Global Chinese Art Auction Mar

G L O B A L C H I N E S E A R T A U C T I O N MA R K E T R E P O R T 2 0 1 5 Table of Contents Foreword...... 4

About artnet...... 5

About the China Association of Auctioneers (CAA)...... 6

Key Findings...... 7

1 The Chinese Art Market in 2015...... 11

1 .1 Market Overview...... 12

1 .2 Mainland China Market ...... 13

1 .3 Overseas Market...... 16

1 .4 Market Structure...... 19

2 Lot Composition and Price Distribution...... 21

2 .1 Performance by Sector ...... 22

2 .2 Performance by Price Segments...... 26

Appendix 1: 2015 List of Global Chinese Antiques and Art Auction Houses...... 29

Appendix 2: 2015 List of Lots Sold for Over 10 Million RMB...... 70

Notes ...... 127

Contact...... 130 4 Global Chinese Art Auction Market Report 2015

Foreword

artnet and the China Association of Auctioneers (CAA) Over the past 10 years, the Chinese art market has seen are pleased to present the fourth edition of the Global both tremendous growth and volatilities, reaching a size Chinese Art Auction Market Report, offering together an large enough to majorly impact the global auction market . in-depth look at the market for Chinese art in 2015 . At the same time, the overseas sales of Chinese art has also more than quadrupled since 2009, with an unexpect- In a continued effort to present the most accurate repre- edly strong growth in 2015 even as the mainland market sentation of the auction market in China, artnet has again went through a cooling period . Together, the global sales partnered with the CAA to produce a definitive study of of Chinese art accounted for almost a third of the global the market, which only these two trusted organizations art auction market in 2015 . By providing detailed analysis can provide . of reliable market data, coupled with a macro view of the global auction industry, the report aims to foster a deeper The Global Chinese Art Auction Market Report is the only understanding of this fascinating market, which continues report of its kind to publish auction results from mainland to be one of the most interesting developments in modern China that have been vetted by a third-party organization art auction history . with insider knowledge of the state of the market in China . The 2015 edition of the report continues to examine the Once again, we at artnet and the CAA would like to ex- global sale of Chinese art, emphasizing quality and accu- press our sincere gratitude to all who have made this racy of the data, with the goal of creating a new standard report possible . of transparency .

About artnet

artnet is the leading place to buy, sell, and research fine artnet was also the first to pioneer an online auctions art, design, and decorative art online . platform exclusively dedicated to fine art, forming artnet Auctions in 2008 . With artnet Auctions, collectors can artnet was founded in 1989 with the goal of bringing trans- both buy and sell art 24/7, with instant turnaround and parency to the art world . In the past, the lack of objective lower commissions . price information created a barrier for buyers and hindered the market from growing . The art world has always been The newest branch of our valuation products, Analytics international, however, it was historically managed locally Reports, offers customized reports that delve into cur- in relatively inefficient markets by tens of thousands of rent market events and trends . By allowing users to gain geographically disparate art dealers, galleries, auction a deeper understanding of the art market, they can make houses, book publishers, museums, and collectors . better-informed investment decisions .

For over 27 years, artnet has worked to transform the In February 2014, artnet launched a global art newswire: market . We provide a range of services to connect buyers artnet News . A one-stop platform for the events, trends, and sellers online, and offer a suite of valuation tools to and people that shape the art market and global art in- make market information instantly accessible . dustry, artnet News provides up-to-the-minute analysis and commentary, with the highest possible standards in The Price Database provides users with a global stan- cultural journalism . Launched in March 2015, artnet News dard of price comparison . The database includes over China delivers the same high-quality, timely content in 10 million auction results compiled from more than Chinese, and publishes original news for the local and 1,700 international auction houses dating back to 1985 . regional Chinese-speaking audience .

Another pillar of the artnet business is the Gallery Net- In 1999, artnet went public in Germany . Since 2007, work, which was introduced in 1995 . As the largest artnet has been listed in the Prime Standard of the network of its kind, this product features approximately Frankfurt Stock Exchange, the segment with the highest 170,000 artworks by nearly 35,000 artists and offers the transparency standards . world’s most comprehensive overview of artworks available for purchase . artnet remains the undisputed leader of the art world online . As the market continues to evolve and expand, artnet will continue connecting millions of people around the world with the artworks they love .

About the China Association of Auctioneers (CAA)

The China Association of Auctioneers (CAA) is the only China’s Ministry of Commerce issued the Standard for national association of the auction industry in China . Its Auction of Cultural Relics and Art Works in 2010 . Draft- functions include auctioneers administration, auction ed by CAA, this document marked the beginning of the house regulation, and industry supervision, as well as standardization of China’s art auction industry . Today, the business promotion, policy coordination, information ser- industry is regulated by one national standard and five vices, and consulting . industry codes of practice .

Established in 1995, the CAA has been the most import- Since 2012, the CAA has continued its promoting stan- ant platform for fostering connections within China and dardization in the industry by vetting auction houses in with the rest of the world, making every effort to promote mainland China according to the Standard for Auction the development of China’s auction industry and auction of Cultural Relics and Art Works, marking the shift from market . Revitalized in 1986 and now led by the CAA, the quantity-driven to quality-driven growth . So far, 56 an- Chinese auction industry has entered a new era . tiques and art auction houses have been certified as meeting the industry standard . In 1996, the Auction Law of the People’s Republic of China was issued under the promotion of CAA . As the The CAA partnered with artnet in 2014 to successfully first auction law in China, it laid a solid foundation for the co-host an international summit, The Chinese Art Market: standardization of China’s auction industry . Present and Future, in New York . During the summit, the CAA proposed the establishment of an international auc- In 1997, the CAA designated the first group of national tioneers association . certified auctioneers . Currently, 12,659 national auctioneers have been trained and certified, and serve as the In 2015, the CAA completed the framework of a credit backbone of the industry . system and an international platform for the antiques and art auction market in China, thus establishing the founda- The number of CAA’s auction house members had tion for sustainable growth and a global strategy for the reached 1,000 in 2005 . Today, it contains over 2,500 industry . members and represents 80% of the market share, including the most well-known and prestigious auction houses In the future, as China’s auction industry continues to from mainland China . expand worldwide, the CAA will play a leading role in building the platform for international communication by working with fellow organizations, thereby promoting inte- gration and development of the global auction market .

Key Findings

1 . The slowdown of the Chinese art auction market 6 . As the market contracted in mainland China, the continued in 2015, as the global total sales value de- market share held by the top five auction houses con- clined by 9% year-on-year to $7 1. billion . Despite this tinued to increase over the past three years (from 47% downturn, the market still represents 32% of the total in 2013 to 55% in 2015), taking shares mainly from the global auction market . lower end of the market, as fewer smaller houses held sales during this difficult economic period . 2 . The total sales value in mainland China continued to decline in 2015 ($4 4. billion, or down 19% from 2014), 7 . Driven by an increase in demand, the overseas mar- reaching under its 2012 low . ket for Chinese art reached a historic high in 2015, totaling $2 6. billion in sales and reaching a size more 3 . The number of auction houses that offer Chinese art than half that of mainland China for the first time . The in mainland China declined to 274 . This is 18 fewer average sale price increased by 8% year-on-year to houses than in 2014, and marks the first time that $54,265, the highest level in four years (as compared the number of active houses in mainland China has to $17,697 in mainland China) . declined in the last five years . 8 . North America saw a 70% increase in the supply 4 . As the market contracted, there have been improve- of Chinese art in 2015 year-on-year while the sell- ments in the default payment problem that has through rate remained high at 61%, making it the plagued mainland China for years . As of May 15, largest market for Chinese art overseas in terms of 2016, 58% of sold lots (by value) in 2015 were paid in volume . full . This represents an increase of four percentage points year-on-year, or the highest level in five years . 9 . The total sales value of the overseas Chinese For high-priced lots (¥10 million and above), the in- Antiques and Artworks sector saw a steep increase crease in the percentage of fully paid lots was even of 41% year-on-year, with the average price reaching more significant, up by 17 percentage points in terms a five-year high of $42,408 . This is the only sector of value from 35% in 2014 to 52% in 2015 . that experienced growth in 2015, and it represents the main driving force behind the increase in value 5 . As the largest region in mainland China, the market and volume of Chinese art sales overseas . share in volume held by the Beijing and Tianjin region continued to decline over the past three years, from 54% in 2013 to 46% in 2015 . Meanwhile, the market share held by the Yangtze River Delta region saw a steady increase from 33% in 2013 to 40% in 2015 .

10 . The market share of Fine Chinese Paintings and Calligraphy in mainland China has declined to its lowest level in six years, both in terms of value (62%) and volume (43%), led by the continued market correction of the Modern and Contemporary Chinese Painting and Calligraphy sectors .

11 . Compared with 2014, supply of 20th-century and Contemporary Chinese Art has decreased in both mainland China (-28%) and overseas (-9%) amongst ongoing concern of overpricing in this sector . Though still the highest of all sectors, its sell-through rate overseas dropped below 70% for the first time since 2011, reaching 63% .

12 . An interesting shift in price structure can be observed in mainland China in 2015 . The lower-middle end (¥500k–1 million) of the market experienced a 45% decrease in volume, while the ultra-high end of the market (¥50 million and above) increased by more than 200% . A greater percentage of lots are being sold below ¥500,000, reaching 96 6%. of the market, or the highest in five years .

13 . For the first time, more lots above ¥10 million were sold overseas (263) than in mainland China (243) . The number of Chinese Antiques and Artworks as well as Chinese Paintings and Calligraphy sold overseas in this price bracket doubled year-on-year, while the number of 20th-Century and Contemporary Chi- nese Art lots stayed about the same .

1 The Chinese Art Market in 2015 12 Global Chinese Art Auction Market Report 2015

1 1. Market Overview

The sale of Chinese art has always held a position in the global art auction market, albeit initially a small one . Only 2009–2015 Global Total Sales Value (USD) over the past 10 years, however, has this collecting cate- of Chinese Art gory gathered enough momentum to grow and reach a size large enough to majorly impact the global auction market . USD $0 $2 bn $4 bn $6 bn $8 bn $10 bn

In the period between 2007 and 2009, the global auction market value declined by 32% due to the global financial crisis, ultimately dropping to $9 9. billion (¥67 6. billion) . Overseas However, after a quick downturn in 2008, the Chinese market returned to a total 3 3%. higher than that of 2007, reaching $3 3. billion (¥22 8. billion) in 2009 . As a result, the share for the Chinese art market within the global market had increased significantly in 2009 to 34% . This Mainland China number continued to climb and reached 41% in 2011, making China one of the largest art auction markets in the world . However, as China’s economic growth slowed and as the Chinese art market experienced internal restructuring, China’s art market entered a period of cor- 2009 rection beginning in 2012 . The total sales value declined 2010 by 46% in 2012, as compared to the same period in 2011 . 2011 After a brief recovery in 2013, the market continued its 2012 downward trend, falling to $4 4. billion (¥29 1. billion) in 2013 2015 . Overall, the market size has declined by 51% as 2014 compared to the 2011 peak of $9 3. billion (¥62 8. billion) . 2015

In contrast to the volatility of the mainland market, the overseas market has undergone a steady recovery since its 2009 low . Even with a slight decline in 2015, the total value of the overseas market still reached $17 .2 billion (¥111 9. billion), or 162% higher than 2009 . At the same time, the growth of the Chinese art market, coupled with the increasing global influence of Chinese art buyers, resulted in continued growth overseas for Chinese art .

The number of overseas auction houses with sales of If one combines the sales value of mainland China with Chinese art increased from 141 in 2009 to 332 in 2015, the overseas market for Chinese art in 2015, it totals $7 1. thereby surpassing the number in mainland China . In billion (¥46 3. billion) . While this is the lowest it has been terms of total sales value, the overseas market for Chi- in the past three years, due largely to the aforemen- nese art has increased from $577 .8 million (¥3 .9 billion) in tioned market corrections in mainland China, the scale of 2009 to $2 .6 billion (¥17 1. billion) in 2015—more than half the market still represents 32% of the total global auc- that of mainland China . tion market .

2015 Number of Active Auction Houses 2011–2015 Global Number of Auction Houses by Region Selling Chinese Art

0 100 200 300 Asia 59

Overseas

Mainland China Europe 274 154

Mainland China

North America 106

Rest of the World 2011 13 2012 2013 2014 2015

1 2. Mainland China Market

Due to volatility in the Chinese stock market and ongoing an increase of four percentage points year-on-year, or internal restructuring of the art market, the total sales the highest level in five years . For high-priced lots (¥10 value in mainland China continued trending downward in million and above), the increase in the percentage of fully 2015 . The market contracted by 19% in 2015 to $4 .4 bil- paid lots was even more significant, up by 17 percentage lion (¥29 1. billion), falling past its previous 2012 low . points in terms of value from 35% in 2014 to 52% in 2015 .

Many smaller auction houses reduced their number of Despite corrections in China’s art market over the past sales, or temporarily halted business altogether amid the four years, it has held the position of the second-largest continued market slowdown . As a result, the number of market globally in terms of total sales value for all fine active houses that offered Chinese art in mainland China and decorative art . China, at $4 4. billion (¥29 1. billion), declined to 274 . This is 18 houses fewer than 2014, and came in just behind the United States’ leading $6 .2 billion marks the first time that the number of active houses has (¥40 5. billion) in 2015 . declined in the last four years . The growth of the market is of course heavily influenced This round of corrections demonstrated a different cli- by the population growth of the art-buying community . mate than that of 2012 . In terms of supply, both 2012 and From 2000 to 2015, the average wealth per adult in Chi- 2015 saw steep decreases in the quantity of lots offered, na has quadrupled, reaching $22,513 (¥146,086) 1. By the down 16% in 2012 and 24% in 2015, respectively . In terms end of June 2015, the ultra-high-net-worth population had of demand, however, the sell-through rate declined from grown to 9,600 people, second only to the United States . 55% in 2011 to 48% in 2012, while the average lot price Moreover, the middle class had grown to 109 million peo- dropped from $22,325 in 2011 to $16,272 in 2012 . Yet by ple, surpassing the United States for the first time and 2015, both the sell-through rate and average price re- becoming the largest in the world .2 Although the down- mained steady, even experiencing a slight increase that turn in the stock market during the latter half of 2015 led brought the sell-through rate to 47% and the average price to heavy losses among many investors, the majority of to $17,697 (¥114,836) . This demonstrates that while the high-net-worth individuals have remained optimistic about 2012 downturn was driven by a decline in both supply and China’s economic reform and the steady growth of their demand, the 2015 downturn was driven more by an active personal wealth 3. downsizing in supply by the auction houses, rather than by a decline in market demand or in the quality of lots offered .

1 Credit Suisse: Global Wealth Report 2015, p 47 . As the market contracted, there have been improvements 2 Credit Suisse: Global Wealth Report 2015, p27–32 . in the default payment problem that has plagued main- 3 China Industrial Bank and The Boston Consulting Group: 2016 China land China for years . As of May 15, 2016, 58% of sold lots Wealth Report: Growing Against the Trend with Global Asset Allocation, (by value) in 2015 had been paid in full . This represents p9 –17 .

As the geographical distribution of high-net-worth individuals in China has dispersed, the structure of the art market 2015 Market Share by Value (USD) has also become less concentrated in one central region . by Region in Mainland China The Beijing and Tianjin Region, traditionally the art market center of mainland China, has shown signs of weakening as other regions have grown in recent years . In 2015, the number of active houses that offered Chinese art sales in this region decreased by 11, the largest decrease among Pearl River Other 4 .3% Delta Region all regions in China . Its market share in terms of lots sold 7 .5% also saw a steady decrease over the past three years, de- Yangtze River Beijing and clining from 54% in 2013 to 46% in 2015 . Delta Region Tianjin Region 23 .5% 64 .5% Contrary to the Beijing and Tianjin Region, the Yangtze River Delta Region has experienced a steady increase in the market share of lots sold over the past three years, growing from 33% in 2013 to 40% in 2015, thereby significantly clos- ing the gap between the first- and second-largest markets in mainland China . The sell-through rate in this region has, for the first time, also risen to the highest level in the country . However, as a greater share of lots sold in this region begin appearing in the mid- to lower-tier price brackets, 2015 Market Share by Volume (Lots Sold) the average price in this region has only reached $10,329 (¥67,023) . This is much lower than the average for all of by Region in Mainland China mainland China, which stands at $17,697 (¥114,836) .

Despite its diminutive market share (only 7% of mainland China), the Pearl River Delta was the only region where Pearl River Other 8 .1% both the number of lots offered and sold increased in Delta Region 2015, against the overarching trend in mainland China . 5 .2% The average price in this region jumped up by 41% to Yangtze River Beijing and Delta Region Tianjin Region $25,339 (¥164,424) in 2015, making it the highest among 40 .3% 46 .1% all regions . By the end of 2014, the largest province in this region, Guangdong, became the first province to contain more than 100,000 high-net-worth individuals in mainland China,4 thereby contributing to the high average price for art and antiques sold in this region .

4 Bain & Company & China Merchants Bank: 2015 China Private Wealth Report, p11 .

1 3. Overseas Market

Contrary to the trend in mainland China, the overseas 2012–2015 Total Sales Value (USD) by Region sales of Chinese art reached new heights in 2015 with a total sales value of $2 .6 billion (¥17 1. billion)—more than half of the market value in mainland China . Concurrently, $0 $2 bn $4 bn $6 bn the number of overseas auction houses that have offered sales of this collecting category has increased steadily since 2009 and reached 332 in 2015, a number much larg- Mainland China er than that of mainland China .

The overseas average sale price for Chinese art in- Asia creased 8% year-on-year, reaching $54,265 (¥352,123), or the highest point in the past four years . In comparison, the average price in mainland China was only Europe $17,697 (¥114,836) .

In 2015, the number of lots offered and sold overseas has North America also increased year-on-year, reaching its highest level in five years . However, the sell-through rate has trended downward since 2011, dropping to 56% in 2015 as com- Rest of the World pared to 69% in 2011 .

Looking back on the trend of overseas Chinese art sales 2012 since 2009, periods of growth and decline had always co- 2013 incided with the fluctuations of mainland China’s market . 2014 Since 2013, however, the overseas market has become 2015 more independent as it began deviating from mainland China’s performance . In 2015, the mainland Chinese market dropped by 19% compared to 2014, while the overseas sales for all art declined by 1% . Despite this, the overseas sales for Chinese art increased by 14% year-on- year against the overarching trend of mainland China and the overall global market . This performance reflects mainland China’s changes in policy over the past few years .

In the past, imported artwork to mainland China has always been subject to high taxation . And the restrictions 2015 Market Share by Value (USD) on artworks which are allowed to be imported have been by Region Overseas further tightened in recent years . As a result, it has been extremely difficult for auction houses in mainland China Rest of to obtain consignments from overseas even though the the World North America 0 .0% demand remains high, as overseas provenance is com- 13 .2% monly associated with quality and authenticity . Starting 2012, as major mainland auction houses such as Bei- Europe 9 .1% jing Poly and China Guardian extend their businesses to Asia Hong Kong filling the gap in supply, the sales volume in 77 .6% the region has grown significantly .

At the same time, mainland buyers have also become increasingly international . From 2013 to 2015, four pilot free trade zones were established in Shanghai, Guang- dong, Tianjin, and Fujian, creating more freedom for collectors buying artworks from overseas by providing tax breaks and facilities for trade and storage . In addi- tion, as the central bank of China cut its daily reference rate by 1 9%. on August 11, 2015, sparking fear for the 2015 Market Share by Volume (Lots Sold) devaluation of the yuan, the demand for overseas asset holdings and more diverse asset allocations has in- by Region Overseas creased, creating more demand potential for art in this region’s markets 5. Rest of the World 0 .9% The Asian portion of overseas sales has seen the largest growth among overseas regions since 2012 . The total North America sales value of this region has grown from $1 1. billion 40 .0% (¥7 3. billion) in 2012 to $2 0. billion (¥13 3. billion) in 2015, Asia 38 .9% a growth of 84% . The majority of the growth, however, can be attributed to Hong Kong: the regions in Asia outside of Hong Kong saw decreases in both value (-40%) Europe 20 .0% and volume (-36%) of Chinese art sales in 2015, even as the total sales of all art in this region stayed almost on par with 2014 (0 1%. increase) . This can be explained, in part, by the shift in collectors’ interest from 20th-Cen- tury and Contemporary Chinese Art toward Korean, 5 China Industrial Bank and The Boston Consulting Group: 2016 China Wealth Japanese, and Southeast Asian art . Report: Growing Against the Trend with Global Asset Allocation, p9 –17 .

North America saw a 70% increase in lots offered in 2015 The market share for Europe, meanwhile, has continued year-on-year, and the number of lots sold increased by to decrease over the past five years in terms of both 54%, reaching 19,545 overall . This is the first time since value and volume, reflecting the overall trend for art 2013 that this region has sold more lots of Chinese art auctions in this region . During the 2011–2015 period, the than the overseas segment of Asia, making it the largest market share in terms of volume held by Chinese art has art market for this collecting category overseas in terms remained steady at about 4% . However, in terms of value, of volume . the market share has declined from 6% in 2011 to 3% in 2015 . The average price has declined by 35%, reaching Sell-through rates in this region remained the highest $24,648 (¥159,942) . As the overseas market for Chinese among all overseas regions at 61% . Among all price art grew as a whole, the total sales value of the Euro- brackets, however, the largest growth in lots sold was pean region increased by 6% in 2015, reaching $240 9. seen in the lower end of the market at 56% year-on-year . million (¥1 5. billion) . This resulted in a decline in the average price of lots for the North American region by 18%, reaching $17,883 ( ¥116,043) .

1 4. Market Structure

The art auction world has traditionally been dominated by a small, select group of auction houses, comprising 2015 Market Share by Value (USD) Held the majority of the market’s value . The market for Chi- by Top-Ranked Auction Houses Globally nese art has followed this same structure . However, as the mainland Chinese market has contracted while the overseas market has expanded, the two regions have begun to diverge in terms of market structure .

Remaining 581 Due to continued correction in mainland China, smaller Auction Houses 23 .4% houses have reduced their sales over the past years . As Auction Houses a result, the market share held by the top five auction Ranked 1–5 houses has continued to grow in the past three years 40 .8% from 47% in 2013 to 55% in 2015 . Auction houses ranked 6–25 stayed at roughly the same level, whereas the market share held by the remaining houses declined from 24% in 2013 to 16% in 2015 . Auction Houses Ranked 6–25 35 .7% Although the top five auction houses remained the same in mainland China, their total sales value has declined by 16% year-on-year, making Beijing Poly International 2015 Market Share by Value (USD) Held by the only auction house that has increased its total sales value . As a result, the market share has increased by six Top-Ranked Auction Houses in Mainland China percentage points to 22% in 2015 . The total sales value of China Guardian declined slightly compared to 2014, while its market share increased . The top two houses’ combined market share reached 36%, up eight percentage points from 2014, taking shares from the remaining Remaining 249 Auction Houses houses in the top five . As a result of these shifts, the 16 .3% market in mainland China has become even more con- Auction Houses Ranked 1–5 centrated toward this handful of top-tier houses . 55 .5% Auction Houses Ranked 6–25 28 .0%

In comparison to mainland China, the overseas market has become less concentrated as expansion of the market 2015 Market Share by Value (USD) Held has created more opportunity for smaller and second-tier by Top-Ranked Auction Houses Overseas auction houses . The market share held by the top five houses overseas declined from 68% in 2013 to 61% in 2015, among which the combined share held by Sotheby’s Hong Kong and Christie’s Hong Kong declined from 50% in 2013 to 32% in 2015 . At the same time, however, the Remaining 307 auction houses ranked 6–25 increased in market share Auction Houses 8 .6% from 24% in 2013 to 29% in 2015 . Auction Houses Ranked 1–5 Auction Houses 61 .8% Ranked 6–25 29 .6%

2 1. Performance by Sector

As the Chinese art market and Chinese art buyers have both become more international, regional barriers have 2015 Total Sales Value (USD) begun to dissolve . Due to the diverse nature of Chinese by Collecting Category Globally art, different sectors and different price segments often cater to very different collector groups, and in turn are USD $0 $2 bn $4 bn often impacted by factors unique to each . The behavior of Fine Chinese Paintings the market for Chinese art as a whole is therefore a prod- and Calligraphy uct of all these factors combined . Chinese Books and Manuscripts Fine Chinese Paintings and Calligraphy Chinese Antiques As the largest collecting category in both value and and Artworks volume globally, Fine Chinese Paintings and Calligraphy 20th-Century and (including Classic, Modern, and Contemporary sectors) Contemporary Chinese Art saw decreases in both mainland China and the overseas market in 2015 . Other

In the mainland, due to the continued market correction in the Modern and Contemporary Chinese Paintings and Calligraphy sectors, the market share for Fine Chinese 2015 Total Sales Volume (Lots Sold) Paintings and Calligraphy declined to its lowest level in by Collecting Category Globally six years by both value and volume .

0 40,000 80,000 120,000 The Modern sector, which accounts for 57% of the volume Fine Chinese Paintings and 64% of the value sold in the Fine Chinese Paintings and Calligraphy and Calligraphy category, saw a decrease of more than Chinese Books 25% in both value and volume year-on-year . Meanwhile, and Manuscripts the average price remained 24% below its 2011 peak . The Chinese Antiques Contemporary Chinese Paintings and Calligraphy sector, and Artworks which has been plagued by overpricing issues, saw a 41% 20th-Century and decrease in total sales value and a drop of 33% in lots Contemporary Chinese Art sold—the lowest level since 2011 . Other Overseas, the market share for Fine Chinese Paintings and Calligraphy continuously increased from 2011 to 2014,

with the market share in terms of lots sold increasing from 15% to 28% . Concurrently, the market share in terms 2015 Market Share by Value (USD) of value increased from 26% to 31% over the same period . by Collecting Category in Mainland China As the majority of increases were seen in the lower-end of the market (¥500,000 and below), the average price in 20th-Century and this category decreased by almost 50% for the 2011–2014 Contemporary Other 6 .1% Chinese Art period . This trend was reversed in 2015, with a drop in 6 .0% market share in terms of lots sold to 21%, coupled with a decrease in market share in terms of value to 27% . With Chinese Antiques and Artworks tightening supply in the middle- and lower-end of the mar- 22 .9% Fine Chinese ket (under ¥10 million), and a more than 100% increase in Paintings and Chinese Books lots sold at the high-end (¥10 million and up), the average Calligraphy 62 .9% and Manuscripts price was driven back up by 25% year-on-year . The sell- 1 .9% through rate continued to decrease, dropping from 73% in 2011 to 58% in 2015 . The sell-through rate in mainland China experienced the same downward trend, reaching only 43% in 2015 .

Chinese Antiques and Artworks 2015 Market Share by Volume (Lots Sold)

Contrary to the Fine Chinese Paintings and Calligraphy by Collecting Category in Mainland China sector, the Chinese Antiques and Artworks category saw an exceptionally strong performance in 2015 . While other 20th-Century and Contemporary categories all saw decreases in total sales value globally, Chinese Art 2 .9% the Chinese Antiques and Artworks sector saw an increase Other 23 .3% of 13% year-on-year, reaching $2 .5 billion (¥16 .4 billion), accounting for 35% of the sales for Chinese art globally . Chinese Antiques and Artworks 23 .2% The total sales value of the overseas Chinese Antiques and Artworks sector saw a steep increase of 41% year-on-year . This is the only sector that experienced an increase in the Fine Chinese Chinese Books Paintings and and Manuscripts region, and the main driving force behind the growth in val- Calligraphy 6 .7% ue and volume of Chinese art sales overseas . As a result, 43 .8% the market share (in value) for this sector rose to 56%, and reinforced its position as the largest collecting category for Chinese art overseas .

The average price for Chinese Antiques and Artworks sold overseas has increased continuously since 2012, reach-

ing $42,408 (¥275,189) in 2015 . This can be attributed to continuous growth in the share of lots sold from the 2015 Market Share by Value (USD) upper-middle to high-end market (¥1–100 million), and a by Collecting Category Overseas decrease in the lower-end (¥500,000 and below) of the market . As supply has increased, however, the sell-through rate Other 0 .0% in this category has declined for three consecutive years, reaching 55%, the lowest among all categories overseas . Fine Chinese 20th-Century and Paintings and Contemporary Calligraphy Chinese Art In the mainland, the Chinese Antiques and Artworks 27 .3% 15 .8% sector has continued to be the second-largest collecting category behind Fine Chinese Painting and Calligraphy . Chinese Books Chinese Antiques and Manuscripts The market share held by this category in terms of value and Artworks 0 .2% has increased slightly in 2015 to 22% . At the higher-end 56 .5% of the market (¥10 million and above), this category saw the largest increase among all categories, reaching 68 lots in 2015 . As a result, the market share of lots sold in higher-end markets for this sector also increased, driving up the average price of this sector by 9%, reaching $17,000 (¥113,471), and nearly returning to the same level 2015 Market Share by Volume (Lots Sold) as its 2011 peak . by Collecting Category Overseas 20th-Century and Contemporary Chinese Art Fine Chinese Other 0 .0% Paintings and Due to ongoing concerns regarding overpricing issues, Calligraphy the 20th-Century and Contemporary Chinese Art sector 21 .4% 20th-Century and Contemporary saw a decline in supply for both mainland China and Chinese Art overseas during 2015 . Chinese Books 5 .5% and Manuscripts 0 .5% Overseas, the number of lots offered and sold had been Chinese Antiques increasing steadily since 2012, however, in 2015, the and Artworks 72 .3% number of lots offered declined by 18% year-on-year . The sell-through rate also saw a significant decrease to 65%, making this the first time in four years that the sell- through rate of this sector dropped below 70% .

Supported by an exceptionally strong middle- to high- end market (¥500,000–50 million), the average price of this sector stayed high at $155,064 (¥1 0. million), more than double the second-highest sector (Fine Chinese

Paintings and Calligraphy), and more than four times that In the mainland, the average price of this sector saw of its mainland counterpart . Over the past four years, continued increases following its 2012 low, up 23% year- however, a continued decline could be observed in the on-year in 2015 to $5,067 (¥32,881), an increase greater upper-middle market (¥1–10 million), as market share in than any other category in mainland China . This is also this price bracket decreased from 17% in 2012 to 10% in the only sector in which the average price has surpassed 2015 . During the same time period, a greater share of lots the 2011 market peak . were sold at the lower-end (¥500,000 and below), as its market share increased from 71% to 77% . As a result of As more Chinese collectors enter the international art this trend, the average price for this sector remained 17% market, the Chinese Books and Manuscripts sector has lower than 2011 . experienced tremendous growth over the past five years overseas . The total sales value of this category has in- In mainland China, 20th-Century and Contemporary Chi- creased significantly over the 2011–2015 period, growing nese Art began experiencing market corrections as early from $11,591 (¥78,029) to $6 .0 million (¥39 .5 million) . The as 2014 . During the period of 2010–2013, the number of average price has also increased from $2,318 (¥15,606) in lots offered and sold in this sector saw steady increases . 2011 to $21,746 (¥141,110) in 2015 . Among all sectors over- Yet in 2014, even as the lots offered continued to increase, seas, this is the only category that saw an increase in the the number of lots sold decreased significantly . The sell- sell-through rate, reaching 60% in 2015 . through rate dropped from 60% in 2013 to 46%, and the total sales value also decreased by 18% year-on-year . As a result of this sudden downturn, the market supply decreased by 28% in 2015, and the total sales value continued to decrease by 18% to $272 5. million (¥1 7. billion), while at the same time the sell-through rate rebounded to 49% .

The average price in this sector, however, saw continued increases over the past few years despite the contraction, increasing from $31,355 (¥206,095) in 2012 to $37,085 (¥240,642) in 2015 . This suggests that as the market has contracted, it has gravitated towards higher- quality works in this sector .

