Chinese

Last year one of the most expensive things sold at auction was an 18th century Chinese porcelain vase which was sold for £43 million ($69.3 million) at Bainbridge's Auctions (£51.6 million after the buyers premium). The vase was only estimated to sell for £1.2 million at the small auction house but fierce bidding among Chinese would-be buyers drove up the price. The vase sold to a Chinese bidder who turned up to bid on behalf of an undisclosed buyer. But now the story continues with a new article from the Telegraph that says that buyer has a case of cold feet. Some say that the Chinese bidder, described as a wealthy industrialist had lost out on a similar auction and may have leaped before he looked. Or he could still be gathering money to pay for the vase.

In a week that has seen quite a few huge sales in contemporary art, an 18th century Chinese porcelain vase managed to still stun the world. The vase, which was discovered when a house was cleared out was sold for £43 million ($69.3 million) at Bainbridges Auctions (£53.1m after commission which pushes the total to over $85 million). The vase was only estimated to sell for £1.2 million but fierce bidding among Chinese would-be buyers drove up the price. The vase sold to a Chinese bidder who turned up to bid on behalf of an undisclosed buyer.

Bainbridges, the auction house in the London suburb of Ruislip, knew they had something special on their hands but no one expected the piece to sell for quite this much money. It is believed to be the most expensive piece of Chinese art ever sold. In a blog post before the auction, Bainbridges said that the vase was "what must be one of the most important Chinese vases to be offered for sale this century." They speculated that the delicate vase with the fish motif would have spent time in the Chinese Royal Palace and was likely fired in the Imperial kilns. One of the things that makes this vase so amazing is that it has a reticulated double walled construction. There is an inner vase that can be viewed through the perforations of the main body. It is of the Qianlong period, circa 1740s and decorated with four cartouches each showcasing different styles of fish at play on stylized water backgrounds. It has a delicately painted yellow trumpet neck and vase set off from the central decoration by orange bands.

What takes a mere stamp collection into the realm of the unattainable? Forget concerns of auction strategy and desirable lot. Instead, make arrangements and hop a plane ... if you can. North Korea has issued new stamps – "one souvenir sheet and three sheetlets" – to commemorate Kim Jong Il's unofficial trip to China last month. Doubtless, this would be a unique addition to any stamp holdings.

The stamps have the North Korean and Chinese flags, according to the Korea Central News Agency, and are inscribed with:

"Commemoration of the unofficial visit of the great leader Comrade Kim Jong Il to the PRC," "May 5 - May 6, Juche 99 (2010)," "Commemoration of the unofficial visit of the great leader Comrade Kim Jong Il to the northeastern part of China," "May 3 - May 7, Juche 99 (2010)" and "Epoch-making event in the DPRK-China friendship history."

Seven lots fetched more than $1 million at the last Sotheby's auctions in Hong Kong, led by Liu Ye's acrylic and oil "Bright Road," which sold for more than $2.5 million. This was the top take for a Chinese contemporary artist in two years, indicating that Chinese art is on its way back to levels we haven't seen since the financial crisis. Last year, similar pieces were moving for only a third of this year's pricing.

According to Eric Huang, an art dealer based in Taipei, "Demand for the best Chinese contemporary artworks is back." Huang continued in his interview with Bloomberg News, "Don't be surprised to see prices match or even beat pre-crisis levels very soon."

Chinese contemporary art prices plunged 70 percent from May 2008 highs, due in large part to the financial catastrophe that rocked every financial center around the world. Already, the Sotheby's action has been good for HK$316.8 million and another HK$50 million from its wine auction.

A year from now, we'll look back on the art market 2009 as that last slither though the gutter before picking itself back up in 2010. But, we're not there yet: 2009 is in the rearview mirror, so it will remain our baseline for the next 12 months. When looking at the top performers at auction last year, there's a pretty consistent story – revenue declines ranged from 55 percent to 77 percent relative to 2008. Top 10 mainstays – such as Pablo Picasso, Andy Warhol, Alberto Giacometti, Edgar Degas and Claude Monet – got thrashed. These conditions led to some changes, as well, with a Chinese artist making the top 10 for the first time. In fact, he pushed into the top three.

