Global Chinese Art Auction Market Report 2014

Table of Contents Foreword...... 4

About the China Association of Auctioneers (CAA)...... 5

About artnet...... 6

Key Findings...... 7

Introduction...... 10

1 Market Overview ...... 26

1 1. Industry and Market Scale...... 27

1 .2 Market Share...... 33

2 Lot Composition and Price Distribution...... 37

2 1. Lot Composition...... 38

2 .2 Price Distribution and Average Prices...... 43

2 3. High-Priced Lots...... 47

Appendix 1: 2014 List of Global Chinese Antiques and Art Auction Houses...... 53

Appendix 2: 2014 List of Lots Sold for Over 10 Million RMB ...... 94

Notes ...... 139

Contact...... 143 4 Global Chinese Art Auction Market Report 2014

Foreword

artnet and the China Association of Auctioneers (CAA) are The Chinese art and antiques market has been undergoing pleased to present the third edition of the Global Chinese a period of volatility since 2012 . To help readers better Art Auction Market Report, taking an in-depth look at the understand the social-economic factors behind the Chinese art and antiques market in 2014 . Today, artnet is volatility, why each market sector performed differently, the undisputed leader of the art world online . As the art and where the market is headed, we again invited the world continues to evolve and expand, artnet intends to renowned art economist Dr . Clare McAndrew to write the maintain its leadership role and help connect millions more introduction of the report . We hope that the big picture people around the world who love and appreciate art . context provided by the introduction, coupled with the detailed analysis of reliable market data in the report, can In a continued effort to present the most accurate help create a deeper understanding of the global market representation of the auction market in China, artnet has for Chinese art . again partnered with CAA to produce a definitive study of the market, which only these two trusted organizations Once again, we would like to express our sincere can provide . gratitude to all who have made this report possible .

The Global Chinese Art Auction Market Report is the only report of its kind to publish auction results from mainland China that have been vetted by a third party organization with insider knowledge of the state of the market in China . The 2014 edition of the report continues to examine the global sale of Chinese art and antiques, emphasizing quality and accuracy of the data, with the goal of creating a new standard of transparency .

About the China Association of Auctioneers (CAA)

The China Association of Auctioneers (CAA) is the only In 2010, the Ministry of Commerce of the People’s national association of the auction industry in China . Its Republic of China issued the Standard for Auction of functions include auctioneers administration and auction Cultural Relics and Art Works . Drafted by CAA, this house regulation and supervision, as outlined in the marked the beginning of the standardized development of Auction Law of the People’s Republic of China, as well Chinese auctions . Currently, the Chinese auction industry as business promotion, policy coordination, information is regulated by one national standard and five industry services, and consulting . codes of practice .

Established in 1995, CAA has been the most important In 2012, CAA initiated the promotion and execution of platform in the world for establishing connections within auction industry standardization, and has certified 56 the Chinese auction industry, making every effort to antiques and art auction houses, so far, as houses that promote the development of the Chinese auction industry have met the industry standard . This act marked the and market . Revitalized in 1986, and led by CAA, the industry’s transformation, from quantity driven growth to Chinese auction industry has entered a new era . quality-driven improvement .

In 1996, the Auction Law of the People’s Republic of In 2014, CAA collaborated with artnet to successfully co- China took effect after several years’ effort by CAA . As host the international summit, The Chinese Art Market: the first auction law in China, it laid a solid foundation for Present and Future, in New York . CAA’s proposal of the standardized development of Chinese auctions . establishing an international auctioneers association was well received by fellow organizations . In 1997, CAA certified the first national auctioneers . Currently, 12,380 national auctioneers have been trained In the future, with the globalization of the Chinese auction and certified, and serve as the backbone of the industry . industry, CAA will continue to play a leading role in building a platform for international communication, and In 2005, CAA total membership reached 1,000 for the first will work with fellow organizations to promote a better time . Today, we have more than 2,500 members, including integration and development of the global auction market . all of the most well-known and prestigious Chinese auction houses .

About artnet

artnet is the leading place to buy, sell, and research fine In 1999, artnet went public in Germany . Since 2007, art, design, and decorative art online . artnet has been listed in the Prime Standard of the Frankfurt Stock Exchange, the segment with the highest artnet was founded in 1989 with the goal of bringing transparency standards . transparency to the art world . In the past, the lack of objective price information was a stumbling block, for In 2008, artnet pioneered the first online auctions buyers in particular, that prohibited the market from platform exclusively for fine art, artnet Auctions . With growing . artnet Auctions, collectors can both buy and sell art 24/7, with instant turnaround and lower commissions . The art business has always been international; however, before artnet, it was managed locally in relatively The newest branch of our valuation products, artnet inefficient markets by tens of thousands of geographically Analytics Reports, covers over 600 Modern and disparate art dealers, galleries, auction houses, book Contemporary artists . This product allows users to publishers, museums, and collectors . benchmark the market performance of artists, art categories, and customized sets of artworks against For 25 years, artnet has worked to transform the market . financial indices, such as the S&P 500 and Dow Jones, or We provide a range of services to connect buyers and other assets, such as gold . sellers online, and have a suite of valuation tools to make market information instantly accessible . In February 2014, artnet launched a 24/7 global art newswire: artnet News . artnet News is a one-stop The artnet Price Database provides users with a global platform for the events, trends, developments, and standard of price comparison . The database includes over people that shape the art market and global art industry, 9 million auction results compiled from more than 1,600 providing up-to-the-minute analysis and commentary, international auction houses dating back to 1985 . with the highest possible standards in cultural journalism . Launched in March 2015, artnet News China delivers Another pillar of the artnet business is the artnet the same high-quality, timely content in Chinese, and Gallery Network, which was introduced in 1995 . As the publishes original news for the local and regional largest network of its kind, this product features 1,500 Chinese-speaking audience . galleries, and approximately 170,000 artworks by nearly 35,000 artists . The Gallery Network offers the world’s Today, artnet is the undisputed leader of the art world most comprehensive overview of artworks available for online . As the art world continues to evolve and expand, purchase . artnet intends to maintain its leadership role and help connect millions more people around the world who love and appreciate art .

Key Findings

–– 2014 marked another cooling period for the global –– Fulfillment of payment has long plagued the auction auction market of Chinese art and antiques, as market in mainland China . In 2014, up to 63% of all lots worldwide sales fell to $7 9. billion (¥50 5. billion), a sold for over ¥10 million were left unpaid or only partially 31 3%. decline since the market’s peak in 2011 . paid . This non-payment rate is up 22% from 2013 .

–– By the end of 2014, there were 721 auction houses –– The art market in mainland China is supported primarily dealing in Chinese art (+9 0%. year-on-year), which is by auction sales, which account for approximately 70% the most to date . of the market’s value, while gallery sales represent the remaining percentage . This breakdown is in contrast –– Regionally, sales in mainland China witnessed a 9 3%. to other art markets, where gallery and retail sales drop year-on year (and a 40 0%. decrease since 2011), dominate . while the overseas market was considerably more stable, and saw only a marginal decrease of 1 1%. . –– The Beijing and Tianjin region continues to hold the majority market share in mainland China; however, –– Looking at the external market, Asia (supported by decreases in this share suggest the market is slowly Hong Kong) fared particularly well, as sales increased gaining ground in other regions, particularly the 5 3%. . Sales in Europe and North America were much Yangtze River Delta region . weaker, and fell 29 7%. and 8 0%,. respectively . –– Demand for Chinese works is reportedly stronger –– The number of lots consigned globally in 2014 was overseas than in mainland China, as limited liquidity comparable to 2013; however, demand for these lots bolstered a sell-through rate of 60 9%. compared to was lower . In 2014, the sell-through rate dropped to China’s 46 7%. . 48 1%—the. lowest in five years . –– Overseas, North America overtook Europe to become –– Mainland China remains the primary center for the the second-largest external market for the sale of auction of Chinese art, representing 70 7%. of global Chinese art . Europe witnessed a significant contraction sales . Despite this, the market has seen a decrease of in sales, purportedly dropping 29 7%. from 2013 . 40 0%. from the 2011 high .

–– Fine Chinese Paintings and Calligraphy continues –– In mainland China, the market for 20th-Century and to represent the largest portion of the Chinese art Contemporary Chinese Art remains one of the smallest market worldwide (55 0%. by value); it ranks first in collecting categories, with only four lots selling above mainland China and second overseas . It was one of ¥10 million, and total sales dropping 50% since 2011 . two categories overseas to witness growth since 2013, Overseas, however, this market fares much better, and has seen a continual increase in overseas’ market with 63 high-value lots selling, and average prices share since 2011, taking share from Chinese Antiques exceeding every other category (both in China and and Artworks, which is traditionally the largest overseas) . category overseas . –– In mainland China, only two categories reached –– Like most art markets, the market for Chinese art was average prices greater than the regional standard: dominated by low-end transactions; globally, 95% of 20th-Century and Contemporary Chinese Art and Fine all lots sold garnered prices of less than ¥500,000 . Chinese Paintings and Calligraphy . 20th-Century and Mainland China, in particular, was subject to low- Contemporary Chinese Art was supported by strong end transactions (95 8%. of all lots sold at this level); middle-of-the-market sales, while the Fine Chinese whereas, in the overseas market, only 90 7%. sold at Paintings and Calligraphy market was supported that price point . strongly by successes at the high end .

–– Over the past several years, there has been a –– Average prices overseas were significantly higher considerable decline in the number of high-value lots . than those in mainland China—$49,855 (¥318,772), Comparing 2014 to 2013, this number has fallen from compared to $17,068 (¥109,132)—primarily due to the 429 to 389 worldwide . 20th-Century and Contemporary Chinese Art sector, which capitalized on the strong Western art trade, and –– Some of the greatest decreases at the high end of the achieved average prices of $153,855 (¥983,748) . market were seen in mainland China, where only one lot sold in excess of ¥100 million, versus 11 during 2011 . Additionally, works selling for over ¥10 million dropped 57% over the last four years in China; whereas lots selling for under ¥10 million fell 10% .

Introduction

By Dr . Clare McAndrew

The Chinese Art Market in 2014 and international buyers . Sales in the international The Chinese art market has been through a period of volatile market (at $2 3. billion in 2014) are still dwarfed by sales in recent years . While growth in the auction sector those on the mainland, but, despite remaining stagnant seemed unstoppable up to 2011, the last three years have over 2014, have increased over 40% from their low in been marked by much more moderation . 2012 . Sales in Asia, including the critical Hong Kong market, performed relatively well, rising 5% in value In 2009, while most of the other major art markets year-on-year, to $1 8. billion (around 80% of the market were hit by the worst contraction in sales in nearly 20 outside China) . However, sales performance elsewhere years, the mainland Chinese auction market started an was much poorer, particularly in Europe, with a sharp unprecedented boom, peaking in 2011, with sales values contraction of 30%, while sales in the United States also having increased by over 170% in RMB terms, to $9 3. fell 8% year-on-year in value . billion (¥62 8. billion) . The Chinese market became the largest worldwide by value, and the focus of intense Economic Factors and the Decline international attention, radically altering the global art One of the reasons posited for the poor performance market’s previously stagnant hierarchy . of the market has been the general slowdown of economic growth in China . While growth in mainland However, this premier position was short-lived, and sales China rebounded strongly in the second half of 2013 as slowed in 2012, as lower prices and decelerating volumes investment picked up, the uplift was temporary, in part, forced a sharp contraction, with the market slipping back because of policy measures aimed at slowing credit to second place in the global ranks . growth and raising the cost of capital, and GDP fell slightly in 2014 (from 7 7%. to 7 4%). .

While a recovery began in 2013, this was tempered by The economy has a number of weaknesses in areas such more cautious buying and moderate prices, which, it was as credit and financial markets, and requirements remain hoped, marked the beginnings of a new phase of maturity for a range of structural reforms . China’s structural in the Chinese market . However, 2014 proved a difficult slowdown is expected to continue slowing growth, and year in some sectors, and auction sales in mainland China the reforms to rebalance growth from fixed investment to declined 9% year-on-year in US dollars, to $5 .5 billion, consumption are still pending . GDP growth is forecast by having fallen 40% in value since the market’s peak . the IMF to decelerate further (to 6% by 2019); however, even at these lower rates, it remains more than double Sales of Chinese art outside mainland China have been that of many developed countries . somewhat more stable, supported by both Chinese

While aggregate wealth in China has risen modestly may have been exaggerated in some reports, as it has over the last two years, wealth at the high end has been come alongside a rapidly growing HNW sector, all loaded increasing more rapidly . Mainland China’s millionaire with cash . There are some indications, however, that population increased 5%, to 1 .2 million in 2014, and, various social and economic pressures over the last year while still significantly smaller than the United States (with are beginning to shift the spending patterns of HNWIs 14 .2 million), this segment is expected to grow at a rapid in China . While Chinese consumers still represent the pace, reaching at least 2 million within five years 1. fastest-growing luxury consumers worldwide, growth in luxury spending contracted for the first time in several The wealth of millionaires has also been growing fastest years in 2014 4. at the top during the last five years . China and Asia accounted for 22% of the global UHNWI2 population and Supply Issues nearly 24% of their wealth in 2014, and, while Japan Wealth and economic indicators can only, at best, explain is still the largest center for wealth in the region, the part of the art market’s slowdown, and supply-side issues margin between it and China has significantly narrowed . have been a central contributor to its performance . China (including Hong Kong) accounted for 31% of the population of this segment in Asia in 2014, and a similar One of the key reasons for subdued sales over 2014 was share of their wealth (versus a 32% and 35% share, a lack of high-quality lots entering the marketplace . respectively, for Japan) . Mainland China also had the Particularly in some of the older sectors of the art second-highest population of billionaires in 2014, at 190 market, experts noted that a large volume of the highest (although they still control just 6% of total billionaires’ net quality tradable works were sold to museums and serious wealth worldwide) . private collectors in the period up to 2011 . These works, therefore, have not reappeared on the market in the last The growth of high-end wealth is increasing income two years, and remain unlikely to do so in the short-to- inequality in China: the wealth in the top decile of the medium term, which could further dampen growth . population has increased from 49% in 2000 to 64% in 2014 . 3 The millionaire segment accounted for just 0 1%. Looking at the supply-side of the market in mainland China, of China’s vast population in 2014, while 62% of China’s there are several indications that quality remains an issue . population had wealth of less than $10,000 (versus 44% While the number of works offered was stagnant year-on- in Europe and just 29% in the United States) . This implies year, those sold fell 9%, bringing buy-ins to a five-year that, despite the optimism for growth in average incomes peak of 53% . Even at the height of the market’s boom, and the burgeoning of the middle-class segments of the unsold works reached 45%, an unusual trend in a booming population, the current reality remains that only a tiny market, and indicating possible quality issues in the portion of the population currently has the financial means market, as well as an insufficient base of buyers to support to engage with the art market on an active or regular basis . sales . The problem of unsold lots is much more prevalent in mainland China than elsewhere, with buy-in rates for In summary, although the economy has slowed, there is Chinese works of art internationally averaging 39% in 2014 . more wealth and a greater number of HNWIs in China in Unsold lots in the external market are also highest within 2014 . While economic factors may have had some effect Asia, at 41% versus 33%, for example, in North America . in weakening demand for art, the extent of these effects

The persistence of low sales rates over 2014 shows that auction market . This sector, which is made up of classical, buyer confidence has been slow to return . An increasingly Modern, and Contemporary works, contracted by both sophisticated collector base means more vigilance value and volume in 2014, and the largest decline in lots regarding provenance, with a lower tolerance for what sold was in the price range of over ¥10 million . are perceived to be over-priced, low-quality works . Some caution undoubtedly relates to the persistent problems of Within this sector, sales of Classical Chinese Paintings and fakes and forgeries appearing on the market . The continuing Calligraphy were among the weakest, with a scarcity of high- lack of legislation on guarantees in the auction sector has quality works limiting values . This segment fell in value by also failed to provide adequate protection for customers, 27% year-on-year (versus a 1% decline in the Contemporary and could also deter new entrants going forward . segment and a 12% rise in Modern) . Average prices for classical works, which were still by far the highest of the three segments, also declined by close to 40%, versus Moderating Prices substantial rises in both Contemporary and Modern works (of 18% and 16%, respectively) . It did, however, produce the top-selling lot in mainland auctions in 2014 (Baitashan by Unlike the global market, where the highest priced Emperor Qianlong at ¥116 million), and there is considerable works in the Contemporary and Modern sectors have optimism for the sector going forward, with some experts continued to buoy the auction market, there has been a believing that the market’s recent shake-out might slowly considerable reduction in the number of high-priced lots entice vendors to reintroduce high-quality works to the sold in China in recent years . market . Some sales in the sector in 2015 have already shown stronger prices and sell-through rates, although In 2014, only one lot was sold for over ¥100 million in these were limited to a relatively small number of lots 5. mainland China, versus 11 at the height of the boom in 2011 . Over the period from 2011 to 2014, the biggest decline in the number of lots sold was in the higher-priced The smallest Contemporary segment of Fine Chinese segments of the market, with the volume of lots sold for Paintings and Calligraphy showed some strength at over ¥100 million dropping by 90%, and those priced the high end in 2014 . The number of lots sold for over above ¥10 million falling 57% . Works priced at less than ¥10 million more than doubled year-on-year (versus a ¥10 million, on the other hand, fell by only 10% . decline of 8% in the classical sector), with many younger artists reaching record prices and Contemporary ink The top sectors for higher-priced works in 2014 were painting remaining popular . Modern Paintings (with 97 lots sold for over ¥10 million), Classical Paintings and Calligraphy (49), and Chinese The share of the value of sales of Contemporary works in Antiques and Artworks (42), while 20th-Century and the sector was 16% in 2014, only 1% less than classical Contemporary Chinese Art generally remained a much works, and closing a much wider margin of 7% in 2013 . lower-priced sector . Finally, the Modern sector of Fine Chinese Paintings In terms of total sales values, the largest sector by a remained a major part of the market, accounting for over considerable margin remained Fine Chinese Paintings half (55%) of the number of lots sold in this sector, 67% and Calligraphy, accounting for a stable 65% share of the of the value of sales, and 60% of those over ¥10 million .

Its popularity is driven by a strong base of mature price of just under $45 million at Christie’s Hong Kong collectors, combined with a large enough volume of sales to a mainland Chinese collector, who also purchased the to ensure a relatively active market . This segment of the Meiyintang Chicken Cup at Sotheby’s Hong Kong for $36 market has also been a key sector for investment-based million, a world record for Chinese porcelain . In 2015, the transactions, attracted by its relative liquidity . However, strong performance in this sector has continued: $100 its performance over 2014 was very moderate, with million of porcelain, jades, bronzes, and other works were higher-end lots sold contracting 2% year-on-year, having sold at Sotheby’s in one day in April, with additional strong fallen by over 60% since the market’s peak . sales at Christie’s and in second-tier auction houses .

Given the volatility of the market in recent years, some One of the smallest sectors of the market, and a continuing sellers have avoided bringing works to market for fear weak spot, is 20th-Century and Contemporary Chinese Art . of having them not sell or sell below estimates, with The sector, which accounts for just 6% of sales by value many preferring a wait-and-see approach . This may be in mainland China, declined by 18% year-on-year, falling changing in 2015, however, with the first half of the year to half its value versus the peak of the market in 2011 . already showing higher-priced sales, such as Eagle, While four works reached prices of greater than ¥10 million Rock and Flora by Pan Tianshou (¥279 million at China in mainland China, there was a much stronger high-end Guardian) and Li Keran’s Jinggang Mountain (¥126 million) . market in this sector externally, with 63 works selling in this higher price bracket . The sector had a much greater The second-largest sector (with a 21% share) is Chinese market share outside mainland China, accounting for 22% Antiques and Artworks . This sector also declined in 2014, of the external market’s value in just 7% of total lots, and but only by 5%, or half the contraction of the aggregate having by far the highest average prices . In mainland market . However, like the others, it has lost substantial China, on the other hand, most of the works in this sector value since the peak of the market, with sales falling 45% were sold at much lower prices: 92% of lots sold for less in value since 2011 . Although the total number of lots than ¥500,000 in 2014, many only reached their presale sold declined in this sector in 2014, lots sold for over low estimate, and a majority were bought-in . ¥10 million actually increased 32%, with the key driver of growth the segment between ¥10 million and ¥50 million . Some feel that an issue in the Contemporary sector in Ceramics and porcelain were particularly strong, with two mainland China is that many young artists have continued works exceeding ¥50 million in mainland auctions during to connect with the auction market directly, rather than the year . using the gallery route that is more common in Western markets, often giving themselves very short careers in the Outside mainland China there were also some strong process by focusing on short-term gains rather than long- sales of Chinese antiques . This sector is the largest of term career development . Some of the more established the external sectors, accounting for 46% of the value artists in the sector, on the other hand, are already over- of the external market . The sector as a whole showed a purchased, and are now believed by some collectors to be slight drop in sales in 2014 (of 3%) . However, there were of less interest or overpriced . The continued development a number of very high prices, with 70 works selling for of the gallery sector and greater nurturing of artists’ over ¥10 million . These sales included the 600 year-old careers is therefore seen as essential in boosting the Imperial Embroidered Silk Thangka, which sold for a record longevity of many of China’s emerging talents in this sector .

Finally, while the market for Chinese art has slowed, While the high-end spirits, jewelry, property, and car there is some evidence of increasing interest by Chinese industries came under the most scrutiny initially, over collectors in Western art, driven, in part, by the lack of the last year, art has also come directly into focus . high-quality Chinese works entering the market . There Practices falling under the spotlight include the gifting of were a number of high-profile sales to mainland Chinese art to officials, as well as the potential manipulation of buyers over 2014, including individual works by Andy the auction market to facilitate transfers of money . It is Warhol (for $10 5. million), Martin Kippenberger (for a impossible to determine the exact extent to which dealers record $18 6. million at Christie’s New York), and Vincent and auctioneers may have been aware of the “yahui” van Gogh (for $61 8. million at Sotheby’s New York, which (or “elegant bribery,” as it is known) taking place in the is believed to be the highest price paid overseas for market, however, the subjective valuation of artworks has Western art by a Chinese collector) . There were also made it a somewhat easier tool for potential manipulation . several highly priced Impressionist and Modern works sold at Sotheby’s and Christie’s to Asian buyers, including The area around gift giving to government was not Monet’s Nymphéas for $27 million at Christie’s . regulated in the past, creating a sort of gray area in the law . However, in 2014, the government expressly stated that bribery of any form would not be tolerated, declaring Sales to Asian buyers in some of the major auction “war on corruption in art circles” according to an editorial houses globally have increased rapidly . In 2014, in the official Xinhua News Agency . The CCDI also Christie’s reported that 27% of global purchasing at introduced regulations, stipulating that gifts of antiques, auctions was carried out by Chinese and other Asian calligraphy, and paintings would be considered among the buyers . Global sales to Asian buyers also increased by items deemed as bribery in investigations of officials . 18% over the year (despite the 10% drop in sales in Asia) . Similarly, in the first half of 2015, 23% of their new buyers Issues related to bribery and gifting to public officials globally were from Asia, and in the price bracket between have arisen in other international markets, however, around $150,000 and $1 .5 million, Asian buyers had also many of the reported cases have been connected to grown faster than global aggregates . facilitating or expediting the foreign trade in art and cultural goods, or incidents of money laundering . Most of Anti-Graft and Art Sales the major Western art markets have stringent anti-bribery One factor that does appear to have had a notable legislation in place, which cover transactions in the art effect on the market is the increased scrutiny of market . The US Foreign Corrupt Practices Act (FCPA) of transactions by the government as part of its campaign 1977 and the Money Laundering Control Act of 1986 both to fight corruption . China’s anti-graft campaign was have direct applications to the art market, and include launched at the end of 2012 in an effort to crack down several pertinent stipulations, such as the reporting of on corruption, bribery, and abuses of power at all levels any cash transactions of over $10,000 to federal financial of public office . Alongside the focus on specific bribery authorities . Similarly, in the United Kingdom, the UK and corruption allegations, the campaign has also Bribery Act, which came into force in 2011, has had introduced a more general escalation of measures to even wider applications than the FCPA, also focusing reduce government-related indulgence, from gift giving on private-to-private transactions, so-called “passive” to entertainment, with an obvious impact on some high- bribery, and even failure to prevent bribery . end luxury markets in China .

Businesses in the art market in the United Kingdom and activities boosted the market in the boom years to 2011, throughout the EU are also required to fulfill a number there is some consensus among experts that it contributed of obligations to prevent illicit transactions under EU to the inflation of prices for some artists and sectors . The anti-money laundering regulations . These regulations crackdown on corruption and the movement away from particularly focus on what are termed “high-value gifting has therefore undoubtedly limited some previous dealers” (any business accepting cash transactions of activity in the market and negatively influenced growth . over €10,000), with requirements not only regarding However, despite the short-term dislocations and negative transacting and due diligence, but also in reporting effects, the increased scrutiny of the market is likely to any potentially suspicious transactions . The EU passed have a positive effect in the long run . While there has been its Fourth Anti-Money Laundering Directive in 2015, some debate about the influence of corruption on business which reduced the cash transactions threshold (from and investment in developing countries, most economists €15,000 to €10,000), and further extended requirements would strongly argue that it deters private investment, in a number of areas, including beneficial ownership misallocates resources, and creates a host of other social and due diligence . It also enhanced obligations of and political issues that can drag on long-term growth on-going monitoring and risk assessment of clients and generate poverty and income inequality 6. The absence and transactions, which has proved onerous on many of corruption, as well as a more transparent art market, businesses where discretion in transactions has been will lead to greater confidence and trust from buyers, a key to success . Increasingly, businesses have also allow healthy competition between sellers, and inevitably become exposed to the risk of prosecution in other areas, produce a stronger market in the long run in China . such as the payment of commissions to intermediaries and entertaining clients and other associated parties, all of which can, in some cases, amount to bribery . Investment and the Art Market

Although these and other regulations, as well as the ethical Another factor influencing the market’s growth has guidelines upheld by major fairs, trade associations, and been a shift in the balance of collectors in the Chinese other art market bodies, have helped to reduce illicit market, with a greater share of participation by those practices, it remains a vulnerable market worldwide, with owning “art for art’s sake” and less by those pursuing a large volume of opaque, private transactions, alongside purely financial returns . Up to 2012, the lack of attractive an underlying asset that is highly portable and subjectively options for investment with an overheated property valued . However, the actual level of corruption in the global market and lackluster stocks, supported a significant art market remains moot, as, in common with China, there interest in alternative investments, including art and is little available data with which to measure its extent 5. antiques . However, the widespread reporting on potential market abuses, along with the poor performance of many The results of the anti-corruption measures in China of the art funds launched in China during the market’s have been both direct and indirect, including direct boom, deterred some of the more investive collectors in investigations and generally highlighting the potential risks the market in 2014 . in art transactions, which could potentially deter both vendors and new buyers, and hence growth . Although it is Research on the fund industry in China by Arts Economics impossible to quantify precisely the extent to which illegal estimated that there were over 70 art funds in the market

when it peaked in 2011 . However, in 2014, the number and it is equally possible to assume the rising stock had dropped to less than 50 (including those investing market over the last 18 months may have created greater in art businesses, online ventures, and other related disposable incomes for investors, some of which could companies, with less than 20 specializing solely in the find its way to purchases in the art market . purchase and sale of art and antiques) . When financial markets are volatile, some global investors China’s wealth is relatively well balanced between use art and other tangible assets to diversify their financial and non-financial assets, with the latter portfolios and reduce risk . It could therefore be assumed accounting for over 49% of household wealth in 2014 7. that the current volatility in the stock market might induce One of the biggest non-financial investments in China a movement into art by risk-averse investors . However, has been property . However, strict market cooling experts in the financial sector in China have pointed out measures introduced from 2010 restricted investment in that a large majority of Chinese stock investors do not the over-heated market, causing a significant slowdown employ adequate (or any) risk-diversification strategies in growth . The government has indicated that it will lift when deciding on investments . Most feel that the links some of these measures over 2015, and there are already between the stock market and the art market are relatively indications of growth in some areas of the market . weak for most investors, although a major and prolonged crash in the former would certainly impact the spending, The stock market in China, on the other hand, has been on and possibly selling, plans of some HNW art collectors . a significant bull run since the middle of 2013 . During 2014, the Shanghai Stock Exchange Composite Index grew 58%, Structural Issues in the Auction Sector slightly outpacing the Shenzhen Composite, which also Despite three lackluster years, the trajectory of growth in grew 40% 8. The bull market continued in 2015, with both China’s auction market over 10 years is still phenomenal, composites having risen more than 120% from January with an increase in the value of the auction market to over 2014 to their peaks in May and June . Investor confidence 10 times its size . was shaken severely in June and July, however, as the market witnessed a major contraction, with these indices The number of auction houses in mainland China falling by up to a third in value over the space of two has continued to grow despite the market’s poorer weeks, and promoting a series of government interventions performance, totaling 396 in 2014, and having increased to try to support the market . However, even with the most by 65% since 2009 . The number of auction houses recent significant declines in August, the stock market in internationally selling Chinese art also rose year-on-year general remains at historically high levels, exceeding those by 16% in 2014, to 325 . at the start of 2014 and previously .

In mainland China, the strong market concentration The superior performance of the stock market over that is a feature of the international auction sector is 2014/2015 may have created a more attractive outlet for increasingly being replicated . The sector’s structure has the surplus cash of wealthy Chinese investors, which become more oligopolistic in the last few years, as the could, in turn, have taken some more speculative money top few auction houses begin to take more market share out of the art market . However, there is no real evidence from the second tier . of a clear substitution effect between art and stocks,

Global Market Share by Value of Chinese Art and Antiques

Poly International 14%

China Guardian 10%

Others 42% Sotheby’s 9%

Christie’s 8%

Beijing Council 6% Xiling Yinshe 5% Han Hai 6%

Poly International and China Guardian accounted for a There was a significant amount of restructuring among combined 29% of mainland Chinese auction sales in the top players in 2014 . China Guardian regrouped as the 2014, while the top 10 auction houses accounted for the “Guardian Culture Group,” with Guardian Auction focusing majority of value (61%) . on its mainstream auction business and Guardian Investment running investment and financial services and In the external market, Sotheby’s and Christie’s dominated, other private business related to the art market . accounting for a joint share (including all locations) of 58% . For both auction houses, Hong Kong remains the key Poly International was also at the center of an IPO of center for sales of Chinese artworks, accounting for close its parent company, the Poly Culture Group . The Group to 80% of the value of sales for both houses . raised proceeds of around $380 million in its initial public offering on the Hong Kong Stock Exchange in 2014 (with Considering the entire market for Chinese art and antiques, 89 million shares at $4 .25 each) . According to their including both mainland China and external sales, Poly Annual Report 2014, their auction business accounts for International had the largest sales internationally, although around 45% of their total revenue, although it showed the the margin between the top houses was relatively close . slowest growth of all segments, at 4% (versus 12% for The combined share of the top 10 auction houses was 60% . the Group) . It also reported a decline in profitability of

14%, which may have influenced its declining stock price, increased to 35%, and crept up a further 1%, to 36%, in which was trading well below its IPO price in 2015 9. 2014 .

After their inaugural auction in Shanghai in September Including all those works that were not fully paid (that is, 2013, Christie’s held four auctions in 2014, focusing on a those not paid and only partially paid), the non-payment mix of Western and Chinese Modern and Contemporary rates for 2014 were as high as 63%, up 22 percentage Art, as well as an auction of jewelry, wine, and other points from 2013, and indicating that the majority of the collectibles (all totaling $42 million) . Their spring auctions highest value lots had amounts outstanding to auction were lower in value than the previous year, but achieved houses . The share of fully paid works, at 37% in 2014, impressive 100% sell-through rates . Christie’s Hong Kong indicates that this is still a persistent issue in some sales were down 10% in US dollars year-on-year in 2014, areas of the market, despite vastly improving rates in despite their rising global sales; however, across all of some individual auction houses . their sales worldwide, there was a significant increase in sales to Asian buyers .

Beyond the Auction Sector Similarly, Sotheby’s Hong Kong sales dropped 4% in The structure of the art market in mainland China value in 2014, accounting for just 15% of their total public contrasts significantly with the other major markets of auction sales internationally . Sotheby’s, which had its its size internationally, where private and retail sales first mainland auction in 2012, held two sales of Modern dominate, and auction sales still account for close to 70% and Contemporary Chinese works in 2014, totaling just of the Chinese art and antiques market . over $28 million . These sales also had strong sell-through rates (of 85% and above), but values were significantly below their first major sale in 2013, which totaled in The gallery market has traditionally been a weak spot in excess of $37 million . the market, but in contrast to auction sales, this private sector fared relatively well in 2014 . Outside of these dominant auction houses, many of the smaller second-tier auction houses have struggled to According to survey evidence in the sector,10 sales in the remain competitive . Some are increasingly focusing on larger galleries have steadily increased over the last two distinct value segments or different sectors of the market years, and gallery owners are optimistic going forward, in order to differentiate from the major auction houses, as many have achieved a steadily growing collector base . with mixed success . The sector’s strongest performance has been in the top 20 or so galleries, mainly in Beijing, which have the most The problem of late and non-payment by winning bidders stable base of larger collectors, the most popular artists, at auction persisted in 2014 across auction houses at all and the strongest connections with the academic sector levels . According to data collected by CAA in May 2013, of the art world . 30% of the lots sold for over ¥10 million from January to December 2012 were still not paid . This represented an While the art fair sector globally has become a central improvement of 10% for the same period year-on-year . conduit for dealer sales, this channel has been relatively However, for transactions in 2013, this non-payment rate slow to develop in China . Although there are thousands

of tiny artist- and dealer-run events, mainland China WeChat, where, again, the focus is mainly on lower- still has a relatively small number of large-scale fairs, priced items . with less than 10 major events held there in 2014 11. Art Basel Hong Kong has become a key event in the Most of the major sites also hold offline exhibitions in region, attracting an estimated 60,000 visitors in order to attract more buyers, and to earn the public’s 2015, with approximately $3 billion worth of Modern trust . Gaining credibility and trust with art collectors and Contemporary Art on display,12 and cementing the is thought to be a major stumbling block preventing position of Hong Kong as the key access point between higher-value online sales, with the problems inherent in the Chinese and international art worlds . the offline auction sector amplified in the digital market, creating little confidence from serious collectors . One of the most visible and widely discussed developments in the global marketplace has been There are no specific regulations currently in place the growth in e-commerce in the art market, with a on online art businesses in China, and the market is proliferation of new companies entering the online art plagued with the same issues of fakes and uncertain sector, offering convenience, efficiency, and greater authenticity and provenance as in the offline market . accessibility for both buyers and sellers of art . The There are some in the art trade that feel that online Chinese online market is one of the biggest worldwide, auctions have provided a sort of loophole for illicit with the highest number of Internet users globally (632 trading in the auction sector, as it is much easier for million in 2014 versus 277 million in the United States), them to evade the same auction regulations that govern and e-tailing estimated at $295 billion (8% of offline their offline counterparts . However, some protection versus $270 billion/6% in the United States) 13. is afforded to art collectors buying online, as, under existing Chinese law, all online buyers can return most It is estimated that the turnover of online art businesses categories of works with no specific reason within seven based in mainland China was in the region of ¥2 billion days of receipt (although, they generally have to pay ($313 million) in 2014,14 and it saw little growth in sales for their own shipping and other costs, and with some year-on-year, despite a number of new entrants . The exceptions by category of goods) . There has also been market is populated by thousands of sites selling lower- an increased focus on the actions of online companies in end art, reproductions, collectibles, and antiques relation to the artists on whose behalf they sell,15 and a in China . All of the sites tend to sell across several more general mounting of pressure on online companies categories, and most pursue a hybrid model, with online to address the issues of vendors selling fakes and auctions and direct and third-party retail . A majority of forgeries online, particularly in the luxury sectors 16. CA A their underlying vendors are artists, with the relatively is also currently actively lobbying for the issuance of a underdeveloped gallery network providing few alternative code of practice for online auctions in China . points of connection to collectors . The predominance of artists’ sales tends to keep prices lower in the sector, Looking Ahead and it is estimated that in 2014, 50% of works sold Slowing economic growth in China, the escalating anti- online in China were below ¥5,000, and 70% of works corruption campaign, and a low supply of high-quality lots were below ¥10,000 . In 2014, hundreds of businesses on the market all contributed to the lack of growth in the also began selling art through the social media site Chinese art market in 2014 .

