Artnet and the China Association of Auctioneers Global Chinese Antiques and Art Auction Market B Annual Statistical Report: 2012

GLOBAL CHINESE ANTIQUES AND ART AUCTION MARKET ANNUAL STATISTICAL REPORT 2012

artnet and the China Association of Auctioneers Global Chinese Antiques and Art Auction Market B Annual Statistical Report: 2012

Table of Contents

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

Letter from the artnet CEO ...... iii.

About artnet ...... iv

1. Market Overview...... v

1.1 Industry Scale...... 1

1.2 Market Scale ...... 3

1.3 Market Share ...... 5

2. Lot Composition and Price Distribution ...... 9

2.1 Lot Composition ...... 10

2.2 Price Distribution ...... 21

2.3 Average Auction Prices ...... 24

2.4 High-Priced Lots ...... 27

3. Regional Analysis ...... 33

3.1 Mainland China ...... 37

3.2 Overseas ...... 41

4. List of Global Chinese Antiques and Art Auction Houses in 2012 .. 45

5. List of Lots Sold Over 10 Million RMB in 2012 ...... 75

Notes ...... 107

Contact ...... 110 Global Chinese Antiques and Art Auction Market i Annual Statistical Report: 2012

Letter from the China Association of Auctioneers (CAA) President

the distribution of power in the global auction market. In 2011, the Chinese auction market became the world leader in terms of sales value, making it an international center for the buying and selling of art. Meanwhile, the international market for Chinese Art and Antiques became increasingly active.

To ensure the comprehensiveness and integrity of the information in this report, artnet has compiled and The China Association of Auctioneers (CAA) is excited analyzed overseas data, and CAA has strictly verified all to partner with artnet on the creation of this report data from mainland China to ensure that it is objective detailing the global auction market for Chinese Art and and reliable. This report will provide researchers and Antiques. Working together, we can present a more related organizations from China and overseas with comprehensive annual report and a better analysis of industry data that most closely reflects market reality. both the mainland Chinese and international auction Through this report, we hope to promote the healthy industry. development of the global auction market.

The official collaboration between CAA and artnet In the upcoming year, CAA and artnet will launch was initiated in the spring of 2013. Combining each additional collaborations, including an international organization’s unique strengths and position within forum, delving deeper into the global market for Chinese the market, we hope to create a stronger platform for Art and Antiques. We look forward to continuing this promoting discussion about the global auction market relationship and providing greater insight into these for Chinese Art and Antiques. Our collaboration will markets. We thank you for your support! be carried out in various stages, the first of which is presented here in the Global Chinese Antiques Zhang Yanhua and Art Auction Market Annual Statistical Report: 2012.

During the last decade, the flourishing art and antiques President, China Association of Auctioneers auction market in mainland China has led to a shift in

About the China Association of Auctioneers (CAA)

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

Established in 1995, CAA has been the most important Today, as the Chinese auction industry grows platform in the world for establishing connections internationally, CAA is playing a leading role in building within the Chinese auction industry, making every effort a platform for communication with international trade to promote the development of the Chinese auction associations, auction houses, academic institutions, and industry and market. Revitalized in 1986, and lead by various other organizations. CAA, the Chinese auction industry has entered a new era. CAA looks forward to working with these fellow organizations to promote a better integration and In 1996, the Auction Law of the People’s Republic of development of the global auction market. China took effect after several years’ effort by CAA. As the first auction law in China, it laid a solid foundation for the standardized development of Chinese auctions.

In 1997, CAA certified the first national auctioneers. Currently, 11,040 national auctioneers have been trained and certified, and serve as the backbone of the industry.

In 2005, CAA total membership reached 1,000 for the first time. Today, we have more than 2,400 members, including all of the most well-known and prestigious Chinese auction houses.

Letter from the artnet CEO

initiate cross-cultural dialogue on the Chinese market by engaging a variety of international industry professionals to address issues faced by business practitioners operating within the Chinese market.

Working with CAA to provide data analysis, artnet hopes to bring a new level of transparency to the Chinese market. Our Price Database has long been esteemed by art professionals as the most comprehensive Photograph by Todd Eberle and trusted resource on auction data; through this collaboration, we have augmented our existing auction artnet is pleased to present a new report on the 2012 data with auction results from mainland China analyzed global Chinese Art and Antiques auction market, by CAA. produced in collaboration with the China Association of Auctioneers (CAA). We look forward to expanding this partnership over the next year, providing additional platforms to discuss In recent years, China has held an increasingly emerging trends in the market. prominent position in the international art market. Chinese collectors have looked westward to build their Jacob Pabst collections, and international organizations are looking to expand into China, where collectors have significant purchasing power and a longstanding history of buying art and antiques. CEO, Artnet Worldwide Corporation

The art market has witnessed rapid growth, and is a much more international scene than it was a decade ago. We hope that our partnership with CAA will help to

About artnet artnet is the leading place to buy, sell, and research 35,000 artists. artnet Galleries offers the world’s most Fine Art, Design, and Decorative Art online. comprehensive overview of artworks available for purchase. artnet was founded in 1989 with the goal of bringing transparency to the art world. In the past, the lack of In 1999, artnet went public in Germany. Since 2007, objective price information was a stumbling block, for artnet has been listed in the Prime Standard of the buyers in particular, that prohibited the market from Frankfurt Stock Exchange, the segment with the highest growing. transparency standards.

The art business has always been international; In 2008, artnet pioneered the first online auctions however, before artnet, it was managed locally in platform exclusively for Fine Art, artnet Auctions. With relatively inefficient markets by tens of thousands of artnet Auctions, collectors can both buy and sell art geographically disparate art dealers, galleries, auction 24/7, with instant turnaround and lower commissions. houses, book publishers, museums, and collectors. Launched in the spring of 2012, artnet Analytics Reports For 25 years, artnet has worked to transform the already cover over 840 Modern and Contemporary market. We provide a range of services to connect artists. This product allows users to benchmark the buyers and sellers online and have a suite of valuation market performance of artists, art categories, and tools to make market information instantly accessible. customized sets of artworks against financial indices, such as the S&P 500 and Dow Jones, or other assets, The artnet Price Database provides these local such as gold. markets with a global standard of price comparison. The database includes over 7 million auction results Today, artnet is the undisputed leader of the art world compiled from more than 1,400 international auction online. As the art world continues to evolve and expand, houses dating back to 1985. artnet intends to maintain its leadership role and help connect millions more people around the world who love Another pillar of the artnet business is artnet Galleries, and appreciate art. which was introduced in 1995. As the largest network of its kind, this product features 1,700 galleries, and approximately 170,000 works of art by nearly

Market Overview

1.1 Industry Scale

Global Market Overview

In 2012, there were 593 auction houses selling Chinese Art and Antiques globally. This was a 10% increase over the previous year, in which 535 auction houses sold Chinese works worldwide.

Mainland China

In 2012, the total number of auction houses qualified to sell art in mainland China increased 15% to a total of 355. Of these 46 new auction houses, the majority were located in Beijing (+18 auction houses) and Shanghai (+17), with several houses added in other areas within mainland China (+11).

Overseas

As buyers look to collect Chinese Art around the world, auction houses overseas have started to aggressively target this market through dedicated sales.

As buyers look to collect Chinese Art around the world, auction houses overseas have started to aggressively target this market through dedicated sales. By the end of 2012, there were 238 auction houses selling Chinese Art outside of mainland China, an increase of approximately 5% over the previous year. Growth was primarily seen in Asia (+7), Europe (+5), and North America (+2).

Number of Auction Houses Selling Chinese Art Globally, 2011 and 2012

Mainland 309 China 355

226 Overseas 238

Auction Houses 0 50 100 150 200 250 300 350 400 2011 2012

1.2 Market Scale

Global Market Overview

In 2012, the global market for Chinese Art and Antiques struggled to reach 2011 levels, shrinking 37% by value sold to US$6.9 billion (CN¥45.4 billion). This figure is in sharp contrast to the US$10.6 billion (CN¥72 billion) realized in 2011. Additionally, this global decline was exacerbated by the contracting market in mainland China. In 2012, the market in China was roughly half the size it was in 2011 in terms of value sold. Conversely, the overseas market saw growth of 2%.

In 2012, the market in China was roughly half the size it was in 2011 in terms of value sold. Conversely, the overseas market saw growth of 2%.

Mainland China

In 2012, a total of 788 auctions occurred at houses specializing in Chinese Art and Antiques. These sales can be broken down into 1,755 individual sessions with over 560,000 lots offered; of the lots offered, over 265,000 lots were sold. This represents a sell-through rate just shy of 50%, resulting in a total sales value of US$4.39 billion (CN¥28.8 billion). The overall commission earned by these sales was roughly US$570 million (CN¥3.7 billion).

With only half of the works offered at auction actually selling, the Chinese art market witnessed a decrease in demand in 2012. As a result, the total sales value dropped by US$4 billion (CN¥26.5 billion), a significant decline

of almost 50%. This is the first contraction in the Chinese Art auction market since the financial crisis of 2008.

Overseas

In 2012, the total sales value of Chinese Art sold outside of mainland China was US$2.52 billion (CN¥16.6 billion), representing an incremental percentage increase over the previous year. This additional revenue brought the global industry total to US$6.9 billion (CN¥45.4 billion). Overall, this represents a decrease of 37% from 2011, when the industry total reached US$10.6 billion (CN¥72 billion).

Global Total Sales Value (USD) of Chinese Art and Antiques, 2011 and 2012 Total sales value from mainland China converted to USD. Please see exchange rates in Notes.

$8,222,370,766 Mainland China $4,389,472,083

$2,474,824,951 Overseas $2,521,575,160

Billion USD 0 2 4 6 8 10

2011 2012

1.3 Market Share

Global Market Overview

As is frequently witnessed in other sectors of the art market, several top auction houses were responsible for the majority of the value sold within the Chinese Art and Antiques market. In fact, the top 60 auctions, globally, accounted for over 88% of the entire market, in terms of value sold. The top six auctions houses (three of which were located in mainland China) comprised over 45% of the sales value worldwide.

Market Share by Value (Million USD) held by Top-Ranked Auction Houses Globally, 2012 Total sales value from mainland China converted to USD. Please see exchange rates in Notes.

Remaining 533 Auction Houses 11.31% Auction Houses ($782) Ranked 1–6 45.97% Auction Houses ($3,177) Ranked 21–60 20.20% ($1,393)

Auction Houses Ranked 7–20 22.56% ($1,559) Mainland China

In 2012, the top 35 mainland Chinese auction houses earned a total of US$2.1 billion (CN¥13.7 billion), representing 85% of the value sold for Chinese Art and Antiques in mainland China. Among these 35 auction houses, the top five accounted for almost 60% of the market by value in 2012. Auction houses ranked in positions 6–20 accounted for roughly 20% of the total market by value, while auction houses ranked in positions 21–35 represented 7%. The remaining 320 auction houses rounded out the final 15% of the total market.

Market Share by Value (Million USD) held by Top-Ranked Mainland Auction Houses, 2012 Total sales value from mainland China converted to USD. Please see exchange rates in Notes.

Auction Houses 320 Remaining Ranked 1–5 Auction Houses 59.04% 14.96% ($1,453) ($368) Auction Houses Ranked 21–35 6.83% ($168)

Auction Houses Ranked 6–20 19.18% ($472)

Overseas

Outside of mainland China, the total sales value generated by the top 30 overseas auction houses represented over 95% of the overseas market in terms of value sold. The top five auction houses comprised 65% of the market, while the remaining houses ranked in positions 6–30 accounted for 30% of the market. In 2012, overseas sales of Chinese Art and Antiques accounted for roughly 35% of the global total by value.

Market Share by Value (Million USD) held by Top-Ranked Overseas Auction Houses, 2012

Remanining 208 4.37% Auction Houses ($110) Ranked 1–5 Auction Houses 65.49% Ranked 21–30 ($1,651) 3.04% ($77)

Auction Houses Ranked 6–20 27.10% ($683)

©2013 Artnet Worldwide Corporation. ©China Association of Auctioneers. All rights reserved. Global Chinese Antiques and Art Auction Market 9 Annual Statistical Report: 2012 Global Total Sales Value (US$) of Chinese Art and Antiques in 2011 and 2012 2

Lot Composition and Price Distribution

Values Sold at Auction Houses Overseas, 2007–2012

2.1 Lot Composition

Global Market Overview

In mainland China, the Chinese painting and calligraphy category represented two-thirds of the market by value sold. Overseas, the market was primarily dominated by Chinese porcelain, jade, and miscellaneous works of art, which accounted for 60% of the market by value.

In mainland China, the Chinese painting and calligraphy category represented two-thirds of the market by value sold. The second-largest category by value was Chinese porcelain, jade, and miscellaneous works of art, which represented 20% of the market. The remainder of the market included oil paintings and Contemporary Art, stamps and coins, and other works of art. Overseas, the market was primarily dominated by Chinese porcelain, jade, and miscellaneous works of art, which accounted for 60% of the market by value.

Mainland China

Chinese Painting and Calligraphy (Classical, Modern, and Contemporary)

Throughout the 2012 auction season, Chinese painting and calligraphy—Classical, Modern, and Contemporary— accounted for nearly 66% of the sales value realized in mainland China. Over 265,000 lots were offered and more than 125,000 were sold, totaling US$2.9 billion (CN¥18.9 billion).

Within the broader Chinese painting and calligraphy auction market, Modern painting and calligraphy performed particularly well. This category brought in over US$1.9 billion (CN¥12.3 billion), accounting for 65% of the total US$2.9 billion (CN¥18.9 billion). Classical painting and calligraphy brought in US$610 million (CN¥4.0 billion), or 21% of the revenue. Lastly, Contemporary painting and calligraphy made up almost 14% of total revenue, with US$394 million (CN¥2.6 billion) in sales.

Porcelain, Jade, and Miscellaneous Works of Art

The sale of porcelain, jade, and miscellaneous works of art made up the second-largest sector of mainland China’s art market in terms of value sold, capturing 20% of realized revenue. Over 150,000 pieces were offered, and approximately 69,000 were sold, totaling US$876 million (CN¥5.7 billion) in sales.

Oil Paintings and Contemporary Art

Oil paintings and Contemporary Art represented the third-largest category in mainland China by value sold in 2012. Over 18,000 artworks from this category were offered, and more than half of them were sold. These lots totaled US$294 million (CN¥1.9 billion) in sales, and accounted for roughly 7% of the total market by value in mainland China.

Ancient Books and Calligraphy Inscriptions

In the category of ancient books and calligraphy inscriptions, over 45,000 works were offered at auction in 2012, and over half were sold. In terms of the number of lots auctioned, this category represents a significantly higher portion of lots than oil paintings and Contemporary Art; however, these works commanded a much lower average sales price. In turn, the total sales value for this category only reached US$76 million (CN¥502 million), which is less than 2% of the total market by value in mainland China.

Stamps and Coins

Over 45,000 works from the stamps and coins category were auctioned in 2012, and more than 25,000 were sold, totaling US$61 million (CN¥398 million). This category accounted for a little over 1% of the total market sales by value.

Other

In addition to the above categories, over 28,000 other pieces, including jewelry, jadeite, watches, wine, tea, and Contemporary Arts and Crafts, were offered at auction in 2012. More than 13,000 of these lots were sold, totaling US$201 million (CN¥1.3 billion). Notably, 12 pieces of jewelry and jadeite independently realized prices of over CN¥10 million.

Total Sales Value (USD) by Collecting Category in Mainland China in 2011 and 2012 Total sales value from mainland China converted to USD. Please see exchange rates in Notes.

Chinese Painting and Calligraphy $2,881,484,862 $5,447,563,874

Porcelain, Jade, $1,783,125,371 and Miscellaneous $876,007,911 Works of Art Oil Paintings and $562,388,592 Contemporary Art $294,233,988

Ancient Books $99,227,570 and Calligraphy $76,373,041 Inscriptions

$138,888,889 Stamps and Coins $60,550,738

$191,176,471 Others $200,821,543

Billion USD 0 1 2 3 4 5 6

Total Sales Volume (Lots Sold) by Collecting Category in Mainland China, 2011 and 2012

Chinese Painting 184,557 and Calligraphy 125,671

Porcelain, Jade, 101,885 and Miscellaneous 69,918 Works of Art

Oil Paintings and 9,196 Contemporary Art 9,384

Ancient Books 20,945 and Calligraphy 23,762 Inscriptions

37,868 Stamps and Coins 27,191

13,854 Others 13,823

Lots Sold 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000

2011 2012

Market Share by Value (USD) by Collecting Category in Mainland China, 2012 Total sales value from mainland China converted to USD. Please see exchange rates in Notes.

Stamps and Coins 1.38% Others 4.58% Contemporary Painting Ancient Books and Calligraphy and Calligraphy 8.98% Inscriptions 1.74% Modern Painting and Calligraphy 42.76% Porcelain, Jade, and Miscellaneous Works of Art 19.96%

Oil Paintings and Contemporary Art 6.70%

Classical Painting and Calligraphy 13.90%

Market Share by Volume (Lots Sold) by Collecting Category in Mainland China, 2012

Others 5.12% Contemporary Painting and Calligraphy Stamps and Coins 15.41% 10.08%

Ancient Books and Calligraphy Inscriptions Modern Painting 8.81% and Calligraphy 26.60%

Porcelain, Jade, and Miscellaneous Works of Art Classical Painting 25.92% and Calligraphy 4.59%

Oil Paintings and Contemporary Art 3.48%

Overseas

Chinese Porcelain, Jade, and Miscellaneous Works of Art

In 2012, Chinese porcelain, jade, and miscellaneous works of art represented the largest category of art sold outside of mainland China, in terms of both value and volume. Throughout the year, 41,000 lots were offered at auction (approximately 58% of the total number of lots offered overseas), and approximately 26,000 were sold. Combined, these lots realized US$1.5 billion (CN¥9.9 billion), representing 60% of value sold overseas.

Chinese Painting and Calligraphy

Lots sold in the Chinese painting and calligraphy category accounted for approximately 20% of the total value sold outside mainland China. Almost 8,000 lots were offered, with a sell-through rate of 70%. Over 5,600 lots sold in this category, realizing a total of US$514 million (CN¥3.4 billion).

Modern and Contemporary Chinese Art

Although top lots in this sector tend to grab headlines in major evening sales, this category of artwork represented only 15% of the total market by sales value, earning US$364 million (CN¥2.4 billion). Among the 2,300 works sold in the Modern and Contemporary Chinese Art category, a significant number of these works sold in the top 1% of the market by value.

Chinese Books and Manuscripts

Chinese books and manuscripts earned roughly 5% of the value sold overseas in 2012, but represented almost a quarter of the lots offered. Of the more than 15,000 lots offered in this sector, approximately 11,000 works sold for a total of US$135 million (CN¥885 million).