1. Pablo Picasso
Pablo Picasso is back on top, after giving up the #1 position in 2008. And, it took only $121 million in auction sales to get him there. From 1998 to 2008, total sales for Picasso gained 96 percent, before falling by 54 percent last year, with pricing off 15 percent. The number of sales pushing past the $1 million mark declined precipitously, from 39 in 2008 to only 15 last year, and his top sale was for "Mousquetaire a la pipe," which moved for $13 million on May 6, 2009, at Christie's. This year could be a bit tough for Picasso collectors, as Artprice believes certain paintings were still overpriced.

What a difference a year makes!

Buyers brought their wallets to the Sotheby's auction in Hong Kong Monday, shelling out plenty of cash for pieces by Chinese masters. Sanyu's "Lotus et Poissons Rouge" fetched $4.7 million – beating the presale estimate soundly. But, the price was still considered low for Sanyu. In fact, the success of the auction is tainted by the fact that estimates aren't reflective of past sales levels. A painting by abstract artist Zao Wou-ki pulled in $2 million for the house.

Of course, there was plenty of optimism, fostered by both the performance relative to estimates and a burning desire to be out of the art market slump. Hua Yuzhou, who owns a gallery in Shanghai, says in Bloomberg News, "Give it a few months and these pieces may run beyond our reach again."

Hong Kong will come to life with the sound of a gavel on Tuesday, October 6, 2009. Sotheby's will be holding its Modern and Contemporary Asian Art auction, which will consist of three sessions: 20th Century Chinese Art, Modern and Contemporary Southeast Asian Paintings and Contemporary Asian Art. More than 380 works by Asian artists will come to auction, and the house expects close to $25 million in sales. Beyond bringing some new cash into Sotheby's, the auction is likely to give a sign as to the strength of the market, particularly with the November sales following shortly. Christie's will be holding its Hong Kong auctions on November 29 and 30.

In a sense, this is the one-year point for the art auction market. It was a year ago – in Hong Kong – that the world saw the effects of the financial crisis unfold in the art market. So, this bit of trivia will be front-of-mind as bidders make tough decisions on which pieces to acquire.

Sotheby's is betting big on the Contemporary Asian Art category, hoping that 190 lots will bring in $12.5 million in sales. High-profile artists are represented, including Guogiang Cai, Minjn Yue and Zhengjie Feng. There will be 130 lots in the Modern and Contemporary Southeast Asian Paintings auction, including I Nyoman Masriadi's The man from Bantul, The Monster, which is estimated at $100,000. The 20th Century Chinese Art category has a mix of safe and speculative pieces.

Chinese-inspired and channeling the wild spirits of animals like the bengal tiger and the racehorse, Nankeen's line of women's handbags is anchored in simple, classic shapes updated with unique creative prints. They're all on the casual side (even the evening clutches put off a vibe of 'upscale but relaxed') which is great for me since I rarely get really dressed up.

The bags are made of 100% cotton and indigo dye using a historic Chinese printing technique with hand-carved design stencils, then accented with beading, pearlescent shells, and other fun details. Plus at $95-$110 each they're priced low enough that you can have more than just one.

Via psfk

The Olympics is always a big deal and this year the event seems more spectacular than ever, and as always there is no shortage of Olympic-themed goodies and gadgets. One group of such gadgets would be these limited edition USB flash drives created by the Chinese company Lenovo. Ranging in price from $199-$980 there's one set that's made of some of the same material as the Olympic torch, one set shaped like medallions on a chain, one set that features a Chinese mascot, and one sleek silver set that comes in a special mahogany box. And of course all the sets also feature the official logo of the Beijing Olympics.

