of Art

Celeste-ground Famille Rose Vase with Design of

Peach Blossom 3,408,242 22,402,372

129Macau, China



of Art

Enamel-colored and Olive-shaped Vase with Design of

Flower 3,067,417 20,162,135

130Macau, China



of Art

Washer from Ru Kiln, Song Dynasty (960–1279)

2,815,504 18,506,308

131Macau, China



of Art

Military Symbol with Design of Tiger’s Head and Basi

Characters, Yuan Dynasty (1271–1368)

2,667,320 17,532,291

132Macau, China



of Art

Gold Wares (Set of Five), Liao Dynasty (916–1125)

2,370,951 15,584,259

133Macau, China



of Art

Yellow-ground Thin Stuff with Design of Red Dragon and Flower, Middle Period

of Ming Dynasty (1368–1644)

2,370,951 15,584,259

134Macau, China



of Art

Buddha Stuppa, Ming Dynasty (1368–1644)

2,296,858 15,097,251

135Macau, China



of ArtRed-glazed Vase 2,000,490 13,149,218

136Macau, China



of Art

Blue-and-white Plate with Design of Phoenix and Flower, Yuan Dynasty

(1271–1368)

1,778,213 11,688,194

137Macau, China

Macau Chung Shun International Auctions Co., Ltd: Paintings, Silver Coins, Porcelain, Jade Works of Art

Collection


of Art

Blue-and-white Vase with Dragon-shaped Holder and

Design of Peony Scrolls, Ming Dynasty, Hongwu

Period (1368–1398)

100,878,494

663,074,343






138Macau, China

Macau Chung Shun International Auctions Co., Ltd: Paintings, Silver Coins, Porcelain, Jade Works of

Art Collection



Bowl from Official Kiln, Northern Song Dynasty (960–1126)

26,703,131 175,519,679

139Macau, China


Collection



Blue-and-white Vase with Design of Flowers in Four Seasons, Emperor Hongwu Period of Ming Dynasty

(1369–1398)

24,922,922 163,818,367

140Macau, China


Collection



Flat Blue-and-white Pot with Design of Dragon and Clouds, Emperor Yongle, Ming Dynasty

(1403–1424)

16,318,580 107,262,026

141Macau, China


Collection



Elliptical Washer from Official Kiln, Song Dynasty (960–1279)

11,868,058 78,008,746

142Macau, China


Collection



Enamel-colored Blue-and-white Vase with Famille Rose Design of

Lotus Scrolls 11,868,058 78,008,746

143Macau, China


Collection



1,000 Vases from Jun Kiln (Vases with Design of Tiger Head) (Vases

with Design of Lotus) 11,126,305 73,133,200

144Macau, China


Collection



Flat Blue-and-white Vase with Design of Dancing Persons,

Emperor Yongle, Ming Dynasty (1403–1424)

11,126,305 73,133,200

145Macau, China


Collection



Famille Rose Vase with Framed Design for Luck

10,087,849 66,307,434

146Macau, China


Collection



Landscape by Qi Gong

8,901,044 58,506,560

147Macau, China


Collection



Famille Rose Vase with Design of Landscape and Deer

7,565,887 49,730,576

148Macau, China


Collection



Famille Rose Vase with Design of Pine and Deer, Yongzheng, Qing

Dynasty (1723–1735)

6,824,133 44,855,029



# Region Auction House and Sale Title Category Lot Title and Artist

Adjusted Price (USD)

(Premium)


149Macau, China

Macau Chung Shun International Auctions Co., Ltd: Paintings, Silver Coins, Porcelain, Jade Works of Art Collection



B-shaped Saucer from Ru Kiln, Song Dynasty (960–1279)

6,675,783

43,879,920

150Macau, China




A Magnificent Imperial Falangcai Enameled Glass Brush Pot,

Qianlong Incised Four-character Mark within Double Squares and

of the Period (1736–1795)

5,934,029

39,004,373

151Macau, China




Cochineal Jars with Cover and Design of Phoenix (pair)

5,637,328

37,054,154

152Macau, China




500 Vases from Jun Kiln (Vases with Tiger

Head Designs)

