Wednesday, 6 April 2016

Chinese inkbrush painting "Peach Blossom Spring" brings $ 34.9m

A two-meter (6.5 feet) long scroll inkbrush painting "Peach Blossom Spring" more than tripled its expected price at a spring Sotheby's sale to fetch HK $270.7 million ($34.91 million), including the buyer's premium.
The "Seal of the Mandate of Heaven" was an important object of authority for Emperor Kangxi, who ruled over China from 1661 to 1722. Made of sandalwood, it bears the inscription “revere heaven and serve thy people”. The final price, including buyer’s premium, was HK$92.6 million or $11.8m.

Global sales of art fell 7 percent in 2015 to $63.8 billion, while sales of art in China fell by 23 percent in the same period.

The buyer, Chinese tycoon Liu Yiqian, has been making record-setting purchases at auctions in the past few years, stunning the art world when he bought a famed nude by Italian artist Amedeo Modigliani costing more than $170 million in November 2015.
He set a record for Chinese porcelain in 2014 by paying over $36 million for a tiny Ming Dynasty cup depicting a rooster and hen tending to their chicks, known as the "chicken cup".