20th- and 21st-Century Chinese Design

In 2012, 90 lots were offered in this category, representing a slight decrease in lots offered compared to 2011. Of the 20th- and 21st-century Chinese Design lots offered, 43 works sold, yielding US$1.2 million (CN¥7.7 million). This category represented 0.05% of total overseas sales value and 0.10% of the lots offered.

Total Sales Value (USD) by Collecting Category Overseas, 2011 and 2012

Modern and Contemporary $515,743,093 Chinese Art $364,704,811

Chinese Porcelain, Jade, and Miscellaneous Works $1,311,881,227 of Art $1,506,560,633

Chinese Painting and $568,225,925 Calligraphy $514,486,913

Chinese Books and $76,234,087 Manuscripts $134,657,793

20th- and 21st-Century $2,740,619 Chinese Design $1,165,010

Billion USD 0 0.5 1 1.5 2

2011 2012

Total Sales Volume (Lots Sold) by Collecting Category Overseas, 2011 and 2012

Modern and Contemporary 2,751 Chinese Art 2,308

Chinese Porcelain, Jade, and Miscellaneous Works 28,551 of Art 25,986

Chinese Painting and 5,400 Calligraphy 5,616

Chinese Books and 7,732 Manuscripts 11,019

20th- and 21st-Century 85 Chinese Design 43

Lots Sold 0 10,000 20,000 30,000

2011 2012

Market Share by Value (USD) by Collecting Category Overseas, 2012

20th- and 21st-Century Chinese Design Chinese Books and 0.05% Manuscripts Modern and Contemporary 5.34% Chinese Art 14.46%

Chinese Painting and Calligraphy 20.40%

Chinese Porcelain, Jade, and Miscellaneous Works of Art 59.75%

Market Share by Volume (Lots Sold) by Collecting Category Overseas, 2012

20th- and 21st-Century Chinese Design Modern and Contemporary 0.10% Chinese Art Chinese Books and 5.13% Manuscripts 24.50%

Chinese Porcelain, Jade, and Miscellaneous Works of Art Chinese Painting 57.78% and Calligraphy 12.49%

2.2 Price Distribution

Global Market Overview

Both within mainland China and in the overseas market, the vast majority (over 90%) of Chinese Art and Antiques realized prices below CN¥500,000 (approximately US$76,000) in 2012.

Both within mainland China and in the overseas market, the vast majority (over 90%) of Chinese Art and Antiques realized prices below CN¥500,000 (approximately US$76,000) in 2012. While the markets for mainland China and overseas behaved independently in regards to the prices achieved by each category of art, two categories performed particularly well: oil paintings and Contemporary Art in mainland China, and Chinese porcelain, jade, and miscellaneous works of art overseas.

Mainland China

More than 90% of all lots sold within mainland China achieved prices less than CN¥500,000 (approximately US$76,000). Of these lots, the majority fell within the categories of ancient books, calligraphy inscriptions, and stamps and coins. The highest prices realized at auction were for oil paintings and Contemporary Art, with less than 10% of these lots fetching over CN¥500,000. The second-highest prices were paid for classical painting and calligraphy, as well as Modern painting. Chinese painting and calligraphy works had the highest number of transactions and the greatest sell-through rate by a wide margin, with 134 lots selling for over CN¥10 million, accounting for nearly 70% of all lots sold in that price range.

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

Chinese Painting and Total Amount Calligraphy Works Porcelain, Oil Painting and Ancient Books Stamps Jade, and Contemporary and Calligraphy and Other Miscellaneous Art Inscriptions Coins Works of Art Number % Ancient Modern Contemporary of Lots

1 3 0 CN¥100 Million 5 0.00% 0 0 1 0 0 and Above 4

3 2 0 CN¥50–100 7 0.00% 2 0 0 0 0 Million 5

50 69 6 CN¥10–50 194 0.07% 37 19 1 0 12 Million 125

64 176 13 CN¥5–10 Million 452 0.17% 127 56 1 1 14 253

311 1,791 315 CN¥1–5 Million 3,749 1.39% 768 332 34 21 177 2,417

570 2,490 1,240 CN¥500,000–1 6,223 2.31% 1,103 365 110 54 291 Million 4,300

11,375 67,209 39,983 Under 259,119 96.06% 67,881 8,612 23,615 27115 13,329 CN¥500,000 118,567

Total 269,749 100% 12,374 71,740 41,557 69,918 9,384 23,762 27,191 13,823

Overseas

Similar to the price distribution of Chinese Art in mainland China, more than 90% of all lots sold outside of China fetched less than CN¥500,000 in 2012 (approximately US$76,000). Over half of the lots sold in this price tier were Chinese porcelain, jade, and miscellaneous works of art; another quarter of this market was represented by Chinese books and manuscripts. Chinese porcelain, jade, and miscellaneous works of art frequently populated the upper echelons of price tiers: all seven lots that sold for CN¥100 million (approximately US$15 million) came from this category. Chinese paintings and calligraphy, Chinese books and manuscripts, and Modern and Contemporary Art also had lots sell in the top 1% of the market by value. Less than 500 works sold for over CN¥5 million, equivalent to US$760,000 in 2012.

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

Chinese Porcelain, 20th- and 21st- Chinese Modern and Chinese Books and Jade, and Total % of Market Century Chinese Painting and Contemporary Manuscripts Miscellaneous Work Design Calligraphy Chinese Art of Art

CN¥100 Million 7 0.02% 0 0 0 7 0 and Above

CN¥50–100 Million 15 0.03% 0 0 4 10 1

CN¥10–50 Million 182 0.40% 0 0 47 95 40

CN¥5–10 Million 282 0.63% 0 7 58 145 72

CN¥1–5 Million 1,805 4.01% 1 116 535 833 320

CN¥500,000–1 1,666 3.70% 1 157 448 824 236 Million

Under CN¥500,000 41,015 91.20% 41 10,739 4,524 24,072 1,639

Total 44,972 100% 43 11,019 5,616 25,986 2,308

2.3 Average Auction Prices

Global Market Overview

In 2012, the global average price for Chinese Art and Antiques was approximately US$21,900 (CN¥144,300), a decrease from the 2011 average of US$25,900 (CN¥174,440). Over the course of 2011–2012, the average prices of works sold in mainland China decreased, while prices overseas remained relatively stable. As works failed to sell at the high end of the market in China, the overall market dropped considerably by value, and average prices decreased across the board.

As works failed to sell at the high end of the market in China, the overall market dropped considerably by value, and average prices decreased across the board.

In China, the highest prices were paid for classical painting and calligraphy, and the lowest prices were paid for more traditional collectibles: stamps and coins, books, calligraphy inscriptions, and small porcelain works. Overseas, works of art in the Modern and Contemporary Art category commanded the highest prices, even though this category only represented 15% of all value sold overseas.

Mainland China

In 2012, the average price for all lots sold was US$16,300 (CN¥107,000), compared to US$22,300 (CN¥150,300) in 2011—a decrease of almost 30%. The highest average prices, up to US$49,300 (CN¥324,100), were paid for classical painting and calligraphy. The second-highest average prices, up to US$31,400

(CN¥206,100), were paid for oil paintings and Contemporary Art. The third-highest average prices, US$26,200 (CN¥172,000), were paid for Modern painting and calligraphy. Average prices for porcelain, jade, Contemporary paintings, ancient books, calligraphy inscriptions, stamps and coins, and other categories were all below US$15,200 (CN¥100,000). In contrast to decreasing average prices for most art categories, average prices for Contemporary painting and calligraphy are rising.

Average Prices (USD) by Collecting Category in Mainland China, 2012

Chinese Painting and Calligraphy Porcelain, Ancient Books Jade, and Oil Painting and Stamps Total and Calligraphy Others Miscellaneous Contemporary Art and Coins Inscription Classical Modern Contemporary Works of Art

Lots Sold 269,749 12,374 71,740 41,557 69,918 93,84 23,762 27,191 13,823

Toal Sales Volume (Million $4,389 $610 $1,877 $394 $876 $294 $76 $61 $201 USD)

Average Lot $16,279 $49,308 $26,168 $9,493 $12,536 $31,356 $3,210 $2,221 $14,529 Price (USD)

Overseas

A notable distinction between Chinese Art sold in mainland China and outside of China in 2012 was the behavior of the average price for lots sold. While the average price for art sold in China dropped nearly 30% in 2012, levels remained fairly stable outside of China. In 2012, the average price for Chinese Art sold overseas was just over US$56,000 (roughly CN$369,000), a slight increase from US$55,600 (CN¥374,000) in 2011. The highest average prices were earned by works of art sold in the Modern and Contemporary Art category. Lots

sold in this category fetched an average of approximately US$160,000 (CN¥1.1 million), almost three times the average for all Chinese Art in 2012. This category was followed by high prices earned by Chinese painting and calligraphy, and Chinese porcelain, jade, and miscellaneous works of art, with average prices of over US$90,000 (CN¥592,000) and US$55,000 (CN¥361,000), respectively. Overall, average prices across the majority of Chinese Art categories were slightly lower in 2012 than in 2011, with the notable exception being Chinese porcelain and jade, where the average price increased roughly 25% in 2012 from 2011 averages.

Average Prices (USD) by Collecting Category Overseas, 2012

Lots Sold Toal Sales Volume (Million USD) Average Lot Price (USD)

20th- and 21st-Century Chinese Design 43 $1 $27,093

Chinese Books and Manuscripts 11,019 $135 $12,221

Chinese Painting and Calligraphy 5,616 $514 $91,611

Chinese Porcelain, Jade, and Miscellaneous Works 25,986 $1,507 $57,976 of Art

Modern and Contemporary Chinese Art 2,308 $365 $158,018

Total 44,972 $2,522 $56,070

2.4. High-Priced Lots

Global Market Overview

In 2012, 409 Chinese Art and Antiques works sold for more than CN¥10 million (approximately US$1.5 million) at auction worldwide. This is a dramatic decrease from the 831 lots that sold in this price range the previous year. Decreases in the number of high-value lots were seen across the board; however, the most significant decline was seen in mainland China. Most of the auction houses that sold lots in this price tier were large, established auction houses that represent significant portions of both volume and value sold. These auction houses are located in key urban city centers, and benefit from their ability to attract major consignments and collectors.

Mainland China

Throughout 2012, over 200 lots were sold at prices over CN¥10 million in Chinese Art and Antiques auctions, a decrease of 375 lots compared with 2011. Sales of lots over CN¥10 million in 2012 amounted to approximately US$700 million (CN¥4.6 billion) in revenue. This is a 66% decrease from the 2011 total of US$2.1 billion (CN¥13.6 billion). Even though the overall market contracted sharply in mainland China in 2012, the decline of high-value lots was much more significant than lower-tier segments of the market. In fact, the decline at the high end exacerbated an already weakened market, resulting in a more severe downturn of the entire art and antiques auction market.

In fact, the decline at the high end exacerbated an already weakened market, resulting in a more severe downturn of the entire art and antiques auction market.

Overseas

Similar to mainland China sales, the number of high-priced lots sold overseas also decreased in 2012. During the 2012 auction season, 203 lots independently realized prices over CN¥10 million, as opposed to 250 in 2011. Despite the decrease in the number of lots sold, the combined total sales volume of these high-value lots increased from 2011 to 2012. Sales of high-priced lots in 2012 brought in a combined US$1.07 billion (CN¥7.05 billion), up nearly 6% over the previous year.

2.4.1 Distribution of Auction Houses

Mainland China

The 200-plus high-value lots were sold at 23 different auction houses in 2012 (15 less than in 2011). Beijing Poly, China Guardian, and Beijing Council accounted for roughly two-thirds of lots sold.

The 200-plus high-value lots were sold at 23 different auction houses in 2012 (15 less than in 2011). Beijing Poly, China Guardian, and Beijing Council accounted for roughly two-thirds of lots sold, with 68, 46, and 23 works sold at each auction house, respectively. The remaining 20 auction houses sold a total of 69 lots at prices above CN¥10 million, accounting for the remaining one-third of the lots sold in this price range. The three auction houses mentioned above also accounted for 67% of the value sold by these lots in mainland China, earning US$245 million (CN¥1.6 billion), US$140 million (CN¥921 million), and US$86 million (CN¥564 million), respectively. The remaining 20 auction houses brought in a combined US$228 million (CN¥1.5 billion). In total, nearly US$700 million (CN¥4.6 billion) was realized through the sale of these high-value lots.

Overseas

Outside of mainland China, 203 lots earned prices over CN¥10 million; the vast majority of these lots were sold in Hong Kong (95 lots), Macau (74 lots), and New York (14 lots). Together, these three cities represented 90% of the lots sold overseas in this high-value range. Auction houses in other city centers, including London, Paris, and Taipei, also sold lots in this price tier.

The 203 high-priced lots were sold at 19 different auction houses overseas. Of these auction houses, the top five sold 169 lots in this price range, accounting for 83% of lots sold, and 90% of value sold.

2.4.2 Lot Composition

Mainland China

Of the 200-plus lots sold at prices over CN¥10 million in 2012, 134 works were from the Chinese painting and calligraphy category (accounting for 65% of the total volume). Consequently, this category realized US$466 million (CN¥3.1 billion), or 66% of the overall market, in terms of value. The porcelain, jade, and miscellaneous works of art category was the second-largest contributor to high-value lots in mainland China. 39 works were sold from this category for a total of US$123 million (CN¥810 million); this represented 19% of the market by volume, and 18% by value. Additionally, 19 works were sold in the oil paintings and Contemporary Art category (9% of the total volume), 12 pieces of jewels and jadeite were sold (6% of the total volume), and two ancient books and calligraphy inscriptions were sold (1% of the total volume). These final three categories represented the remaining 16% of the market by value.

Overseas

Outside of mainland China, the Chinese porcelain, jade, and miscellaneous works of art category represented the largest segment of lots sold above CN¥10 million: 112 lots were sold for a combined value of US$780 million (CN¥5.1 billion). This category made up 55% of the market by volume and 73% by value. Chinese painting and calligraphy was the second-largest contributor of high-value lots overseas—as opposed to being the largest in mainland China—with 51 lots sold. While this category made up 25% of the lots sold, it only accounted for 15% of the market in terms of value, bringing in approximately US$170 million (CN¥1.1 billion). Finally, Modern and Contemporary Chinese artworks represented the smallest sector of the market, accounting for 20% of the lots sold, and bringing in US$124 million (CN¥814 million).

Total Sales Value (Million USD) by Collecting Category for High-Value Lots Sold in Mainland China, 2012 High-value lots include lots sold for over 10 million RMB. Total sales value from mainland China converted to USD. Please see exchange rates in Notes.

Ancient Books and Jewelry and Jadeite Calligraphy Inscriptions $33 $30

Oil Paintings and Contemporary Art Classical Painting and Calligraphy $49 $181

Porcelain, Jade, and Miscellaneous Works of Art $123

Modern Painting and Calligraphy $273 Contemporary Painting and Calligraphy $11

Total Sales Value (Million USD) by Collecting Category for High- Value Lots Sold Overseas, 2012 High-value lots include lots sold for over 10 million RMB.

Modern and Contemporary Chinese Art $124

Chinese Painting and Calligraphy $169

Chinese Porcelain, Jade, and Miscellaneous Works of Art $780

Regional Analysis

Global Market Overview

Worldwide, Chinese Art and Antiques primarily sold at auction houses in major urban city centers, including Beijing, Shanghai, Hong Kong, New York, and Macau. In 2012, smaller cities with growing art scenes also emerged, with auction houses offering an increased number of works in the Chinese Art and Antiques auction market. Among the 593 auctions houses selling Chinese Art and Antiques in 2012, 60% were from mainland China, 21% from Europe, and 11% from North America. However, in terms of total sales value of Chinese Art per region, mainland China accounted for 64% of the global total; Hong Kong, Macau, and Taiwan accounted for 27%. The combined sales value of Chinese Art sold in Europe, North America, and the rest of the world accounted for less than 10% of the global total.

Number of Auction Houses by Region, 2012

Rest of the World 12 Rest of Asia 10 Hong Kong, Macau, and Taiwan 25

North America 68

Europe 123

Mainland China 355

Total Sales Value (USD) by Region, 2012 Total sales value from mainland China converted to USD. Please see exchange rates in Notes.

Mainland China $4,389,431,431 Hong Kong, Macau, and Taiwan $1,842,009,119

Rest of Asia $14,195,701

Europe $395,255,396

North America $268,951,208

Rest of the World $1,163,735

Billion USD 0 1 2 3 4 5

3.1 Mainland China

Beijing and Tianjin Region

By the end of 2012, there were 130 auction houses in Beijing and the Tianjin region. Together they offered over

290,000 lots, of which more than 140,000 sold. Subsequently, the total sales value earned in this region was the highest in mainland China at US$2.9 billion (CN¥19.6 billion). Overall, sales here accounted for over 50% of lots sold and approximately 70% of total revenue earned in mainland China.

As the center of the Chinese auction industry, Beijing alone achieved annual sales of US$2.9 billion (CN¥19.3 billion), accounting for 67% of the total value sold.

As the center of the Chinese auction industry, Beijing alone achieved annual sales of US$2.9 billion (CN¥19.3 billion), accounting for 67% of the total value sold. This represents a 7% decrease from 2011. Beijing also sold the most works in the high-value range, with 175 lots selling for over CN¥10 million.

Yangtze River Delta Region

In 2012, the Yangtze River Delta was home to the second-highest number of auction houses in mainland China, with 119 houses in total. Throughout the auction season, these houses consigned over 200,000 works, and sold over 100,000, for a total of US$1.1 billion (CN¥7.2 billion). Overall, this region accounted for 37% of sold lots and 25% of the revenue, indicating an upward trend over the past two years. The heart of this region was Shanghai, which accounted for 61% of the total regional value sold, generating US$669 million (CN¥4.4 billion).

The Pearl River Delta (Guangdong) Region

By the end of 2012, there were 15 auction houses operating within the Pearl River Delta (Guangdong) region. Over the course of the year, 20,000 lots were offered and 11,000 were sold, bringing in a revenue of US$167 million (CN¥1.1 billion). This region accounted for 4% of the total lots sold and roughly 4% of revenue, an increase over 2011.

Other

Other domestic auction houses were located in Shandong, Henan, Hebei, Shanxi, Shaanxi, Gansu, Ningxia, Liaoning, Heilongjiang, Anhui, Fujian, Hubei, Hunan, Guangxi, Hainan, Sichuan, Yunnan, Chongqing, and other regions. By the end of 2012, there were 91 auction houses in these areas, which collectively consigned over 40,000 lots and sold more than 16,000 (6% of lots sold in China). These 16,000 works realized US$147 million (CN¥965 million), or 3% of the revenue in mainland China.