5,192,275

34,128,826

153Macau, China




Lemon Yellow-ground Vase with Framed Design of Nine Dragons

4,895,574

32,178,608

154Macau, China




Red and Green Colored Vase with Gold-traced Design of Beast Face, Qing Dynasty, Kangxi Period

(1662–1722)

4,895,574

32,178,608

155Macau, China




Blue-ground and Enamel-colored Ornamental Vases with Gold-traced Design of Dragon and

Clouds (Set of Nine)

4,450,522

29,253,280

156Macau, China




Doucai Jar with Cover and Design of Dragon, Melon, and Fruit

4,153,820

27,303,061

157Macau, China




Chili-red Jar with Cover and Gold-traced Design of Dragon and

Phoenix

3,975,799

26,132,930

158Macau, China




Yellow-ground and Olive-shaped Famille Rose Vase with Design of Flower Mark, Made in Emperor

Yongzheng Period of Qing Dynasty (1723–1735)

3,857,119

25,352,843

159Macau, China




Garlic-shaped Famille Rose Vase with Red Dragon design

3,708,768

24,377,733






160Macau, China

Macau Chung Shun International Auctions Co., Ltd: Paintings, Silver Coins, Porcelain,

Jade Works of Art Collection



Garlic-shaped Famille Rose Vase with Red Design of

Dragon 3,708,768 24,377,733

161Macau, China





Flat Blue-and-white Vase with Design of Flower with Branch, Ming Dynasty, Yongle Period

(1403–1424)

3,708,768 24,377,733

162Macau, China





Square Enamel-colored Vase with Framed Design

2,967,015 19,502,187

163Macau, China





Melon-shaped Jar with Cover in Lotus Leaf Shape from

Longquan Kiln, Southern Song Dynasty (1127–1279)

2,818,664 18,527,077

164Macau, China





Ancient Emerald Hanging Ornament and Necklace with

Design for Luck 2,670,313 17,551,968

165Macau, China





Vase with Design of Three Plants in Winter, Ming Dynasty, Hongwu Period (1368–1398)

2,670,313 17,551,968

166Macau, China





Blue-and-white Basin with Design of Flower Scrolls, Ming

Dynasty, Yongle Period (1403–1424)

2,076,910 13,651,531

167Macau, China





Gold-plated Cloisonné Throne with Design of 13 Dragons

1,631,858 10,726,203

168Macau, China





Ancient Emerald Hanging Ornament and Necklace

with Design of Carp Jamping Dragon Gate

1,572,518 10,336,159

169Taipei, Taiwan

Kingsley Art Auction: Kingsley Spring Auction 2012 Taipei, Modern and

Contemporary Art


Chinese ArtUntitled by Zao Wou-Ki 1,604,814 10,548,442

170Taipei, Taiwan

Ravenel: Modern & Contemporary ArtModern and

Contemporary Chinese Art

Composition No. 51—Mille Vies se Cachent Dans le Bois by

Chu Teh-Chun 2,823,687 18,560,095



# RegionAuction House and Sale

TitleCategory Lot Title and Artist

Adjusted Price (USD)(Premium)


171Taipei, Taiwan

Ravenel: Modern & Contemporary Art



1,597,341

10,499,324

172Taipei, Taiwan

Ravenel: Modern and Contemporary Asian Art



2,323,774 15,274,168

173Taipei, Taiwan



Bateaux Fond Bleu by Zao Wou-Ki

1,999,476 13,142,554

174Taipei, Taiwan



Taihu Lake Stone by Zhou Chunya

1,757,724 11,553,522

175Taipei, Taiwan



Taichi Series—Single Whip by Ju Ming 1,550,509 10,191,494

176London, United

Kingdom

Christie's London: Fine Chinese Ceramics &

Works of Art


of Art

A Magnificent Pair of Imperial Large Famille Rose Vases, Jiaqing Iron-red Six-character Seal Marks and of the

Period (1796–1820)