Chinese Books and Manuscripts The Chinese Books and Manuscripts category has traditionally represented only a small portion of global Chinese art sales, due to high barriers to entry in terms of lan- guage and cultural understanding . In 2015, this sector only accounted for 1% of global total sales value for Chi- nese art, though positive trends can be observed in both mainland China and overseas .

2 2. Performance by Price Segments

Since 2011, mainland China has experienced two rounds follow . In 2015, however, it was the lower price segment of downturns, each with a different impact on price seg- (¥500,000–1 million) that was most affected, as the market ments . From 2011 to 2012, a decrease in lots sold could be share of lots sold in this segment declined by 30% . seen across all price segments . However, in the 2013–2015 period, the high end of the market (¥10 million and above) The combined effect of these two market corrections led to saw an increase in the number of lots sold, especially from a decline in market share for the middle market (¥500,000–10 the lots over ¥50 million segment (an increase of 64%) . The million) from 4 .6% in 2011 to 3 1%. in 2015, the lowest in five middle of the market (¥500,000–10 million), on the other years . Yet at the lower-priced end of the art market (below hand, saw a decrease of 47% over the same time period . ¥500,000), the market share increased from 94 .9% to 96 .6% during the same period, reaching its highest point in five In 2012, the market share for lots sold between ¥1 and years . This, to some extent, reflected an overall decrease in ¥5 million saw the largest decrease among all price seg- market speculation, and an increase in the population and ments since 2011 (-34%), and remained low in the years to the buying power of the mainland China middle class .

2015 Number of Lots by Collecting Category and Price Range in Mainland China (in Lots Sold)

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

¥100 Million and Above 0 1 0 5 0 6

¥50 Million–Below 100 Million 1 3 0 18 0 22

¥10 Million–Below 50 Million 11 64 2 131 7 215

¥5 Million–Below 10 Million 33 107 3 289 29 461

¥1 Million–Below 5 Million 259 661 42 2,137 151 3,250

¥500,000–Below 1 Million 303 821 109 3,046 334 4,613

Below ¥500,000 6,743 57,233 16,934 105,571 58,634 245,115

Total Lots Sold 7,350 58,890 17,090 111,197 59,155 253,682

Total Sales Value (USD) $272,572,399 $1,029,788,365 $86,597,010 $2,825,275,620 $275,184,836 $4,489,418,231

Average Price (USD) $37,085 $17,487 $5,067 $25,408 $4,652 $17,697

At the high end of the market (¥10 million and above) in In the overseas market, the growth of 2015 has also mainland China, the structuring of lots saw changes over proven different than that of the preceding 2013 market the past five years as well . The Fine Chinese Painting upswing . As the market recovered from its 2012 low, the and Calligraphy sector, which had traditionally been the share of the lower-end of the market (¥500,000 and be- largest sector in this price segment, saw a decrease in low) increased to the highest level in recent years, ending market share in terms of volume sold . It fell from 71% in at 91% for 2013 . As a result, the average price declined 2011 to 63% in 2015, the lowest point in five years . In from $59,570 (¥401,023) in 2011 to $50,449 (¥325,194) contrast, the Chinese Antiques and Artworks sector saw in 2013 . In 2015, however, the market growth was main- an increase in market share in terms of volume sold from ly driven by increases in the middle- to high-end market 19% in 2011 to 28% in 2015 . Overall, the number of lots (¥1 Million–50 million), as the market share for this price sold in this price bracket continued to see increases segment increased from 5 1%. in 2014 to 5 7%. in 2015 . At throughout the past four years . This suggests that buying the same time, the lower-end of the market (¥500,000 and power at the top end of the market has remained largely below) saw a decline in market share by 0 6. percentage unaffected by the overall state of the economy . As buyers points . The average price increased by 8% year-on-year become more cautious and mature, top-quality lots with to $54,265 (¥352,123), as compared to a more modest clear provenance remain highly coveted . $17,697 (¥114,836) for mainland China .

2015 Number of Lots by Collecting Category and Price Range Overseas (in Lots Sold)

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

¥100 Million and Above 0 0 0 2 0 2

¥50 Million–Below 100 Million 2 12 0 2 0 16

¥10 Million–Below 50 Million 60 130 0 55 0 245

¥5 Million–Below 10 Million 58 194 1 97 0 350

¥1 Million–Below 5 Million 238 1,334 7 623 0 2,202

¥500,000–Below 1 Million 253 1,002 7 549 0 1,811

Below ¥500,000 2,099 32,642 265 9,132 41 44,179

Total Lots Sold 2,710 35,314 280 10,460 41 48,805

Total Sales Value (USD) $420,223,080 $1,497,612,667 $6,088,890 $723,849,198 $609,824 $2,648,383,659

Average Price (USD) $155,064 $42,408 $21,746 $69,202 $14,874 $54,265

From a global standpoint, the price for Chinese art has For the first time, more lots were sold above ¥10 million already reached the upper echelons, yet the value of high- overseas (263) than in mainland China (243), though the priced lots in this collecting category still demonstrates a mainland did see an increase in the number of lots sold great deal of growth potential . In 2015, the highest price over ¥50 million . achieved for Chinese art was for Eagle, Rock and Flora by Pan Tianshou, sold at $43 0. million (¥279 4. million)—mak- The number of high-priced lots sold, in both the Chinese ing it the 19th most expensive lot among all fine art lots Antiques and Artworks and the Fine Chinese Paintings sold in 2015 worldwide . Nevertheless, the average price for and Calligraphy categories, doubled in 2015, while the the top 100 Chinese fine art lots sold in 2015 was a more number of 20th-Century and Contemporary Chinese Art modest $7 3. million (¥47 4. million), as compared to $34 1. lots sold stayed about the same . In contrast to mainland million (¥221 7. million) for the top 100 fine art lots sold in China, the market share for Chinese Antiques and Art- 2015 across all categories globally . works sold overseas remained the largest in this price segment, and has continued to increase since 2012, reaching 54% in 2015 . The second-largest category in this region was 20th-Century and Contemporary Chinese Art, with a market share of 23%, which is however down 15 percentage points year-on-year .

2015 Total Sales Value (USD) by Collecting 2015 Total Sales Value (USD) by Collecting Category for High-Value Lots Sold in Category for High-Value Lots Sold Overseas Mainland China

20th-Century and Contemporary Chinese Art $38,776,390 Fine Chinese 20th-Century and 3 .5% Paintings and Contemporary Calligraphy Chinese Art Other Chinese Antiques $236,103,798 $204,301,050 $22,001,078 and Artworks 25 .0% 21 .6% 1 .9% $278,755,586 25 .1% Chinese Fine Chinese Antiques and Chinese Books Paintings and Artworks and Manuscripts Calligraphy $501,315,201 $6,042,533 $761,201,880 53 .2% 0 .5% 68 .7%

2015 List of Global Chinese Antiques and Art Auction Houses Mainland China Appendix 1 2015 List of Global Chinese Antiques and Art Auction Houses 31

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 . Not Reported Not Reported Not Reported Not Reported Not Reported

2 Beijing Datang International Auction Co ,. 0 0 0 .00% ¥0 $0 Ltd .

3 Beijing Infinity Auctions International 216 49 22 .69% ¥375,900 $57,929 (Beijing) Company Limited

4 Beijing Pacific International Auction Co ., Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

5 Beijing Zhong Gu Tao Auction (Beijing) 1,179 627 53 .18% ¥155,540,000 $23,969,795 Co ., Ltd .

6 Beijing Zhong An Taiping International 28 19 67 .86% ¥394,800 $60,841 Auction Co ,. Ltd .

7 Beijing China Guardian International 26,356 18,770 71 .22% ¥4,115,700,500 $634,258,052 Auction Co ,. Ltd .

8 Beijing Zhong Bao Auction Co ., Ltd . 42 41 97 .62% ¥29,867,000 $4,602,712

9 Beijing Zhong Cheng Ding Li International 0 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

10 Beijing Sungari International Auction Co ., Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

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

12 Beijing Zhongdu International Auction Co ., 663 495 74 .66% ¥6,575,000 $1,013,253 Ltd .

13 Beijing Zhong Hong Xin International 2,861 341 11 .92% ¥20,662,800 $3,184,281 Auction Co ,. Ltd .

14 Beijing Zhong Lian Shi Jie Auction Co ., 166 75 45 .18% ¥1,575,600 $242,811 Ltd .

15 Beijing Zhong Lian Huan Qiu International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

16 Beijing Zhong Lian International Auction 869 94 10 .82% ¥17,003,900 $2,620,419 Co ., Ltd .

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

18 Beijing Dongfangqiushi International 758 43 5 67%. ¥498,500 $76,822 Auction Co ,. Ltd .

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

19 Beijing The Orient International Auction 142 39 27 .46% ¥44,300 $6,827 Co ., Ltd .

20 Beijing Dong Fang Rong Xun (Beijing) Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ., Ltd .

21 Beijing Beijing Yi Feng Han Lin Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ., Ltd .

22 Beijing Beijing Ba Fang Hui Cui Auction 2,105 156 7 .41% ¥126,900 $19,556 Co ., Ltd .

23 Beijing Beijing Jiuge International Auction 1,844 845 45 .82% ¥666,160,900 $102,660,025 Co ., Ltd .

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

25 Beijing China Legend Auction Co ., Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

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

27 Beijing Beijing Kaiyuantianxing Auction 0 0 0 .00% ¥0 $0 Co ., Ltd .

28 Beijing Beijing Tian Lang Wen Hui Auction 385 16 4 16%. ¥540,300 $83,264 Co ., Ltd .

29 Beijing Beijing Tian Ya Yi Heng 5,461 282 5 .16% ¥5,523,900 $851,271 International Auction Co ., Ltd .

30 Beijing Beijing Yi Dian Zhen Cang Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ., Ltd .

31 Beijing Beijing A&F Auction Co ,. Ltd Not Reported Not Reported Not Reported Not Reported Not Reported

32 Beijing Beijing Taihetiancheng International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

33 Beijing Beijing Zhong Tian Xin Da Auction 528 244 46 .21% ¥1,785,800 $275,204 Co ., Ltd

34 Beijing Beijing Zhonghan International 1,799 1,030 57 .25% ¥89,077,300 $13,727,431 Auction Co ,. Ltd .

35 Beijing Beijing Zhongtoujiayi International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

36 Beijing Beijing Zhongpai International 397 298 75 .06% ¥24,552,000 $3,783,634 Auction Co ,. Ltd .

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

37 Beijing Beijing Zhongzhao International 1,512 52 3 44%. ¥150,500 $23,193 Auction Co ,. Ltd .

38 Beijing Beijing Hanson Auction Co ., Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

39 Beijing Beijing Zhong Hai Yi Lan Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ., Ltd .

40 Beijing Beijing Zhongzi International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

41 Beijing Beijing Zhong Bo International 20 0 0 00%. ¥0 $0 Auction Co ,. Ltd .

42 Beijing Beijing Zhong Ding International 115 75 65 .22% ¥100,711,000 $15,520,265 Auction Co ,. Ltd .

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

44 Beijing Beijing Chang Feng International 111 26 23 .42% ¥8,211,000 $1,265,372 Auction Co ,. Ltd .

45 Beijing Beijing Jindianlianhe International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

46 Beijing Beijing Feng Huang Ren Shen 0 0 0 .00% ¥0 $0 Jewelry International Auction Co ., Ltd .

47 Beijing Beijing Wen Jin Ge International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

48 Beijing Beijing Wenboyuan International 1,103 727 65 .91% ¥38,947,700 $6,002,111 Auction Co ,. Ltd .

49 Beijing Beijing Shuang Long Sheng Shi Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ., Ltd .

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

51 Beijing Beijing Shijishengtang International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

52 Beijing Beijing Gu Wu Xuan International 208 4 1 .92% ¥118,800 $18,308 Auction Co ,. Ltd .

53 Beijing Beijing Prospect International 5,028 1,908 37 .95% ¥160,411,400 $24,720,512 Auction Co ,. Ltd .

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

54 Beijing Beijing Orient Lide International 160 82 51 .25% ¥126,207,000 $19,449,376 Auction Co ,. Ltd .

55 Beijing Beijing Dong Zheng International 987 563 57 .04% ¥636,920,000 $98,153,799 Auction Co ,. Ltd .

56 Beijing Beijing Dong Xi Fang International 1,642 771 46 .95% ¥23,312,300 $3,592,587 Auction Co ,. Ltd .

57 Beijing Beijing Dongpai International 452 50 11 .06% ¥116,900 $18,015 Auction Co ,. Ltd .

58 Beijing Beijing Dong Lian Sheng Shi Bao 538 9 1 .67% ¥54,700 $8,430 International Auction Co ., Ltd .

59 Beijing Beijing Randong International 0 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

60 Beijing Beijing Yin Qian Shan International 3,200 327 10 .22% ¥22,054,900 $3,398,813 Auction Co ,. Ltd .

61 Beijing Beijing Bao Ying International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

62 Beijing Beijing Gu Tian Yi International 965 497 51 .50% ¥103,113,600 $15,890,522 Auction Co ,. Ltd .

63 Beijing Beijing Xuan He International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

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

65 Beijing Beijing Hong Bao International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

66 Beijing Beijing Shengqi Auction Co ., Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

67 Beijing Beijing Council International 8,385 5,547 66 .15% ¥2,204,780,000 $339,771,922 Auction Co ,. Ltd .

68 Beijing Beijing Jigu International Auction Not Reported Not Reported Not Reported Not Reported Not Reported Co ., Ltd .

69 Beijing Beijing Yazhouhongda International 516 134 25 .97% ¥2,390,000 $368,316 Auction Co ,. Ltd .

70 Beijing Beijing Yazhou Chenze Auction Not Reported Not Reported Not Reported Not Reported Not Reported Co ., Ltd .

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

71 Beijing Beijing Yazhouronghai International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

72 Beijing Beijing Xi Rong Ge International 1,776 91 5 12%. ¥1,694,700 $261,165 Auction Co ,. Ltd .

73 Beijing Beijing Bai Na International Art 5,169 940 18 .19% ¥19,443,700 $2,996,409 Auction Co ,. Ltd .

74 Beijing Beijing Zhicheng International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

75 Beijing Beijing Tranthy International 1,754 1,165 66 .42% ¥278,090,900 $42,855,740 Auction Co ,. Ltd .

76 Beijing Beijing Hua Chen International 4,205 1,889 44 .92% ¥121,609,200 $18,740,823 Auction Co ,. Ltd .

77 Beijing Beijing Hua Ruan Xin Cheng 289 14 4 84%. ¥52,600 $8,106 Auction Co ,. Ltd .

78 Beijing Beijing Huaxia Chuancheng 18 11 61 .11% ¥100 $15 International Auction Co ., Ltd .

79 Beijing Beijing Huaxia Jindian International 0 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

80 Beijing Beijing Hua Xia Hong Xi Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ., Ltd .

81 Beijing Beijing Huaxia Cangzhen Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ., Ltd .

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

83 Beijing Beijing Guantang Bique Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ., Ltd .

84 Beijing Beijing Jiu Yang International 0 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

85 Beijing Beijing Yuan Fang International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

86 Beijing Beijing Kuang Shen International 550 338 61 .45% ¥2,944,500 $453,768 Auction Co ,. Ltd .

87 Beijing Beijing Haleshen Century 1,017 891 87 .61% ¥40,478,000 $6,237,941 International Auction Co ., Ltd .

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

88 Beijing Beijing Hongzheng International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

89 Beijing Beijing Jihua Chunqiu International 802 334 41 .65% ¥12,033,900 $1,854,508 Auction Co ,. Ltd .

90 Beijing Beijing Qing Ding International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

91 Beijing Beijing Oujiang Chengcheng 0 0 0 .00% ¥0 $0 International Auction Co ., Ltd .

92 Beijing Beijing Zhuo De International 949 511 53 .85% ¥15,895,000 $2,449,530 Auction Co ,. Ltd .

93 Beijing Beijing Mingzhu Shuanglong 47 43 91 .49% ¥5,596,800 $862,506 International Auction Co ., Ltd .

94 Beijing Beijing Jiayin International Auction Not Reported Not Reported Not Reported Not Reported Not Reported Co ., Ltd .

95 Beijing Beijing Jin Shi De International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

96 Beijing Beijing Jin Chui Sheng International 3 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

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

98 Beijing Beijing Bao Rui Ying International 1,592 212 13 .32% ¥194,790,000 $30,018,493 Auction Co ,. Ltd .

99 Beijing Beijing Cheng Xuan International 6,536 5,194 79 .47% ¥382,267,300 $58,910,048 Auction Co ,. Ltd .

100 Beijing Beijing Jian Ya Century Auction 390 66 16 .92% ¥970,000 $149,484 Co ., Ltd .

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

102 Beijing Beijing Rombon Auction Co ., Ltd . 3,739 2,521 67 .42% ¥208,979,000 $32,205,116

103 Beijing Beijing Rong Hai Jia International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

104 Beijing Beijing Poly International Auction 31,869 20,413 64 .05% ¥6,453,855,300 $994,583,957 Co ., Ltd .

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

105 Beijing Beijing Mei San Shan International 446 24 5 38%. ¥841,700 $129,712 Auction Co ,. Ltd .

106 Beijing Beijing HSDT International Auction 256 35 13 .67% ¥140,300 $21,621 Co ., Ltd .

107 Beijing Beijing Xuan Shi International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

108 Beijing Beijing Inshine International Auction 67 61 91 .04% ¥502,804,800 $77,485,714 Co ., Ltd .

109 Beijing Beijing Yingchang International 2,794 454 16 .25% ¥8,630,100 $1,329,958 Auction Co ,. Ltd .

110 Beijing Beijing Taihe Jiacheng Auction Co ., 7,047 2,314 32 .84% ¥77,243,600 $11,903,776 Ltd .

111 Beijing Beijing City Union International 46 18 39 .13% ¥1,253,500 $193,173 Auction Co ,. Ltd .

112 Beijing Beijing Shengyong International 1,816 288 15 .86% ¥2,650,800 $408,507 Auction Co ,. Ltd .

113 Beijing Beijing Hai Wang Cun Auction Co ., 4,561 3,423 75 .05% ¥59,658,700 $9,193,820 Ltd .

114 Beijing Beijing Haihua Hongye Auction Co ., 84 59 70 .24% ¥1,223,300 $188,519 Ltd .

115 Beijing Beijing Fan Tang Art Auction Co ,. 20 4 20 .00% ¥395,000 $60,872 Ltd .

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

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

118 Beijing Beijing ShengJia International 55 35 63 .64% ¥62,700 $9,663 Auction Co ,. Ltd .

119 Beijing Beijing Yin He International Auction 1,700 261 15 .35% ¥52,090,000 $8,027,431 Co ., Ltd .

120 Beijing Beijing Inzone International Auction 20 2 10 .00% ¥156,800 $24,164 Co ., Ltd .

121 Beijing Beijing Pengea Auction Co ., Ltd . 307 139 45 .28% ¥6,265,000 $965,480

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

122 Beijing Beijing Long Rong International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

123 Beijing Beijing Longchen International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

124 Beijing Beijing Vitaviden International 0 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

125 Beijing Beijing Qindao Rongde 1,726 1,122 65 .01% ¥22,190,000 $3,419,633 International Auction Co ., Ltd .

126 Beijing Beijing Bo Bao Auction Co ,. Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

127 Beijing Beijing Bo Mei International Auction Not Reported Not Reported Not Reported Not Reported Not Reported Co ., Ltd .

128 Beijing Beijing Dingxing Tianhe 1,850 491 26 .54% ¥3,169,600 $488,457 International Auction Co ., Ltd .

129 Beijing Beijing Jingxing Linfeng 492 229 46 .54% ¥20,852,900 $3,213,577 International Auction Co ., Ltd .

130 Beijing Beijing Zhanran International 1,757 229 13 .03% ¥19,874,700 $3,062,829 Auction Co ,. Ltd .

131 Beijing Beijing Fu Bi Fu International 38 3 7 89%. ¥2,970,000 $457,698 Auction Co ,. Ltd .

132 Beijing Beijing Fu Gu Tai International 154 134 87 .01% ¥15,307,000 $2,358,915 Auction Co ,. Ltd .

133 Beijing Beijing Reaping International 494 18 3 64%. ¥97,000 $14,948 Auction Co ,. Ltd .

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

135 Beijing Beijing Bao Rui Hang International 10 0 0 00%. ¥0 $0 Auction Co ,. Ltd .

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

137 Beijing Beijing Xinhua Auction Co ., Ltd . 190 28 14 .74% ¥3,282,000 $505,779

138 Beijing Beijing Yonghe Jiacheng 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)

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

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

141 Beijing Beijing Artade Online Auction Co ., 64,556 23,930 37 .07% ¥46,186,300 $7,117,630 Ltd .

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

143 Beijing Beijing Ju Bao Jin Ding Not Reported Not Reported Not Reported Not Reported Not Reported International Auction Co ., Ltd .

144 Beijing Beijing Googut Auction Co ., Ltd . 392 65 16 .58% ¥6,646,300 $1,024,241

145 Beijing Beijing Safari Auction Co ., Ltd . 75 75 100 .00% ¥429,900 $66,251

146 Beijing Beijing De Bao International 2,049 970 47 .34% ¥11,157,900 $1,719,510 Auction Co ,. Ltd .

147 Beijing Beijing Han Hai International 12,815 8,588 67 .02% ¥1,449,612,700 $223,395,392 Auction Co ,. Ltd .

148 Beijing Honchin International Auction Co ., 60 9 15 .00% ¥14,300 $2,204 Ltd .

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

150 Beijing She De Auction Co ,. Ltd . 106 4 3 .77% ¥74,800 $11,527

151 Beijing Jin Mao International Auction Co ,. 64 0 0 00%. ¥0 $0 Ltd .

152 Beijing Bao Teng International Auction Co ., 52 8 15 .38% ¥1,431,000 $220,527 Ltd .

153 Beijing Ping Sheng International Auction 24 4 16 .67% ¥299,300 $46,124 Co ., Ltd .

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

155 Beijing Ding Chang Tai He International 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)

156 Beijing Jide International Auction Co ., Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

Total in Beijing 237,569 111,893 47 .10% ¥18,619,218,200 $2,869,350,932

157 Tianjin Tianjin Tongfang International 2,413 530 21 .96% ¥26,460,000 $4,077,670 Auction Co ,. Ltd .

158 Tianjin Tianjin International Auction Co ., 3,871 2,498 64 .53% ¥67,626,400 $10,421,698 Ltd .

159 Tianjin Tianjin Bo Shi Jia Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

160 Tianjin Tianjin Ding Tian International 997 588 58 .98% ¥19,935,000 $3,072,122 Auction Co ,. Ltd .

161 Tianjin Tianjin Lan Tian International 0 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

162 Tianjin Tianjin Bin Hai Jian Ye Auction Co ., 346 8 2 .31% ¥122,100 $18,816 Ltd .

163 Tianjin Tianjin De Long International 0 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

164 Tianjin Tianjin Rongdetang Art Auction 338 12 3 55%. ¥302,300 $46,587 Houses Co ., Ltd .

165 Tianjin Tianjin Han Ya Auction Co ., Ltd . 2,670 105 3 .93% ¥171,500 $26,429

166 Tianjin Haitian International Auction Co ., 1,832 1,509 82 .37% ¥12,620,600 $1,944,922 Ltd .

167 Tianjin Han Cong International Auction 0 0 0 .00% ¥0 $0 Co ., Ltd .

Total in Tianjin 12,467 5,250 42 .11% ¥127,237,900 $19,608,245

168 Shanghai Shanghai Gong Mei Auction Co ., 2,127 1,320 62 .06% ¥278,702,500 $42,949,992 Ltd .

169 Shanghai Shanghai Dagong Auction Co ,. Ltd . 1,448 56 3 87%. ¥357,400 $55,078

170 Shanghai Shanghai Da Zhong Auction Co ., 7,316 2,851 38 .97% ¥19,551,500 $3,013,022 Ltd .

171 Shanghai Shanghai Tian Ci Yu Cheng Auction 1,240 327 26 .37% ¥5,278,000 $813,376 Co ., Ltd .

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

172 Shanghai Shanghai Tianheng Auction Co ., 400 327 81 .75% ¥180,222,500 $27,773,540 Ltd .

173 Shanghai Shanghai YuanhengLizhen Auction Not Reported Not Reported Not Reported Not Reported Not Reported Co ., Ltd .