Market Share by Value (Million USD) by Region in Mainland China, 2012 Total sales value from mainland China converted to USD. Please see exchange rates in Notes.

Other Areas $147 The Pearl River Delta

Beijin and Tianjin $167 $2,980

Yangtze $1,095

Market Share by Volume (Lots Sold) by Region in Mainland China, 2012

Other Areas 16,388 Pearl River Delta Beijin and Tianjin 11,030 142,015

Yangtze 100,316

3.2 Overseas

Asia (Excluding Mainland China)

In 2012, 35 auction houses offered Chinese Art and Antiques in Asia (excluding mainland China), up from 28 houses selling art in this category in 2011. The total value sold by these 35 auction houses reached US$1.8 billion (CN¥12.2 billion), 10% more than the previous year. Even with an increase in value sold in 2012, the Asian market contracted 10% in terms of the number of lots sold. In addition to fewer lots sold, the number of lots selling for over CN¥10 million decreased from 196 in 2011 to 176 in 2012. Chinese Art sold by auction houses in Asia accounted for over 19,000 of the total lots offered overseas, representing 25% of volume sold and nearly 75% of the value sold overseas. Looking at a more detailed breakdown of Asian sales, it should be noted that Hong Kong, Macau, and Taiwan make up nearly the entire market in terms of value (99%) and volume (98%).

Europe

While the total sales value of Chinese Art and Antiques increased in 2012 across Asian auction houses, market share decreased for auction houses in Europe and North America.

While the total sales value of Chinese Art and Antiques increased in 2012 across Asian auction houses, market share decreased for auction houses in Europe and North America. European auction houses witnessed a 16% decrease in the value of Chinese Art sold in 2012, even though the volume of lots offered and sold in this category increased from 2011 levels. This was due, in part, to very few high-value lots sold in this category, with only 13 lots selling for over CN¥10 million in 2012, compared to 35 in 2011. Chinese Art did gain some traction

within the European market, with a 4% increase in the number of auction houses offering art in this category: 123 European auction houses sold Chinese Art in 2012, in contrast to 118 in 2011. In terms of Chinese Art sold overseas, this region represented approximately 36% of volume sold (over 16,000 lots) and 15% of value sold (US$395 million / CN¥2.6 billion).

North America

Closely tracking the performance of Chinese Art sold in Europe, the overall value sold in North American contracted 21% in 2012, even though both the number of lots offered (over 24,000) and the number of lots sold (over 17,000) increased significantly in 2012. A total of 68 North American auction houses sold art in this category in 2012, up slightly from 66 houses in 2011. These houses brought in over US$268 million (CN¥1.8 billion) in sales, accounting for 10% of total value sold and almost 40% of volume sold in this category. Most notably, demand for Chinese Art sold at auction in North America was higher than market demand in any other overseas region in both 2011 and 2012, with sell-through rates above 70% both years. Of the roughly 17,000 lots that sold in this region in 2012, 15 lots sold for over CN¥10 million.

The Rest of the World

14 auction houses outside of North America, Europe, and Asia offered Chinese Art and Antiques in 2012. While these lots represented less than 1% of volume and value sold, an increase in lots offered and sold in this sector provides a promising indicator that Chinese Art is growing as a collecting category in other regions. Of the 231 lots sold at these auction houses, the majority were low-value works, with an average sale price of just over US$5,000 (CN¥33,000).

Market Share by Value (Million USD) by Region Overseas, 2012

North America Rest of the World $269 $1

Europe Asia $395 $1,856

Market Share by Volume (Lots Sold) by Region Overseas, 2012

Rest of the World 231

North America 17,045 Asia 11,371

Europe 16,325

List of Global Chinese Antiques and Art Auction Houses in 2012

Mainland China Global Chinese Antiques and Art Auction Market 47 Annual Statistical Report: 2012

Total Sales Number of Lots Number of Sell-Through # Region Auction House Volume (RMB) Notes Offered Lots Sold Rate (%) (Hammer) 1 Beijing Datang International Auction Co., Ltd. Not reported Not reported Not reported Not reported 2 Beijing Pacific International Auction Co., Ltd. 3,863 2,217 57.39 51,562,000 Zhong An Taiping International 3 Beijing 0 0 0 0 Auction Co., Ltd. China Guardian International Auction 4 Beijing 31,780 22,389 70.45 4,165,074,300 Co., Ltd. 5 Beijing Zhong Bao Auction Co., Ltd. 1,362 982 72.1 60,700,000 6 Beijing Sungari International Auction Co., Ltd. 6,588 3,092 46.93 742,728,000 Zhongmei International Auction Co., 7 Beijing Not reported Not reported Not reported Not reported Ltd. Zhong Heng Yi Ping International 8 Beijing Not reported Not reported Not reported Not reported Auction Co., Ltd. Zhongdu International Auction Co., 9 Beijing 7,619 4,114 54 67,646,300 Ltd. Zhong Hong Xin International Auction 10 Beijing 550 360 65.45 85,140,000 Co., Ltd. Zhong Lian Huan Qiu International 11 Beijing 1,740 622 35.75 1,995,700 Auction Co., Ltd. Zhong Lian International Auction Co., 12 Beijing 132 79 59.85 592,500 Ltd. Dongfangqiushi International Auction 13 Beijing 3,077 323 10.5 2,813,500 Co., Ltd. The Orient International Auction Co., 14 Beijing 200 171 85.5 104,710,000 Ltd.

Beijing Jiuge International Auction 15 Beijing 3,444 688 19.98 100,666,000 Co., Ltd.

Beijing Sanxitang International 16 Beijing 0 0 0 0 Auction Co., Ltd.

Beijing Dade International Auction 17 Beijing Not reported Not reported Not reported Not reported Co., Ltd. 18 Beijing Beijing Wanlong Auction Co., Ltd. 954 466 48.85 206,202,100 Beijing Kai RMBtianxing Auction Co., 19 Beijing 429 146 34.03 210,000 Ltd. Beijing Taihetiancheng International 20 Beijing 0 0 0 0 Auction Co., Ltd. Beijing Zhonghan International 21 Beijing 1,078 667 61.87 135,503,900 Auction Co., Ltd. Beijing Zhongxingtianxia International New auction house 22 Beijing Not reported Not reported Not reported Not reported Auction Co., Ltd. (2012)

Total Sales Number of Lots Number of Sell-Through # Region Auction House Volume (RMB) Notes Offered Lots Sold Rate (%) (Hammer) Beijing Zhongtoujiayi International 23 Beijing 1,442 288 19.97 7,600,000 Auction Co., Ltd. Beijing Zhongpai International Auction 24 Beijing 2,846 584 20.52 21,680,000 Co., Ltd. Beijing Zhongzhao International 25 Beijing 57 14 24.56 1,151,500 Auction Co., Ltd. 26 Beijing Datang International Auction Co., Ltd. 2,379 179 7.52 1,297,900 Beijing Rilongtianyi International 27 Beijing Not reported Not reported Not reported Not reported Auction Co., Ltd. Beijing Zhong Bo International Auction 28 Beijing 0 0 0 0 Co., Ltd. Beijing Zhong Ding International 29 Beijing 0 0 0 0 Auction Co., Ltd. Beijing Chang Feng International 30 Beijing 806 473 58.68 116,510,500 Auction Co., Ltd.

Beijing Jindianlianhe International 64 51 79.69 2,834,000 31 Beijing Auction Co., Ltd.

Beijing Changyitiandi International Not 32 Beijing Not reported Not reported Not reported Auction Co., Ltd. reported

Beijing Wen Jin Ge International 33 Beijing 393 102 25.95 62,239,000 Auction Co., Ltd. Beijing Shijishengtang International 34 Beijing Not reported Not reported Not reported Not reported Auction Co., Ltd. Beijing Prospect International Auction New auction house 35 Beijing 1,934 1,005 51.96 213,928,000 Co., Ltd. (2012) Beijing Orient Lide International New auction house 36 Beijing 277 80 28.88 22,380,000 Auction Co., Ltd. (2012) Beijing Orient Jiaqi International 37 Beijing Not reported Not reported Not reported Not reported Auction Co., Ltd. Beijing Dong Zheng International 38 Beijing 753 174 23.11 111,834,000 Auction Co., Ltd. Beijing Dong Xi Fang International 39 Beijing 497 257 51.71 9,225,000 Auction Co., Ltd. Beijing Dongpai International Auction 40 Beijing 920 843 91.63 12,160,000 Co., Ltd. Beijing Long Pu Hua International 41 Beijing Not reported Not reported Not reported Not reported Auction Co., Ltd. Beijing Yin Qian Shan International 42 Beijing 5,368 487 9.07 4,017,400 Auction Co., Ltd. Beijing Gu Tian Yi International 43 Beijing 365 229 62.74 65,850,000 Auction Co., Ltd.

Total Sales Number of Number of Sell-Through # Region Auction House Volume (RMB) Notes Lots Offered Lots Sold Rate (%) (Hammer) Beijing Xuan He International Auction 44 Beijing 753 55 7.3 Not reported Co., Ltd. Beijing Kang Tai International Auction 45 Beijing 0 0 0 0 Co., Ltd. Beijing Forever International Auction 46 Beijing 1,276 485 38.01 74,440,000 Co., Ltd.

Beijing Council International Auction 47 Beijing 3,733 2,315 62.01 Not reported Co., Ltd.

Beijing Yazhouhongda International 48 Beijing 1,076 188 17.47 3,800,000 Auction Co., Ltd. Beijing Yazhouronghai International 49 Beijing 3,694 1,392 37.68 52,460,000 Auction Co., Ltd. Beijing Xi Rong Ge International New auction house 50 Beijing 426 41 9.62 284,300 Auction Co., Ltd. (2012) Beijing Bai Na International Auction 51 Beijing 1,063 452 42.52 5,800,000 Co., Ltd. Beijing Tranthy International Auction 52 Beijing 2,559 1,755 68.58 480,157,200 Co., Ltd. Beijing Hua Chen International 53 Beijing 4,563 1,923 42.14 366,190,000 Auction Co., Ltd. Beijing Huaxia Chuancheng 54 Beijing 1,510 332 21.99 67,540,000 International Auction Co., Ltd. Beijing Huaxia Jindian International New auction house 55 Beijing 10,829 2,905 26.83 27,340,000 Auction Co., Ltd. (2012) Beijing Huaxia Yuzheng International New auction house 56 Beijing Not reported Not reported Not reported Not reported Auction Co., Ltd. (2012) Beijing Huaxia Cangzhen International 57 Beijing Not reported Not reported Not reported Not reported Auction Co., Ltd. Beijing Hua Ming International Auction 58 Beijing 431 54 12.53 25,600 Co., Ltd. Beijing Jiangyang Futong International 59 Beijing 177 134 75.71 40,252,000 Auction Co., Ltd. Beijing Hong Tai Yang International 60 Beijing Not reported Not reported Not reported Not reported Auction Co., Ltd. Beijing Yuan Fang International 61 Beijing 2,086 326 15.63 29,201,800 Auction Co., Ltd.

Beijing Shi Dai International Auction Not 62 Beijing Not reported Not reported Not reported Co., Ltd. reported

Beijing Kuang Shen International New auction house 63 Beijing 223 131 58.74 6,294,300 Auction Co., Ltd. (2012)

Total Sales Number of Lots Number of Sell-Through # Region Auction House Volume (RMB) Notes Offered Lots Sold Rate (%) (Hammer) Beijing Haleshen Century International New auction house 64 Beijing 1,043 945 90.6 146,342,000 Auction Co., Ltd. (2012) Beijing Jihua Chunqiu International 65 Beijing 369 49 13.28 2,110,000 Auction Co., Ltd. Beijing Oujiang Chengcheng New auction house 66 Beijing 102 0 0 0 International Auction Co., Ltd. (2012) Beijing Zhuo De International Auction 67 Beijing 5,085 2,275 44.74 62,500,000 Co., Ltd. Beijing Guo Pai International Auction 68 Beijing 0 0 0 0 Co., Ltd. Beijing Mingzhu Shuanglong 69 Beijing 50 21 42 136,500 International Auction Co., Ltd. Beijing Jin Shi De International 70 Beijing 1,930 175 9.07 2,873,000 Auction Co., Ltd. Beijing Bao Ji Xuan International New auction house 71 Beijing Not reported Not reported Not reported Not reported Auction Co., Ltd. (2012) 72 Beijing Beijing Baoding Auction Co., Ltd. 437 Not reported 0 4,370,000 Beijing Bao Rui Ying International 73 Beijing Not reported Not reported Not reported Not reported Auction Co., Ltd. Beijing Cheng Xuan International 74 Beijing 7,855 5,929 75.48 383,879,000 Auction Co., Ltd. Beijing Cheng Hao International 75 Beijing 587 151 25.72 14,463,000 Auction Co., Ltd. Beijing Jian Ya Century Auction Co., 76 Beijing 788 164 20.81 22,383,200 Ltd.

77 Beijing Beijing Rombon Auction Co., Ltd. 5,628 4,182 74.31 610,954,300

Beijing Rong Hai Jia International 78 Beijing 24 2 8.33 778,200 Auction Co., Ltd. Beijing Poly International Auction Co., 79 Beijing 30,335 19,679 64.87 5,311,850,000 Ltd. Beijing Mei San Shan International New auction house 80 Beijing 925 Not reported 12.97 971,300 Auction Co., Ltd. (2012) Beijing HSDT International Auction New auction house 81 Beijing 957 24 2.51 1,596,500 Co., Ltd. (2012) Beijing Xuan Shi International Auction 82 Beijing 446 184 41.26 15,487,000 Co., Ltd. Beijing Inshine International Auction 83 Beijing 508 116 22.83 91,474,200 Co., Ltd. Beijing Taihe Jiacheng Auction Co., 84 Beijing 6,540 2,159 33.01 69,562,300 Ltd.

Total Sales Number of Number of Sell-Through # Region Auction House Volume (RMB) Notes Lots Offered Lots Sold Rate (%) (Hammer) Beijing City Union International 85 Beijing 833 768 92.2 259,374,000 Auction Co., Ltd. Beijing Hai Shi De International 86 Beijing Not reported Not reported Not reported Not reported Auction Co., Ltd. Beijing Hai Wang Cun Auction Co., 87 Beijing 4,797 3,576 74.55 45,671,400 Ltd. Beijing Haihua Hongye Auction Co., 88 Beijing 1,624 43 2.65 534,300 Ltd. Beijing Sheng Tian Tai International New auction house 89 Beijing 1,450 203 14 2,450,000 Auction Co., Ltd. (2012) Beijing ShengJia International Auction 90 Beijing Not reported Not reported Not reported Not reported Co., Ltd. 91 Beijing Beijing Pengea Auction Co., Ltd. 2,461 446 18.12 123,510,000

Beijing Long Rong International New auction house 92 Beijing 999 601 60.16 479,390,000 Auction Co., Ltd. (2012)

Beijing Long Han International Auction 93 Beijing Not reported Not reported Not reported Not reported Co., Ltd. Beijing Vitaviden International Auction 94 Beijing 500 221 44.2 15,523,000 Co., Ltd. Beijing Qindao Rongde International 95 Beijing 1,660 965 58.13 114,760,000 Auction Co., Ltd. Beijing Zijin Daxi International Auction 96 Beijing Not reported Not reported Not reported Not reported Co., Ltd. Beijing Zijin Wanxiang International 97 Beijing Not reported Not reported Not reported Not reported Auction Co., Ltd. Beijing Dingxing Tianhe International New auction house 98 Beijing Not reported Not reported Not reported Not reported Auction Co., Ltd. (2012) Beijing Ding Shi International Auction 99 Beijing 563 227 40.32 730,000 Co., Ltd. Beijing Jingxing Linfeng International 100 Beijing 30 15 50 145,000 Auction Co., Ltd. Beijing Fu Bi Fu International Auction 101 Beijing 69 3 4.35 366,000 Co., Ltd. Beijing Reaping International Auction 102 Beijing 1,488 314 21.1 3,425,400 Co., Ltd. Beijing Rui Ya Zhai International New auction house 103 Beijing Not reported Not reported Not reported Not reported Auction Co., Ltd. (2012) Beijing Yonghe Jiacheng International 104 Beijing 8,570 4,162 48.56 91,241,200 Auction Co., Ltd.

Total Sales Number of Number of Sell-Through # Region Auction House Volume (RMB) Notes Lots Offered Lots Sold Rate (%) (Hammer) Beijing Jia He International Auction 105 Beijing 0 0 0 0 Co., Ltd. Beijing Jiali Nianhua International New auction house 106 Beijing Not reported Not reported Not reported Not reported Auction Co., Ltd. (2012) Beijing Jia Bao International Auction 107 Beijing Not reported Not reported Not reported Not reported Co., Ltd. Beijing Jia Xin International Auction 108 Beijing 0 0 0 0 Co., Ltd. Beijing Artade Online Auction Co., 109 Beijing 64,724 23,898 36.92 38,870,000 Ltd. 110 Beijing Beijing Googut Auction Co., Ltd. 3,142 2,143 68.2 446,910,000 Beijing De Bao International Auction 111 Beijing 2,401 1,351 56.27 13,932,200 Co., Ltd. Beijing De Long Bao International 112 Beijing Not reported Not reported Not reported Not reported Auction Co., Ltd. Beijing Han Hai International Auction 113 Beijing 9,137 6,012 65.8 1,556,394,000 Co., Ltd. Honchin International Auction Co., 114 Beijing Not reported Not reported Not reported Not reported Ltd. Geng Le International Auction Co., 115 Beijing Not reported Not reported Not reported Not reported Ltd. 116 Beijing She De Auction Co., Ltd. 258 20 7.75 1,422,000 Jin Mao International Auction Co., 117 Beijing 529 50 9.45 4,080,000 Ltd. Bao Teng International Auction Co., 118 Beijing Not reported Not reported Not reported Not reported Ltd.

Ping Sheng International Auction New auction house 119 Beijing Not reported Not reported Not reported Not reported Co., Ltd. (2012)

Shuo Fang International Auction Co., 120 Beijing 416 323 77.64 3,334,000 Ltd.

Ding Zhou International Auction Co., 121 Beijing Not reported Not reported Not reported Not reported Ltd.

Han Bao International Auction Co., 122 Beijing Not reported Not reported Not reported Not reported Ltd.