2,040,465 13,411,975

177London, United

Kingdom

Christie's London:The Exceptional Sale


of Art

A Louis XV Ormolu-mounted Chinese Claire-de-lune Porcelain Vase, the Ormolu attributed to Jean-Claude Chambellan Duplessis, Mid-18th

Century, the Porcelain with Qianlong Underglaze Blue Six-character Seal

Mark and of the Period (1736–1795)

1,803,463 11,854,164

178London, United

Kingdom

Sotheby's London: Contemporary Art Evening

Auction



2,880,204 18,931,582

179London, United

Kingdom

Sotheby's London: Contemporary Art Evening

Auction



2,528,280 16,618,382

180London, United

Kingdom

Sotheby's London: Fine Chinese Ceramics & Works

of Art


of Art

A White and Russet Jade ‘Immortals’ Brushpot, Qing Dynasty, Qianlong

Period (1736–1795) 2,474,510 16,264,955

181London, United

Kingdom

Sotheby's London: Treasures of the Qing Court,

A Personal Perspective


of Art

A Rare Underglaze-Blue Polychrome-Enameled 'Magpie and Prunus'

Moonflask, Qianlong Seal Mark and Period

1,676,386 11,018,885

182Cologne, Germany

Kunst & Auktionshaus W. G. HERR: Auktion 70


of Art

Incense Burner in Duck-shape (Su Sanncai Yaxun), Marked Ming

Chenghua 1,770,395 1,636,808

183Stuttgart, Germany

Nagel Auktionen:Asian Art


of Art

Significant Pair of Zitan-top Cabinets, Hardwood, Mid-Qing Dynasty

(1644–1911) 2,346,086 5,420,824


Nagel Auktionen:Asiatische Kunst


of Art

Important Imperial Zitan-top and Hardwood Cabinet

2,334,776 15,346,482







Nagel Auktionen:Asiatische Kunst


Works of Art

Important Large Gilt Bronze Figure of Maitreya, Early Qing Dynasty

(1644–1911) 1,693,997 11,134,640

186Paris, France

Christie's Paris:Art d'Asie


Works of Art

Rare and Important Wood Sculpture by Guanyin

11,961,564 78,623,360

187Paris, France

Christophe Joron-Derem: Tableaux Modernes et

Contemporains et Art asiatique


Imperial Album (Album of 38) by Anonymous Chinese Artist

(Qianlong) 11,009,345 72,364,425

188Paris, France

O. Doutrebente: art d‘Asie, art déco, céramiques, objets

d‘art et d‘ameublement, tapis, tableaux anciens


Untitled Album, Yushu Zhiyanjing, “Sutra of the Perfection of Wisdom,

Calligraphy by the Emperor” by Emperor Qianlong

2,631,578 17,297,364

189San

Francisco, USA

Bonhams San Francisco: Fine Asian Works of Art


Works of Art

A Magnificent Blue-and-white Porcelain Vase (Tianqiuping), Yongzheng Mark and Period

(1403–1424)