If you're interested in getting one of these themed drives you better hurry because they're selling out quick -- the "medallion" ones are already gone.

Despite her recent public apology Sharon Stone's comments about her belief that the earthquake in China is possibly linked to "bad karma" haven't finished causing her embarrassment yet. Now she's losing her advertising gig with Dior over the incident as they've issued their own apology for Sharon's comments and are pulling her from their suddenly very unpopular Chinese advertising campaigns.

It's amazing how fast things can change, considering Sharon was previously fairly well-received in China and is now considered by them to be "the public enemy of all mankind." That's never good.

How much would you pay to smell like rain at any given moment? $5,000? Mane is hoping so, as they've launched their newest fragrance, Yu, with just such a price point.

I don't know that any perfume is worth that much, no matter how good it smells, unless it comes in some kind of jewel-encrusted bottle. But it's been impressing critics, with New York Times fragrance expert Chandler Burr saying "You can smell the money in it."

Personally, I think money smells funny.


Via Luxury Launches

The highlight of the upcoming 4 day Sotheby's auction in Hong Kong, scheduled to start on Oct 6th, will be a controversial bronze Qing Dynasty Horse head. It's one of a 12 zodiac animal set and was looted from the imperial summer palace in China back in 1860. The Chinese believe it should be returned to the Chinese goverment because it's stolen property, but Sothebys has no intention of giving it to anybody but the auction winner -- and the law is on their side. It's expected to go for HK80 million ($7.7 million).

All's fair in love and war, but it's too bad it's been separated from the other 11 zodiac animals.


Via BornRich

Are luxury retailers too optimistic about the opportunities in China? As the economy rapidly grows, retailers are faced with rising costs for labor and rent and a customer base that is more reluctant to purchase luxury items than in other countries. Many high end brands - Cartier, Louis Vuitton, Chanel and Hermès, to name but a few - are all in competition for the same small segment of the population. While that doesn't sound so different from the way the retailers operate in other parts of the world, there is on big difference. In China, consumers are primarily interested in things that are "obvious status symbols," with easily visible logos from only the top brand, so many companies, even big name ones, are barely breaking even after years in the country.

But the segment of the population that can afford luxury is growing and as the country moves more towards a market economy, they grow more willing to purchase such goods. The lesson to retailers? Start small and learn the market. It's probably only a matter of time before more consumers start to want to add some luxury to their lives.

Being a revolutionary ain't easy. First, there's all of that boring theory you have to learn. Then, there's all that stuff about "collectivity" and "the worker" that you also have to believe, at least somewhat whole-heartedly.

Ss if things couldn't get worse, you will also probably have to start dressing like a revolution. If you ask me, as a group, revolutionaries are quite possible the most  poorly dressed political element. The exception, of course, is Che Guevara's beret, which is a definite 'do'. But aside from Che's headwear, revolutionaries are a pretty badly-heeled lot.

But now, thanks to Chinese painter, Zhu Yao-Hui, you too can become a revolutionary! (And the best part is that you don't even have to leave your couch!)

All you have to do is select the size and the format of the painting that you would like out of the 16 vintage options offered. Then send the artist a couple of photographs of yourself in a position that vaguely emulates the figure in the original poster. After about two weeks, you will receive your new portrait in the mail.

Starting at $149, these hand-painting revolutionary posters are the easiest way to roll with the big comrades, without actually having to do or believe anything.

Viva la revolution, baby!

Today is Earth Day and, in honor of that, it seemed appropriate to bring out something earth-friendly. This unique wine rack is made from over 1,000 single-use chopsticks, the kind that come with Chinese takeout, though these are actually from China. The chopsticks are cleaned and thoroughly sanitized at high temperatures, then stained and bound together to create many interesting furnishings and fixtures.  The Wong Wine Rack holds up to 27 bottles of wine. Price: $108.