Total in Beijing 284,576 134,966 47.43% ¥19,324,758,800

123 Tianjin Tianjin Tong Fang Auction Co., Ltd. 1,703 314 18.44 2,487,200 124 Tianjin Tianjin Yong Sheng Auction Co., Ltd. Not reported Not reported Not reported Not reported 125 Tianjin Tianjin International Auction Co., Ltd. 8,437 6,128 72.63 230,880,000

Total Sales Number of Number of Sell-Through # Region Auction House Volume (RMB) Notes Lots Offered Lots Sold Rate (%) (Hammer) 126 Tianjin Tianjin Ding Tian Auction Co., Ltd. Not reported Not reported Not reported Not reported Tianjin Lan Tian International Auction 127 Tianjin 451 84 18.63 7,070,000 Co., Ltd. Tianjin Fu Xin International Auction 128 Tianjin 0 0 0 0 Co., Ltd. 129 Tianjin Tianjin Han Ya Auction Co., Ltd. 2,256 141 6.25 252,600 130 Tianjin Haitian International Auction Co., Ltd. 1,044 382 36.59 24,837,700 Total in Tianjin 13,891 7,049 50.75% ¥265,527,500 131 Shanghai Shanghai Da Zhong Auction Co., Ltd. 10,957 5,481 50.02 188,300,000 132 Shanghai Shanghai Gong Mei Auction Co., Ltd. 3,456 2,311 66.87 200,000,000 Shanghai Yuanheng Lizhen Auction 133 Shanghai Not reported Not reported Not reported Not reported Co., Ltd. Shanghai Tian Heng Auction Co., 134 Shanghai 1,420 1,194 84.08 459,752,000 Ltd. 135 Shanghai Shanghai Zhong Yi Auction Co., Ltd. 385 102 26.49 5,049,500

Shanghai Zhong Tian Auction Co., 136 Shanghai 0 0 0 0 Ltd.

Shanghai Zhong Han Auction Co., New auction house 137 Shanghai Not reported Not reported Not reported Not reported Ltd. (2012)

Shanghai Zhong Fu Auction Co., 138 Shanghai 1,092 234 21.43 7,500,500 Ltd.

Shanghai Chang Cheng Auction Co., 139 Shanghai 2,129 431 20.24 494,900 Ltd. Shanghai Shen Zhi Jiang Auction 140 Shanghai 0 0 0 0 Co., Ltd. Shanghai Epama International 141 Shanghai 2,239 412 18.4 16,919,800 Auction Co., Ltd. 142 Shanghai Shanghai Hui Yuan Auction Co., Ltd. Not reported Not reported Not reported Not reported 143 Shanghai Shanghai Han Lin Auction Co., Ltd. Not reported Not reported Not reported Not reported Shanghai Lao Cheng Huang Auction 144 Shanghai 2,223 913 41.07 3,509,000 Co., Ltd. 145 Shanghai Shanghai Xie He Auction Co., Ltd. 729 19 2.61 242,200 Shanghai Chuan Shi Auction Co., 146 Shanghai 71 9 12.68 104,000 Ltd. New auction house 147 Shanghai Shanghai Hua Yu Auction Co., Ltd. 2,718 1,658 61 29,850,000 (2012) 148 Shanghai Shanghai Hua Xia Auction Co., Ltd. 3,019 1,582 52.4 3,440,000

Number of Number of Sell-Through Total Sales Volume # Region Auction House Notes Lots Offered Lots Sold Rate (%) (RMB) (Hammer)

New auction house 149 Shanghai Shanghai Hua Bo Auction Co., Ltd. Not reported Not reported Not reported Not reported (2012) Shanghai Duo Yun Xuan Auction 150 Shanghai 8,686 6,764 77.87 1,045,270,000 Co., Ltd. Shanghai Possession Auction Co., New auction house 151 Shanghai Not reported Not reported Not reported Not reported Ltd. (2012)

152 Shanghai Shanghai Chi Han Auction Co., Ltd. 6,210 5,149 82.91 222,813,000

Shanghai Fan Hua Auction Co., New auction house 153 Shanghai Not reported Not reported Not reported Not reported Ltd. (2012)

Shanghai Hong Da Auction Co., 154 Shanghai 1,230 153 12.44 1,367,200 Ltd.

Shanghai Qing Lian Ge Auction 155 Shanghai 17,248 6,134 35.56 18,607,100 Co., Ltd.

156 Shanghai Shanghai Auction Co., Ltd. 12,743 7,935 62.27 80,760,000

New auction house 157 Shanghai Shanghai Qi Bei Auction Co., Ltd. Not reported Not reported Not reported Not reported (2012)

Shanghai Alltobid International 158 Shanghai 10,978 7,882 71.8 20,263,000 Commodity Auction Co., Ltd.

159 Shanghai Shanghai Guo Tai Auction Co., Ltd. 1,483 197 13.28 2,441,200

160 Shanghai Shanghai He Run Auction Co., Ltd. Not reported Not reported Not reported Not reported

161 Shanghai Shanghai He Yun Auction Co., Ltd. 887 25 2.82 970,100

Shanghai Jin Zhui Commodity 162 Shanghai 0 0 0 0 Auction Co., Ltd. Shanghai Hong Sheng Auction Co., 163 Shanghai 12,493 9,952 79.66 275,516,700 Ltd. Shanghai Bao Long Auction Co., 164 Shanghai Not reported Not reported Not reported Not reported Ltd. New auction house 165 Shanghai Shanghai Yu Zhen Auction Co., Ltd. 0 0 0 0 (2012) Shanghai Chunqiu Hall Artwork 166 Shanghai 788 338 42.89 29,002,200 Auction Co., Ltd. Shanghai Hou Bao Auction Co., 167 Shanghai 1,059 107 10.1 198,900 Ltd.

168 Shanghai Shanghai Xin Ren Auction Co., Ltd. 1,170 468 40 910,000

169 Shanghai Shanghai Heng Li Auction Co., Ltd. 517 234 45.26 270,710,000

Shanghai Sheng An Auction Co., 170 Shanghai Not reported Not reported Not reported Not reported Ltd.

Number of Number of Sell-Through Total Sales Volume # Region Auction House Notes Lots Offered Lots Sold Rate (%) (RMB) (Hammer)

171 Shanghai Shanghai Li Yuan Auction Co., Ltd. 279 144 51.61 10,997,000

Shanghai Hai Tong Auction Co., New auction house 172 Shanghai 216 24 11.11 1,221,500 Ltd. (2012)

New auction house 173 Shanghai Shanghai Jun Da Auction Co., Ltd. Not reported Not reported Not reported Not reported (2012)

Shanghai Huang Pu Auction Co., 174 Shanghai 2,449 396 16.17 756,400 Ltd.

Shanghai Chongyuan Artwork 175 Shanghai 3,935 1,460 37.1 52,600,000 Auction Co., Ltd.

Shanghai Ming Guang Auction New auction house 176 Shanghai 435 233 53.56 29,810,000 Co., Ltd. (2012)

Shanghai Hong Sheng Auction Co., 177 Shanghai 5,044 3,209 63.62 2,200,000 Ltd. Shanghai Hong Hai Commodity 178 Shanghai 2,733 1,009 36.92 9,388,600 Auction Co., Ltd. Shanghai Han Gu Xuan Auction 179 Shanghai 1,175 222 18.89 10,158,000 Co., Ltd. Shanghai Bo Gu Zhai Auction Co., 180 Shanghai 4,378 1,878 42.9 37,286,600 Ltd. 181 Shanghai Shanghai Bo Hua Auction Co., Ltd. 2,084 285 13.68 8,030,000 182 Shanghai Shanghai Bo Hai Auction Co., Ltd. Not reported Not reported Not reported Not reported Shanghai Jing Hua Artwork Auction 183 Shanghai 399 131 32.83 60,590,000 Co., Ltd. New auction house 184 Shanghai Shanghai Ya Zang Auction Co., Ltd. 872 178 20.41 10,894,400 (2012) Shanghai Ming Dao Auction Co., 185 Shanghai 3,193 2,488 77.92 303,765,500 Ltd. 186 Shanghai Shanghai Rui Xing Auction Co., Ltd. Not reported Not reported Not reported Not reported 187 Shanghai Shanghai Xin Hua Auction Co., Ltd. 1,144 201 17.57 32,530,000 188 Shanghai Shanghai Jia He Auction Co., Ltd. 1,496 1,295 86.56 239,410,000 189 Shanghai Shanghai Jia Tai Auction Co., Ltd. Not reported Not reported Not reported Not reported 190 Shanghai Shanghai Galaxy Auction Co., Ltd. 375 16 4.27 9,170,000

191 Shanghai Shanghai Justic Auction Co., Ltd. 2,541 939 36.95 19,504,000

192 Shanghai Rong Bao Zhai Auction Co., Ltd. 3,140 1,918 61.08 674,040,000

Total in Shanghai 141,818 75,710 53.39% ¥4,396,343,300

Number of Number of Sell-Through Total Sales Volume # Region Auction House Notes Lots Offered Lots Sold Rate (%) (RMB) (Hammer)

Chongqing Chinese Cultural Relic 193 Chongqing 1,040 567 54.52 19,004,900 Auction Co., Ltd.

Chongqing Heng Sheng Auction 194 Chongqing 336 148 44.05 3,844,700 Co., Ltd.

Total in Chongqing 1,376 715 51.96% ¥22,849,600

195 Hebei Hebei Da Ma Auction Co., Ltd. 848 26 3.07 166,700 196 Hebei Hebei Jia Hai Auction Co., Ltd. 584 150 25.68 10,616,000 197 Hebei Hebei Han Hua Auction Co., Ltd. 566 12 2.12 107,300 Total in Hebei 1,998 188 9.41% ¥10,890,000 198 Shanxi Shanxi Bai Ye Auction Co., Ltd. Not reported Not reported Not reported 5,865,000 199 Shanxi Shanxi Xing Jin Auction Co., Ltd. 76 57 75 963,800 200 Shanxi Shanxi Jin Bao Auction Co., Ltd. 1,297 665 51.27 15,021,000 201 Shanxi Shanxi Jin Tong Auction Co., Ltd. 334 72 21.56 1,312,000 202 Shanxi Shanxi Jin De Auction Co., Ltd. 0 0 0 0 203 Shanxi Shanxi Hai De Auction Co., Ltd. Not reported Not reported Not reported Not reported 204 Shanxi Shanxi Rong Yi Da Auction Co., Ltd. 615 363 59.02 36,765,500 Total in Shanxi 2,322 1,157 49.83% ¥59,927,300 205 Liaoning Liaoning You Li Auction Co., Ltd. Not reported Not reported Not reported Not reported Liaoning Zhong Zheng Auction Co., 206 Liaoning Not reported Not reported Not reported Not reported Ltd.

Liaoning Zhong Xing International 207 Liaoning 33 0 0 0 Auction Co., Ltd.

Liaoning Guang Da Auction Co., 208 Liaoning 400 90 22.5 890,000 Ltd.

209 Liaoning Liaoning Hua An Auction Co., Ltd. 159 61 38.36 4,525,000

210 Liaoning Liaoning Ru Feng Auction Co., Ltd. 0 0 0 0

Lining International Commodity 211 Liaoning 839 218 25.98 3,567,100 Auction Co., Ltd.

212 Liaoning Lining Jian Tou Auction Co., Ltd. 1,047 213 20.34 22,520,000

213 Liaoning Lining Rong Xin Auction Co., Ltd. 0 0 0 0 Fu Jia Zhai Auction 214 Liaoning 234 9 3.85 488,000 Co., Ltd. Total in Liaoning 2,712 591 21.79% ¥31,990,100

Number of Lots Number of Sell-Through Total Sales Volume # Region Auction House Notes Offered Lots Sold Rate (%) (RMB) (Hammer)

Heilongjiang Jia Rui Auction Co., 215 Heilongjiang 196 0 0 0 Ltd. Total in Heilongjiang 196 0 0% ¥0 216 Jiangsu Wuxi Jin Ding Lai Auction Co., Ltd. 307 38 12.38 148,200 217 Jiangsu Jiangsu Jiu De Auction Co., Ltd. 1,562 184 11.78 12,590,800 Jiangsu Wan Da International 218 Jiangsu Not reported Not reported Not reported Not reported Auction Co., Ltd. 219 Jiangsu Jiangsu Wu Ai Auction Co., Ltd. 37 37 100 2,036,300 Jiangsu Zhongshan Huijin Auction 220 Jiangsu 0 0 0 0 Co., Ltd. Jiangsu Zhong Shan Auction Co., 221 Jiangsu 1,173 156 13.3 1,569,600 Ltd. Jiangsu Feng Huang Auction Co., New auction house 222 Jiangsu 1,740 248 14.25 42,185,000 Ltd. (2012) 223 Jiangsu Jiangsu Auction Co., Ltd. 3,227 600 18.59 8,642,600 224 Jiangsu Jiangsu Shi Cheng Auction Co., Ltd. 497 102 20.52 3,179,000

New auction house 225 Jiangsu Jiangsu Zhen De Auction Co., Ltd. 760 42 5.53 732,500 (2012)

226 Jiangsu Jiangsu Ai Tao Auction Co., Ltd. 3,046 612 20.09 13,470,000

Jiangsu Huai Hai International Not 227 Jiangsu Not reported Not reported Not reported Auction Co., Ltd. reported

Jiangsu Jing Hong International 228 Jiangsu 662 14 2.11 1,087,000 Auction Co., Ltd. Jiangsu Jia Heng International 229 Jiangsu 1,050 520 49.52 39,679,000 Auction Co., Ltd. 230 Jiangsu Jiangsu Ju De Auction Co., Ltd. 1,976 1,675 84.77 136,616,000 Suzhou Orient Artwork Auction Co., 231 Jiangsu 1,880 838 44.57 54,000,000 Ltd. 232 Jiangsu Suzhou Wu Men Auction Co., Ltd. 2,927 751 25.66 64,051,400 Nanjing Shi Zhu Zhai Auction Co., 233 Jiangsu 2,695 638 23.67 20,880,000 Ltd. 234 Jiangsu Nanjing Zheng Da Auction Co., Ltd. 249 89 35.74 6,200,000 235 Jiangsu Nanjing Jing Dian Auction Co., Ltd. 2,862 1,340 46.82 100,199,100 236 Jiangsu Nanjing Jia Xin Auction Co., Ltd. 1,000 613 61.3 39,000,000 Changzhou Cang Hai Auction Co., 237 Jiangsu 1,507 288 19.11 17,787,000 Ltd. Total in Jiangsu 29,157 8,785 30.13% ¥564,053,500

Number of Lots Number of Sell-Through Total Sales Volume # Region Auction House Notes Offered Lots Sold Rate (%) (RMB) (Hammer)

Ningbo Fu Bang Auction Co., 238 Zhejiang 1,967 245 12.46 21,489,000 Ltd. 239 Zhejiang Xiling Yinshe Auction Co., Ltd. 6,465 5,609 86.76 1,294,108,000 Hangzhou Tiangong Yiyuan New auction house 240 Zhejiang 943 181 19.19 2,096,700 Auction Co., Ltd. (2012)

Shaoxing Han Yue Tang Auction 241 Zhejiang 363 117 32.23 244,800 Co., Ltd.

Zhejiang Yitong Auction Co., 242 Zhejiang 540 85 15.74 12,615,000 Ltd.

243 Zhejiang Zhejiang Da Di Auction Co., Ltd. 1,229 285 23.19 13,713,500

Zhejiang San Jiang Auction Co., 244 Zhejiang 1,195 507 42.43 119,296,500 Ltd.

Zhejiang Zhong Cai Auction Co., 245 Zhejiang 1,327 347 26.15 15,222,800 Ltd.

Zhejiang Zhong Ju Auction Co., 246 Zhejiang 542 220 40.59 25,200,000 Ltd. Zhejiang Chang Le Auction Co., 247 Zhejiang 541 510 94.27 280,553,000 Ltd. Zhejiang Shi Mao Auction Co., 248 Zhejiang 664 23 3.46 471,700 Ltd. Zhejiang Hui Tong Auction Co., 249 Zhejiang 605 157 25.95 17,061,500 Ltd. Zhejiang Min He Auction Co., 250 Zhejiang 750 177 23.6 2,943,700 Ltd. Zhejiang Yong Xuan Auction Co., 251 Zhejiang 213 87 40.85 1,115,000 Ltd. 252 Zhejiang Zhejiang Li Ze Auction Co., Ltd. 467 112 23.98 4,980,000 253 Zhejiang Zhejiang Shi Dai Auction Co., Ltd. 692 582 84.1 20,094,700 Zhejiang International Commodity 254 Zhejiang Not reported Not reported Not reported 3,301,600 Auction Co., Ltd. Zhejiang Jia Bao Auction Co., 255 Zhejiang 1,246 698 56.02 38,065,000 Ltd. Zhejiang Cheng Xin Auction Co., 256 Zhejiang 0 0 0 0 Ltd. Zhejiang Jing Dian Auction Co., 257 Zhejiang 0 0 0 0 Ltd. Zhejiang Nan Bei Auction Co., 258 Zhejiang 534 234 43.82 29,805,000 Ltd. 259 Zhejiang Zhejiang Auction 203 21 10.34 13,508,000

Number of Number of Sell-Through Total Sales Volume # Region Auction House Notes Lots Offered Lots Sold Rate (%) (RMB) (Hammer)

Zhejiang Poly International Auction 260 Zhejiang Not reported Not reported Not reported Not reported Co., Ltd.

New auction 261 Zhejiang Zhejiang Art Media Auction Co., Ltd. 1,363 888 65.15 144,476,200 house (2012)

262 Zhejiang Zhejiang Qian Tang Auction Co., Ltd. Not reported Not reported Not reported Not reported

263 Zhejiang Zhejiang Zhe Shang Auction Co., Ltd. 1,374 422 30.71 24,133,500

264 Zhejiang Zhejiang Jun Cheng Auction Co., Ltd. 1,388 306 22.05 16,580,000

265 Zhejiang Zhejiang Xiao Ran Auction Co., Ltd. Not reported Not reported Not reported Not reported

266 Zhejiang Zhejiang Sheng Shi Auction Co., Ltd. 4,650 2,780 59.78 71,500,000 267 Zhejiang Zhejiang Hong Jia Auction Co., Ltd. 433 140 32.33 141,200 268 Zhejiang Zhejiang Hong An Auction Co., Ltd. 300 15 5 64,900 269 Zhejiang Zhejiang Union Auction Co., Ltd. 0 0 0 0 270 Zhejiang Zhejiang Hao Han Auction Co., Ltd. 879 632 71.9 61,132,500 New auction 271 Zhejiang Zhejiang Heng Dian Auction Co., Ltd. 990 369 37.27 4,330,000 house (2012) 272 Zhejiang Wenzhou Hui Feng Auction Co., Ltd. 545 72 13.21 294,700 Total in Zhejiang 32,408 15,821 48.82% ¥2,238,538,500 273 Anhui Anhui Yi Hai Auction Co., Ltd. Not reported Not reported Not reported Not reported New auction 274 Anhui Anhui Xing Han Auction Co., Ltd. 0 0 0 0 house (2012) Anhui Pan Long Auction House New auction 275 Anhui 0 0 0 0 Auction Co., Ltd. house (2012) Total in Anhui 0 0 0% ¥0 276 Fujiang Xiamen Te Pai Auction Co., Ltd. 843 45 5.34 1,133,000 277 Fujiang Fujian Huaxing Auction Co., Ltd. 0 0 0 0

278 Fujiang Fujian Yun Tong Auction Co., Ltd. 1,091 292 26.76 26,066,400

Fujian Hua Hong Da Auction Co., 279 Fujiang 0 0 0 0 Ltd.