5,906,500 38,823,425

190New York,

USA

Sotheby's New York:Fine Chinese Ceramics

& Works of Art


Works of Art

An Imperial Jade ‘Ba Zheng Mao Nian Zhi Bao’ Seal, Qing Dynasty,

Qing Long Period (1736–1795) 3,498,500 22,995,641

191New York,

USA


& Works of Art


Works of Art

An Important Wucai ‘Fish’ Jar and Cover, Jiajing Mark and Period

(1522–1566) 1,986,500 13,057,265

192New York,

USA


& Works of Art


Works of Art

An Important Archaic Bronze Wine Vessel (Hu), Eastern Zhou Dynasty,

8th–7th Century B.C. 1,538,500 10,112,561

193New York,

USA


& Works of Art


Works of Art

An Extremely Rare Famille Rose ‘Heaven and Earth’ Revolving

Brushpot 1,986,500 13,057,265

194New York,

USA


& Works of Art


Works of Art

An Extremely Rare Famille Rose ‘Heaven and Earth’ Revolving

Brushpot 1,538,500 10,112,561

195New York,

USASotheby's New York: Fine

Classical Chinese PaintingsChinese Painting and

Calligraphy

Thatched Cottage in the Southern Village (Nancun Caotang Tu) (after

Wang Meng) by Wen Jia 5,122,500 33,670,193

196New York,



CalligraphySeclusion amid Mountains and

Streams by Hongren 3,218,500 21,155,201

197New York,



CalligraphyEssay on Aspiration (Lezhi Lun) by

Zhao Mengfu 2,658,500 17,474,321

198New York,



CalligraphyEight Views of Huangshan (Album

of Eight) by Zheng Min 2,322,500 15,265,793

199New York,



CalligraphyEagle Perching on the Pine by

Qi Baishi 1,986,500 13,057,265



# Region Auction House and Sale Title Category Lot Title and Artist

Adjusted Price (USD)

(Premium)


200New York,



CalligraphyLandscape (After Lu Guang)

by Hongren

1,874,500

12,321,089

201New York,



CalligraphyLandscape (After Wu Zhen)

by Lan Ying

1,762,500

11,584,913

202New York,



CalligraphySeven Sages of the Bamboo Grove

by Chen Hongshou

1,650,500

10,848,737

203New York,



CalligraphyZhang Gong's Grotto

by Shen Zhou

1,650,500

10,848,737



Notes



Mainland China Data

» In this report, all data on works sold in mainland China was collected by the China Association of

Auctioneers (CAA) directly from auction houses. The data submission requests were sent out on May 7,

2013 to all mainland Chinese auction houses. Auction houses submitted their auction data through CAA’s

online data submission system between May 25 and May 31, 2013. CAA then verified all data fairly and

objectively, on the basis of thoroughness and accuracy.

» Data submission requests were sent to 355 mainland Chinese auction houses that were qualified to sell

art and antiques in mainland China as of December 31, 2012. 286 auction houses submitted their auction

data in time. The remaining 69 auction houses have been largely inactive in recent years.

» Mainland Chinese prices listed in this report do not reflect Buyer’s Premium.

» Total value of commission earned by mainland Chinese auction houses were reported as of May 31, 2013

» The categories of works sold in mainland China include:

• Chinese painting and calligraphy: including Classical, Modern, and Contemporary

• Porcelain, jade, and miscellaneous works of art: including porcelain, jade carving, lacquerware,

furniture, textile, metalware, bamboo, wood, ivory and horn carving, zisha clay teaware, etc.

• Oil paintings and Contemporary Art: including oil painting, sculpture, installation, photography, etc.

• Ancient books and calligraphy inscriptions

• Stamps and coins

• Other: including jewelry, jadeite, watches, wine, tea, and Contemporary artworks.

Overseas Data

» In this report, all data on works sold overseas (including Hong Kong, Macau, and Taiwan) was compiled

from the artnet Price Database Fine Art and Design and the Price Database Decorative Art. The Price

Database includes over 7 million auction results compiled from more than 1,400 international auction

houses dating back to 1985. This report includes data from all 238 auction houses outside of mainland

China that sold Chinese Art and Antiques in 2012.



» All data on works sold overseas excludes prints and multiples.

» Works listed as withdrawn or removed have been excluded from this report.

» Lots offered at auction with a low estimate below US$500 are omitted from the overseas data included in

this report.

» The categories of works sold overseas include:

• Chinese porcelain, jade, and miscellaneous works of art

• Chinese painting and calligraphy

• Modern and Contemporary Chinese Art

• Chinese books and manuscripts

• 20th- and 21st-century Chinese Design

Currency and Exchange Rate

» For overseas prices listed in this report, data has been reported to artnet in USD, with prices adjusted to

include Buyer’s Premium. Values representing data for works sold overseas were converted to RMB using

the USD adjusted rate according to average annual exchange rates. As such, all overseas values, in both

USD and RMB, will reflect Buyer’s Premium.

» The average annual exchange rates used throughout this report are as follows: 1:6.732 in 2011, and

1:6.573 in 2012. For prices originally provided by CAA and listed in RMB, RMB values have been

converted to USD to maintain data consistency.

» This report is available in both English and Chinese.



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