The first half of 2015, while generally better for the top auction houses than the latter half of 2014, has still not improved on the spring results of 2014, indicating that performance continues to be poor in some sectors this year .

One of the most important features of the market for works of art is that, unlike many other asset markets, it is essentially supply-driven . Because of the relative scarcity of high-quality works in circulation, prices may be strongly and very positively affected by increased supply . As the supply of most paintings is finite, prices can catapult if certain works are brought to market as buyers attempt to grasp increasingly limited opportunities to buy high-quality works that often have a lengthy market cycle . Similarly, the lack of high-quality works entering the market can cause a period of stagnation, despite high potential demand by collectors . This seems likely to have been a major contributing factor in the Chinese market’s slowdown over the year .

Although it is impossible to disentangle the extent of the influence of speculative activity and graft on the market’s boom up to 2011, most experts agree it made some impact, the lack of which is now keeping growth more subdued . Despite the short-term challenges they involve, the development of regulation (and most importantly its enforcement), the promotion of transparency, and the continued progress on filling the gaps in the market’s infrastructure seem like the measures most likely to promote more stable growth in future by encouraging more buyers and sellers into the market .

Notes

1 Estimates from Credit Suisse (2015) Global Wealth Databook 2014. 9 Around $2 95. each in mid-July (www .bloomberg .com/quote/3636:HK) . Credit Suisse: Zurich . 10 Surveys conducted by Arts Economics in 2014 for the TEFAF Art 2 Those with investible wealth of greater than $30 million, as defined by Market Report 2015 . Wealth-X/UBS in the World Ultra-Wealth Report 2014 . 11 These included China International Gallery Exposition (CIGE), Art 3 While still below the United States (at 75%), this share is now greater Beijing, SH Contemporary, Photo Shanghai, Art 021, and West Bund than most of the major economies in Europe, including the United Art and Design . Kingdom, France, and Germany . 12 Estimates from AXA Art reported in Hong Kong’s Art Basel Lures 4 Bain and Company (2015) estimate that after consistent annual growth Collectors Chasing Warhol, from bloomberg .com, March 2015 . aggregating to an increase of 240% from 2007 to 2013, personal luxury consumption contracted 1% in 2014 . They estimate, however, that 13 Data from McKinsey’s Insights and Publications, from mckinsey .com, Chinese consumers still make up at least one-third of spending on January 2015 . luxury goods worldwide (from Luxury Goods Worldwide Market Study Fall-Winter 2014 from bain .com) . Surveys of HNWIs in China, such as 14 Arts Economics (2015) TEFAF Art Market Report 2015 . the Hurun Luxury Consumer Survey, showed that luxury spending was TEFAF: Helvoirt . down by as much as 15% in 2014, with gift giving down a reported 20% . 15 In 2014, legal action was taken by artists for the first time against an 5 For example, Beijing Council opened its new Ancient Chinese online company: 47 artists successfully argued a case of fraud and Paintings evening sales in June, with 100% sell-through rates, albeit deliberate default on payment against hihey com. . with a relatively low volume of lots . 16 During 2014, high-end luxury brands, including Gucci, Balenciaga, 6 Academic studies within China have shown that corruption both and Yves St . Laurent, launched a suit against Alibaba for allowing undermines economic growth and promotes poverty . See Yiping Wu the sale of counterfeit goods via their site . Although the case is still and Jiangnan Zhu (2011) “Corruption, Anti-Corruption, and Inter- pending, the issue of fakes and counterfeit goods is a major concern County Income Disparity in China ”. Social Science Journal, Volume 48, for online companies, as it has deterred both investors and some high- Issue 3, September 2011 . end vendors from working with them . Some of the larger companies are working on new technologies and methods to reduce the problem . 7 Credit Suisse (2014) Global Wealth Databook 2014 . See Clover, C (2015) “Alibaba launches technology to fight fake goods” From www .credit-suisse .com . from the Financial Times, May 18, 2015 (from ft .com) .

8 This was in comparison to a much slower pace of growth externally, for example, the S&P500 grew 14% while the FTSE100 grew 4% .

Dr . Clare McAndrew is a cultural economist, and Clare has published widely on the economics of the art founded Arts Economics in 2005 . Arts Economics market, including her book entitled Fine Art and High (www .artseconomics .com) is a research and consulting Finance, published by Wiley . She also publishes an annual firm focused exclusively on the art economy . The macro-economic report on the global art market for The company carries out bespoke research and analysis European Fine Art Foundation (TEFAF) . on all aspects of the fine and decorative art market for private and institutional clients .

Clare completed her PhD in economics at Trinity College Dublin in 2001, where she also lectured and tought economics for four years . She then directed a number of research projects for the Arts Council England on the effects of regulation, taxation, and other issues in the visual arts market . In 2002, Clare joined the firm Kusin & Company, a boutique investment banking firm specializing in art investment, as chief economist . After three years in the United States, Clare returned to Europe in 2005, and continued her work in the art market in a private research and consulting capacity for a global client base .

Contact Our Art Market Analysts Today [email protected] +1-212-497-9700 ext. 135

1 Market Overview 1 Market Overview 1.1 Industry and Market Scale 27

1 1. Industry and Market Scale

Global Market Overview 2011–2014 Global Total Sales Value (USD) The auction market for Chinese art and antiques still of Chinese Art and Antiques remains one of the most significant art markets of the century, peaking in 2011, as global sales reached $11 5. USD $0 $2 .5 bn $5 bn $7 .5 b n $10 bn billion (¥77 5. billion) . Since then, the market has witnessed greater volatility, as it contracted in 2012 by nearly 43 0%,. and then rebounded considerably the following Overseas year . However, 2014 marked another cooling period, as regulatory and infrastructural challenges mounted against auction sales, particularly in mainland China . Mainland China

Worldwide, sales fell a total of 7 1%. year-on-year, from $8 5. billion (¥54 8. billion) to $7 9. billion (¥50 5. billion) . Decreases in both mainland China and overseas 2011 2012 2013 2014 contributed to the global contraction, as the markets fell 9 3%. and 1 1%,. respectively . artnet specialist in Contemporary Asian Art Nina 2014 Number of Auction Houses by Region Lippman indicates, “The cool down, which has been in effect since 2012, may, in fact, revitalize the market . As prices are now returning to more realistic and expected levels, we could see a reentry of buyers—who were Asia previously deterred by the inflated prices realized during 61 2010 and 2011—to the market ”.

Europe This global contraction was both supply- and demand- Mainland China 168 396 driven . Throughout the year, the number of Chinese lots that reached the auction block decreased slightly, North America but remained comparable to 2013 numbers (-0 3%). . 80 On the demand side, however, the sell-through rate dropped from 52 1%. to 48 1%,. and the number of lots Rest of the World 16

sold fell 7 9%. . The high number of lots left unsold is not uncommon for the Chinese auction market, though 2011–2014 Global Number of Auction Houses the 2014 decrease does suggest possible quality Selling Chinese Art issues, timid buying habits, and a collector base that is undersized compared to the number lots being supplied . 2011 Overall, these issues affected transactions in mainland 400 China the most, as sell-through rates dropped to 46 7%—. 2012 the lowest of any region worldwide . 2013 300 By the end of 2014, there were 721 auction houses 2014 dealing in Chinese art and antiques worldwide—the highest number to date . While mainland China hosts the majority of the houses (396), the overseas market 200 witnessed the greatest growth, with 16 0%. more auction houses selling Chinese works in 2014 than in 2013 . The regional breakdown is as follows: 54 9%. of the auction houses are located in mainland China, 23 3%. in 100 Europe, 11 1%. in North America, 8 4%. in Asia, and 2 .2% throughout the rest of the world .

The auction market for Chinese works remains highly Overseas Mainland China concentrated in mainland China .

Throughout the auction year, 70 7%. of the value sold can 2012–2014 Total Sales Value (USD) by Region be attributed to sales conducted domestically . While still a healthy percentage, this number has steadily USD $0 $4 bn $8 bn decreased over time; in 2011, mainland China accounted for 81 .0% of the market by value . Mainland China

Outside of the domestic market, other Asian regions— Asia namely Hong Kong—contributed the second-highest total to sales value (22 8%). . As a result, the traditionally Europe strong Western art markets—North America and

Europe—were left competing for just over 6 0%. of the North America market share .

Rest of the World

2012 TSV 2013 TSV 2014 TSV

Mainland China 2014 Market Share by Value (USD) Mainland China emerged as the primary center for by Region in Mainland China Chinese art and antiques sales early in the 2000s, and has maintained strong market share since . In 2014, over $5 5. billion (¥35 7. billion) was transacted within China’s borders, representing 70 7%. of global sales . Pearl River Other 6 .1% Delta Region While the region still buoys the global market, it is down 4 .1% 40 .0% from the 2011 high of $9 .3 billion (¥59 .4 billion), Yangtze River Beijing and Delta Region Tianjin Region and down 9 .3% compared to 2013 . 25 .3% 64 .2%

While auction houses collectively experienced a decrease in sales value throughout 2014, the number of lots offered remained stable . The number of consignments offered for auction at mainland houses dropped only 1 4%,. from 711,900 in 2013 to 701,900 . As a result, mainland China retained a significant share of all lots offered globally, at 90 .2% .

Despite the consistent supply entering the domestic 2014 Market Share by Volume (Lots Sold) market, demand proved weaker . Of the 701,900-plus lots by Region in Mainland China offered, only 327,900 received winning bids, resulting in a sell-through rate of 46 7%—approximately. 4% less than the year prior .

By the end of 2014, 396 licensed houses were selling Pearl River Other 8 .9% Delta Region Chinese works in mainland China . Of the new houses, 3 .9% eight were located in the Beijing and Tianjin region, four Yangtze River Beijing and in the Yangtze River Delta, and three throughout the rest Delta Region Tianjin Region of the country . The Pearl River Delta hosted one less 35 .5% 51 .5% house than it did in 2013 .

Beijing and Tianjin Region As a whole, the Yangtze River Delta region represented Bolstered by mainland China’s economic center of Beijing, 35 5%. of lots sold and 25 3%. of value sold nationally . the Beijing and Tianjin region remained indisputably the largest domestic market for Chinese art and antiques in Shanghai accounted for 56 0%. of the region’s value, 2014 . The region was home to 145 of the 396 mainland generating $795 5. million (¥5 0. billion) . houses, which together consigned 357,100 lots, and sold over 169,000 works . These lots collectively realized Pearl River Delta Region $3 5. billion (¥22 9. billion)—a loss of 17 8%. from 2013 . By the end of 2014, the number of auction houses in Nevertheless, the region auctioned over 2 5. times the the Pearl River Delta region was 20 (one less than in value of any other region in China . 2013) . These houses collectively consigned 26,600 lots, selling 13,000 artworks for $234 6. million (¥1 5. billion) . Overall, the Beijing and Tianjin region accounted 51 5%. of The regional sell-through rate of 49 1%. is the highest in lots sold, and 64 .2% of the total revenue in mainland China . mainland China .

The area contributed 3 9%. of the volume sold and 4 1%. of While the region still holds majority market share in the value to mainland totals . both categories, there has been an overall decrease when compared to 2013, as other regions, particularly Other the Yangtze River Delta, have witnessed an upswing in The remaining 97 auction houses were located in Jilin, volume and value sold . Anhui, Chongqing, Fujian, Gansu, Guangxi, Hainan, Hebei, Heilongjiang, Henan, Hubei, Hunan, Liaoning, Ningxia, Unsurprisingly, Beijing sustained the region, contributing Shaanxi, Shandong, Shanxi, Sichuan, and Yunnan . 98 0%. of the value . In addition, Beijing produced the most high-value artworks (works selling for more than Overall, auction houses in these regions represented 8 9%. ¥10 million), auctioning 178 of the 224 lots offered of lots sold and 6 1%. of value sold . domestically .

Yangtze River Delta Region The Yangtze River Delta region, which includes Shanghai, remained the second-largest market in mainland China, and saw an increase in terms of value . Witnessing year-on-year growth of 14 7%,. the region realized over $1 4 billion. (¥9 0. billion) in sales of Chinese works . Additionally, 134 auction houses offered 241,000 lots, of which 116,400 sold . While both numbers regarding volume represent approximately 5 0%. losses compared to 2013, it was the only mainland region to experience consistent consumer demand, with a sell-through rate of 48 3%. (compared to 48 0%. in 2013) .

Overseas 2014 Market Share by Value (USD) Chinese art and antiques have long been part of the by Region Overseas global art market; however, in recent years, international auction houses have truly begun to embrace and Rest of accommodate the demand . In 2014, 325 auction houses the World North America 0 .1% curated auctions that included Chinese artworks, and 12 .0% total sales from these auctions tallied $2 3. billion (¥14 7 billion,. down only 1 1%. year-on-year) . Europe 9 .7% Asia While the vast majority of transactions occurred at the 78 .0% domestic level, the overseas regions saw slight increases in market share as percent volume increased from 11 4%. in 2013 to 12 3%. in 2014, and percent value climbed from 27 4%. to 29 .2% . Demand for Chinese works also remained stronger in the international market . Bolstered by limited liquidity, sell-through rates came in at 60 9%,. compared to mainland China’s 46 7%. .

In terms of the number of auction houses consigning Chinese works, the number has increased 16 0%. over 2014 Market Share by Volume (Lots Sold) 2013 . Of these 325 houses now dealing in Chinese works, 168 were located in Europe (+25 over 2013), 80 in North by Region Overseas America (+1), 61 in Asia (+20), and 16 in the rest of the world (-1) . Rest of the World 0 .8% Asia (Excluding Mainland China)1

Asia once again served as the primary market for Chinese North America art outside of mainland China, with Hong Kong at its 27 .2% center . The Asian region was home to 61 auction houses Asia 47 .7% in 2014, which collectively offered 37,700 lots for sale . Of these lots, 22,100 sold . While the number of lots sold is the largest of any overseas region, the sell-through rate of Europe 24 .1% 58 6%. is the lowest .

1 Does not include data from Macau .

Overall, Asia expanded its market share by volume and Europe value in 2014 . The region represented 47 7%. of volume Witnessing the greatest contraction in sales (-29 7%. in US sold (compared to 39 1%. in 2013) and 78 0%. of value sold dollars), the European region dropped to the third-largest (compared to 73 .2%) . The region brought in $1 8. billion market outside of mainland China . While auction houses (¥11 5. billion) . in this region had a slightly higher supply than North America—with 18,900 consignments compared to North The success of the region is again attributed to Hong America’s 18,700—weaker demand resulted in a lower Kong, where a robust auction market and close ties sell-through rate (59 .2%, compared to 65 9%. in 2013) . with the mainland Chinese economy supported sales of Overall, 11,200 lots sold for $225 6. million (¥1 4. billion) . $1 6 billion. (¥10 5. billion), or 91 5%. of the Asian market . Subsequently, European sales accounted for 24 1%. of the overseas market by volume and 9 7%. by value . North America The three top countries in the region include the United Kingdom ($103 9. million/¥664 3. million), In 2014, North America became the second-largest France ($73 7. million/¥471 .2 million), and Germany auction market for Chinese art and antiques outside of ($24 .0 million/¥153 .4 million) . mainland China, surpassing Europe .

The Rest of the World Over the course of the year, the 80 auction houses While the market for Chinese art and antiques throughout located in North America consigned over 18,700 artworks, the rest of the world is very small (less than 1% by value and sold 12,600 . As a result, North America maintained and volume), upward trends are still being seen despite the highest sell-through rate (67 3%). of any region, one less auction house dealing in Chinese artworks . including mainland China . In total, the value generated When considering the number of lots offered year-on-year, amounted to $277 8. million (¥1 7. billion) . an increase of 7 6%. was reported . More telling, however, is the increase in demand . In 2013, the sell-through rate When looking at overseas market share, North American was recorded at 60 1%,. but has since increased to 65 9%. sales were responsible for 27 .2% by volume and 12 0%. by in 2014, making it the second highest globally . All in all, value . 380 Chinese works brought in $3 1. million (¥20 .2 million) .

New York City, center of the Western art trade, The 16 houses were located throughout Australia, contributed 72 9%. of the regional value . Led by auction Uruguay, New Zealand, and Israel . powerhouses Sotheby’s and Christie’s, sales totaled in excess of $202 5. million (¥1 .2 billion) .

1 2. Market Share

Global Market Overview 2014 Market Share by Value (USD) held The international auction market has long been dominated by Top-Ranked Auction Houses Globally by a limited number of key players, and the market for Chinese art and antiques is no exception . On a global scale, the top 25 auction houses dealing in Chinese works made up 71 8%. of the market by value ($5 6. billion/

¥36 3 billion). . Additionally, the top five houses accounted Remaining 696 for 40 0%. of the value ($3 1. billion/¥20 .2 billion) . Auction Houses 28 .2% Auction Houses No changes in the top five houses were reported in 2014, Ranked 1–5 though Sotheby’s Hong Kong did surpass Christie’s Hong 40 .0% Kong . All auction houses were located in either Beijing or Hong Kong .

Auction Houses Ranked 6–25 31 .8%

2014 Top Five Auction Houses Worldwide

Name Region Global Market Share by Value

Beijing Poly International Auction Co ,. Ltd . Beijing 11 .5%

China Guardian International Auction Co ,. Ltd . Beijing 9 .0%

Sotheby’s Hong Kong Hong Kong 6 .7%

Christie’s Hong Kong Hong Kong 6 .5%

Beijing Council International Auction Co ,. Ltd . Beijing 6 .3%

Other Auction Houses Worldwide – 60 .0%

Mainland China 2014 Market Share by Value (USD) held by Throughout 2014, the top 25 mainland Chinese auction Top-Ranked Auction Houses in Mainland China houses generated $4 4. billion (¥28 3. billion) in sales . This represented 79 1%. of domestic sales, and 56% of worldwide sales . Of these top 25 houses, the top five represented 53 1%. of sales in mainland China; auction houses 6 through 25 accounted for 26 0%. . The remaining Remaining 371 371 houses contributed 20 8%. . Auction Houses 20 .8% Auction Houses Compared to 2013, no change in rank was experienced Ranked 1–5 53 .1% by the top five auction houses; however, market share has Auction Houses become more consolidated among the five houses . Ranked 6–25 26 .0%

2014 Top Five Auction Houses in Mainland China

Name Region Market Share in Mainland China by Value

Beijing Poly International Auction Co ,. Ltd . Beijing 16 .2%

China Guardian International Auction Co ,. Ltd . Beijing 12 .7%

Beijing Council International Auction Co ,. Ltd . Beijing 8 .9%

Beijing Han Hai International Auction Co ,. Ltd . Beijing 8 .3%

Xiling Yinshe Auction Co ,. Ltd . Zhejiang 7 1%.

Other Auction Houses in Mainland China – 46 .8%

For ranking based on transaction details, please see the 2014 China Antiques and Artworks Auction Market Statistical Annual Report, published by the China Association of Auctioneers .

Overseas 2014 Market Share by Value (USD) held Overseas, the market for Chinese art and antiques is by Top-Ranked Auction Houses Overseas even more concentrated . The top 25 houses represented 89 8%. of the external market, and 26 .2% of the global market . Of these top 25, the top five contributed 62 3%. to the overseas market; auction houses ranked 6 through 25 accounted for 27 4%. . The remaining 300 houses earned Remaining 300 10 1%. of the market . Auction Houses 10 .1% Auction Houses Minor shifts were seen in the top five auction houses Ranked 1–5 62 .3% overseas . In 2013, two North American houses— Auction Houses Sotheby’s New York and Christie’s New York—claimed Ranked 6–25 27 .4% the fourth and fifth spots, respectively .

More recently, however, China Guardian Hong Kong climbed into the fifth spot, effectively bumping Christie’s New York from the rankings .

As a result, four of the top five houses were located in Hong Kong, with only one located in New York .

2014 Top Five Auction Houses Overseas

Name Region Market Share Overseas by Value

Sotheby's Hong Kong Asia 23 .1%

Christie's Hong Kong Asia 22 .4%

Poly Auction (Hong Kong) Asia 8 .8%

Sotheby's New York North America 4 .4%

China Guardian Hong Kong Asia 3 .7%

Other Auction Houses Overseas – 37 .6%

2 Lot Composition and Price Distribution 38 Global Chinese Art Auction Market Report 2014

2 1. Lot Composition

Global Market Overview 2014 Total Sales Value (USD) The auction market for Chinese art is made up of several by Collecting Category Globally primary collecting categories: Fine Chinese Paintings and Calligraphy, Chinese Antiques and Artworks, 20th- USD $0 $2 bn $4 bn Century and Contemporary Chinese Art, Chinese Books and Fine Chinese Paintings Manuscripts, and Other . Please reference the Notes section and Calligraphy for a complete description of each collecting category . Chinese Books and Manuscripts Over the past several years, the global market share Chinese Antiques for each category has remained stable, showing no and Artworks significant gains or losses . Fine Chinese Paintings and 20th-Century and Calligraphy has consistently dominated the auction market Contemporary Chinese Art for Chinese art worldwide . Just as in 2013, approximately 45 0%. of lots sold (166,600) throughout 2014 fell within Other this collecting category, collectively bringing in over 55 0%. of the value . This category performs particularly well in mainland China . In fact, the domestic market for Fine Chinese Paintings and Calligraphy contributed 83 4%. 2014 Total Sales Volume (Lots Sold) of the value to the global market for the category . by Collecting Category Globally

While this category was the highest grossing category in 0 100,000 200,000 mainland China, Chinese Antiques and Artworks was the Fine Chinese Paintings largest sector overseas . and Calligraphy

Chinese Books and Manuscripts

Chinese Antiques and Artworks

20th-Century and Contemporary Chinese Art

Other

Mainland China 2014 Market Share by Value (USD) With 87 6%. of all lots in the Chinese Antiques and by Collecting Category in Mainland China Artworks category selling in the domestic auction market, it is no surprise that mainland China outperformed the 20th-Century and overseas market in all collecting categories, with the Contemporary Other 6 .0% Chinese Art exception of 20th-Century and Contemporary Chinese Art . 6 .0% The largest sector was once again Fine Chinese Paintings and Calligraphy, which accounted for 65 3%. of the Chinese Antiques and domestic market by value and 46 8%. by volume . Books Artworks Fine Chinese 20 .8% and Manuscripts comprised the smallest sector of the Paintings and mainland auction market . Calligraphy 65 .3% Chinese Books and Manuscripts Fine Chinese Paintings and Calligraphy 1 .6% In 2014, Fine Chinese Paintings and Calligraphy was the highest grossing collecting category in mainland China . While the global downturn in the Chinese art market meant a decrease of 10 4%. in this sector compared to 2013, it still garnered $3 6. billion (¥23 3. billion), and maintained 65 3%. of the market share by value (compared to 66 1%. the year before) . Additionally, the collecting category 2014 Market Share by Volume (Lots Sold) was the most liquid; over 346,400 lots were offered and 153,400 sold . The saturation of the market, however, by Collecting Category in Mainland China resulted in the lowest sell-through rate in both mainland China and overseas: 44 3%. . 20th-Century and Contemporary Chinese Art 2 .9% Other 21 .2%

Chinese Antiques and Artworks 22 .2%

Fine Chinese Chinese Books Paintings and and Manuscripts Calligraphy 6 .7% 46 .8%

Chinese Antiques and Artworks Chinese Books and Manuscripts The Chinese Antiques and Artworks collecting category, The Chinese Books and Manuscripts collecting category which includes items such as porcelain, furniture, textiles, was the smallest of the defined sectors in terms of value . metalware, etc ,. now makes up 20 8%. ($1 1. billion/ While 6 7%. of sold lots in mainland China fell into this ¥7 4. billion) of the mainland market . This is slightly sector, these works only contributed to 1 6%. of the value less than in 2013, when sales came in at $1 .2 billion brought in by Chinese art and antiques in the domestic (¥7 7 billion). . In 2014, over 158,800 lots of this variety market . In summary, over 41,600 lots were consigned were offered at auction, and 72,800 were hammered and 22,100 sold, collectively bringing in $91 3. million down—numbers that are approximately 50% lower than in (¥583 .7 million) . the Fine Chinese Paintings and Calligraphy category . Despite the low price points at which these works were 20th-Century and Contemporary Chinese Art sold, the category experienced the highest demand by The international Post-War and Contemporary auction collectors in mainland China . The sell-through rate reached sector is the largest global market, with sales increasing 53 3%,. compared to the regional rate of 46 7%—a. likely significantly since 2000 . Despite this robust growth, result of cultural preference, limited turnover, and the 20th-Century and Contemporary Chinese Art remains one addition of specialized manuscript auctions at local houses . of the smallest sectors in mainland China (and overseas) . Overall, the sales of these works brought in $338 8 million. Other (¥2 1. billion, or 6 0%. of the mainland market) . Low The auction market in mainland China also includes liquidity is a primary factor dictating the market’s scale . items such as stamps, jewelry, wine, and tea, which In fact, only 20,600 lots were offered, and 9,600 sold . fall under this category . Over the course of 2014, Subsequently, the number of lots sold only made up 2 9%. these items sold for a collective total of $340 6. million of the mainland market . (¥2 1 billion),. exceeding the sums for both 20th-Century and Contemporary Chinese Art and Chinese Books and Manuscripts . As a result, the segment contributed 6 0%. to the total sales in mainland China . The number of transactions, however, was significantly higher, with lots sold making up 21 .2% of the market, suggesting sales at the low end of the market . Overall, this category had the second-highest demand, with a sell through-rate of 51 8%. .

Overseas 2014 Market Share by Value (USD) The overseas market for Chinese art and antiques is by Collecting Category Overseas remarkably smaller than that of mainland China both by value and volume; however, the limited supply generates Other 0 .1% higher demand within all collecting categories . As a result, the sell-through rate and average price per lot are Fine Chinese 20th-Century and strikingly higher across the board . Paintings and Contemporary Calligraphy Chinese Art 31 .4% 22 .1% While the mainland market is dominated by Fine Chinese Paintings and Calligraphy, the overseas market is led Chinese by the sales of Chinese Antiques and Artworks (45 8%. Antiques and Chinese Books market share by value) . It is followed by Fine Chinese Artworks and Manuscripts 45 .8% Paintings and Calligraphy (31 4%. market share) and 20th- 0 .5% Century and Contemporary Chinese Art (22 1%). . The remaining two categories make up less than 1 0%. of the market combined .

Transactions occurring in Hong Kong—where the auction market is closely tied to that of mainland China—greatly impact the overseas numbers, as it accounts for 71 6%. 2014 Market Share by Volume (Lots Sold) of the overseas market . However, when these sales are excluded from the overseas totals, the ranking of by Collecting Category Overseas collecting categories by value remains the same . Other 0 .1% Chinese Antiques and Artworks In 2014, over 67% of all consignments overseas were Fine Chinese 20th-Century and Paintings and Contemporary identified as Chinese Antiques and Artworks . Of these Calligraphy Chinese Art 51,600-plus lots offered, over 29,600 sold, resulting 28 .3% 7 .1% in a sell-through rate of 57 4%—the. second-lowest Chinese rate overseas . While the auction market in the United Chinese Books Antiques and and Manuscripts States contributed the most in terms of volume (selling Artworks 0 .4% over 10,000 works), Hong Kong garnered over $667 8. 64 .0% million (¥4 .2 billion) compared to the United States’ $197 5 million. (¥1 .2 billion), despite only selling 7,300 lots .

Overall, this category generated $1 0. billion (¥6 7. billion) in overseas auctions .

Fine Chinese Paintings and Calligraphy Chinese Books and Manuscripts Fine Chinese Paintings and Calligraphy is the largest Similar to mainland China, Chinese Books and collecting category worldwide; however, ranks second Manuscripts was the smallest of the defined collecting overseas, with $727 0. million (¥4 6. billion) in annual sales . categories, with only 200 lots sold, and sales of $12 .2 million (¥78 0. million) . These works, in turn, constituted less than 1% of the market by both volume The 2014 total marks a growth of 6 .6% year-on-year, sold and sales value . It also saw a decrease in consumer making it the only category other than Chinese Books demand . In 2013, the sell-through rate for these works and Manuscripts to witness an increase since 2013 . In was the highest of any category, at 74 4%;. however, in fact, since at least 2011, the market share of this sector 2014, this dropped to 55 4%. . has seen continual increases, rising from 25 .9% of the overseas’ market value to 31 .4% . Other Apart from the four categories already listed, 72 Consumer demand for works of this type was strong additional Chinese lots were offered in 2014 . Of these (though down slightly from previous years), with 19,200 lots lots, 50 sold for a total of $1 4. million (¥9 1. million) . offered and 13,100 sold . The sell-through rate was 68 1%. . These works primarily consisted of 20th- and 21st- century design . 20th-Century and Contemporary Chinese Art 20th-Century and Contemporary Chinese Art was the only collecting category that generated greater total sales overseas than in mainland China (as it also did in 2013), coming in at $511 7. million (¥3 .2 billion), and representing 22 1%. of the overseas market share by value . In total, over 4,700 lots were offered, of which 3,300 sold (7 1%. by volume sold) . This resulted in the highest sell-through rate of any collecting category, overseas or in mainland China, at 70 3%. . The high demand for this sector can, in part, be attributed to the broader successes of international Contemporary Art in Western markets .

2 2. Price Distribution and Average Prices

While the art world gravitates toward, and spotlights Of the mainland categories, Chinese Books and the sales of, expensive and iconic works of art, the vast Manuscripts witnessed the lowest average price, at majority of art is transacted at low price points . The $4,118 (¥26,330), as 99 3%. of lots sold in the lowest price market for Chinese art and antiques is no exception . In tier . The only two categories to realize average prices 2014, as in 2013, over 95% of sold lots were hammered higher than the regional standard were 20th-Century and down for less than ¥500,000 ($78,198) . At the high end Contemporary Chinese Art and Fine Chinese Paintings of the price spectrum, a total of 389 lots realized more and Calligraphy . than ¥10 million ($1 5. million), of which, seven exceeded ¥100 million ($15 6. million) . Overall, the number of high- While only four 20th-Century and Contemporary value lots (those above ¥10 million) was down from 2013 Chinese artworks reached prices greater than ¥10 million (429 lots); however, the highest price range did see a in 2014 (compared to 19 in 2013), the average price of slight increase compared to the four lots that surpassed $35,172 (¥218,495) was supported by strong middle-of- ¥100 million in 2013 . the-market sales .

In 2011—the height of the Chinese art auction market— In fact, this sector had the smallest percentage of global average prices reached upward of $28,000 lots selling under ¥500,000 domestically (92 0%). . The (¥188,496); however, with the slowdown of the market, average price of Fine Chinese Paintings and Calligraphy average prices also fell . In 2013, the average price for ($23,836/¥152,407), however, was supported more so by Chinese works fell to $20,934 (¥134,940) . Most recently, sales at the high end of the market . The sector witnessed however, the average price per lot rebounded slightly, to the largest number and percentage of lots selling for over $21,131 ( ¥135,111) . ¥10 million .

Mainland China In total, there were 224 high-value lots sold in mainland China throughout the year . This represents a drop of 57% Mimicking global trends, the domestic market for Chinese over the past four years . In comparison, the number of art was dominated by works selling at the low end of the lots selling under ¥10 million fell 10% . market, with 95 8%. of all transactions occurring for less than ¥500,000 . When coupled with the sheer magnitude of lots being auctioned in mainland China, however, the average prices suffered . At $17,068 (¥109,132), the average price in the domestic market fell short of the global numbers .

2014 Number of Lots by Collecting Category and Price Range in Mainland China (in Lots Sold)

20th- Chinese Chinese Fine Chinese Century and Lot Bands (RMB) Antiques and Books and Paintings and Other Total Contemporary Artworks Manuscripts Calligraphy Chinese Art

¥100 Million and Above 0 0 0 1 0 1

¥50 Million–Below 100 Million 0 2 0 5 1 8

¥10 Million–Below 50 Million 4 40 0 157 14 215

¥5 Million–Below 10 Million 37 88 4 346 21 496

¥1 Million–Below 5 Million 300 866 30 2,807 320 4,323

¥500,000–Below 1 Million 423 1,544 115 5,623 820 8,525

Below ¥500,000 8,871 70,357 22,029 144,533 68,570 314,360

Total Lots Sold 9,635 72,897 22,178 153,472 69,746 327,928

Total Sales Value (USD) $338,886,456 $1,168,057,554 $91,318,424 $3,658,231,154 $340,675,633 $5,597,169,221

Average Price (USD) $35,172 $16,023 $4,117 $23,836 $4,884 $17,068

Overseas

The overseas market was also dominated by lots selling in The highest average prices were achieved by works the lowest price tier (90 7%);. however, there was a slightly sold in the 20th-Century and Contemporary Chinese Art greater distribution among all price tiers . collecting category . Bolstered by a strong Western market for Contemporary Art in general, the largest percentage of lots above ¥10 million (1 8%),. and the smallest percentage As a result, the international market reported average of low-priced lots (77 1%),. this category saw an average prices significantly higher than those in mainland China, price of $153,855 (¥983,748), bolstered by strong mid- $49,855 (¥318,772), compared to $17,068 (¥109,132) . market sales .