280 Fujiang Fujian Auction 679 506 74.52 25,007,700

281 Fujiang Fujian Ding Xin Auction Co., Ltd. 0 0 0 0

282 Fujiang Fujian Jia Fu Auction Co., Ltd. 70 61 87.14 18,445,000

283 Fujiang Fujian Jin Sheng Auction Co., Ltd. 460 17 3.7 523,000

Number of Number of Sell-Through Total Sales Volume # Region Auction House Notes Lots Offered Lots Sold Rate (%) (RMB) (Hammer)

284 Fujiang Fujian Trade and Trust Auction Co., Ltd. 1,681 382 22.72 1,858,100

285 Fujiang Fujian Hai Xia Auction Co., Ltd. 245 138 56.33 7,997,000 286 Fujiang Fujian Ding Feng Auction Co., Ltd. 0 0 0 0 287 Fujiang Fujian Jing Xuan Auction Co., Ltd. 1,377 933 67.76 12,400,000 Total in Fujian 6,446 2,374 36.83% ¥93,430,200 288 Shandong Shandong Bai Li De Auction Co., Ltd. Not reported Not reported Not reported Not reported Shandong New Century Auction Co., 289 Shandong 99 29 29.29 1,926,000 Ltd. 290 Shandong Qingdao Tian Qi Ge Auction Co., Ltd. Not reported Not reported Not reported Not reported New auction 291 Shandong Qingdao Zhong Yi Auction Co., Ltd. 1,360 427 31.4 2,628,000 house (2012) 292 Shandong Qingdao New World Auction Co., Ltd. 231 162 70.13 2,322,600 New auction 293 Shandong Jianan International Auction Co., Ltd. Not reported Not reported Not reported Not reported house (2012) Total in Shandong 1,690 618 36.57% ¥6,876,600 294 Henan Zhengzhou Auction 469 132 28.14 4,637,000 New auction 295 Henan Henan Jin Di Auction Co., Ltd. 696 Not reported 0 55,000,000 house (2012) 296 Henan Henan Ri Xin Auction Co., Ltd. 282 123 43.62 2,106,500

297 Henan Henan Fang Di Auction Co., Ltd. 324 9 2.78 113,400

298 Henan Henan Xin Heng Feng Auction Co., Ltd. 270 210 77.78 89,000,000

Henan Yu Cheng Xiang Auction Co., 299 Henan 992 260 26.21 5,565,000 Ltd.

300 Henan Henan Yuan Tian Auction Co., Ltd. 196 13 6.63 1,263,000

Henan Shengshi Zhongyuan Auction Not 301 Henan Not reported Not reported Not reported Co., Ltd. reported

302 Henan Henan Hong Yuan Auction Co., Ltd. 3,234 666 20.59 33,470,000

303 Henan Jia Xin Cheng Auction Co., Ltd. Not reported Not reported Not reported Not reported Total in Henan 6,463 1,413 21.86% ¥191,154,900 304 Hubei Wuhan Zhongxin Auction Co., Ltd. Not reported Not reported Not reported Not reported 305 Hubei Wuhan Da Tang Auction Co., Ltd. Not reported Not reported Not reported Not reported 306 Hubei Hubei Jin Xin Auction Co., Ltd. 199 122 61.31 1,126,800 307 Hubei Hubei Cheng Xin Auction Co., Ltd. 2,015 1,166 57.87 11,772,100

Number of Number of Sell-Through Total Sales Volume # Region Auction House Notes Lots Offered Lots Sold Rate (%) (RMB) (Hammer)

308 Hubei Hubei Jiabao Yipin Auction Co., Ltd. 1,817 818 45.02 7,020,000 Total in Hubei 4,031 2,106 52.25% ¥19,918,900 309 Hunan Hunan Yong Le Auction Co., Ltd. 0 0 0 0 Hunan International Commodity Auction 310 Hunan Not reported Not reported Not reported Not reported Co., Ltd. Total in Hunan 0 0 0% ¥0 Guangdong Zhonghan Qinghua Auction 311 Guangdong 631 235 37.24 3,000,000 Co., Ltd. Guangdong Feng Huang Auction Co., 312 Guangdong 647 29 4.48 266,000 Ltd. Guangdong Xu Tong Da Auction Co., 313 Guangdong 0 0 0 0 Ltd.

314 Guangdong Guangdong Gu Jin Auction Co., Ltd. 1,380 302 21.88 15,039,500

315 Guangdong Guangdong Auction Co., Ltd. 1,025 982 95.8 54,870,900

316 Guangdong Guangdong Poly Auction Co., Ltd. 1,301 388 29.82 12,306,800

Guangdong Hao Hong Auction Co., 317 Guangdong 1,439 455 31.62 1,501,900 Ltd. New auction 318 Guangdong Guangdong Heng Yi Auction Co., Ltd. 1,273 849 66.69 58,969,300 house (2012) Guangzhou Huang Ma Auction Co., 319 Guangdong 3,424 3,078 89.89 311,260,000 Ltd. 320 Guangdong Guangzhou Yin Tong Auction Co., Ltd. 2,373 1,071 45.13 12,670,800 Guangzhou Hua Yi International Auction 321 Guangdong 3,570 2,171 60.81 519,031,400 Co., Ltd. 322 Guangdong Anhua Baiyun Auction Co., Ltd. 851 304 35.72 48,711,500 323 Guangdong Zhuhai Sheng Rong Auction Co., Ltd. Not reported Not reported Not reported Not reported 324 Guangdong Shenzhen Auction Co., Ltd. 1,758 1,136 64.62 59,350,000 325 Guangdong Shenzhen Chengtou Auction Co., Ltd. 412 30 7.28 533,400 Total in Guangdong 20,084 11,030 54.92% ¥1,097,511,500 326 Hainan Hainan An Da Xin Auction Co., Ltd. Not reported Not reported Not reported Not reported 327 Hainan Hainan Tai Da Auction Co., Ltd. 249 111 44.58 92,365,700 Total in Hainan 249 111 44.58% ¥92,365,700 New auction 328 Guangxi Guangxi Zheng Chui Auction Co., Ltd. 0 0 0 0 house (2012) 329 Guangxi Guangxi Yong Hua Auction Co., Ltd. 0 0 0 0 Total in Guangxi 0 0 0% ¥0

Number of Number of Sell-Through Total Sales Volume # Region Auction House Notes Lots Offered Lots Sold Rate (%) (RMB) (Hammer)

New auction 330 Sichuan Sichuan Orient Auction Co., Ltd. 336 62 18.45 1,450,100 house (2012) Sichuan Dazhou Wanxing Auction Co., 331 Sichuan 295 159 53.9 3,661,000 Ltd.

332 Sichuan Sichuan Jia Cheng Auction Co., Ltd. 686 459 66.91 27,015,000

333 Sichuan Sichuan Lian Pai Auction Co., Ltd. 87 23 26.44 340,600

New auction 334 Sichuan Sichuan Jia Bao Auction Co., Ltd. 0 0 0 0 house (2012)

Not New auction 335 Sichuan Sichuan De Xuan Auction Co., Ltd. Not reported Not reported Not reported reported house (2012)

336 Sichuan Chengdu Ba Yi Pai Auction Co., Ltd. 942 739 78.45 71,507,400

337 Sichuan Chengdu Jin Sha Auction Co., Ltd. 1,324 698 52.72 14,009,400

Total in Sichuan 3,670 2,140 58.31% ¥117,983,500 338 Yunnan Yunnan Guo Xin Auction Co., Ltd. 204 90 44.12 168,400

339 Yunnan Yunnan Dian Cang Auction Co., Ltd. 1,162 463 39.85 61,964,400

340 Yunnan Kunming Ya Shi De Auction Co., Ltd. Not reported 0 Not reported 2,350,000 Total in Yunnan 1,366 553 40.48% ¥64,482,800 341 Shaanxi Xi'an Li Bang Auction Co., Ltd. 625 126 20.16 1,451,700

342 Shaanxi Shaanxi Da De Auction Co., Ltd. 226 111 49.12 13,486,000

343 Shaanxi Shaanxi Tian Long Auction Co., Ltd. 756 436 57.67 38,389,100

344 Shaanxi Shaanxi Wen De Auction Co., Ltd. 31 8 25.81 524,000

345 Shaanxi Shaanxi Hua Qin Auction Co., Ltd. 0 0 0 0

346 Shaanxi Shaanxi Hua Xia Auction Co., Ltd. 1,263 195 15.44 20,115,000

347 Shaanxi Shaanxi Bao Long Auction Co., Ltd. 1,767 974 55.12 37,178,400

348 Shaanxi Shaanxi Cheng Zhi Auction Co., Ltd. 378 100 26.46 11,813,500

349 Shaanxi Shaanxi Qin Bao Zhai Auction Co., Ltd. 1,196 487 40.72 70,597,000 New auction 350 Shaanxi Shaanxi Qin Shang Auction Co., Ltd. 648 104 16.05 3,424,900 house (2012) Not 351 Shaanxi Shaanxi Run De Auction Co., Ltd. Not reported Not reported Not reported reported Not 352 Shaanxi Shaanxi Rui Chen Auction Co., Ltd. Not reported Not reported Not reported reported Total in Shaanxi 6,890 2,541 36.88% ¥196,979,600

Number of Number of Sell-Through Total Sales Volume # Region Auction House Notes Lots Offered Lots Sold Rate (%) (RMB) (Hammer)

353 Gansu Weilai Sifang Auction Co., Ltd. 2,572 1,881 73.13 56,150,500 Total in Gansu 2,572 1,881 73.13% ¥56,150,500 354 Ningxia Ningxia Li Ding Auction Co., Ltd. 0 0 0 0 355 Ningxia Ningxia Jia Peng Auction Co., Ltd. Not reported Not reported Not reported Not reported Total in Ningxia 0 0 0% ¥0 Total in China 563,915 269,749 47.84% ¥28,851,732,800

Overseas Global Chinese Antiques and Art Auction Market 65 Annual Statistical Report: 2012

Number of Number of Sell-Through Total Sales Volume Total Sales Volume # Region Auction House Lots Offered Lots Sold Rate (%) (USD) (Premium) (RMB) (Premium)

1 Asia 33 Auction 90 52 57.78 1,446,870 9,510,278 2 Asia All Arts Auctioneers Ltd. 554 189 34.12 865,438 5,688,524 3 Asia Bonhams Hong Kong 1301 953 73.25 47,547,327 312,528,581 4 Asia Borobudur Auction Ptd. Ltd. 26 12 46.15 2,236,160 14,698,277 5 Asia China Guardian Hong Kong 347 293 84.44 58,130,606 382,092,476 Chinese Paintings & Arts 6 Asia 1001 619 61.84 2,008,465 13,201,642 Auctioneer Co., Ltd. 7 Asia Christie's Hong Kong 2658 2099 78.97 429,817,737 2,825,191,984 Datang International Auction 8 Asia 671 189 28.17 28,023,766 184,200,215 (Macau) Co., Ltd. 9 Asia Est-Ouest Auctions Co., Ltd. 23 16 69.57 457,780 3,008,987 10 Asia Fortune Auctioneers Ltd. 1169 734 62.79 3,477,701 22,858,926 11 Asia Hangsoi Auction 267 106 39.70 745,174 4,898,029 Hong Kong Sincerity 12 Asia 249 175 70.28 382,078 2,511,401 International Auction Co., Ltd. 13 Asia Ise Art Co., Ltd. 175 86 49.14 456,107 2,997,992 14 Asia Ji Chai Auctioneers Ltd. 226 67 29.65 363,930 2,392,115

15 Asia Jin Shi Arts Auctioneers Ltd. 296 151 51.01 591,056 3,885,011

16 Asia JSL Auction Co. 87 70 80.46 5,378,245 35,351,207

17 Asia K Auction 2 2 100 1,054,224 6,929,413

18 Asia Kingsley Art Auction 107 80 74.77 4,197,970 27,593,257

Larasati Auctioneers and 19 Asia 13 11 84.62 1,546,852 10,167,455 Borobudur Auction

Long Hei International Auction 20 Asia 390 137 35.13 81,821,801 537,814,698 (Macao) Limited

Macau Chung Shun 21 Asia 690 219 31.74 631,594,163 4,151,468,433 International Auctions Co., Ltd.

22 Asia Mainichi Art Auction 7 6 85.71 9,636 63,335

23 Asia Mallet Japan 3 3 100 8,808 57,892

Paidegao International 24 Asia 990 379 38.28 2,016,476 13,254,295 Auctioneer Limited

Po Yuen International Auction 25 Asia 210 135 64.29 1,307,627 8,595,034 Co., Ltd.

26 Asia Poly Auction (Hong Kong) 405 281 69.38 66,586,153 437,670,784

Number of Number of Sell-Through Total Sales Volume Total Sales Volume # Region Auction House Lots Offered Lots Sold Rate (%) (USD) (Premium) (RMB) (Premium)

27 Asia Pundole's 1 1 100 8,324 54,713 28 Asia Ravenel 300 224 74.67 37,616,539 247,253,510 29 Asia Seoul Auction 46 31 67.39 6,970,942 45,820,001 30 Asia Sino Art Auctioneers Ltd. 2,128 1457 68.47 9,683,465 63,649,414 31 Asia Sotheby's Hong Kong 1,770 1420 80.23 392,376,629 2,579,091,582 Tianxia Treasure Auction Co., 32 Asia 1,018 149 14.64 22,514,784 147,989,676 Ltd. 33 Asia Treasure Auctioneer Limited 1,610 802 49.81 7,348,793 48,303,618 34 Asia United Asian Auctioneers 2 2 100 46,349 304,654 35 Asia Zhong Cheng Auctions 285 221 77.54 7,566,845 49,736,875 Total in Asia 19,117 11,371 59.48% $1,856,204,821 ¥2,200,834,286 36 Europe Ader 4 3 75 30,993 203,715 37 Europe Alcala Subastas 1 0 0 0 0 Artcurial | Briest - Poulain - 38 Europe 934 606 64.88 8,665,772 56,960,121 F.Tajan

39 Europe Artcurial Deauville 1 0 0 0 0

40 Europe Artesegno Auctions 2 1 50 3,960 26,032

41 Europe Artprecium 3 0 0 0 0

42 Europe Auction Evente 3 3 100 18,639 122,516

43 Europe Auction House Zezula 12 9 75 195,889 1,287,578

44 Europe Auctionata 20 16 80 262,692 1,726,671

45 Europe Audap & Mirabaud 1 1 100 551 3,619

46 Europe Auktionshaus Arnold 3 3 100 18,127 119,152

47 Europe Auktionshaus Kaupp 174 97 55.75 1,306,781 8,589,469

48 Europe Auktionshaus Stahl 10 7 70 94,683 622,352

49 Europe Auktionshaus Stuker 1 0 0 0 0

50 Europe Azur Enchères Cannes 2 2 100 11,289 74,201

51 Europe Bailly-Pommery & Associés 1 1 100 3,535 23,238

Bailly-Pommery & Voutier 52 Europe 1 1 100 124,210 816,432 Associés

53 Europe Balclis Auction 3 3 100 10,095 66,357

Number of Number of Sell-Through Total Sales Volume Total Sales Volume # Region Auction House Lots Offered Lots Sold Rate (%) (USD) (Premium) (RMB) (Premium)

54 Europe Baron Ribeyre & Associés 1 1 100 2,681 17,624 55 Europe Bernaerts 2 1 50 1,423 9,351 56 Europe Beurret & Bailly Auktionen AG 2 2 100 331,557 2,179,321 57 Europe Blindarte 3 1 33.33 6,144 40,384 58 Europe Bloomsbury Auctions 16 6 37.50 15,183 99,801 59 Europe Bonhams Chester 39 20 51.28 195,101 1,282,396 60 Europe Bonhams Edinburgh 460 325 70.65 1,046,226 6,876,842 61 Europe Bonhams Knightsbridge 1,778 1,084 60.97 5,930,980 38,984,332 62 Europe Bonhams London 1,295 862 66.56 28,613,593 188,077,144 63 Europe Bonhams Oxford 662 564 85.20 658,366 4,327,441 64 Europe Brightwells 1 1 100 3,855 25,337 65 Europe Brussels Art Auctions 3 2 66.67 11,458 75,315 66 Europe Bruun Rasmussen Auctioneers 40 29 72.50 890,165 5,851,057 67 Europe Bruun Rasmussen online 19 15 78.95 10,140 66,650

68 Europe Bukowskis Stockholm 21 18 85.71 467,182 3,070,788

69 Europe Cambi Casa d'Aste 10 3 30 8,105 53,273

70 Europe Campo & Campo 2 2 100 480 3,157

71 Europe Cannes enchères 13 8 61.54 16,172 106,298

72 Europe Casa d'Aste Galleria Pananti 3 2 66.67 3,380 22,214

73 Europe Casa d'Aste Meeting Art S.p.A. 6 5 83.33 16,246 106,788

74 Europe Christie's Amsterdam 489 394 80.57 3,358,847 22,077,704

75 Europe Christie's Geneva 1 1 100 2,005 13,180

76 Europe Christie's London 1,757 1,135 64.60 64,731,642 425,481,080

77 Europe Christie's Paris 1,429 1,149 80.41 44,307,131 291,230,773

78 Europe Christie's South Kensington 4,289 3,224 75.17 29,511,774 193,980,891

79 Europe Christophe Joron-Derem 4 3 75 11,011,396 72,377,908

80 Europe Claude Aguttes 796 553 69.47 4,396,358 28,897,258

81 Europe Conan Lyon Rive Gauche 2 1 50 3,070 20,181

82 Europe Cornette de Saint-Cyr 23 8 34.78 257,223 1,690,728 83 Europe Damien Leclere 5 2 40 471,001 3,095,890

Number of Number of Sell-Through Total Sales Volume Total Sales Volume # Region Auction House Lots Offered Lots Sold Rate (%) (USD) (Premium) (RMB) (Premium)