174 Shanghai Shanghai Zhong Yi Auction Co ., Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

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

176 Shanghai Shanghai Zhong Nan Auction Co ., 1 1 100 .00% ¥3,150,000 $485,437 Ltd .

177 Shanghai Shanghai Zhong Fu Auction Co ,. 1,162 193 16 .61% ¥13,388,500 $2,063,261 Ltd .

178 Shanghai Shanghai Chang Cheng Auction 61 12 19 .67% ¥608,200 $93,728 Co ., Ltd .

179 Shanghai Shanghai Zheng De Auction Co ., Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

180 Shanghai Shanghai Epama International 3,815 1,832 48 .02% ¥11,900,900 $1,834,011 Auction Co ,. Ltd .

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

182 Shanghai Shanghai Hui Yuan Auction Co ., 2,845 1,947 68 .44% ¥13,559,900 $2,089,675 Ltd .

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

184 Shanghai Shanghai Lao Cheng Huang 626 165 26 .36% ¥145,300 $22,392 Auction Co ,. Ltd .

185 Shanghai Shanghai Xie He Auction Co ., Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

186 Shanghai Shanghai Chuan Shi Auction Co ., 89 12 13 .48% ¥301,400 $46,448 Ltd .

187 Shanghai Shanghai Hua Yu Auction Co ., Ltd . 5,847 3,805 65 .08% ¥50,052,400 $7,713,423

188 Shanghai Shanghai Hua Xia Auction Co ,. Ltd . 533 196 36 .77% ¥2,604,100 $401,310

189 Shanghai Shanghai Duo Yun Xuan Auction 9,056 6,162 68 .04% ¥397,692,700 $61,287,209 Co ., Ltd .

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

190 Shanghai Shanghai Possession Auction Co ., 428 135 31 .54% ¥6,235,200 $960,888 Ltd .

191 Shanghai Shanghai Yangming Auction Co ., 13,415 11,437 85 .26% ¥72,695,500 $11,202,882 Ltd .

192 Shanghai Shanghai Chi Han Auction Co ,. Ltd . 5,531 3,220 58 .22% ¥145,410,000 $22,408,692

193 Shanghai Shanghai Technology Property 950 119 12 .53% ¥4,514,000 $695,639 Auction Co ,. Ltd .

194 Shanghai Shanghai Fan Hua Auction Co ., 6,547 2,441 37 .28% ¥39,900,700 $6,148,975 Ltd .

195 Shanghai Shanghai Hong Da Auction Co ., 190 5 2 .63% ¥28,000 $4,315 Ltd .

196 Shanghai Shanghai Hong Yuan Auction Co ,. 0 0 0 .00% ¥0 $0 Ltd .

197 Shanghai Shanghai Qing Lian Ge Auction 9,287 3,693 39 .77% ¥3,713,600 $572,292 Co ., Ltd .

198 Shanghai Shanghai Auction Co ,. Ltd . 12,781 6,957 54 .43% ¥61,360,100 $9,456,018

199 Shanghai Shanghai Qi Bei Auction Co ., Ltd . 0 0 0 .00% ¥0 $0

200 Shanghai Shanghai Alltobid International 6,632 5,092 76 .78% ¥24,990,600 $3,851,225 Commodity Auction Co ,. Ltd .

201 Shanghai Shanghai Mission Auction Co, . Ltd . 464 270 58 .19% ¥290,945,600 $44,836,739

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

203 Shanghai Shanghai He Yun Auction Co ., Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

204 Shanghai Shanghai Golden Art Auction Co ., 851 108 12 .69% ¥3,340,300 $514,763 Ltd .

205 Shanghai Shanghai Jinhu Auction Co ., Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

206 Shanghai Shanghai Jin Zhui Commodity 0 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

207 Shanghai Shanghai Hong Sheng Auction Co ,. 9,368 6,417 68 .50% ¥152,532,000 $23,506,241 Ltd .

208 Shanghai Shanghai Bao Long Auction Co ., 209 81 38 .76% ¥12,057,100 $1,858,083 Ltd .

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

209 Shanghai Shanghai Baojiang Auction Co ., 1,267 742 58 .56% ¥7,165,500 $1,104,253 Ltd .

210 Shanghai Shanghai Chunqiu Hall Artwork 576 142 24 .65% ¥7,091,000 $1,092,772 Auction Co ,. Ltd .

211 Shanghai Shanghai Hou Bao Auction Co ,. Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

212 Shanghai Shanghai Pin Cang Auction Co ., Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

213 Shanghai Shanghai Heng Li Auction Co ,. Ltd . 476 112 23 .53% ¥56,115,800 $8,647,835

214 Shanghai Shanghai Sheng An Auction Co ., Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

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

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

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

218 Shanghai Shanghai Huang Pu Auction Co ., 857 129 15 .05% ¥4,132,100 $636,785 Ltd .

219 Shanghai Shanghai Chongyuan Artwork Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

220 Shanghai Shanghai Ming Guang Auction Co ., 600 150 25 .00% ¥21,366,600 $3,292,742 Ltd .

221 Shanghai Shanghai Kang Hua Auction Co ., Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

222 Shanghai Shanghai Hong Sheng Auction Co ,. 6,530 3,320 50 .84% ¥8,813,000 $1,358,145 Ltd .

223 Shanghai Shanghai Hong Hai Commodity Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

224 Shanghai Shanghai Han Gu Xuan Auction Not Reported Not Reported Not Reported Not Reported Not Reported Co ., Ltd .

225 Shanghai Shanghai Bo Gu Zhai Auction Co ., 8,911 5,527 62 .02% ¥103,115,900 $15,890,877 Ltd .

226 Shanghai Shanghai Bo Hai Auction Co ,. Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

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

227 Shanghai Shanghai Union Auction Co ., Ltd . 2,025 792 39 .11% ¥140,630,000 $21,672,060

228 Shanghai Shanghai Ya Zang Auction Co ., Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

229 Shanghai Shanghai Ming Dao Auction Co ., 1,470 1,214 82 .59% ¥153,161,100 $23,603,190 Ltd .

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

231 Shanghai Shanghai Xin Hua Auction Co ., Ltd . 673 78 11 .59% ¥2,113,100 $325,643

232 Shanghai Shanghai Jia He Auction Co ., Ltd . 2,829 2,088 73 .81% ¥998,740,000 $153,912,775

233 Shanghai Shanghai Jia Duo Auction Co ., Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

234 Shanghai Shanghai Jia Tai Auction Co ., Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

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

236 Shanghai Shanghai Justic Auction Co ., Ltd . 658 103 15 .65% ¥118,100 $18,200

237 Shanghai Shanghai Rong Hui Auction Co ,. Ltd . 296 69 23 .31% ¥2,002,200 $308,553

238 Shanghai Rong Bao Zhai Auction Co ., Ltd . 1,056 674 63 .83% ¥192,054,600 $29,596,949

239 Shanghai Shanghai Jinart Auctions Co ., Ltd . 6,021 2,609 43 .33% ¥299,311,100 $46,125,921

Total in Shanghai 137,464 76,930 55 .96% ¥3,791,168,100 $584,245,354

240 Chongqing Chongqing Heng Sheng Auction 974 694 71 .25% ¥4,441,300 $684,435 Co ., Ltd .

241 Chongqing Chongqing Auction Center Co ,. Ltd . 350 40 11 .43% ¥1,251,500 $192,865

242 Chongqing Chongqing Chinese Cultural Relic 963 665 69 .06% ¥43,226,900 $6,661,566 Auction Co ,. Ltd .

Total in Chongqing 2,287 1,399 61 .17% ¥48,919,700 $7,538,866

243 Hebei Hebei Da Ma Auction Co ,. Ltd . 1,271 171 13 .45% ¥671,400 $103,467

244 Hebei Juli International Auction Co ,. Ltd . 859 236 27 .47% ¥23,072,000 $3,555,556

245 Hebei Shijiazhuang Sheng Shi Dong Fang 32 2 6 25%. ¥417,900 $64,401 Auction Co ,. Ltd .

246 Hebei Hebei Jia Hai Auction Co ,. Ltd . 747 371 49 .67% ¥4,641,200 $715,241

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

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

Total in Hebei 2,909 780 26 .81% ¥28,802,500 $4,438,665

248 Shanxi Shanxi Bai Ye Auction Co ., Ltd . 0 0 0 .00% ¥0 $0

249 Shanxi Shanxi Xing Jin Auction Co ,. Ltd . 814 64 7 86%. ¥365,500 $56,326

250 Shanxi Shanxi Jin Bao Auction Co ., Ltd . 748 103 13 .77% ¥2,421,700 $373,201

251 Shanxi Shanxi Jin Tong Auction Co ., Ltd . 285 137 48 .07% ¥1,729,900 $266,590

252 Shanxi Shanxi Jin De Auction Co ., Ltd . 1,210 381 31 .49% ¥29,934,600 $4,613,130

253 Shanxi Shanxi Rong Yi Da Auction Co ., 189 46 24 .34% ¥65,600 $10,109 Ltd .

Total in Shanxi 3,246 731 22 .52% ¥34,517,300 $5,319,356

254 Liaoning Liaoning You Li Auction Co ., Ltd . 0 0 0 .00% ¥0 $0

255 Liaoning Liaoning Zhong Zheng Auction Co ., 2,724 684 25 .11% ¥14,077,400 2,169,425 Ltd .

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

257 Liaoning Lining International Commodity 0 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

258 Liaoning Lining Jian Tou Auction Co ,. Ltd . 2,570 530 20 .62% ¥9,307,900 $1,434,412

259 Liaoning Fu Jia Zhai Auction Co ., Ltd . 805 360 44 .72% ¥1,910,600 $294,437

Total in Liaoning 6,099 1,574 25 .81% ¥25,295,900 $3,898,274

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

Total in Jilin 0 0 0 .00% ¥0 $0

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

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

262 Jiangsu Wuxi Yangxian Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

263 Jiangsu Jiangsu Jiu De Auction Co ., Ltd . 489 108 22 .09% ¥7,752,200 $1,194,668

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

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

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

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

267 Jiangsu Jiangsu Zhong Shan Auction Co ., Ltd . 852 86 10 .09% ¥1,138,900 $175,512

268 Jiangsu Jiangsu Feng Huang Auction Co ,. 1,590 1,113 70 .00% ¥172,559,600 $26,592,634 Ltd .

269 Jiangsu Jiangsu Longcheng Auction Co ., 639 185 28 .95% ¥2,847,000 $438,742 Ltd .

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

271 Jiangsu Lianghan Auction Co ., Ltd . 1,120 53 4 73%. ¥2,185,000 $336,724

272 Jiangsu Jiangsu Kuang Shi International 0 0 0 .00% ¥0 $0 Auction Co ,. Ltd .

273 Jiangsu Jiangsu Cang Hai Auction Co ., Ltd . 1,107 134 12 .10% ¥2,971,500 $457,929

274 Jiangsu Jiangsu Auction Co ., Ltd . 0 0 0 .00% ¥0 $0

275 Jiangsu Jiangsu Shi Cheng Auction Co ,. 339 113 33 .33% ¥1,075,000 $165,665 Ltd .

276 Jiangsu Jiangsu Zhen De Auction Co ., Ltd . 2,102 115 5 .47% ¥2,360,500 $363,769

277 Jiangsu Jiangsu Ai Tao Auction Co ., Ltd . 3,290 703 21 .37% ¥43,991,800 $6,779,442

278 Jiangsu Jiangsu Huaihai International 482 210 43 .57% ¥42,060,000 $6,481,738 Auction Co ,. Ltd .

279 Jiangsu Jiangsu Jing Hong International 330 37 11 .21% ¥460,700 $70,997 Auction Co ,. Ltd .

280 Jiangsu Jiangsu Jia Heng International 1,308 520 39 .76% ¥60,351,500 $9,300,586 Auction Co ,. Ltd .

281 Jiangsu Jiangsu Ju De Auction Co ., Ltd . 820 244 29 .76% ¥12,808,200 $1,973,833

282 Jiangsu Suzhou Orient Artwork Auction 1,988 1,473 74 .09% ¥13,475,400 $2,076,653 Co ., Ltd .

283 Jiangsu Suzhou Wu Men Auction Co ,. Ltd . 2,229 654 29 .34% ¥28,492,900 $4,390,954

284 Jiangsu Nanjing Shi Zhu Zhai Auction Co ., 2,159 470 21 .77% ¥32,350,000 $4,985,360 Ltd .

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

285 Jiangsu Nanjing Zheng Da Auction Co ., Ltd . 320 104 32 .50% ¥7,280,100 $1,121,914

286 Jiangsu Nanjing Jing Dian Auction Co ., Ltd . 2,126 282 13 .26% ¥31,226,800 $4,812,267

287 Jiangsu Haide Auction Not Reported Not Reported Not Reported Not Reported Not Reported

288 Jiangsu Nanjing Jia Xin Auction Co ., Ltd . 1,086 781 71 .92% ¥21,328,200 $3,286,824

Total in Jiangsu 24,376 7,385 30 .30% ¥486,715,300 $75,006,211

289 Zhejiang Ningbo Fu Bang Auction Co ,. Ltd . 1,107 127 11 .47% ¥3,209,400 $494,591

290 Zhejiang Xiling Yinshe Auction Co ,. Ltd . 9,182 7,813 85 .09% ¥1,967,912,900 $303,269,055

291 Zhejiang Hangzhou Kaiyuan Auction Co ., 403 14 3 47%. ¥201,300 $31,022 Ltd .

292 Zhejiang Hangzhou Tiangong Yiyuan Auction 10 0 0 00%. ¥0 $0 Co ., Ltd .

293 Zhejiang Hangzhou Wang Tian International Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd .

294 Zhejiang Shaoxing Han Yue Tang Auction 32 4 12 .50% ¥35,500 $5,471 Co ., Ltd .

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

296 Zhejiang Zhejiang San Jiang Auction Co ., 1,101 307 27 .88% ¥56,294,000 $8,675,297 Ltd .

297 Zhejiang Zhejiang Da Di Auction Co ., Ltd . 0 0 0 .00% ¥0 $0

298 Zhejiang Zhejiang Zhong Cai Auction Co ., 1,559 350 22 .45% ¥7,200,000 $1,109,570 Ltd .

299 Zhejiang Zhejiang Zhong Ju Auction Co ,. 0 0 0 .00% ¥0 $0 Ltd .

300 Zhejiang Zhejiang Zhongying Auction Co ., 0 0 0 .00% ¥0 $0 Ltd .

301 Zhejiang Zhejiang Chang Le Auction Co ., 600 538 89 .67% ¥234,754,100 $36,177,238 Ltd .

302 Zhejiang Zhejiang Liutong Auction Co ., Ltd . 0 0 0 .00% ¥0 $0

303 Zhejiang Zhejiang Shi Mao Auction Co ., Ltd . 177 5 2 .82% ¥622,300 $95,901

304 Zhejiang Zhejiang Hui Tong Auction Co ., Ltd . 242 37 15 .29% ¥215,800 $33,256

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

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

306 Zhejiang Zhejiang Li Ze Auction Co ., Ltd . 0 0 0 .00% ¥0 $0

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

308 Zhejiang Zhejiang Kylin Auction Co ., Ltd . 673 140 20 .80% ¥10,179,700 $1,568,763

309 Zhejiang Zhejiang International Commodity 650 47 7 23%. ¥585,200 $90,183 Auction Co ,. Ltd .

310 Zhejiang Zhejiang Jia Bao Auction Co ,. Ltd . 1,485 1,069 71 .99% ¥12,996,800 $2,002,897

311 Zhejiang Zhejiang Jing Dian Auction Co ,. 498 97 19 .48% ¥840,000 $129,450 Ltd .

312 Zhejiang Zhejiang Nan Bei Auction Co ., Ltd . 252 55 21 .83% ¥34,989,600 $5,392,141

313 Zhejiang Zhejiang Auction 236 26 11 .02% ¥163,200 $25,150

314 Zhejiang Zhejiang Art Media Auction Co ., 2,905 2,186 75 .25% ¥227,309,800 $35,030,020 Ltd .

315 Zhejiang Zhejiang Qian Tang Auction Co ,. Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

316 Zhejiang Zhejiang Zhe Shang Auction Co ., 1,562 362 23 .18% ¥5,600,000 $862,999 Ltd .

317 Zhejiang Zhejiang Jun Cheng Auction Co ., 1,117 199 17 .82% ¥15,133,600 $2,332,193 Ltd .

318 Zhejiang Zhejiang Sheng Shi Auction Co ., 4,940 2,910 58 .91% ¥8,176,000 $1,259,978 Ltd .

319 Zhejiang Zhejiang Hong Jia Auction Co ., Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

320 Zhejiang Zhejiang Hong An Auction Co ., Ltd . 1,135 130 11 .45% ¥672,000 $103,560

321 Zhejiang Zhejiang Union Auction Co ., Ltd . 0 0 0 .00% ¥0 $0

322 Zhejiang Zhejiang Haohoo International 2,054 1,100 53 .55% ¥33,910,600 $5,225,859 Auction Co ,. Ltd .

323 Zhejiang Zhejiang Jiatai Auction Co ., Ltd . 233 73 31 .33% ¥8,256,900 $1,272,446

324 Zhejiang Zhejiang Jia Hao Auction Co ., Ltd . 0 0 0 .00% ¥0 $0

325 Zhejiang Zhejiang Jiahan Auction Co ., Ltd . 10 10 100 .00% ¥434,500 $66,959

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

326 Zhejiang Zhejiang Heng Dian Auction Co ., 572 110 19 .23% ¥3,677,300 $566,697 Ltd .

327 Zhejiang Wenzhou Hui Feng Auction Co ,. 865 385 44 .51% ¥1,430,300 $220,419 Ltd .

Total in Zhejiang 33,600 18,094 53 .85% ¥2,634,800,800 $406,041,116

328 Anhui Anhui Yi Hai Auction Co ., Ltd . 544 50 9 19%. ¥1,172,400 $180,675

329 Anhui Anhui Gu Jin Tian Yuan Auction 0 0 0 .00% ¥0 $0 Co ., Ltd .

330 Anhui Anhui Shengtang Auction Co ., Ltd . 687 334 48 .62% ¥2,134,900 $329,003

331 Anhui Anhui Xing Han Auction Co ., Ltd . 0 0 0 .00% ¥0 $0

332 Anhui Anhui Pan Long Cooperation 2,035 803 39 .46% ¥16,944,700 $2,611,296 Auction Co ,. Ltd .

Total in Anhui 3,266 1,187 36 .34% ¥20,252,000 $3,120,974

333 Fujian Xiamen Wan Fen Auction Co ., Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

334 Fujian Xiamen Hua Chen Auction Co ., Ltd . 478 259 54 .18% ¥74,395,300 $11,464,833

335 Fujian Xiamen Gu Yu Xuan Auction Co ,. 0 0 0 .00% ¥0 $0 Ltd

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

337 Fujian Fujian Southeast Auction Co ., Ltd . 331 296 89 .43% ¥21,770,000 $3,354,908

338 Fujian Fujian Yun Tong Auction Co ,. Ltd . 1,752 240 13 .70% ¥44,678,000 $6,885,190

339 Fujian Fujian Daming Auction Co ., Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

340 Fujian Fujian Huaxia Auction Co ,. Ltd . 963 39 4 05%. ¥882,000 $135,922

341 Fujian Fujian Boya Auction Co ., Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

342 Fujian Fujian Auction 331 202 61 .03% ¥93,247,800 $14,370,134

343 Fujian Fujian Ding Xin Auction Co ., Ltd . 494 25 5 06%. ¥78,600 $12,113

344 Fujian Dingjia Auction (Fujian) Co ., Ltd . 420 61 14 .52% ¥947,700 $146,047

345 Fujian Fujian Ju Zheng Auction Co ,. Ltd . 746 22 2 95%. ¥1,895,000 $292,033

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

346 Fujian Fujian Mao Yi Xin Tuo Auction Co ,. 550 43 7 82%. ¥71,600 $11,034 Ltd .

347 Fujian Fujian Jing Xuan Auction Co ., Ltd . 1,237 240 19 .40% ¥13,201,900 $2,034,505

Total in Fujian 7,302 1,427 19 .54% ¥251,167,900 $38,706,719

348 Shandong Shandong Tongheng Auction Co ., 106 96 90 .57% ¥510,600 $78,687 Ltd .

349 Shandong Shandong New Century Auction 655 307 46 .87% ¥6,192,000 $954,230 Co ., Ltd .

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

351 Shandong Qingdao Zhong Yi Auction Co ., Ltd . 1,237 732 59 .18% ¥27,956,000 $4,308,214

352 Shandong Jialian International Auction Co ., 0 0 0 .00% ¥0 $0 Ltd .

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

354 Shandong Rongbaozhai (Jinan) Auction Co ., 858 689 80 .30% ¥314,395,200 $48,450,485 Ltd .

Total in Shandong 2,856 1,824 63 .87% ¥349,053,800 $53,791,617

355 Henan Zhengzhou Auction 87 42 48 .28% ¥590,000 $90,923

356 Henan Zhongjia Auction 395 16 4 05%. ¥1,290,300 $198,844

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

358 Henan Henan Auction Co ,. Ltd . 2,100 1,148 54 .67% ¥1,545,200 $238,126

359 Henan Henan He Tong Auction Co ., Ltd . 201 0 0 .00% ¥0 $0

360 Henan Henan Jin Di Auction Co ., Ltd . 672 387 57 .59% ¥118,184,900 $18,213,115

361 Henan Henan Hou Ming Auction Co ., Ltd . 518 28 5 41%. ¥462,000 $71,197

362 Henan Henan Ri Xin Auction Co ,. Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

363 Henan Henan Fang Di Auction Co ., Ltd . 0 0 0 .00% ¥0 $0

364 Henan Henan Kuang Lu Auction Co ., Ltd . 418 37 8 85%. ¥132,000 $20,342

365 Henan Henan Qingfeng 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)

366 Henan Henan Xin Heng Feng Auction Co ,. 25 16 64 .00% ¥108,900 $16,782 Ltd .

367 Henan Henan Yu Cheng Xiang Auction 885 299 33 .79% ¥5,396,900 $831,700 Co ., Ltd .

368 Henan Henan Hong Yuan Auction Co ., 785 153 19 .49% ¥6,485,000 $999,384 Ltd .

369 Henan Henan Fude Auctions Co ., Ltd . 262 0 0 .00% ¥0 $0

370 Henan Luoyang Jiade Auction Co ., Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

371 Henan Jia Xin Cheng Auction Co ., Ltd . 99 7 7 07%. ¥243,100 $37,463

Total in Henan 6,447 2,133 33 .09% ¥134,438,300 $20,717,876

372 Hubei Wuhan Zhongxin Auction Co ., Ltd . 87 28 32 .18% ¥3,153,500 $485,976

373 Hubei Wuhan Da Tang Auction Co ., Ltd . 323 112 34 .67% ¥1,015,100 $156,434

374 Hubei Hubei Shengdian Auction Co ., Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

375 Hubei Hubei Jin Xin Auction Co ., Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

376 Hubei Hubei Cheng Xin Auction Co ., Ltd . 1,165 464 39 .83% ¥3,638,200 $560,672

377 Hubei Hubei Jiabao Yipin Auction Co ,. Ltd . 1,038 258 24 .86% ¥1,247,300 $192,218

378 Hubei Hubei Derun Gujin Auction Co ., Ltd . 0 0 0 .00% ¥0 $0

Total in Hubei 2,613 862 32 .99% ¥9,054,100 $1,395,300

379 Hunan Hunan International Commodity 2,052 1,363 66 .42% ¥20,538,100 $3,165,064 Auction Co ,. Ltd .

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

Total in Hunan 2,052 1,363 66 .42% ¥20,538,100 $3,165,064

381 Guangdong Guangdong Xiao Ya Zhai Auction 3,738 112 3 .00% ¥11,119,800 $1,713,638 Co ., Ltd .

382 Guangdong Guangdong Feng Huang Auction 181 44 24 .31% ¥514,500 $79,288 Co ., Ltd .

383 Guangdong Guangdong Guangde Auction Co ., 921 516 56 .03% ¥14,340,000 $2,209,894 Ltd .

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

384 Guangdong Guangdong Huayou Auctions Co ., 21 4 19 .05% ¥445,500 $68,655 Ltd .

385 Guangdong Guangdong Xu Tong Da Auction 237 179 75 .53% ¥6,248,200 $962,891 Co ., Ltd .

386 Guangdong Guangdong Qiao Xin Auction Co ., Not Reported Not Reported Not Reported Not Reported Not Reported Ltd .

387 Guangdong Guangdong Gu Jin Auction Co ,. Ltd . 1,985 732 36 .88% ¥45,016,800 $6,937,402

388 Guangdong Guangdong Auction Co ,. Ltd . 724 222 30 .66% ¥2,653,800 $408,969

389 Guangdong Guangdong Poly Auction Co ., Ltd . 1,077 589 54 .69% ¥95,260,000 $14,680,228

390 Guangdong Guangdong Hao Hong Auction Co ,. 478 162 33 .89% ¥2,199,400 $338,943 Ltd .

391 Guangdong Canton Treasure Auction Co ,. Ltd . 3,921 2,293 58 .48% ¥474,271,000 $73,088,457

392 Guangdong Guangdong Jing Cheng Suo Zhi Art 2,361 2,040 86 .40% ¥63,414,300 $9,772,584 Auction Co ,. Ltd .

393 Guangdong Guangdong Heng Yi Auction Co ., 1,264 795 62 .90% ¥24,661,900 $3,800,570 Ltd .

394 Guangdong Guangzhou Huang Ma Auction Co ., 3,426 2,140 62 .46% ¥320,868,400 $49,448,051 Ltd .

395 Guangdong Guangzhou Yin Tong Auction Co ,. 1,723 407 23 .62% ¥3,934,600 $606,349 Ltd .

396 Guangdong Guangzhou Hua Yi International 4,450 2,462 55 .33% ¥1,071,524,900 $165,129,434 Auction Co ,. Ltd .

397 Guangdong Anhua Baiyun Auction Co ., Ltd . 9 9 100 .00% ¥10,005,000 $1,541,840

398 Guangdong Shenzhen Hua Xia Dian Cang 481 200 41 .58% ¥14,302,000 $2,204,038 Auction Co ,. Ltd .

399 Guangdong Shenzhen Auction Co ., Ltd . 677 465 68 .69% ¥37,736,000 $5,815,380

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

Total in Guangdong 27,674 13,371 48 .32% ¥2,198,516,100 $338,806,611

401 Guangxi Guangxi Zheng Chui Auction Co ,. 1,128 193 17 11%. ¥7,018,200 $1,081,553 Ltd .

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

402 Guangxi Huasheng Auction Co ,. Ltd . 277 139 50 .18% ¥3,300,000 $508,553

403 Guangxi Hongli Auction Not Reported Not Reported Not Reported Not Reported Not Reported

404 Guangxi Guangxi Yong Hua Auction Co ,. Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

405 Guangxi Rongbaozhai (Guilin) Auction Co ,. Ltd . 373 334 89 .54% ¥200,860,000 $30,953,922

Total in Guangxi 1,778 666 37 .46% ¥211,178,200 $32,544,028

406 Hainan Hainan An Da Xin Auction Co ,. Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

Total in Hainan 0 0 0 .00% ¥0 $0

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

408 Sichuan Sichuan Orient Auction Co ,. Ltd . 52 0 0 .00% ¥0 $0

409 Sichuan Sichuan Dazhou Wan Xing Auction 892 586 65 .70% ¥20,404,100 $3,144,414 Co ., Ltd .

410 Sichuan Sichuan Junting Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

411 Sichuan Sichuan Menghu Auction Co ,. Ltd . 318 48 15 .09% ¥452,700 $69,764

412 Sichuan Sichuan Jia Cheng Auction Co ,. Ltd . 285 185 64 .91% ¥5,950,000 $916,936

413 Sichuan Sichuan Zhong Hua Auction Co ,. 1,073 311 28 .98% ¥9,073,200 $1,398,243 Ltd .

414 Sichuan Sichuan Yinsion World Auction 6 0 0 .00% ¥0 $0 Co ., Ltd .

415 Sichuan Sichuan Lian Pai Auction Co ,. Ltd . 447 40 8 .95% ¥322,700 $49,730

416 Sichuan Sichuan Jia Bao Auction Co ,. Ltd . 448 13 2 .90% ¥64,100 $9,878

417 Sichuan Sichuan De Xuan Auction Co ,. Ltd . 1,337 187 13 .99% ¥18,732,800 $2,886,855

418 Sichuan Sichuan Han Ya Auction Co ,. Ltd . 911 195 21 .41% ¥4,593,000 $707,813

419 Sichuan Chengdu Ba Yi Pai Auction Co ,. Ltd . 2,028 392 19 .33% ¥12,680,800 $1,954,199

420 Sichuan Chengdu Jin Sha Auction Co ,. Ltd . 621 154 24 .80% ¥1,179,000 $181,692

421 Sichuan Chengdu Shi Bi Jia Auction Co ,. Ltd . 741 292 39 .41% ¥12,464,400 $1,920,851

Total in Sichuan 9,159 2,403 26 .24% ¥85,916,800 $13,240,376

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

422 Yunnan Yunnan Dian Cang Auction Co ,. Ltd . 3,779 1,435 37 .97% ¥8,013,500 $1,234,936

423 Yunnan Kunming Ya Shi De Auction Co ,. Ltd . 1,283 618 48 .17% ¥8,186,000 $1,261,519

Total in Yunnan 5,062 2,053 40 .56% ¥16,199,500 $2,496,456

424 Shaanxi Xi’an Li Bang Auction Co ,. Ltd . Not Reported Not Reported Not Reported Not Reported Not Reported

425 Shaanxi Shaanxi Da De Auction Co ,. Ltd . 83 58 69 .88% ¥10,969,000 $1,690,399

426 Shaanxi Shanxi Tian Yi International 193 75 38 .86% ¥642,100 $98,952 Auction Co ,. Ltd .

427 Shaanxi Shanxi Tianlong International 198 157 79 .29% ¥1,672,300 $257,713 Auction Co ,. Ltd .

428 Shaanxi Shaanxi Wen De Auction Co ,. Ltd . 20 9 45 .00% ¥9,500 $1,464

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

430 Shaanxi Shaanxi Hua Xia Auction Co ,. Ltd . 117 64 54 .70% ¥4,742,000 $730,775

431 Shaanxi Shaanxi Jinhua Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

432 Shaanxi Shaanxi Bao Long Auction Co ,. Ltd . 1,618 1,052 65 .02% ¥11,196,400 $1,725,443

433 Shaanxi Shaanxi Cheng Zhi Auction Co ,. Ltd . 297 5 1 .68% ¥22,100 $3,406

434 Shaanxi Shaanxi Qin Shang Auction Co ,. Ltd . 65 49 75 .38% ¥317,300 $48,898

435 Shaanxi Shaanxi Shengshi Chang'an Not Reported Not Reported Not Reported Not Reported Not Reported Auction Co ,. Ltd

436 Shaanxi Shaanxi Rui Chen Auction Co ,. Ltd . 0 0 0 .00% ¥0 $0

Total in Shaanxi 2,591 1,469 56 .70% ¥29,570,700 $4,557,050

437 Gansu Weilai Sifang Auction Co ,. Ltd . 1,593 863 54 .17% ¥9,162,200 $1,411,959

Total in Gansu 1,593 863 54 .17% ¥9,162,200 $1,411,959

438 Ningxia Ningxia Li Ding Auction Co ,. Ltd . 37 25 67 .57% ¥111,500 $17,183

Total in Ningxia 37 25 67 .57% ¥111,500 $17,183

Total in China 532,447 253,682 47 .64% ¥29,131,834,900 $4,489,418,231

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

1 Asia 33 Auction 107 48 44 .86% ¥12,558,631 $1,935,372

2 Asia All Arts Auctioneers Ltd 1,001 403 40 .26% ¥6,602,090 $1,017,428

3 Asia Art Domu 411 242 58 .88% ¥22,028,368 $3,394,725

4 Asia Art Emperor Technology & Culture 297 245 82 .49% ¥69,404,806 $10,695,763 Co ., Ltd .

5 Asia Art Number One International 673 261 38 .78% ¥67,352,088 $10,379,425 Auction Company

6 Asia Art Scene Auction 2 2 100 .00% ¥165,333 $25,479

7 Asia Art Sea Hong Kong 5,941 1,260 21 .21% ¥2,815,069,364 $433,821,754

8 Asia Bonhams Hong Kong 501 295 58 .88% ¥201,354,158 $31,030,075

9 Asia Borobudur Fine Art Auction Pte . 44 22 50 .00% ¥9,054,202 $1,395,315 Ltd .

10 Asia Brilliant Trend Auctioneers 570 348 61 .05% ¥18,352,341 $2,828,223

11 Asia China Art Window Ltd . 285 158 55 .44% ¥15,600,017 $2,404,071

12 Asia China Guardian Hong Kong 1,823 1,208 66 .26% ¥361,465,481 $55,704,343

13 Asia Chinese Paintings & Arts 273 121 44 .32% ¥1,941,173 $299,148 Auctioneer Co ,. Ltd .

14 Asia Christie’s Hong Kong 3,250 2,234 68 .74% ¥2,594,951,386 $399,900,044

15 Asia Epairich Auction 371 302 81 .40% ¥31,906,918 $4,917,078

16 Asia Est-Ouest Auctions Co ,. Ltd . 107 79 73 .83% ¥4,533,454 $698,637

17 Asia Fortune Auctioneers Ltd . 4,570 2,960 64 .77% ¥155,132,168 $23,906,945

18 Asia Franklin Arts Co ,. Ltd . 117 7 5 98%. ¥100,819 $15,537

19 Asia Fuder Auction 804 382 47 .51% ¥24,275,530 $3,741,028

20 Asia Golden Oriental Antiques 24 0 0 .00% ¥0 $0

21 Asia Hanhai Hong Kong 88 83 94 .32% ¥165,003,675 $25,428,213

22 Asia Henry Butcher Art Auctioneers 11 7 63 .64% ¥215,081 $33,145

23 Asia HK Famous Auctioneer Limited 1 1 100 .00% ¥22,145,758 $3,412,815

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

24 Asia Hong Kong Sincerity International 443 352 79 .46% ¥22,473,899 $3,463,384 Auctioneer Ltd .

25 Asia Hong Kong Zhongyi International 13 13 100 .00% ¥18,412,802 $2,837,541 Auction Co ,. Ltd .

26 Asia iART CO ,LTD. 52 17 32 .69% ¥513,572 $79,145

27 Asia Ji Chai Auctioneers Ltd . 99 54 54 .55% ¥1,720,129 $265,084

28 Asia JSL Auction Co 493 305 61 .87% ¥67,759,588 $10,442,223

29 Asia K Auction 6 0 0 00%. ¥0 $0

30 Asia Kelly’s Auction Hong Kong Limited 575 89 15 .48% ¥3,844,156 $592,411

31 Asia Kingsley Art Auction 124 84 67 .74% ¥11,853,633 $1,826,727

32 Asia L&H Auction 53 29 54 .72% ¥770,569 $118,750

33 Asia Lucanna Auctions 4 0 0 00%. ¥0 $0

34 Asia Mainichi Art Auction 17 10 58 .82% ¥888,362 $136,903

35 Asia Mallet Japan 12 9 75 .00% ¥160,625 $24,753

36 Asia Marchance Auctioneers Limited 1,039 334 32 .15% ¥28,456,255 $4,385,307

37 Asia Paidegao International Auctioneer 223 74 33 .18% ¥5,231,360 $806,189 Limited

38 Asia Paragon International 1,444 820 56 .79% ¥87,217,974 $13,440,896

39 Asia Poly Auction (Hong Kong) 2,047 1,057 51 .64% ¥1,216,299,011 $187,440,131