Chinese Books and Manuscripts and Chinese Antiques and Artworks both witnessed the highest percentage of lots selling at the low end of the market, at approximately 93 7%. . However, unlike in mainland China, the average price for Books and Manuscripts soared to $61,351 (¥392,278), well above the average price for the same category in 2013 . While Chinese Antiques and Artworks had an average price trailing the overseas standard, at $35,718 (¥228,380), it also had the most lots selling for approximately ¥10 million, at 70 .

2014 Number of Lots by Collecting Category and Price Range Overseas (in Lots Sold)

20th- Chinese Chinese Fine Chinese Century and Lot Bands (RMB) Antiques and Books and Paintings and Other Total Contemporary Artworks Manuscripts Calligraphy Chinese Art

¥100 Million and Above 0 4 0 2 0 6

¥50 Million–Below 100 Million 4 3 0 1 0 8

¥10 Million–Below 50 Million 59 63 2 27 0 151

¥5 Million–Below 10 Million 91 87 3 81 0 262

¥1 Million–Below 5 Million 330 830 5 804 2 1,971

¥500,000–Below 1 Million 276 864 4 763 2 1,909

Below ¥500,000 2,566 27,828 186 11,453 46 42,079

Total Lots Sold 3,326 29,679 200 13,131 50 46,386

Total Sales Value (USD) $511,720,221 $1,060,041,251 $12,270,259 $727,091,827 $1,428,734 $2,312,552,292

Average Price (USD) $153,855 $35,718 $61,351 $55,368 $28,575 $49,855

2 3. High-Priced Lots

Global Market Overview In terms of value generated by the sales of these top- tier lots, there was no change in the auction house ranking . Beijing Poly sold $193 3. million (¥1 .2 billion), In 2014, 389 Chinese works sold in excess of ¥10 million, a taking a 25 4%. share of the domestic market for top- 9 3%. decrease from 2013 . The result is rather unsurprising tier lots . China Guardian followed closely, with $158 6. given the overall cooling of the market . Mainland China million (¥1 0 billion). in sales (20 8%. of the mainland sold 224 lots in this price range, while 165 lots were sold market) . Beijing Hanhai rounded out the top three, with overseas . When viewed compared to turnover, however, $113 6 million. (¥726 3. million) in sales . the overseas market had a larger percentage of lots selling in these high-value ranges: 36%. versus 0 07%. . Rather unsurprisingly, approximately 90% of high-value Collectively, the top end of the market accounted for 18 4%. sales (measured in terms of volume and value) occurred of global sales, and totaled $1 4. billion (¥9 .3 billion) . at houses located in urban city centers: Beijing and Shanghai . Mainland China Composition of High-Priced Lots As mentioned, auction houses located in mainland China Just as Fine Chinese Paintings and Calligraphy dominated were responsible for just over 55% of high-value sales by the overall market in mainland China, it also produced volume . While an impressive number, it is important to the most high-priced lots in 2014 (163 lots sold) . As a recognize that the number of lots sold in mainland China result, it represented the largest segment of high-value made up 87 6%. of the global totals, thus the percentage of lots by value (72 1%). and volume (72 7%). . Led by the sale high-value lots is very small . Collectively, however, high- of Baitashan by Emperor Qianlong for $18 1. million (¥115 7. value lots produced over $759 million (¥4 8. billion), and million), high-value lots in this collecting category earned represented 13 5%. of the domestic market’s total value . over $547 9. million (¥3 5. billion) collectively .

Distribution of Auction Houses Chinese Antiques and Artworks had the second- The 224 high-value lots sold in 2014 were distributed highest number of lots selling for over ¥10 million, at 42 . among 24 auction houses across mainland China (four These lots sold for a combined total of $138 .2 million houses less than in 2013) . Beijing Poly and China (¥883 6 million),. representing 18 1%. of the market by Guardian once again topped the list of auction houses value . 20th-Century and Contemporary Chinese Art only with the most high-value lots sold . The auction houses witnessed four lots breaking the ¥10 million mark (with sold 55 and 46 lots, respectively . Beijing Hanhai came in total sales of $16 5 million/¥105. 5. million), while no third, with 31 high-value lots, surpassing Beijing Council, Chinese Books and Manuscripts were transacted at this which had held the third spot in recent years . price point .

Overseas 2014 Total Sales Value (USD) by Collecting Overseas, there were 165 works that independently Category for High-Value Lots Sold in realized prices of more than ¥10 million . Together, these Mainland China lots earned $694 9. million (¥4 4. billion), which represents over 30 0%. of the total international market for Chinese 20th-Century and Contemporary art and antiques . Chinese Art $16,556,146 Other $ 57,26 3,372 Distribution of Auction Houses Chinese The overseas sales of high-value lots was highly Antiques and Artworks concentrated in Hong Kong, with 135 lots selling for $138,252,737 $581 7. million (¥3 7. billion) . In fact, the city ranked Fine Chinese Paintings and second worldwide in the sales of top-tier Chinese Calligraphy works, coming in behind Beijing (178 lots selling for $547,909,994 $611 5 million/¥3. 9. billion) . Within Asia, Taipei was the only other city to auction off these high-value works .

Outside of Asia, only 20 Chinese works reached prices above ¥10 million: 15 in North America and five in Europe .

Together, these works sold for a total of $79 5. million 2014 Total Sales Value (USD) by Collecting (¥508 3. million) . New York contributed the most to Category for High-Value Lots Sold Overseas the Western art market totals, with 14 lots bringing in $42 1 million. (¥269 1. million) . Paris, London, and Boston also had lots selling at the high-end of the market . They Fine Chinese Paintings and sold four, one, and one lots, respectively . Calligraphy $123,747,4 8 5 Chinese Books Overall, the 165 lots were sold across 23 auction houses and Manuscripts $4,048,731 20th-Century and overseas . Once again, the top houses in terms of volume Contemporary sold were all located in Hong Kong: Sotheby’s Hong Chinese Art $215,978,922 Kong, Christie’s Hong Kong, and Poly Auction Hong Kong . Chinese Together, the auction houses represented 66 0%. of the Antiques and Artworks top end of the market by volume and 71 9%. by value . $353,503,212

Composition of High-Priced Lots Overseas, the Chinese Antiques and Artworks collecting category had the largest sales of top-tier works . 70 lots sold for $353 5. million (¥2 .2 billion), accounting for 42 4%. and 50 7%. of the international market by volume and value, respectively . Additionally, this sector had four lots selling for over ¥100 million, the most of any collecting category sold overseas . 20th-Century and Contemporary Chinese Art had the second-highest number of lots, at 63 . World-renowned Chinese Contemporary artists made up a large portion of these high-selling lots . Zao Wou- Ki, for instance, produced 21 lots that sold for over ¥10 million, while Zeng Fanzhi had 11 . These lots brought in $215 9. million (¥1 3. billion) . Fine Chinese Paintings and Calligraphy, which ranked first in mainland China, came in third, with 30 lots earning a combined $123 7. million (¥790 9. million), and was led by Zhang Daqian (six lots) . Finally, two works from Chinese Books and Manuscripts sold for high values .

A special exhibition in London from the Stephan Loewentheil Historical Photography of China Collection

Qing Dynasty Peking: Thomas Child’s Photographs Curated by Stacey Lambrow

Thomas Child. 10th-15th November 2015 Pagoda in the Emperor’s Collector’s Talk: 5pm on 10th November Summer Palace. (1870s) A photograph from Child’s rare and extensive at the China Exchange 19th-century portfolio of Qing Dynasty Peking. 32A Gerrard Street, London W1D 6JA United Kingdom, +44 20 7734 1931

The Stephan Loewentheil Historical Photography of China Collection

The Largest and Finest Collection of Historical Photography of China in Private Hands Available for scholarship and exhibitions. 19th Century Rare Book & Photograph Shop 446 Kent Avenue PH-A, Brooklyn, NY 11249 USA | (001) 347 529-4534 | (001) 410 602-3002 | [email protected] | www.19thshop.com Chinese Contemporary Art

Online auction live for bidding September 17–24, 2015

Browse and bid at artnet.com/auctions

Yue Minjun Contemporary Terracotta Warrior Series, 2005 Bronze Edition of 25 118.1 x 16.9 x 19.3 in. Est. 80,000–120,000 USD Invitation to Consign

artnet Auctions is seeking works by established, sought-after artists to include in both our 24/7 listings and our curated, themed auctions. We welcome consignments across media categories, including paintings, prints, works on paper, photographs, and sculpture.

With over 10 million pageviews a month, artnet has more traffic, more artists, more artworks, and a wider global reach than any other art website. By becoming a seller on artnet Auctions, your artworks will be accessible to millions of monthly visitors and our registered bidders. We provide targeted outreach to new and seasoned collectors, along with low consignment fees, and quicker turnaround than traditional auction houses.

Li Shan, Rouge Series, 2005 Nina Lippman Acrylic and paper collage on canvas SPECIALIST, CONTEMPORARY ASIAN ART 20.7 x 17.4 in. +1-212-497-9700 ext. 698 Sold for 16,800 USD on June 25, 2015 [email protected]

View upcoming sales at artnet.com/invitation-to-consign Appendix 1

2014 List of Global Chinese Antiques and Art Auction Houses Mainland China Appendix 1 2014 List of Global Chinese Antiques and Art Auction Houses 55

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

1 Beijing Yi De Ge Auction Co ,. Ltd . 2,206 84 3 .81% ¥4,898,700 $766,140

2 Beijing Datang International Auction Co ,. Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

Infinity Auctions International 3 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported (Beijing) Company Limited

Pacific International Auction 4 Beijing 4,570 2,872 62 .84% ¥37,58 0,10 0 $ 5,877,4 01 Co .,Ltd .

Zhong An Taiping International 5 Beijing 123 0 0 .00% ¥0 $0 Auction Co ,. Ltd . (Beijing)

China Guardian International 6 Beijing 30,265 22,224 73 .43% ¥4,541,478,000 $710,271,817 Auction Co ,. Ltd .

7 Guangdong Zhong Bao Auction Co ,. Ltd . 432 304 70 .37% ¥51,099,100 $7,9 91,727

Zhong Cheng Ding Li International 8 Beijing 37 14 37 .8 4% ¥2,951,900 $461,667 Auction Co ,. Ltd .

9 Beijing Sungari International Auction Co ,. Ltd . 3,260 2,227 68 .31% ¥559,151,800 $87,449,453

Zhong Heng Yi Ping International 10 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

Zhongdu International Auction 11 Beijing 2,757 1,178 42 .73% ¥11,014,800 $1,722,678 Co ., Ltd .

Zhong Hong Xin International 12 Beijing 3,129 354 11 .31% ¥80,284,500 $12,556,225 Auction Co ,Ltd. .

Zhong Lian Huan Qiu International 13 Beijing 1,614 761 47 15%. ¥3,018,800 $472,130 Auction Co ,. Ltd .

Zhong Lian International Auction 14 Beijing 5,397 3,806 70 .52% ¥27,114,500 $4,240,616 Co ., Ltd .

15 Beijing Long Ze De Auction Co ,. Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

Dong Fang Qiu Shi International 16 Beijing 2,581 139 5 .39% ¥2, 237,70 0 $349,969 Auction Co ,. Ltd .

The Orient International Auction 17 Beijing 20 14 70 .00% ¥855,600 $133,813 Co ., Ltd .

18 Beijing Beijing Jiuge Auctions Co ,. Ltd . 2,702 1,405 52 .00% ¥466,878,500 $73,018,220

Beijing Sanxitang International 19 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

20 Beijing China Legend Auction Co ,. Ltd . 7,3 6 5 4,226 57 .3 8% ¥26,691,500 $4,174,460

21 Beijing Beijing Wanlong Auction Co ,. Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

Beijing Kai Yuan Tian Xing 22 Beijing 0 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

Beijing Tian Lang Wen Hui 23 Beijing 318 16 5 .03% ¥468,300 $73,241 Auction Co ,. Ltd .

Beijing Tian Ya Heng Yi 24 Beijing 142 129 90 .85% ¥15,586,200 $2,4 37,629 International Auction Co ,. Ltd .

Beijing Yi Dian Zhen Cang 25 Beijing 1,600 330 20 .63% ¥2,365,000 $369,878 International Auction Co ,. Ltd .

26 Beijing Beijing A&F Auction Co ,. Ltd 1,288 766 59 .47% ¥430,890,000 $ 67,3 8 9,74 0

Beijing Tai He Tian Cheng 27 Beijing 0 0 0 .00% ¥0 $0 International Auction Co ,. Ltd .

Beijing Zhonghan International 28 Beijing 2,820 2,090 74 .11% ¥157,46 3,6 0 0 $24,626,775 Auction Co ,. Ltd .

Beijing Zhong Tou Jia Yi 29 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ,. Ltd .

Beijing Zhong Pai International 30 Beijing 1,387 292 21 .05% ¥5,962,300 $932,484 Auction Co ,. Ltd .

Beijing Zhong Zhao International 31 Beijing 2,862 473 16 .53% ¥13,077,900 $2,045,339 Auction Co ,. Ltd .

Beijing Zhong Zi International 32 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

Beijing Zhong Bo International 33 Beijing 0 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

Beijing Zhongding International 34 Beijing 1,152 375 32 .55% ¥17,778,700 $2,780,529 Auctions Co ,Ltd. .

Beijing Zhongjia International 35 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auctions Co ,. Ltd .

Beijing Chang Feng International 36 Beijing 614 492 80 .13% ¥100,897,600 $15,780,044 Auction Co ,. Ltd .

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

Beijing Jin Dian Lian He 37 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ,. Ltd .

Beijing Feng Huang Ren Shen 38 Beijing 1,165 276 23 .69% ¥41,236,600 $6,449,265 Jewelry International Auction Co ,. Ltd .

Beijing Wen Jin Ge International 39 Beijing 535 225 42 .06% ¥53,082,000 $8,301,845 Auction Co ,. Ltd .

Beijing Wen Bo Yuan International 40 Beijing 1,152 924 80 .21% ¥65,483,200 $10,241,351 Auction Co ,. Ltd .

Beijing Shuang Long Sheng Shi 41 Beijing 2,056 1,398 68 .00% ¥15,470,300 $2,419,503 International Auction Co ,. Ltd .

Beijing Shuang Bao Tong 42 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ,. Ltd .

Beijing Shi Ji Sheng Tang 43 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ,. Ltd .

Beijing Prospect International 44 Beijing 4,730 1,789 37 .82% ¥171,653,000 $26,845,949 Auction Co ,. Ltd .

Beijing Orient Li De International 45 Beijing 335 55 16 .42% ¥8,751,000 $1,368,627 Auction Co ,. Ltd .

Beijing Dong Zheng International 46 Beijing 1,368 590 43 .13% ¥308,000,000 $48,170,160 Auction Co ,. Ltd .

Beijing Dong Xi Fang International 47 Beijing 1,545 276 17 .8 6% ¥10,621,700 $1,661,198 Auction Co ,. Ltd .

Beijing Dong Pai International 48 Beijing 1,015 8 0 .79% ¥129,600 $20,269 Auction Co ,. Ltd .

Beijing Dong Lian Sheng Shi Bao 49 Beijing 1,222 19 1 .55% ¥1,015,100 $158,758 International Auction Co ,. Ltd .

Beijing Ran Dong International 50 Beijing 876 15 1 .71% ¥37,50 0 $5,865 Auction Co ,. Ltd .

Beijing Yin Qian Shan 51 Beijing 2,994 1,023 34 .17% ¥4,068,700 $636,331 International Auction Co ,. Ltd .

Beijing Gu Tian Yi International 52 Beijing 449 296 65 .92% ¥95,696,100 $14,966,547 Auction Co ,. Ltd .

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

Beijing Xuan He International 53 Beijing 2,389 374 15 .66% ¥2,233,000 $349,234 Auction Co ,. Ltd .

Beijing Forever International 54 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

Beijing Council International 55 Beijing 10,132 6,437 63 .53% ¥3,180,690,000 $497,449,171 Auction Co ,. Ltd .

Beijing Ya Zhou Hong Da 56 Beijing 1,222 152 12 .44% ¥3,851,000 $602,283 International Auction Co ,. Ltd .

Beijing Ya Zhou Chen Ze Auction 57 Beijing 2,319 447 19 .28% ¥25,024,900 $3,913,810 Co ., Ltd .

Beijing Ya Zhou Rong Hai 58 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ,. Ltd .

Beijing Xi Rong Ge International 59 Beijing 1,384 6 0 .43% ¥860,800 $134,626 Auction Co ,. Ltd .

Beijing Bai Na International Art 60 Beijing 4,399 471 10 .71% ¥13,630,100 $2,131,702 Auction Co ,. Ltd .

Beijing Tranthy International 61 Beijing 2,931 2,322 79 .22% ¥324,580,000 $50,763,216 Auction Co ,. Ltd .

62 Beijing Huachen Auction 4,800 2,665 55 .52% ¥321,505,500 $50,282,374

Beijing Hua Ruan Xin Cheng 63 Beijing 823 28 3 .40% ¥235,100 $36,769 Auction Co ,. Ltd .

Beijing Hua Xia Chuan Cheng 64 Beijing 311 81 26 .05% ¥13,510,000 $2,112,918 International Auction Co ,. Ltd .

Beijing Hua Xia Jin Dian 65 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ,. Ltd .

Beijing Hua Xia Cang Zhen 66 Beijing 3,807 2,370 62 .25% ¥22,209,500 $3,473,491 International Auction Co ,. Ltd .

Beijing Hua Ming International 67 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,Ltd. .

Beijing Jiu Yang International 68 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

Beijing Yuan Fang International 69 Beijing 305 293 96 .07% ¥33,430,000 $5,228,339 Auction Co ,. Ltd .

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

Beijing Kuang Shen International 70 Beijing 387 190 49 .10% ¥21,760,000 $3,403,190 Auction Co ,. Ltd .

Beijing Haleshen Century 71 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ,. Ltd .

Beijing Hong Zheng International 72 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

Beijing Ji Hua Chun Qiu 73 Beijing 549 58 10 .56% ¥5,190,000 $811,698 International Auction Co ,. Ltd .

Beijing Oujiang Cheng Cheng 74 Beijing 78 0 0 .00% ¥0 $0 International Auction Co ,. Ltd .

Beijing Zhuo De International 75 Beijing 4,846 3,063 63 .21% ¥84,972,300 $13,289,381 Auction Co ,. Ltd .

Beijing Mingzhu Shuang Long 76 Beijing 745 487 65 .37% ¥6,018,900 $941,336 International Auction Co ,. Ltd .

Beijing Jin Shi De International 77 Beijing 769 76 9 .88% ¥1,622,100 $253,691 Auction Co ,. Ltd .

Beijing Ze Kang International 78 Beijing 1,343 379 28 .22% ¥2,843,200 $444,667 Auction Co ,. Ltd .

Beijing Bao Ji Xuan International 79 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

80 Beijing Beijing Bao Ding Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

Beijing Bao Rui Ying International 81 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

82 Beijing Beijing ChengXuan Auction Co ,. Ltd . 8,191 6,567 80 .17% ¥462,077, 20 0 $72, 267,313

Beijing Cheng Hao International 83 Beijing 1,090 59 5 .41% ¥2,131,700 $333,391 Auction Co ,. Ltd .

Beijing Jian Ya Century Auction 84 Beijing 777 52 6 .69% ¥19,529,600 $3,054,363 Co ., Ltd .

Beijing Rong He Long Sheng 85 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ,. Ltd .

86 Beijing Beijing Rombon Auction Co ,. Ltd . 4,593 2,913 63 .42% ¥602,458,600 $94,222,490

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

Beijing Rong Hai Jia International 87 Beijing 29 18 62 .07% ¥1,817,800 $284,298 Auction Co ,. Ltd .

Beijing Poly International Auction 88 Beijing 38,209 22,297 58 .36% ¥5,794,337,000 $906,214,733 Co ., Ltd .

Beijing Mei San Shan International 89 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

Beijing HSDT International 90 Beijing 877 9 1 .03% ¥374,000 $58,492 Auction Co ,. Ltd .

Beijing Xuan Shi International 91 Beijing 259 248 95 .75% ¥6,428,500 $1,005,396 Auction Co ,. Ltd .

Beijing Ying Chong International 92 Beijing 334 47 14 .07% ¥42,600 $6,662 Auction Co ,. Ltd .

Beijing Inshine International 93 Beijing 1,147 775 67 .57% ¥312,500,800 $48,874,069 Auction Co ,. Ltd .

Beijing Yingchang International 94 Beijing 2,018 435 21 .56% ¥13,068,700 $2,043,901 Auction Co ,. Ltd .

Beijing Taihe Jiacheng Auction 95 Beijing 6,384 1,954 30 .61% ¥56,958,600 $8,908,133 Co ., Ltd .

Beijing City Union International 96 Beijing 219 134 61 .19% ¥56,921,500 $8,902,330 Auction Co ,. Ltd .

Beijing Hai Shi De International 97 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

Beijing Hai Wang Cun Auction 98 Beijing 5,725 3,968 69 .31% ¥63,289,000 $9,898,186 Co ., Ltd .

Beijing Haihua Hongye Auction 99 Beijing 3,020 301 9 .97% ¥134,000 $20,957 Co ., Ltd .

Beijing Sheng Tian Tai 100 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ,. Ltd .

Beijing Sheng Shi Jia Bao Auction 101 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Co ., Ltd .

Beijing Shengjia International 102 Beijing 922 46 4 .99% ¥1,455,000 $227,5 57 Auction Co ,. Ltd .

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

Beijing Yin He International 103 Beijing 762 43 5 .64% ¥8,550,900 $1,337,332 Auction Co ,. Ltd .

Beijing Inzone International 104 Beijing 1,918 519 27 .0 6% ¥260,437,000 $40,731,467 Auction Co ,Ltd. .

105 Beijing Beijing Pengea Auction Co ,. Ltd . 2,811 312 11 .10% ¥41,782,900 $6,534,704

Beijing Longchen International 106 Beijing 0 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

Beijing Vitaviden International 107 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

Beijing Qindao Rongde 108 Beijing 1,614 900 55 .76% ¥80,800,000 $12,636,847 International Auction Co ,. Ltd .

Beijing Bo Mei International 109 Beijing 101 75 74 .26% ¥3,425,900 $535,799 Auction Co ,. Ltd .

Beijing Dingxing Tianhe 110 Beijing 2,130 695 32 .63% ¥578,100 $90,413 International Auction Co ,. Ltd .

Beijing Jingxing Linfeng 111 Beijing 218 218 100 .00% ¥8,518,300 $1,332,233 International Auction Co ,. Ltd .

Beijing Zhanran International 112 Beijing 1,899 105 5 .53% ¥5,728,100 $895,855 Auction Co ,. Ltd .

Beijing Fu Bi Fu International 113 Beijing 41 3 7 .32% ¥2,228,000 $348,452 Auction Co ,. Ltd .

Beijing Fu Gu Tai International 114 Beijing 2,667 947 35 .51% ¥23,962,300 $ 3,747,623 Auction Co ,. Ltd .

Beijing Reaping International 115 Beijing 911 641 70 .36% ¥5,918,700 $925,665 Auction Co ,. Ltd .

Beijing Rui Ming International 116 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

Beijing Xin Min Qin Auction Co ,. 117 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

118 Beijing Beijing Xinhua Auction Co ,. Ltd . 20 6 30 .00% ¥3,300,000 $516,109

Beijing Yonghe Jiacheng 119 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ,. Ltd .

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

Beijing Jia He International 120 Beijing 0 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

Beijing Jiali Nianhua International 121 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

Beijing Artrade Online Auction 122 Beijing 84,155 32,729 38 .89% ¥ 79,977,3 0 0 $12,508,180 Co ., Ltd .

Beijing Ju Jin Yuan International 123 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

124 Beijing Beijing Googut Auction Co ,. Ltd . 1,718 1,285 74 .80% ¥238,030,000 $ 37, 227,0 8 8

125 Beijing Beijing Safari Auction Co ,. Ltd . 837 44 5 .26% ¥1,908,600 $298,499

Beijing De Bao International 126 Beijing 2,271 1,382 60 .85% ¥11,456,400 $1,791,742 Auction Co ,. Ltd .

127 Beijing Beijing Hanhai Auction Co ,. Ltd . 16,164 10,912 67 .51% ¥2,972,459,900 $464,882,687

Honchin International Auction 128 Beijing 1,818 279 15 .35% ¥572,900 $89,600 Co ., Ltd .

Yazhou Shanghe (Beijing) Auction 129 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Co ., Ltd .

Beijing Gengle International 130 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

131 Beijing Beijing Shede Auction Co ,. Ltd . 537 0 0 .00% ¥0 $0

Jin Mao International Auction Co ,. 132 Beijing 861 60 6 .97% ¥3,295,600 $515,421 Ltd .

Bao Teng International Auction 133 Beijing 58 5 8 .62% ¥1,012,000 $158,273 Co ., Ltd .

Ping Sheng International Auction 134 Beijing 170 34 20 .00% ¥2,5 57,10 0 $399,922 Co ., Ltd .

Heng Yi Yin Xiang International 135 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

Shuo Fang International Auction 136 Beijing Not Reported Not Reported Not Reported Not Reported Not Reported Co ., Ltd .

Total in Beijing 339,097 162,381 47 .8 9% ¥22,549,180,900 $3,526,615,718

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

Tianjin Tongfang International 137 Tianjin 5,198 884 17 .01% ¥45,050,500 $7,045,746 Auction Co ,. Ltd .

Tianjin International Auction Co ,. 138 Tianjin 5,227 4,173 79 .84% ¥278,623,000 $43,575,696 Ltd .

Tianjin Bo Shi Jia Auction Co ,. 139 Tianjin 103 103 100 .00% ¥243,100 $38,020 Ltd .

Tianjin Ding Tian International 140 Tianjin 1,150 272 23 .65% ¥45,821,000 $7,16 6, 250 Auction Co ,. Ltd .

Tianjin Lan Tian International 141 Tianjin 940 109 11 .60% ¥3,212,400 $502,409 Auction Co ,. Ltd .

Tianjin Rongdetang Art Auction 142 Tianjin Not Reported Not Reported Not Reported Not Reported Not Reported Houses Co ,. Ltd .

143 Tianjin Tianjin Han Ya Auction Co ,. Ltd . 2,225 79 3 .55% ¥94,000 $14,701

144 Tianjin Tianjin Haitian Auction Co ,. Ltd . 2,156 1,001 46 .43% ¥63,687,700 $9,960,541

Han Cong International Auction 145 Tianjin 1,054 59 5 .60% ¥1,879,900 $294,010 Co ., Ltd .

Total in Tianjin 18,053 6,680 37 .0 0% ¥438,611,600 $68,597,373

Shanghai Gong Mei Auction Co ,. 146 Shanghai 2,259 1,490 65 .96% ¥88,819,300 $13,891,038 Ltd .

Shanghai Dagong Auction Co ,. 147 Shanghai 0 0 0 .00% ¥0 $0 Ltd .

Shanghai Da Zhong Auction Co ,. 148 Shanghai 8,504 2,510 29 .52% ¥45,729,900 $7,152,0 02 Ltd .

Shanghai Tian Ci Yu Cheng 149 Shanghai 726 215 29 .61% ¥35,099,600 $5,489,459 Auction Co ,. Ltd .

150 Shanghai Shanghai Tianheng Auction 2,348 1,784 75 .98% ¥703,932,200 $110,092,618

Shanghai Yuanhenglizhen Auction 151 Shanghai 0 0 0 .00% ¥0 $0 Co ., Ltd .

Shanghai Zhong Yi Auction Co ,. 152 Shanghai 1,640 315 19 .21% ¥139,200 $21,770 Ltd .

Shanghai Zhong Han Auction Co ,. 153 Shanghai Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

Shanghai Zhong Nan Auction Co ,. 154 Shanghai 6 6 100 .00% ¥10,560,000 $1,651,548 Ltd .

Shanghai Zhong Fu Auction Co ,. 155 Shanghai 620 72 11 .61% ¥5,103,700 $798,201 Ltd .

Shanghai Chang Cheng Auction 156 Shanghai 853 111 13 .01% ¥341,300 $53,378 Co ., Ltd .

Shanghai Epama International 157 Shanghai 6,110 3,108 50 .87% ¥43,704,800 $6,835,283 Auction Co ,. Ltd .

Shanghai Hoyuen Auctions Co ,. 158 Shanghai Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

Shanghai Hui Yuan Auction Co ,. 159 Shanghai 3,118 2,403 77 .07% ¥6,936,400 $1,084,830 Ltd .

Shanghai Han Lin Auction Co ,. 160 Shanghai Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

Shanghai Lao Cheng Huang 161 Shanghai 210 70 33 .33% ¥78,200 $12,230 Auction Co ,. Ltd .

162 Shanghai Shanghai Xie He Auction Co ,. Ltd . 1,174 138 11 .75% ¥270,000 $42,227

Shanghai Chuan Shi Auction Co ,. 163 Shanghai 49 7 14 .29% ¥156,400 $24,460 Ltd .

Shanghai Hua Yu Auction Co ,. 164 Shanghai 6,901 4,395 63 .69% ¥37,722,50 0 $5,899,672 Ltd .

Shanghai Hua Xia Auction Co ,. 165 Shanghai 503 264 52 .49% ¥3,595,600 $562,340 Ltd .

Shanghai Duo Yun Xuan Auction 166 Shanghai 9,738 7,4 5 3 76 .54% ¥580,906,500 $90,851,814 Co ., Ltd .

Shanghai Possession Auction 167 Shanghai 724 297 41 .02% ¥9,024,900 $1,411,464 Co ., Ltd .

Shanghai Yangming Auction Co ,. 168 Shanghai 3,000 2,167 72 .23% ¥11,540,000 $1,804,817 Ltd .

Shanghai Chi Han Auction Co ,. 169 Shanghai 6,787 4,286 63 .15% ¥153,105,300 $23,945,152 Ltd .

Shanghai Technology Property 170 Shanghai 0 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

Shanghai Fan Hua Auction Co ,. 171 Shanghai 6,728 1,552 23 .07% ¥32,234,000 $5,041,289 Ltd .

Shanghai Hong Da Auction Co ,. 172 Shanghai 1,246 28 2 .25% ¥878,000 $137,316 Ltd .

Shanghai Hong Yuan Auction Co ,. 173 Shanghai Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

Shanghai Qing Lian Ge Auction 174 Shanghai 12,628 5,806 45 .98% ¥6,578,500 $1,028,855 Co ., Ltd .

175 Shanghai Shanghai Auction Co ,. Ltd . 14,422 8,239 57 13%. ¥100,379,000 $15,698,937

176 Shanghai Shanghai Qi Bei Auction Co ,. Ltd . 639 463 72 .46% ¥ 7, 247,6 0 0 $1,133,500

Shanghai International 177 Shanghai 6,790 4,947 72 .86% ¥97,532,300 $15,253,722 Commodity Auction Co ,. Ltd .

Shanghai Mission Auction Co, . 178 Shanghai 1,024 973 95 .02% ¥816,072,300 $127,630,951 Ltd .

Shanghai He Run Auction Co ,. 179 Shanghai Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

Shanghai He Yun Auction Co ,. 180 Shanghai 291 8 2 .75% ¥42,500 $6,647 Ltd .

Shanghai Golden Art Auction Co ,. 181 Shanghai Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

182 Shanghai Shanghai Jinhu Auction Co ,. Ltd . 4,083 1,630 39 .92% ¥3,320,400 $519,299

Shanghai Jin Chui Commodity 183 Shanghai 0 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

Shanghai Hosane Auction Co ,. 184 Shanghai 15,857 10,767 67 .9 0% ¥275,358,600 $43,065,155 Ltd .

Shanghai Bao Long Auction Co ,. 185 Shanghai 0 0 0 .00% ¥0 $0 Ltd .

Shanghai Baojiang Auction Co ,. 186 Shanghai 2,221 1,300 58 .53% ¥8,350,000 $1,305,912 Ltd .

Shanghai Yu Zhen Auction Co ,. 187 Shanghai 0 0 0 .00% ¥0 $0 Ltd .

Shanghai Chunqiu Hall Artwork 188 Shanghai 1,673 769 45 .97% ¥58,802,900 $9,196,575 Auction Co ,. Ltd .

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

Shanghai Hou Bao Auction Co ,. 189 Shanghai 20 2 10 .00% ¥3,900 $610 Ltd .

Shanghai Pin Cang Auction Co ,. 190 Shanghai 0 0 0 .00% ¥0 $0 Ltd .

Shanghai Heng Li Auction Co ,. 191 Shanghai 1,158 283 24 .44% ¥132,902,000 $20,785,424 Ltd .

Shanghai Sheng An Auction Co ,. 192 Shanghai 2,922 2,335 79 .91% ¥66,191,300 $10,352,096 Ltd .

Shanghai Li Yuan Auction Co ,. 193 Shanghai Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

Shanghai Hai Tong Auction Co ,. 194 Shanghai 0 0 0 .00% ¥0 $0 Ltd .

195 Shanghai Shanghai Jie Li Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

Shanghai Huang Pu Auction Co ,. 196 Shanghai 512 117 22 .85% ¥8,060,800 $1,260,682 Ltd .

Shanghai Chongyuan Artwork 197 Shanghai 4,439 2,232 50 .28% ¥24,123,100 $3,772,771 Auction Co ,. Ltd .

Shanghai Ming Guang Auction 198 Shanghai 1,268 532 41 .96% ¥42,142,700 $6,590,976 Co ., Ltd .

Shanghai Kang Hua Auction Co ,. 199 Shanghai 729 220 30 .18% ¥11,470,000 $1,793,869 Ltd .

Shanghai Hong Sheng Auction 200 Shanghai 5,509 1,378 25 .01% ¥7,184,000 $1,123,553 Co ., Ltd .

Shanghai Hong Hai Commodity 201 Shanghai 1,786 168 9 .41% ¥1,435,200 $224,460 Auction Co ,. Ltd .

Shanghai Han Gu Xuan Auction 202 Shanghai 1,175 222 18 .89% ¥11,310,000 $1,768,846 Co ., Ltd .

Shanghai Bo Gu Zhai Auction 203 Shanghai 5,507 2,994 54 .37% ¥64,463,000 $10,081,795 Co ., Ltd .

Shanghai Bo Hai Auction Co ,. 204 Shanghai 4,468 224 5 .01% ¥1,428,000 $223,334 Ltd .