84 Europe David Lay, F.R.I.C.S 1 1 100 3,117 20,485 85 Europe De Baecque & Associés 2 1 50 589 3,874 86 Europe De Muizon - Le Coent 2 2 100 24,182 158,948 87 Europe De Vuyst 34 19 55.88 291,390 1,915,305 88 Europe Delorme, Collin du Bocage 4 2 50 145,215 954,501 89 Europe Dobiaschofsky Auktionen 1 0 0 0 0 90 Europe Dorotheum 190 117 61.58 565,711 3,718,419 91 Europe Dorotheum Linz 13 9 69.23 8,697 57,165 92 Europe Dorotheum Prague 2 2 100 108,555 713,531 93 Europe Dorotheum Salzburg 14 10 71.43 16,494 108,414 94 Europe Dr. Fischer Kunstauktionen 82 57 69.51 425,789 2,798,710 95 Europe Drouot-Estimations 3 0 0 0 0

Estimations & Ventes aux 96 Europe 1 1 100 75,776 498,078 Enchères, EVE

97 Europe Europ Auction 4 0 0 0 0

Ewbank Clarke Gammon 98 Europe 1 0 0 0 0 Wellers

99 Europe Fabiani Arte 1 1 100 3,282 21,571

100 Europe Fraisse & Jabot 4 0 0 0 0

101 Europe Freudenberg Auktionen 15 13 86.67 671,786 4,415,648

102 Europe Galerie Arcimboldo 102 71 69.61 4,180,269 27,476,910

103 Europe Galerie Fischer Auktionen AG 69 34 49.28 150,753 990,902

104 Europe Germann Auktionshaus AG 3 1 33.33 7,883 51,814

105 Europe Gorringes Auction Galleries 196 118 60.20 444,953 2,924,677

106 Europe Guillaume le Floc'h 1 0 0 0 0

107 Europe Hampel Fine Art Auctions 201 65 32.34 1,830,733 12,033,407

108 Europe Hauswedell & Nolte 1 0 0 0 0

109 Europe Historia Auktionshaus 6 2 33.33 1,464 9,626

110 Europe Hôtel de Ventes Horta 3 3 100 4,709 30,949

111 Europe Hôtel des ventes de Monte-Carlo 1 0 0 0 0 112 Europe Hotêl des Ventes Nice Riviéra 1 1 100 97,121 638,375

Number of Number of Sell-Through Total Sales Volume Total Sales Volume # Region Auction House Lots Offered Lots Sold Rate (%) (USD) (Premium) (RMB) (Premium)

113 Europe Il Ponte Casa d'Aste 4 2 50 10,378 68,213 114 Europe Jean-Marc Delvaux 2 2 100 5,383 35,384 Jeschke van Vliet Auctions 115 Europe 31 7 22.58 23,423 153,958 Berlin GmbH 116 Europe Kapandji Morhange 3 0 0 0 0 117 Europe Ketterer Kunst München 9 5 55.56 844,745 5,552,511 118 Europe Koller Auktionen Zürich 952 421 44.22 4,119,650 27,078,462 Kunst- & Auktionshaus W. G. 119 Europe 3 1 33.33 1,770,395 11,636,808 HERR 120 Europe Lempertz 188 90 47.87 811,040 5,330,966 Loizillon (Hôtel des Ventes de 121 Europe 1 1 100 4,648 30,551 Compiègne) 122 Europe Lombrail & Teucquam 2 2 100 115,375 758,360 123 Europe Louiza Auktion & Associés 8 0 0 0 0 124 Europe Lucien Paris 1 1 100 341 2,245

125 Europe Lyon & Turnbull 580 317 54.66 1,411,652 9,278,791

126 Europe Marc-Arthur Kohn 3 0 0 0 0

127 Europe McTear's Auctioneers 4 0 0 0 0

128 Europe Millon & Associés 13 3 23.08 302,718 1,989,763

129 Europe Morand & Morand 1 1 100 29,243 192,216

130 Europe Nagel Auktionen 2,071 1149 55.48 35,879,656 235,836,978

131 Europe Neret-Minet Scp. 8 1 12.50 3,180 20,905

132 Europe Neumeister Kunstauktionen 5 3 60 30,731 201,992

133 Europe O. Doutrebente 7 7 100 2,657,430 17,467,290

134 Europe Pandolfini Casa D'Aste 1 1 100 2,975 19,558

Perrin, Royere, Lajeunesse - 135 Europe 13 7 53.85 1,677,099 11,023,572 Versailles Enchères

136 Europe Pestel-Debord 2 0 0 0 0

Peter Karbstein Kunst & 137 Europe 1 1 100 2,762 18,152 Auktionshaus

Phillips de Pury & Company 138 Europe 23 8 34.78 396,930 2,609,024 London 139 Europe Piasa 15 8 53.33 30,627 201,308

Number of Number of Sell-Through Total Sales Volume Total Sales Volume # Region Auction House Lots Offered Lots Sold Rate (%) (USD) (Premium) (RMB) (Premium)

140 Europe Pierre Berge & Associés 395 331 83.80 2,695,200 17,715,547 141 Europe Pousse-Cornet 1 0 0 0 0 Quittenbaum Kunstauktionen 142 Europe 1 0 0 0 0 München 143 Europe Schuler Auktionen 7 4 57.14 51,941 341,406 144 Europe Segre Subastas 3 0 0 0 0 145 Europe Sotheby's London 2,652 1,731 65.27 83,642,809 549,784,185 146 Europe Sotheby's Milan 1 0 0 0 0 147 Europe Sotheby's Paris 1,268 962 75.87 36,350,188 238,929,783 148 Europe Stockholms Auktionsverk 276 185 67.03 1,701,204 11,182,013 149 Europe Tajan 130 63 48.46 732,829 4,816,882 150 Europe The Canterbury, Auction Galleries 2 2 100 2,100 13,800 151 Europe Van Ham Kunstauktionen 7 0 0 0 0

152 Europe Vanderkindere Auctioneer 1 1 100 4,027 26,473

153 Europe Venator & Hanstein KG 1 1 100 428 2,810

Villa Grisebach Auktionen 154 Europe 4 4 100 71,946 472,899 GmbH

155 Europe Villanfray & Associés 2 2 100 10,120 66,518

156 Europe Vlaamse Kaai Campo 1 1 100 79 520

157 Europe Wannenes Art Auctions 2 0 0 0 0

158 Europe Woolley & Wallis 470 296 62.98 3,777,576 24,830,005

Total in Europe 24,480 16,325 66.69% $395,255,396 ¥2,598,013,718

North Altermann Galleries & 159 12 10 83.33 94,532 621,359 America Auctioneers

North 160 artnet Auctions 128 128 100 1,360,625 8,943,388 America

North 161 Aspire Auctions 4 4 100 23,231 152,697 America

North Auction Gallery of the Palm 162 4 3 75 3,599 23,656 America Beaches

North 163 Bonhams Los Angeles 280 156 55.71 346,679 2,278,721 America North 164 Bonhams New York 1,554 1,040 66.92 7,000,992 46,017,520 America

Number of Number of Sell-Through Total Sales Volume Total Sales Volume # Region Auction House Lots Offered Lots Sold Rate (%) (USD) (Premium) (RMB) (Premium)

North 165 Bonhams San Francisco 2,809 1876 66.79 18,097,470 118,954,670 America North 166 Brunk Auctions 213 111 52.11 239,071 1,571,414 America North 167 Charlton Hall Auctioneers 59 59 100 809,836 5,323,052 America North 168 Christie's New York 3,477 2,735 78.66 85,508,185 562,045,300 America North Clark's Fine Art Gallery & 169 2 1 50 366 2,406 America Auctioneers Inc. North 170 Clars Auction Gallery 94 63 67.02 162,981 1,071,271 America North 171 Coeur d'Alene Art Auction 11 10 90.91 229,970 1,511,593 America North 172 Cottone Auctions 1 1 100 6,466 42,501 America North 173 Cowan's Auctions, Inc. 189 117 61.90 739,168 4,858,551 America North 174 CRN Auctions 2 2 100 6,649 43,704 America North 175 Dallas Auction Gallery 315 250 79.37 1,464,068 9,623,319 America North 176 Doyle New York 1,607 1,164 72.43 7,137,362 46,913,880 America

DuMouchelles Fine Arts North 177 Auctioneers and Estate 2 2 100 12,139 79,790 America Appraisal

North 178 Eldred's 1,612 860 53.35 2,078,140 13,659,614 America

North 179 Elite Decorative Arts 66 45 68.18 211,152 1,387,902 America

North 180 Fine Art Auctions Miami 7 0 0 0 0 America

North 181 Freeman's 1,233 832 67.48 4,184,320 27,503,535 America

North 182 Garth's Auctions 3 3 100 4,083 26,838 America

North 183 Gianguan Auctions 298 161 54.03 2,617,480 17,204,693 America North 184 Golden State Auction Gallery 235 91 38.72 716,954 4,712,539 America ©2013 Artnet Worldwide Corporation. ©China Association of Auctioneers. All rights reserved. Global Chinese Antiques and Art Auction Market 72 Annual Statistical Report: 2012

Number of Number of Sell-Through Total Sales Volume Total Sales Volume # Region Auction House Lots Offered Lots Sold Rate (%) (USD) (Premium) (RMB) (Premium)

North 185 Gray's Auctioneers 2 0 0 0 0 America North 186 Grogan & Company 3 2 66.67 2,787 18,319 America North 187 Heffel Fine Art Auction House 5 3 60 7,992 52,532 America North 188 Heritage Auctions New York 3 3 100 15,625 102,703 America North 189 Heritage Auctions Texas 50 29 58 124,503 818,358 America North 190 I.M. Chait 2,483 1,883 75.84 4,699,207 30,887,890 America North 191 Ivey-Selkirk 1 1 100 1,000 6,573 America North 192 Jackson Hole Art Auction 5 4 80 91,425 600,937 America North 193 Jackson's 65 41 63.08 205,620 1,351,540 America North John Moran Auctioneers & 194 7 7 100 12,723 83,628 America Appraisers North 195 Kaminski Auctions 32 24 75 2,696,048 17,721,120 America North Leland Little Auction & Estate 196 4 4 100 7,736 50,849 America Sales

North 197 Leslie Hindman Auctioneers 1,268 1,013 79.89 4,581,122 30,111,715 America

North 198 Los Angeles Modern Auctions 1 1 100 1,875 12,324 America

North 199 Maynards 23 7 30.43 82,790 544,178 America

North 200 Michaan's Auctions 704 570 80.97 2,522,943 16,583,304 America

North 201 Morton Houston 14 6 42.86 7,076 46,511 America

North Nader's & Fine Art Auctions 202 1 1 100 67,500 443,678 America Miami

North 203 Neal Auction Company 172 95 55.23 365,131 2,400,006 America North 204 New Orleans Auction Galleries 261 103 39.46 168,955 1,110,541 America

Number of Number of Sell-Through Total Sales Volume Total Sales Volume # Region Auction House Lots Offered Lots Sold Rate (%) (USD) (Premium) (RMB) (Premium)

North 205 Northeast Auctions 2 2 100 431,680 2,837,433 America North 206 Palm Beach Modern Auctions 1 0 0 0 0 America North Phillips de Pury & Company New 207 16 12 75 157,500 1,035,248 America York North Pook & Pook, Inc. Auctioneers 208 28 28 100 51,208 336,590 America and Appraisers North 209 Quinn's Auction Galleries 9 8 88.89 11,929 78,409 America North 210 Rago Arts and Auction Center 54 41 75.93 155,815 1,024,172 America North 211 RoGallery.com 23 1 4.35 25,000 164,325 America North 212 Scottsdale Art Auction 4 4 100 58,075 381,727 America North 213 Shannon's 2 2 100 30,000 197,190 America North 214 Skinner 1,225 966 78.86 4,259,869 28,000,119 America North 215 Sloans & Kenyon 452 218 48.23 418,836 2,753,006 America North 216 Sotheby's New York 2,024 1,460 72.13 112,057,012 736,550,740 America

North Stair Galleries - Auctioneers & 217 9 9 100 23,241 152,763 America Appraisers

North 218 Susanin's 1 0 0 0 0 America

North 219 Swann Galleries 623 558 89.57 1,488,354 9,782,951 America

North 220 The Potomack Company 8 5 62.50 36,661 240,973 America

North Thomaston Place Auction 221 13 5 38.46 28,487 187,245 America Galleries

North 222 Treadway Toomey Galleries 2 1 50 14,640 96,229 America

North Trinity International Auctions & 223 4 2 50 6,100 40,095 America Appraisals North 224 Waddington's 272 193 70.96 905,437 5,951,435 America

Number of Number of Sell-Through Total Sales Volume Total Sales Volume # Region Auction House Lots Offered Lots Sold Rate (%) (USD) (Premium) (RMB) (Premium)

North 225 Weschler's 11 7 63.64 61,915 406,967 America North 226 Wright 3 2 66.67 11,875 78,054 America Total in North America 24,107 17,045 70.71% $268,951,208 ¥1,767,816,290 Rest of 227 Bay East Auctions 3 3 100 12,574 82,646 the World Rest of 228 Bonhams Sydney 356 170 47.75 624,144 4,102,501 the World Rest of 229 Deutscher and Hackett 1 1 100 6,800 44,696 the World Rest of 230 Dunbar Sloane 1 0 0 0 0 the World Rest of 231 Lawson-Menzies 5 4 80 14,441 94,922 the World Rest of 232 Leonard Joel 2 1 50 5,021 33,006 the World Rest of 233 McKenzies Auctioneers 1 0 0 0 0 the World Rest of 234 Menzies Art Brands 2 1 50 3,181 20,910 the World Rest of 235 Mossgreen Gallery 17 11 64.71 157,548 1,035,561 the World Rest of 236 Shapiro Auctioneers 7 5 71.43 257,160 1,690,310 the World Rest of 237 Sotheby's Australia 5 5 100 28,549 187,650 the World

Rest of Sotheby's Cape Town / 238 58 30 51.72 54,317 357,028 the World Stephan Welz & Co.

Total in the Rest of the World 458 231 50.44% $1,163,735 ¥7,649,231

Total Overseas 68,162 44,972 65.98% $2,521,575,160 ¥16,574,313,526

List of Lots Sold Over 10 Million RMB in 2012

Mainland China Global Chinese Antiques and Art Auction Market 77 Annual Statistical Report: 2012

Auction House Price Realized # Region Category Lot Title and Artist and Sale Title (RMB) (Hammer)

China Guardian 2012 Spring Auctions: Paintings Classical Paintings 1 Beijing Ink Bamboo by Jin Nong 14,000,000 and Calligraphy of Yangzhou School and Calligraphy China Guardian 2012 Spring Auctions: Classical Classical Paintings Album of Colored Paintings after 2 Beijing 22,000,000 Chinese Paintings and Calligraphy and Calligraphy Song Masters by Jiang Tingxi Album of Paintings with Diffused China Guardian 2012 Spring Auctions: Classical Classical Paintings 3 Beijing Colors after Song Masters by Jiang 19,000,000 Chinese Paintings and Calligraphy and Calligraphy Tingxi Poem on Painting Horse in Running China Guardian 2012 Spring Auctions: Classical Classical Paintings 4 Beijing Script 15,000,000 Chinese Paintings and Calligraphy and Calligraphy by Li Dongyang Shaoshan—Revolutionary Sacred China Guardian 2012 Spring Auctions: Grand Modern Paintings 5 Beijing Place of Chairman Mao's Former 108,000,000 View: Chinese Painting Highlight and Calligraphy Residence by Li Keran China Guardian 2012 Spring Auctions: Grand Modern Paintings Grand Trees and Overlapping 6 Beijing 18,000,000 View: Chinese Painting Highlight and Calligraphy Mountains by Wu Hufan China Guardian 2012 Spring Auctions: Grand Modern Paintings 7 Beijing Standing Horse by Xu Beihong 16,000,000 View: Chinese Painting Highlight and Calligraphy China Guardian 2012 Spring Auctions: Grand Modern Paintings Red Lotus with Golden Lines by 8 Beijing 15,000,000 View: Chinese Painting Highlight and Calligraphy Zhang Daqian China Guardian 2012 Spring Auctions: Grand Modern Paintings Bodhisattva Avaloki Tesvara 9 Beijing 14,000,000 View: Chinese Painting Highlight and Calligraphy by Zhang Daqian China Guardian 2012 Spring Auctions: Grand Modern Paintings Four Paintings with Flowers by Wu 10 Beijing 13,500,000 View: Chinese Painting Highlight and Calligraphy Changshuo China Guardian 2012 Spring Auctions: Grand Modern Paintings Travelling in the Autumn Mountain 11 Beijing 13,000,000 View: Chinese Painting Highlight and Calligraphy by Fu Baoshi China Guardian 2012 Spring Auctions: Grand Modern Paintings Chausie by Xu Beihong and Zhang 12 Beijing 12,000,000 View: Chinese Painting Highlight and Calligraphy Shuqi China Guardian 2012 Spring Auctions: Modern Landscape of a Pine-tree- Modern Paintings 13 Beijing Chinese shadowed Path in the Mountains 12,500,000 and Calligraphy Paintings II by Huang Binghong China Guardian 2012 Spring Auctions: Modern Modern Paintings Crossing the Changjiang River by 14 Beijing 10,500,000 Chinese Paintings II and Calligraphy Li Keran Contemporary China Guardian 2012 Spring Auctions: 15 Beijing Paintings and Silence by Jia Youfu 13,000,000 Contemporary Chinese Paintings Calligraphy China Guardian 2012 Spring Auctions: Chinese Oil Painting and Revolution Tops All by 16 Beijing 35,000,000 Oil Painting and Sculpture Contemporary Art Shen Yaoyi China Guardian 2012 Spring Auctions: Chinese Oil Painting and 17 Beijing 13.2.92 by Zao Wou-ki 10,500,000 Oil Painting and Sculpture Contemporary Art Zitan Wood Brushpot Carved China Guardian 2012 Spring Auctions: Treasured Porcelain, Jade, with Dragon and Auspicious Sea 18 Beijing Playthings from the Scholar's Studio—The and Miscellaneous Creatures Made by Master Chou 48,000,000 Jiansong Ge Collection Works of Art Zhu of the Ming Dynasty (Period Zhengde to Jiajing, 1506–1566) ©2013 Artnet Worldwide Corporation. ©China Association of Auctioneers. All rights reserved. Global Chinese Antiques and Art Auction Market 78 Annual Statistical Report: 2012

Auction House Price Realized # Region Category Lot Title and Artist and Sale Title (RMB) (Hammer)