40 Asia Ravenel 427 310 72 .60% ¥167,215,589 $25,769,085

41 Asia Rongsheng International Auction 670 233 34 .78% ¥461,782,417 $71,163,880

42 Asia Royal Art Hong Kong 242 76 31 .40% ¥869,142,113 $133,940,840

43 Asia SBI Art Auction Co ,. Ltd . 14 13 92 .86% ¥286,349 $44,128

44 Asia Seoul Auction 4 2 50 .00% ¥10,107,387 $1,557,619

45 Asia Shijia Arts Network 66 65 98 .48% ¥5,053,376 $778,760

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

47 Asia Sidharta Auctioneer 2 0 0 00%. ¥0 $0

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

48 Asia Sino Art Auctioneers Ltd . 1,440 862 59 .86% ¥22,941,684 $3,535,473

49 Asia Sotheby’s Hong Kong 3,133 2,314 73 .86% ¥2,946,713,294 $454,108,999

50 Asia Taipei Phoebus International Art 94 64 68 .09% ¥1,875,519 $289,031 Auction Co ,. Ltd .

51 Asia Tian Xing Jian Auction 166 57 34 .34% ¥2,963,419 $456,683

52 Asia Tiancheng International Auction 7 7 100 .00% ¥1,268,595 $195,499 Co ., Ltd .

53 Asia Tokyo Chuo Auction (Hong Kong) 738 465 63 .01% ¥198,188,232 $30,542,184 Co ., Limited

54 Asia Treasure Auctioneer Limited 405 285 70 .37% ¥10,412,955 $1,604,709

55 Asia United Asian Auctioneers 30 2 6 .67% ¥129,922 $20,022

56 Asia Zenki Auction 34 27 79 .41% ¥3,473,409 $535,276

57 Asia Zheng Ding Hong Kong 345 96 27 .83% ¥498,805,749 $76,869,433 International Auction Co ,. Ltd .

58 Asia Zhong Cheng Auctions 279 229 82 .08% ¥60,653,069 $9,347,060

59 Asia Zhongyuan Art Auction Co ,. Ltd . 1 1 100 .00% ¥13,220,986 $2,037,446

Total in Asia 36,013 19,023 52 .82% ¥13,339,048,842 $2,055,640,136

60 Europe Ader 22 9 40 .91% ¥145,922 $22,488

61 Europe Ansorena 1 0 0 00%. ¥0 $0

62 Europe Arnaud Yvos-Var Enchères 27 3 11 .11% ¥27,265 $4,202

63 Europe Art Europe Auctions 12 1 8 .33% ¥15,060 $2,321

64 Europe Art Valorem 1 1 100 .00% ¥21,981 $3,387

65 Europe Artcurial 324 261 80 .56% ¥45,697,557 $7,042,311

66 Europe Artesegno Auctions 15 5 33 .33% ¥313,178 $48,263

67 Europe Artime Enchères 2 0 0 00%. ¥0 $0

68 Europe Artprecium 18 5 27 .78% ¥75,146 $11,581

69 Europe Arts & Antiques Group (AAG) 27 10 37 .04% ¥256,108 $39,468

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

70 Europe Aste Boetto 5 4 80 .00% ¥205,952 $31,739

71 Europe Auction House Zezula 1 1 100 .00% ¥69,971 $10,783

72 Europe AuctionArt - Rémy Le Fur & 8 5 62 .50% ¥157,425 $24,260 Associés

73 Europe Auctionata AG 974 449 46 .10% ¥48,218,882 $7,430,865

74 Europe Audap & Mirabaud 13 7 53 .85% ¥190,122 $29,299

75 Europe Auktionscontor Frank Peege 2 0 0 00%. ¥0 $0

76 Europe Auktionshaus Arnold 2 1 50 .00% ¥8,387 $1,293

77 Europe Auktionshaus Dannenberg 4 4 100 .00% ¥55,750 $8,592

78 Europe Auktionshaus Michael Zeller 29 12 41 .38% ¥113,641 $17,513

79 Europe Auktionshaus Stuker 61 29 47 .54% ¥629,249 $96,972

80 Europe Balclis Auction 1 1 100 .00% ¥78,929 $12,164

81 Europe Beaussant & Lefèvre 2 1 50 .00% ¥27,507 $4,239

82 Europe Beurret & Bailly Auktionen AG 5 5 100 .00% ¥1,178,219 $181,572

83 Europe Binoche Renaud-Giquello & 1 1 100 .00% ¥15,332 $2,363 Associés

84 Europe Blanchet & Associés 1 1 100 .00% ¥11,090 $1,709

85 Europe Blindarte 1 0 0 00%. ¥0 $0

86 Europe Boisgirard - Antonini 1 0 0 00%. ¥0 $0

87 Europe Bonhams Edinburgh 506 285 56 .32% ¥5,753,010 $886,579

88 Europe Bonhams Knightsbridge 1,545 906 58 .64% ¥26,129,414 $4,026,724

89 Europe Bonhams London 538 345 64 .13% ¥60,969,301 $9,395,793

90 Europe Bonhams Oxford 155 114 73 .55% ¥2,259,273 $348,170

91 Europe Bruun Rasmussen Auctioneers 140 125 89 .29% ¥17,452,376 $2,689,532

92 Europe Bruun Rasmussen Online 39 27 69 .23% ¥207,984 $32,052

93 Europe Bukowskis Helsinki 3 2 66 .67% ¥590,424 $90,988

94 Europe Bukowskis Stockholm 385 230 59 .74% ¥8,187,474 $1,261,747

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

95 Europe Cambi Casa d’Aste 4 2 50 .00% ¥43,295 $6,672

96 Europe Cannes Enchères 48 13 27 .08% ¥162,259 $25,005

97 Europe Capitoliumart Casa D’Aste 2 1 50 .00% ¥13,919 $2,145

98 Europe Casa d’Aste Meeting Art S p. .A . 15 15 100 .00% ¥591,415 $91,141

99 Europe Casa d’Aste Vincent 1 1 100 .00% ¥1,377 $212

100 Europe Chiswick Auctions 181 88 48 .62% ¥2,959,667 $456,105

101 Europe Christie’s Amsterdam 9 8 88 .89% ¥544,438 $83,902

102 Europe Christie’s London 550 319 58 .00% ¥159,819,504 $24,629,296

103 Europe Christie’s Paris 365 257 70 .41% ¥117,898,652 $18,169,002

104 Europe Christie’s South Kensington 1,999 1,272 63 .63% ¥80,263,149 $12,369,109

105 Europe Claude Aguttes 310 150 48 .39% ¥84,757,201 $13,061,674

106 Europe Conan Hôtel d’Ainay 2 1 50 .00% ¥58,748 $9,054

107 Europe Cornette de Saint Cyr Bruxelles 1 0 0 00%. ¥0 $0

108 Europe Cornette de Saint-Cyr 72 46 63 .89% ¥3,117,699 $480,459

109 Europe Daguerre & Thierry Desbenoit 1 1 100 .00% ¥30,170 $4,649 et Associés

110 Europe De Baecque & Associés 2 2 100 .00% ¥384,555 $59,263

111 Europe De Vuyst 42 15 35 .71% ¥1,352,918 $208,494

112 Europe Digard 4 3 75 .00% ¥486,703 $75,004

113 Europe Dobiaschofsky Auktionen AG 8 3 37 .50% ¥27,439 $4,229

114 Europe Dogny Enchères 2 0 0 00%. ¥0 $0

115 Europe Dorotheum 193 55 28 .50% ¥1,958,198 $301,772

116 Europe Dorotheum Linz 1 0 0 00%. ¥0 $0

117 Europe Dorotheum Prague 4 1 25 .00% ¥7,814 $1,204

118 Europe Dorotheum Salzburg 6 4 66 .67% ¥49,570 $7,639

119 Europe Dr . Fischer Kunstauktionen 19 10 52 .63% ¥324,061 $49,940

120 Europe Dr . Irene Lehr Kunstauktionen 2 1 50 .00% ¥20,659 $3,184

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

121 Europe Dreweatts & Bloomsbury Auctions 19 9 47 .37% ¥372,116 $57,346 London

122 Europe Duke’s 2 2 100 .00% ¥64,970 $10,012

123 Europe Estimations & Ventes aux Enchères, 18 7 38 .89% ¥1,069,811 $164,865 EVE

124 Europe European Arts Investments 1 1 100 .00% ¥562,175 $86,635

125 Europe Ewbank’s 9 3 33 .33% ¥42,161 $6,497

126 Europe Expertisez .com 1 0 0 00%. ¥0 $0

127 Europe Fabiani Arte 1 0 0 00%. ¥0 $0

128 Europe Farsettiarte 1 1 100 .00% ¥14,258 $2,197

129 Europe Fauve Paris 1 0 0 00%. ¥0 $0

130 Europe FidesArte 1 1 100 .00% ¥13,488 $2,079

131 Europe FL Auction 3 1 33 .33% ¥57,785 $8,905

132 Europe Fraisse & Jabot 2 0 0 00%. ¥0 $0

133 Europe Fraysse & Associés 2 0 0 00%. ¥0 $0

134 Europe Galartis SA 3 2 66 .67% ¥208,394 $32,115

135 Europe Galerie Arcimboldo 178 101 56 .74% ¥10,172,295 $1,567,621

136 Europe Galerie Bassenge 1 0 0 00%. ¥0 $0

137 Europe Galerie Fischer Auktionen AG 35 17 48 .57% ¥364,443 $56,163

138 Europe Galerie Kornfeld Bern 1 1 100 .00% ¥34,424 $5,305

139 Europe Galerie Moderne 2 2 100 .00% ¥22,410 $3,454

140 Europe Galerie Zacke Vienna 108 28 25 .93% ¥207,840 $32,030

141 Europe Germann Auktionshaus AG 6 4 66 .67% ¥311,657 $48,029

142 Europe Giafferi 2 0 0 00%. ¥0 $0

143 Europe Gorringes 1 1 100 .00% ¥170,932 $26,342

144 Europe Goxe-Belaïsch 3 2 66 .67% ¥67,916 $10,466

145 Europe Grisebach GmbH 18 18 100 .00% ¥4,375,815 $674,344

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

146 Europe Guillaumot-Richard, Maison de 2 1 50 .00% ¥6,418 $989 ventes aux enchères

147 Europe Hampel Fine Art Auctions 191 56 29 .32% ¥3,907,834 $602,224

148 Europe Hargesheimer Kunstauktionen 49 8 16 .33% ¥181,754 $28,009 Düsseldorf GmbH

149 Europe Hauswedell & Nolte 1 0 0 00%. ¥0 $0

150 Europe Helsingborgs Auktionsverk 7 3 42 .86% ¥18,129 $2,794

151 Europe Hôtel de Ventes Horta 5 3 60 .00% ¥60,673 $9,350

152 Europe Hôtel des Ventes de Genève 67 43 64 .18% ¥837,930 $129,131

153 Europe Hôtel des ventes de Monte-Carlo 1 0 0 00%. ¥0 $0

154 Europe Hugo Ruef Kunstauktionen 4 0 0 00%. ¥0 $0

155 Europe Il Ponte Casa d’Aste 9 9 100 .00% ¥790,136 $121,765

156 Europe Innauction 1 1 100 .00% ¥37,363 $5,758

157 Europe James Adam & Sons 1 0 0 00%. ¥0 $0

158 Europe Jean-Marc Delvaux 1 1 100 .00% ¥16,111 $2,483

159 Europe Jeschke van Vliet Auctions Berlin 2 0 0 00%. ¥0 $0 GmbH

160 Europe Kapandji Morhange 14 9 64 .29% ¥310,541 $47,857

161 Europe Karl & Faber Kunstauktionen GmbH 2 2 100 .00% ¥73,944 $11,395

162 Europe Ketterer Kunst GmbH & Co KG 18 13 72 .22% ¥986,854 $152,081

163 Europe Kieselbach Auctions 2 2 100 .00% ¥66,913 $10,312

164 Europe Koller Auktionen AG 465 198 42 .58% ¥11,129,683 $1,715,161

165 Europe Kunstauktionshaus Schlosser 5 2 40 .00% ¥50,835 $7,834

166 Europe Kunsthaus Lempertz 740 379 51 .22% ¥24,486,788 $3,773,584

167 Europe Le Brech & Associés 2 2 100 .00% ¥34,819 $5,366

168 Europe Leclere - Maison de Ventes 6 2 33 .33% ¥69,229 $10,669

169 Europe Louiza Auktion & Associés 2 2 100 .00% ¥169,930 $26,187

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

170 Europe Lyon & Turnbull 521 237 45 .49% ¥12,793,918 $1,971,632

171 Europe Mallams 10 1 10 .00% ¥4,975 $767

172 Europe Marc-Arthur Kohn 4 1 25 .00% ¥47,499 $7,320

173 Europe Martini Studio D’Arte 15 11 73 .33% ¥445,077 $68,589

174 Europe Massol 2 0 0 00%. ¥0 $0

175 Europe Millon & Associés 62 39 62 .90% ¥2,802,435 $431,875

176 Europe Minerva Auctions 2 0 0 00%. ¥0 $0

177 Europe Morgan O’Driscoll 1 0 0 00%. ¥0 $0

178 Europe Nagel Auktionen 2,478 1,060 42 .78% ¥78,024,829 $12,024,168

179 Europe Néret-Minet Tessier & Sarrou 4 4 100 .00% ¥455,307 $70,166

180 Europe Neumeister Kunstauktionen 4 2 50 .00% ¥62,862 $9,687

181 Europe Osenat Scp . 3 1 33 .33% ¥8,137 $1,254

182 Europe Pandolfini Casa D’Aste 2 1 50 .00% ¥6,867 $1,058

183 Europe Pescheteau-Badin 9 7 77 .78% ¥4,664,077 $718,767

184 Europe Peter Karbstein Kunst & Auktionshaus 2 2 100 .00% ¥110,111 $16,969

185 Europe Phillips London 30 21 70 .00% ¥79,521,360 $12,254,794

186 Europe Piasa 95 58 61 .05% ¥4,254,182 $655,599

187 Europe Pierre Berge & Associés 24 1 4 .17% ¥176,986 $27,275

188 Europe Prunier Scp . 1 1 100 .00% ¥88,612 $13,656

189 Europe Quittenbaum Kunstauktionen GmbH 1 0 0 00%. ¥0 $0

190 Europe Ressler Kunst Auktionen 1 0 0 00%. ¥0 $0

191 Europe Rieunier & Associés 1 1 100 .00% ¥15,833 $2,440

192 Europe Roseberys 3 2 66 .67% ¥9,857 $1,519

193 Europe Salle Rossini 2 1 50 .00% ¥18,050 $2,782

194 Europe Schuler Auktionen 100 52 52 .00% ¥710,196 $109,446

195 Europe Skånes Auktionsverk 7 5 71 .43% ¥75,336 $11,610

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

196 Europe Sotheby’s London 722 445 61 .63% ¥346,285,928 $53,365,068

197 Europe Sotheby’s Paris 434 330 76 .04% ¥227,765,083 $35,100,182

198 Europe Stockholms Auktionsverk 233 154 66 .09% ¥5,955,433 $917,774

199 Europe SVV Frédéric Laurent de Rummel 3 0 0 00%. ¥0 $0

200 Europe Sworders Fine Art Auctioneers 46 33 71 .74% ¥1,643,151 $253,221

201 Europe Tajan 657 360 54 .79% ¥11,600,473 $1,787,713

202 Europe The Bru Sale 18 2 11 .11% ¥7,304 $1,126

203 Europe Thierry de Maigret 2 2 100 .00% ¥196,454 $30,275

204 Europe Thierry Desbenoit & Associés 12 3 25 .00% ¥77,618 $11,961

205 Europe Uppsala Auktionskammare 210 182 86 .67% ¥12,981,561 $2,000,549

206 Europe Van Ham Kunstauktionen 28 18 64 .29% ¥543,175 $83,707

207 Europe Vanderkindere Auctioneer 25 20 80 .00% ¥1,231,422 $189,771

208 Europe Venator & Hanstein 6 6 100 .00% ¥60,719 $9,357

209 Europe Venduehuis der Notarissen 50 34 68 .00% ¥560,527 $86,381

210 Europe Vermot de Pas 3 0 0 00%. ¥0 $0

211 Europe Versailles Enchères Perrin-Royère- 11 5 45 .45% ¥2,643,697 $407,412 Lajeunesse

212 Europe Winterberg Kunst 3 1 33 .33% ¥26,168 $4,033

213 Europe Woolley & Wallis 961 618 64 .31% ¥32,416,474 $4,995,604

Total in Europe 17,538 9,776 55 .74% ¥1,563,595,808 $240,960,981

214 North America 888 Auctions 1,029 435 42 .27% ¥2,860,436 $440,813

215 North America A B. . Levy’s 2 1 50 .00% ¥19,791 $3,050

216 North America Altair Auctions & Appraisals 1,372 661 48 .18% ¥9,634,874 $1,484,801

217 North America Altermann Galleries & Auctioneers 17 9 52 .94% ¥402,032 $61,956

218 North America Antique Reader 606 274 45 .21% ¥4,164,851 $641,833

219 North America artnet Auctions 42 42 100 .00% ¥3,186,683 $491,090

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

220 North America Aspire Auctions 81 69 85 .19% ¥14,345,810 $2,210,789

221 North America Auction Gallery of the Palm 1 1 100 .00% ¥2,375 $366 Beaches

222 North America Auctionata New York 271 89 32 .84% ¥2,471,621 $380,894

223 North America Bally Auction 60 39 65 .00% ¥29,486,610 $4,544,092

224 North America Baoyi US Auction, Inc . 295 209 70 .85% ¥7,359,752 $1,134,189

225 North America Barridoff Galleries 4 3 75 .00% ¥74,983 $11,555

226 North America Bolylin Auction House 8 5 62 .50% ¥499,554 $76,985

227 North America Bonhams Los Angeles 227 111 48 .90% ¥1,653,332 $254,790

228 North America Bonhams New York 572 414 72 .38% ¥41,642,249 $6,417,360

229 North America Bonhams San Francisco 2,525 1,700 67 .33% ¥77,614,163 $11,960,882

230 North America Brunk Auctions 323 302 93 .50% ¥5,224,832 $805,183

231 North America California Asian Art Auction Gallery 290 247 85 .17% ¥8,175,650 $1,259,925 USA

232 North America Capitoline Auction Gallery 1,000 466 46 .60% ¥4,952,850 $763,269

233 North America Charlton Hall Auctioneers 1 1 100 .00% ¥22,166 $3,416

234 North America Christie’s New York 3,093 2,516 81 .34% ¥1,046,667,044 $161,298,666

235 North America Clarke Auction 4 4 100 .00% ¥692,013 $106,644

236 North America Clark’s Fine Art Gallery & 5 4 80 .00% ¥55,812 $8,601 Auctioneers Inc .

237 North America Clars Auction Gallery 23 17 73 .91% ¥438,780 $67,619

238 North America Coeur d’Alene Art Auction 4 4 100 .00% ¥2,129,560 $328,180

239 North America Cowan’s Auctions, Inc . 3 0 0 .00% ¥0 $0

240 North America CRN Auctions 1 1 100 .00% ¥6,333 $976

241 North America Dallas Auction Gallery 58 39 67 .24% ¥1,706,159 $262,931

242 North America Doyle New York 1,051 660 62 .80% ¥23,061,322 $3,553,910

243 North America DuMouchelles Fine Arts 24 15 62 .50% ¥2,115,771 $326,055 Auctioneers and Estate Appraisal

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

244 North America Eddie’s Auction 603 570 94 .53% ¥12,433,187 $1,916,041

245 North America Eldred’s 953 340 35 .68% ¥2,154,354 $332,001

246 North America Elite Decorative Arts 99 66 66 .67% ¥1,281,915 $197,552

247 North America Fine Art Auctions Miami 1 1 100 .00% ¥443,328 $68,320

248 North America Freeman’s 1,162 617 53 .10% ¥35,543,802 $5,477,547

249 North America Garth’s Auctioneers & Appraisers 5 1 20 .00% ¥2,842 $438

250 North America Gatsby and Brunson Gallery 454 318 70 .04% ¥4,871,270 $750,697

251 North America Gianguan Auctions 309 161 52 .10% ¥17,857,430 $2,751,954

252 North America Golden State Auction Gallery 41 22 53 .66% ¥1,246,070 $192,028

253 North America Gordon S . Converse & Co . 217 136 62 .67% ¥2,656,527 $409,389

254 North America Gray’s Auctioneers & Appraisers 9 2 22 .22% ¥119,722 $18,450

255 North America Grogan & Company 12 11 91 .67% ¥1,477,519 $227,696

256 North America Heffel Fine Art Auction House 4 2 50 .00% ¥22,193 $3,420

257 North America Heritage Auctions New York 5 4 80 .00% ¥2,662,515 $410,312

258 North America Heritage Auctions Texas 226 149 65 .93% ¥2,461,248 $379,296

259 North America Hodgins Art Auctions 4 4 100 .00% ¥42,150 $6,496

260 North America I M. . Chait 1,847 980 53 .06% ¥11,443,491 $1,763,522

261 North America iGavel, Inc . 291 162 55 .67% ¥16,882,379 $2,601,692

262 North America Jackson Hole Art Auction 7 6 85 .71% ¥1,051,510 $162,045

263 North America Jackson’s 51 43 84 .31% ¥1,444,210 $222,563

264 North America James D . Julia Auctioneer 977 604 61 .82% ¥22,157,755 $3,414,664

265 North America John Moran Auctioneers & 121 85 70 .25% ¥1,647,689 $253,920 Appraisers

266 North America Kaminski Auctions 699 463 66 .24% ¥7,217,770 $1,112,309

267 North America Lando Art Auctions 1 1 100 .00% ¥3,035 $468

268 North America Lapointe & Champagne Encheres 1 1 100 .00% ¥6,806 $1,049 Auctions

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

269 North America Lawrence Antique Gallery 53 52 98 .11% ¥1,853,667 $285,663

270 North America Leland Little Auction & Estate Sales 4 3 75 .00% ¥21,375 $3,294

271 North America Leslie Hindman Auctioneers 1,184 617 52 .11% ¥20,419,163 $3,146,735

272 North America Levis Fine Art Auctions 1 1 100 .00% ¥3,868 $596

273 North America Linwoods Auction 342 224 65 .50% ¥7,973,065 $1,228,705

274 North America Los Angeles Modern Auctions 1 0 0 00%. ¥0 $0

275 North America Majestic Auction 107 21 19 .63% ¥578,269 $89,115

276 North America Marchant Auction and Estate Sales, 107 107 100 .00% ¥1,897,802 $292,465 LLC

277 North America Material Culture 4 4 100 .00% ¥192,175 $29,616

278 North America Maynards 55 25 45 .45% ¥865,419 $133,367

279 North America Mega International Auction Inc . 18 15 83 .33% ¥397,610 $61,275

280 North America Metropolitan Auction of Art, Inc . 1,305 699 53 .56% ¥11,888,808 $1,832,148

281 North America Michaan’s Auctions 63 36 57 .14% ¥3,451,931 $531,967

282 North America Morton Houston 19 13 68 .42% ¥177,636 $27,375

283 North America Neal Auction Company 248 188 75 .81% ¥3,265,071 $503,170

284 North America New Orleans Auction Galleries 419 266 63 .48% ¥4,172,064 $642,944

285 North America Northeast Auctions 114 105 92 .11% ¥2,850,306 $439,252

286 North America Oakridge Auction Gallery 372 226 60 .75% ¥21,605,930 $3,329,624

287 North America Phillips New York 13 7 53 .85% ¥3,552,728 $547,500

288 North America Pook & Pook, Inc . Auctioneers and 34 28 82 .35% ¥586,528 $90,388 Appraisers

289 North America Quinn & Farmer 5 5 100 .00% ¥4,606,846 $709,947

290 North America Quinn’s Auction Galleries 102 83 81 .37% ¥543,103 $83,696

291 North America Rago Arts and Auction Center 193 123 63 .73% ¥2,037,102 $313,932

292 North America RB Gallery 668 167 25 .00% ¥1,323,652 $203,984

293 North America RoGallery .com 26 6 23 .08% ¥13,854 $2,135

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

294 North America Roland Auctioneers & Valuers 6 5 83 .33% ¥57,979 $8,935

295 North America Royal Fine Antiques Asia 1,004 603 60 .06% ¥41,269,547 $6,359,924

296 North America Ruby Art Antique Auction 71 2 2 .82% ¥1,583 $244

297 North America Santa Fe Art Auction 1 1 100 .00% ¥14,250 $2,196

298 North America Scottsdale Art Auction 2 2 100 .00% ¥531,449 $81,900

299 North America Shannon’s 3 2 66 .67% ¥83,552 $12,876

300 North America Shapiro Auctions 13 7 53 .85% ¥939,802 $144,830

301 North America Simpson Galleries 1 1 100 .00% ¥24,334 $3,750

302 North America Skinner 919 558 60 .72% ¥8,335,987 $1,284,634

303 North America Sloans & Kenyon 111 59 53 .15% ¥792,450 $122,122

304 North America Sotheby’s New York 1,832 1,366 74 .56% ¥670,845,454 $103,381,947

305 North America Stair Galleries - Auctioneers & 168 142 84 .52% ¥2,618,968 $403,601 Appraisers

306 North America Stallion Hill Gallery 323 227 70 .28% ¥3,024,727 $466,132

307 North America Stefek’s Auctioneers and 7 5 71 .43% ¥113,535 $17,497 Appraisers

308 North America Susanin’s 4 4 100 .00% ¥108,924 $16,786

309 North America Swann Galleries 10 7 70 .00% ¥134,744 $20,765

310 North America The Potomack Company 26 17 65 .38% ¥168,029 $25,895

311 North America Thomaston Place Auction Galleries 3 2 66 .67% ¥58,583 $9,028

312 North America Treadway Toomey Galleries 2 2 100 .00% ¥29,538 $4,552

313 North America Trinity International Auctions & 1 0 0 00%. ¥0 $0 Appraisals

314 North America Waddington’s Auctioneers and 291 141 48 .45% ¥4,007,306 $617,554 Appraisers

315 North America Walker’s Fine Art & Estate 1 0 0 00%. ¥0 $0 Auctioneers

316 North America Waterford’s Art & Antiques 37 14 37 .84% ¥266,393 $41,053 Auctioneers

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

317 North America Weschler’s 1 0 0 00%. ¥0 $0

318 North America William’s Auctions, LLC 566 267 47 .17% ¥720,923 $111,099

319 North America Wright 3 3 100 .00% ¥1,836,906 $283,080

Total in North America 31,954 19,545 61 .17% ¥2,268,061,064 $349,523,974

320 Rest of the World Bonhams Melbourne 98 60 61 .22% ¥984,198 $151,672

321 Rest of the World Bonhams Sydney 311 163 52 .41% ¥5,069,046 $781,175

322 Rest of the World Leonard Joel 7 3 42 .86% ¥257,376 $39,663

323 Rest of the World Matsart Auctioneers and Appraisers 4 2 50 .00% ¥356,895 $55,000

324 Rest of the World Menzies Art Brands 2 2 100 .00% ¥153,534 $23,661

325 Rest of the World Morton Subastas 5 2 40 .00% ¥59,661 $9,194

326 Rest of the World Mossgreen 22 14 63 .64% ¥709,750 $109,377

327 Rest of the World Russell Kaplan Auctioneers 1 0 0 00%. ¥0 $0

328 Rest of the World Shapiro Auctioneers 37 15 40 .54% ¥98,034 $15,108

329 Rest of the World Sotheby’s Australia 265 193 72 .83% ¥6,470,012 $997,074

330 Rest of the World Stephan Welz & Co 5 3 60 .00% ¥18,706 $2,883

331 Rest of the World Strauss & Co . 2 2 100 .00% ¥374,078 $57,648

332 Rest of the World Theodore Bruce 2 2 100 .00% ¥104,557 $16,113

Total in the Rest of the World 761 461 60 .58% ¥14,655,848 $2,258,568

Overseas Total 86,266 48,805 56 .58% ¥17,185,361,562 $2,648,383,659

2015 List of Lots Sold for Over 10 Million RMB Mainland China 72 Global Chinese Art Auction Market Report 2015

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

1 Beijing China Guardian 2015 Spring Auctions: Eagle, Rock, and Flora Fine Chinese ¥279,450,000 $43,065,187 International Grand View: Chinese by Pan Tianshou Paintings and Auction Co ,. Ltd . Painting Highlight — Calligraphy Modern

2 Beijing China Guardian 2015 Autumn Auctions: Thousands of Mountains Fine Chinese ¥184,000,000 $28,355,679 International Grand View: Chinese in Autumn Paintings and Auction Co ,. Ltd . Painting Highlight — by Li Keran Calligraphy Modern

3 Beijing China Guardian 2015 Spring Auctions: Jinggang Mountain Fine Chinese ¥126,500,000 $19,494,529 International Grand View: Chinese by Li Keran Paintings and Auction Co ,. Ltd . Painting Highlight — Calligraphy Modern

4 Beijing Beijing Poly 2015 Autumn Auctions: Flora and Insects Alblum Fine Chinese ¥115,000,000 $17,722,299 International Modern Chinese Painting by Qi Baishi Paintings and Auction Co ,. Ltd . and Calligraphy Evening Calligraphy Sale I

5 Shanghai Shanghai Jia He 2015 Autumn Auctions: Eagle and Rocks Fine Chinese ¥110,000,000 $16,951,765 Auction Co ,. Ltd . He Feng Evening Sale by Pan Tianshou Paintings and Calligraphy

6 Beijing Beijing Poly 2015 Autumn Auctions: Shakyamuni Chinese ¥103,500,000 $15,950,069 International Buddhas of the Past, the 14th Century Antiques and Auction Co ,. Ltd . Present, the Future — Artworks Important Buddhist Bronzes from The Speelman Collection

7 Beijing Beijing JiuGe 2015 Spring Auctions: Landscape of Wuling Fine Chinese ¥94,300,000 $14,532,285 Auction Co ,. Ltd . Chinese Paintings and by Qiu Ying Paintings and Calligraphy II Calligraphy

8 Beijing China Guardian 2015 Autumn Auctions: Pine Fine Chinese ¥93,150,000 $14,355,062 International Grand View: Chinese by Pan Tianshou Paintings and Auction Co ,. Ltd . Painting Highlight — Calligraphy Modern

9 Beijing Beijing 2015 Autumn Auctions: A Set of Teaware with Chinese ¥92,000,000 $14,177,839 Dong Zheng Zisha Teaware Squirrel and Grape Antiques and International Pattern Artworks Auction Co ,. Ltd . by Gu Jingzhou

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

10 Beijing Beijing Tranthy 2015 Autumn Auctions: Pine Tree, Stone, and Fine Chinese ¥81,650,000 $12,582,832 International Classical Chinese Cottage Paintings and Auction Co ,. Ltd . Paintings and Calligraphy by Ba Da Shan Ren Calligraphy

11 Beijing Beijing Poly 2015 Autumn Auctions: Calligraphy Fine Chinese ¥81,650,000 $12,582,832 International Chinese Classical by Wen Zhengming Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Calligraphy Evening Sale

12 Beijing Beijing Council 2015 Spring Auctions: Four Horse Riders after Fine Chinese ¥80,500,000 $12,405,609 International Classical Chinese Guo Zhongshu Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Song Dynasty Calligraphy

13 Beijing China Guardian 2015 Autumn Auctions: Historian Figures Fine Chinese ¥79,925,000 $12,316,998 International Grand View: Chinese by Fu Baoshi Paintings and Auction Co ,. Ltd . Painting Highlight — Calligraphy Modern

14 Zhejiang Xiling Yinshe 2015 Spring Auctions: Long March Fine Chinese ¥79,350,000 $12,228,387 Auction Co ,. Ltd . Modern and by Li Keran Paintings and Contemporary Chinese Calligraphy Paintings & Calligraphy II

15 Fujian Fujian Auction 2015 Spring Auctions: A Blue and White Doucai Chinese ¥77,260,000 $11,906,303 Chinese Antiques and Goblet with Interlocking Antiques and Artworks Lotus Pattern Artworks Ming Chenghua Period

16 Beijing Beijing Poly 2015 Spring Sales Figures Fine Chinese ¥74,750,000 $11,519,495 International Ancient Chinese by Emperor Qianlong Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Calligraphy Evening Sale

17 Beijing Beijing Poly 2015 Autumn Auctions: A Very Important and Chinese ¥74,750,000 $11,519,495 International The Grand Panorama — Magnificent Finely Antiques and Auction Co ,. Ltd . The 10th Anniversary Carved White Jade Artworks Evening Sale of Important ‘Taishanghuangdizhibao’ Chinese Ceramics and Dragon Seal Works of Art Qianlong Period, Qing Dynasty

18 Beijing Beijing Poly 2015 Autumn Auctions: Mount Kunlun in Snow Fine Chinese ¥70,150,000 $10,810,603 International Modern Chinese by Li Keran Paintings and Auction Co ,. Ltd . Paintings Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

19 Beijing China Guardian 2015 Autumn Auctions: Forest Landscape with Fine Chinese ¥69,000,000 $10,633,380 International Grand View: Chinese Thatch Cottage Paintings and Auction Co ,. Ltd . Painting Highlight — by Dong Qichang Calligraphy Classical

20 Beijing China Guardian 2015 Autumn Auctions: Dawn Fine Chinese ¥69,000,000 $10,633,380 International Grand View: Chinese by Pan Tianshou Paintings and Auction Co ,. Ltd . Painting Highlight — Calligraphy Modern

21 Beijing Beijing Poly 2015 Spring Auctions: Hibiscus 20th- ¥69,000,000 $10,633,380 International Modern and by Wu Guanzhong Century and Auction Co ,. Ltd . Contemporary Arts Contemporary Evening Sale Chinese Art

22 Beijing Beijing Hanhai 2015 Autumn Auctions: A Gilt-Iron ‘Yue’ Axe with Chinese ¥66,700,000 $10,278,934 Auction Co ,. Ltd . Chinese Antiques and Dragon Pattern Antiques and Artworks Ming Yongle Period Artworks

23 Beijing Beijing Tranthy 2015 Autumn Auctions: Horse Fine Chinese ¥66,240,000 $10,208,044 International Chinese Paintings and by Xu Beihong Paintings and Auction Co ,. Ltd . Calligraphy Calligraphy

24 Beijing Beijing Poly 2015 Spring Sales Stones and Hill Fine Chinese ¥64,400,000 $9,924,488 International Ancient Chinese by Shi Tao Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Calligraphy Evening Sale

25 Beijing Beijing JiuGe 2015 Spring Auctions: Figure Fine Chinese ¥55,200,000 $8,506,704 Auction Co ,. Ltd . Chinese Paintings and by Yu Zhiding Paintings and Calligraphy II Calligraphy

26 Jiangsu Jiangsu Phoenix 2015 Autumn Auctions: Mengzi Fine Chinese ¥53,040,000 $8,173,833 International Chinese Paintings and by Wu Xiaoru Paintings and Auction Co ,. Ltd . Calligraphy Calligraphy

27 Beijing Beijing JiuGe 2015 Spring Auctions: Bamboo and Rock Fine Chinese ¥52,900,000 $8,152,258 Auction Co ,. Ltd . Paintings and Calligraphy by Wu Changshuo Paintings and from the Wen Tian Ge Calligraphy Collection

28 Shanghai Shanghai Jia He 2015 Autumn Auctions: Song Dynasty Style Fine Chinese ¥52,800,000 $8,136,847 Auction Co ,. Ltd . He Feng Evening Sale Mountain and Temple Paintings and by Zhang Daqian Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