205 Shanghai Shanghai Union Auction Co ,. Ltd . 1,995 1,336 66 .97% ¥65,681,400 $10,272,349

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

Shanghai Jing Hua Artwork 206 Shanghai 2,644 943 35 .67% ¥182,605,000 $28,558,805 Auction Co ,. Ltd .

Shanghai Ya Cang Auction Co ,. 207 Shanghai Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

Shanghai Dowmin Auction Co ,. 208 Shanghai 3,723 2,959 79 .48% ¥29 5,6 07,10 0 $46,231,952 Ltd .

Shanghai Rui Xing Auction Co ,. 209 Shanghai Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

Shanghai Xin Hua Auction Co ,. 210 Shanghai 1,023 174 17 .01% ¥67,810,000 $10,605,255 Ltd .

211 Shanghai Shanghai Jia He Auction Co ,. Ltd . 2,416 1,914 79 .22% ¥524,970,000 $82,103,535

Shanghai Jia Duo Auction Co ,. 212 Shanghai 0 0 0 .00% ¥0 $0 Ltd .

213 Shanghai Shanghai Jia Tai Auction Co ,. Ltd . 5,361 1,941 36 .21% ¥116,457,100 $18,213,497

Shanghai Galaxy Auction Co ,. 214 Shanghai Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

Shanghai Justic Auctions Co ,. 215 Shanghai 513 66 12 .87% ¥336,000 $52,549 Ltd .

216 Shanghai Rong Bao Zhai Auction Co ,. Ltd . 2,713 1,755 64 .69% ¥319,062,000 $49,900,219

Total in Shanghai 172,753 89,368 51 .73% ¥5,086,804,500 $795,559,040

Chongqing Chinese Cultural Relic 217 Chongqing 832 522 62 .74% ¥19,184,100 $3,000,328 Auction Co ,. Ltd .

Chongqing Heng Sheng Auction 218 Chongqing 618 413 66 .83% ¥4,796,000 $750,078 Co ., Ltd .

Total in Chongqing 1,450 935 64 .48% ¥23,980,100 $3,750,407

219 Hebei Hebei Da Ma Auction Co ,. Ltd . 1,427 353 24 .74% ¥1,411,200 $220,707

220 Hebei Hebei Jia Hai Auction Co ,. Ltd . 371 295 79 .51% ¥132,346,200 $20,698,499

221 Hebei Hebei Han Hua Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

Total in Hebei 1,798 648 36 .04% ¥133,757,400 $20,919,206

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

222 Shanxi Shanxi Bai Ye Auction Co ,. Ltd . 97 45 46 .39% ¥1,666,500 $260,635

223 Shanxi Shanxi Xing Jin Auction Co ,. Ltd . 1,030 111 10 .78% ¥2,124,600 $332,280

224 Shanxi Shanxi Jin Bao Auction Co ,. Ltd . 2,143 695 32 .43% ¥14,190,800 $2,219,393

225 Shanxi Shanxi Jin Tong Auction Co ,. Ltd . 321 133 41 .43% ¥3,601,900 $563,325

226 Shanxi Shanxi Jin De Auction Co ,. Ltd . 1,298 503 38 .75% ¥45,929,900 $7,18 3, 281

Shanxi Rong Yi Da Auction Co ,. 227 Shanxi 469 338 72 .07% ¥1,205,900 $188,599 Ltd .

Total in Shanxi 5,358 1,825 34 .06% ¥68,719,600 $10,747,513

228 Liaoning Liaoning You Li Auction Co ,. Ltd . 271 61 22 .51% ¥2,253,600 $352,455

Liaoning Zhong Zheng Auction 229 Liaoning 1,780 602 33 .82% ¥6,560,000 $1,025,962 Co ., Ltd .

230 Liaoning Liaoning Hua An Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

Liaoning International Commodity 231 Liaoning 286 39 13 .64% ¥10,470,500 $1,637,551 Auction Co ,. Ltd .

Liaoning Jian Tou Auction Co ,. 232 Liaoning 3,184 563 17 .6 8% ¥15,796,900 $2,470,582 Ltd .

233 Liaoning Fu Jia Zhai Auction Co ,. Ltd . 392 70 17 .8 6% ¥3,526,000 $551,454

Total in Liaoning 5,913 1,335 22 .58% ¥38,607,000 $6,038,004

234 Jilin Jilin Hong Qiao Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

Total in Jilin 0 0 0 .00% ¥0 $0

Heilongjiang Jia Rui Auction Co ,. 235 Heilongjiang 0 0 0 .00% ¥0 $0 Ltd .

Total in Heilongjiang 0 0 0 .00% ¥0 $0

236 Jiangsu Wuxi Yangxian Auction Co ,. Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

237 Jiangsu Jiangsu Jiu De Auction Co ,. Ltd . 1,788 369 20 .64% ¥38,401,100 $6,005,802

Jiangsu Tiancheng Auction Co ,. 238 Jiangsu Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

239 Jiangsu Jiangsu Wu Ai Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

Jiangsu Wu Cai Shi Auction Co ,. 240 Jiangsu Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

Jiangsu Zhong Shan Auction Co ,. 241 Jiangsu 186 15 8 .06% ¥91,300 $14,279 Ltd .

Jiangsu Phoenix International 242 Jiangsu 2,660 853 32 .07% ¥75,833,900 $11,860,166 Auction Co ,. Ltd .

Jiangsu Longcheng Auction Co ,. 243 Jiangsu 1,646 415 25 .21% ¥11,368,100 $1,777,932 Ltd .

244 Jiangsu Jiangsu Sutian Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

Jiangsu Lianghan Auction Co ,. 245 Jiangsu 0 0 0 .00% ¥0 $0 Ltd .

Jiangsu Kuang Shi International 246 Jiangsu Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

Jiangsu Cang Hai Auction Co ,. 247 Jiangsu 636 143 22 .48% ¥5,163,000 $807,476 Ltd .

248 Jiangsu Jiangsu Auction Co ,. Ltd . 880 83 9 .43% ¥1,482,500 $231,858

Jiangsu Shi Cheng Auction Co ,. 249 Jiangsu 603 182 30 .18% ¥2,541,500 $397,482 Ltd .

Jiangsu Zhen De Auction Co ,. 250 Jiangsu 2,136 340 15 .92% ¥3,952,000 $618,079 Ltd .

251 Jiangsu Jiangsu Ai Tao Auction Co ,. Ltd . 964 246 25 .52% ¥25,971,200 $4,061,808

Jiangsu Huai Hai International 252 Jiangsu 1,700 210 12 .35% ¥2,810,500 $439,553 Auction Co ,. Ltd .

Jiangsu Jing Hong International 253 Jiangsu 250 30 12 .00% ¥390,100 $61,010 Auction Co ,. Ltd .

Jiangsu JiaHeng International 254 Jiangsu 1,166 102 8 .75% ¥791,000 $123,710 Auction Co ,Ltd. .

255 Jiangsu Jiangsu Ju De Auction Co ,. Ltd . 1,899 951 50 .08% ¥102,830,800 $16,082,390

Suzhou Orient Artwork Auction 256 Jiangsu 1,384 430 31 .07% ¥32,380,500 $5,064,201 Co ., Ltd .

257 Jiangsu Suzhou Wu Men Auction Co ,. Ltd . 2,096 674 32 .16% ¥30,465,600 $4,764,717

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

Nanjing Shi Zhu Zhai Auction Co ,. 258 Jiangsu 2,231 510 22 .86% ¥10,010,000 $1,565,530 Ltd .

Nanjing Zheng Da Auction Co ,. 259 Jiangsu 949 140 14 .75% ¥6,082,300 $951,251 Ltd .

260 Jiangsu Nanjing Classic Auction 3,238 1,553 47 .9 6% ¥93,478,300 $14,619,690

261 Jiangsu Nanjing Jia Xin Auction Co ,. Ltd . 875 561 64 .11% ¥9,891,000 $1,546,919

Total in Jiangsu 27, 287 7,8 07 28 .61% ¥453,934,700 $70,993,854

262 Zhejiang Ningbo Fu Bang Auction Co ,. Ltd . 577 102 17 .6 8% ¥9,378,300 $1,466,734

263 Zhejiang Xiling Yinshe Auction Co ,. Ltd . 9,095 7,73 9 85 .09% ¥2,537,975,500 $396,930,794

Hangzhou Tiangong Yiyuan 264 Zhejiang 1,169 235 20 .10% ¥4,640,400 $725,743 Auction Co ,. Ltd .

Hangzhou Wang Tian 265 Zhejiang 0 0 0 .00% ¥0 $0 International Auction Co ,. Ltd .

Shaoxing Han Yue Tang Auction 266 Zhejiang 314 171 54 .46% ¥371,400 $58,086 Co ., Ltd .

267 Zhejiang Zhejiang Yitong Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

Zhejiang San Jiang Auction Co ,. 268 Zhejiang 1,640 357 21 .77% ¥45,255,100 $7,077,74 5 Ltd .

269 Zhejiang Zhejiang Da Di Auction Co ,. Ltd . 2,378 622 26 .16% ¥12,909,800 $2,019,049

Zhejiang Zhong Cai Auction Co ,. 270 Zhejiang 1,055 41 3 .89% ¥1,230,500 $192,446 Ltd .

Zhejiang Zhong Ju Auction Co ,. 271 Zhejiang 597 205 34 .34% ¥75,600,000 $11,823,585 Ltd .

Zhejiang Chang Le Auction Co ,. 272 Zhejiang 567 523 92 .24% ¥268,505,000 $41,993,275 Ltd .

273 Zhejiang Zhejiang Liutong Auction Co ,. Ltd . 0 0 0 .00% ¥16,300,000 $2,549,265

Zhejiang Shi Mao Auction Co ,. 274 Zhejiang 2,394 397 16 .58% ¥4,212,600 $658,836 Ltd .

Zhejiang Hui Tong Auction Co ,. 275 Zhejiang 2,548 757 29 .71% ¥29,891,600 $4,674,945 Ltd .

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

276 Zhejiang Zhejiang Min He Auction Co ,. Ltd . 8 0 0 .00% ¥0 $0

277 Zhejiang Zhejiang Li Ze Auction Co ,. Ltd . 333 3 0 .90% ¥236,000 $36,910

278 Zhejiang Zhejiang Shi Dai Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

279 Zhejiang Zhejiang Kylin Auction Co ,. Ltd . 913 330 36 .14% ¥13,620,500 $2,130,200

Zhejiang International Commodity 280 Zhejiang 1,982 50 2 .52% ¥585,100 $91,508 Auction Co ,. Ltd .

281 Zhejiang Zhejiang Jia Bao Auction Co ,. Ltd . 2,333 1,511 64 .77% ¥82,886,300 $12,963,137

Zhejiang Jing Dian Auction Co ,. 282 Zhejiang 0 0 0 .00% ¥0 $0 Ltd .

Zhejiang Nan Bei Auction Co ,. 283 Zhejiang 256 94 36 .72% ¥68,189,200 $10,664,561 Ltd .

284 Zhejiang Zhejiang Auction Not Reported Not Reported Not Reported Not Reported Not Reported

Zhejiang Art Media Auction Co ,. 285 Zhejiang 893 771 86 .34% ¥164,306,500 $25,696,982 Ltd .

Zhejiang Qiantang Auction Co ,. 286 Zhejiang Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

Zhejiang Zhe Shang Auction Co ,. 287 Zhejiang 24 22 91 .67% ¥26,000 $4,066 Ltd .

Zhejiang Jun Cheng Auction Co ,. 288 Zhejiang 1,913 488 25 .51% ¥29,691,000 $4,643,572 Ltd .

Zhejiang Sheng Shi Auction Co ,. 289 Zhejiang 4,680 2,790 59 .62% ¥72,838,000 $11,391,617 Ltd .

Zhejiang Hong Jia Auction Co ,. 290 Zhejiang 1,484 293 19 .74% ¥ 7,3 6 6,6 0 0 $1,152,111 Ltd .

Zhejiang Hong An Auction Co ,. 291 Zhejiang 0 0 0 .00% ¥0 $0 Ltd .

292 Zhejiang Zhejiang Union Auction Co ,. Ltd . 503 496 98 .61% ¥9,259,500 $1,448,155

Zhejiang Haohoo International 293 Zhejiang 2,084 965 46 .31% ¥88,766,700 $13,882,812 Auction Co ,. Ltd .

294 Zhejiang Zhejiang Jiatai Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

Zhejiang Jia Hao Auction Co ,. 295 Zhejiang Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

296 Zhejiang Zhejiang Jiahan Auction Co ,. Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

Zhejiang Heng Dian Auction Co ,. 297 Zhejiang 393 69 17 .56% ¥451,800 $70,660 Ltd .

Wenzhou Hui Feng Auction Co ,. 298 Zhejiang 904 269 29 .76% ¥1,488,200 $232,749 Ltd .

Total in Zhejiang 41,037 19,300 47 .0 3% ¥3,545,981,600 $554,579,543

299 Anhui Anhui Yi Hai Auction Co ,. Ltd . 1,520 289 19 .01% ¥19,550,900 $3,057,695

Anhui Gu Jin Tian Yuan Auction 300 Anhui 166 56 33 .73% ¥645,900 $101,017 Co ., Ltd .

301 Anhui Anhui Xing Han Auction Co ,. Ltd . 50 12 24 .00% ¥196,000 $30,654

Anhui Pan Long Cooperation 302 Anhui 2,026 1,054 52 .02% ¥28,074,300 $4,390,726 Auction Co ,. Ltd .

Total in Anhui 3,762 1,411 37 .51% ¥4 8,467,10 0 $7,580,091

Xiamen Hua Chen Auction Co ,. 303 Fujian 478 330 69 .04% ¥158,734,500 $24,825,540 Ltd .

Xiamen Gu Yun Xuan Auction Co ,. 304 Fujian 2,719 116 4 .27% ¥8,427,70 0 $1,318,064 Ltd

305 Fujian Xiamen Te Pai Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

306 Fujian Fujian Yun Tong Auction Co ,. Ltd . 646 139 21 .52% ¥3,233,600 $505,724

307 Fujian Fujian Huaxia Auction Co ,. Ltd . 300 47 15 .67% ¥12,969,700 $2,028,417

308 Fujian Fujian Auction Co ,. Ltd . 1,289 842 65 .32% ¥503,395,000 $78,729,277

309 Fujian Fujian Ding Xin Auction Co ,. Ltd . 413 44 10 .65% ¥252,600 $39,506

310 Fujian Dingjia Auction (Fujian) Co ,. Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

Fujian Ju Zheng 311 Fujian 525 52 9 .90% ¥1,127,8 0 0 $176,384 Auction Co ,. Ltd .

Fujian Mao Yi Xin Tuo Auction 312 Fujian 653 116 17 .76% ¥602,900 $94,292 Co ., Ltd .

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

313 Fujian Fujian Jing Xuan Auction Co ,. Ltd . 2,596 1,849 71 .22% ¥20,341,000 $3,181,264

Total in Fujian 9,619 3,535 36 .75% ¥709,084,800 $110,898,467

Shandong Tongheng Auction Co ,. 314 Shandong 0 0 0 .00% ¥0 $0 Ltd .

Shandong New Century Auction 315 Shandong 1,273 336 26 .39% ¥15,846,000 $2,478,261 Co ., Ltd .

Qingdao Tian Qi Ge Auction Co ,. 316 Shandong Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

Qingdao Zhong Yi Auction Co ,. 317 Shandong 1,598 474 29 .66% ¥2,420,500 $378,558 Ltd .

Jianan International Auction Co ,. 318 Shandong Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

Rongbaozhai (Jinan) Auction Co ,. 319 Shandong 622 488 78 .46% ¥430,000,000 $ 67, 250,5 47 Ltd .

Total in Shandong 3,493 1,298 37 16%. ¥448,266,500 $70,107,366

320 Henan Zhengzhou Auction 935 351 37 .54% ¥6,340,500 $991,633

321 Henan Henan Huabao Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

322 Henan Henan Auction Co ,. Ltd . 1,354 1,123 82 .94% ¥1,612,300 $252,158

323 Henan Henan He Tong Auction Co ,. Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

324 Henan Henan Jin Di Auction Co ,. Ltd . 1,606 1,324 82 .44% ¥326,583,200 $51,076,509

Henan Hou Ming Auction Co ,. 325 Henan 300 85 28 .33% ¥920,000 $143,885 Ltd .

326 Henan Henan Ri Xin Auction Co ,. Ltd . 1,075 260 24 .19% ¥3,780,000 $591,179

327 Henan Henan Fang Di Auction Co ,. Ltd . 311 26 8 .36% ¥896,000 $140,131

328 Henan Henan Kuang Lu Auction Co ,. Ltd . 70 19 27 14%. ¥1,288,000 $201,439

329 Henan Henan Qingfeng Auction Co ,. Ltd . 71 15 21 .13% ¥1,790,000 $279,950

Henan Xin Heng Feng Auction 330 Henan 0 0 0 .00% ¥0 $0 Co ., Ltd .

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

Henan Yu Cheng Xiang Auction 331 Henan 885 432 48 .81% ¥10,398,100 $1,626,228 Co ., Ltd .

Henan Yuan Tian Auction Co ,. 332 Henan Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

Henan Hong Yuan Auction Co ,. 333 Henan 3,682 1,121 30 .45% ¥24,200,000 $3,784,798 Ltd .

334 Henan Henan Fude Auctions Co ,. Ltd . 293 55 18 .77% ¥4,350,500 $680,404

Jia Xin Cheng Auction Co ,. Ltd . 335 Henan 288 163 56 .60% ¥726,000 $113,544 (Zhengzhou)

Total in Henan 10,870 4,974 45 .76% ¥382,884,600 $59,881,858

Wuhan Zhongxin Auction Co ,. 336 Hubei 1,062 590 55 .56% ¥66,558,900 $10,409,587 Ltd .

337 Hubei Wuhan Da Tang Auction Co ,. Ltd . 786 317 40 .33% ¥6,855,800 $1,072,224

Hubei Shengdian Auction Co ,. 338 Hubei 1,646 451 27 .40% ¥2,462,000 $385,048 Ltd .

339 Hubei Hubei Jin Xin Auction Co ,. Ltd . 136 70 51 .47% ¥1,727,000 $270,097

Hubei Cheng Xin Auction Co ,. 340 Hubei 2,811 1,337 47 .56% ¥11,395,700 $1,782,249 Ltd .

Hubei Jiabao Yipin Auction Co ,. 341 Hubei 1,727 657 38 .04% ¥5,087,000 $795,590 Ltd .

Total in Hubei 8,168 3,422 41 .90% ¥94,086,400 $14,714,795

Hunan International Commodity 342 Hunan 1,604 1,009 62 .91% ¥1,478,000 $231,154 Auction Co ,. Ltd .

343 Hunan Hunan Yafeng Auction Co ,. Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

Total in Hunan 1,604 1,009 62 .91% ¥1,478,000 $231,154

Guangdong Xiao Ya Zhai Auction 344 Guangdong 1,303 126 9 .67% ¥12,665,000 $1,980,763 Co ., Ltd .

Guangdong Feng Huang Auction 345 Guangdong 296 77 26 .01% ¥ 7, 20 8,50 0 $1,127,3 8 5 Co ., Ltd .

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

Guangdong Guangde Auction 346 Guangdong 1,090 569 52 .20% ¥42,880,000 $6,706,287 Co ., Ltd .

Guangdong Huayou Auctions Co ,. 347 Guangdong 112 4 3 .57% ¥112,300 $17,56 3 Ltd .

Guangdong Xu Tong Da Auction 348 Guangdong 162 56 34 .57% ¥1,811,000 $283,234 Co ., Ltd .

Guangdong Qiao Xin Auction Co ,. 349 Guangdong 1,700 302 17 .76% ¥6,504,600 $1,017, 297 Ltd .

Guangdong Gu Jin Auction Co ,. 350 Guangdong 1,858 1,092 58 .77% ¥25,095,000 $3,924,773 Ltd .

351 Guangdong Guangdong Auction Co ,. Ltd . 1,812 1,072 59 .16% ¥59,968,000 $9,378,793

352 Guangdong GuangDong Poly Auction Co ,Ltd. . 726 541 74 .52% ¥25,400,000 $3,972,474

Guangdong Hao Hong Auction 353 Guangdong 270 100 37 .0 4% ¥605,400 $94,683 Co ., Ltd .

354 Guangdong Canton Treasure Auction Co ,. Ltd . 5,276 3,098 58 .72% ¥521,797,50 0 $ 81,6 07,3 6 6

Guangdong Jing Cheng Suo Zhi 355 Guangdong Not Reported Not Reported Not Reported Not Reported Not Reported Art Auction Co ,. Ltd .

Guangdong Heng Yi Auction Co ,. 356 Guangdong 1,245 831 66 .75% ¥57,569,800 $9,003,722 Ltd .

Guangzhou Huang Ma Auction 357 Guangdong 2,157 1,574 72 .97% ¥117,415,6 0 0 $18,363,403 Co ., Ltd .

Guangzhou Yin Tong Auction Co ,. 358 Guangdong 1,514 423 27 .9 4% ¥5,790,600 $905,630 Ltd .

Holly International Auctions Co ,. 359 Guangdong 5,661 2,186 38 .62% ¥497,501,70 0 $77,8 07,58 5 Ltd .

360 Guangdong Anhua Baiyun Auction Co ,. Ltd . 53 8 15 .09% ¥105,000 $16,422

Shenzhen Hua Xia Dian Cang 361 Guangdong 586 391 66 .72% ¥50,354,000 $7,875,195 Auction Co ,. Ltd .

362 Guangdong Shenzhen Auction Co ,. Ltd . 783 614 78 .42% ¥67,330,000 $10,530,185

Shenzhen Chengtou Auction Co ,. 363 Guangdong 0 0 0 .00% ¥0 $0 Ltd .

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

Total in Guangdong 26,604 13,064 49 .11% ¥1,500,114,000 $234,612,762

Guangxi Zheng Chui Auction Co ,. 364 Guangxi 1,385 346 24 .98% ¥6,309,200 $986,738 Ltd .

Guangxi Yong Hua Auction Co ,. 365 Guangxi 263 10 3 .80% ¥203,500 $31,827 Ltd .

Total in Guangxi 1,648 356 21 .60% ¥6,512,700 $1,018,564

Hainan An Da Xin Auction Co ,. 366 Hainan 0 0 0 .00% ¥0 $0 Ltd .

Total in Hainan 0 0 0 .00% ¥0 $0

Sichuan Zhongtian Auction Co ,. 367 Sichuan 0 0 0 .00% ¥0 $0 Ltd .

368 Sichuan Sichuan Shixi Auction Co ,. Ltd . 638 301 47 18%. ¥2,556,000 $399,750

369 Sichuan Sichuan Orient Auction Co ,. Ltd . 62 19 30 .65% ¥894,800 $139,944

Sichuan Dazhou Wan Xing 370 Sichuan 2,987 1,332 44 .59% ¥23,815,600 $3,724,679 Auction Co ,. Ltd .

Sichuan Menghu Auction Co ,. 371 Sichuan 615 146 23 .74% ¥3,280,500 $513,059 Ltd .

Sichuan Jia Cheng Auction Co ,. 372 Sichuan 91 1 1 .10% ¥4,400 $688 Ltd .

Sichuan Zhong Hua Auction Co ,. 373 Sichuan Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

Sichuan Yinsion World Auction 374 Sichuan 96 84 87 .50% ¥ 7,418,6 0 0 $1,160,244 Co ., Ltd .

375 Sichuan Sichuan Lian Pai Auction Co ,. Ltd . 4 0 0 .00% ¥0 $0

376 Sichuan Sichuan Jia Bao Auction Co ,. Ltd . 1,169 160 13 .69% ¥5,377,6 0 0 $841,038

Sichuan De Xuan Auction Co ,. 377 Sichuan 2,767 343 12 .40% ¥23,185,100 $3,626,071 Ltd .

378 Sichuan Sichuan Han Ya Auction Co ,. Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

379 Sichuan Chengdu Ba Yi Auction Co ,. Ltd . 1,939 543 28 .00% ¥33,053,400 $5,169,440

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

380 Sichuan Chengdu Jinsha Auction Co ,Ltd. . 1,047 457 43 .65% ¥3,104,000 $485,455

Chengdu Shi Bi Jia Auction Co ,. 381 Sichuan 1,208 520 43 .05% ¥14,430,000 $2,256,803 Ltd .

Total in Sichuan 12,623 3,906 30 .94% ¥117,120,000 $18,317,172

Yunnan Dian Cang Auction Co ,. 382 Yunnan 2,062 647 31 .38% ¥14,643,300 $2,290,163 Ltd .

Kunming Ya Shi De Auction Co ,. 383 Yunnan 1,908 784 41 .09% ¥6,127,000 $958,242 Ltd .

Total in Yunnan 3,970 1,321 33 .27% ¥20,770,300 $3,248,405

384 Shaanxi Xi’an Li Bang Auction Co ,. Ltd . 1,717 480 27 .9 6% ¥6,289,500 $983,657

385 Shaanxi Shaanxi Da De Auction Co ,. Ltd . 853 384 45 .02% ¥34,135,600 $5,338,693

Shaanxi Tian Yi International 386 Shaanxi 319 19 5 .96% ¥1,694,000 $264,936 Auction Co ,. Ltd .

Shaanxi Tianlong International 387 Shaanxi 219 149 68 .04% ¥4,679,900 $731,921 Auction Co ,. Ltd .

388 Shaanxi Shaanxi Wen De Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

Shaanxi Hua Qin Auction Co ,. 389 Shaanxi 0 0 0 .00% ¥0 $0 Ltd .

Shaanxi Hua Xia International 390 Shaanxi 304 196 64 .47% ¥18,676,600 $2,920,957 Auction Co ,. Ltd .

Shaanxi Bao Long Auction Co ,. 391 Shaanxi 109 77 70 .64% ¥22,528,500 $3,523,381 Ltd .

Shaanxi Cheng Zhi Auction Co ,. 392 Shaanxi Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

Shaanxi Qin Shang Auction Co ,. 393 Shaanxi 61 11 18 .03% ¥374,800 $58,617 Ltd .

Shaanxi Rui Chen Auction Co ,. 394 Shaanxi 639 72 11 .27% ¥648,000 $101,345 Ltd .

Total in Shaanxi 4,221 1,388 32 .88% ¥89,026,900 $13,923,506

Sell-Through Price Realized Price Realized # Region Auction House Lots Offered Lots Sold Rate (%) (RMB, Premium) (USD, Premium)

395 Gansu Weilai Sifang Auction Co ,. Ltd . 2,589 1,845 71 .26% ¥29,754,900 $4,653,566

Total in Gansu 2,589 1,845 71 .26% ¥29,754,900 $4,653,566

396 Ningxia Ningxia Li Ding Auction Co ,. Ltd . 60 10 16 .67% ¥1,162,700 $181,842

Total in Ningxia 60 10 16 .67% ¥1,162,700 $181,842

Total in China 701,977 327,928 46 .71% ¥35,788,306,300 $5,597,170,206

Lots Lots Sell-Through Price Realized Price Realized # Region Auction House Offered Sold Rate (%) (RMB, Premium) (USD, Premium)

1 Asia Sotheby’s Hong Kong 3,510 2,912 82 .96% ¥3,411,102,889 $533,484,969

2 Asia Christie’s Hong Kong 3,572 2,659 74 .44% ¥3,310,630,312 $ 517,771,3 97

3 Asia Poly Auction (Hong Kong) 2,416 1,361 56 .33% ¥1,298,865,221 $203,138,133

4 Asia China Guardian Hong Kong 1,597 1,061 66 .44% ¥549,550,633 $85,947,863

5 Asia Art Sea Hong Kong 1,669 325 19 .47% ¥462,529,190 $72,338,003

6 Asia Ravenel 473 382 80 .76% ¥319,685,263 $ 49,9 97,6 9 5

Hong Kong Zhongxin International 7 Asia 273 69 25 .27% ¥315,4 07,18 3 $49,328,618 Artwork Auctioneering Co ,. Ltd .

8 Asia Bonhams Hong Kong 1,377 715 51 .92% ¥3 0 5,677,129 $47,806,870

9 Asia Rongsheng International Auction 198 111 56 .06% ¥230,459,973 $36,043,161

10 Asia Paragon International 1,868 1,304 69 .81% ¥163,205,388 $25,524,771

Hong Kong Huayang 11 Asia 240 37 15 .42% ¥161,790,134 $25,303,430 International Auction Co ,. Ltd .

12 Asia Fortune Auctioneers Ltd . 3,169 2,045 64 .53% ¥118,493,433 $18,531,973

13 Asia JSL Auction Co . 611 377 61 .70% ¥109,675,114 $17,152,817

14 Asia Kansai Art Auction Co ,. Ltd . 987 814 82 .47% ¥107,799,665 $16,859,503

15 Asia Zhong Cheng Auctions 320 264 82 .50% ¥ 77,101,925 $12,058,481

Art Emperor Technology 16 Asia 376 168 44 .68% ¥77,075,646 $12,054,371 & Culture Co ,. Ltd .

Taiwan Family International 17 Asia 229 183 79 .91% ¥67,523,3 62 $10,560,426 Auction

18 Asia Fu Der International Auction 1,271 914 71 .91% ¥57,160,776 $8,939,752

19 Asia Sino Art Auctioneers Ltd . 1,767 1,205 68 .19% ¥48,185,911 $7,536,114

20 Asia Marchance Auctioneers Limited 704 267 37 .9 3% ¥40,061,707 $6,265,516

Hong Kong Sincerity 21 Asia 1,372 980 71 .43% ¥39,570,812 $6,188,741 International Auction Co ,. Ltd .

22 Asia National Wealth Auctioneer Ltd . 968 362 37 .40% ¥39,050,404 $ 6,107,3 51

23 Asia Art Domu 862 519 60 .21% ¥35,346,086 $5,528,008

Lots Lots Sell-Through Price Realized Price Realized # Region Auction House Offered Sold Rate (%) (RMB, Premium) (USD, Premium)

Art Number One 24 Asia 274 114 41 .61% ¥27,3 87,617 $4,283,331 International Auction Company

25 Asia Treasure Auctioneer Limited 907 511 56 .34% ¥23,179,912 $3,625,260

Borobudur Fine Art 26 Asia 94 56 59 .57% ¥21,890,849 $3,423,655 Auction Pte . Ltd .

27 Asia Kingsley Art Auction 150 116 77 .3 3% ¥21,024,804 $3,288,208

28 Asia 33 Auction 101 70 69 .31% ¥20,698,350 $ 3, 237,152

Paidegao International 29 Asia 948 402 42 .41% ¥15,389,787 $2,406,911 Auctioneer Limited

30 Asia All Arts Auctioneers Ltd 1,026 484 47 17%. ¥11,075,197 $1,732,123

31 Asia Est-Ouest Auctions Co ,. Ltd . 159 95 59 .75% ¥11,027,687 $1,724,693

32 Asia Jin Shi Arts Auctioneers Ltd . 380 218 57 .37% ¥10,612,337 $1,659,734

33 Asia Kelly’s Auction Hong Kong Limited 336 166 49 .40% ¥9,745,472 $1,524,159

Chinese Paintings & Arts 34 Asia 914 547 59 .85% ¥8,165,240 $1, 277,016 Auctioneer Co ,. Ltd .

35 Asia Epairich Auction 126 96 76 .19% ¥3,523,751 $551,103

Lexington Auction Room 36 Asia 156 50 32 .05% ¥3,354,796 $524,679 (Hong Kong) Limited

37 Asia United Asian Auctioneers 52 19 36 .54% ¥2,768,821 $433,034

38 Asia Seoul Auction 20 10 50 .00% ¥2,097,394 $328,025

39 Asia Asian Art Auction Alliance Co ,. Ltd . 37 11 29 .73% ¥1,920,598 $300,375

40 Asia iART Co ,. Ltd . 55 44 80 .00% ¥1,586,904 $248,186

41 Asia Henry Butcher Art Auctioneers 44 29 65 .91% ¥1,421,592 $222,332

42 Asia Mainichi Art Auction 46 38 82 .61% ¥1,261,656 $197,319

43 Asia Sidharta Auctioneer 3 2 66 .67% ¥1,238,182 $193,648

44 Asia L&H Auction 24 15 62 .50% ¥548,201 $85,737

45 Asia SBI Art Auction Co ,. Ltd . 12 10 83 .33% ¥266,801 $41,727

46 Asia Anderson Art 68 8 11 .76% ¥252,467 $39,485

Lots Lots Sell-Through Price Realized Price Realized # Region Auction House Offered Sold Rate (%) (RMB, Premium) (USD, Premium)

47 Asia Mallet Japan 9 8 88 .89% ¥222,548 $34,806

48 Asia Larasati Auctioneers 7 3 42 .86% ¥194,421 $30,407

Tiancheng International 49 Asia 4 2 50 .00% ¥85,656 $13,396 Auction Co ,. Ltd .