Royal Caparisoned and Gold- China Guardian 2012 Spring Auctions: Treasured Porcelain, Jade, decorated Elephant Made 19 Beijing Playthings from the Scholar's Studio—The and Miscellaneous 13,500,000 in The Yongle Period of the Jiansong Ge Collection Works of Art Ming Dynasty Rare Large Wucai Porcelain Jar Porcelain, Jade, China Guardian 2012 Spring Auctions: Collection with Fish and Water Plants Motif 20 Beijing and Miscellaneous 13,000,000 of Chinese Ancient Porcelain Made in the Jiajing Period of the Works of Art Ming Dynasty Rare Large Dish with Yellow-ground Porcelain, Jade, China Guardian 2012 Spring Auctions: Collection and Blue-and-white Lotus Motif 21 Beijing and Miscellaneous 10,000,000 of Chinese Ancient Porcelain Made in the Yongzheng Period of Works of Art the Qing Dynasty Rectangular Huanghuali Wood China Guardian 2012 Spring Auctions: Immortal Porcelain, Jade, Table with Everted Flanges Made 22 Beijing Beauties: Classical Furniture from the Ming and and Miscellaneous 28,000,000 in the Late Ming Dynasty and the Qing Dynasties Works of Art Early Qing Dynasty China Guardian 2012 Spring Auctions: Immortal Porcelain, Jade, Zitan Wood Luohan Couch-Bed 23 Beijing Beauties: Classical Furniture from the Ming and and Miscellaneous with Fences on Three Sides Made 18,000,000 Qing Dynasties Works of Art in the Early Qing Dynasty Porcelain, Jade, Over-glazed Plaque with China Guardian 2012 Spring Auctions: Modern 24 Beijing and Miscellaneous an Autumn Moon Over the 10,800,000 and Contemporary Ceramic Art Works of Art Han Palace A Landscape of Fuchun Mountain China Guardian 2012 Autumn Auctions: Grand Classical Paintings 25 Beijing after Huang Gongwang by Dong 54,500,000 View: Chinese Painting Highlight (Classical) and Calligraphy Qichang China Guardian 2012 Autumn Auctions: Grand Classical Paintings Temple in Cloudy Mountain by 26 Beijing 34,500,000 View: Chinese Painting Highlight (Classical) and Calligraphy Zhang Zongcang Calligraphy in Running Script by China Guardian 2012 Autumn Auctions: Grand Classical Paintings 27 Beijing Emperor Kangxi and 40 Poems in 20,000,000 View: Chinese Painting Highlight (Classical) and Calligraphy Praise of it by his Officials China Guardian 2012 Autumn Auctions: Grand Classical Paintings 21 Lyrics in Small Regular Script 28 Beijing 14,900,000 View: Chinese Painting Highlight (Classical) and Calligraphy by Zhu Yunming Landscape of Green Mountains China Guardian 2012 Autumn Auctions: Grand Classical Paintings 29 Beijing and Waters after Song Masters 13,000,000 View: Chinese Painting Highlight (Classical) and Calligraphy by Lan Ying China Guardian 2012 Autumn Auctions: Classical Paintings Leisure in Royal Garden by 30 Beijing 15,800,000 Classical Chinese Paintings and Calligraphy Anonymous Imaginary Landscape of Wangwei's China Guardian 2012 Autumn Auctions: Classical Paintings 31 Beijing Village in Wangchuan after Wang 11,500,000 Classical Chinese Paintings and Calligraphy Meng by Song Xu Hermits in Mountain with a Poem China Guardian 2012 Autumn Auctions: Classical Paintings 32 Beijing in Cursive Script by Shen Zhou and 10,000,000 Classical Chinese Paintings and Calligraphy Zhu Yunming China Guardian 2012 Autumn Auctions: Modern Modern Paintings Landscape Painted with Splashed 33 Beijing 19,000,000 Chinese Painting and Calligraphy I and Calligraphy Blue Ink by Zhang Daqian

Auction House Price Realized # Region Category Lot Title and Artist and Sale Title (RMB) (Hammer)

China Guardian 2012 Autumn Auctions: Modern Modern Paintings The Elegant Gathering by 34 Beijing 18,000,000 Chinese Painting and Calligraphy I and Calligraphy Fu Baoshi China Guardian 2012 Autumn Auctions: Grand Modern Paintings Mountain Dwelling by 35 Beijing 12,000,000 View: Chinese Painting Highlight (Modern) and Calligraphy Huang Binhong China Guardian 2012 Autumn Auctions: Grand Modern Paintings Landscape of Sightseeing in the 36 Beijing 12,000,000 View: Chinese Painting Highlight (Modern) and Calligraphy River-side Mountains by Li Keran Album of Flowers and Landscapes China Guardian 2012 Autumn Auctions: Grand Modern Paintings 37 Beijing for Zhang Qunshan 22,000,000 View: Chinese Painting Highlight (Modern) and Calligraphy by Zhang Daqian China Guardian 2012 Autumn Auctions: Grand Modern Paintings Album of Flowers by 38 Beijing 17,500,000 View: Chinese Painting Highlight (Modern) and Calligraphy Wu Changshuo China Guardian 2012 Autumn Auctions: Grand Modern Paintings 39 Beijing Leisure by Qi Baishi 11,500,000 View: Chinese Painting Highlight (Modern) and Calligraphy China Guardian 2012 Autumn Auctions: Grand Modern Paintings Four Paintings of Auspicious 40 Beijing 16,000,000 View: Chinese Painting Highlight (Modern) and Calligraphy Flowers by Qi Baishi China Guardian 2012 Autumn Auctions: Grand Modern Paintings The View of Xuan Wu Lake at a 41 Beijing 18,000,000 View: Chinese Painting Highlight (Modern) and Calligraphy Spring Night by Fu Baoshi China Guardian 2012 Autumn Auctions: Grand Modern Paintings Landscape of Mountains by Fu 42 Beijing 11,000,000 View: Chinese Painting Highlight (Modern) and Calligraphy Baoshi and Guan Shanyue Sinology Research Institute China Guardian 2012 Autumn Auctions: Chinese Oil Painting and 43 Beijing (Enclosed with an Oil Draft and 16 18,000,000 Oil Painting and Sculpture Contemporary Art Sketches) by Chen Danqing No.17 Imperial Ceremonial Sabre China Guardian 2012 Autumn Auctions: An Porcelain, Jade, Baoteng with Jade Hilt and 44 Beijing Exceptional Imperial Ceremonial Sabre and and Miscellaneous 42,000,000 Scabbard Covered with Golden Scabbard Works of Art Peach Tree Bark Zitan Throne Chair Carved with Landscape, a Footstool with Dragon-shaped Carving, a Pair of China Guardian 2012 Autumn Auctions: Hall Porcelain, Jade, Incense Zitan Stands with Dragon- 45 Beijing of Beauty—Jewelry and Replica of Qing Court and Miscellaneous 15,000,000 shaped Carving, Standing Screen Furniture Donated by Madam Chen Lihua Works of Art Carved with Auspicious Scenes from the Story Adding Living Years in the Sea House Ancient Books Ti Song Ban Tong Jian Zong Lei China Guardian 2012 Autumn Auctions: Rare 46 Beijing and Calligraphy (the Song Version of Overview of 12,000,000 Books and Manuscripts Inscriptions Chronicles) compiled by Shen Shu Sungari 2012 Spring Auctions: Classical Chinese Classical Paintings 10 Paintings of 10 Views of the 47 Beijing 17,500,000 Paintings and Calligraphy and Calligraphy West Lake by Lan Ying Sungari 2012 Spring Auctions: Classical Chinese Classical Paintings 48 Beijing Two Pine Trees by Xie Shichen 16,500,000 Paintings and Calligraphy and Calligraphy Sungari 2012 Autumn Auctions: The Bloom of Jewelry and 49 Beijing Jadeite Bangle 21,000,000 the Best: Jewelry Jadeite

Auction House Price Realized # Region Category Lot Title and Artist and Sale Title (RMB) (Hammer)

Colored Enamel Porcelain Pot Porcelain, Jade, Decorated with Nine Dragons and The Orient International Auction 2012 Autumn 50 Beijing and Miscellaneous Two Creature-shaped Ears Made in 28,000,000 Auctions: Porcelain Works of Art the Qianlong Period of the Qing Dynasty Beijing Council 2012 Spring Auctions: Classical Classical Paintings Landscape after Huang Gongwang 51 Beijing 19,000,000 Paintings and Calligraphy and Calligraphy by Wang Yuanqi Beijing Council 2012 Spring Auctions: Classical Classical Paintings Chrysanthemum and Rock 52 Beijing 10,000,000 Paintings and Calligraphy and Calligraphy by Zou Yigui Beijing Council 2012 Spring Auctions: The Classical Paintings Five-character Poem in Cursive 53 Beijing Classical Chinese Calligraphy of the Ming and 10,000,000 and Calligraphy Script by Li Yuanlu Qing Dynasties Beijing Council 2012 Spring Auctions: The Classical Paintings Calligraphy after Xu Qiao 54 Beijing Classical Chinese Calligraphy of the Ming and 30,000,000 and Calligraphy by Wang Duo Qing Dynasties Beijing Council 2012 Spring Auctions: Homeland Classical Paintings Poem of Growing Vegetables 55 Beijing Feeling—Chinese Paintings and Calligraphy by 28,000,000 and Calligraphy by Wu Zhizhen Adherents of the Ming Dynasty Beijing Council 2012 Spring Auctions: Homeland Classical Paintings Orchid and Bamboo in the Wind by 56 Beijing Feeling—Chinese Paintings and Calligraphy by 25,000,000 and Calligraphy Shi Tao Adherents of the Ming Dynasty Beijing Council 2012 Spring Auctions: Homeland Classical Paintings Vajracchedika-sutra in Small 57 Beijing Feeling—Chinese Paintings and Calligraphy by 18,000,000 and Calligraphy Regular Script by Fu Shan Adherents of the Ming Dynasty Beijing Council 2012 Spring Auctions: Homeland Classical Paintings Album of Calligraphy by 58 Beijing Feeling—Chinese Paintings and Calligraphy by 16,000,000 and Calligraphy Bada Shanren Adherents of the Ming Dynasty Beijing Council 2012 Spring Auctions: Homeland Classical Paintings Red Plum Blossoms on the Cliff by 59 Beijing Feeling—Chinese Paintings and Calligraphy by 14,000,000 and Calligraphy Jian Jiang Adherents of the Ming Dynasty Beijing Council 2012 Spring Auctions: Homeland Classical Paintings Representation of Du Shaoling's 60 Beijing Feeling—Chinese Paintings and Calligraphy by 12,000,000 and Calligraphy Poem by Wu Li Adherents of the Ming Dynasty Beijing Council 2012 Spring Auctions: Homeland Classical Paintings 61 Beijing Feeling—Chinese Paintings and Calligraphy by Yellowbird by Bada Shanren 10,500,000 and Calligraphy Adherents of the Ming Dynasty Beijing Council 2012 Spring Auctions: Innate Modern Paintings Dwelling in the Mountains with 62 Beijing 18,500,000 Interest: Chinese Paintings by Qi Baishi and Calligraphy Bamboos by Qi Baishi Beijing Council 2012 Spring Auctions: Modern Modern Paintings Reminisce in a Quiet Valley by Fu 63 Beijing 12,000,000 Chinese Painting and Calligraphy and Calligraphy Baoshi Beijing Council 2012 Spring Auctions: Oil Oil Painting and 64 Beijing Butterfly by Zhao Bandi 24,000,000 Painting and Sculpture Contemporary Art

Auction House Price Realized # Region Category Lot Title and Artist and Sale Title (RMB) (Hammer)

Beijing Council 2012 Spring Auctions: Ancient Ancient Books 65 Beijing Books and Reliable Text Collected by Guo Yun and Calligraphy Books Collected by Guo Yun Lou 188,000,000 Lou Inscriptions Beijing Council 2012 Autumn Auctions: Past Classical Paintings 66 Beijing Dynasties’ Collection of Poems by Ding Jing 10,500,000 and Calligraphy Chinese Calligraphy Beijing Council 2012 Autumn Auctions: Classical Classical Paintings 67 Beijing Landscape by Wang Yuanqi 17,500,000 Chinese Paintings and Calligraphy Beijing Council 2012 Autumn Auctions: Classical Classical Paintings Album with Calligraphy and 68 Beijing 10,000,000 Chinese Paintings and Calligraphy Paintings by Dong Qichang Beijing Council 2012 Autumn Auctions: Chinese Wo Gu, a Poem in Praise of Shi Classical Paintings 69 Beijing Paintings and Calligraphy by “Art School of Wu” Chiweng, in Running Script by Shen 26,500,000 and Calligraphy of the Ming Dynasty Zhou Beijing Council 2012 Autumn Auctions: Paintings Classical Paintings A Portrait of Bada Shanren 70 Beijing and Calligraphy by Adherents of the Ming 21,000,000 and Calligraphy by Shi Tao Dynasty Beijing Council 2012 Autumn Auctions: Paintings Classical Paintings Yu Gezi, a Poem of Fishing in 71 Beijing and Calligraphy by Adherents of the Ming 18,000,000 and Calligraphy Running Script by Gong Xian Dynasty Beijing Council 2012 Autumn Auctions: Modern Modern Paintings 72 Beijing Paintings The Miners by Zhou Sicong 13,000,000 and Calligraphy and Calligraphy I Landscape: In the Tree-shaded Beijing Council 2012 Autumn Auctions: Chinese Modern Paintings 73 Beijing Mountains with My Zither 12,500,000 Paintings Collected in “Xiu Mei Cao Tang” and Calligraphy by Fu Baoshi Beijing Tranthy 2012 Spring Auctions: Chinese Modern Paintings Landscape: A Talk in the Mountains 74 Beijing 18,500,000 Paintings and Calligraphy and Calligraphy by Fu Baoshi Beijing Tranthy 2012 Spring Auctions: Chinese Modern Paintings The Central District of Hong Kong 75 Beijing 16,000,000 Paintings and Calligraphy and Calligraphy by Wu Guanzhong Beijing Tranthy 2012 Spring Auctions: Chinese Modern Paintings Landscape: The Waterfall 76 Beijing 13,000,000 Paintings and Calligraphy and Calligraphy by Fu Baoshi Beijing Tranthy 2012 Spring Auctions: Chinese Modern Paintings Landscape: The Autumn Mountains 77 Beijing 30,000,000 Paintings and Calligraphy and Calligraphy in Lijiang by Li Keran A Porcelain Pot with Two Pink Porcelain, Jade, Dragon-shaped Ears and Beijing Tranthy 2012 Spring Auctions: Antiques 78 Beijing and Miscellaneous Auspicious Deer Motif Made in the 25,000,000 and Rare Playthings Works of Art Qianlong Period of the Qing Dynasty Modern Chinese Beijing Huachen 2012 Spring Auctions: Chinese Bao Yan Lou and Its Master 79 Beijing Paintings and 34,800,000 Paintings and Calligraphy by Fu Baoshi Calligraphy Beijing Huachen 2012 Spring Auctions: Chinese Oil Painting and A Portrait of Sun Yat-sen 80 Beijing Oil Paintings 17,800,000 Contemporary Art by Jin Shangyi and Sculptures

Auction House Price Realized # Region Category Lot Title and Artist and Sale Title (RMB) (Hammer)

Porcelain, Jade, A Blue-and-white Plate with Flower, Beijing Huachen 2012 Spring Auctions: Chinese 81 Beijing and Miscellaneous Fish, and Water Plants Motif Made 59,900,000 Ceramics, Jades and Craft Arts Works of Art in the Yuan Dynasty Beijing Huachen 2012 Spring Auctions: Chinese Modern Paintings The Fairyland—Fu Rong Ge (Cotton 82 Beijing Paintings 19,800,000 and Calligraphy Rose Pavilion) by Qi Baishi and Calligraphy Beijing Rombon 2012 Autumn Auctions: Modern Modern Paintings Album of 16 Arhats 83 Beijing Paintings 10,000,000 and Calligraphy by Qi Baishi and Calligraphy Beijing Poly 2012 Spring Auctions: Spectacular Scene: Ancient Chinese Paintings and Classical Paintings Landscape: Mountains in the Cloud 84 Beijing 15,000,000 Calligraphies and Calligraphy by Fang Congyi Evening Sale Beijing Poly 2012 Spring Auctions: Spectacular Landscape: The Bell of the Temple Scene: Ancient Chinese Paintings and Classical Paintings 85 Beijing in the Mist 13,500,000 Calligraphies and Calligraphy by Xiang Shengmo Evening Sale Beijing Poly 2012 Spring Auctions: Spectacular Scene: Ancient Chinese Paintings and Classical Paintings Landscape: 12 Views of Wuzhong 86 Beijing 10,000,000 Calligraphies and Calligraphy by Wen Zhengming Evening Sale Beijing Poly 2012 Spring Auctions: Modern Modern Paintings 87 Beijing Mountains in Red by Li Keran 255,000,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy Beijing Poly 2012 Spring Auctions: Modern Modern Paintings Representation of Du Fu's Poem by 88 Beijing 80,000,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy Fu Baoshi Beijing Poly 2012 Spring Auctions: Modern Modern Paintings 89 Beijing Seven Magpies by Xu Beihong 28,000,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy Beijing Poly 2012 Spring Auctions: Modern Modern Paintings Hermit in Landscape 90 Beijing 25,500,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy by Zhang Daqian Beijing Poly 2012 Spring Auctions: Modern Modern Paintings Facing the Cliffside Springs 91 Beijing 22,000,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy by Fu Baoshi Beijing Poly 2012 Spring Auctions: Modern Modern Paintings Eagle on a Rock 92 Beijing 21,000,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy by Pan Tianshou Beijing Poly 2012 Spring Auctions: Modern Modern Paintings Hermits under Pine Trees 93 Beijing 18,500,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy by Fu Baoshi Beijing Poly 2012 Spring Auctions: Modern Modern Paintings Bird and Wood after the Song 94 Beijing 16,500,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy Masters by Zhang Daqian Beijing Poly 2012 Spring Auctions: Modern Modern Paintings Kang Youwei and His Family on His 95 Beijing 13,000,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy 60th Birthday by Xu Beihong Beijing Poly 2012 Spring Auctions: Modern Modern Paintings Landscape: Tongguan in Snow by 96 Beijing 11,500,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy Zhang Daqian Beijing Poly 2012 Spring Auctions: Modern Modern Paintings Xie Dongshan Meeting Three 97 Beijing 11,500,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy Scholars by Fu Baoshi

Auction House Price Realized # Region Category Lot Title and Artist and Sale Title (RMB) (Hammer)