29 Beijing Zhong Gu Tao 2015 Spring Auctions: Landscape Fine Chinese ¥51,075,000 $7,871,012 Auction (Beijing) Chinese Painting and by Zhang Daqian Paintings and Co ., Ltd . Calligraphy Calligraphy

30 Beijing Beijing JiuGe 2015 Autumn Auctions: Imperial Huanghuali Fine Chinese ¥48,300,000 $7,443,366 Auction Co ,. Ltd . Ning Cui Xuan Collection Throne with Dragon and Paintings and Cloud Pattern Calligraphy

31 Beijing China Guardian 2015 Spring Auctions: Thousands Miles of Fine Chinese ¥46,000,000 $7,088,920 International Grand View: Chinese Mountain and Stream Paintings and Auction Co ,. Ltd . Painting Highlight — by Zheng Zhong Calligraphy Classical

32 Shanghai Shanghai 2015 Autumn Auctions: Bamboo Fine Chinese ¥46,000,000 $7,088,920 Tianheng Auction Chinese Paintings and by Zheng Banqiao Paintings and Calligraphy II Calligraphy

33 Beijing Beijing JiuGe 2015 Autumn Auctions: Six Dynasties Poetic Fine Chinese ¥45,770,000 $7,053,475 Auction Co ,. Ltd . Ning Cui Xuan Collection Image Paintings and by Fan Zeng Calligraphy

34 Beijing China Guardian 2015 Autumn Auctions: Flora Album Fine Chinese ¥43,700,000 $6,734,474 International Grand View: Chinese by Wu Changshuo Paintings and Auction Co ,. Ltd . Painting Highlight — Calligraphy Modern

35 Shanghai Shanghai Chi Han 2015 Celebrating the Zhong Kui Fine Chinese ¥42,900,000 $6,611,188 Auction Co ,. Ltd . New Year Auctions: by Qi Baishi Paintings and Chinese Paintings and Calligraphy Calligraphy

36 Beijing Beijing Poly 2015 Autumn Auctions: Landscape of Mount Fine Chinese ¥42,550,000 $6,557,251 International Modern Chinese Painting Yuntai Paintings and Auction Co ,. Ltd . and Calligraphy Evening by Fu Baoshi Calligraphy Sale I

37 Beijing China Guardian 2015 Autumn Auctions: Longevity Fine Chinese ¥41,400,000 $6,380,028 International Grand View: Chinese by Qi Baishi Paintings and Auction Co ,. Ltd . Painting Highlight — Calligraphy Modern

38 Beijing Beijing Poly 2015 Autumn Auctions: Horse Racing Fine Chinese ¥41,400,000 $6,380,028 International Session of Paintings by by Huang Zhou Paintings and Auction Co ,. Ltd . Artist Huangzhou Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

39 Beijing China Guardian 2015 Autumn Auctions: Women Playing Fine Chinese ¥40,825,000 $6,291,416 International Grand View: Chinese Instruments Paintings and Auction Co ,. Ltd . Painting Highlight — by Huang Zhou Calligraphy Modern

40 Beijing Beijing Council 2015 Spring Auctions: Fishing in the Snow Fine Chinese ¥40,825,000 $6,291,416 International Classical Chinese by Shen Zhou, Wen Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Zhengming Calligraphy

41 Beijing China Guardian 2015 Spring Auctions: Calligraphy in Clerical Fine Chinese ¥40,250,000 $6,202,805 International Grand View: Chinese Script Paintings and Auction Co ,. Ltd . Painting Highlight — by Jin Nong Calligraphy Classical

42 Beijing Beijing Poly 2015 Autumn Auctions: Maitreya Chinese ¥39,100,000 $6,025,582 International Buddhas of the Past, the 13th Century Antiques and Auction Co ,. Ltd . Present, the Future — Artworks Important Buddhist Bronzes from The Speelman Collection

43 Guangdong Guangdong 2015 Spring Auctions: Prime Fine Chinese ¥39,100,000 $6,025,582 Chongzheng Chinese Paintings and by Huang Zhou Paintings and Auction Co ,. Ltd . Calligraphy from the Calligraphy Collection of Jiu Teng Shu Wu

44 Beijing China Guardian 2015 Autumn Auctions: Delighted Young Man 20th- ¥37,950,000 $5,848,359 International 20th Century & by Shi Chong Century and Auction Co ,. Ltd . Contemporary Chinese Contemporary Art Evening Sale Chinese Art

45 Guangxi Rongbaozhai 2015 First Auction: A Gold Inlaid with Jade Chinese ¥37,950,000 $5,848,359 (Guilin) Auction Chinese Antiques and Guanyin Statue Antiques and Co ., Ltd . Collectibles Artworks

46 Beijing China Guardian 2015 Spring Auctions: Letters by Celebrities of Fine Chinese ¥37,375,000 $5,759,747 International Grand View: Chinese Ming Dynasty Paintings and Auction Co ,. Ltd . Painting Highlight — by Wu Kuan, Zhu Calligraphy Classical Yunming, Tang Yin, Cai Yu, Wen Zhengming, Chen Chun et al .

47 Beijing China Guardian 2015 Spring Auctions: Listening to Stream Fine Chinese ¥36,800,000 $5,671,136 International Grand View: Chinese by Jin Tingbiao Paintings and Auction Co ,. Ltd . Painting Highlight — Calligraphy Classical

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

48 Beijing Beijing Inshine 2015 Spring Auction VIP Doucai Wellness and Chinese ¥36,800,000 $5,671,136 International Longevity Large Vase Antiques and Auction Co ,. Ltd . with Interlocking Flower Artworks Pattern Qing Qianlong Period

49 Beijing Beijing Bao Rui 2015 Spring Auctions: Afterwords of Dingwu Fine Chinese ¥36,300,000 $5,594,082 Ying International Chinese Paintings and Preface to the Poems Paintings and Auction Co ,. Ltd . Calligraphy Evening Sale Composed at the Orchid Calligraphy Pavilion by Zhao Mengfu

50 Beijing Beijing Poly 2015 Autumn Auctions: A Very Rare and Chinese ¥36,225,000 $5,582,524 International The Grand Panorama — Important Gold Fligree Antiques and Auction Co ,. Ltd . The 10th Anniversary ‘Dragon’ with Precious Artworks Evening Sale of Important Stones Inlaid Pot with Chinese Ceramics and Handle Works of Art Wanli Period, Ming Dynasty

51 Beijing Beijing Poly 2015 Autumn Auctions: An Exceptional and Other ¥36,225,000 $5,582,524 International The Grand Panorama — Magnificent Gilt- Auction Co ,. Ltd . The 10th Anniversary Bronze ‘Elephant’ Evening Sale of Important Formed Ormolu Musical Chinese Ceramics and Automaton Clock Works of Art 18th Century

52 Beijing Beijing Hanhai 2015 Autumn Auctions: A Colored Brush Pot with Chinese ¥35,650,000 $5,493,913 Auction Co ,. Ltd . Chinese Antiques and Landscape and Figure Antiques and Artworks Decoration Artworks Qing Yongzheng Period

53 Shanghai Shanghai Gong 2015 Spring Auctions: Mountain View after Rain Fine Chinese ¥35,650,000 $5,493,913 Mei Auction Co ,. Ji Sheng Evening Sale by Wu Zheng Paintings and Ltd . Calligraphy

54 Beijing Beijing Poly 2015 Spring Auctions: Vajraputra Chinese ¥35,225,000 $5,428,417 International Important Gilt — Bronze Yuan Antiques and Auction Co ,. Ltd . Buddhist Statues Artworks

55 Beijing Beijing Council 2015 Autumn Auctions: Landscape in Morning Fine Chinese ¥34,500,000 $5,316,690 International Modern Chinese Sunlight Paintings and Auction Co ,. Ltd . Paintings and Calligraphy by Fu Baoshi Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

56 Beijing Beijing Inshine 2015 Spring Auction VIP Blue and White Chinese ¥34,500,000 $5,316,690 International Octagonal Vase with Antiques and Auction Co ,. Ltd . Flower Pattern Artworks Ming Dynasty

57 Beijing Beijing Inshine 2015 Spring Auction VIP Blue and White Vase with Chinese ¥34,500,000 $5,316,690 International Interlocking Lotus Pattern Antiques and Auction Co ,. Ltd . Qing Qianlong Period Artworks

58 Shanghai Shanghai Gong 2015 Spring Auctions: Mountain and Pavilion Fine Chinese ¥34,500,000 $5,316,690 Mei Auction Co ,. Ji Sheng Evening Sale by Qiu Ying Paintings and Ltd . Calligraphy

59 Beijing Beijing Poly 2015 Autumn Auctions: Dipamkara Chinese ¥33,925,000 $5,228,078 International Buddhas of the Past, the Qianlong Period, Qing Antiques and Auction Co ,. Ltd . Present, the Future — Dynasty Artworks Important Buddhist Bronzes from The Speelman Collection

60 Beijing Beijing Bao Rui 2015 Spring Auctions: Dragons Fine Chinese ¥33,600,000 $5,177,994 Ying International Chinese Paintings and by Chen Rong Paintings and Auction Co ,. Ltd . Calligraphy Evening Sale Calligraphy

61 Beijing Beijing Poly 2015 Autumn Auctions: Thousands of Mountains Fine Chinese ¥33,350,000 $5,139,467 International Modern Chinese Painting in Autumn Paintings and Auction Co ,. Ltd . and Calligraphy Evening by He Haixia Calligraphy Sale II

62 Shanghai Shanghai Jia He 2015 Autumn Auctions: Celebrating New Year Fine Chinese ¥33,000,000 $5,085,529 Auction Co ,. Ltd . He Feng Evening Sale by Lu Yuan Paintings and Calligraphy

63 Zhejiang Xiling Yinshe 2015 Autumn Auctions: Yuan Jue Ben Qizhang, Fine Chinese ¥32,775,000 $5,050,855 Auction Co ,. Ltd . Chinese Paintings & Sutra in Regular Script Paintings and Calligraphy by Top by Hong Yi Calligraphy Members of Xiling Yinshe

64 Beijing China Guardian 2015 Autumn Auctions: Two Horses Fine Chinese ¥32,200,000 $4,962,244 International Grand View: Chinese by Shi Tao Paintings and Auction Co ,. Ltd . Painting Highlight — Calligraphy Classical

65 Beijing China Guardian 2015 Autumn Auctions: Huanghuali Compound Chinese ¥32,200,000 $4,962,244 International Graceful Companions — Wardrobe in Four Parts Antiques and Auction Co ,. Ltd . Fine Classic Furniture of Qing Qianlong Artworks Ming and Qing Dynasties

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

66 Beijing Beijing Poly 2015 Spring Auctions: Teapot Made by Chen Chinese ¥31,625,000 $4,873,632 International Diluting of Natural — Mingyuan Antiques and Auction Co ,. Ltd . Jiansongge’s Collection Early Qing Dynasty Artworks of Scholar Wares

67 Beijing Beijing Poly 2015 Spring Sales: Various Subjects Fine Chinese ¥31,050,000 $4,785,021 International Modern Chinese Painting by Zhang Daqian Paintings and Auction Co ,. Ltd . and Calligraphy Evening Calligraphy Sale I

68 Beijing Beijing Poly 2015 Spring Sales: Landscape after Juran Fine Chinese ¥30,475,000 $4,696,409 International Ancient Chinese by Dong Qichang Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Calligraphy Evening Sale

69 Beijing Beijing Poly 2015 Spring Auctions: An Improtant and Rare Chinese ¥30,475,000 $4,696,409 International Qianlong’s Royal Red Imperial Zitan-Wood with Antiques and Auction Co ,. Ltd . Sandalwood Screen, Cloisonne Enamel Inlaid Artworks Palace Artware, ‘Four Seasons Florals’ Chinaware and Jadeware Panels Qianlong Period, Qing Dynasty

70 Beijing Beijing Poly 2015 Autumn Auctions: Standing Beauty Fine Chinese ¥30,475,000 $4,696,409 International Selection from Famous by Xu Beihong Paintings and Auction Co ,. Ltd . Collectors Calligraphy

71 Beijing Beijing Inshine 2015 Autumn Auction VIP A Large Blue and White Chinese ¥29,900,000 $4,607,798 International Dish with Lotus and Egret Antiques and Auction Co ,. Ltd . Pattern Artworks Yuan Dynasty

72 Beijing Beijing Inshine 2015 Autumn Auction VIP Imperial Bowl (Yellow) Chinese ¥29,325,000 $4,519,186 International Qing Kangxi Period Antiques and Auction Co ,. Ltd . Artworks

73 Shanghai Shanghai Mission 2015 Spring Auctions: Chrysanthemum Fine Chinese ¥29,325,000 $4,519,186 Auction Co, . Ltd . ‘Yi Jian Wu’ Special by Qian Weicheng Paintings and Curated Sale Calligraphy

74 Beijing Beijing Council 2015 Spring Auctions: Designation Letter for Fine Chinese ¥28,750,000 $4,430,575 International Classical Chinese Lv Zuqian Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Southern Song Dynasty, Calligraphy Anonymous

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

75 Beijing Beijing Poly 2015 Autumn Auctions: Landscape Fine Chinese ¥28,750,000 $4,430,575 International Modern Chinese by Zhang Daqian Paintings and Auction Co ,. Ltd . Paintings Calligraphy

76 Beijing Beijing Poly 2015 Autumn Auctions: Landscape Fine Chinese ¥28,750,000 $4,430,575 International Contemporary Chinese by Cui Ruzhuo Paintings and Auction Co ,. Ltd . Ink Paintings I Calligraphy

77 Beijing Beijing Poly 2015 Autumn Auctions: Landscape Fine Chinese ¥27,600,000 $4,253,352 International Chinese Classical by Shen Zhou Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Calligraphy Evening Sale

78 Guangdong Holly International 2015 Spring Auctions: Waterfall in the Autumn Fine Chinese ¥27,600,000 $4,253,352 Auction Co ,. Ltd . Classical Chinese by Jian Jiang Paintings and Paintings and Calligraphy Calligraphy

79 Beijing Beijing Council 2015 Autumn Auctions: A Zisha Teapot Chinese ¥27,025,000 $4,164,740 International Zisha by Gu Jingzhou Antiques and Auction Co ,. Ltd . Artworks

80 Beijing Beijing Poly 2015 Autumn Auctions: Diamond Sutra Chinese ¥26,450,000 $4,076,129 International Rare Books and Books and Auction Co ,. Ltd . Manuscripts Manuscripts

81 Beijing Beijing Hanhai 2015 Autumn Auctions: Lotus Fine Chinese ¥26,450,000 $4,076,129 Auction Co ,. Ltd . Cui Ruzhuo’s Paintings by Cui Ruzhuo Paintings and and Calligraphy from the Calligraphy Collection of Zhimo Xuan

82 Beijing Zhong Gu Tao 2015 Spring Auctions: Pine Tree and Cloud of Fine Chinese ¥26,100,000 $4,022,191 Auction (Beijing) Painting and Calligraphy Huangshan Paintings and Co ., Ltd . by Bai Xueshi by Bai Xueshi Calligraphy

83 Beijing Beijing Poly 2015 Autumn Auctions: The Qing Shui Shan Chinese ¥25,875,000 $3,987,517 International The Grand Panorama — Fang Collection of A Antiques and Auction Co ,. Ltd . The 10th Anniversary Magnificent and Rare Artworks Evening Sale of Important Huanghuali-Wood Stand Chinese Ceramics and Ming Dynasty Works of Art

84 Beijing Beijing Council 2015 Autumn Auctions: Landscape Fine Chinese ¥25,530,000 $3,934,350 International Classical Chinese by Hao Yi Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

85 Beijing China Guardian 2015 Autumn Auctions: Snow in Spring Fine Chinese ¥25,300,000 $3,898,906 International Contemporary Chinese by Cui Ruzhuo Paintings and Auction Co ,. Ltd . Painting Calligraphy

86 Beijing Beijing Poly 2015 Spring Sales: Eagle by the Pine Tree Fine Chinese ¥25,300,000 $3,898,906 International Modern Chinese Painting by Qi Baishi Paintings and Auction Co ,. Ltd . and Calligraphy Evening Calligraphy Sale I

87 Beijing Beijing Inshine 2015 Spring Auction VIP A Blue and White Vase Chinese ¥25,300,000 $3,898,906 International with Wide Open Antiques and Auction Co ,. Ltd . Qing Qianlong period Artworks

88 Beijing Beijing Inshine 2015 Spring Auction VIP An Enamel Vase with Chinese ¥25,300,000 $3,898,906 International Peony Pattern and Antiques and Auction Co ,. Ltd . Garlic-Shaped Top Artworks Qing Qianlong Period

89 Beijing Beijing Inshine 2015 Autumn Auction VIP Imperial Bowl (Red) Chinese ¥25,300,000 $3,898,906 International Qing Kangxi Period Antiques and Auction Co ,. Ltd . Artworks

90 Guangxi Rongbaozhai 2015 First Auction: A Gold Inlaid with Jade Chinese ¥25,300,000 $3,898,906 (Guilin) Auction Chinese Antiques and Bowl Antiques and Co ., Ltd . Collectibles Artworks

91 Beijing Beijing Poly 2015 Autumn Auctions: Early Spring at Zi Zhu 20th- ¥24,725,000 $3,810,294 International Modern and Yuan Park Century and Auction Co ,. Ltd . Contemporary Arts by Wu Guanzhong Contemporary Evening Sale Chinese Art

92 Beijing Beijing 2015 Spring Auctions: Teapot Chinese ¥24,500,000 $3,775,620 Dong Zheng Teaware Made by Gu Jingzhou, Antiques and International Calligraphy by Wu Hufan, Artworks Auction Co ,. Ltd . Painting by Jiang Hanting

93 Beijing Beijing Inshine 2015 Autumn Auction VIP A Blue and White Chinese ¥24,150,000 $3,721,683 International Octagonal Vase with Antiques and Auction Co ,. Ltd . Double Lion Heads Artworks Handle Yuan Dynasty

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

94 Zhejiang Xiling Yinshe 2015 Cooperative A White Jade Chain Other ¥23,345,000 $3,597,627 Auction Co ,. Ltd . Auctions: Censer with Begonia Tenth Anniversary of Patterns Fine Chinese Jade by Jiang Chunyuan Carvings Exposition Auction-Jade Carvings by Contemporary Chinese Masters

95 Beijing Beijing Poly 2015 Spring Sales: Waterfall Fine Chinese ¥23,000,000 $3,544,460 International Modern Chinese Painting by Li Keran Paintings and Auction Co ,. Ltd . and Calligraphy Evening Calligraphy Sale I

96 Beijing Beijing Poly 2015 Spring Auctions: Four Geese, Calligraphy Fine Chinese ¥23,000,000 $3,544,460 International Modern and by Xu Beihong Paintings and Auction Co ,. Ltd . Contemporary Chinese Calligraphy Painting and Calligraphy Evening Sale

97 Beijing Beijing Inshine 2015 Spring Auction VIP A Blue and White Vase Chinese ¥23,000,000 $3,544,460 International with Floral Pattern Antiques and Auction Co ,. Ltd . Qing Qianlong Period Artworks

98 Beijing Beijing Inshine 2015 Spring Auction VIP A Famille Rose Porcelain Chinese ¥23,000,000 $3,544,460 International Vase with Birds and Antiques and Auction Co ,. Ltd . Flower Pattern Artworks Qing Yongzheng Period

99 Beijing Beijing Inshine 2015 Spring Auction VIP A Blue and White Chinese ¥23,000,000 $3,544,460 International Porcelain Bowl with Antiques and Auction Co ,. Ltd . Floral Pattern Artworks Ming Xuande Period

100 Beijing Beijing Hanhai 2015 Spring Auctions: Guanyin Chinese ¥23,000,000 $3,544,460 Auction Co ,. Ltd . Golden Buddha Statue 10th Century Antiques and Artworks

101 Beijing Beijing Hanhai 2015 Autumn Auctions: Landscape Fine Chinese ¥23,000,000 $3,544,460 Auction Co ,. Ltd . Classical Chinese by Zha Shibiao Paintings and Paintings and Calligraphy Calligraphy

102 Guangdong Holly International 2015 Autumn Auctions: Goddess with Flowers Fine Chinese ¥23,000,000 $3,544,460 Auction Co ,. Ltd . Special Collection of by Zhang Daqian Paintings and Zhang Daqian’s Works Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

103 Beijing Beijing Poly 2015 Spring Sales: Lotus and Stone Fine Chinese ¥22,425,000 $3,455,848 International Ancient Chinese by Ba Da Shan Ren Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Calligraphy Evening Sale

104 Shanghai Shanghai Gong 2015 Spring Auctions: Five Oxen after Han Fine Chinese ¥22,080,000 $3,402,681 Mei Auction Co ,. Ji Sheng Evening Sale Huang Paintings and Ltd . by Xiang Shengmo Calligraphy

105 Beijing China Guardian 2015 Autumn Auctions: Large Huanghuali Solid- Chinese ¥21,850,000 $3,367,237 International Graceful Companions — Top Table with Everted Antiques and Auction Co ,. Ltd . Fine Classic Furniture of Flanges and Dragon Artworks Ming and Qing Dynasties Pattern End of Ming, Beginning of Qing

106 Beijing Beijing Council 2015 Spring Auctions: Young Lady Fine Chinese ¥21,850,000 $3,367,237 International Modern Chinese by Shi Lu Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Calligraphy

107 Beijing Beijing Poly 2015 Autumn Auctions: Avalokitesvara Chinese ¥21,850,000 $3,367,237 International Important Gilt-Bronze 17th Century Antiques and Auction Co ,. Ltd . Buddhist Status and Artworks Thangka

108 Beijing Beijing Poly 2015 Autumn Auctions: Comprising A Necklace, Other ¥21,850,000 $3,367,237 International Important Jewels and Set with Thirty-Four Auction Co ,. Ltd . Jadeite Rubies Weighing 46.03 Carats; and A Pair of Matching Ear Pendants, Set with Four Rubies Weighing 6.72 Carats Total, Mounted in 18 Karat Gold

109 Beijing Beijing 2015 Autumn Auctions: Gilt Bronze Statue of Chinese ¥20,930,000 $3,225,458 Dong Zheng Ancient Buddhist Art Manjushri Antiques and International 17th Century Artworks Auction Co ,. Ltd .

110 Beijing Beijing JiuGe 2015 Spring Auctions: Cat Fine Chinese ¥20,700,000 $3,190,014 Auction Co ,. Ltd . Chinese Paintings and by Xu Beihong Paintings and Calligraphy II Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

111 Beijing Beijing 2015 Autumn Auctions: A Fine and Important Chinese ¥20,700,000 $3,190,014 Dong Zheng Ming and Qing Imperial Blue and White Dish with Antiques and International Ceramics Grape Pattern and Floral Artworks Auction Co ,. Ltd . Edge

112 Beijing Beijing Poly 2015 Spring Auctions: A Very Rare Imperial Chinese ¥20,700,000 $3,190,014 International Buddhist Temple of Ming Jade Book Antiques and Auction Co ,. Ltd . and Qing Dynasties Qianlong Period, Qing Artworks Dynasty

113 Beijing Beijing Poly 2015 Autumn Auctions: A White-Glazed with Chinese ¥20,700,000 $3,190,014 International The Art of the Great Ming Later Famille-Verte Antiques and Auction Co ,. Ltd . ‘Grapes’ Plate Artworks Chenghua Period, Ming Dynasty

114 Beijing Beijing Poly 2015 Autumn Auctions: Calligraphy Album Fine Chinese ¥20,700,000 $3,190,014 International Chinese Classical by Lan Ying, Xiang Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Shengmo et al . Calligraphy Evening Sale

115 Beijing Beijing Inshine 2015 Spring Auction VIP A Large Blue and White Chinese ¥20,700,000 $3,190,014 International Hexagon Vase Antiques and Auction Co ,. Ltd . Qing Qianlong Period Artworks

116 Beijing Beijing Inshine 2015 Autumn Auction VIP A Patinated Copper ‘Zun’ Chinese ¥20,700,000 $3,190,014 International Decorated with Gold Antiques and Auction Co ,. Ltd . Paint Artworks Qing Qianlong Period

117 Shanghai Rongbaozhai 2015 First Auction: A Gold Inlaid with Jade Chinese ¥20,700,000 $3,190,014 (Guilin) Auction Chinese Antiques and Incense Burner Antiques and Co ., Ltd . Collectibles Artworks

118 Guangdong Holly International 2015 Spring Auctions: Idyllic Poetry about Four Fine Chinese ¥20,700,000 $3,190,014 Auction Co ,. Ltd . Classical Chinese Seasons Paintings and Paintings and Calligraphy by Fan Chengda Calligraphy

119 Beijing Zhong Gu Tao 2015 Spring Auctions: The Beauty of Mountains Fine Chinese ¥20,430,000 $3,148,405 Auction (Beijing) Painting and Calligraphy along Li River Paintings and Co ., Ltd . by Bai Xueshi by Bai Xueshi Calligraphy

120 Beijing Beijing Bao Rui 2015 Spring Auctions: Album of Landscapes Fine Chinese ¥20,160,000 $3,106,796 Ying International Chinese Paintings and by Lu Yanshao Paintings and Auction Co ,. Ltd . Calligraphy Evening Sale Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

121 Beijing China Guardian 2015 Spring Auctions: Calligraphy in Running Fine Chinese ¥20,125,000 $3,101,402 International Grand View: Chinese Script Paintings and Auction Co ,. Ltd . Painting Highlight — by Yang Shen Calligraphy Classical

122 Beijing Beijing Council 2015 Spring Auctions: Designation Letter for Fine Chinese ¥20,125,000 $3,101,402 International Classical Chinese Sima Ji Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Southern Song Dynasty, Calligraphy Anonymous

123 Beijing Beijing Council 2015 Spring Auctions: Grazing Fine Chinese ¥20,125,000 $3,101,402 International Modern Chinese by Qi Baishi Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Calligraphy

124 Beijing Beijing Poly 2015 Spring Auctions: A Pair of Exquisite and Chinese ¥20,125,000 $3,101,402 International Qianlong’s Royal Red Important Turquoise- Antiques and Auction Co ,. Ltd . Sandalwood Screen, Ground Famille-Rose Artworks Palace Artware, with Gilt ‘Four Season Chinaware and Jadeware Florals’ Jars and Covers Qianlong Period, Qing Dynasty

125 Beijing Beijing Hanhai 2015 Autumn Auctions: A Very Fine and Other ¥20,125,000 $3,101,402 Auction Co ,. Ltd . Chinese Antiques and Magnificent Porcelain Artworks ‘Ding’ with Flower Carvings Contemporary

126 Shandong Rongbaozhai 2015 Spring Auctions: Mountain Along Lijiang in Fine Chinese ¥19,800,000 $3,051,318 (Guilin) Auction Precious Chinese Autumn Paintings and Co ., Ltd . Paintings and Calligraphy by Li Keran Calligraphy

127 Shanghai Shanghai Jinart 2015 Spring Auctions: A Guan Ware Blue and Chinese ¥19,620,000 $3,023,578 Auctions Co ,. Ltd . Chinese Porcelain White Dish with Flower Antiques and and Fruit Pattern Artworks Ming Xuande Period

128 Beijing China Guardian 2015 Spring Auctions: Figures after Zhao Fine Chinese ¥19,550,000 $3,012,791 International Grand View: Chinese Mengfu Paintings and Auction Co ,. Ltd . Painting Highlight — The by Zhang Daqian Calligraphy Path to Ancient Masters Zhang Daqian before 1949

129 Beijing Beijing Poly 2015 Spring Auctions: Landscape Fine Chinese ¥19,550,000 $3,012,791 International Modern Chinese Painting by Wu Yifeng Paintings and Auction Co ,. Ltd . Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

130 Zhejiang Zhejiang Candorle 2015 Spring Auctions: Album of Landscapes Fine Chinese ¥19,550,000 $3,012,791 Auction Co ,. Ltd . Lu Yanshao and Calligraphy Paintings and by Lu Yanshao Calligraphy

131 Zhejiang Xiling Yinshe 2015 Autumn Auctions: Five-Character Poem in Fine Chinese ¥19,205,000 $2,959,624 Auction Co ,. Ltd . Classical Chinese Running Script Paintings and Paintings & Calligraphy by Wang Duo Calligraphy

132 Beijing Beijing Poly 2015 Spring Sales: Landscape Fine Chinese ¥18,975,000 $2,924,179 International Modern Chinese Painting by Huang Binhong Paintings and Auction Co ,. Ltd . and Calligraphy Evening Calligraphy Sale I

133 Beijing Beijing Hanhai 2015 Autumn Auctions: A Doucai Vase with Lid Chinese ¥18,975,000 $2,924,179 Auction Co ,. Ltd . Chinese Antiques and Qing Qianlong Period Antiques and Artworks Artworks

134 Beijing Beijing Hanhai 2015 Autumn Auctions: A Blue and White Vase Chinese ¥18,975,000 $2,924,179 Auction Co ,. Ltd . Chinese Antiques and with Double Handles Antiques and Artworks and Dragon and Phenix Artworks Pattern Yuan Dynasty

135 Zhejiang Xiling Yinshe 2015 Spring Auctions: Orchid, Stone, Flowers Fine Chinese ¥18,975,000 $2,924,179 Auction Co ,. Ltd . Chinese Paintings & and Fruits Paintings and Calligraphy by Top by Wu Changshuo Calligraphy Members of Xiling Yinshe

136 Guangdong Guangdong 2015 Spring Auctions: Zhong Kui Fine Chinese ¥18,975,000 $2,924,179 Chongzheng Chinese Paintings and by Huang Zhou, Xie Paintings and Auction Co ,. Ltd . Calligraphy from the Zhiliu, Cheng Shifa et al . Calligraphy Collection of Jiu Teng Shu Wu

137 Guangdong Guangdong Poly 2015 Summer Auctions: Ox Serving the Child Fine Chinese ¥18,800,000 $2,897,211 Auction Co ,. Ltd . Chinese Paintings & by Li Keran Paintings and Calligraphy Calligraphy

138 Shanghai Rongbaozhai 2015 Autumn Auctions: Dongshan with Two Fine Chinese ¥18,700,000 $2,881,800 (Shanghai) Chinese Paintings and Ladies Paintings and Auction Co ,. Ltd . Calligraphy by Fu Baoshi Calligraphy

139 Beijing Beijing JiuGe 2015 Autumn Auctions: Peacocks Celebrating the Fine Chinese ¥18,400,000 $2,835,568 Auction Co ,. Ltd . Ning Cui Xuan Collection Spring Paintings and by Ren Bonian Calligraphy

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140 Guangdong Holly International 2015 Spring Auctions: Taihu Lake Fine Chinese ¥18,400,000 $2,835,568 Auction Co ,. Ltd . Modern Chinese by Wu Guanzhong Paintings and Paintings and Calligraphy Calligraphy

141 Guangdong Holly International 2015 Spring Auctions: Huang Hua Li Wood Four Chinese ¥18,400,000 $2,835,568 Auction Co ,. Ltd . Furnitures from Ming and Chamber Cabinet (A Pair) Antiques and Qing Dynasties Ming 17th century Artworks

142 Guangdong Holly International 2015 Autmn Auctions: Mountain Cabins with 20th- ¥18,400,000 $2,835,568 Auction Co ,. Ltd . Modern Chinese Fish Pond Century and Paintings and Calligraphy by Wu Guanzhong Contemporary Chinese Art

143 Shanghai Shanghai Dowmin 2015 Autumn Auctions: Summer Mountain Fine Chinese ¥18,087,000 $2,787,332 Auctions Co ,. Ltd . Chinese Paintings and Retreat after Wang Meng Paintings and Calligraphy by Zhang Daqian Calligraphy

144 Beijing Beijing Council 2015 Autumn Auctions: Tree and Horses Fine Chinese ¥17,825,000 $2,746,956 International Modern Chinese by Xu Beihong Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Calligraphy