50 Asia Arts & Antiques Group (AAG) 6 2 33 .33% ¥39,935 $6,246

51 Asia K Auction 1 1 100 .00% ¥35,108 $5,491

52 Asia Apollo Auction 2 0 0 .00% ¥0 $0

53 Asia Gianguan Auctions (Singapore) 155 0 0 .00% ¥0 $0

54 Asia Hong Kong Jadely Auction Co ,. Ltd . 861 0 0 .00% ¥0 $0

55 Asia Ji Chai Auctioneers Ltd . 7 0 0 .00% ¥0 $0

56 Asia MuChunTang Auction 74 0 0 .00% ¥0 $0

Po Yuen International 57 Asia 620 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

58 Asia Shinwa Art Auction 1 0 0 .00% ¥0 $0

Singapore International Auctioneer 59 Asia 78 0 0 .00% ¥0 $0 Pte Ltd

60 Asia Taipei Mandarin Auction 112 0 0 .00% ¥0 $0

61 Asia Yibao International Auction Co ,. Ltd . 94 0 0 .00% ¥0 $0

Total in Asia 37,79 3 22,162 58 .64% ¥11,562,137,590 $1,808,279,260

62 Europe Sotheby’s London 830 547 65 .90% ¥197,664,838 $30,914,113

63 Europe Sotheby’s Paris 563 388 68 .92% ¥186,191,739 $29,119,759

64 Europe Christie’s Paris 725 518 71 .45% ¥168,114,491 $26,292,538

65 Europe Bonhams London 899 630 70 .08% ¥15 5,8 37,4 8 4 $24,372,456

66 Europe Christie’s London 856 605 70 .68% ¥130,516,881 $20,412,399

67 Europe Nagel Auktionen 2,656 1,122 42 .24% ¥94,519,240 $14,782,490

68 Europe Christie’s South Kensington 1,632 1,147 70 .28% ¥78,730,616 $12,313,202

69 Europe Artcurial | Briest - Poulain - F . Tajan 324 251 77 .47% ¥51,780,531 $8,098,300

Lots Lots Sell-Through Price Realized Price Realized # Region Auction House Offered Sold Rate (%) (RMB, Premium) (USD, Premium)

70 Europe Bukowskis Stockholm 1,091 866 79 .38% ¥49,392,162 $7,724,767

71 Europe Bonhams Knightsbridge 1,848 1,159 62 .72% ¥38,379,674 $6,002,451

72 Europe Lempertz 836 463 55 .38% ¥26,581,866 $ 4,157,314

73 Europe Tajan 936 561 59 .94% ¥25,011,964 $3,911,787

74 Europe Koller Auktionen Zürich 814 441 54 .18% ¥23,770,816 $ 3,717,675

75 Europe Auctionata AG 478 299 62 .55% ¥23, 217,0 02 $3,631,061

76 Europe Galerie Arcimboldo 79 47 59 .49% ¥22,389,966 $3,501,715

77 Europe Lyon & Turnbull 705 356 50 .50% ¥21,160,339 $3,309,406

78 Europe Bruun Rasmussen Auctioneers 119 84 70 .59% ¥19,391,585 $3,032,778

79 Europe Claude Aguttes 754 208 27 .59% ¥18,627,476 $2,913,274

80 Europe Ding Tian UK Auctions 81 80 98 .77% ¥14,109,173 $2,206,627

81 Europe Phillips London 32 23 71 .88% ¥11,412,251 $1,784,838

82 Europe Uppsala Auktionskammare 2 2 100 .00% ¥9,486,772 $1,483,699

83 Europe Piasa 41 26 63 .41% ¥6,254,597 $978,198

84 Europe Tennants 72 43 59 .72% ¥5,728,839 $895,971

85 Europe Dorotheum 150 92 61 .33% ¥4,776,901 $747,0 91

86 Europe Bonhams Edinburgh 347 243 70 .03% ¥4,320,961 $675,784

87 Europe Hampel Fine Art Auctions 361 75 20 .78% ¥3,978,410 $622,210

88 Europe Schuler Auktionen 103 77 74 .76% ¥3,865,953 $604,622

89 Europe De Vuyst 28 14 50 .00% ¥3,321,760 $519,512

90 Europe Sworders Fine Art Auctioneers 23 20 86 .96% ¥2,961,356 $463,146

91 Europe Leclere – Maison de Ventes 7 5 71 .43% ¥2,765,218 $432,471

92 Europe Bonhams Oxford 359 212 59 .05% ¥2,760,837 $431,786

93 Europe Cornette de Saint-Cyr 50 32 64 .00% ¥2,585,906 $404,427

94 Europe Stockholms Auktionsverk 36 30 83 .33% ¥2,565,629 $401,256

95 Europe im Kinsky 4 1 25 .00% ¥2,398,650 $375,141

Lots Lots Sell-Through Price Realized Price Realized # Region Auction House Offered Sold Rate (%) (RMB, Premium) (USD, Premium)

96 Europe Christie’s Amsterdam 6 6 100 .00% ¥1,9 47,4 32 $304,572

Versailles Enchères 97 Europe 3 3 100 .00% ¥1,831,799 $286,487 Perrin-Royère-Lajeunesse

98 Europe SVV Marie-Françoise Robert 1 1 100 .00% ¥1,705,546 $266,742

99 Europe Ader 88 66 75 .00% ¥1,612,238 $252,149

100 Europe Galerie Gloggner Luzern 7 7 100 .00% ¥1,567,267 $245,115

101 Europe Vanderkindere Auctioneer 19 18 94 .74% ¥1,325,350 $207, 28 0

102 Europe Auktionshaus Stahl 21 19 90 .48% ¥1,148,981 $179,697

103 Europe Van Ham Kunstauktionen 12 10 83 .33% ¥1,037,602 $162,278

104 Europe Ketterer Kunst München 16 10 62 .50% ¥1,036,060 $162,036

AuctionArt – Rémy Le Fur 105 Europe 6 4 66 .67% ¥871,665 $136,325 & Associés

106 Europe Il Ponte Casa D’Aste 11 11 100 .00% ¥790,756 $123,672

107 Europe Hôtel de Ventes Horta 20 19 95 .00% ¥654,743 $102,400

108 Europe Millon & Associés 20 6 30 .00% ¥617,015 $96,499

109 Europe Mallams 5 5 100 .00% ¥532,627 $83,301

110 Europe Galerie Fischer Auktionen AG 52 21 40 .38% ¥528,802 $82,703

111 Europe Drouot Estimations 1 1 100 .00% ¥527,429 $82,488

112 Europe Auktionshaus Kaupp GmbH 130 26 20 .00% ¥508,824 $79,578

113 Europe Fraysse & Associés 5 3 60 .00% ¥486,278 $76,052

114 Europe Cornette de Saint Cyr Bruxelles 18 13 72 .22% ¥474,358 $74,188

115 Europe Skånes Auktionsverk 20 14 70 .00% ¥472,105 $73,836

116 Europe Bruun Rasmussen Online 65 46 70 .77% ¥408,081 $63,823

Kunst- & Auktionshaus W . G . 117 Europe 24 11 45 .83% ¥407,987 $63,808 HERR

118 Europe Dobiaschofsky Auktionen AG 7 6 85 .71% ¥395,781 $61,899

Hargesheimer Kunstauktionen 119 Europe 29 21 72 .41% ¥380,883 $59,569 Düsseldorf GmbH

Lots Lots Sell-Through Price Realized Price Realized # Region Auction House Offered Sold Rate (%) (RMB, Premium) (USD, Premium)

120 Europe Pierre Bergé & Associés 15 8 53 .33% ¥376,280 $58,849

121 Europe Salle Rossini 9 4 44 .44% ¥372,435 $58,248

122 Europe Jean-Marc Delvaux 1 1 100 .00% ¥372,170 $58,206

123 Europe Artprecium 13 6 46 .15% ¥356,706 $55,788

124 Europe Auction House Zezula 10 6 60 .00% ¥346,423 $54,179

125 Europe Casa D’Aste Meeting Art S p. .A . 15 15 100 .00% ¥333,924 $52,225

126 Europe Galerie Kornfeld Bern 12 9 75 .00% ¥303,957 $ 47,5 3 8

Dreweatts & Bloomsbury 127 Europe 18 6 33 .33% ¥265,214 $41,479 Auctions London

128 Europe Rieunier & Associés 2 2 100 .00% ¥256,300 $40,084

Peter Karbstein Kunst 129 Europe 8 1 12 .50% ¥252,544 $39,497 & Auktionshaus

130 Europe Helsingborgs Auktionsverk 5 5 100 .00% ¥218,936 $34,241

131 Europe Baron Ribeyre & Associés 1 1 100 .00% ¥191,768 $29,992

132 Europe Primardeco 2 2 100 .00% ¥186,140 $29,112

133 Europe Aste Boetto 5 3 60 .00% ¥175,944 $27,517

134 Europe Hôtel des ventes de Monte-Carlo 5 2 40 .00% ¥157,14 5 $24,577

135 Europe Neumeister Kunstauktionen 28 6 21 .43% ¥133,209 $20,833

136 Europe Brussels Art Auctions 11 7 63 .64% ¥131,012 $20,490

137 Europe Porro & C . 1 1 100 .00% ¥123,621 $19,334

138 Europe Yann Le Mouel 4 3 75 .00% ¥120,205 $18,800

139 Europe Woolley & Wallis 6 5 83 .33% ¥116,296 $18,188

140 Europe Dr . Fischer Kunstauktionen 57 20 35 .09% ¥110,607 $17, 29 9

141 Europe Dogny Enchères 2 2 100 .00% ¥110,119 $17,222

142 Europe Cambi Casa D’Aste 1 1 100 .00% ¥107,0 0 5 $16,735

143 Europe Duke’s 4 3 75 .00% ¥95,264 $14,899

144 Europe Digard 3 3 100 .00% ¥91,964 $14,383

Lots Lots Sell-Through Price Realized Price Realized # Region Auction House Offered Sold Rate (%) (RMB, Premium) (USD, Premium)

145 Europe Cheffins 7 3 42 .86% ¥76,150 $11,910

146 Europe Winterberg Kunst 1 1 100 .00% ¥75,141 $11,752

147 Europe Capitoliumart Casa D’Aste 2 2 100 .00% ¥69,658 $10,894

148 Europe Roseberys Fine Art Auctioneers 2 2 100 .00% ¥67,0 51 $10,486

149 Europe Blindarte 4 2 50 .00% ¥65,004 $10,166

150 Europe Cannes Enchères 18 5 27 .78% ¥64,719 $10,122

151 Europe Ferraton 3 3 100 .00% ¥63,020 $9,856

152 Europe Hôtel des Ventes de Genève 2 1 50 .00% ¥59,448 $9,298

Metayer Maison de 153 Europe 2 2 100 .00% ¥53,015 $8,291 Ventes aux Enchères

154 Europe Crafoord Auktioner 4 4 100 .00% ¥52,809 $8,259

155 Europe Bukowskis Helsinki 2 2 100 .00% ¥44,762 $7,0 01

156 Europe FL Auction 9 1 11 .11% ¥40,085 $6,269

157 Europe Beurret & Bailly Auktionen AG 2 1 50 .00% ¥39,088 $6,113

158 Europe Campo & Campo 7 2 28 .57% ¥37,425 $5,853

159 Europe Pescheteau-Badin 2 2 100 .00% ¥33,930 $5,306

160 Europe Estim Nation 1 1 100 .00% ¥33,797 $5,286

161 Europe Christiania auktionsforretning AS 1 1 100 .00% ¥33,225 $5,196

162 Europe Art Richelieu 3 2 66 .67% ¥32,598 $5,098

163 Europe Lombrail-Teucquam 1 1 100 .00% ¥31,874 $4,985

164 Europe Pandolfini Casa D’Aste 2 1 50 .00% ¥31,870 $4,984

165 Europe Germann Auktionshaus AG 2 2 100 .00% ¥31,782 $4,971

166 Europe Bloomsbury Auctions 2 2 100 .00% ¥30,307 $4,740

167 Europe Galerie Bassenge 3 2 66 .67% ¥28,562 $4,467

168 Europe Dr . Irene Lehr Kunstauktionen 1 1 100 .00% ¥27,0 56 $4,231

169 Europe Blanchet & Associés 5 5 100 .00% ¥24,989 $3,908

170 Europe De Baecque & Associés 1 1 100 .00% ¥24,785 $3,876

Lots Lots Sell-Through Price Realized Price Realized # Region Auction House Offered Sold Rate (%) (RMB, Premium) (USD, Premium)

171 Europe Sadde Scp . 1 1 100 .00% ¥24,208 $3,786

172 Europe Karl & Faber 6 1 16 .67% ¥23,598 $3,691

173 Europe Fraisse & Jabot 4 1 25 .00% ¥22,542 $3,526

174 Europe Dorotheum Salzburg 5 2 40 .00% ¥22,088 $3,455

175 Europe Ferri 1 1 100 .00% ¥20,338 $3,181

176 Europe Salle de Ventes Saint-Job 1 1 100 .00% ¥19,393 $3,033

177 Europe The Bru Sale 8 2 25 .00% ¥18,882 $2,953

Estimations & Ventes 178 Europe 6 1 16 .67% ¥18,075 $2,827 aux Enchères, EVE

179 Europe Dorotheum Prague 3 3 100 .00% ¥17,46 8 $2,732

180 Europe Galleria Rosenberg 1 1 100 .00% ¥16,066 $2,513

181 Europe Le Brech & Associés 1 1 100 .00% ¥15,718 $2,458

182 Europe Villanfray & Associés 1 1 100 .00% ¥15,514 $2,426

183 Europe Azur Enchères Cannes 1 1 100 .00% ¥14,841 $2,321

184 Europe Éric Pillon Enchères 2 1 50 .00% ¥14,110 $2,207

185 Europe Hauswedell & Nolte 1 1 100 .00% ¥12,674 $1,982

186 Europe FidesArte 1 1 100 .00% ¥11,801 $1,846

187 Europe Gros & Delettrez 5 1 20 .00% ¥11,121 $1,739

188 Europe Fauve Paris 4 1 25 .00% ¥10,695 $1,673

189 Europe Delorme & Collin du Bocage 3 2 66 .67% ¥9,191 $1,437

190 Europe Casa D’Aste Vincent 2 2 100 .00% ¥ 7,49 4 $1,172

191 Europe Auktionshaus Michael Zeller 1 1 100 .00% ¥ 7,0 46 $1,102

192 Europe Bubb Kuyper Veilingen 1 1 100 .00% ¥6,340 $992

193 Europe Subastas Segre 8 1 12 .50% ¥4,792 $749

Jeschke van Vliet Auctions 194 Europe 4 1 25 .00% ¥4,316 $675 Berlin GmbH

195 Europe Néret-Minet Tessier & Sarrou 3 1 33 .33% ¥3,766 $589

Lots Lots Sell-Through Price Realized Price Realized # Region Auction House Offered Sold Rate (%) (RMB, Premium) (USD, Premium)

196 Europe Thierry de Maigret 1 1 100 .00% ¥3,191 $499

197 Europe Deburaux Aponem 1 1 100 .00% ¥22 $3

198 Europe Arnaud Yvos-Var Enchères 1 0 0 .00% ¥0 $0

199 Europe Artcurial Lyon 1 0 0 .00% ¥0 $0

200 Europe Artesegno Auctions 1 0 0 .00% ¥0 $0

201 Europe Artime Enchères 1 0 0 .00% ¥0 $0

202 Europe Art Valorem 1 0 0 .00% ¥0 $0

203 Europe Auktionshaus Dannenberg 1 0 0 .00% ¥0 $0

204 Europe Balclis 2 0 0 .00% ¥0 $0

205 Europe Boisgirard – Antonini 6 0 0 .00% ¥0 $0

206 Europe Castor – Hara 2 0 0 .00% ¥0 $0

207 Europe Dr . Andreas Sturies 1 0 0 .00% ¥0 $0

208 Europe Galerie Moderne 2 0 0 .00% ¥0 $0

209 Europe Gorringes Auction Galleries 1 0 0 .00% ¥0 $0

210 Europe Hotêl des Ventes Nice Riviéra 2 0 0 .00% ¥0 $0

211 Europe James Adam Salerooms 1 0 0 .00% ¥0 $0

212 Europe Kapandji Morhange 2 0 0 .00% ¥0 $0

213 Europe Kunstauktionshaus Günther 1 0 0 .00% ¥0 $0

214 Europe Kunstauktionshaus Schlosser 2 0 0 .00% ¥0 $0

215 Europe Louiza Auktion & Associés 3 0 0 .00% ¥0 $0

216 Europe Marc-Arthur Kohn 4 0 0 .00% ¥0 $0

217 Europe McTear’s Auctioneers 1 0 0 .00% ¥0 $0

218 Europe Morgan O’Driscoll 1 0 0 .00% ¥0 $0

219 Europe Osenat Scp . 2 0 0 .00% ¥0 $0

220 Europe Poleschi Casa D’Aste 3 0 0 .00% ¥0 $0

221 Europe Pousse-Cornet 1 0 0 .00% ¥0 $0

Lots Lots Sell-Through Price Realized Price Realized # Region Auction House Offered Sold Rate (%) (RMB, Premium) (USD, Premium)

Quittenbaum Kunstauktionen 222 Europe 1 0 0 .00% ¥0 $0 München

223 Europe Robert & Baille 1 0 0 .00% ¥0 $0

224 Europe Rops 3 0 0 .00% ¥0 $0

225 Europe Veilingen Rodin 2 0 0 .00% ¥0 $0

226 Europe Veritas Art Auctioneers 60 0 0 .00% ¥0 $0

227 Europe Vincent Wapler 1 0 0 .00% ¥0 $0

228 Europe Vlaamse Kaai Campo 1 0 0 .00% ¥0 $0

229 Europe Wannenes Art Auctions 1 0 0 .00% ¥0 $0

Total in Europe 18,943 11,221 59 .24% ¥1,442,674,119 $225,629,359

230 North America Sotheby’s New York 1,453 1,068 73 .50% ¥653,021,279 $102,130,322

231 North America Christie’s New York 2,576 2,108 81 .83% ¥496,860,163 $77,707, 251

232 North America Skinner 1,318 486 36 .87% ¥168,380,414 $26,334,128

233 North America Doyle New York 688 554 80 .52% ¥86,692,147 $13,558,359

234 North America Bonhams San Francisco 2,204 1,485 67 .3 8% ¥70,105,664 $10,964,289

235 North America Freeman’s 1,234 873 70 .75% ¥55,151,607 $8,625,525

236 North America Bonhams New York 332 244 73 .49% ¥32,014,355 $5,006,937

237 North America Leslie Hindman Auctioneers 1,055 627 59 .43% ¥25,914,409 $4,052,926

238 North America Brunk Auctions 337 300 89 .02% ¥23,426,286 $3,663,792

239 North America Golden State Auction Gallery 861 359 41 .70% ¥23,204,389 $3,629,088

240 North America Kaminski Auctions 856 590 68 .93% ¥18,497,011 $2,892,870

241 North America Sun Auction NY 119 119 100 .00% ¥15,505,022 $2,424,933

242 North America I M. . Chait 1,293 838 64 .81% ¥14,197,9 47 $2,220,511

243 North America RB Gallery 550 161 29 .27% ¥9,378,905 $1,466,829

244 North America Neal Auction Company 514 510 99 .22% ¥8,319,422 $1,301,129

Pook & Pook, Inc . 245 North America 110 103 93 .64% ¥7,839,289 $1,226,038 Auctioneers and Appraisers

Lots Lots Sell-Through Price Realized Price Realized # Region Auction House Offered Sold Rate (%) (RMB, Premium) (USD, Premium)

246 North America Heritage Auctions Texas 276 223 80 .80% ¥7,559,038 $1,182,208

247 North America Phillips New York 13 10 76 .92% ¥7,443,415 $1,164,125

Waddington’s Auctioneers 248 North America 253 175 69 .17% ¥6,830,902 $1,068,330 and Appraisers

249 North America New Orleans Auction Galleries 600 382 63 .67% ¥5,723,226 $895,093

250 North America Fine Art Auctions Miami 6 3 50 .00% ¥4,647,799 $726,900

251 North America Elite Decorative Arts 379 222 58 .58% ¥3,983,491 $623,005

Stair Galleries – 252 North America 131 115 87 .79% ¥3,011,467 $470,983 Auctioneers & Appraisers

253 North America The Potomack Company 51 42 82 .35% ¥2,680,403 $419,206

254 North America Coeur d’Alene Art Auction 4 4 100 .00% ¥2,225,592 $348,075

255 North America Cowan’s Auctions, Inc . 216 157 72 .69% ¥2,221,263 $ 3 47,3 9 8

256 North America Bonhams Los Angeles 228 150 65 .79% ¥2,083,101 $325,790

257 North America Northeast Auctions 117 105 89 .74% ¥2,021,207 $316,110

258 North America Jackson’s 65 58 89 .23% ¥1,869,418 $292,371

259 North America Michaan’s Auctions 53 41 77 .3 6% ¥1,818,082 $284,342

260 North America artnet Auctions 34 34 100 .00% ¥1,562,879 $244,429

261 North America Heritage Auctions New York 23 15 65 .22% ¥1,504,591 $235,313

262 North America Wright 11 9 81 .82% ¥1,137,8 0 0 $177,948

263 North America Altair Auctions & Appraisals 28 15 53 .57% ¥1,127,978 $176,412

DuMouchelles Fine Arts 264 North America 12 11 91 .67% ¥1,101,814 $172,320 Auctioneers and Estate Appraisal

265 North America Quinn’s Auction Galleries 52 48 92 .31% ¥1,019,549 $159,454

266 North America Eldred’s 224 118 52 .68% ¥969,957 $151,698

267 North America Grogan & Company 67 67 100 .00% ¥948,173 $148,291

268 North America Rago Arts and Auction Center 78 55 70 .51% ¥744,732 $116,474

John Moran 269 North America 15 13 86 .67% ¥600,723 $93,951 Auctioneers & Appraisers

Lots Lots Sell-Through Price Realized Price Realized # Region Auction House Offered Sold Rate (%) (RMB, Premium) (USD, Premium)

270 North America Altermann Galleries & Auctioneers 16 5 31 .25% ¥531,584 $83,138

271 North America Jackson Hole Art Auction 7 5 71 .43% ¥456,340 $71,370

272 North America Swann Galleries 9 9 100 .00% ¥320,979 $50,200

273 North America Shapiro Auctions 1 1 100 .00% ¥312,027 $48,800

274 North America Maynards 28 13 46 .43% ¥212,796 $33,281

Clark’s Fine Art Gallery 275 North America 4 4 100 .00% ¥189,166 $29,585 & Auctioneers Inc .

276 North America Shannon’s 2 2 100 .00% ¥161,129 $25,200

277 North America Clars Auction Gallery 12 7 58 .33% ¥100,239 $15,677

278 North America Morton Houston 6 5 83 .33% ¥ 77,79 6 $12,167

279 North America James D . Julia Auctioneer 8 6 75 .00% ¥ 77, 24 0 $12,080

280 North America Heffel Fine Art Auction House 3 3 100 .00% ¥70,949 $11,096

281 North America Weschler’s 3 3 100 .00% ¥69,036 $10,797

282 North America Hodgins Art Auctions 6 6 100 .00% ¥59,584 $9,319

283 North America Barridoff Galleries 3 2 66 .67% ¥53,710 $8,400

284 North America Gray’s Auctioneers 29 10 34 .48% ¥52,548 $8,218

285 North America Burchard Galleries 7 7 100 .00% ¥47,3 8 9 $7,412

286 North America Auctionata New York 3 2 66 .67% ¥46,804 $7,320

287 North America Garth’s Auctions 17 5 29 .41% ¥46,133 $7, 215

288 North America Susanin’s 2 2 100 .00% ¥43,294 $6,771

289 North America Quinn & Farmer 1 1 100 .00% ¥42,904 $6,710

290 North America Rachel Davis Fine Arts 1 1 100 .00% ¥42,904 $6,710

291 North America Sloans & Kenyon 5 4 80 .00% ¥33,153 $5,185

292 North America Thomaston Place Auction Galleries 4 2 50 .00% ¥30,228 $4,728

293 North America Dallas Auction Gallery 1 1 100 .00% ¥23,978 $3,750

294 North America Treadway Toomey Galleries 2 1 50 .00% ¥23,402 $3,660

295 North America RoGallery .com 30 5 16 .67% ¥20,522 $3,210

Lots Lots Sell-Through Price Realized Price Realized # Region Auction House Offered Sold Rate (%) (RMB, Premium) (USD, Premium)

296 North America Keno Auctions 1 1 100 .00% ¥20,461 $3,200

297 North America Levis Fine Art Auctions 2 1 50 .00% ¥19,981 $3,125

Leland Little Auction 298 North America 3 3 100 .00% ¥19,821 $3,100 & Estate Sales

299 North America Palm Beach Modern Auctions 3 1 33 .33% ¥15,601 $2,440

300 North America Los Angeles Modern Auctions 4 3 75 .00% ¥11,989 $1,875

301 North America Stefek’s Auctioneers & Appraisers 5 2 40 .00% ¥11,209 $1,753

302 North America Dirk Soulis Auctions 2 2 100 .00% ¥6,826 $1,068

Trinity International Auctions 303 North America 2 1 50 .00% ¥6,074 $950 & Appraisals

304 North America Aspire Auctions 2 1 50 .00% ¥3,491 $546

305 North America Akiba Antiques 5 0 0 .00% ¥0 $0

306 North America Beaux-Arts Auction 3 0 0 .00% ¥0 $0

307 North America Han Lin Auction 66 0 0 .00% ¥0 $0

308 North America Santa Monica Auctions 1 0 0 .00% ¥0 $0

309 North America Scottsdale Art Auction 3 0 0 .00% ¥0 $0

Total in North America 18,748 12,624 67 .3 4% ¥1,776,606,192 $277,8 5 5, 207

310 Rest of the World Sotheby’s Australia 300 220 73 .33% ¥10,361,468 $1,620,499

311 Rest of the World Bonhams Sydney 237 145 61 .18% ¥5,373,217 $840,353

312 Rest of the World McKenzies Auctioneers 2 2 100 .00% ¥2,930,383 $458,302

313 Rest of the World Mossgreen 12 4 33 .33% ¥1,231,269 $192,566

314 Rest of the World GFL Fine Art 1 1 100 .00% ¥108,133 $16,912

315 Rest of the World Lawson-Menzies 4 4 100 .00% ¥94,473 $14,775

316 Rest of the World Deutscher and Hackett 1 1 100 .00% ¥64,459 $10,081

317 Rest of the World Lawsons 3 1 33 .33% ¥27,3 92 $4,284

318 Rest of the World Castells 1 1 100 .00% ¥21,740 $3,400

319 Rest of the World Menzies Art Brands 5 1 20 .00% ¥2,269 $355

Lots Lots Sell-Through Price Realized Price Realized # Region Auction House Offered Sold Rate (%) (RMB, Premium) (USD, Premium)

320 Rest of the World ART+OBJECT 1 0 0 .00% ¥0 $0

321 Rest of the World Davidson Auctions 3 0 0 .00% ¥0 $0

322 Rest of the World Leonard Joel 1 0 0 .00% ¥0 $0

Matsart Auctioneers 323 Rest of the World 1 0 0 .00% ¥0 $0 and Appraisers

324 Rest of the World Shapiro Auctioneers 3 0 0 .00% ¥0 $0

325 Rest of the World Webb’s 1 0 0 .00% ¥0 $0

Total in the Rest of the World 576 380 65 .97% ¥20,214,802 $3,161,527

Overseas Total 76,060 46,387 60 .99% ¥14,801,632,703 $2,314,925,352

2014 List of Lots Sold for Over 10 Million RMB Mainland China 96 Global Chinese Art Auction Market Report 2014

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

2014 Autumn Auction: A Yellow-Glazed Wucai Chinese Beijing Hanhai Important Antiques, 1 Beijing Vase with Floral Pattern, Antiques and ¥89,700,000 $14,028,777 Auction Co ,. Ltd . Paintings, and Qing Kangxi Period Artworks Calligraphy

2014 Autumn Auction: A White-Glazed Wucai Chinese Beijing Hanhai Important Antiques, Bowl with Gold Relief 2 Beijing Antiques and ¥74,750,000 $11,690,647 Auction Co ,. Ltd . Paintings, and Floral Pattern, Yuan Artworks Calligraphy Dynasty

Beijing Inshine 2014 Spring Auction: Underglazed Blue Jar Chinese 3 Beijing International Fine Chinese Antiques with Floral Décor, Ming Antiques and ¥35,640,000 $5,573,976 Auction Co ,. Ltd . and Works of Art Yongle Period Artworks

2014 Autumn Auction: An Exceptional The Perfection of Lacquered Guqin Beijing Poly Chinese Confucius Perspective— with Original Box and 4 Beijing International Antiques and ¥33,120,000 $5,179,856 Five Treasures from Cover from Imperial Auction Co ,. Ltd . Artworks Qianlong’s Private Collection, Early Ming Arcadia Dynasty

Blue and White Beijing Inshine 2014 Spring Auction: Chinese ‘Phoenix’ Hibiscus Rim 5 Beijing International Fine Chinese Antiques Antiques and ¥31,320,000 $4,898,342 Plate, Ming Xuande Auction Co ,. Ltd . and Works of Art Artworks Period

2014 Spring Auction: China Guardian A Set of Purple Clay Chinese Collection of Modern 6 Beijing International Tea Ware Antiques and ¥28,750,000 $4,496,403 and Contemporary Auction Co ,. Ltd . by Gu Jingzhou Artworks Zisha Teapots

Blue and White Beijing Inshine 2014 Spring Auction: Chinese ‘Interlocking Lotus’ 7 Beijing International Fine Chinese Antiques Antiques and ¥28,080,000 $4,391,617 Meiping Vase, Ming Auction Co ,. Ltd . and Works of Art Artworks Yongle Period

Large Blue and White Chinese Tianjin Haitian 2014 Autumn Auction: 8 Tianjin Jar with Peony Décor, Antiques and ¥24,640,000 $3,853,613 Auction Co ,. Ltd . Fine Chinese Porcelain Yuan Dynasty Artworks

2014 Autumn Auction: China Guardian A Choice Collection— Chinese Folding Armchair, Late 9 Beijing International Chinese Ming Furniture Antiques and ¥23,575,000 $3,687,050 Ming Dynasty Auction Co ,. Ltd . from the Grace Wu Artworks Bruce Collection

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

A White Jade Ruyi Chinese Beijing Hanhai 2014 Spring Auction: 10 Beijing Scepter, Qing Jiaqing Antiques and ¥23,000,000 $3,597,122 Auction Co ,. Ltd . Chinese Jade Period Artworks

2014 Autumn Auction: A Yellow-Ground Blue Chinese Beijing Hanhai Important Antiques, and White Meiping 11 Beijing Antiques and ¥23,000,000 $3,597,122 Auction Co ,. Ltd . Paintings, and with Floral Décor, Qing Artworks Calligraphy Qianlong Period

2014 Autumn Auction: A Pair of Magnificent The Perfection of Beijing Poly and Imperial Carved Chinese Confucius Perspective— 12 Beijing International Zitan-Wood ‘Longevity’ Antiques and ¥22,425,000 $ 3,507,19 4 Five Treasures from Auction Co ,. Ltd . Cabinets, Qing Artworks Qianlong’s Private Qianlong Period Arcadia

China Guardian 2014 Spring Auction: A Shou Shan Stone Chinese 13 Beijing International Qingning—Modern and Seal with Horse Knob, Antiques and ¥20,700,000 $ 3, 237,410 Auction Co ,. Ltd . Contemporary Seal Art Qing Kangxi Period Artworks

A Stone Tablet 2014 Autumn Auction: Chinese Xiling Yinshe with Empress Wu’s 14 Zhejiang Fine Scholar’s Objects Antiques and ¥20,700,000 $ 3, 237,410 Auction Co ,. Ltd . Inscription, Tang and Antiques Artworks Dynasty

A Copper Jardinière Chinese Beijing Hanhai 2014 Spring Auction: 15 Beijing Incense Burner, Antiques and ¥20,125,000 $ 3,147,4 82 Auction Co ,. Ltd . Incense and Tea 17th Century Artworks

A ‘Fish-Basket’ Vessel Chinese Beijing Hanhai 2014 Spring Auction: in Imitation of Ju-Ware 16 Beijing Antiques and ¥19,550,000 $ 3,0 57,5 5 4 Auction Co ,. Ltd . Antiques and Curios (II) Glaze, Qing Qianlong Artworks Period

A Yellow-Ground Blue 2014 Autumn Auction: Chinese Beijing Hanhai and White ‘Lotus 17 Beijing Antiques, Paintings, and Antiques and ¥18,400,000 $2,877,6 9 8 Auction Co ,. Ltd . Bouquet’ Dish, Qing Calligraphy Artworks Yongzheng Period

‘Longshi’ Larderite Beijing Gu Tian 2014 Autumn Auction: Chinese Seal with Cloud 18 Beijing Yi International Fine Chinese Antiques Antiques and ¥17,250,000 $2,6 97,8 42 Decoration, Qing Auction Co ,. Ltd . and Works of Art Artworks Dynasty

Beijing Inshine 2014 Spring Auction: Tsun Vessel in Imitation Chinese 19 Beijing International Fine Chinese Antiques of Ju-Ware Glaze, Qing Antiques and ¥16,740,000 $2,618,079 Auction Co ,. Ltd . and Works of Art Qianlong Period Artworks

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

2014 Spring Auction: A Pair of High China Guardian Sublime and Divine— Chinese Continuous Yoke-Back 20 Beijing International Chinese Ming Furniture Antiques and ¥16,675,000 $2,6 07,914 Armchairs, Late Ming Auction Co ,. Ltd . from the Grace Wu Artworks Dynasty Bruce Collection

2014 Spring Auction: China Guardian Sublime and Divine— A Pair of Square-Corner Chinese 21 Beijing International Chinese Ming Furniture Cabinets, Ming or Early Antiques and ¥16,100,000 $2,517,986 Auction Co ,. Ltd . from the Grace Wu Qing Dynasty Artworks Bruce Collection

2014 Spring Auction: China Guardian Sublime and Divine— Huanghuali Wood Chinese 22 Beijing International Chinese Ming Furniture Drawing Table, Late Antiques and ¥16,100,000 $2,517,986 Auction Co ,. Ltd . from the Grace Wu Ming Dynasty Artworks Bruce Collection

Extremely Rare and China Guardian 2014 Autumn Auction: Fine Underglaze Chinese 23 Beijing International Fine Ming and Qing Copper-Red Double- Antiques and ¥16,100,000 $2,517,986 Auction Co ,. Ltd . Porcelain Gourd Vase, Qing Artworks Qianlong Period

Chinese Beijing Hanhai 2014 Autumn Auction: A Zitan Bench, Late 24 Beijing Antiques and ¥15,525,000 $2,428,058 Auction Co ,. Ltd . Ming and Qing Furniture Ming Period Artworks

Chinese Beijing Hanhai 2014 Spring Auction: A Bronze Weifu Vessel, 25 Beijing Antiques and ¥14,950,000 $2,338,129 Auction Co ,. Ltd . Antiques and Curios (II) Shang Dynasty Artworks

Famille-Rose Plaques Beijing Council 2014 Spring Auction: Chinese by Wang Qi, 26 Beijing International Chinese Ceramics and Antiques and ¥14,950,000 $2,338,129 Wang Dafan, and Auction Co ,. Ltd . Works of Art Artworks Wang Xiaotang

A Rare and Large White China Guardian 2014 Spring Auction: Chinese Jade Carved ‘Dragon’ 27 Beijing International Collection of Imperial Antiques and ¥14,950,000 $2,338,129 Brushwasher, Qing Auction Co ,. Ltd . Porcelain and Jade Artworks Qianlong Period

A Highly Important and 2014 Autumn Auction: Beijing Poly Rare Large Turquoise- Chinese Spirits of Excellence— 28 Beijing International Ground Rouge- Antiques and ¥14,375,000 $2,248,201 Selected Imperial Auction Co ,. Ltd . Enameled ‘Dragon’ Vase, Artworks Ceramics and Jade Qing Qianlong Period

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

A Magnificent and Large Blue and White Beijing Poly 2014 Spring Auction: Chinese Finely Painted ‘Florals 29 Beijing International The Art of the Antiques and ¥13,800,000 $2,158,273 and Fruits’ Vase Auction Co ,. Ltd . Great Ming Artworks Meiping, Ming Yongle Period

