Published: August 2, 2011
On June 20, Michaan’s Auctions held its fine Asian works of art sale, becoming its highest grossing single auction to date. Bringing in a hammer total of $1,976,225, the sale saw an impressive 82.88 percent sell-through of the 403 lots offered.
Auction houses all over have been experiencing success with Asian items as prices have been steadily rising over the past year. Heading Michaan’s Asian arts department is Ling Shang, who executed the sale, breaking her previous record in 2010 here. “Overall, the property was of high quality and our buyers showed strong interest. The market trend and fresh merchandise aided in our success,” she said.
Contributing to the total were numerous lots selling for monumental prices. With a packed auction room floor and a dozen employees fielding domestic and international phone bids, awe-inspiring numbers were seen throughout the afternoon.
Bringing in the highest selling price of the day was a pair of carved huanghuali and mixed wood horseshoe chairs. Bidders vied for the lot, with a floor bidder eventually winning amid a round of applause. Going for more than 17 times the high estimate of $18,000, the pair of intricately carved chairs attained $362,700.
“Huanghuali has always been sought after. It has become obvious that this type of furniture has become increasingly rare in the market. This is what piqued interest in the item,” said Shang.
Another high point was a carved ivory brush pot. Yet again, the bidding was heated from all directions, pushing an Internet bidder to tender a final selling price of $257,400 †an 18-fold increase over the high estimate of $12,000.
Another robust price was achieved for a pair of fine ivory quail-form boxes. The birds that symbolize “double peace” more than doubled their high estimate of $18,000, going out the door for $55,575.
Rounding out the top four selling items was a doucai meiping porcelain vase. Solidifying the good fortune seen across the different categories of Asian wares, the elegant and colorful vase sold for $49,725, soaring over its high estimate of $9,000.
All prices reported include the buyer’s premium.
For more information, www.michaans.com or 510-740-0220, extension 0.
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