145 Beijing Beijing Poly 2015 Spring Auctions: Jiang Jieshi Private Fine Chinese ¥17,825,000 $2,746,956 International To Commemorate The Letters Paintings and Auction Co ,. Ltd . 70th Anniversary Of The by Jiang Jieshi Calligraphy War Of Resistance — Chiang Kai-Shek’s Secret Order

146 Beijing Beijing Poly 2015 Spring Sales: Awaken Lion Fine Chinese ¥17,825,000 $2,746,956 International Modern Chinese Painting by Xu Beihong Paintings and Auction Co ,. Ltd . and Calligraphy Evening Calligraphy Sale I

147 Beijing Beijing Poly 2015 Spring Auctions: Xiao Yi Cheat Zhi Yong Fine Chinese ¥17,825,000 $2,746,956 International Paintings Collection Of for the Preface to the Paintings and Auction Co ,. Ltd . Huai En Shan Fang Orchid Pavilion Collection Calligraphy by Ding Guanpeng

148 Beijing Beijing Hanhai 2015 Spring Auctions: A Famille Rose Purple Chinese ¥17,825,000 $2,746,956 Auction Co ,. Ltd . Chinese Antiques and Ground Vase with Double Antiques and Artworks Handles Artworks Qing Jiaqing Period

149 Shanghai Shanghai 2015 Autumn Auctions: Horse Fine Chinese ¥17,825,000 $2,746,956 Tianheng Auction Chinese Paintings and by Xu Beihong Paintings and Calligraphy from the Xiu Calligraphy Hai Lou Collection

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150 Zhejiang Xiling Yinshe 2015 Spring Auctions: Sutra in Regular Script Fine Chinese ¥17,825,000 $2,746,956 Auction Co ,. Ltd . Classical Chinese by Fu Shan Paintings and Paintings & Calligraphy Calligraphy

151 Shanghai Shanghai Jia He 2015 Autumn Auctions : Album of Innovative Fine Chinese ¥17,760,000 $2,736,939 Auction Co ,. Ltd . Painting and Calligraphy Landscape Paintings Paintings and of Lu Yanshao by Lu Yanshao Calligraphy

152 Shanghai Shanghai Jia He 2015 Spring Auctions: Mountain, Pine Trees, Fine Chinese ¥17,600,000 $2,712,282 Auction Co ,. Ltd . He Feng Evening Sale and Cottages Paintings and by Qi Baishi Calligraphy

153 Shandong Rongbaozhai 2015 Spring Auctions: Visiting Patient Fine Chinese ¥17,600,000 $2,712,282 (Guilin) Auction Collection of the by Huang Zhou Paintings and Co ., Ltd . Rongbaozhai Gallery Calligraphy

154 Beijing China Guardian 2015 Spring Auctions: Poems in Running Script Fine Chinese ¥17,480,000 $2,693,789 International Grand View: Chinese by Wang Duo Paintings and Auction Co ,. Ltd . Painting Highlight — Calligraphy Classical

155 Beijing Beijing Poly 2015 Autumn Auctions: Portrait Of Ehui Fine Chinese ¥17,480,000 $2,693,789 International Chinese Classical by Emperor Qianlong, Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Court Artist Calligraphy Evening Sale

156 Shanghai Shanghai Mission 2015 Spring Auctions: People in Song Dynasty Fine Chinese ¥17,380,000 $2,678,379 Auction Co, . Ltd . ‘Yi Jian Wu’ Special Writing Sutra Paintings and Curated Sale Calligraphy

157 Beijing China Guardian 2015 Spring Auctions: Hermit in Deep Mountain Fine Chinese ¥17,250,000 $2,658,345 International Grand View: Chinese by Zhang Daqian Paintings and Auction Co ,. Ltd . Painting Highlight — The Calligraphy Path to Ancient Masters Zhang Daqian before 1949

158 Beijing Beijing Poly 2015 Spring Sales Lotus and Bird Fine Chinese ¥17,250,000 $2,658,345 International Ancient Chinese by Ba Da Shan Ren Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Calligraphy Evening Sale

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159 Beijing Beijing Poly 2015 Autumn Auctions: An Important and Rare Chinese ¥17,250,000 $2,658,345 International The Grand Panorama — Pair of Black Lacquer Antiques and Auction Co ,. Ltd . The 10th Anniversary with Incised Gild Artworks Evening Sale of Important ‘Landscape and Figures’ Chinese Ceramics and Compound Cabinets and Works of Art Hatchests from the Li Song Studio Wanli Period, Ming Dynasty

160 Beijing Beijing Poly 2015 Spring Sales: Landscape Fine Chinese ¥17,250,000 $2,658,345 International Ancient Chinese by Wang Yuanqi Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Calligraphy Evening Sale

161 Beijing Beijing Hanhai 2015 Spring Auctions: Watercolor Paintings (150 Fine Chinese ¥17,020,000 $2,622,900 Auction Co ,. Ltd . Watercolor, Illustrations Pieces) Paintings and and Comic Strip by Gu Yuan Calligraphy

162 Beijing Beijing Poly 2015 Autumn Auctions: Bloodline-Family 20th- ¥16,790,000 $2,587,456 International Modern and by Zhang Xiaogang Century and Auction Co ,. Ltd . Contemporary Arts Contemporary Evening Sale Chinese Art

163 Beijing Beijing Poly 2015 Spring Auctions: A Very Rare Blue and Chinese ¥16,675,000 $2,569,733 International The Art of the Great Ming White ‘Lotus’ Bowl Antiques and Auction Co ,. Ltd . Xuande Period, Ming Artworks Dynasty

164 Beijing Beijing Poly 2015 Spring Sales: Figure Fine Chinese ¥16,675,000 $2,569,733 International Ancient Chinese by Xie Shichen Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Calligraphy Evening Sale

165 Beijing Beijing Poly 2015 Spring Auctions: An Exceptional and Rare Chinese ¥16,675,000 $2,569,733 International Qing Dynasty Royal Confucius-Style with Antiques and Auction Co ,. Ltd . Collectables Eagle-Wood Inlaid ‘Wen Artworks Cheng San Qi’ Qin Ming Dynasty

166 Beijing Beijing Poly 2015 Spring Auctions: A Magnificent and Chinese ¥16,675,000 $2,569,733 International Qianlong’s Royal Red Important Blue and White Antiques and Auction Co ,. Ltd . Sandalwood Screen, ‘Lotus Scroll’ Garlic- Artworks Palace Artware, Head Vase Chinaware and Jadeware Qianlong Period, Qing Dynasty

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

167 Beijing Beijing Poly 2015 Spring Auctions: An Extremly Rare Chinese ¥16,675,000 $2,569,733 International Emperor Yongzheng Imperia Relief-Decorated Antiques and Auction Co ,. Ltd . Imperial Kiln and Baroque-Style Flower Artworks Porcelain Holder Yongzheng Period, Qing Dynasty

168 Beijing Beijing Poly 2015 Autumn Auctions: Bao Ta Mountain Fine Chinese ¥16,675,000 $2,569,733 International Modern Chinese Painting by Li Keran Paintings and Auction Co ,. Ltd . and Calligraphy Evening Calligraphy Sale I

169 Beijing Beijing Poly 2015 Autumn Auctions: An Extremely Rare and Chinese ¥16,675,000 $2,569,733 International The Twelve-Vases on Important Falangcai Antiques and Auction Co ,. Ltd . Gardening-Floral Vessels ‘Lady and Child’ Vase Artworks for Imperial Appreciation with Handles from The Qing Court Qianlong Period, Qing Dynasty

170 Beijing China Guardian 2015 Autumn Auctions: Narcissus and Rock Fine Chinese ¥16,100,000 $2,481,122 International Grand View: Chinese by Ma Shouzhen, Wang Paintings and Auction Co ,. Ltd . Painting Highlight — Zhideng Calligraphy Classical

171 Beijing Beijing Council 2015 Autumn Auctions: Chrysanthemum and Fine Chinese ¥16,100,000 $2,481,122 International Classical Chinese Stone Paintings and Auction Co ,. Ltd . Paintings and Calligraphy by Yun Shouping Calligraphy

172 Beijing Beijing Poly 2015 Spring Auctions: An Extremely Rare Chinese ¥16,100,000 $2,481,122 International Qing Dynasty Royal Tianhuang-Stone Antiques and Auction Co ,. Ltd . Collectables ‘Phoeinx’ Imperial Seal Artworks Kangxi Period, Qing Dynasty

173 Beijing Beijing Hanhai 2015 Spring Auctions: Vietnamese Agarwood Other ¥16,100,000 $2,481,122 Auction Co ,. Ltd . Tea and Incense Modern

174 Zhejiang Xiling Yinshe 2015 Autumn Auctions: The Red Lotus Fine Chinese ¥16,100,000 $2,481,122 Auction Co ,. Ltd . Chinese Paintings & by Pan Tianshou Paintings and Calligraphy by Top Calligraphy Members of Xiling Yinshe

175 Guangdong Guangdong 2015 Spring Auctions: Running Script Fine Chinese ¥16,100,000 $2,481,122 Chongzheng Chinese Paintings and by Guo Moruo Paintings and Auction Co ,. Ltd . Calligraphy from the Calligraphy Collection of Jiu Teng Shu Wu

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176 Guangdong Guangdong Poly 2015 Summer Auctions: Pavilion in the Dusk Fine Chinese ¥16,000,000 $2,465,711 Auction Co ,. Ltd . Chinese Paintings & by Li Keran Paintings and Calligraphy Calligraphy

177 Beijing Beijing Council 2015 Spring Auctions: The Poetic Image of Pi Fine Chinese ¥15,870,000 $2,445,677 International Modern Chinese Pa Xing Paintings and Auction Co ,. Ltd . Paintings and Calligraphy by Zhang Daqian Calligraphy

178 Beijing Beijing Hanhai 2015 Autumn Auctions: Mahasthamaprapta Chinese ¥15,640,000 $2,410,233 Auction Co ,. Ltd . Gilt-Bronze Buddha Bodhisattva Antiques and Statues Ming Dynasty Artworks

179 Beijing China Guardian 2015 Autumn Auctions: Poem in Running Script Fine Chinese ¥15,525,000 $2,392,510 International Grand View: Chinese by Emperor Qianlong Paintings and Auction Co ,. Ltd . Painting Highlight — Calligraphy Classical

180 Beijing Beijing Tranthy 2015 Autumn Auctions: Running Script Fine Chinese ¥15,525,000 $2,392,510 International Classical Chinese by Zhao Mengfu Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Calligraphy

181 Beijing Beijing 2015 Spring Auctions: Scenery of Autumn Fine Chinese ¥15,525,000 $2,392,510 ChengXuan Chinese Paintings and Mountains Paintings and Auction Co ,. Ltd . Calligraphy I by Wu Hufan Calligraphy

182 Beijing Beijing Poly 2015 Spring Auctions: An Exceptional and Chinese ¥15,525,000 $2,392,510 International Yuhuxuan’s Collection of Large Finely Carved Antiques and Auction Co ,. Ltd . Palace Treasures Sandalwood ‘Nine Artworks Literatis’ Mountain Boulder Qianlong Period, Qing Dynasty

183 Beijing Beijing Inshine 2015 Spring Auction VIP A Doucai Flask with Chinese ¥15,450,000 $2,380,952 International Landscape and Deer Antiques and Auction Co ,. Ltd . Pattern and Double Artworks Handles Qing Qianlong Period

184 Beijing Beijing Council 2015 Autumn Auctions: Qu Yuan Fine Chinese ¥15,180,000 $2,339,344 International Modern Chinese by Fu Baoshi Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Calligraphy

185 Jiangsu Jiangsu Phoenix 2015 Autumn Auctions: Plum Blossom and Crane Fine Chinese ¥15,080,000 $2,323,933 International Painting and Calligraphy Celebrating the Spring Paintings and Auction Co ,. Ltd . of New Jinling School by Yu Jigao Calligraphy

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186 Beijing Beijing Poly 2015 Spring Auctions: An Extremely Rare Zitan Chinese ¥14,950,000 $2,303,899 International Buddhist Temple of Ming Shrine with Imperial Antiques and Auction Co ,. Ltd . and Qing Dynasties Poem Inscription and a Artworks Gilt Bronze Bodhisattva Figure Qianlong Period, Qing Dynasty

187 Beijing Beijing Poly 2015 Autumn Auctions: A Very Important Chinese ¥14,950,000 $2,303,899 International The Grand Panorama — ‘Kangding’ Archastic Antiques and Auction Co ,. Ltd . The 10th Anniversary Bronze Vessel, Yi Artworks Evening Sale of Important Shang Dynasty Chinese Ceramics and Works of Art

188 Beijing Beijing Poly 2015 Autumn Auctions: Three Horses after Zhao Fine Chinese ¥14,950,000 $2,303,899 International Selection from Famous Zi’ang Paintings and Auction Co ,. Ltd . Collectors by Wu Hufan Calligraphy

189 Zhejiang Xiling Yinshe 2015 Spring Auctions: Ode to Country Chu in Fine Chinese ¥14,950,000 $2,303,899 Auction Co ,. Ltd . Classical Chinese Regular Script Paintings and Paintings & Calligraphy by Wen Zhengming Calligraphy

190 Henan Henan Jin Di 2015 Auctions: Foggy Mountain in Spring Fine Chinese ¥14,904,000 $2,296,810 Auction Co ,. Ltd . Landscape Paintings by by Xu Qinsong Paintings and Xu Qinsong Calligraphy

191 Beijing Beijing Poly 2015 Spring Auctions: Two Imperial Gilt-Bronze Chinese ¥14,720,000 $2,268,454 International Selection of Royal Court Bells with Dragon-Knobs Antiques and Auction Co ,. Ltd . Display and Artware and Eight-Diagram Artworks Patterns The 54th Reign Year of Kangxi Period

192 Beijing Beijing Poly 2015 Spring Sales: Poetic Scene Fine Chinese ¥14,375,000 $2,215,287 International Modern Chinese Painting by Fu Baoshi Paintings and Auction Co ,. Ltd . and Calligraphy Evening Calligraphy Sale I

193 Beijing Beijing Poly 2015 Spring Auctions: Running Script Fine Chinese ¥14,375,000 $2,215,287 International Diluting Of Natural — by Zhang Ruitu Paintings and Auction Co ,. Ltd . Jiansongge’s Collection Calligraphy of Scholar Wares

194 Shanghai Shanghai Jia He 2015 Autumn Auctions: Guanyin Fine Chinese ¥14,300,000 $2,203,729 Auction Co ,. Ltd . He Feng Evening Sale by Zhang Daqian Paintings and Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

195 Beijing China Guardian 2015 Spring Auctions: Purple Orchid Fine Chinese ¥13,800,000 $2,126,676 International Grand View: Chinese by Xu Beihong Paintings and Auction Co ,. Ltd . Painting Highlight — Calligraphy Modern

196 Beijing China Guardian 2015 Autumn Auctions: The Red Cliff Fine Chinese ¥13,800,000 $2,126,676 International Grand View: Chinese by Zhang Daqian Paintings and Auction Co ,. Ltd . Painting Highlight — Calligraphy Modern

197 Beijing China Guardian 2015 Autumn Auctions: Young Lady Wearing 20th- ¥13,800,000 $2,126,676 International 20th Century & Lipstick Century and Auction Co ,. Ltd . Contemporary Chinese by Zhao Bandi Contemporary Art Evening Sale Chinese Art

198 Beijing Beijing JiuGe 2015 Autumn Auctions: Sunrise Fine Chinese ¥13,800,000 $2,126,676 Auction Co ,. Ltd . Ning Cui Xuan Collection by Fan Zeng Paintings and Calligraphy

199 Beijing Beijing Council 2015 Autumn Auctions: Reading in Mountain Fine Chinese ¥13,800,000 $2,126,676 International Modern Chinese by Zhang Daqian Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Calligraphy

200 Beijing Beijing Poly 2015 Spring Sales: Mountain and Willow Fine Chinese ¥13,800,000 $2,126,676 International Ancient Chinese Tree Paintings and Auction Co ,. Ltd . Paintings and Calligraphy by Dai Jin Calligraphy Evening Sale

201 Beijing Beijing Poly 2015 Spring Sales: Landscape after Ancient Fine Chinese ¥13,800,000 $2,126,676 International Modern Chinese Painting Master Paintings and Auction Co ,. Ltd . and Calligraphy Evening by Huang Binhong Calligraphy Sale I

202 Beijing Beijing Poly 2015 Spring Sales: Figure Fine Chinese ¥13,800,000 $2,126,676 International Modern Chinese Painting by Zhang Daqian Paintings and Auction Co ,. Ltd . and Calligraphy Evening Calligraphy Sale II

203 Beijing Beijing Poly 2015 Autumn Auctions: Sinkiang Girls Fine Chinese ¥13,800,000 $2,126,676 International Session of Paintings by by Huang Zhou Paintings and Auction Co ,. Ltd . Artist Huangzhou Calligraphy

204 Beijing Beijing Hanhai 2015 Autumn Auctions: A Pair of Blue and Chinese ¥13,800,000 $2,126,676 Auction Co ,. Ltd . Chinese Antiques and White ‘Zun’ Vase with Antiques and Artworks Interlocking Flower Artworks Pattern Qing Qianlong

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

205 Beijing Zhong Gu Tao 2015 Spring Auctions: Myanmar Jadeite Other ¥13,620,000 $2,098,937 Auction (Beijing) Jadeite Bracelet Co ., Ltd . Modern

206 Shanghai Shanghai Duo 2015 Spring Auctions: Untitled 20th- ¥13,455,000 $2,073,509 Yun Xuan Auction Oil Paintings by Fang Lijun Century and Co ., Ltd . Contemporary Chinese Art

207 Beijing Beijing Council 2015 Spring Auctions: Empress Wu Zetian Fine Chinese ¥13,225,000 $2,038,064 International Modern Chinese by Fu Baoshi Paintings and Auction Co ,. Ltd . Paintings and Calligraphy Calligraphy

208 Beijing Beijing Poly 2015 Autumn Auctions: An Exceptional Finely Chinese ¥13,225,000 $2,038,064 International The Imperial Ceramics Carved White Jade Antiques and Auction Co ,. Ltd . and Works of Art — ‘Xiaoyiren huanghou’ Artworks Evening Sale Dragon Seal Jiaqing Period, Qing Dynasty

209 Zhejiang Xiling Yinshe 2015 Autumn Auctions: Landscape Painting Fine Chinese ¥13,225,000 $2,038,064 Auction Co ,. Ltd . Classical Chinese Screen Paintings and Paintings & Calligraphy by Yuan Jiang, Wang Calligraphy Yun, Chen Zhuo and Shi Chun

210 Guangdong Guangdong 2015 Spring Auctions: Horse Racing Fine Chinese ¥13,225,000 $2,038,064 Chongzheng Chinese Paintings and by Huang Zhou Paintings and Auction Co ,. Ltd . Calligraphy from the Calligraphy Collection of Jiu Teng Shu Wu

211 Beijing Beijing Poly 2015 Spring Auctions: Splendours of Landscape Fine Chinese ¥12,995,000 $2,002,620 International Paintings Collection from in Blue and Green Style Paintings and Auction Co ,. Ltd . Xuhuaizhai by Lu Yanshao Calligraphy

212 Beijing Beijing Poly 2015 Autumn Auctions: A Large and Very Rare Chinese ¥12,880,000 $1,984,898 International The Grand Panorama — Imerially Made Finely Antiques and Auction Co ,. Ltd . The 10th Anniversary Carved Zitan-Wood Artworks Evening Sale of Important Palace-Formed Niche Chinese Ceramics and Qianlong Period, Qing Works of Art Dynasty

213 Shanghai Shanghai Bo Gu 2015 Autumn Auctions: Essay Collections Printed Chinese ¥12,760,000 $1,966,405 Zhai Auction Co ,. Books and Manuscripts by Wuxi Academy at Books and Ltd . Luling Manuscripts 1326

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

214 Beijing China Guardian 2015 Spring Auctions: A Tea-Dust Glaze Vase in Chinese ¥12,650,000 $1,949,453 International A Journey into the Lei-Shape Antiques and Auction Co ,. Ltd . Chinese Imperial Qing Qianlong Artworks Porcelain and Jade Art

215 Beijing China Guardian 2015 Spring Auctions: Zhong Kui Fine Chinese ¥12,650,000 $1,949,453 International Grand View: Chinese by Xu Beihong Paintings and Auction Co ,. Ltd . Painting Highlight — Calligraphy Modern

216 Beijing Beijing JiuGe 2015 Spring Auctions: Plum Blossom, Orchids, Fine Chinese ¥12,650,000 $1,949,453 Auction Co ,. Ltd . Chinese Paintings and and Pine Paintings and Calligraphy II by Wu Changshuo Calligraphy

217 Beijing Beijing JiuGe 2015 Autumn Auctions: Landscape of Yunnan Fine Chinese ¥12,650,000 $1,949,453 Auction Co ,. Ltd . Ning Cui Xuan Collection by Wu Guanzhong Paintings and Calligraphy

218 Beijing Beijing Council 2015 Spring Auctions: Birds and Flowers Fine Chinese ¥12,650,000 $1,949,453 International Modern Chinese Triptych Paintings and Auction Co ,. Ltd . Paintings and Calligraphy by Ren Bonian Calligraphy

219 Beijing Beijing Council 2015 Autumn Auctions: Album of Great Fine Chinese ¥12,650,000 $1,949,453 International Modern Chinese Mountains Paintings and Auction Co ,. Ltd . Paintings and Calligraphy by Lu Yanshao Calligraphy

220 Beijing Beijing Hanhai 2015 Autumn Auctions: Auspiciousness Fine Chinese ¥12,650,000 $1,949,453 Auction Co ,. Ltd . Contemporary Chinese by Xing Dong Paintings and Paintings and Calligraphy Calligraphy

221 Shanghai Shanghai Gong 2015 Spring Auctions: Lotus Fine Chinese ¥12,650,000 $1,949,453 Mei Auction Co ,. Ji Sheng Evening Sale by Ba Da Shan Ren Paintings and Ltd . Calligraphy

222 Shanghai Shanghai Gong 2015 Spring Auctions: Narcissus Fine Chinese ¥12,650,000 $1,949,453 Mei Auction Co ,. Ji Sheng Evening Sale by Ba Da Shan Ren Paintings and Ltd . Calligraphy

223 Shanghai Shanghai Duo 2015 Autumn Auctions: Resting in the Wood Fine Chinese ¥12,650,000 $1,949,453 Yun Xuan Auction Modern Chinese by Fu Baoshi Paintings and Co ., Ltd . Paintings and Calligraphy Calligraphy

224 Zhejiang Xiling Yinshe 2015 Autumn Auctions: Seven-Character Poem Fine Chinese ¥12,650,000 $1,949,453 Auction Co ,. Ltd . Classical Chinese in Running Script Paintings and Paintings & Calligraphy by Wen Zhengming Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

225 Beijing China Guardian 2015 Spring Auctions: Mandarin Ducks after Fine Chinese ¥12,420,000 $1,914,008 International Grand View: Chinese Zhao Mengfu Paintings and Auction Co ,. Ltd . Painting Highlight — by Emperor Qianlong Calligraphy Classical

226 Beijing Beijing Inshine 2015 Spring Auction VIP A Famille Rose Vase with Chinese ¥12,360,000 $1,904,762 International Landscape Pattern Antiques and Auction Co ,. Ltd . Qing Qianlong Period Artworks

227 Beijing Beijing Inshine 2015 Spring Auction VIP A Famille Rose Container Chinese ¥12,360,000 $1,904,762 International with Interlocking Flower Antiques and Auction Co ,. Ltd . Pattern Artworks Qing Qianlong Period

228 Beijing China Guardian 2015 Spring Auctions: Composing Rhymes-63 20th- ¥11,500,000 $1,772,230 International 20th Century Art by Wu Dayu Century and Auction Co ,. Ltd . Contemporary Chinese Art

229 Beijing China Guardian 2015 Spring Auctions: Seven-Character Poem Fine Chinese ¥11,500,000 $1,772,230 International Grand View: Chinese in Running Script Paintings and Auction Co ,. Ltd . Painting Highlight — by Wang Duo Calligraphy Classical

230 Beijing China Guardian 2015 Autumn Auctions: Stabat Mater (Diptych) 20th- ¥11,500,000 $1,772,230 International ‘85 New Wave Art — by Ding Fang Century and Auction Co ,. Ltd . 30th Anniversary Sale Contemporary Chinese Art

231 Beijing China Guardian 2015 Autumn Auctions The Heavy Rain, 20th- ¥11,500,000 $1,772,230 International 20th Century & New York Century and Auction Co ,. Ltd . Contemporary Chinese by Liu Xiaodong Contemporary Art Evening Sale Chinese Art

232 Beijing Beijing Poly 2015 Spring Auctions: The Living Word 20th- ¥11,500,000 $1,772,230 International Modern and by Xu Bing Century and Auction Co ,. Ltd . Contemporary Arts Contemporary Evening Sale Chinese Art

233 Beijing Beijing Poly 2015 Spring Auctions: Extremely Fine and Rare Other ¥11,500,000 $1,772,230 International Brilliant Jewelry and Jade Pair of Jadeite Bangles Auction Co ,. Ltd .

234 Beijing Beijing Poly 2015 Spring Auctions: A Rare and Large Guan- Chinese ¥11,500,000 $1,772,230 International Emperor Yongzheng Type Glazed Square Vase Antiques and Auction Co ,. Ltd . Imperial Kiln and Yongzheng Period, Qing Artworks Porcelain Dynasty

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

235 Beijing Beijing Poly 2015 Autumn Auctions: Teapot with Ancient Jade Chinese ¥11,500,000 $1,772,230 International Masterpiece Literarti Decoration Antiques and Auction Co ,. Ltd . Art’s Stoneware by Gu Jingzhou Artworks

236 Beijing Beijing Poly 2015 Autumn Auctions: A Very Rare and Finely Chinese ¥11,500,000 $1,772,230 International The Grand Panorama — Carved White Jade Antiques and Auction Co ,. Ltd . The 10th Anniversary ‘Dragon’ Seal Artworks Evening Sale of Important Yongle Period, Ming Chinese Ceramics and Dynasty Works of Art

237 Beijing Beijing Poly 2015 Spring Sales: Jichang Garden Fine Chinese ¥11,500,000 $1,772,230 International Modern Chinese Painting by Li Keran Paintings and Auction Co ,. Ltd . and Calligraphy Evening Calligraphy Sale I

238 Beijing Beijing Poly 2015 Autumn Auctions: Virgin Mary and Infant 20th- ¥11,500,000 $1,772,230 International Chinese Fine Art in the Jesus Century and Auction Co ,. Ltd . 20th Century by San Yu Contemporary Chinese Art

239 Beijing Beijing Poly 2015 Autumn Auctions: Album of Calligraphy Fine Chinese ¥11,500,000 $1,772,230 International Modern Chinese Painting by Qi Baishi et al . Paintings and Auction Co ,. Ltd . and Calligraphy Evening Calligraphy Sale I

240 Shanghai Shanghai Mission 2015 Spring Auctions: Horses by the Shore with Fine Chinese ¥11,500,000 $1,772,230 Auction Co, . Ltd . Modern Chinese Willows Paintings and Paintings and Calligraphy by Xie Zhiliu Calligraphy

241 Henan Henan Jin Di 2015 Auctions: Foggy Mountain in the Fine Chinese ¥11,178,000 $1,722,607 Auction Co ,. Ltd . Landscape Paintings by Morning Paintings and Xu Qinsong by Xu Qinsong Calligraphy

242 Shanghai Shanghai Jia He 2015 Autumn Auctions: Walking in the Autumn Fine Chinese ¥11,000,000 $1,695,176 Auction Co ,. Ltd . He Feng Evening Sale Woods Paintings and by Chen Hongshou Calligraphy

243 Shanghai Rongbaozhai 2015 Autumn Auctions: Horses Fine Chinese ¥11,000,000 $1,695,176 (Shanghai) Chinese Paintings and by Xu Beihong Paintings and Auction Co ,. Ltd . Calligraphy Calligraphy

For transaction details, please see the 2015 China Antiques and Artworks Auction Market Statistical Annual Report, published by the China Association of Auctioneers .

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

1 Asia Poly Auction Glossiness of Uncarved Landscapes (8 works) Fine Chinese ¥198,883,639 $30,649,351 (Hong Kong) Jade — Special Auction of by Cui Ruzhuo Paintings and Cui Ruzhuo [IV] Calligraphy

2 Asia Poly Auction Glossiness of Uncarved Landscapes (A Set of Four Fine Chinese ¥112,135,399 $17,280,844 (Hong Kong) Jade — Special Auction of Leaves) Paintings and Cui Ruzhuo [V] by Cui Ruzhuo Calligraphy

3 Asia Sotheby’s Guan — From a Japanese An Outstanding ‘Guan’ Chinese ¥95,329,711 $14,690,971 Hong Kong Collection Octagonal Vase Antiques and Southern Song Dynasty Artworks

4 North Sotheby’s Fine Classical Chinese Collection of Buddhist Fine Chinese ¥91,014,714 $14,026,000 America New York Paintings & Calligraphy Sutras (album w/39 works) Paintings and by Anonymous-Chinese Calligraphy (Ming Dynasty)

5 Asia Sotheby’s Yongzheng — The Age of An Extremely Rare Imperial Chinese ¥87,829,235 $13,535,096 Hong Kong Harmony and Integrity White Jade ‘Yong Zheng Yu Antiques and Bi Zhi Bao’ Seal with Ivory- Artworks Inlaid Box and Cover The Seal: Qing Dynasty, Kangxi Period The Seal Face: Qing Dynasty, Yongzheng Period

6 Asia Sotheby’s Yongzheng — The Age of An Extremely Rare and Chinese ¥75,172,182 $11,584,556 Hong Kong Harmony and Integrity Superbly Enameled Pair Antiques and of Famille-Rose ‘Peach’ Artworks Bowls Marks and Period of Yongzheng

7 Asia Christie’s An Important Yongzheng A Fine and Important Chinese ¥71,366,944 $10,998,142 Hong Kong Falangcai ‘Prunus and Falangcai Sepia-Enameled Antiques and Bamboo’ Bowl ‘Prunus and Bamboo’ Bowl Artworks Yongzheng Four-Character Mark in Blue Enamel Within A Double Square and Of the Period (1723-1735)

8 Asia Christie’s Asian 20th-Century & Chrysanthemums in a 20th- ¥68,526,384 $10,560,392 Hong Kong Contemporary Art Glass Vase Century and (Evening Sale) by Sanyu Contemporary Chinese Art

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

9 Asia Royal Art Antiques and Curios A Fine and Important Chinese ¥65,323,824 $10,066,855 Hong Kong Cloisonné Enamel Incense Antiques and Burner in Pagoda Shape Artworks Seal Mark and Period of Qianlong

10 Asia Art Sea Collection of Chinese A Pair of Magnificent Chinese ¥64,451,396 $9,932,408 Hong Kong Porcelain Famille-Rose ‘Eight-Gods’ Antiques and Vases with Handles Artworks

11 Asia Sotheby’s Yongzheng — The Age of A Fine And Superbly Chinese ¥63,452,688 $9,778,500 Hong Kong Harmony and Integrity Painted Blue And White Antiques and ‘Dragon’ Vase Artworks Mark And Period Of Yongzheng

12 North Christie’s The Collection of Robert An Extremely Rare and Chinese ¥62,845,965 $9,685,000 America New York Hatfield Ellsworth Part I: Important Set of Four Antiques and Masterpieces — Including Huanghuali Horseshoe- Artworks Indian, Himalayan and Back Armchairs, Quanyi Southeast Asian Works of China, Ming Dynasty, 17th Art, Chinese and Japanese Century Works of Art

13 Asia Zheng Ding Chinese Works of Art A Very Rare and Fine Old Chinese ¥60,599,926 $9,338,870 Hong Kong Mine Waxy Icy Jadeite Antiques and International Bracelet Artworks Auction Co ,. Ltd .