2014 Autumn Auction: Rare and Important The Perfection of Beijing Poly Celadon-Glazed with Chinese Confucius Perspective— 30 Beijing International Molded ‘Dragon and Antiques and ¥13,110,000 $2,050,360 Five Treasures from Auction Co ,. Ltd . Phoenix’ Vase, Qing Artworks Qianlong’s Private Qianlong Period Arcadia

Beijing Inshine 2014 Spring Auction: Coral Red-Glazed Hat Chinese 31 Beijing International Fine Chinese Antiques Stand, Qing Qianlong Antiques and ¥12,960,000 $2,026,900 Auction Co ,. Ltd . and Works of Art Period Artworks

Beijing Poly 2014 Autumn Auction: Chinese 32 Beijing International Important Gilt-Bronze 12th-Century Indra Antiques and ¥12,768,000 $1,996,872 Auction Co ,. Ltd . Buddhist Statues Artworks

2014 Autumn Auction: Chinese Beijing Hanhai Important Antiques, A Gilt-Bronze Tara, 33 Beijing Antiques and ¥12,650,000 $1,978,417 Auction Co ,. Ltd . Paintings, and Ming Xuande Period Artworks Calligraphy

A Blue and White Chinese Beijing Hanhai 2014 Autumn Auction: Meiping with Triple 34 Beijing Antiques and ¥12,650,000 $1,978,417 Auction Co ,. Ltd . Antiques and Curios Fruits Pattern, Qing Artworks Qianlong Period

A Very Rare and Large Beijing Poly 2014 Spring Auction: Chinese Blue and White ‘Florals 35 Beijing International The Art of the Antiques and ¥12,650,000 $1,978,417 and Fruits’ Bowl, Ming Auction Co ,. Ltd . Great Ming Artworks Xuande Period

2014 Spring Auction: The Exceptional Bluish- Beijing Poly Green Bowl from The Exceptional Bluish- Chinese 36 Beijing International Yamanaka Co. Inc. Green Bowl Signed by Antiques and ¥12,420,000 $1,942,446 Auction Co ,. Ltd . and Imperial Chinese Qianlong, Ming Dynasty Artworks Ceramics and Works of Art

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

A Carved Huanghuali Chinese Beijing Hanhai 2014 Autumn Auction: Four-Poster Canopy 37 Beijing Antiques and ¥12,075,000 $1,888,489 Auction Co ,. Ltd . Ming and Qing Furniture Bed with Dragon Artworks Pattern, Ming Dynasty

2014 Spring Auction: China Guardian Sublime and Divine— Chinese Six-Poster Canopy Bed, 38 Beijing International Chinese Ming Furniture Antiques and ¥12,075,000 $1,888,489 Late Ming Dynasty Auction Co ,. Ltd . from the Grace Wu Artworks Bruce Collection

Beijing Inshine 2014 Spring Auction: Famille-Rose Pagoda Chinese 39 Beijing International Fine Chinese Antiques with Raised Carvings, Antiques and ¥11,880,000 $1,8 57,9 92 Auction Co ,. Ltd . and Works of Art Qing Qianlong Period Artworks

2014 Autumn Auction: The Perfection of An Imperial Set of Three Beijing Poly Chinese Confucius Perspective— Exquisite Carved Yellow 40 Beijing International Antiques and ¥11,760,000 $1,839,224 Five Treasures from Crystal Seals, Qing Auction Co ,. Ltd . Artworks Qianlong’s Private Qianlong Period Arcadia

2014 Spring Auction: A Pair of Silver Beast- Chinese Beijing Hanhai 41 Beijing Antiques, Paintings, and Face Door Knockers, Antiques and ¥11,500,000 $1,798,561 Auction Co ,. Ltd . Calligraphy Qing Qianlong Period Artworks

2014 Autumn Auction: An Extremely Rare and Beijing Poly Chinese Imperial Ceramics Huge Blue and White 42 Beijing International Antiques and ¥10,500,000 $1,642,165 and Works of Art ‘Interlocking Peony’ Jar, Auction Co ,. Ltd . Artworks (Evening Sale) Yuan Dynasty

2014 Autumn Auction: Beijing Jiuge Important Fine Chinese Yellow Mountain 43 Beijing Auctions Co ,. Contemporary Paintings and ¥75,900,000 $11,870,504 by Yang Yan Ltd . Chinese Paintings and Calligraphy Calligraphy

2014 Spring Auction: Fine Chinese Beijing Hanhai Autumn Lotus 44 Beijing Antiques, Paintings, Paintings and ¥28,750,000 $4,496,403 Auction Co ,. Ltd . by Cui Ruzhuo and Calligraphy Calligraphy

2014 Spring Auction: Beijing Poly The Master of Important Fine Chinese Landscape 45 Beijing International Contemporary Ink Paintings and ¥23,000,000 $3,597,122 by Cui Ruzhuo Auction Co ,. Ltd . Paintings in the Calligraphy 20th Century

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

2014 Autumn Auction: Beijing Jiuge Family with Fine Chinese Important Contemporary 46 Beijing Auctions Co ,. Their Donkey Paintings and ¥20,700,000 $ 3, 237,410 Chinese Paintings and Ltd . by Fan Zeng Calligraphy Calligraphy

Beijing Poly 2014 Autumn Auction: Portrait of Fine Chinese 47 Beijing International Yanzhan—Contemporary Bada Shanren Paintings and ¥19,800,000 $3,096,653 Auction Co ,. Ltd . Chinese Ink Paintings by Tan Swie Hian Calligraphy

2014 Spring Auction: China Guardian Fine Chinese Grand View: Modern Lotus Pond 48 Beijing International Paintings and ¥17,825,000 $2,787,770 Chinese Paintings by Wu Guanzhong Auction Co ,. Ltd . Calligraphy Highlight

2014 Spring Auction: China Guardian Fine Chinese Grand View: Modern Lotus Pond 49 Beijing International Paintings and ¥15,180,000 $2,374,101 Chinese Paintings by Pan Gongkai Auction Co ,. Ltd . Calligraphy Highlight

Beijing Poly 2014 Spring Auction: Fine Chinese Roosters 50 Beijing International Contemporary Chinese Paintings and ¥14,950,000 $2,338,129 by Zhang Yudong Auction Co ,. Ltd . Ink Paintings (II) Calligraphy

2014 Spring Auction: China Guardian Fine Chinese Grand View: Modern Vines 51 Beijing International Paintings and ¥14,375,000 $2,248,201 Chinese Paintings by Wu Guanzhong Auction Co ,. Ltd . Calligraphy Highlight

2014 Autumn Auction: Chinese Communist- Welcome Fine Chinese Xiling Yinshe Themed Paintings 52 Zhejiang Chairman Mao Paintings and ¥13,800,000 $2,158,273 Auction Co ,. Ltd . and Calligraphy from by Cheng Shifa Calligraphy the Jing Feng Tang Collection

Beijing Council 2014 Spring Auction: Fine Chinese Colors of Autumn 53 Beijing International Chinese Paintings Paintings and ¥13,800,000 $2,158,273 by Wu Guanzhong Auction Co ,. Ltd . and Calligraphy Calligraphy

2014 Spring Auction: Fine Chinese Beijing Hanhai Snow Streams 54 Beijing Contemporary Chinese Paintings and ¥13,225,000 $2,068,345 Auction Co ,. Ltd . by Cui Ruzhuo Paintings Calligraphy

Beijing Council 2014 Spring Auction: Landscape of Mount Fine Chinese 55 Beijing International Chinese Paintings and Taihang Paintings and ¥13,220,000 $2,0 67,56 3 Auction Co ,. Ltd . Calligraphy by Jia Youfu Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

2014 Spring Auction: Fine Chinese Beijing Hanhai Showers in Spring 56 Beijing Contemporary Chinese Paintings and ¥11,500,000 $1,798,561 Auction Co ,. Ltd . by Cui Ruzhuo Paintings Calligraphy

Fine Chinese Beijing Hanhai 2014 Autumn Auction: Outing by the Spring 57 Beijing Paintings and ¥11,500,000 $1,798,561 Auction Co ,. Ltd . Incense and Tea by Wang Mingming Calligraphy

2014 Spring Auction: China Guardian Fine Chinese Grand View: Modern New City 58 Beijing International Paintings and ¥11,500,000 $1,798,561 Chinese Paintings by Wu Guanzhong Auction Co ,. Ltd . Calligraphy Highlight

Beijing Poly 2014 Autumn Auction: Fine Chinese Magpie and Fruit 59 Beijing International Contemporary Chinese Paintings and ¥11,500,000 $1,798,561 by Xing Dong Auction Co ,. Ltd . Ink Paintings (I) Calligraphy

Beijing Poly 2014 Autumn Auction: Fine Chinese Baitashan 60 Beijing International Qianlong Calligraphy— Paintings and ¥116,150,000 $18,165,468 by Emperor Qianlong Auction Co ,. Ltd . Essays on Baitashan Calligraphy

2014 Spring Auction: China Guardian Fine Chinese Important Private Dwelling with Elegance 61 Beijing International Paintings and ¥53,475,000 $8,363,309 Collection (IV)—Shadows by Hong Ren Auction Co ,. Ltd . Calligraphy of Huang Mountain

2014 Autumn Auction: Fine Chinese Beijing Hanhai Birds and Flowers 62 Beijing Antiques, Paintings, and Paintings and ¥43,700,000 $6,834,532 Auction Co ,. Ltd . by Zhu Da Calligraphy Calligraphy

2014 Spring Auction: Beijing Poly More Sublime When Fine Chinese Ink Bamboo 63 Beijing International Looking Up: Chinese Paintings and ¥41,440,000 $6,481,076 by Wentong and Sushi Auction Co ,. Ltd . Classical Paintings and Calligraphy Calligraphy Evening Sale

10th Anniversary Shanghai Fine Chinese Spring Auction: Landscape 64 Shanghai Tiancheng Paintings and ¥35,075,000 $5,485,612 Chinese Calligraphy by Tang Yin Auction Co ,. Ltd . Calligraphy and Paintings

2014 Spring Auction: Beijing Poly More Sublime When Fine Chinese Calligraphy 65 Beijing International Looking Up: Chinese Paintings and ¥35,075,000 $5,485,612 by Pu Guang Auction Co ,. Ltd . Classical Paintings and Calligraphy Calligraphy Evening Sale

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

2014 Spring Auction: Beijing Poly More Sublime When Fine Chinese Calligraphy 66 Beijing International Looking Up: Chinese Paintings and ¥33,300,000 $5,208,008 by Zhu Da Auction Co ,. Ltd . Classical Paintings and Calligraphy Calligraphy Evening Sale

2014 Spring Auction: Beijing Poly More Sublime When Scenery of Taihang Fine Chinese 67 Beijing International Looking Up: Chinese Mountain Paintings and ¥32,200,000 $5,035,971 Auction Co ,. Ltd . Classical Paintings and by Wang Hui Calligraphy Calligraphy Evening Sale

2014 Spring Auction: Shanghai Fine Chinese Classical Chinese Calligraphy 68 Shanghai Mission Auction Paintings and ¥27,120,000 $4,241,476 Paintings, Calligraphy, by Fu Shan Co, . Ltd . Calligraphy and Books

China Guardian 2014 Spring Auction: Fine Chinese Landscape 69 Beijing International Classical Chinese Paintings and ¥27,025,000 $4,226,619 by Wang Jian Auction Co ,. Ltd . Painting and Calligraphy Calligraphy

The Sutra of Beijing Poly 2014 Autumn Auction: Maitreya’s Ascension Fine Chinese 70 Beijing International Rare Books and & Descension and Paintings and ¥25,300,000 $3,956,835 Auction Co ,. Ltd . Manuscripts Diamond Sutra Calligraphy by Li Renrui

2014 Autumn Auction: Fine Chinese Beijing Hanhai Zhuzi Poem 71 Beijing Antiques, Paintings, Paintings and ¥23,000,000 $3,597,122 Auction Co ,. Ltd . by Emperor Kangxi and Calligraphy Calligraphy

2014 Spring Auction: Beijing Poly Writing Brush with Fine Chinese Calligraphy 72 Beijing International Great Power: Classical Paintings and ¥22,700,000 $3,550,203 by Yi Bingshou Auction Co ,. Ltd . Chinese Calligraphy Calligraphy Special Sale

2014 Autumn Auction: China Guardian Calligraphy in Running Fine Chinese Grand View: Chinese 73 Beijing International Script Paintings and ¥21,275,000 $3,327,338 Painting Highlight— Auction Co ,. Ltd . by Wang Duo Calligraphy Calligraphy by Wang Duo

2014 Spring Auction: China Guardian Grand View of Fine Chinese Important Private 74 Beijing International Landscape Paintings and ¥21,275,000 $3,327,338 Collection (IV)—Shadows Auction Co ,. Ltd . by Zhu Chang Calligraphy of Huang Mountain

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

2014 Spring Auction: Shanghai Fine Chinese Classical Chinese Waterfall 75 Shanghai Mission Auction Paintings and ¥21,130,000 $3,304,661 Paintings, Calligraphy, by Fa Ruozhen Co, . Ltd . Calligraphy and Books

Magpie and Plum 2014 Autumn Auction: Fine Chinese Beijing Hanhai Blossom Announcing 76 Beijing Antiques, Paintings, Paintings and ¥20,700,000 $ 3, 237,410 Auction Co ,. Ltd . the Spring and Calligraphy Calligraphy by Wang Yuan

10th Anniversary Shanghai Fine Chinese Autumn Auction: Bamboo and Rock 77 Shanghai Tiancheng Paintings and ¥20,125,000 $ 3,147,4 82 Chinese Calligraphy by Xia Chang Auction Co ,. Ltd . Calligraphy and Paintings

2014 Autumn Auction: China Guardian The Chunhuage Model Fine Chinese Grand View: Classical 78 Beijing International Calligraphy Paintings and ¥19,550,000 $ 3,0 57,5 5 4 Chinese Paintings Auction Co ,. Ltd . by Dong Qichang Calligraphy Highlight

2014 Spring Auction: Beijing Poly More Sublime When Fine Chinese Flower and Stone 79 Beijing International Looking Up: Chinese Paintings and ¥19,550,000 $ 3,0 57,5 5 4 by Zhu Da Auction Co ,. Ltd . Classical Paintings and Calligraphy Calligraphy Evening Sale

Beijing Council 2014 Autumn Auction: Leisure of Li Xu Fine Chinese 80 Beijing International Chinese Paintings and by Zhou Dao and Paintings and ¥18,630,000 $2,913,669 Auction Co ,. Ltd . Calligraphy Shang Rui Calligraphy

2014 Autumn Auction: Beijing Poly Writing Brush with Fine Chinese Calligraphy 81 Beijing International Great Power: Classical Paintings and ¥18,630,000 $2,913,669 by Wang Duo Auction Co ,. Ltd . Chinese Calligraphy Calligraphy Special Sale

2014 Spring Auction: Beijing Poly More Sublime When Fine Chinese Landscape 82 Beijing International Looking Up: Chinese Paintings and ¥17,920,000 $2,802,627 by Emperor Qianlong Auction Co ,. Ltd . Classical Paintings and Calligraphy Calligraphy Evening Sale

2014 Autumn Auction: Fine Chinese Canton Treasure Landscape 83 Guangdong Chinese Paintings and Paintings and ¥17,250,000 $2,6 97,8 42 Auction Co ,. Ltd . by Wang Shimin Calligraphy (I) Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

2014 Spring Auction: China Guardian Fine Chinese Grand View: Classical Dwelling with Bamboo 84 Beijing International Paintings and ¥16,675,000 $2,6 07,914 Chinese Paintings by Wang Hui Auction Co ,. Ltd . Calligraphy Highlight

2014 Autumn Auction: Beijing Poly More Sublime When Fine Chinese Scholar 85 Beijing International Looking Up: Chinese Paintings and ¥16,240,000 $2,539,881 by Wu Wei Auction Co ,. Ltd . Classical Paintings and Calligraphy Calligraphy Evening Sale

Beijing Council 2014 Spring Auction: Landscape of Fine Chinese 86 Beijing International Chinese Paintings and Mount Huangshan Paintings and ¥16,100,000 $2,517,986 Auction Co ,. Ltd . Calligraphy by Shitao Calligraphy

2014 Autumn Auction: Eagle on Twisted Fine Chinese Xiling Yinshe Classical Chinese 87 Zhejiang Branches Paintings and ¥15,180,000 $2,374,101 Auction Co ,. Ltd . Paintings and by Zhu Da Calligraphy Calligraphy

2014 Autumn Auction: Fine Chinese Beijing Hanhai Calligraphy 88 Beijing Antiques, Paintings, and Paintings and ¥14,996,000 $2,345,324 Auction Co ,. Ltd . by Huai Su Calligraphy Calligraphy

Beijing Fine Chinese City Union Chinese Paintings and Eagle 89 Beijing Paintings and ¥14,950,000 $2,338,129 International Calligraphy by Zhu Da Calligraphy Auction Co ,. Ltd .

10th Anniversary Shanghai Calligraphy in Fine Chinese Spring Auction: 90 Shanghai Tiancheng Clerical Script Paintings and ¥13,800,000 $2,158,273 Chinese Calligraphy Auction Co ,. Ltd . by Fu Shan Calligraphy and Paintings

Beijing Council 2014 Spring Auction: Refining Lingzhi Fine Chinese 91 Beijing International Chinese Paintings and Mushroom Paintings and ¥13,800,000 $2,158,273 Auction Co ,. Ltd . Calligraphy by Chen Hongshou Calligraphy

2014 Autumn Auction: Shanghai Fine Chinese Classical Chinese Pangu 92 Shanghai Mission Auction Paintings and ¥13,780,000 $2,155,145 Paintings and by Wen Jia Co, . Ltd . Calligraphy Calligraphy

Beijing Council 2014 Autumn Auction: Cursive Script of Fine Chinese 93 Beijing International Chinese Paintings and Seven Poems Paintings and ¥13,220,000 $2,0 67,56 3 Auction Co ,. Ltd . Calligraphy by Wang Duo Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

Beijing Council 2014 Spring Auction: Cursive Script of Fine Chinese 94 Beijing International Chinese Paintings and Three Poems Paintings and ¥13,070,000 $2,044,104 Auction Co ,. Ltd . Calligraphy by Wang Duo Calligraphy

2014 Spring Auction: Fine Chinese Xiling Yinshe Chinese Classical Fish 95 Zhejiang Paintings and ¥12,880,000 $2,014,388 Auction Co ,. Ltd . Paintings and by Ba Da Shan Ren Calligraphy Calligraphy

2014 Autumn Auction: Shanghai Fine Chinese Classical Chinese Ma Gu 96 Shanghai Mission Auction Paintings and ¥12,650,000 $1,978,417 Paintings and by Qiu Ying Co, . Ltd . Calligraphy Calligraphy

2014 Autumn Auction: Chinese Calligraphy, Fine Chinese Xiling Yinshe Landscape 97 Zhejiang Paintings, and Other Paintings and ¥12,650,000 $1,978,417 Auction Co ,. Ltd . by Shen Zhou Works from the Calligraphy Collection of Yu Zicang

2014 Autumn Auction: Beijing Council Calligraphy in Fine Chinese Classical Chinese 98 Beijing International Running Script Paintings and ¥12,650,000 $1,978,417 Paintings and Auction Co ,. Ltd . by Wang Duo Calligraphy Calligraphy

2014 Autumn Auction: Beijing Council Calligraphy in Fine Chinese Classical Chinese 99 Beijing International Running Script Paintings and ¥12,420,000 $1,942,446 Paintings and Auction Co ,. Ltd . by Kangxi Emperor Calligraphy Calligraphy

2014 Autumn Auction: China Guardian Fine Chinese Grand View: Classical Ferrying with Bamboo 100 Beijing International Paintings and ¥12,190,000 $1,906,475 Chinese Paintings by Wang Hui Auction Co ,. Ltd . Calligraphy Highlight

2014 Autumn Auction: China Guardian Fine Chinese Grand View: Classical Mythology Scene 101 Beijing International Paintings and ¥12,075,000 $1,888,489 Chinese Paintings by Fang Chunnian Auction Co ,. Ltd . Calligraphy Highlight

China Guardian 2014 Autumn Auction: Calligraphy in Regular Fine Chinese 102 Beijing International Classical Chinese and Running Script Paintings and ¥11,960,000 $1,870,504 Auction Co ,. Ltd . Painting and Calligraphy by Dong Qichang Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

2014 Spring Auction: Fine Chinese Beijing Hanhai Fine Antique Pines in the Mountains 103 Beijing Paintings and ¥11,500,000 $1,798,561 Auction Co ,. Ltd . Manuscripts and by Wang Meng Calligraphy Jinshibei Calligraphy

10th Anniversary Shanghai Pine Tree and Lingzhi Fine Chinese Spring Auction: 104 Shanghai Tiancheng Mushroom Paintings and ¥11,500,000 $1,798,561 Chinese Calligraphy Auction Co ,. Ltd . by Zhu Da Calligraphy and Paintings

Beijing Council 2014 Autumn Auction: Fine Chinese Running Script 105 Beijing International Chinese Paintings and Paintings and ¥11,500,000 $1,798,561 by Wen Zhengming Auction Co ,. Ltd . Calligraphy Calligraphy

2014 Autumn Auction: China Guardian Fine Chinese Grand View: Classical Poems in Cursive Script 106 Beijing International Paintings and ¥11,500,000 $1,798,561 Chinese Paintings by Zhu Yunming Auction Co ,. Ltd . Calligraphy Highlight

2014 Spring Auction: Beijing Poly More Sublime When Fine Chinese Calligraphy 107 Beijing International Looking Up: Chinese Paintings and ¥11,500,000 $1,798,561 by Wu Kuan Auction Co ,. Ltd . Classical Paintings and Calligraphy Calligraphy Evening Sale

2014 Autumn Auction: Shanghai Fine Chinese Classical Chinese Narcissus 108 Shanghai Mission Auction Paintings and ¥11,300,000 $1,767, 282 Paintings and by Qianlong Emperor Co, . Ltd . Calligraphy Calligraphy

2014 Spring Auction: China Guardian Fine Chinese Grand View: Modern View of South Peak 109 Beijing International Paintings and ¥62,675,000 $9,802,158 Chinese Paintings by Huang Binhong Auction Co ,. Ltd . Calligraphy Highlight

Beijing Poly 2014 Spring Auction: Flowers and Birds in Fine Chinese 110 Beijing International Contemporary Chinese Four Parts Paintings and ¥53,350,000 $8,343,760 Auction Co ,. Ltd . Paintings Evening Sale (I) by Qi Baishi Calligraphy

Beijing Tranthy 2014 Spring Auction: Fine Chinese Orchid Pavilion 111 Beijing International Fine Chinese Painting Paintings and ¥51,750,000 $8,093,525 by Li Keran Auction Co ,. Ltd . and Calligraphy Calligraphy

Beijing Council 2014 Autumn Auction: Fine Chinese Landscapes 112 Beijing International Chinese Paintings and Paintings and ¥48,300,000 $7,5 5 3,9 57 by Huang Hongbing Auction Co ,. Ltd . Calligraphy Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

Beijing Council 2014 Autumn Auction: An Album of Fine Chinese 113 Beijing International Chinese Paintings and Twelve Zodiacs Paintings and ¥46,000,000 $7,194,245 Auction Co ,. Ltd . Calligraphy by Xu Beihong Calligraphy

2014 Spring Auction: China Guardian Dwelling Among Fine Chinese Grand View: Modern 114 Beijing International Pines in Summer Paintings and ¥46,000,000 $7,194,245 Chinese Paintings Auction Co ,. Ltd . by Zhang Daqian Calligraphy Highlight

2014 Spring Auction: China Guardian Fine Chinese Chinese Painting Nature and Figure 115 Beijing International Paintings and ¥41,975,000 $6,564,748 Highlight—Universe of by Qi Baishi Auction Co ,. Ltd . Calligraphy Qi Baishi

2014 Autumn Auction: China Guardian Fine Chinese Grand View: Modern Yellow Mountain Dream 116 Beijing International Paintings and ¥39,100,000 $6,115,108 Chinese Paintings by Lai Shaoqi Auction Co ,. Ltd . Calligraphy Highlight

2014 Autumn Auction: China Guardian Grand View: Chinese Fine Chinese Soldiers on a Plateau 117 Beijing International Painting Highlight— Paintings and ¥38,870,000 $6,079,137 by Huang Zhou Auction Co ,. Ltd . Masterpieces by Calligraphy Huang Zhou

2014 Autumn Auction: Beijing Poly Flowers on Fine Chinese Ride the Great Wind— 118 Beijing International Twelve Screens Paintings and ¥38,525,000 $6,025,180 Six Master Paintings Auction Co ,. Ltd . by Wu Changshuo Calligraphy Evening Sale

2014 Spring Auction: A Rare Collection Beijing Poly Catching the Horse with Fine Chinese of Huang Zhou’s 119 Beijing International String Paintings and ¥37,950,000 $5,935,252 Paintings— Auction Co ,. Ltd . by Huang Zhou Calligraphy Recommended by Beijing Huang Zhou Art

Holly 2014 Autumn Auction: Pine and Plum Fine Chinese 120 Guangdong International Chinese Painting and by Guan Shanyue and Paintings and ¥37,625,000 $5,884,423 Auction Co ,. Ltd . Calligraphy Li Xiongcai Calligraphy

2014 Spring Auction: China Guardian Fine Chinese Chinese Painting Red Crane 121 Beijing International Paintings and ¥36,800,000 $5,755,396 Highlight—Universe of by Qi Baishi Auction Co ,. Ltd . Calligraphy Qi Baishi

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

2014 Autumn Auction: Beijing Poly Fine Chinese The Retrospect—30 Landscape 122 Beijing International Paintings and ¥36,630,000 $5,728,808 Years of Contemporary by Li Keran Auction Co ,. Ltd . Calligraphy Chinese Ink Paintings

2014 Autumn Auction: Beijing Poly Fine Chinese Ride the Great Wind— In Memory of Zunyi 123 Beijing International Paintings and ¥34,500,000 $5,395,683 Six Master Paintings by Fu Baoshi Auction Co ,. Ltd . Calligraphy Evening Sale

Beijing Poly 2014 Spring Auction: Fine Chinese Goddesses 124 Beijing International Contemporary Chinese Paintings and ¥33,550,000 $5,247,107 by Fu Baoshi Auction Co ,. Ltd . Paintings Evening Sale (I) Calligraphy

2014 Spring Auction: China Guardian Fine Chinese Grand View: Modern Summer Mountain 125 Beijing International Paintings and ¥32,200,000 $5,035,971 Chinese Paintings by Fu Baoshi Auction Co ,. Ltd . Calligraphy Highlight

2014 Spring Auction: Fine Chinese Shanghai Jia He Blossoms 126 Shanghai Fine Chinese Paintings Paintings and ¥31,900,000 $4,989,052 Auction Co ,. Ltd . by Qi Baishi and Calligraphy Calligraphy

2014 Autumn Auction: Fine Chinese Beijing Hanhai Goddesses 127 Beijing Antiques, Paintings, and Paintings and ¥28,750,000 $4,496,403 Auction Co ,. Ltd . by Fu Baoshi Calligraphy Calligraphy

Sungari 2014 Autumn Auction: Fine Chinese Beauty with Flowers 128 Beijing International Chinese Painting and Paintings and ¥28,750,000 $4,496,403 by Zhang Daqian Auction Co ,. Ltd . Calligraphy Calligraphy

Fine Chinese Shanghai Jia He 2014 Autumn Auction: Xiajiang River 129 Shanghai Paintings and ¥28,600,000 $4,472,943 Auction Co ,. Ltd . Paintings by Lu Yanshao by Lu Yanshao Calligraphy

2014 Autumn Auction: Fine Chinese Shanghai Jia He Landscape 130 Shanghai Fine Chinese Paintings Paintings and ¥27,500,000 $4,300,907 Auction Co ,. Ltd . by Zhang Daqian and Calligraphy Calligraphy

2014 Spring Auction: China Guardian Fine Chinese Grand View: Modern Lotus 131 Beijing International Paintings and ¥27,500,000 $4,300,907 Chinese Paintings by Pan Tianshou Auction Co ,. Ltd . Calligraphy Highlight

Beijing 2014 Spring Auction: Fine Chinese Mountain Perch 132 Beijing ChengXuan Chinese Paintings and Paintings and ¥25,530,000 $3,992,806 by Pan Tianshou Auction Co ,. Ltd . Calligraphy (Part I) Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

Rongbaozhai 2014 Autumn Auction: Fine Chinese Lotus 133 Shandong (Jinan) Auction Fine Chinese Painting Paintings and ¥24,200,000 $3,784,798 by Zhang Daqian Co ., Ltd . and Calligraphy Calligraphy

2014 Autumn Auction: Fine Chinese Beijing Hanhai Delicacies 134 Beijing Antiques, Paintings, and Paintings and ¥23,000,000 $3,597,122 Auction Co ,. Ltd . by Qi Baishi Calligraphy Calligraphy

Beijing Council 2014 Autumn Auction: Fine Chinese Cliffs 135 Beijing International Chinese Paintings and Paintings and ¥23,000,000 $3,597,122 by He Haixia Auction Co ,. Ltd . Calligraphy Calligraphy

2014 Autumn Auction: Zhong Hong Landscape of Fine Chinese Chinese Painting 136 Beijing Xin International Hua Mountain Paintings and ¥22,425,000 $ 3,507,19 4 and Calligraphy from Auction Co ,Ltd. . by Fu Baoshi Calligraphy Important Collectors

2014 Autumn Auction: Fine Chinese Beijing Hanhai Eagle 137 Beijing Antiques, Paintings, Paintings and ¥22,425,000 $ 3,507,19 4 Auction Co ,. Ltd . by Xu Beihong and Calligraphy Calligraphy

Rongbaozhai 2014 Autumn Auction: Fine Chinese At Sunset 138 Shandong (Jinan) Auction Fine Chinese Painting Paintings and ¥22,400,000 $3,503,284 by Li Keran Co ., Ltd . and Calligraphy Calligraphy

Beijing 2014 Spring Auction: Fine Chinese The Lion 139 Beijing ChengXuan Chinese Paintings and Paintings and ¥21,850,000 $ 3,417, 26 6 by Xu Beihong Auction Co ,. Ltd . Calligraphy (Part I) Calligraphy

2014 Spring Auction: China Guardian Elegant Gathering in Fine Chinese Grand View: Modern 140 Beijing International West Garden Paintings and ¥21,275,000 $3,327,338 Chinese Paintings Auction Co ,. Ltd . by Chen Shaomei Calligraphy Highlight

2014 Autumn Auction: China Guardian Fine Chinese Grand View: Modern Galloping Horse 141 Beijing International Paintings and ¥21,275,000 $3,327,338 Chinese Paintings by Xu Beihong Auction Co ,. Ltd . Calligraphy Highlight

2014 Autumn Auction: Beijing Inzone Happiness by Fine Chinese Six Masters of Modern 142 Beijing International Mountainside Paintings and ¥20,930,000 $3,273,381 Chinese Painting and Auction Co ,Ltd. . by He Haixia Calligraphy Calligraphy

2014 Spring Auction: Fine Chinese Shanghai Jia He Uyghur Dancers 143 Shanghai Fine Chinese Paintings Paintings and ¥20,900,000 $3,268,689 Auction Co ,. Ltd . by Huang Zhou and Calligraphy Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

2014 Autumn Auction: Fine Chinese Shanghai Jia He Family of Kang Nanhai 144 Shanghai Fine Chinese Paintings Paintings and ¥20,680,000 $3,234,282 Auction Co ,. Ltd . by Xu Beihong and Calligraphy Calligraphy

2014 Autumn Auction: China Guardian Fine Chinese Grand View: Modern Exercise at Sunrise 145 Beijing International Paintings and ¥20,125,000 $ 3,147,4 82 Chinese Paintings by Guan Shanyue Auction Co ,. Ltd . Calligraphy Highlight

2014 Autumn Auction: China Guardian Fine Chinese Grand View: Modern Landscape in Sichuan 146 Beijing International Paintings and ¥20,125,000 $ 3,147,4 82 Chinese Paintings by Huang Binhong Auction Co ,. Ltd . Calligraphy Highlight

2014 Spring Auction: Fine Chinese Shanghai Jia He Mount Shanyin 147 Shanghai Fine Chinese Paintings Paintings and ¥19,800,000 $3,096,653 Auction Co ,. Ltd . by Fu Baoshi and Calligraphy Calligraphy

10th Anniversary Shanghai Fine Chinese Spring Auction: Landscape 148 Shanghai Tiancheng Paintings and ¥19,550,000 $ 3,0 57,5 5 4 Chinese Calligraphy by Zhang Daqian Auction Co ,. Ltd . Calligraphy and Paintings

2014 Autumn Auction: The Sovereign Fine Chinese Xiling Yinshe Important Modern 149 Zhejiang Descends into the World Paintings and ¥19,550,000 $ 3,0 57,5 5 4 Auction Co ,. Ltd . Chinese Painting and by Qi Baishi Calligraphy Calligraphy (II)

2014 Spring Auction: Beijing Poly Fine Chinese Cloudy Ink Mountains— Mount Huang 150 Beijing International Paintings and ¥19,550,000 $ 3,0 57,5 5 4 Important Paintings by by Zhang Daqian Auction Co ,. Ltd . Calligraphy Zhang Daqian

2014 Autumn Auction: China Guardian Fine Chinese Grand View: Modern Beauty Under Willow 151 Beijing International Paintings and ¥18,975,000 $2,9 67,626 Chinese Paintings by Fu Baoshi Auction Co ,. Ltd . Calligraphy Highlight

2014 Autumn Auction: Flowers from Fine Chinese Xiling Yinshe 152 Zhejiang Xiling Yinshe Members: Four Seasons Paintings and ¥18,400,000 $2,877,6 9 8 Auction Co ,. Ltd . Selected Works by Wu Changshuo Calligraphy

2014 Autumn Auction: China Guardian Grand View: Chinese Fine Chinese Mountain After Rain 153 Beijing International Painting Highlight—Chinese Paintings and ¥18,400,000 $2,877,6 9 8 by Pan Tianshou Auction Co ,. Ltd . Painting Collection by Calligraphy Mr. Gao Peiming

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

Shanghai 2014 Autumn Auction: Waterfall Fine Chinese 154 Shanghai Mission Auction Chinese Paintings and by Huang Binhong Paintings and ¥18,080,000 $2,827,6 51 Co, . Ltd . Calligraphy (II) and Zhang Daqian Calligraphy

