A 500-year-old imperial bronze statue of the Amitayus Buddha that was auctioned 11 years ago for $660,000 was sold in Hong Kong for HK$70 million ($9 million) to London dealer Richard Littleton who outbid Chinese rivals.
The 22.5-inch figure, bearing the mark of Ming-era Emperor Xuande, is the biggest of its kind from his reign (1426-1435) and was probably idolized by the imperial household, according to Christie’s International, host of the art and antiques auction.
What began as a five-way fight for the lot became a tug-of-war between Littleton and a Chinese bidder across the aisle when prices reached about HK$54 million. After thinking for about 30 seconds, the Chinese bidder decided not to challenge Littleton’s HK$64 million bid.
“It’s a very reasonable price for such a rare piece,” said Littleton, in an interview at the saleroom. “I’m confident it will be a very good investment.”
China’s growing economic might in recent years has spurred Chinese buying at auctions abroad of antiques and other heritage items, many of which were dispersed globally by civil wars and foreign invasion in the three centuries leading up to the People’s Republic of China’s founding in 1949.
The bronze had came from an Irish estate and was last sold in New York by Christie’s rival Sotheby’s in March 1999, according to Christie’s.
“I have been tracking this item for a long time,” said Littleton. “I know how rare it is.”
Littleton, who runs the London- and New York-based dealership Littleton & Hennessy Asian Art, said he would consider selling if a reasonable offer came along. The statue, one of the star lots at Christie’s 2,000-lot art and antique auction, had a presale estimate of HK$30 million.
Estimates don’t include commission.
Author : Le-Min Lim
Source : http://www.bloomberg.com