14 Asia Art Sea Chinese Works of Art A Shallow Relief-Carving Chinese ¥58,274,190 $8,980,458 Hong Kong Tianhuang Stone Square Antiques and Seal Artworks

15 Asia Sotheby’s Modern and Contemporary Plum blossoms 20th- ¥55,948,603 $8,622,069 Hong Kong Asian Art Evening Sale by Wu Guanzhong Century and Contemporary Chinese Art

16 Asia Sotheby’s Important Chinese Art A Fine And Magnificent Chinese ¥53,150,504 $8,190,862 Hong Kong Famille-Rose ‘Peach’ Vase, Antiques and Tianqiuping, Artworks Seal Mark And Period Of Qianlong

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

17 Asia Sotheby’s Important Chinese Works A Magnificent Carved Chinese ¥53,139,533 $8,189,171 Hong Kong of Art Celadon, Underglaze- Antiques and Blue And Famille-Rose Artworks Decorated ‘Boys’ Vase Seal Mark and Period of Qianlong

18 Asia Royal Art Chinese Works of Art and Poetic Scene in the Style Fine Chinese ¥51,756,417 $7,976,024 Hong Kong Paintings of Shitao Paintings and by Fu Baoshi Calligraphy

19 Asia Poly Auction Chinese and Asian Modern Roses in a White Pitcher 20th- ¥49,398,854 $7,612,707 (Hong Kong) and Contemporary Art by Sanyu Century and Contemporary Chinese Art

20 Asia Royal Art Antiques and Curios An Auspicious Violet Chinese ¥47,303,458 $7,289,792 Hong Kong Jadeite Decoration Antiques and Artworks

21 Asia Christie’s The Imperial Sale & A Magnificent And Fine Chinese ¥46,969,945 $7,238,395 Hong Kong Important Chinese Blue And White ‘Dragon’ Antiques and Ceramics and Works of Art Hu-Shaped Vase Qianlong Artworks Six-Character Archaistic Seal Mark and of the Period (1736 –1795)

22 Asia Sotheby’s Modern and Contemporary 07.04.61 20th- ¥46,573,613 $7,177,317 Hong Kong Asian Art Evening Sale by Zao Wou-Ki Century and Contemporary Chinese Art

23 Asia Zheng Ding Chinese Works of Art A Copper-Red Meiping Chinese ¥45,222,430 $6,969,091 Hong Kong Vase with Figure Pattern Antiques and International and Animal-Shaped Artworks Auction Co ,. Ltd . Handles

24 Asia Royal Art Antiques and Curios A Copper-Red Vase with Chinese ¥43,869,982 $6,760,669 Hong Kong Figure Pattern and Flower- Antiques and Shaped Mouth Artworks

25 Asia Art Sea Chinese Porcelains A Celadon-Glazed Famille- Chinese ¥43,745,597 $6,741,501 Hong Kong Rose Vase with Pine, Antiques and Bamboo, Plum, Ganoderma, Artworks and Longevity Stone Pattern

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

26 Asia Poly Auction Classical Chinese Paintings A Glance Of Nanjing City Fine Chinese ¥43,470,992 $6,699,182 (Hong Kong) and Calligraphy by Feng Ning Paintings and Calligraphy

27 Asia Sotheby’s Important Chinese Works A Magnificent and Chinese ¥42,826,379 $6,599,843 Hong Kong of Art Monumental Yellow- Antiques and Ground Famille-Rose Artworks ‘Anbaxian’ Sgraffiato Vase with Dragon Handles Seal Mark and Period of Qianlong

28 Asia Sotheby’s Fine Chinese Paintings Riding in the Autumn Fine Chinese ¥42,821,407 $6,599,076 Hong Kong Countryside Paintings and by Zhang Daqian Calligraphy

29 Europe Sotheby’s The Soul of Japanese A Rare Blue and White Chinese ¥39,297,850 $6,056,072 London Aesthetics — The Facetted Vase Antiques and Tsuneichi Inoue Collection Xuande Mark and Period Artworks

30 Asia Christie’s Asian 20th-Century & Vase de Chrysanthèmes 20th- ¥38,545,365 $5,940,109 Hong Kong Contemporary Art sur une Table Jaune Century and (Evening Sale) (Vase of Chrysanthemums Contemporary on a Yellow Table) Chinese Art by Sanyu

31 Asia Sotheby’s Modern and Modern and Peach Blossoms 20th- ¥37,207,742 $5,733,972 Hong Kong Contemporary Asian Art by Wu Guanzhong Century and Evening Sale Contemporary Chinese Art

32 Asia Sotheby’s Fine Chinese Paintings Ancient Temple in the Mist Fine Chinese ¥37,196,703 $5,732,270 Hong Kong by Zhang Daqian Paintings and Calligraphy

33 Asia Royal Art Chinese Works of Art and A Tri-Legged Incense Chinese ¥36,804,563 $5,671,839 Hong Kong Paintings Burner Antiques and Artworks

34 Asia Royal Art Works of Art Watching Water Fall Fine Chinese ¥36,708,151 $5,656,981 Hong Kong by Fu Baoshi Paintings and Calligraphy

35 Asia Rongsheng Fine Chinese Works of Art A Chai-Ware Vase with Chinese ¥36,622,946 $5,643,850 International Tubular Ear-Shaped Antiques and Auction Handles Artworks

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

36 Asia Sotheby’s Modern and Contemporary Paradise 20th- ¥35,332,284 $5,444,951 Hong Kong Asian Art Evening Sale by Zeng Fanzhi & Jack Ma Century and Contemporary Chinese Art

37 Europe Phillips London Contemporary Art Evening Circle of Animals / 20th- ¥35,217,377 $5,427,243 Sale Zodiac Heads Century and by Ai Weiwei Contemporary Chinese Art

38 Asia Royal Art Antiques and Curios A Pair of Fine and Chinese ¥35,095,986 $5,408,535 Hong Kong Important Famille-Rose Antiques and Guanyin Vase with Flower Artworks and Butterfly Pattern Seal Mark and Period of Daoguang

39 Asia Christie’s Asian 20th-Century & Sans Titre 20th- ¥34,794,643 $5,362,096 Hong Kong Contemporary Art (Cathédrale) Century and (Evening Sale) by Zao Wou-Ki Contemporary Chinese Art

40 Asia Royal Art Chinese Works of Art and An Underglaze Blue and Chinese ¥34,504,278 $5,317,349 Hong Kong Paintings Copper-Red Moonflask Antiques and with Dradon Pattern Artworks

41 North Sotheby’s Important Chinese Works The Mahin Banu ‘Grape’ Chinese ¥33,236,658 $5,122,000 America New York of Art Dish: A Magnificent and Antiques and Storied Blue and White Dish Artworks Ming Dynasty, Yongle Period, Circa 1420

42 Asia Poly Auction Chinese and Asian Modern Coastal City (Qingdao) 20th- ¥32,603,981 $5,024,500 (Hong Kong) and Contemporary Art by Wu Guanzhong Century and Contemporary Chinese Art

43 Asia Royal Art Chinese Works of Art and Flowers and Ink Bamboo Fine Chinese ¥32,203,993 $4,962,859 Hong Kong Paintings Paintings and Calligraphy

44 Asia Christie’s Asian 20th-Century & Foudre 20th- ¥30,106,241 $4,639,581 Hong Kong Contemporary Art by Zao Wou-Ki Century and (Evening Sale) Contemporary Chinese Art

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

45 Asia Bonhams Fine Chinese Paintings Album of Landscapes Fine Chinese ¥30,095,369 $4,637,905 Hong Kong by Wang Hui Paintings and Calligraphy

46 Asia Christie’s Asian 20th-Century & 12.04.60 20th- ¥30,095,369 $4,637,905 Hong Kong Contemporary Art by Zao Wou-Ki Century and (Evening Sale) Contemporary Chinese Art

47 Asia Sotheby’s Fine Chinese Paintings Beauties Fine Chinese ¥29,706,677 $4,578,005 Hong Kong by Fu Baoshi Paintings and Calligraphy

48 Europe Claude Aguttes Tableaux XIX, Fleurs Dans un Vase 20th- ¥29,462,631 $4,540,396 Impressionnistes et Portant une Inscription Century and Modernes by Sanyu Contemporary Chinese Art

49 Europe Claude Aguttes Tableaux XIX, Deux Gros Hortensias 20th- ¥29,462,631 $4,540,396 Impressionnistes et roses, Dans un Vase Blanc Century and Modernes by Sanyu Contemporary Chinese Art

50 Asia Rongsheng Fine Chinese Works of Art A Pure Green Jadeite Chinese ¥29,298,357 $4,515,080 International Bracelet Antiques and Auction Artworks

51 North Sotheby’s Inscriptions: History as Art Da Guan Tang Bao: An Chinese ¥28,876,050 $4,450,000 America New York Important Imperial Jade Antiques and Seal Artworks Qing Dynasty, Qianlong Period

52 Europe Phillips London Contemporary Art Evening Circle of Animals/Zodiac 20th- ¥28,776,219 $4,434,615 Heads Century and by Ai Weiwei Contemporary Chinese Art

53 Asia Sotheby’s Modern and Contemporary Lotus 20th- ¥28,761,131 $4,432,290 Hong Kong Asian Art Evening Sale by Wu Guanzhong Century and Contemporary Chinese Art

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

54 Asia Royal Art Antiques and Curios A Fine and Important Blue Chinese ¥28,678,243 $4,419,517 Hong Kong and White Gourd-Shaped Antiques and Vase with Interlocking Artworks Branches Pattern Seal Mark and Period of Yongzheng, Qing Dynasty

55 Asia Poly Auction Chinese and Asian Modern Subtilité hivernale 20th- ¥28,651,335 $4,415,370 (Hong Kong) and Contemporary Art by Chu Teh-Chun Century and Contemporary Chinese Art

56 North Bally Auction Fine Art, Antiques & Asian Chinese Painting Fine Chinese ¥27,902,700 $4,300,000 America Art Auction XXII Handscroll Paintings and by Qiu Ying & Dong Calligraphy Qichang

57 Europe Sotheby’s Important Chinese Art A Rare Sancai ‘Phoenix- Chinese ¥27,850,882 $4,292,014 London Head’ Ewer Antiques and Tang Dynasty Artworks

58 Asia Sotheby’s Modern and Contemporary 02.04.59 20th- ¥27,823,632 $4,287,815 Hong Kong Asian Art Evening Sale by Zao Wou-Ki Century and Contemporary Chinese Art

59 Europe Sotheby’s Paris Art Contemporain 1.5.60 20th- ¥27,751,199 $4,276,653 by Zao Wou-Ki Century and Contemporary Chinese Art

60 Asia Art Sea Chinese Calligraphy Scholars Fine Chinese ¥27,622,027 $4,256,746 Hong Kong and Paintings by Zhang Daqian Paintings and Calligraphy

61 North Christie’s The Fine Chinese Ceramics An Important and Very Rare Chinese ¥27,234,333 $4,197,000 America New York and Works of Art Set of Four Huanghuali Antiques and ‘Four-Corners-Exposed Artworks Official’s Hat’ Armchairs, Sichutouguanmaoyi Late 16th–Early 17th Century

62 Asia Zheng Ding Chinese Works of Art Thangka Chinese ¥26,907,346 $4,146,609 Hong Kong Antiques and International Artworks Auction Co ,. Ltd .

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

63 Asia Sotheby’s Modern and Contemporary Autumn onto the Wall 20th- ¥26,886,133 $4,143,340 Hong Kong Asian Art Evening Sale by Wu Guanzhong Century and Contemporary Chinese Art

64 Asia Art Sea Chinese Porcelain A Ge-Ware Style Glazed Chinese ¥25,784,549 $3,973,578 Hong Kong Square Vase with Tubular Antiques and Ear-Shaped Handles Artworks

65 North Sotheby’s Fine Classical Chinese Poems, Calligraphy and Land Fine Chinese ¥25,605,594 $3,946,000 America New York Paintings & Calligraphy scape (album w/24 works) Paintings and by Shi Tao Calligraphy

66 Asia Christie’s Fine Chinese Modern Two Condors Fine Chinese ¥25,398,177 $3,914,036 Hong Kong Paintings by Xu Beihong Paintings and Calligraphy

67 Asia China Guardian 2015 Spring Auction: Huanghuali Wood Chinese ¥25,026,585 $3,856,771 Hong Kong A Roomful of Ming Antiques and Furniture — Lu Ming Shi Artworks Collection, Brussels

68 Asia Sotheby’s Important Chinese Art A Magnificent and Chinese ¥25,017,912 $3,855,434 Hong Kong Extremely Rare Iron-Red Antiques and and Underglaze-Blue Artworks ‘Dragon’ Moonflask, Seal Mark and Period of Qianlong

69 Asia Christie’s Fine Chinese Classical Autumn Mountains Fine Chinese ¥24,940,310 $3,843,475 Hong Kong Paintings and Calligraphy by Tang Yin Paintings and Calligraphy

70 Europe Sotheby’s Paris Arts d’Asie Importante Statuette de Chinese ¥24,915,353 $3,839,629 Vairocana en Bronze Doré Antiques and Dynastie Ming, XVE siècle Artworks

71 Europe Auctionata AG Important Asian Art Imperial Immortal Mountain Chinese ¥24,835,809 $3,827,371 Clock Antiques and Guangzhou Workshop, Artworks Qianlong

72 Europe Sotheby’s Important Chinese Art A Rare and Magnificent Chinese ¥24,416,792 $3,762,797 London Archaic Bronze Wine Antiques and Vessel, Fangding Artworks Late Shang/Early Western Zhou Dynasty

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

73 Asia Rongsheng Collection of Fine Works A Blue-Ground Enamel Chinese ¥24,371,517 $3,755,820 International of Art Vase with Flowers and Antiques and Auction Birds Pattern Artworks

74 Asia Christie’s Important Chinese A Magnificent Imperial Chinese ¥24,012,247 $3,700,454 Hong Kong Ceramics and Works of Art Kesi-Embellished and Antiques and Polychrome-Lacquered Artworks Hardwood Ten-Fold Screen, Kangxi/Yongzheng Period (1662–1735)

75 Asia Christie’s Fine Chinese Modern Living in the Mountains Fine Chinese ¥23,524,267 $3,625,253 Hong Kong Paintings by Zhang Daqian Paintings and Calligraphy

76 Asia Hanhai The Merciful Buddha Padmas Ambhava and Chinese ¥23,195,393 $3,574,571 Hong Kong Consorts Antiques and Late 17th–Early 18th Artworks Century

77 Asia Art Sea Chinese Porcelain A Blue and White Meiping Chinese ¥23,021,919 $3,547,838 Hong Kong Vase with Bamboo Drawing Antiques and Artworks

78 Asia Royal Art Antiques and Curios A Guan-Ware Brush Washer Chinese ¥22,942,595 $3,535,613 Hong Kong in Square Shape Antiques and Artworks

79 North Christie’s The Collection of Robert Prunus Branch and Rock Fine Chinese ¥22,873,725 $3,525,000 America New York Hatfield Ellsworth Part by Shi Lu Paintings and II — Chinese Furniture, Calligraphy Scholar’s Objects and Chinese Paintings

80 North Christie’s The Collection of Robert A Massive and Very Rare Chinese ¥22,873,725 $3,525,000 America New York Hatfield Ellsworth Part I: Huanghuali Recessed-Leg Antiques and Masterpieces — Including Painting Table, Hua’an Artworks Indian, Himalayan and China, Ming Dynasty, 17th Southeast Asian Works of Century Art, Chinese and Japanese Works of Art

81 Asia Art Sea Chinese Calligraphy Lotus and Shrimps Fine Chinese ¥22,723,721 $3,501,883 Hong Kong and Paintings by Qi Baishi Paintings and Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

82 North Sotheby’s Fine Classical Chinese Flowers, Vegetables and Fine Chinese ¥22,646,610 $3,490,000 America New York Paintings & Calligraphy Landscapes (Album w/10 Paintings and Works) Calligraphy by Shi Tao

83 Asia Hanhai Bronze Age A Very Fine and Rare ‘You’ Chinese ¥22,274,410 $3,432,641 Hong Kong Vessel Antiques and Western Zhou Period Artworks

84 Asia HK Famous The First Auction in 2015 Landscape, Set of Four Fine Chinese ¥22,145,758 $3,412,815 Auctioneer Scrolls Paintings and Limited by Wen Zhengming Calligraphy

85 Europe Christie’s Paris ART D’ASIE Rare Bol Couvert en Chinese ¥22,031,414 $3,395,194 Jade Blanc Sculpté, Lian Antiques and Chine, Dynastie Qing, Artworks Époque Qianlong (1736 –1795)

86 Asia Rongsheng Fine Chinese Works of Art A Ru Ware Zun with String Chinese ¥21,973,767 $3,386,310 International Pattern Antiques and Auction Artworks

87 Asia Royal Art Antiques and Curios Hongshan Culture Jade Chinese ¥21,934,991 $3,380,335 Hong Kong Dragon (with Certification) Antiques and Artworks

88 Asia Art Sea Collection of Chinese A Jun-Ware Zun in ‘Chuji’ Chinese ¥21,910,712 $3,376,593 Hong Kong Porcelain Shape Antiques and Artworks

89 North Sotheby’s Chinese Art through the An Extremely Fine and Rare Chinese ¥21,867,930 $3,370,000 America New York Eye of Sakamoto Gorō — Carved ‘Ding’ ‘Peony’ Bowl Antiques and Ceramics Northern Song Dynasty Artworks

90 Asia Christie’s Asian 20th-Century & 5.11.64 20th- ¥21,667,117 $3,339,053 Hong Kong Contemporary Art by Zao Wou-Ki Century and (Evening Sale) Contemporary Chinese Art

91 Asia Christie’s Stillness of the A Fine and Extremely Chinese ¥21,660,409 $3,338,020 Hong Kong Enlightened Mind — Rare Gilt-Bronze Figure of Antiques and Chinese Buddhist Art Amitayus Artworks Yongle Six-Character Presentation Mark and of the Period (1403–1424)

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

92 Asia Christie’s Stillness of the Two Exceedingly Rare Chinese ¥21,660,409 $3,338,020 Hong Kong Enlightened Mind — Famille Rose Seated Antiques and Chinese Buddhist Art Figures of Luohan Artworks Yongzheng-Qianlong Period (1723–1795)

93 Asia Sotheby’s Ming Furniture — A Huanghuali and Green Chinese ¥21,166,426 $3,261,893 Hong Kong The Dr S Y Yip Collection Stone Chajiansun Recessed Antiques and Leg Wine Table, Artworks Late Ming Dynasty

94 Asia Christie’s Asian 20th-Century & Two Zebras 20th- ¥20,721,950 $3,193,397 Hong Kong Contemporary Art by Sanyu Century and (Evening Sale) Contemporary Chinese Art

95 Asia Sotheby’s Fine Chinese Paintings Lotus in the Wind Fine Chinese ¥20,664,059 $3,184,475 Hong Kong by Zhang Daqian Paintings and Calligraphy

96 Asia Zheng Ding Chinese Works of Art A Pair of Enamel Vase with Chinese ¥20,350,094 $3,136,091 Hong Kong Figure Pattern Antiques and International Artworks Auction Co ,. Ltd .

97 Asia Art Sea Chinese Jades and Amitāyus, the Buddha of Chinese ¥20,261,119 $3,122,379 Hong Kong Artworks Boundless Life Antiques and Artworks

98 Asia Art Sea Chinese Porcelain A Blue and White Chinese ¥20,259,289 $3,122,097 Hong Kong Hexagonal Vase with Fruit Antiques and and Flower Pattern Artworks

99 Asia Art Sea Collection of Porcelain A Doucai Stem Cup with Chinese ¥20,258,505 $3,121,976 Hong Kong Grape Pattern Antiques and Artworks

100 Asia Sotheby’s Important Chinese Art A Superbly Painted and Chinese ¥20,161,691 $3,107,057 Hong Kong Extremely Rare Blue and Antiques and White ‘Fish Pond’ Brush Artworks Washer, Mark and Period of Xuande

101 Asia Sotheby’s Important Chinese Art An Important Imperial White Chinese ¥20,161,691 $3,107,057 Hong Kong Jade ‘Ziqiang Buxi’ Seal, Antiques and Qing Dynasty, Qianlong Artworks Period

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

102 Asia Sotheby’s Modern and Modern and 08.03.66 20th- ¥20,161,171 $3,106,977 Hong Kong Contemporary Asian Art by Zao Wou-Ki Century and Evening Sale Contemporary Chinese Art

103 Asia Sotheby’s Fine Chinese Paintings Blossoming Lotus Fine Chinese ¥20,155,189 $3,106,055 Hong Kong by Zhang Daqian Paintings and Calligraphy

104 Asia Zheng Ding Chinese Works of Art A Gilt Carve Hand Washer Chinese ¥19,832,703 $3,056,357 Hong Kong with A Dragon Handle Antiques and International Artworks Auction Co ,. Ltd .

105 Asia Zheng Ding Chinese Works of Art A Fine and Important Yellow- Chinese ¥19,832,703 $3,056,357 Hong Kong Ground Blue and White Dish Antiques and International with Gardenia Pattern Artworks Auction Co ,. Ltd . Hongzhi Period, Ming Dynasty

106 Asia Christie’s The Fen Wen Tang The Retired Officer Fine Chinese ¥19,776,446 $3,047,688 Hong Kong Collection of Chinese by Qi Baishi Paintings and Paintings Calligraphy

107 Asia Christie’s Fine Chinese Modern Pine Soul Fine Chinese ¥19,776,446 $3,047,688 Hong Kong Paintings by Wu Guanzhong Paintings and Calligraphy

108 Asia Royal Art Antiques and Curios A Yellow-Glazed Wellness and Chinese ¥19,741,492 $3,042,301 Hong Kong Longevity Vase with Handles Antiques and Seal Mark and Period of Artworks Qianlong

109 Europe Sotheby’s Paris Art Contemporain 5.5.60 20th- ¥19,663,418 $3,030,269 by Zao Wou-Ki Century and Contemporary Chinese Art

110 Asia Sotheby’s Ming Furniture — A Huanghuali Couch-Bed, Chinese ¥19,659,323 $3,029,638 Hong Kong The Dr S Y Yip Collection Luohan Chuang, Antiques and Late Ming Dynasty Artworks

111 Europe Sotheby’s Paris Art Contemporain 7.8.65 20th- ¥19,406,422 $2,990,664 by Zao Wou-Ki Century and Contemporary Chinese Art

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

112 Asia Art Sea Collection of Chinese An Enamel and Gilt- Chinese ¥19,335,419 $2,979,722 Hong Kong Porcelain Decorated Double Handles Antiques and Vase with Rock and Flower Artworks Pattern

113 North Christie’s The Collection of Robert A Large Polychrome Fresco Chinese ¥19,239,885 $2,965,000 America New York Hatfield Ellsworth Part IV — China, Yuan-Ming Dynasty Antiques and Chinese Works of Art: (1279–1644) Artworks Metalwork, Sculpture and Early Ceramics

114 Asia Sotheby’s Ming Furniture — A Large Huanghuali Chinese ¥19,156,955 $2,952,220 Hong Kong The Dr S Y Yip Collection Painting Table, Hua Zhuo, Antiques and Late Ming Dynasty Artworks

115 Asia Christie’s Fine Chinese Modern Horses Drinking Fine Chinese ¥18,851,156 $2,905,094 Hong Kong Paintings by Xu Beihong Paintings and Calligraphy

116 Asia Christie’s Asian 20th-Century & Montée Hivernale 20th- ¥18,847,266 $2,904,495 Hong Kong Contemporary Art (Winter Surge) Century and (Evening Sale) by Chu Teh-Chun Contemporary Chinese Art

117 Asia Sotheby’s Fine Chinese Paintings Lotus Pond Fine Chinese ¥18,654,588 $2,874,802 Hong Kong by Zhang Daqian Paintings and Calligraphy

118 North Christie’s The Collection of Robert A Superb Gilt-Bronze Chinese ¥18,513,117 $2,853,000 America New York Hatfield Ellsworth Part I: Figure of A Seated Bear Antiques and Masterpieces — Including China, Western Han Artworks Indian, Himalayan and Dynasty (206 BC–AD 8) Southeast Asian Works of Art, Chinese and Japanese Works of Art

119 Asia Art Sea Fine Chinese Calligraphy Landscapes Fine Chinese ¥18,416,823 $2,838,160 Hong Kong and Paintings by Zhang Daqian Paintings and Calligraphy

120 Asia Art Sea Chinese Painting and Singing and Strolling along Fine Chinese ¥18,415,635 $2,837,977 Hong Kong Calligraphy the Brook Paintings and by Zhang Daqian Calligraphy

121 Asia Art Sea Chinese Works of Art A Tri-legged Incense Burner Chinese ¥18,414,685 $2,837,831 Hong Kong with Islamic Characters Antiques and Decoration and Dragon- Artworks Shape Handles

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

122 Asia Sotheby’s Modern and Modern and Tiananmen No. 3 20th- ¥18,352,693 $2,828,278 Hong Kong Contemporary Asian Art by Zhang Xiaogang Century and Evening Sale Contemporary Chinese Art

123 Asia Sotheby’s Important Chinese Art An Extremely Fine and Rare Chinese ¥18,152,220 $2,797,383 Hong Kong Blue and White Double- Antiques and Gourd Vase, Artworks Seal Mark And Period Of Qianlong

124 Asia Sotheby’s Modern and Contemporary 1996.4 20th- ¥18,147,303 $2,796,625 Hong Kong Asian Art Evening Sale by Fang Lijun Century and Contemporary Chinese Art

125 Asia Zheng Ding Chinese Works of Art An Enamel Vase with Ball- Chinese ¥18,088,972 $2,787,636 Hong Kong Flower Pattern Antiques and International Artworks Auction Co ,. Ltd .

126 Asia Zheng Ding Chinese Works of Art An Enamel and Gilt- Chinese ¥18,088,972 $2,787,636 Hong Kong Decorated Garlic-Mouth Antiques and International Vase with Peacock Pattern Artworks Auction Co ,. Ltd .

127 Europe Sotheby’s Classical Chinese Furniture A Large Huanghuali Solid Chinese ¥17,816,618 $2,745,665 London from a European Private Top Altar Table, Qiaotouan Antiques and Collection 17th/18th Century Artworks

128 Asia Rongsheng Collection of Fine Works A Guan-Ware Square Vase Chinese ¥17,809,954 $2,744,638 International of Art with Handles Antiques and Auction Artworks

129 Asia Sotheby’s Ming Furniture — A Pair of Large Huanghuali Chinese ¥17,649,852 $2,719,965 Hong Kong The Dr S Y Yip Collection High Continuous Yokeback Antiques and Armchairs, Artworks Late Ming Dynasty

130 Asia Sotheby’s Fine Chinese Paintings Longevity Peaches Fine Chinese ¥17,644,161 $2,719,088 Hong Kong by Qi Baishi Paintings and Calligraphy

131 Asia Royal Art Antiques and Curios A Pair of Fine and Important Chinese ¥17,547,993 $2,704,268 Hong Kong Yellow-Ground Famille-Rose Antiques and Bowl with Flower, Bird and Artworks Crane Pattern Seal and Mark in Yongzheng

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

132 Asia Christie’s Asian 20th-Century & Mask Series 20th- ¥17,441,254 $2,687,818 Hong Kong Contemporary Art by Zeng Fanzhi Century and (Evening Sale) Contemporary Chinese Art

133 Asia Christie’s The Fen Wen Tang Autumn Flowers Fine Chinese ¥17,434,058 $2,686,710 Hong Kong Collection of Chinese by Qi Baishi Paintings and Paintings Calligraphy

134 Asia Christie’s Fine Chinese Modern Lotus Pond Fine Chinese ¥17,434,058 $2,686,710 Hong Kong Paintings by Zhang Daqian Paintings and Calligraphy

135 Asia China Guardian 2015 Spring Auction: Huanghuali Wood Chinese ¥17,326,097 $2,670,072 Hong Kong A Roomful of Ming Late Ming Dynasty Antiques and Furniture — Lu Ming Shi Artworks Collection, Brussels

136 Asia Art Sea Chinese Calligraphy Beauty Holding A Fan Fine Chinese ¥17,312,483 $2,667,974 Hong Kong and Painting by Zhang Daqian Paintings and Calligraphy

137 Asia Royal Art Antiques and Curios A Fine and Important Green- Chinese ¥17,206,946 $2,651,710 Hong Kong Ground Famille-Rose Double Antiques and Handles Vase with Flower Artworks Pattern Seal and Mark of Yongzheng Period, QIng Dynasty

138 Asia Sotheby’s Yongzheng — The Age of A Magnificent and Very Chinese ¥17,143,945 $2,642,001 Hong Kong Harmony and Integrity Rare Carved Celadon- Antiques and Glazed Moonflask Artworks Seal Mark and Period of Yongzheng

139 North Christie’s The Collection of Robert A Very Rare Pair of Chinese ¥17,059,581 $2,629,000 America New York Hatfield Ellsworth Part I: Huanghuali Bamboo-Form Antiques and Masterpieces — Including Continuous Horseshoe- Artworks Indian, Himalayan and Back Armchairs, Quanyi Southeast Asian Works of China, Late Ming-Early Art, Chinese and Japanese Qing Dynasty, 17th–Early Works of Art 18th Century

140 Asia Ravenel Spring Auction 2015 Taipei: 19.12.66 20th- ¥17,029,154 $2,624,311 Modern and Contemporary by Zao Wou-Ki Century and Asian Art Contemporary Chinese Art

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

141 Asia Ravenel Spring Auction 2015 Taipei: 16.9.91 20th- ¥17,029,154 $2,624,311 Modern and Contemporary by Zao Wou-Ki Century and Asian Art Contemporary Chinese Art

142 Asia Christie’s Important Chinese An Exceptionally Rare Large Chinese ¥16,979,371 $2,616,639 Hong Kong Ceramics and Works of Art Blue and White Reserve- Antiques and Decorated ‘Peony’ Dish, Artworks Xuande Six-Character Mark in Underglaze Blue in A Line and of the Period (1426–1435)

143 Asia Christie’s Asian 20th-Century & Composition No. 290 20th- ¥16,972,583 $2,615,593 Hong Kong Contemporary Art by Chu Teh-Chun Century and (Evening Sale) Contemporary Chinese Art

144 Asia Christie’s The Feng Wen Tang Old Home Fine Chinese ¥16,965,581 $2,614,514 Hong Kong Collection of Chinese by Qi Baishi Paintings and Paintings Calligraphy

145 Asia Royal Art Antiques and Curios A Fine and Important Chinese ¥16,894,092 $2,603,497 Hong Kong Copper-Red Gourd-Shaped Antiques and Vase with Flower Pattern Artworks Seal and Mark in Qianlong Period, Qing Dynasty

146 Asia Art Sea Chinese Calligraphy and Visiting Friend with Musical Fine Chinese ¥16,575,782 $2,554,443 Hong Kong Painting Instrument Paintings and by Zhang Daqian Calligraphy

147 Asia Art Sea Chinese Works of Art Three Gilt-Bronze Buddhas Chinese ¥16,575,140 $2,554,344 Hong Kong Antiques and Artworks

148 Asia Christie’s Fine Chinese Modern Landscape of the Four Fine Chinese ¥16,507,318 $2,543,892 Hong Kong Paintings Seasons Paintings and by Qi Baishi Calligraphy

149 Asia Christie’s Asian 20th-Century & Lumière de la montagne 20th- ¥16,503,912 $2,543,368 Hong Kong Contemporary Art Pa-Shin Century and (Evening Sale) by Chu Teh-Chun Contemporary Chinese Art