Blossoms by Zhang Daqian, Shanghai 2014 Autumn Auction: Fine Chinese Xu Beihong, Wu Hufan, 155 Shanghai Mission Auction Chinese Paintings and Paintings and ¥18,080,000 $2,827,6 51 Huang Binhong, Co, . Ltd . Calligraphy (II) Calligraphy Xie Zhiliu, Pu Ru, and Qi Baishi

2014 Autumn Auction: Beijing Poly Figure of Dunhuang Fine Chinese Ride the Great Wind— 156 Beijing International Cave Paintings and ¥17,825,000 $2,787,770 Six Master Paintings Auction Co ,. Ltd . by Zhang Daqian Calligraphy Evening Sale

2014 Autumn Auction: Beijing Poly Important Modern Fine Chinese Landscape 157 Beijing International Chinese Painting Paintings and ¥17,592,500 $2,751,408 by Fu Baoshi Auction Co ,. Ltd . Collection of the Calligraphy Museum

Beijing 2014 Spring Auction: Fine Chinese Red Lotus and Fish 158 Beijing ChengXuan Chinese Paintings and Paintings and ¥17,250,000 $2,6 97,8 42 by Qi Baishi Auction Co ,. Ltd . Calligraphy (Part I) Calligraphy

2014 Autumn Auction: Fine Chinese Xiling Yinshe Important Modern Nature and Figure 159 Zhejiang Paintings and ¥17,250,000 $2,6 97,8 42 Auction Co ,. Ltd . Chinese Painting and by Lin Fengmian Calligraphy Calligraphy (II)

2014 Spring Auction: China Guardian Important Private Calligraphy in Fine Chinese 160 Beijing International Collection (I)—Collection Bronze Script Paintings and ¥17,250,000 $2,6 97,8 42 Auction Co ,. Ltd . of Chinese Calligraphy by Huang Binhong Calligraphy from Renmiao Studio

2014 Autumn Auction: China Guardian Fine Chinese Grand View: Modern Misty Rain 161 Beijing International Paintings and ¥17,250,000 $2,6 97,8 42 Chinese Paintings by Fu Baoshi Auction Co ,. Ltd . Calligraphy Highlight

Beijing Poly 2014 Spring Auction: Fine Chinese Old House 162 Beijing International An Important Collection Paintings and ¥17,250,000 $2,6 97,8 42 by Qi Baishi Auction Co ,. Ltd . from Asian Collectors Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

2014 Spring Auction: Beijing Poly Fine Chinese A Rare Collection of Twin Horses 163 Beijing International Paintings and ¥17,250,000 $2,6 97,8 42 Xu Beihong’s Horse- by Xu Beihong Auction Co ,. Ltd . Calligraphy Themed Paintings

2014 Spring Auction: Zhejiang Fine Chinese Chinese Painting and Autumn 164 Zhejiang Candorle Paintings and ¥17,020,000 $2,661,871 Calligraphy from Langsu by Pan Tianshou Auction Co ,. Ltd . Calligraphy Studio

2014 Autumn Auction: Beijing Inzone Fine Chinese Six Masters of Modern Riding in Snow 165 Beijing International Paintings and ¥16,675,000 $2,6 07,914 Chinese Painting and by Huang Zhou Auction Co ,Ltd. . Calligraphy Calligraphy

2014 Autumn Auction: Zhong Hong Fine Chinese Chinese Painting Character 166 Beijing Xin International Paintings and ¥16,675,000 $2,6 07,914 and Calligraphy from by Fu Baoshi Auction Co ,Ltd. . Calligraphy Important Collectors

2014 Spring Auction: China Guardian Fine Chinese Chinese Painting Peace 167 Beijing International Paintings and ¥16,675,000 $2,6 07,914 Highlight—Universe of by Qi Baishi Auction Co ,. Ltd . Calligraphy Qi Baishi

Beijing Council 2014 Autumn Auction: Fine Chinese Landscape 168 Beijing International Chinese Paintings and Paintings and ¥16,670,000 $2,6 07,132 by Xie Zhiliu Auction Co ,. Ltd . Calligraphy Calligraphy

2014 Autumn Auction: China Guardian Grand View: Chinese Fine Chinese Flowers and Birds 169 Beijing International Painting Highlight—Chinese Paintings and ¥16,560,000 $2,589,928 by Pan Tianshou Auction Co ,. Ltd . Painting Collection by Calligraphy Mr. Gao Peiming

2014 Autumn Auction: Beijing Inzone Fine Chinese Six Masters of Modern Character and Donkey 170 Beijing International Paintings and ¥16,555,000 $2,589,146 Chinese Painting and by Huangzhou Auction Co ,Ltd. . Calligraphy Calligraphy

2014 Autumn Auction: Fine Chinese Beijing Hanhai Insects and Plants 171 Beijing Antiques, Paintings, and Paintings and ¥16,100,000 $2,517,986 Auction Co ,. Ltd . by Qi Baishi Calligraphy Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

10th Anniversary Thoughts Amidst Shanghai Fine Chinese Spring Auction: Chrysanthemums 172 Shanghai Tiancheng Paintings and ¥16,100,000 $2,517,986 Chinese Calligraphy and Pine Trees Auction Co ,. Ltd . Calligraphy and Paintings by Fu Baoshi

Beijing Tranthy 2014 Autumn Auction: Character and Fine Chinese 173 Beijing International Fine Chinese Painting Landscape Paintings and ¥16,100,000 $2,517,986 Auction Co ,. Ltd . and Calligraphy (II) by Fu Baoshi Calligraphy

Shanghai 2014 Autumn Auction: Fine Chinese Idion Story Scene 174 Shanghai Mission Auction Chinese Paintings and Paintings and ¥15,250,000 $2,385,048 by Guan Liang Co, . Ltd . Calligraphy (I) Calligraphy

2014 Spring Auction: China Guardian Fine Chinese Grand View: Modern Viewing Waterfall 175 Beijing International Paintings and ¥14,950,000 $2,338,129 Chinese Paintings by Fu Baoshi Auction Co ,. Ltd . Calligraphy Highlight

Beijing Poly 2014 Spring Auction: Fine Chinese Quetang Gorge 176 Beijing International Contemporary Chinese Paintings and ¥14,950,000 $2,338,129 by Fu Baoshi Auction Co ,. Ltd . Paintings Evening Sale (I) Calligraphy

2014 Autumn Auction: Fine Chinese Xiling Yinshe Uphill 177 Zhejiang Xiling Yinshe Members: Paintings and ¥14,605,000 $2,284,173 Auction Co ,. Ltd . by Fu Baoshi Selected Works Calligraphy

Rongbaozhai 2014 Autumn Auction: Fine Chinese Buddha 178 Shandong (Jinan) Auction Fine Chinese Painting Paintings and ¥14,560,000 $2,277,135 by Wu Guanzhong Co ., Ltd . and Calligraphy Calligraphy

2014 Spring Auction: China Guardian Fine Chinese Chinese Painting Flowers and Birds 179 Beijing International Paintings and ¥14,375,000 $2,248,201 Highlight—Universe of by Qi Baishi Auction Co ,. Ltd . Calligraphy Qi Baishi

2014 Autumn Auction: Beijing Council Fine Chinese Modern and Gentlemen and Horses 180 Beijing International Paintings and ¥14,370,000 $2, 247,419 Contemporary Chinese by Wu Hufan Auction Co ,. Ltd . Calligraphy Paintings and Calligraphy

Beijing Poly 2014 Spring Auction: Spending the Summer Fine Chinese 181 Beijing International Contemporary Chinese at Leisure Paintings and ¥13,770,000 $2,153,581 Auction Co ,. Ltd . Paintings Evening Sale (I) by Fu Baoshi Calligraphy

Shanghai Duo 2014 Spring Auction: Fine Chinese Flowers 182 Shanghai Yun Xuan Paintings and Paintings and ¥13,750,000 $2,150,454 by Wu Hufan Auction Co ,. Ltd . Calligraphy by Wu Hufan Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

Shanghai 2014 Autumn Auction: Fine Chinese Ming Concubine 183 Shanghai Mission Auction Chinese Paintings and Paintings and ¥13,560,000 $2,120,738 by Zhang Daqian Co, . Ltd . Calligraphy (I) Calligraphy

2014 Spring Auction: Fine Chinese Canton Treasure Waves 184 Guangdong Chinese Paintings and Paintings and ¥13,225,000 $2,068,345 Auction Co ,. Ltd . by Fu Baoshi Calligraphy (I) Calligraphy

2014 Autumn Auction: Fine Chinese Xiling Yinshe Shanghai Temple Fair 185 Zhejiang Chinese Modern and Paintings and ¥13,225,000 $2,068,345 Auction Co ,. Ltd . by Liu Haisu Contemporary Art Calligraphy

2014 Autumn Auction: Fine Chinese Huachen Pu Tuo Cave 186 Beijing Chinese Paintings and Paintings and ¥13,225,000 $2,068,345 Auction by Zhang Daqian Calligraphy (I) Calligraphy

2014 Spring Auction: Beijing Poly Fine Chinese Cloudy Ink Mountains— Landscape 187 Beijing International Paintings and ¥13,225,000 $2,068,345 Important Paintings by by Zhang Daqian Auction Co ,. Ltd . Calligraphy Zhang Daqian

Beijing Poly 2014 Spring Auction: Fine Chinese Bamboo and Rooster 188 Beijing International Contemporary Chinese Paintings and ¥13,225,000 $2,068,345 by Xu Beihong Auction Co ,. Ltd . Paintings Evening Sale (I) Calligraphy

Beijing Poly 2014 Spring Auction: Dancing Snowflakes Fine Chinese 189 Beijing International An Important Collection Greeting the Spring Paintings and ¥13,225,000 $2,068,345 Auction Co ,. Ltd . from Asian Collectors by Huang Zhou Calligraphy

Beijing Council 2014 Spring Auction: Fine Chinese Landscape 190 Beijing International Chinese Paintings and Paintings and ¥13,220,000 $2,0 67,56 3 by Huang Hongbing Auction Co ,. Ltd . Calligraphy Calligraphy

2014 Autumn Auction: Beijing Poly Fine Chinese Important Modern Album of Landscape 191 Beijing International Paintings and ¥13,098,000 $2,048,483 Chinese Painting and by Lu Yanshao Auction Co ,. Ltd . Calligraphy Calligraphy Evening Sale

2014 Spring Auction: Shanghai Fine Chinese Modern and Rooster 192 Shanghai Mission Auction Paintings and ¥12,990,000 $2,031,592 Contemporary Chinese by Xu Beihong Co, . Ltd . Calligraphy Painting and Calligraphy (II)

2014 Spring Auction: Sungari Fine Chinese Modern Chinese Two Horses 193 Beijing International Paintings and ¥12,650,000 $1,978,417 Painting and Calligraphy by Xu Beihong Auction Co ,. Ltd . Calligraphy Evening Sale

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

Beijing Council 2014 Spring Auction: Fine Chinese Landscape of Xiling Cliff 194 Beijing International Chinese Paintings and Paintings and ¥12,650,000 $1,978,417 by Fu Baoshi Auction Co ,. Ltd . Calligraphy Calligraphy

Beijing Council 2014 Autumn Auction: Fine Chinese Horse 195 Beijing International Chinese Paintings and Paintings and ¥12,650,000 $1,978,417 by Xu Beihong Auction Co ,. Ltd . Calligraphy Calligraphy

2014 Autumn Auction: Calligraphy in Fine Chinese Beijing Hanhai 196 Beijing Antiques, Paintings, and Seal Script Paintings and ¥12,420,000 $1,942,446 Auction Co ,. Ltd . Calligraphy by Qi Baishi Calligraphy

2014 Autumn Auction: Beijing Poly Fine Chinese Ride the Great Wind— Poem Scene 197 Beijing International Paintings and ¥12,320,000 $1,926,806 Six Master Paintings by Fu Baoshi Auction Co ,. Ltd . Calligraphy Evening Sale

Beijing Council 2014 Spring Auction: Fine Chinese Seal Script 198 Beijing International Chinese Paintings and Paintings and ¥12,070,000 $1,8 87,707 by Wu Changshuo Auction Co ,. Ltd . Calligraphy Calligraphy

Beijing 2014 Autumn Auction: Fine Chinese Birds on Rock 199 Beijing ChengXuan Chinese Paintings and Paintings and ¥11,500,000 $1,798,561 by Pan Tianshou Auction Co ,. Ltd . Calligraphy (Part I) Calligraphy

Beijing Council 2014 Spring Auction: Fine Chinese Landscape 200 Beijing International Chinese Paintings and Paintings and ¥11,500,000 $1,798,561 by Xie Zhiliu Auction Co ,. Ltd . Calligraphy Calligraphy

2014 Spring Auction: China Guardian Fine Chinese Grand View: Modern Ink Lotus 201 Beijing International Paintings and ¥11,500,000 $1,798,561 Chinese Paintings by Pan Tianshou Auction Co ,. Ltd . Calligraphy Highlight

2014 Autumn Auction: China Guardian Forest in Yellow Fine Chinese Grand View: Modern 202 Beijing International Mountain Paintings and ¥11,500,000 $1,798,561 Chinese Paintings Auction Co ,. Ltd . by Liu Haisu Calligraphy Highlight

Beijing Tranthy 2014 Autumn Auction: Fine Chinese Landscape 203 Beijing International Fine Chinese Painting Paintings and ¥11,500,000 $1,798,561 by Qi Baishi Auction Co ,. Ltd . and Calligraphy (II) Calligraphy

2014 Autumn Auction: Beijing Poly Monk Holding the Fine Chinese Ride the Great Wind— 204 Beijing International Earthen Bowl Paintings and ¥11,500,000 $1,798,561 Six Master Paintings Auction Co ,. Ltd . by Qi Baishi Calligraphy Evening Sale

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

Shanghai Duo 2014 Autumn Auction: Fine Chinese Big Dragon Waterfall 205 Shanghai Yun Xuan Paintings and Paintings and ¥11,200,000 $1,751,642 by Wu Hufan Auction Co ,. Ltd . Calligraphy by Wu Hufan Calligraphy

2014 Autumn Auction: Xiling Yinshe Sukhavati 206 Zhejiang Jade Carving by Other ¥73,600,000 $11,510,791 Auction Co ,. Ltd . by Qiu Qijing Qiu Qijing (III)

2014 Autumn Auction: A White Jade Carving of Xiling Yinshe 207 Zhejiang Contemporary Jade Twin Beauties Other ¥40,250,000 $6,294,964 Auction Co ,. Ltd . Carving Masters by Wu Desheng

Beijing Hanhai 2014 Spring Auction: Tarakan Agarwood 208 Beijing Other ¥36,225,000 $5,665,468 Auction Co ,. Ltd . Incense and Tea Incense, Modern

Beijing Hanhai 2014 Spring Auction: An Agarwood Incense 209 Beijing Other ¥33,120,000 $5,179,856 Auction Co ,. Ltd . Incense and Tea Decoration

2014 Autumn Auction: Xiling Yinshe Butterfly Nirvana 210 Zhejiang Jade Carving by Other ¥28,750,000 $4,496,403 Auction Co ,. Ltd . by Qiu Qijing Qiu Qijing (III)

2014 Spring Auction: A White Jade Carving Xiling Yinshe 211 Zhejiang Contemporary Jade of Xi Qi Xi Ren Other ¥23,000,000 $3,597,122 Auction Co ,. Ltd . Carving Masters by Yu Haitao

2014 Spring Auction: Beijing Poly Flying Mind— Nie Pan Yi Kong 212 Beijing International Other ¥20,300,000 $3,174,851 Contemporary Chinese by Qiu Qijing Auction Co ,. Ltd . Scholar Art

Important 28.83 CTS Beijing Poly 2014 Autumn Auction: Fancy Vivid Yellow 213 Beijing International Important Jewels and Other ¥19,435,000 $3,039,568 Diamond, Accompanied Auction Co ,. Ltd . Jadeite by Gia Report, by Graff

Beijing Hanhai 2014 Spring Auction: Vietnamese Agarwood, 214 Beijing Other ¥13,800,000 $2,158,273 Auction Co ,. Ltd . Incense and Tea Modern

2014 Autumn Auction: Beijing Hanhai Vietnamese Hui’an 215 Beijing Incense and Tea Other ¥13,800,000 $2,158,273 Auction Co ,. Ltd . Agarwood, Modern Evening Sale

Beijing Poly The Waterfall- 2014 Autumn Auction: 216 Beijing International Shaped Jade Other ¥13,800,000 $2,158,273 Enjoy the Sight of Rocks Auction Co ,. Ltd . by Wang Sheng

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

2014 Spring Auction: Beijing Poly Fragrance of Gems— Important 217 Beijing International Other ¥13,440,000 $2,101,971 Important Jewels and Jadeite Necklace Auction Co ,. Ltd . Jadeite

Beijing Poly 2014 Spring Auction: A White Jade Carving 218 Beijing International Art of Jade—Jade of Arhat Other ¥13,200,000 $2,064,435 Auction Co ,. Ltd . Carving Master’s Show by Wu Deshen

2014 Spring Auction: Important 14.89 CTS Beijing Poly Fragrance of Gems— Myanmar Pigeon’s 219 Beijing International Other ¥11,872,000 $1,856,741 Important Jewels and Blood Rubies Ring Auction Co ,. Ltd . Jadeite (Main Stone: 6.17 CTS)

Extremely Fine Set of Beijing Poly 2014 Autumn Auction: Icy Jadeite Necklace, 220 Beijing International Important Jewels and Ring, and Earrings, Other ¥11,550,000 $1,806,381 Auction Co ,. Ltd . Jadeite Accompanied by NGTC Report

2014 Spring Auction: 20th- Beijing Poly Witness the History: Spring Silkworm Century and 221 Beijing International Collection from ¥38,760,000 $6,061,933 by Luo Zhongli Contemporary Auction Co ,. Ltd . the Mountain Art Chinese Art Foundation

2014 Spring Auction: 20th- Beijing Poly Witness the History: Pier Steps Century and 222 Beijing International Collection from ¥28,000,000 $4,379,105 by Cheng Conglin Contemporary Auction Co ,. Ltd . the Mountain Art Chinese Art Foundation

2014 Autumn Auction: 20th- Beijing Poly Modern and Self-Portrait Century and 223 Beijing International ¥20,700,000 $ 3, 237,410 Contemporary Art by Liu Wei Contemporary Auction Co ,. Ltd . Evening Sale Chinese Art

2014 Autumn Auction: 20th- China Guardian Deploitation: The Rainbow Stone Century and 224 Beijing International ¥18,400,000 $2,877,6 9 8 Diversified Exploration by Xu Lei Contemporary Auction Co ,. Ltd . of Chinese Oil Painting Chinese Art

For transaction details, please see the 2014 China Antiques and Artworks Auction Market Statistical Annual Report, published by the China Association of Auctioneers .

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

2014 Autumn Auction: A Highly Important Chinese Christie’s 1 Asia A Highly Important Imperial Imperial Embroidered Antiques and ¥287,3 37,0 6 0 $44,938,545 Hong Kong Embroidered Silk Thangka Silk Thangka Artworks

An Exceptionally 2014 Autumn Auction: Important and Fine Chinese Sotheby’s 2 Asia The Meiyintang Doucai ’Chicken Cup,’ Antiques and ¥231,894,432 $ 3 6, 267,50 6 Hong Kong ’Chicken Cup’ Mark and Period of Artworks Chenghua (1447–1487)

Monumental Fencai Chinese North 3 Skinner Asian Works of Art Flower and Landscape Antiques and ¥158,078,862 $24,723,000 America Vase Artworks

2014 Spring Auction: Landscape in Snow Fine Chinese Poly Auction Glossiness of Uncarved 4 Asia (+ frontispiece) Paintings and ¥151,702,191 $23,725,710 (Hong Kong) Jade: Special Auction of by Cui Ruzhuo Calligraphy Cui Ruzhuo (II)

2014 Spring Auction: A Magnificently Carved Chinese Sotheby’s Chinese Art Through the Lobed Dingyao Basin, 5 Asia Antiques and ¥121,075,872 $18,935,857 Hong Kong Eye of Sakamoto Goro— Northern Song Dynasty Artworks The Clark Ding (960 –1127)

2014 Autumn Auction: Fine Chinese Poly Auction Glossiness of Uncarved 100 Works 6 Asia Paintings and ¥106,949,807 $16,726,589 (Hong Kong) Jade—Special Auction of by Cui Ruzhuo Calligraphy Cui Ruzhuo (III)

2014 Spring Auction: 20th- Bloodline: Sotheby’s Modern and Century and 7 Asia Big Family No. 3 ¥77,653,912 $12,144,809 Hong Kong Contemporary Asian Art— Contemporary by Zhang Xiaogang Evening Sale Chinese Art

A Magnificent Carved Chinese Sotheby’s 2014 Autumn Auction: Celadon-Glazed ’Dragon’ 8 Asia Antiques and ¥ 77,6 47,9 0 5 $12,143,870 Hong Kong The Fonthill ’Dragon’ Jar Jar, Seal Mark and Period Artworks of Qianlong (1711–1799)

Hong Kong Underglaze Blue and Huayang Chinese White Vase with Incised 9 Asia International Porcelain Antiques and ¥76,283,234 $11,930,440 Lotus Pattern, Yuan Auction Co ,. Artworks Dynasty (1271–1368) Ltd .

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

2014 Spring Auction: 20th- Sotheby’s Modern and Potted Chrysanthemums Century and 10 Asia ¥66,574,627 $10,412,047 Hong Kong Contemporary Asian Art— by Sanyu Contemporary Evening Sale Chinese Art

A Rare and Important Blue and White Garlic- Chinese Bonhams Fine Chinese Ceramics 11 Asia Mouth Vase, Yongzheng Antiques and ¥62,911,543 $9,839,153 Hong Kong and Works of Art Seal Mark and of the Artworks Period (1723–1736)

Fine Chinese Sotheby’s 2014 Autumn Auction: La Beauté Antique 12 Asia Paintings and ¥54,586,145 $8,537,089 Hong Kong Fine Chinese Paintings by Zhang Daqian Calligraphy

2014 Autumn Auction: 20th- Sotheby’s Modern and Disobeying the Rules Century and 13 Asia ¥54,546,050 $8,530,818 Hong Kong Contemporary Asian Art— by Liu Xiaodong Contemporary Evening Sale Chinese Art

20th- 2014 Spring Auction: Plantes Tortillées Century and 14 Asia Ravenel Taipei Modern and ¥51,885,424 $8,114,705 by Zao Wou-ki Contemporary Contemporary Asian Art Chinese Art

2014 Autumn Auction: 20th- Debut d’Octobre Sotheby’s Modern and Century and 15 Asia (Beginning of October) ¥49,009,049 $7,664,850 Hong Kong Contemporary Asian Art— Contemporary by Zao Wou-Ki Evening Sale Chinese Art

2014 Autumn Auction: 20th- Sotheby’s Modern and Series 2 No. 4 Century and 16 Asia ¥49,009,049 $7,664,850 Hong Kong Contemporary Asian Art— by Fang Lijun Contemporary Evening Sale Chinese Art

A Magnificent, Fine, and 2014 Autumn Auction: Extremely Rare Yellow- Chinese Sotheby’s 17 Asia Fine Chinese Ceramics Ground ’Yangcai’ Vase, Antiques and ¥47,182, 23 0 $7,379,141 Hong Kong and Works of Art Seal Mark and Period of Artworks Qianlong (1711–1799)

A Superb Blue and White 2014 Autumn Auction: Chinese Sotheby’s Palace Bowl, Mark and 18 Asia Fine Chinese Ceramics Antiques and ¥46,259,028 $7, 23 4,756 Hong Kong Period of Chenghua and Works of Art Artworks (1447–1487)

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

2014 Autumn Auction: 20th- Pot de Pivoines Christie’s Asian 20th Century Century and 19 Asia (Potted Peonies) ¥46,251,277 $7, 23 3,5 4 3 Hong Kong & Contemporary Art Contemporary by Sanyu (Evening Sale) Chinese Art

A Fine and Rare Blue and 2014 Spring Auction: Chinese Sotheby’s White ’Fruit’ Meiping, Ming 20 Asia Fine Chinese Ceramics Antiques and ¥39,808,929 $6,225,982 Hong Kong Dynasty, Yongle Period and Works of Art Artworks (1360–1424)

2014 Autumn Auction: Roses in a White Vase 20th- Christie’s Asian 20th Century (Bouquet de roses Century and 21 Asia ¥38,866,896 $6,078,651 Hong Kong & Contemporary Art dans un Vase Blanc) Contemporary (Evening Sale) by Sanyu Chinese Art

A Magnificent and Fine 2014 Spring Auction: Pair of Imperial Famille- The Imperial Sale, Rose Peach Dishes, Chinese Christie’s 22 Asia Important Chinese Yongzheng Six-Character Antiques and ¥37,970,767 $5,938,500 Hong Kong Ceramics and Marks within Double Artworks Works of Art Squares and of the Period (1723–1735)

2014 Spring Auction: 20th- Christie’s Asian 20th Century Potted Chrysanthemums Century and 23 Asia ¥37,9 6 9, 297 $5,938,270 Hong Kong & Contemporary Art by Sanyu Contemporary (Evening Sale) Chinese Art

2014 Autumn Auction: 20th- Christie’s Asian 20th Century 25.05.62 Century and 24 Asia ¥37,9 4 3,8 49 $5,934,290 Hong Kong & Contemporary Art by Zao Wou-Ki Contemporary (Evening Sale) Chinese Art

2014 Autumn Auction: Fine Chinese Christie’s Landscape 25 Asia Fine Chinese Classical Paintings and ¥37,0 42,76 4 $5,793,363 Hong Kong by Bada Shanren Paintings and Calligraphy Calligraphy

A Magnificent, Fine Celadon-Glazed 2014 Autumn Auction: Archaistic Vase, Hu, Chinese Christie’s Important Chinese 26 Asia Qianlong Six-Character Antiques and ¥36,119,169 $5,648,916 Hong Kong Ceramics and Seal Mark in Underglaze Artworks Works of Art Blue and of the Period (1736–1795)

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

The Chunzaizhai Collection—An 2014 Autumn Auction: Exceptional and Fine Chinese Sotheby’s The Chunzaizhai 27 Asia Copper-Red ’Three Fish’ Antiques and ¥36,103,803 $5,646,513 Hong Kong Collection—A Xuande Stemcup, Mark and Artworks ’Fish’ Stemcup Period of Xuande (1426– 1435)

A Magnificent Gilt- Bronze Seated Figure of The Sublime and the Medicine Buddha, Chinese North Christie’s the Beautiful: Bhaishajyaguru, China, 28 Antiques and ¥35,429,154 $5,541,000 America New York Asian Masterpieces Ming Dynasty, Yongle Six- Artworks of Devotion Character Mark Inscribed in a Line and of the Period (1403–1425)

Fine Chinese Modern and Yellow Mountain 29 Asia Ravenel Paintings and ¥34,434,749 $5,385,478 Contemporary Asian Art by Liu Haisu Calligraphy

An Extremely Rare 2014 Spring Auction: Yellow-Ground Blue and Chinese Sotheby’s 30 Asia Fine Chinese Ceramics White ’Fruits’ Tianqiuping, Antiques and ¥34,268,001 $5,359,400 Hong Kong and Works of Art Seal Mark and Period of Artworks Qianlong

Chinese North Doyle New Chinese Pale Celadon 31 Asian Works of Art Antiques and ¥32,564,642 $5,093,000 America York Jade-Covered Vase Artworks

A Fine and Extremely 2014 Spring Auction: Rare Famille-Rose The Imperial Sale, Chinese Christie’s Baluster Vase, Yongzheng 32 Asia Important Chinese Antiques and ¥28,733,743 $4,493,860 Hong Kong Six-Character Mark within Ceramics and Artworks Double Circles and of the Works of Art Period (1723–1735)

2014 Autumn Auction: 20th- Sotheby’s Modern and 14.12.62 Century and 33 Asia ¥28,706,713 $4,489,633 Hong Kong Contemporary Asian Art— by Zao Wou-Ki Contemporary Evening Sale Chinese Art

2014 Spring Auction: 20th- Nude by Window Poly Auction Chinese and Asian Century and 34 Asia (recto-verso) ¥28,464,857 $4,451,808 (Hong Kong) Modern & Contemporary by Pan Yuliang Contemporary Art Chinese Art

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

20th- 2014 Spring Auction: North Sotheby’s Printemps Hivernal Century and 35 Contemporary Art ¥28, 267,874 $4,421,000 America New York by Chu Teh-Chun Contemporary Evening Auction Chinese Art

A Very Rare and Important Gilt-Bronze Chinese Sotheby’s Figure of Shyama Tara, 36 Europe Arts d’Asie Antiques and ¥27,4 0 4,5 56 $4,285,980 Paris Mongolia, Atelier of Artworks Zanabazar, Late 17th Century

A Fine and Rare Pair of 2014 Spring Auction: Chinese Sotheby’s Doucai ’Chicken Cups,’ 37 Asia Fine Chinese Ceramics Antiques and ¥27,341,841 $4,276,172 Hong Kong Mark and Period of and Works of Art Artworks Yongzheng (1723–1735)

2014 Autumn Auction: 20th- Christie’s Asian 20th Century No. 404 Century and 38 Asia ¥27,328,801 $4,274,132 Hong Kong & Contemporary Art by Chu Teh-Chun Contemporary (Evening Sale) Chinese Art

Hong Kong Zhongxin Underglaze Red Gourd- Chinese International Overseas Collection Shaped Vase with Twisted 39 Asia Antiques and ¥27,197,113 $4,253,537 Artwork of Porcelain Dragon Pattern, Artworks Auctioneering Qing Dynasty Co ., Limited

Hong Kong Zhongxin Chinese International Famille-Rose 40 Asia Collection of Porcelain Antiques and ¥27,197,113 $4,253,537 Artwork Hexagonal Vase Artworks Auctioneering Co ., Limited

2014 Autumn Auction: 20th- Sotheby’s Modern and Mask Series No. 4 Century and 41 Asia ¥26,861,046 $4,200,977 Hong Kong Contemporary Asian Art— by Zeng Fanzhi Contemporary Evening Sale Chinese Art

A Rare Molded Blue and 2014 Spring Auction: Chinese North Sotheby’s White Barbed Rim Dish, 42 Fine Chinese Ceramics & Antiques and ¥26,835,618 $4,197,000 America New York Yuan Dynasty, Works of Art Artworks 14th Century

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

A Magnificent Fine 2014 Spring Auction: Turquoise-Ground The Imperial Sale, Famille-Rose ’Hundred Chinese Christie’s 43 Asia Important Chinese Boys’ Vase, Qianlong Antiques and ¥24,115,231 $3,771,541 Hong Kong Ceramics and Iron-Red Six-Character Artworks Works of Art Seal Mark and of the Period (1736–1795)

A Naturalistically Cast 2014 Autumn Auction: Gilt-Bronze ’Duck’ Chinese Sotheby’s Gods and Beasts— 44 Asia Incense Burner and Antiques and ¥24,109,633 $3,770,665 Hong Kong Gilt Bronzes from the Cover, Mark and Period of Artworks Speelman Collection Xuande (1426–1435)

2014 Spring Auction: Fine Chinese Poly Auction Glossiness of Uncarved Snowy Mountain 45 Asia Paintings and ¥23,703,467 $ 3,707,142 (Hong Kong) Jade: Special Auction of by Cui Ruzhuo Calligraphy Cui Ruzhuo (II)

2014 Spring Auction: An Important, Fine, and Chinese Christie’s The Sound of Jade Rare Ding Floral-Lobed 46 Asia Antiques and ¥23,191,528 $3,627,077 Hong Kong and the Shadow of a Shallow Bowl, Northern Artworks Chrysanthemum Song Dynasty (960–1127)

2014 Spring Auction: Fine Chinese Christie’s Calligraphy 47 Asia Fine Chinese Classical Paintings and ¥23,188,836 $3,626,656 Hong Kong by Bada Shanren Paintings and Calligraphy Calligraphy

Lofty Terrace Fine Chinese Sotheby’s 2014 Autumn Auction: 48 Asia of Mount Huang Paintings and ¥23,186,743 $3,626,328 Hong Kong Fine Chinese Paintings by Fu Baoshi Calligraphy

A Yellow-Ground and China Chinese Chinese Ceramics and Underglaze Blue ’Floral’ 49 Asia Guardian Antiques and ¥22,757,970 $3,559,270 Works of Art Vase, Mark and Period of Hong Kong Artworks Yongzheng (1723–1735)

20th- Modern and Mars Century and 50 Asia Ravenel ¥22,562,959 $3,528,771 Contemporary Asian Art by Zao Wou-Ki Contemporary Chinese Art

2014 Spring Auction: Fine Chinese Christie’s Bamboo 51 Asia Fine Chinese Paintings and ¥22,266,390 $3,482,388 Hong Kong by Wu Guanzhong Modern Paintings Calligraphy

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

2014 Spring Auction: 20th- Sotheby’s Modern and Morning Prayer Century and 52 Asia ¥22, 257,491 $3,480,996 Hong Kong Contemporary Asian Art— by Chen Yifei Contemporary Evening Sale Chinese Art

An Important and 2014 Spring Auction: Extremely Rare Guan Chinese Christie’s The Sound of Jade 53 Asia Chrysanthemum-Shaped Antiques and ¥21,344,123 $3,338,149 Hong Kong and the Shadow of a Dish, Southern Song Artworks Chrysanthemum Dynasty (1127–1279)

2014 Autumn Auction: A Magnificent, Superbly Chinese Christie’s Important Chinese Carved Large Ding Bowl, 54 Asia Antiques and ¥21,341,646 $ 3,3 37,761 Hong Kong Ceramics and Northern Song Dynasty Artworks Works of Art (960 –1127)

2014 Autumn Auction: 20th- Christie’s Asian 20th Century Mask Series Century and 55 Asia ¥21,328,992 $3,335,782 Hong Kong & Contemporary Art by Zeng Fanzhi Contemporary (Evening Sale) Chinese Art

2014 Autumn Auction: 20th- Christie’s Asian 20th Century 09.06.67 Century and 56 Asia ¥21,328,992 $3,335,782 Hong Kong & Contemporary Art by Zao Wou-Ki Contemporary (Evening Sale) Chinese Art

2014 Autumn Auction: 20th- Sotheby’s Modern and 25.09.60 Century and 57 Asia ¥21,324,045 $3,335,009 Hong Kong Contemporary Asian Art— by Zao Wou-Ki Contemporary Evening Sale Chinese Art

2014 Spring Auction: 20th- Christie’s Asian 20th Century Eagles Century and 58 Asia ¥20,419,631 $3,193,561 Hong Kong & Contemporary Art by Xu Beihong Contemporary (Evening Sale) Chinese Art

Fine Chinese Sotheby’s 2014 Spring Auction: Landscape in Afterglow 59 Asia Paintings and ¥19,952,136 $3,120,447 Hong Kong Fine Chinese Paintings by Zhang Daqian Calligraphy

Rongsheng Chinese Ru-Ware 60 Asia International Works of Art Antiques and ¥19,800,774 $3,096,774 Tri-Legged Washer Auction Artworks

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2014 Spring Auction: 20th- Christie’s Asian 20th Century No. 229 Century and 61 Asia ¥19,495,964 $3,049,103 Hong Kong & Contemporary Art by Chu Teh-Chun Contemporary (Evening Sale) Chinese Art

2014 Spring Auction: Fine Chinese Christie’s Chinese Cabbage 62 Asia Fine Chinese Classical Paintings and ¥19,494,456 $3,048,867 Hong Kong by Jiang Tingxi Paintings and Calligraphy Calligraphy

2014 Autumn Auction: 20th- Sotheby’s Modern and You Like Pork? Century and 63 Asia ¥19,478,378 $3,046,353 Hong Kong Contemporary Asian Art— by Liu Wei Contemporary Evening Sale Chinese Art

Composition No. 51— 20th- 2014 Spring Auction: Mille Vies se Cachent Century and 64 Asia Ravenel Taipei Modern and ¥19,135,290 $2,992,695 dans le Bois Contemporary Contemporary Asian Art by Chu Teh-Chun Chinese Art

China Chinese Painting and Fine Chinese City on the Riverside 65 Asia Guardian Calligraphy from the Paintings and ¥18,964,486 $2,965,981 by Wu Guanzhong Hong Kong Four Seas II Calligraphy

2014 Spring Auction: Spring Flowers Under the Fine Chinese Poly Auction Glossiness of Uncarved 66 Asia Same Drawing Pen Paintings and ¥18,962,774 $2,965,714 (Hong Kong) Jade: Special Auction of by Cui Ruzhuo Calligraphy Cui Ruzhuo (II)

Chinese North Doyle Chinese White Jade- 67 Asian Works of Art Antiques and ¥18,958,210 $2,965,000 America New York Covered Wine Pot Artworks

20th- Modern and Ciel, Terre et Poussiere Century and 68 Asia Ravenel ¥18,889,920 $2,954,320 Contemporary Asian Art by Zao Wou-Ki Contemporary Chinese Art

2014 Spring Auction: 20th- Sotheby’s Modern and Mask Series No. 5 Century and 69 Asia ¥18,564,396 $2,903,409 Hong Kong Contemporary Asian Art— by Zeng Fanzhi Contemporary Evening Sale Chinese Art

2014 Spring Auction: 20th- This Land So Rich in Sotheby’s Modern and Century and 70 Asia Beauty No. 6 (diptych) ¥18,564,396 $2,903,409 Hong Kong Contemporary Asian Art— Contemporary by Zeng Fanzhi Evening Sale Chinese Art

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

2014 Autumn Auction: 20th- Christie’s Asian 20th Century 10.03.82 Century and 71 Asia ¥18,559,849 $2,902,698 Hong Kong & Contemporary Art by Zao Wou-Ki Contemporary (Evening Sale) Chinese Art

Blue and White Octagonal Chinese Art Sea 72 Asia Porcelain Vase with Handles in the Antiques and ¥18,140,177 $2,8 37,0 62 Hong Kong Shape of a Beast Artworks

Hong Kong Zhongxin Famille-Rose Floral Chinese International Revolving Vase with Two 73 Asia Collection of Porcelain Antiques and ¥18,131,409 $2,835,691 Artwork Handles, Qianlong Period Artworks Auctioneering (1711–1799) Co ., Limited

Hong Kong Zhongxin White Glaze Vase with Chinese International Two Loop-Handles and 74 Asia Collection of Porcelain Antiques and ¥18,131,409 $2,835,691 Artwork Whorl Design, Sui Dynasty Artworks Auctioneering (581–618) Co ., Limited

20th- 2014 Spring Auction: Mars—3 Avril Century and 75 Asia Ravenel Modern and ¥18,076,544 $2,827,110 by Zao Wou-Ki Contemporary Contemporary Art Chinese Art

2014 Spring Auction: A Very Rare and Superbly Chinese Christie’s The Sound of Jade Carved Large Ding Bowl, 76 Asia Antiques and ¥17,6 49,314 $2,760,293 Hong Kong and the Shadow of a Northern Song Dynasty Artworks Chrysanthemum (960 –1127)

2014 Spring Auction: 20th- Christie’s Asian 20th Century Landscape (2 works) Century and 77 Asia ¥17,648,631 $2,760,186 Hong Kong & Contemporary Art by Liu Wei Contemporary (Evening Sale) Chinese Art

An Assemblage of Fruits Fine Chinese Sotheby’s 2014 Spring Auction: 78 Asia (4 works) Paintings and ¥17,643,624 $2,759,403 Hong Kong Fine Chinese Paintings by Qi Baishi Calligraphy

2014 Spring Auction: 20th- Sotheby’s Modern and 06.01.64 Century and 79 Asia ¥17,6 41,122 $2,759,012 Hong Kong Contemporary Asian Art— by Zao Wou-Ki Contemporary Evening Sale Chinese Art

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

20th- Sotheby’s 16.4.62 Century and 80 Europe Art Contemporain ¥17,628,13 9 $2,756,981 Paris by Zao Wou-Ki Contemporary Chinese Art

2014 Spring Auction: 20th- Sotheby’s Modern and 18.08.67 Century and 81 Asia ¥17,179,485 $2,686,813 Hong Kong Contemporary Asian Art— by Zao Wou-Ki Contemporary Evening Sale Chinese Art

2014 Autumn Auction: Fine Chinese North Sotheby’s Bamboo and Rock 82 Fine Classical Chinese Paintings and ¥16,809,826 $2,629,000 America New York by Zheng Xie Paintings & Calligraphy Calligraphy

A Rare and Superbly Cast Gilt-Bronze Figure The Sublime and of Avalokiteshvara China, Chinese North Christie’s the Beautiful: 83 Ming Dynasty, Yongle Six- Antiques and ¥16,809,826 $2,629,000 America New York Asian Masterpieces Character Mark Inscribed Artworks of Devotion in a Line and of the Period (1403–1425)

A Superb and Very Rare Rivers of Color: Cloisonné Chinese North Christie’s Cloisonné Enamel Deep 84 Enamels from Private Antiques and ¥16,809,826 $2,629,000 America New York Bowl, Early Ming Dynasty, American Collections Artworks 15th–16th Centuries

Chinese Art Sea A Sancai Three-Color 85 Asia Porcelain Antiques and ¥16,326,159 $2,553,356 Hong Kong Pottery Horse Artworks

A Gilt-Bronze 2014 Autumn Auction: Avalokitesvara Seated on a Chinese Sotheby’s Gods and Beasts— 86 Asia Lotus Base, Qing Dynasty, Antiques and ¥16,259,985 $2,543,007 Hong Kong Gilt Bronzes from the Shunzhi Period, Dated in Artworks Speelman Collection Accordance with 1660

A Fine and Rare Pink- 2014 Spring Auction: Ground Famille-Rose Vase Chinese Sotheby’s 87 Asia Fine Chinese Ceramics with Poems, Seal Mark Antiques and ¥16,259,985 $2,543,007 Hong Kong and Works of Art and Period of Qianlong Artworks (1711–1799)

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

Hong Kong Huayang Chinese A Blue and White Meiping, 88 Asia International Porcelain Antiques and ¥16,210,187 $2,535,219 Yuan Dynasty (1271–1368) Auction Co ,. Artworks Ltd .

2014 Autumn Auction: 20th- Poly Auction Chinese and Portrait of Andy Warhol Century and 89 Asia ¥16,052,814 $2,510,606 (Hong Kong) Asian Modern and by Zeng Fanzhi Contemporary Contemporary Art Chinese Art

2014 Spring Auction: 20th- Christie’s Asian 20th Century Mask Series No. 17 Century and 90 Asia ¥15,801,298 $2,471,270 Hong Kong & Contemporary Art by Zeng Fanzhi Contemporary (Evening Sale) Chinese Art

A Magnificent Imperial Pale Green Jade Important Jade Carvings Chinese Bonhams Archaistic Vase, Hu, 91 Asia from the Somerset de Antiques and ¥15,800,075 $2,471,078 Hong Kong Qianlong Four-Character Chair Collection Artworks Fang Gu Mark and of the Period (1711–1799)

2014 Spring Auction: 20th- Sotheby’s Modern and 20.01.64 Century and 92 Asia ¥15,794,575 $2,470,218 Hong Kong Contemporary Asian Art— by Zao Wou-Ki Contemporary Evening Sale Chinese Art

The Tian Mian Fu Yi Jiao, an Important and 2014 Spring Auction: Chinese North Sotheby’s Very Rare Bronze Ritual 93 Fine Chinese Ceramics Antiques and ¥15,377,570 $2,405,000 America New York Wine Vessel, Late Shang & Works of Art Artworks Dynasty, 13th–11th Centuries BC

2014 Spring Auction: A Fine and Extremely Rare Imperial Chinese Copper-Red Decorated Chinese Christie’s 94 Asia Treasures from a Pear-Shaped Vase, Antiques and ¥14,878,207 $2,326,901 Hong Kong Distinguished American Yuhuchunping, Hongwu Artworks Collection Period (1368–1398)

2014 Spring Auction: After the Long March 20th- Christie’s Asian 20th Century Andy Warhol Arrived Century and 95 Asia ¥14,877,6 31 $2,326,811 Hong Kong & Contemporary Art in China Contemporary (Evening Sale) by Zeng Fanzhi Chinese Art

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

An Extremely Rare Gilt- Bronze Figure of Manjusri, 2014 Autumn Auction: Chinese Christie’s Yongle-Incised Six- 96 Asia Important Chinese Antiques and ¥14,876,480 $2,326,631 Hong Kong Character Presentation Ceramics and Works of Art Artworks Mark and of the Period (1402–1424)

2014 Autumn Auction: 20th- Christie’s Asian 20th Century Mask Series Century and 97 Asia ¥14,8 67,6 59 $2,325,252 Hong Kong & Contemporary Art by Zeng Fanzhi Contemporary (Evening Sale) Chinese Art

2014 Autumn Auction: 20th- Christie’s Asian 20th Century Father and Son (Tibet) Century and 98 Asia ¥14,8 67,6 59 $2,325,252 Hong Kong & Contemporary Art by Chen Yifei Contemporary (Evening Sale) Chinese Art

2014 Autumn Auction: 20th- Christie’s Asian 20th Century Calme Century and 99 Asia ¥14,8 67,6 59 $2,325,252 Hong Kong & Contemporary Art by Chu Teh-Chun Contemporary (Evening Sale) Chinese Art

Rongsheng Chinese A Rare Guan-Ware 100 Asia International Works of Art Antiques and ¥14,850,581 $2,322,581 Double-Ear Moonflask Auction Artworks

Hong Kong A Blue and White Gourd- Zhongxin Shaped Vase with Chinese International 101 Asia Collection of Porcelain Copper-Red Dragon Antiques and ¥14,731,769 $2,303,999 Artwork Pattern, Qianlong Period Artworks Auctioneering (1711–1799) Co ., Limited

Hong Kong Zhongxin A Blue and White Meiping Chinese International Overseas Collection of 102 Asia with Twisted-Dragon Antiques and ¥14,731,769 $2,303,999 Artwork Porcelain Pattern Artworks Auctioneering Co ., Limited

2014 Autumn Auction: A Fine and Rare Celadon- Chinese North Sotheby’s 103 Fine Chinese Ceramics Glazed ’Dragon’ Vase, Antiques and ¥14,610,290 $2,285,000 America New York & Works of Art Kangxi Mark and Period Artworks

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

2014 Autumn Auction: Chinese Contemporary Finishing Touch of Fine Chinese Poly Auction 104 Asia Ink Paintings— the Dragon Eye Paintings and ¥14,584,065 $2,280,898 (Hong Kong) Contemporary Chinese by Fan Zeng Calligraphy Classical Paintings

2014 Autumn Auction: 20th- Portrait with Gray Christie’s Asian 20th Century Century and 105 Asia Background ¥14,373,169 $2, 247,915 Hong Kong & Contemporary Art Contemporary by Zhang Xiaogang (Evening Sale) Chinese Art

Hong Kong Huayang Chinese Ge-Ware Paper-Mallet 106 Asia International Charity Sale Antiques and ¥14,302,922 $2,236,929 Vase Auction Co ,. Artworks Ltd .

2014 Spring Auction: 20th- Poly Auction Chinese and Asian Mask Series Century and 107 Asia ¥14,244,794 $2, 227,8 3 8 (Hong Kong) Modern & by Zeng Fanzhi Contemporary Contemporary Art Chinese Art

Pine Trees and Spring (in 2014 Spring Auction: Fine Chinese Poly Auction 3 parts; + frontispiece and 108 Asia Classical Chinese Paintings and ¥14,220,063 $2,223,970 (Hong Kong) colophon), Qing Dynasty Paintings and Calligraphy Calligraphy (1644 –1911)

A Exceedingly Rare 2014 Spring Auction: Imperial Yellow-Ground Imperial Chinese Falangcai ’Floral’ Bowl, Chinese Christie’s 109 Asia Treasures from a Kangxi Pink-Enameled Antiques and ¥13,888,525 $2,172,118 Hong Kong Distinguished American Four-Character Yuzhi Mark Artworks Collection within Double Squares and of the Period (1662–1722)

Solitary Retreat Fine Chinese Sotheby’s 2014 Autumn Auction: 110 Asia in Summer Woods Paintings and ¥13,885,660 $2,171,670 Hong Kong Fine Chinese Paintings by Zhang Daqian Calligraphy

A Fine and Extremely 2014 Spring Auction: Rare Blue and White Chinese Sotheby’s 111 Asia Fine Chinese Ceramics ’Waves’ Leys Jar, Zhadou Antiques and ¥13,885,302 $2,171,614 Hong Kong and Works of Art Mark and Period of Artworks Xuande (1426–1435)

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

2014 Autumn Auction: Fine Chinese Christie’s Scenery of Hong Kong 112 Asia Chinese Contemporary Paintings and ¥13,882,258 $2,171,138 Hong Kong by Liu Kuo Sung Ink Paintings Calligraphy

A Fine and Rare 2014 Autumn Auction: Chinese Sotheby’s Hexagonal Celadon- 113 Asia Fine Chinese Ceramics Antiques and ¥13,881,006 $2,170,942 Hong Kong Glazed Vase, Seal Mark and Works of Art Artworks and Period of Yongzheng

20th- China 20th Century and Three Nudes Century and 114 Asia Guardian Contemporary on the Beach ¥13,748,011 $2,150,142 Contemporary Hong Kong Chinese Art by Pan Yuliang Chinese Art

Hong Kong Zhongxin A Copper-Red Ding-Ware Chinese International 115 Asia Collection of Porcelain Floral Pattern Carved Antiques and ¥13,371,914 $2,091,322 Artwork Bowl, Song Dynasty Artworks Auctioneering Co ., Limited

Shijia Arts An Archaic Bronze Ritual Chinese Fine Chinese Works of Art 116 Asia Network Co ,. Wine Vessel and Cover, Antiques and ¥13,358,787 $2,089,269 Evening Sale Ltd . Fangyi, Shang Dynasty Artworks

Parting at the Ye River 2014 Spring Auction: Fine Chinese North Sotheby’s in Cursive Script 117 Fine Classical Chinese Paintings and ¥13,075,730 $2,045,000 America New York (album of 15 works) Paintings & Calligraphy Calligraphy by Wang Shouren

A Superb and Rare Finely 2014 Spring Auction: Chinese North Sotheby’s Carved Celadon-Glazed 118 Fine Chinese Ceramics Antiques and ¥13,075,730 $2,045,000 America New York Moonflask Yongzheng Seal & Works of Art Artworks Mark and Period

Art Emperor Jade-Carved Album Chinese Technology & Antiques and Agarwood 119 Asia Leaves (set of 8), Qianlong Books and ¥12,995,726 $2,032,488 Culture Co ,. Works of Art Period (1736–1795) Manuscripts Ltd .

2014 Spring Auction: 20th- Petite Ville Hollandaise Christie’s Asian 20th Century Century and 120 Asia (Dutch Town) ¥12,898,345 $2,017, 258 Hong Kong & Contemporary Art Contemporary by Zao Wou-Ki (Evening Sale) Chinese Art

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

Fine Chinese Sotheby’s 2014 Spring Auction: Roaring Lion 121 Asia Paintings and ¥12,894,686 $2,016,685 Hong Kong Fine Chinese Paintings by Gao Qifeng Calligraphy

20th- Christie’s 25.2.65 Century and 122 Europe Art Contemporain ¥12,894,210 $2,016,611 Paris by Zao Wou-Ki Contemporary Chinese Art

A Magnificent and Rare 2014 Autumn Auction: Chinese Sotheby’s Carved Zitan ’Floral Scroll’ 123 Asia Heirlooms of Chinese Art Antiques and ¥12,891,860 $2,016,243 Hong Kong Hexagonal Table, Qing from the Hosokawa Clan Artworks Dynasty, Qianlong Period

An Imperial Album by 2014 Autumn Auction: Qianlong Emperor after Chinese Sotheby’s 124 Asia Heirlooms of Chinese Art Mi Fu, Qing Dynasty, Books and ¥12,891,860 $2,016,243 Hong Kong from the Hosokawa Clan Qianlong Period, Dated in Manuscripts Accordance with 1771

Artcurial – 20th- Briest – Post-War & 26.01.60 Century and 125 Europe ¥12,555,443 $1,963,629 Poulain – Contemporain 1 by Zao Wou-Ki Contemporary F . Tajan Chinese Art

2014 Autumn Auction: 20th- Christie’s Asian 20th Century Untitled Century and 126 Asia ¥12,395,210 $1,938,569 Hong Kong & Contemporary Art by Liu Wei Contemporary (Evening Sale) Chinese Art

Rongsheng Chinese A Huanghuali 127 Asia International Works of Art Antiques and ¥12,375,484 $1,935,484 Six-Poster Canopy Bed Auction Artworks

20th- China 20th Century and Composition No. 33 Century and 128 Asia Guardian Contemporary ¥12,325,803 $1,927,714 by Chu Teh-Chun Contemporary Hong Kong Chinese Art Chinese Art

2014 Autumn Auction: 20th- Poly Auction Chinese and Lilies in a White Vase Century and 129 Asia ¥12,161,223 $1,901,974 (Hong Kong) Asian Modern and by Sanyu Contemporary Contemporary Art Chinese Art

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

20th- 2014 Autumn Auction: JSL Auction 29.08.88 Century and 130 Asia 20th Century and ¥11,925,227 $1,865,065 Co . by Zao Wou-Ki Contemporary Contemporary Chinese Art Chinese Art

2014 Spring Auction: A Very Rare Celadon- Chinese Christie’s The Imperial Sale, Glazed Ewer, Yongzheng 131 Asia Antiques and ¥11,909,163 $1,862,553 Hong Kong Important Chinese Six-Character Seal Mark and Artworks Ceramics and Works of Art of the Period (1723–1735)

2014 Spring Auction: Fine Chinese Christie’s Asian 20th Century Windows of the East 132 Asia Paintings and ¥11,908,702 $1,862,481 Hong Kong & Contemporary Art by Wu Guanzhong Calligraphy (Evening Sale)

2014 Spring Auction: Fine Chinese Christie’s Jinggang Mountains 133 Asia Fine Chinese Paintings and ¥11,908,395 $1,862,433 Hong Kong by Fu Baoshi Modern Paintings Calligraphy

2014 Spring Auction: Fine Chinese Christie’s Lake of Five Pavilions 134 Asia Fine Chinese Paintings and ¥11,907,781 $1,862,337 Hong Kong by Zhang Daqian Modern Paintings Calligraphy

A Superb Gilt-Bronze 2014 Autumn Auction: Figure of Buddha, Yongle- Chinese Christie’s 135 Asia Important Chinese Incised Six-Character Antiques and ¥11,907,781 $1,862,337 Hong Kong Ceramics and Works of Art Mark and of the Period Artworks (1403–1425)

An Extremely Rare Dehua 2014 Autumn Auction: Figure of a Standing Chinese Christie’s 136 Asia Important Chinese Damo, Ming Dynasty, 16th Antiques and ¥11,907,781 $1,862,337 Hong Kong Ceramics and Works of Art Century, Impressed He Artworks Chaozong Mark

Fine Chinese Sotheby’s 2014 Autumn Auction: Vermilion Peonies 137 Asia Paintings and ¥11,906,706 $1,862,169 Hong Kong Fine Chinese Paintings by Zhang Daqian Calligraphy

A Pair of Massive 2014 Spring Auction: Chinese Sotheby’s Cloisonné Incense Burners 138 Asia Fine Chinese Ceramics Antiques and ¥11,906,399 $1,862,121 Hong Kong and Covers, Qing Dynasty, and Works of Art Artworks Qianlong Period

2014 Autumn Auction: Five-Character Poems Fine Chinese Christie’s 139 Asia Fine Chinese Classical in Running Script Paintings and ¥11,906,245 $1,862,097 Hong Kong Paintings and Calligraphy by Wang Duo Calligraphy

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

Fine Chinese Sotheby’s 2014 Spring Auction: Lotus in the Wind 140 Asia Paintings and ¥11,905,324 $1,861,952 Hong Kong Fine Chinese Paintings by Zhang Daqian Calligraphy

2014 Spring Auction: 20th- Autour du Feu Sotheby’s Modern and Century and 141 Asia (Around the Fire) ¥11,903,636 $1,861,688 Hong Kong Contemporary Asian Art— Contemporary by Zao Wou-Ki Evening Sale Chinese Art

20th- 2014 Spring Auction: Prunus Branches Poly Auction Century and 142 Asia Chinese and Asian Modern in a Green Landscape ¥11,874,783 $1,8 57,176 (Hong Kong) Contemporary & Contemporary Art by Sanyu Chinese Art

20th- 2014 Spring Auction: Poly Auction Snowscape in Beijing Century and 143 Asia Chinese and Asian Modern ¥11,874,783 $1,8 57,176 (Hong Kong) by Wu Guanzhong Contemporary & Contemporary Art Chinese Art

Conjoined Landscapes by 2014 Spring Auction: Fine Chinese Poly Auction 10 Qing Dynasty Masters 144 Asia Classical Chinese Paintings and ¥11,850,053 $1,853,308 (Hong Kong) (in 2 parts; + frontispiece Paintings and Calligraphy Calligraphy and colophon)

A Rare and Important Gilt-Bronze Figure of 2014 Autumn Auction: Chinese Poly Auction Seated Avalokiteshvara, 145 Asia Chinese Ceramics and Antiques and ¥11,675,828 $1,826,060 (Hong Kong) Mark and Period of Works of Art Artworks Xuande, Ming Dynasty, 15th Century

Rongsheng Chinese Jade-Carved 146 Asia International Works of Art Antiques and ¥11,550,452 $1,806,452 Four-Horse Chariot Auction Artworks

20th- JSL Auction 2014 Spring Auction: 19.09.85 Century and 147 Asia ¥11,525,228 $1,802,507 Co . 20th Century Chinese Art by Zao Wou-Ki Contemporary Chinese Art

A Rare Imperially Inscribed Celadon Jade Archaistic Marchance Vessel and Cover (Yi), Chinese Works of Art from Chinese 148 Asia Auctioneers Qianlong Fang Gu Mark Antiques and ¥11,447,460 $1,790,344 Royals Limited and Period, Dated Artworks to the Bingshen Year (corresponding to 1776)

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

An Extremely Rare Famille-Rose Brushpot 2014 Autumn Auction: Chinese Sotheby’s Inscribed with Imperial 149 Asia Heirlooms of Chinese Art Antiques and ¥11,408,142 $1,784,195 Hong Kong Poems, Seal Mark and from the Hosokawa Clan Artworks Period of Qianlong, Dated in Accordance with 1736

2014 Autumn Auction: 20th- Christie’s Asian 20th Century Eaux Profondes No. 63 Century and 150 Asia ¥11,406,231 $1,783,896 Hong Kong & Contemporary Art by Chu Teh-Chun Contemporary (Evening Sale) Chinese Art

A Ru-Type ’Fish-Basket’ China Chinese Chinese Ceramics and Vase with Two Ears, Mark 151 Asia Guardian Antiques and ¥11,378,985 $1,779,635 Works of Art and Period of Qianlong Hong Kong Artworks (1736–1795)

Fortune Zhushan Ceramic A Set of Four Chinese 152 Asia Auctioneers Paintings from the Famille-Rose Screens Antiques and ¥10,981,532 $1,717,474 Ltd . Wu Zhiming Collection by Wang Dafan Artworks

20th- 2014 Spring Auction: Poly Auction Guilin Century and 153 Asia Chinese and Asian Modern ¥10,926,779 $1,708,911 (Hong Kong) by Wu Guanzhong Contemporary & Contemporary Art Chinese Art

2014 Spring Auction: 20th- Christie’s Asian 20th Century Life Century and 154 Asia ¥10,919,060 $1,707,704 Hong Kong & Contemporary Art by He Duoling Contemporary (Evening Sale) Chinese Art

2014 Spring Auction: 20th- Christie’s Asian 20th Century Swimming Century and 155 Asia ¥10,919,060 $1,707,704 Hong Kong & Contemporary Art by Liu Wei Contemporary (Evening Sale) Chinese Art

Fine Chinese Sotheby’s 2014 Spring Auction: Forest and Streams 156 Asia Paintings and ¥10,915,962 $1,707, 220 Hong Kong Fine Chinese Paintings by Wu Guanzhong Calligraphy

A Magnificent and Rare 2014 Autumn Auction: Chinese Sotheby’s Iron-Red and Gilt-Decorated 157 Asia Fine Chinese Ceramics Antiques and ¥10,913,570 $1,706,845 Hong Kong ’Dragon’ Vase, Qing and Works of Art Artworks Dynasty, Yongzheng Period

Auction Price Realized Price Realized # Region Season & Sale Title Lot Title Category House (RMB, Premium) (USD, Premium)

2014 Autumn Auction: 20th- Sotheby’s Modern and 22.01.68 Century and 158 Asia ¥10,909,210 $1,706,164 Hong Kong Contemporary Asian Art— by Zao Wou-Ki Contemporary Evening Sale Chinese Art

2014 Autumn Auction: 20th- Sotheby’s Modern and No. 20 Century and 159 Asia ¥10,909,210 $1,706,164 Hong Kong Contemporary Asian Art— by Chu Teh-Chun Contemporary Evening Sale Chinese Art

20th- 2014 Autumn Auction: North Sotheby’s Chairman Mao with Us Century and 160 Contemporary Art ¥10,773,890 $1,685,000 America New York by Zeng Fanzhi Contemporary Evening Auction Chinese Art

20th- Post-War and Christie’s Mask No. 3 Century and 161 Europe Contemporary Art ¥10,500,908 $1,642,306 London by Zeng Fanzhi Contemporary Evening Auction Chinese Art

20th- 2014 Spring Auction: Poly Auction Paysage Rouge Century and 162 Asia Chinese and Asian Modern ¥10,452,777 $1,634,779 (Hong Kong) by Zao Wou-Ki Contemporary & Contemporary Art Chinese Art

2014 Spring Auction: Fine Chinese Poly Auction Mount Qian 163 Asia Fine Modern Chinese Paintings and ¥10,428,047 $1,630,911 (Hong Kong) by Fu Baoshi Paintings and Calligraphy Calligraphy

Hong Kong Zhongxin Chinese International A Xing-Ware Ewer 164 Asia Collection of Porcelain Antiques and ¥10,425,560 $1,630,522 Artwork with Dragon Design Artworks Auctioneering Co ., Limited

A Very Rare Gilt-Bronze The Sublime and Figure of Buddha Chinese North Christie’s 165 the Beautiful: Asian Amitabha, China, Dali Antiques and ¥10,006,610 $1,565,000 America New York Masterpieces of Devotion Kingdom, Yunnan Province, Artworks 11th–12th Centuries

Notes

Mainland China Data

–– In this report, all data on works sold in mainland –– The categories of works sold in mainland China China were collected by the China Association of include: Auctioneers (CAA) directly from auction houses . The data submission requests were sent out on April 28, • Chinese Antiques and Artworks: porcelain (cultural 2015, to all mainland Chinese auction houses . Auction relics), jade carving, furniture, textiles, metalware, houses submitted their auction data through CAA’s carvings, etc . online data submission system between May 5 and 15, 2015 . CAA then verified all data fairly and objectively, • Fine Chinese Paintings and Calligraphy: classical, on the basis of thoroughness and accuracy . Modern, and Contemporary Chinese paintings in the traditional style . –– Data submission requests were sent to 396 mainland Chinese auction houses that were licensed to sell art • 20th-Century and Contemporary Chinese Art: 20th- and cultural relics in mainland China as of December and 21st-century oil paintings, sculpture, installation, 31, 2014 . 331 auction houses submitted their auction photography, etc . data on time . The remaining 65 auction houses have been largely inactive in recent years, and do not affect • Chinese Books and Manuscripts: ancient books, the comprehensiveness of the market data . manuscripts, calligraphy inscriptions, etc .

–– For transaction details, commission ratio, operational • Other: stamps and coins, contemporary jewelry, details, and business rankings of each mainland China jadeite, watches, wine, tea, Contemporary artworks, auction house, please see the 2014 China Antiques etc . and Artworks Auction Market Statistical Annual Report, published by the China Association of Auctioneers in –– For more details about the auction market in mainland collaboration with three state bureaus . China, please refer to the 2014 China Antiques and Artworks Auction Market Statistical Annual Report –– There are 13 auction houses that are not licensed published by CAA . to sell Chinese cultural relics, for this reason their operating data have not been included in the report . A list of these houses can be found on the following pages .

Overseas Data • 20th-Century and Contemporary Chinese Art: oil paintings, sculpture, installation, photography, etc .

–– In this report, all data on works sold overseas were • Chinese Books and Manuscripts: ancient books, compiled from the artnet Price Database Fine Art and manuscripts, calligraphy inscriptions, etc . Design and the artnet Price Database Decorative Art . The Price Database includes over 9 million auction • Other: includes 20th- and 21st-century design results, compiled from more than 1,600 international auction houses, dating back to 1985 . This report includes data from all 325 auction houses outside of mainland China that sold Chinese art and antiques Currency and Exchange Rate in 2014 . –– For overseas prices listed in this report, data have –– Sales occurring in Hong Kong and Taiwan fall within been reported to artnet in USD, with prices adjusted the overseas sections of this report . to include Buyer’s Premium . Values representing data for works sold overseas were converted to RMB using –– Works listed as ‘withdrawn’ or ‘removed’ have been the USD-adjusted rate according to average annual excluded from this report . exchange rates . As such, all overseas values, in both USD and RMB, reflect Buyer’s Premium . –– Lots offered at auction with a low estimate below $500 are omitted from the overseas data included –– For prices originally provided by CAA and listed in in this report . RMB, RMB values have been converted to USD to maintain data consistency . –– Based on CAA’s recommendation, a number of auction houses were not included in this report, –– The average annual exchange rates used throughout due to questions about the validity of their data . this report are as follows: 1 USD/6 732. RMB in 2011, 1 USD/6 573. RMB in 2012, 1 USD/6 446. RMB in 2013, –– The categories of works sold overseas include: and 1 USD/6 394. RMB in 2014 .

• Chinese Antiques and Artworks: porcelain, jade –– This report is available in both English and Chinese . carving, furniture, textiles, metalware, carvings, etc .

• Fine Chinese Paintings and Calligraphy: classical, Modern, and Contemporary Chinese paintings in the traditional style

2014 List of Auction Houses Operating Non-Cultural Relic Sales in Mainland China

Lots Lots Sell-Through Price Realized Price Realized # Region Auction House Offered Sold Rate (%) (RMB, Premium) (USD, Premium)

1 Beijing Zhongdu International Auction Co ,. Ltd . 3,412 2,050 60 .08% ¥1,842,400 $288,145

2 Beijing Beijing Qi Jiu Ba Auction Co ,. Ltd . 803 175 21 .79% ¥3,071,200 $480,325

Beijing Tianan Huifeng International 3 Beijing 2,589 220 8 .50% ¥649,100 $101,517 Auction Co ,. Ltd .

Beijing Han Xuan International 4 Shandong 516 90 17 .4 4% ¥149,600 $23,397 Auction Co ,. Ltd .

5 Beijing Beijing Bai Shang Ya Ji Auction Co ,. Ltd . 4,536 214 4 .72% ¥1,776,800 $277,8 8 6

6 Beijing Sotheby’s (Beijing) Auction Co . Ltd . 109 92 84 .40% ¥160,660,000 $25,126,681

7 Shanghai Christie’s (Shanghai) 214 199 92 .99% ¥257,710,000 $40,304,973

8 Anhui Anhui Heng Xing Auction Co ,. Ltd . 748 369 49 .33% ¥886,600 $138,661

9 Shandong Tiancheng Auction Co ,. Ltd . 1,200 378 31 .50% ¥65,430,000 $10,233,031

10 Shandong Shandong Jin Xin Auction Co ,. Ltd . 21 8 38 .10% ¥164,000 $25,649

11 Henan Henan Yonghe Auction Co ,. Ltd . 400 184 46 .00% ¥715,000 $111,824

12 Sichuan Sichuan Jiashili Auction Corporation 1,202 199 16 .56% ¥4,460,300 $ 6 97,576

13 Xinjiang Xinjiang Xin Cheng Auction Co ,. Ltd . 68 68 100 .00% ¥1,833,800 $286,800

Total 15,818 4,246 26 .84% ¥499,348,800 $78,096,465

2014 List of Lots Sold for Over 10 Million RMB at Auction Houses Operating Non-Cultural Relic Sales

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

Sotheby’s 2014 Spring Auction: Sous Bois 20th-Century and 1 Beijing (Beijing) Auction Modern and Contemporary Dans La Nuit Contemporary ¥35,990,000 $5,628,714 Co . Ltd . Chinese Art by Zao Wou-Ki Chinese Art

2014 Autumn Auction: 20th-Century and Christie’s Untitled 06-3 2 Shanghai Asian and Western 20th Contemporary ¥19,470,000 $3,045,042 (Shanghai) by Zeng Fanzhi Century & Contemporary Art Chinese Art

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