150 Asia Christie’s The Fen Wen Tang Monkey with Peach Fine Chinese ¥16,497,103 $2,542,318 Hong Kong Collection of Chinese by Qi Baishi Paintings and Paintings Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

151 North Christie’s Fine Chinese Ceramics and A Magnificent and Extremely Chinese ¥16,332,813 $2,517,000 America New York Works of Art Rare Large Cloisonné Enamel Antiques and ‘Dragon’ Jar and Cover Artworks 15th–16th Century

152 Asia Tokyo Chuo Fine Chinese Painting and Flower Basket Fine Chinese ¥16,175,197 $2,492,710 Auction Calligraphy by Li Song Paintings and (Hong Kong) Calligraphy Co ., Limited

153 Asia Sotheby’s Important Chinese Art An Extremely Fine and Rare Chinese ¥16,142,749 $2,487,710 Hong Kong Pair of Famille-Rose ‘Bats Antiques and and Double-Gourds’ Bowls, Artworks Marks and Period of Yongzheng

154 Asia Christie’s Important Chinese A Superbly Carved Imperial Chinese ¥16,041,655 $2,472,130 Hong Kong Ceramics and Works of Art White and Russet Jade Antiques and Brush Pot, Artworks Qianlong Period (1736–1795)

155 Asia Christie’s Fine Chinese Classical Cursive Script Calligraphy Fine Chinese ¥16,035,448 $2,471,174 Hong Kong Paintings and Calligraphy by Wang Duo Paintings and Calligraphy

156 Asia Christie’s Fine Chinese Classical Egret on Rock Fine Chinese ¥16,035,448 $2,471,174 Hong Kong Paintings and Calligraphy by Bada Shanren Paintings and Calligraphy

157 North Sotheby’s Fine Classical Chinese Dwelling in Seclusion amid Fine Chinese ¥15,638,490 $2,410,000 America New York Paintings & Calligraphy Rivers and Mountains Paintings and by Gong Xian Calligraphy

158 North Christie’s The Fine Chinese Ceramics A Large and Very Rare Chinese ¥15,606,045 $2,405,000 America New York and Works of Art Huamu Burl-Inset Antiques and Huanghuali Demountable Artworks Trestle-Leg Table, Qiaotou’an 17th Century

159 Asia Art Sea Chinese Porcelain A Ge-Type Glazed Square Chinese ¥15,194,467 $2,341,573 Hong Kong Vase with Five Holes Antiques and Artworks

160 Asia Sotheby’s Modern and Contemporary Sans Titre 20th- ¥15,137,623 $2,332,813 Hong Kong Asian Art Evening Sale by Zao Wou-Ki Century and Contemporary Chinese Art

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

161 Asia Sotheby’s Modern and Contemporary Nuit-minuit 20th- ¥15,133,913 $2,332,241 Hong Kong Asian Art Evening Sale by Zao Wou-Ki Century and Contemporary Chinese Art

162 Asia Sotheby’s Fine Chinese Paintings A Homeland Reed Pond Fine Chinese ¥15,133,132 $2,332,121 Hong Kong by Wu Guanzhong Paintings and Calligraphy

163 Asia Christie’s The Imperial Sale & A Fine and Very Rare Chinese ¥15,098,678 $2,326,811 Hong Kong Important Chinese Yellow-Ground Green- Antiques and Ceramics and Works of Art Enamelled ‘Dragon’ Vase Artworks Qianlong Incised Six- Character Seal Mark and of the Period (1736–1795)

164 Asia Art Sea Collection of Chinese A Blue and White Octagon Chinese ¥15,034,669 $2,316,947 Hong Kong Porcelain Wucai Dish with Dragon Antiques and Pattern Artworks

165 Asia Poly Auction Chinese and Asian Modern Combat de Coqs 20th- ¥14,820,227 $2,283,900 (Hong Kong) and Contemporary Art by Zao Wou-Ki Century and Contemporary Chinese Art

166 Asia Poly Auction Chinese and Asian Modern Reminiscences, 20th- ¥14,820,227 $2,283,900 (Hong Kong) and Contemporary Art le 14 mal 1970 Century and by Chu Teh-Chun Contemporary Chinese Art

167 Asia Poly Auction Chinese and Asian Modern Champs 20th- ¥14,819,656 $2,283,812 (Hong Kong) and Contemporary Art by Zao Wou-Ki Century and Contemporary Chinese Art

168 North Christie’s The Lai Family Collection A Magnificent and Very Chinese ¥14,671,629 $2,261,000 America New York of Fine Chinese Furniture Rare Massive Nanmu-Inset Antiques and and Works of Art Huanghuali Painting Table, Artworks Hua’an 17th Century

169 Asia Christie’s The Imperial Sale & A Rare Imperial Gilt- Chinese ¥14,596,505 $2,249,423 Hong Kong Important Chinese Bronze ‘Dragon’ Ritual Bell, Antiques and Ceramics and Works of Art Bianzhong Artworks Qianlong Cast Five- Character Mark, Corresponding to 1743 and of the Period

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

170 Asia Christie’s The Imperial Sale & An Exceptional and Chinese ¥14,596,505 $2,249,423 Hong Kong Important Chinese Extremely Rare Blue and Antiques and Ceramics and Works of Art White Ming-Style Moonflask Artworks Yongzheng Period (1723–1735)

171 Asia Christie’s Asian 20th-Century & 17.06.61 20th- ¥14,595,752 $2,249,307 Hong Kong Contemporary Art by Zao Wou-Ki Century and (Evening Sale) Contemporary Chinese Art

172 Asia Christie’s The Feng Wen Tang Flowers and Butterflies Fine Chinese ¥14,589,730 $2,248,379 Hong Kong Collection of Chinese by Qi Baishi Paintings and Paintings Calligraphy

173 Asia Christie’s Fine Chinese Modern Dreaming of Chateau de Fine Chinese ¥14,589,730 $2,248,379 Hong Kong Paintings Montlys Paintings and by Fu Baoshi Calligraphy

174 Asia Bonhams Fine Chinese Ceramics and An Exceptionally Rare Chinese ¥14,501,681 $2,234,810 Hong Kong Works of Art Imperial Celadon-Glazed Antiques and Olive-Shaped Vase, Artworks Yongzheng Seal Mark and of the Period

175 Europe Sotheby’s Classical Chinese Furniture A Rare Zitan Luohan Chinese ¥14,500,062 $2,234,560 London from a European Private Bed with Marble Panels, Antiques and Collection Luohanchuang Artworks Qing Dynasty, 18th Century

176 Asia China Guardian Chinese Painting and Landscape Fine Chinese ¥14,440,091 $2,225,318 Hong Kong Calligraphy I by Zhang Daqian Paintings and Calligraphy

177 Europe Sotheby’s Classical Chinese Furniture A Fine Pair of Huanghuali Chinese ¥14,263,166 $2,198,053 London from a European Private Square-Corner Cupboards Antiques and Collection on Stands, Ligui Artworks 17th/18th Century

178 Asia Christie’s Asian 20th-Century & A Lacebark Pine Fine Chinese ¥14,093,604 $2,171,922 Hong Kong Contemporary Art by Wu Guanzhong Paintings and (Evening Sale) Calligraphy

179 Asia Christie’s Fine Chinese Classical River Landscapes Fine Chinese ¥14,087,608 $2,170,998 Hong Kong Paintings and Calligraphy by Qian Weicheng Paintings and Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

180 Asia Poly Auction Chinese and Asian Modern Midsummer Swimmers 20th- ¥13,930,477 $2,146,783 (Hong Kong) and Contemporary Art by Zhang Peili Century and Contemporary Chinese Art

181 Asia Hanhai The Solemn Path of the Choying Dorje Chinese ¥13,864,991 $2,136,691 Hong Kong Masters Series 17 Century Antiques and Artworks

182 Asia Ravenel Autumn Auction 2015 24.09.99 20th- ¥13,859,093 $2,135,783 Taipei: by Zao Wou-Ki Century and Modern and Contemporary Contemporary Asian Art Chinese Art

183 Asia Art Sea Chinese Porcelains A Blue and White Dish with Chinese ¥13,814,399 $2,128,895 Hong Kong Petal-Shaped Rim and Antiques and Flower Pattern Artworks

184 Asia Art Sea Chinese Jades and A Gilt-Bronze Incense Burner Chinese ¥13,814,399 $2,128,895 Hong Kong Artworks with Animal-Shaped Handles Antiques and Seal and Mark of "Yongquan" Artworks

185 Asia Sotheby’s Modern and Contemporary Deux Nus 20th- ¥13,627,218 $2,100,049 Hong Kong Asian Art Evening Sale by Zao Wou-Ki Century and Contemporary Chinese Art

186 North Christie’s The Fine Chinese Ceramics A Magnificent and Very Chinese ¥13,270,005 $2,045,000 America New York and Works of Art Rare Large Celadon-Glazed Antiques and Carved Moon Flask Artworks Qianlong Six-Character Seal Mark in Underglaze Blue and of the Period (1736–1795)

187 Asia Zheng Ding Chinese Works of Art A Yellow Ground Enamel Chinese ¥13,221,802 $2,037,572 Hong Kong Vase with Bird and Flower Antiques and International Pattern Artworks Auction Co ,. Ltd .

188 Asia Zhongyuan Art Chinese Works of Art Shrimp Fine Chinese ¥13,220,986 $2,037,446 Auction Co ,. Ltd . by Qi Baishi Paintings and Calligraphy

189 Asia Sotheby’s Fine Chinese Paintings On the Train to Sinaia Fine Chinese ¥13,128,543 $2,023,200 Hong Kong by Fu Baoshi Paintings and Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

190 Asia Sotheby’s Ming Furniture — A Pair of Huanghuali Round- Chinese ¥13,128,543 $2,023,200 Hong Kong The Dr S Y Yip Collection Corner Tapered Cabinets on Antiques and Stands, Yuanjiaogui, Artworks Late Ming Dynasty

191 Asia Sotheby’s Modern and Contemporary Swimming 20th- ¥13,128,204 $2,023,147 Hong Kong Asian Art Evening Sale by Liu Wei Century and Contemporary Chinese Art

192 Asia Sotheby’s Yongzheng — The Age of An Extremely Fine and Rare Chinese ¥13,125,833 $2,022,782 Hong Kong Harmony and Integrity Lavender-Glazed Bottle Vase Antiques and Mark and Period of Artworks Yongzheng

193 Asia Christie’s Asian 20th-Century & Nuit, Mi-nuit 20th- ¥13,089,309 $2,017,154 Hong Kong Contemporary Art (Night, Mid-night) Century and (Evening Sale) by Zao Wou-Ki Contemporary Chinese Art

194 Asia Christie’s Asian 20th-Century & 18.3.68 20th- ¥13,089,309 $2,017,154 Hong Kong Contemporary Art by Zao Wou-Ki Century and (Evening Sale) Contemporary Chinese Art

195 Asia Christie’s Asian 20th-Century & Mirage èa l’aube 20th- ¥13,089,309 $2,017,154 Hong Kong Contemporary Art (Mirage at Dawn) Century and (Evening Sale) by Chu Teh-Chun Contemporary Chinese Art

196 Asia Christie’s Fine Chinese Modern Waterlilies Fine Chinese ¥13,083,909 $2,016,321 Hong Kong Paintings by Wu Guanzhong Paintings and Calligraphy

197 Asia Hanhai The Merciful Buddha Maitreya Chinese ¥12,877,027 $1,984,439 Hong Kong 14th Century Antiques and Artworks

198 Asia Poly Auction Classical Chinese Paintings Imitation of ‘the Chunhua Fine Chinese ¥12,841,217 $1,978,921 (Hong Kong) and Calligraphy Paragon Book’ Paintings and by Dong Qichang Calligraphy

199 Asia Art Sea Chinese Works of Art A Bronze ‘Ding’ Vessel with Chinese ¥12,783,089 $1,969,963 Hong Kong Stands and Two Handles Antiques and Artworks

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

200 Asia Art Sea Chinese Jades and A Pair of Tianhuang Stone Chinese ¥12,432,959 $1,916,005 Hong Kong Artworks Seals Antiques and Artworks

201 Asia Art Sea Chinese Porcelain A Blue and White Moonflask Chinese ¥12,431,836 $1,915,832 Hong Kong with Interlocking Flower Antiques and Pattern and Handles Artworks

202 Asia Sotheby’s Modern and Modern and Retour de Pêche 20th- ¥12,123,495 $1,868,315 Hong Kong Contemporary Asian Art by Zao Wou-Ki Century and Evening Sale Contemporary Chinese Art

203 Asia Sotheby’s Modern and Modern and Untitled 10-1-2 20th- ¥12,123,495 $1,868,315 Hong Kong Contemporary Asian Art by Zeng Fanzhi Century and Evening Sale Contemporary Chinese Art

204 Asia Sotheby’s Yongzheng — The Age of An Exceptional and Chinese ¥12,121,305 $1,867,977 Hong Kong Harmony and Integrity Extremely Rare Gilt-Copper Antiques and Double Box and Cover Artworks Mark and Period of Yongzheng

205 Asia Sotheby’s Modern and Contemporary Wordless Encounter 20th- ¥12,120,523 $1,867,857 Hong Kong Asian Art Evening Sale by Wang Huaiqing Century and Contemporary Chinese Art

206 Asia Christie’s The Imperial Sale & A Very Rare Sacrificial Blue- Chinese ¥12,085,638 $1,862,481 Hong Kong Important Chinese Glazed Vase, Ganlanping Antiques and Ceramics and Works of Art Yongzheng Six-Character Artworks Mark in Underglaze Blue within A Double Circle and of the Period (1723–1735)

207 Asia Christie’s Asian 20th-Century & Jardin de Mon Père 20th- ¥12,085,015 $1,862,385 Hong Kong Contemporary Art (My Father’s Garden) Century and (Evening Sale) by Zao Wou-Ki Contemporary Chinese Art

208 Asia Art Sea Collection of Porcelain A Copper-Red ‘Tianqiu’ Chinese ¥11,970,935 $1,844,804 Hong Kong Vase with Dragon Pattern Antiques and Artworks

209 Asia Tokyo Chuo Fine Chinese Painting and Birds Fine Chinese ¥11,938,836 $1,839,858 Auction (Hong Calligraphy by Li Di Paintings and Kong) Co ,. Limited Calligraphy

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

210 Asia Ravenel Modern and Contemporary Miss World 20th- ¥11,846,370 $1,825,608 Asian Art by Walasse Ting Century and Contemporary Chinese Art

211 Asia Poly Auction An Important Sale of An Imperial Reticulated Chinese ¥11,780,131 $1,815,400 (Hong Kong) Imperial Works of Art Celadon-Ground Yangcai Antiques and with Blue-and-White Core Artworks Elephant-Handled Vase Qianlong Period, 1736–1795

212 North Sotheby’s Important Chinese Works A Set of Four ‘Eight Chinese ¥11,745,090 $1,810,000 America New York of Art Immortals’ Panels Antiques and by Wang Qi (1884–1937) Artworks Dated Gengwu Year Corresponding to 1930

213 North Christie’s The Collection of Robert A Polychrome and Gilt- Chinese ¥11,712,645 $1,805,000 America New York Hatfield Ellsworth Part Limestone Figure of Buddha Antiques and IV — Chinese Works of Art: China, Northern Qi Dynasty Artworks Metalwork, Sculpture and (AD 550–577) Early Ceramics

214 North Christie’s Fine Chinese Paintings Immortals Playing Chess Fine Chinese ¥11,712,645 $1,805,000 America New York by Qiu Ying Paintings and Calligraphy

215 Asia Art Sea Chinese Works of Art Three Box-Shaped Zisha Tea Chinese ¥11,654,654 $1,796,063 Hong Kong Pots with Overhead Handles Antiques and and Wellness, Richness and Artworks Longevity Patterns

216 Asia Sotheby’s Ming Furniture — A Huanghuali Six-Post Chinese ¥11,621,440 $1,790,945 Hong Kong The Dr S Y Yip Collection Canopy Bed Antiques and Late Ming Dynasty Artworks

217 Asia Sotheby’s Important Chinese Art An Extremely Rare and Chinese ¥11,621,440 $1,790,945 Hong Kong Brilliantly Enamelled Famille- Antiques and Rose ‘Lingzhi’ Wall Vase Artworks Seal Mark and Period of Qianlong

218 Asia Sotheby’s Modern and Contemporary Reclining Nude 20th- ¥11,618,292 $1,790,459 Hong Kong Asian Art Evening Sale by Pan Yuliang Century and Contemporary Chinese Art

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

219 Asia Art Sea Chinese Porcelain A Moon White Glazed Guan- Chinese ¥11,603,047 $1,788,110 Hong Kong Ware ‘Zhichui’ Vase Antiques and Artworks

220 Asia Christie’s Asian 20th-Century & Tendres Souvenirs (Tender 20th- ¥11,582,867 $1,785,000 Hong Kong Contemporary Art Memories) Century and (Evening Sale) by Chu Teh-Chun Contemporary Chinese Art

221 Asia Royal Art Antiques and Curios A Copper Buddha Statue Chinese ¥11,515,870 $1,774,676 Hong Kong (with Certificate) Antiques and Mark and Period of Xuande Artworks

222 Asia Art Sea Chinese Porcelain A Ge-Type Glazed Square Chinese ¥11,510,960 $1,773,919 Hong Kong Vessel with Ruyi-Shaped Antiques and Handles Artworks

223 Asia Art Sea Chinese Works of Art A Cloisonné Enamel Mythical Chinese ¥11,326,346 $1,745,469 Hong Kong Creature, Lu Duan Antiques and Artworks

224 Europe Artcurial Post-War & 14.05.62 20th- ¥11,321,459 $1,744,715 Contemporain 1 by Zao Wou-Ki Century and Contemporary Chinese Art

225 Asia Sotheby’s Fine Chinese Paintings Studios amid Misty Fine Chinese ¥11,119,072 $1,713,526 Hong Kong Mountains Paintings and by Huang Binhong Calligraphy

226 Asia Sotheby’s Ming Furniture — A Long Huanghuali and Chinese ¥11,119,072 $1,713,526 Hong Kong The Dr S Y Yip Collection Huamu Recessed-Leg Table, Antiques and Pingtouan Artworks Late Ming / Early Qing Dynasty

227 Asia Sotheby’s Yongzheng — The Age of A Rare Ming-Style Blue and Chinese ¥11,116,777 $1,713,173 Hong Kong Harmony and Integrity White ‘Bird and Flower’ Antiques and Vase, Yuhuchunping Artworks Mark and Period of Yongzheng

228 Asia Sotheby’s Modern and Contemporary 19.06.97 20th- ¥11,116,060 $1,713,062 Hong Kong Asian Art Evening Sale by Zao Wou-Ki Century and Contemporary Chinese Art

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

229 Asia Sotheby’s Modern and Contemporary Good Morning, World 20th- ¥11,116,060 $1,713,062 Hong Kong Asian Art Evening Sale (Triptych) Century and by Jia Aili Contemporary Chinese Art

230 Asia Sotheby’s Fine Chinese Paintings Autumn Mountains at Dawn Fine Chinese ¥11,115,486 $1,712,974 Hong Kong by Zhang Daqian Paintings and Calligraphy

231 Europe Sotheby’s The Soul of Japanese A Rare ‘Beishoku Guanyao’ Chinese ¥11,089,250 $1,708,931 London Aesthetics — The Vase Antiques and Tsuneichi Inoue Collection Southern Song Dynasty Artworks

232 Asia Christie’s Asian 20th-Century & L’espoir est Né 20th- ¥11,080,720 $1,707,616 Hong Kong Contemporary Art (Hope Is Born) Century and (Evening Sale) by Chu Teh-Chun Contemporary Chinese Art

233 Asia Art Sea Chinese Jades and A Green Jade Tea Pot with Chinese ¥11,051,519 $1,703,116 Hong Kong Artworks Overhead Handle Antiques and Artworks

234 Asia Art Sea Chinese Jades and Amitāyus, the Buddha of Chinese ¥11,051,519 $1,703,116 Hong Kong Artworks Boundless Life Antiques and Artworks

235 Asia Art Sea Collection of Porcelain An Enamel Garlic-Mouth Chinese ¥11,050,094 $1,702,896 Hong Kong Vase Antiques and Artworks

236 Asia Art Sea Collection of Chinese A Copper-Red Octagonal Chinese ¥11,048,811 $1,702,699 Hong Kong Porcelain Gourd-Shaped Vase with Antiques and Flower Pattern Artworks

237 Asia Art Sea Chinese Works of Art A Jadeite Bracelet Chinese ¥11,048,811 $1,702,699 Hong Kong Antiques and Artworks

238 Asia Art Sea Chinese Works of Art A Gilt-Bronze Sitted Chinese ¥11,048,811 $1,702,699 Hong Kong Gautama Buddha Statue Antiques and with Gem -Decoration Artworks

239 Europe Claude Aguttes Tableaux & Art Académie de Dos, 20th- ¥10,969,142 $1,690,421 Contemporain — Partie 1 sur Tabouret, 1931 Century and by Sanyu Contemporary Chinese Art

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

240 Asia Royal Art Antiques and Curios A Fine and Important Blue Chinese ¥10,967,496 $1,690,167 Hong Kong and White Gourd-Shaped Antiques and Vase with Dragon Pattern Artworks Mark and Period of Qianlong

241 Asia Royal Art Antiques and Curios A Celadon-Glazed Blue and Chinese ¥10,967,496 $1,690,167 Hong Kong White Vase with Phoenix and Antiques and Peony Pattern Artworks

242 Asia Royal Art Antiques and Curios A Pair of Guan-Ware Zun Chinese ¥10,967,496 $1,690,167 Hong Kong Antiques and Artworks

243 North Christie’s The Collection of Robert A Large Polychrome Chinese ¥10,933,965 $1,685,000 America New York Hatfield Ellsworth Part I: Wood Figure of A Seated Antiques and Masterpieces — Including Bodhisattva Artworks Indian, Himalayan and China, Song-Jin Dynasty Southeast Asian Works of (AD 960–1234) Art, Chinese and Japanese Works of Art

244 North Sotheby’s Inscriptions: History as Art A Pale Celadon Jade Seal Chinese ¥10,654,938 $1,642,000 America New York with Inscription ‘Huang Tang Antiques and Shou Ming Zhi Bao’ Artworks Probably Ming Dynasty

245 Asia Art Sea Collection of Chinese A Ge-Ware Round Chinese ¥10,605,938 $1,634,449 Hong Kong Porcelain Brushwasher Antiques and Artworks

246 Asia Art Sea Chinese Works of Art A Cloisonné Enamel Incense Chinese ¥10,590,083 $1,632,005 Hong Kong Burner with Handles and Antiques and Flowers Pattern Artworks

247 Asia Art Sea Chinese Jade Carvings A Cloisonné Enamel Square Chinese ¥10,588,990 $1,631,837 Hong Kong Vase with Dragon Pattern Antiques and and Lion-Shaped Handles Artworks

248 Asia Christie’s Asian 20th-Century & The Garden 20th- ¥10,582,394 $1,630,820 Hong Kong Contemporary Art (The Garden in Jiang-nan) Century and (Evening Sale) by Wu Guanzhong Contemporary Chinese Art

249 Asia Art Sea Porcelain A Jun-Ware Rosy Purple Chinese ¥10,480,659 $1,615,142 Hong Kong Bowl Antiques and Artworks

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

250 Asia Ravenel Modern and 7.12.69 20th- ¥10,381,462 $1,599,856 Contemporary Art by Zao Wou-Ki Century and Contemporary Chinese Art

251 Asia Poly Auction Chinese Ceramics and An Important Bronze Ritual Chinese ¥10,373,964 $1,598,700 (Hong Kong) Works of Art Vessel with Inscriptions, Zun Antiques and Early-Western Zhou Period Artworks

252 Asia Rongsheng Fine Chinese Works of Art A White Hetian Jade Rough Chinese ¥10,254,425 $1,580,278 International Stone with Red Surface Antiques and Auction Artworks

253 North Christie’s The Collection of Robert A Rare Pair of Huanghuali Chinese ¥10,155,285 $1,565,000 America New York Hatfield Ellsworth Part Lampstands, Den Gtai Antiques and II — Chinese Furniture, China, Ming Dynasty, Artworks Works of Art and Chinese 17th Century Paintings

254 North Christie’s The Collection of Robert A Rare Pair of Huanghuali Chinese ¥10,155,285 $1,565,000 America New York Hatfield Ellsworth Part Corner-Leg Rectangular Antiques and II — Chinese Furniture, Benches Artworks Works of Art and Chinese China, Ming Dynasty, Paintings 16th–17th Century

255 North Christie’s The Collection of Robert Lilies Fine Chinese ¥10,155,285 $1,565,000 America New York Hatfield Ellsworth Part by Pan Tianshou Paintings and II — Chinese Furniture, Calligraphy Scholar’s Objects and Chinese Paintings

256 North Christie’s The Collection of Robert A Rare Large Huanghuali Chinese ¥10,155,285 $1,565,000 America New York Hatfield Ellsworth Part I: Recessed Leg Table, Antiques and Masterpieces — Including Pingtou’an Artworks Indian, Himalayan and China, Ming Dynasty, Southeast Asian Works of 17th Century Art, Chinese and Japanese Works of Art

257 Asia Royal Art Antiques and Curios A Fine and Important Enamel Chinese ¥10,136,455 $1,562,098 Hong Kong Vase with Two Handles Antiques and Mark and Period of Qianlong Artworks

258 Asia Sotheby’s Modern and Modern and West Lake 20th- ¥10,114,076 $1,558,649 Hong Kong Contemporary Asian Art by Chen Chengbo Century and Evening Sale Contemporary Chinese Art

Price Realized Price Realized # Region Auction House Season & Sale Title Lot Title Category (RMB, Premium) (USD, Premium)

259 Asia Sotheby’s Important Chinese Works An Extremely Fine and Chinese ¥10,112,249 $1,558,368 Hong Kong of Art Brilliantly Enamelled Robin’s- Antiques and Egg Glazed Moonflask Artworks Incised Seal Mark and Period of Qianlong

260 Asia Sotheby’s Modern Asian Art 16.05.59 20th- ¥10,111,597 $1,558,267 Hong Kong by Zao Wou-Ki Century and Contemporary Chinese Art

261 Asia Christie’s Fine Chinese Modern Bark Fine Chinese ¥10,078,505 $1,553,168 Hong Kong Paintings by Wu Guanzhong Paintings and Calligraphy

262 Asia Christie’s The Fen Wen Tang Returning Home Fine Chinese ¥10,072,268 $1,552,206 Hong Kong Collection of Chinese by Qi Baishi Paintings and Paintings Calligraphy

263 Asia Seoul Auction 17th Hong Kong Sale Untitled 20th- ¥10,025,705 $1,545,031 by Sanyu Century and Contemporary Chinese Art

Notes

Mainland China Data • 20th-Century and Contemporary Chinese Art: 20th- and 21st-century oil paintings, sculpture, installation, –– In this report, all data on works sold in mainland China photography, etc . was collected by the China Association of Auctioneers (CAA) directly from auction houses . The data submission • Chinese Books and Manuscripts: ancient books, requests were sent out on April 20, 2016, to all mainland manuscripts, calligraphy inscriptions, etc . Chinese auction houses . Auction houses submitted their auction data through CAA’s online data submission sys- • Other: contemporary jewelry, jade, watches, wine, tem between May 1 and 15, 2016 . The CAA then verified tea, contemporary craft and design objects, etc . all data objectively on the basis of thoroughness and accuracy . –– For more details about the auction market in mainland China, please refer to the 2015 China Antiques and –– Data submission requests were sent to 438 mainland Artworks Auction Market Statistical Annual Report pub- Chinese auction houses that were licensed to sell art lished by CAA . and cultural relics in mainland China as of December 31, 2015 . 330 auction houses submitted their auction Overseas Data data on time . The remaining 108 auction houses have been largely inactive in recent years, and do not affect –– In this report, all data on works sold overseas was com- the comprehensiveness of the market data . piled from the artnet Price Database Fine Art and Design and the artnet Price Database Decorative Art . The Price –– Payment information and the total value of commis- Database includes over 10 million auction results, com- sions earned by mainland Chinese auction houses were piled from more than 1,700 international auction houses reported as of May 15, 2016 . Mainland Chinese prices dating back to 1985 . This report includes data from all listed in this report include a Buyer’s Premium . 332 auction houses outside of mainland China that sold Chinese art and antiques in 2015 . –– The categories of works sold in mainland China include: –– Sales occurring in Hong Kong and Taiwan fall within • Chinese Antiques and Artworks: porcelain, jade, the overseas sections of this report . bamboo, wood, ivory, and horn carvings, metalware, lacquer, textiles, furniture, etc . –– Works listed as “removed” have been excluded from this report . • Fine Chinese Paintings and Calligraphy: classical, Modern, and contemporary Chinese paintings in the traditional style .

–– Lots offered at auction with an estimate below $500 are Currency and Exchange Rate omitted from the overseas data included in this report . –– For overseas prices listed in this report, data has –– Based on the CAA’s recommendation, a number of been reported to artnet in USD, with prices adjusted auction houses were not included in this report, due to to include Buyer’s Premiums . Values representing data questions about the validity of their data . for works sold overseas were converted to RMB using the USD-adjusted rate according to average annual –– The categories of works sold overseas include: exchange rates . As such, all overseas values, in both USD and RMB, reflect Buyer’s Premiums . • Chinese Antiques and Artworks: porcelain, jade, bamboo, wood, ivory, and horn carvings, metalware, –– For prices originally provided by the CAA and listed in lacquer, textiles, furniture, etc . RMB, all RMB values have been converted to USD to maintain data consistency . • Fine Chinese Paintings and Calligraphy: classical, Modern, and contemporary Chinese paintings in the –– All values have been rounded down to one decimal traditional style . place where applicable, and all percentages have been rounded down to the nearest whole number . • 20th-Century and Contemporary Chinese Art: oil paintings, sculpture, installation, photography, etc . –– The average annual exchange rates used throughout this report are as follows: 1 USD/6 830. RMB in 2009, • Chinese Books and Manuscripts: ancient books, 1 USD/7 050. RMB in 2010, 1 USD/6 732. RMB in 2011, manuscripts, calligraphy inscriptions, etc . 1 USD/6 573. RMB in 2012, 1 USD/6 446. RMB in 2013, 1 USD/6 394. RMB in 2014, and 1 USD/6 489. RMB in • Other: 20th- and 21st-century design objects 2015 .

–– This report is available in both English and Chinese .

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Global Chinese Art Auction Market Report 2015

Authors: Ning Lu, project management and co-author Jonathan Yee, data and co-author Yu Jinsheng, data and consultation

Publishers: Artnet Worldwide Corporation China Asociation of Auctioneers

Copy Editors: Tatiana Berg Xiaobei Jia

Designers: Damian Schober Robert McConnell

©2016 Artnet Worldwide Corporation . ©2016 China Association of artnet® is a registered trademark of Artnet Worldwide Corporation, and Auctioneers . All rights reserved . The information included in this report, the trademarks, service marks, logos, patents, and design trademarks written or oral, from artnet® or the CAA, their officers, or representa- owned by Artnet Worldwide Corporation cannot be used without its prior tives, is not an appraisal, opinion, or legal, tax, accounting, investment, written consent by any party . It is unlawful to duplicate or distribute the or other expert advice . The report is based on auction sales data that information contained in the report without the prior written consent of has been consolidated and aggregated, allowing users to visualize spe- artnet® and the CAA . artnet® and the CAA decline all responsibility for cific market trends . artnet® and the CAA do not guarantee that custom any and all claims, actions, demands, legal proceedings, losses, damag- reports will be entirely free from errors . artnet® and the CAA decline all es, liabilities, and costs and expenses (including, but not limited to, legal responsibility for any loss or damage whatsoever resulting from omis- fees) arising from the misuse of any content contained in this report . sions or inaccuracies in the report regardless of how it was caused .