Beijing Poly 2012 Spring Auctions: Modern Modern Paintings 98 Beijing Leaves and Insects by Qi Baishi 10,000,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy Contemporary Beijing Poly 2012 Spring Auctions: Chinese Pu Songling Telling Stories by Wang 99 Beijing Paintings and 12,000,000 Contemporary Ink Paintings Mingming Calligraphy Contemporary Beijing Poly 2012 Spring Auctions: Chinese 100 Beijing Paintings and Sew the Tent by Zhao Xucheng 11,000,000 Contemporary Ink Paintings Calligraphy Beijing Poly 2012 Spring Auctions: Contemporary A Peaceful World—Pope John Paul 101 Beijing Contemporary Ink Paintings—Thirty Years Paintings and 10,100,000 by Wang Xijing History Retrospection Calligraphy Beijing Poly 2012 Spring Auctions: A Rare Oil Painting and Girl in Front of the Still Life by Yang 102 Beijing Collection of Realist Paintings from the 1988 30,000,000 Contemporary Art Feiyun Body Art Exhibition Beijing Poly 2012 Spring Auctions: A Rare Oil Painting and Uyghur Girl in Her Colorful Dress by 103 Beijing 13,000,000 Collection of Xinjiang Themed Realist Paintings Contemporary Art Wang Yidong Beijing Poly 2012 Spring Auctions: Modern and Oil Painting and 104 Beijing 23.3.68 by Zhao Wuji 16,900,000 Contemporary Chinese Arts Evening Sale Contemporary Art Beijing Poly 2012 Spring Auctions: Modern and Oil Painting and The Fortune Teller 105 Beijing 11,200,000 Contemporary Chinese Arts Evening Sale Contemporary Art by Chen Yifei Beijing Poly 2012 Spring Auctions: Modern Oil Painting and Zizhuyuan Park in Early Spring by 106 Beijing and Contemporary Chinese Arts Evening Sale: 15,500,000 Contemporary Art Wu Guanzhong Important Paintings of Wu Guanzhong Porcelain, Jade, Famille Rose Floral Globular Vase Beijing Poly 2012 Spring Auctions: Imperial 107 Beijing and Miscellaneous Made in the Qianlong Period of the 11,000,000 Chinese Ceramics and Works of Art Works of Art Qing Dynasty A White Jade Seal with a Dragon Beijing Poly 2012 Spring Auctions: The Eightieth Porcelain, Jade, Button and an Inscription: "Ba 108 Beijing Birthday—Emperor Qianlong's 80th Birthday and Miscellaneous Zheng Mao Nian Zhi Bao," Made in 60,000,000 Jade Seal and His Curios Works of Art the Qianlong Period of the Qing Dynasty Beijing Poly 2012 Spring Auctions: The Eightieth Porcelain, Jade, A Rectangular Pot with Hollow 109 Beijing Birthday—Emperor Qianlong's 80th Birthday and Miscellaneous Ears Made in the Government Kiln 31,500,000 Jade Seal and His Curios Works of Art Inscribed by Qianlong A Chenxiang Wood Seat Screen Beijing Poly 2012 Spring Auctions: The Eightieth Porcelain, Jade, with Mirror and Fairyland Carving 110 Beijing Birthday—Emperor Qianlong's 80th Birthday and Miscellaneous 18,000,000 Made in the Qianlong Period of the Jade Seal and His Curios Works of Art Qing Dynasty Beijing Poly 2012 Spring Auctions: New Moon Porcelain, Jade, A Set of Four Famille Rose Collection: Ceramic Paintings by Artists in the 111 Beijing and Miscellaneous Landscape Wall Plaques 19,500,000 Period of the Republic of China and the Modern Works of Art by He Xuren Ceramic Art

Auction House Price Realized # Region Category Lot Title and Artist and Sale Title (RMB) (Hammer)

Beijing Poly 2012 Spring Auctions: New Moon Porcelain, Jade, Collection: Ceramic Paintings by Artists in the Over-glazed Enamel Horse Panel by 112 Beijing and Miscellaneous 10,000,000 Period of the Republic of China and the Modern Zhu Legeng Works of Art Ceramic Art A Set of Jadeite and Diamond Beijing Poly 2012 Spring Auctions: Senses at Jewelry and 113 Beijing Necklace, Pendant Earrings, 16,500,000 Dawn—Important Jewels and Jadeite Jadeite and Ring Beijing Poly 2012 Spring Auctions: Senses at Jewelry and 114 Beijing Green Jadeite Bangle 16,000,000 Dawn—Important Jewels and Jadeite Jadeite Beijing Poly 2012 Spring Auctions: Senses at Jewelry and 115 Beijing Green Jadeite Leaf Pendant 11,000,000 Dawn—Important Jewels and Jadeite Jadeite Song Dynasty Phonetic Dictionary Beijing Poly 2012 Autumn Auctions: Guangyun Classical Paintings of Chinese Characters (Five 116 Beijing Lou's Legendary 30,000,000 and Calligraphy Volumes) compiled Book Collection by Lu Fayan Beijing Poly 2012 Autumn Auctions: Classical Classical Paintings 117 Beijing Landscape by Wang Zhenpeng 88,000,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy Beijing Poly 2012 Autumn Auctions: Classical Classical Paintings Landscape in Memory of My 118 Beijing 20,000,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy Mother by Shen Zhou Beijing Poly 2012 Autumn Auctions: Classical Classical Paintings Landscape of Yushan 119 Beijing 19,500,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy by Wang Hui Beijing Poly 2012 Autumn Auctions: Classical Classical Paintings Manuscript of Jishizhu (A 120 Beijing 15,500,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy Memoriam) by Qian Yong Representation of Fan Chengda's Beijing Poly 2012 Autumn Auctions: Classical Classical Paintings Poem of the Lantern Market with 121 Beijing 11,000,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy Emperor Gaozong's Inscription by Shen Yuan Beijing Poly 2012 Autumn Auctions: Modern Modern Paintings Landscape: Mountains in Cloud by 122 Beijing 28,500,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy Li Keran Beijing Poly 2012 Autumn Auctions: Modern Modern Paintings Crows on a Rock by 123 Beijing 24,000,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy Pan Tianshou Beijing Poly 2012 Autumn Auctions: Modern Modern Paintings 124 Beijing Figures by Qi Baishi 19,000,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy Beijing Poly 2012 Autumn Auctions: Modern Modern Paintings Main Peak of Jinggang Mountains 125 Beijing 17,500,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy by Li Keran Beijing Poly 2012 Autumn Auctions: Modern Modern Paintings 126 Beijing Hut in the Pines by Fu Baoshi 12,000,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy Beijing Poly 2012 Autumn Auctions: Modern Modern Paintings Landscape of Yandang Mountain 127 Beijing 10,000,000 Chinese Paintings and Calligraphies Evening Sale and Calligraphy by Lu Yanshao Beijing Poly 2012 Autumn Auctions: Salute to Modern Paintings Representation of Xin Qiji’s Poem 128 Beijing Masters—Floating Clouds and Flowing Water: 13,000,000 and Calligraphy by Lu Yanshao Important Works of Lu Yanshao

Auction House Price Realized # Region Category Lot Title and Artist and Sale Title (RMB) (Hammer)

Beijing Poly 2012 Autumn Auctions: Salute to Modern Paintings Representation of Mao Zedong's 129 Beijing Masters—Collections from Li Keran's Family: 35,500,000 and Calligraphy Poem by Li Keran Important Works of Li Keran Beijing Poly 2012 Autumn Auctions: Salute to Modern Paintings Ode to the Mother Country 130 Beijing Masters—Ode to My Country: Important Works 72,000,000 and Calligraphy by Qi Baishi of Qi Baishi Beijing Poly 2012 Autumn Auctions: Ode to My Modern Paintings Eagle on a Pine Tree 131 Beijing Country: Important Works of Qi Baishi 21,000,000 and Calligraphy by Qi Baishi

Drinking in the House Surrounded Beijing Poly 2012 Autumn Auctions: Ode to My Modern Paintings 132 Beijing by Pine Trees 15,000,000 Country: Important Works of Qi Baishi and Calligraphy by Qi Baishi Beijing Poly 2012 Autumn Auctions: Ode to My Modern Paintings Scenery from a Past Trip 133 Beijing 10,000,000 Country: Important Works of Qi Baishi and Calligraphy by Qi Baishi Beijing Poly 2012 Autumn Auctions: Chinese Oil Oil Painting and The Story of Youth 134 Beijing 17,500,000 Paintings Collected in Early Years Contemporary Art by Liu Xiaodong Beijing Poly 2012 Autumn Auctions: Modern and Oil Painting and The Full Moon Night 135 Beijing 16,500,000 Contemporary Chinese Art Evening Sale Contemporary Art by Chen Xianrui Beijing Poly 2012 Autumn Auctions: Modern and Oil Painting and 2008. Beijing 136 Beijing 16,000,000 Contemporary Chinese Art Evening Sale Contemporary Art by Liu Yi Beijing Poly 2012 Autumn Auctions: Modern and Oil Painting and 137 Beijing Snow by Wang Yidong 11,500,000 Contemporary Chinese Art Evening Sale Contemporary Art Beijing Poly 2012 Autumn Auctions: A Oil Painting and 138 Beijing Retrospect of Yang Feiyun's Important Works in Lotus Screen by Yang Feiyun 15,000,000 Contemporary Art 20 Years Emperor-inscribed Zitan Ruyi Inlaid Beijing Poly 2012 Autumn Auctions: Joyful Porcelain, Jade, with Three Pieces of Ancient Jade 139 Beijing Contemplation—Imperially Inscribed Scholarly and Miscellaneous 12,000,000 Made in the Qianlong Period of the Works of Art Works of Art Qing Dynasty A Blue-and-white Openwork Porcelain, Jade, Beijing Poly 2012 Autumn Auctions: The Art of Censer with Flower and Wave Motif 140 Beijing and Miscellaneous 22,000,000 the Ming Dynasty Made in the Xuande Period of the Works of Art Ming Dynasty Porcelain, Jade, A Blue-and-white Jar with Dragon Beijing Poly 2012 Autumn Auctions: The Art of 141 Beijing and Miscellaneous and Peony Motif Made in the 11,500,000 the Ming Dynasty Works of Art Yuan Dynasty Beijing Poly 2012 Autumn Auctions: A Magnificent Imperial Jadeite Water Vessel with Porcelain, Jade, Imperial Jadeite Mythological Chimera Water Mythological Chimera Motif Made 142 Beijing and Miscellaneous 43,000,000 Vessel and Imperial Ceramics and Works in the Qianlong Period of the Qing Works of Art of Arts Dynasty A Blue-and-white Moonflask Beijing Poly 2012 Autumn Auctions: A Magnificent Porcelain, Jade, Decorated with Eight Symbols Imperial Jadeite Mythological Chimera Water 143 Beijing and Miscellaneous of Buddhist Power Made in the 11,500,000 Vessel and Imperial Ceramics and Works Works of Art Qianlong Period of the of Arts Qing Dynasty

Auction House Price Realized # Region Category Lot Title and Artist and Sale Title (RMB) (Hammer)

A Pair of Yellow-ground, Famille Rose Vases (with Motif of the Eight Beijing Poly 2012 Autumn Auctions: A Magnificent Porcelain, Jade, Immortals’ Symbols Twined in 144 Beijing Imperial Jadeite Mythological Chimera Water and Miscellaneous 11,500,000 Flowers, Four Elephant-shaped Vessel and Imperial Ceramics and Works of Arts Works of Art Ears, and Two Covers) Made in the Jiaqing Period of the Qing Dynasty A Circular White Jade Table Screen Beijing Poly 2012 Autumn Auctions: A Magnificent Porcelain, Jade, with Landscape and Figure Carving 145 Beijing Imperial Jadeite Mythological Chimera Water and Miscellaneous 11,000,000 Made in the Qianlong Period of the Vessel and Imperial Ceramics and Works of Arts Works of Art Qing Dynasty A Lotus-shaped White Jade Box Beijing Poly 2012 Autumn Auctions: A Magnificent Porcelain, Jade, with Seven Buddhist Motifs Made 146 Beijing Imperial Jadeite Mythological Chimera Water and Miscellaneous 11,000,000 in the Qianlong Period of the Qing Vessel and Imperial Ceramics and Works of Arts Works of Art Dynasty Six Famille Rose Plaques with Beijing Poly 2012 Autumn Auctions: New Moon Porcelain, Jade, Figures and Landscape Motif Made Collection: Ceramic Paintings by Artists of the 147 Beijing and Miscellaneous at the Request of Important People 28,500,000 Late Qing Dynasty and the Republic of China & Works of Art (Wang Qi, Wang Yeting, etc.) of the the Modern and Contemporary Ceramic Art Republic of China Period Beijing Poly 2012 Autumn Auctions: New Moon A Set of Four, Five-Color Enameled Porcelain, Jade, Collection: Ceramic Paintings by Artists of the Plaques with Ancient Chinese Lady 148 Beijing and Miscellaneous 10,000,000 Late Qing Dynasty and the Republic of China & Motif Made by Dai Ronghua in Works of Art the Modern and Contemporary Ceramic Art 2011 A Green Jadeite Bead Necklace Beijing Poly 2012 Autumn Auctions: Fruits of Jewelry and 149 Beijing with a Diamond and Red 16,000,000 Desire—Important Jewels and Jadeite Jadeite Tourmaline Pendant 33.88 Cts Yellow IF Clarity Beijing Poly 2012 Autumn Auctions: Fruits of Jewelry and 150 Beijing Diamond—The Sundance with a 13,000,000 Desire—Important Jewels and Jadeite Jadeite Diamond Necklace A Landscape: Zhu Lin Da Shi on Beijing Poly the 18th Fine Art Work Auction: Classical Paintings 151 Beijing His Way to a Sermon attributed to 10,000,000 Chinese Paintings and Calligraphy V and Calligraphy Chen Kengru Beijing Inshine 2012 Autumn Auction: Classical Paintings An Album of Landscapes after the 152 Beijing 26,500,000 Classical Paintings and Calligraphy and Calligraphy Ancient Style by Wang Hui Representation of a Buddhism Beijing Inshine 2012 Autumn Auction: Classical Paintings Legend (about Hariti Trying to Save 153 Beijing 26,000,000 Classical Paintings and Calligraphy and Calligraphy Her Child from Buddha’s Alms-bowl) by Zhu Yu Landscape: The Spring Mountains Beijing Inshine 2012 Autumn Auction: Classical Paintings 154 Beijing and Waters 16,000,000 Classical Paintings and Calligraphy and Calligraphy by Wang Shimin Beijing Longrong 2012 the First Auction: Classical Paintings 155 Beijing Meeting of Elders by Anonymous 110,000,000 Collection of Masters' and Calligraphy Beijing Longrong 2012 the First Auction: Modern Paintings 10 Horses in the Spring Mountain 156 Beijing 105,000,000 Collection of Masters' and Calligraphy by Xu Beihong

Auction House Price Realized # Region Category Lot Title and Artist and Sale Title (RMB) (Hammer)

Beijing Longrong 2012 the First Auction: Modern Paintings Insect and Landscape (Set of Six) 157 Beijing 30,000,000 Collection of Masters' and Calligraphy by Qi Baishi and Qi Liangzhi Porcelain, Jade, Beijing Longrong 2012 the First Auction: A Pair of Copper Enamel Vases with 158 Beijing and Miscellaneous 16,000,000 Heavenly Treasures Playing Children Motif Works of Art Beijing Longrong 2012 the First Auction: Jewelry and 159 Beijing Jadeite Round Bangle 29,000,000 Heavenly Treasures Jadeite Beijing Longrong 2012 the First Auction: Jewelry and 160 Beijing Jadeite Avalokiteshvara Pendant 17,800,000 Heavenly Treasures Jadeite Beijing Longrong 2012 the First Auction: Jewelry and 161 Beijing Jadeite Leaf Pendant 15,000,000 Heavenly Treasures Jadeite Beijing Hanhai 2012 Spring Auctions: Hanhai Classical Paintings 162 Beijing Important Antiques, Paintings and Calligraphy Album of Flowers by Zou Yigui 20,000,000 and Calligraphy Evening Sale Beijing Hanhai 2012 Spring Auctions: Qingyun Modern Paintings Avalokiteshvara from the South Sea 163 Beijing 15,500,000 Grand View: Modern Paintings and Calligraphy and Calligraphy by Zhang Daqian Beijing Hanhai 2012 Spring Auctions: Hanhai Modern Paintings Red Leaves and White Dove 164 Beijing Important Antiques, Paintings, and Calligraphy 14,500,000 and Calligraphy by Zhang Daqian Evening Sale Beijing Hanhai 2012 Spring Auctions: Hanhai Modern Paintings 165 Beijing Important Antiques, Paintings, and Calligraphy Landscape by Huang Binhong 11,500,000 and Calligraphy Evening Sale Porcelain, Jade, Beijing Hanhai 2012 Spring Auctions: Zisha Tea Pot with a Long Handle 166 Beijing and Miscellaneous 11,200,000 Collection of Rare Zisha Works by Gu Jingzhou Works of Art Porcelain, Jade, Beijing Hanhai 2012 Spring Auctions: Oblate Zisha Tea Pot Made 167 Beijing and Miscellaneous 10,000,000 Collection of Rare Zisha Works by Gu Jingzhou Works of Art Purple-ground Famille Rose Vase with Double Ears and Porcelain, Jade, Beijing Hanhai 2012 Spring Auctions: Haiwutianchou (the Myth of Adding 168 Beijing and Miscellaneous 15,000,000 Antiques and Curios Living Years in a Sea House) Motif Works of Art Made in the Jiaqing Period of the Qing Dynasty Porcelain, Jade, Bronze Mirror with Motif of Beijing Hanhai 2012 Spring Auctions: Bright Lead- 169 Beijing and Miscellaneous Auspicious Sea Creatures Twined in 13,000,000 Bronze Mirror Works of Art Grape Vines Five-Color Enamel Brushpot with Beijing Hanhai 2012 Spring Auctions: Hanhai Porcelain, Jade, Landscape and Figure Motif Made 170 Beijing Important Antiques, Paintings, and Calligraphy and Miscellaneous 30,000,000 in the Yongzheng Period of the Qing Evening Sale Works of Art Dynasty Two Blue-and-white Jar with Hollow Beijing Hanhai 2012 Spring Auctions: Hanhai Porcelain, Jade, Ears and Twined Flowers Made in 171 Beijing Important Antiques, Paintings, and Calligraphy and Miscellaneous 15,000,000 the Qianlong Period of the Qing Evening Sale Works of Art Dynasty

Auction House Price Realized # Region Category Lot Title and Artist and Sale Title (RMB) (Hammer)

Porcelain, Jade, Beijing Hanhai 2012 Autumn Auctions: Antiques Gilded Bronze Nanlv Bozhong Bell 172 Beijing and Miscellaneous 15,000,000 and Curios Made in the Qing Dynasty Works of Art Beijing Hanhai 2012 Spring Auctions: The Eyes Jewelry and 173 Beijing 12-Eyed Dzi Bead 16,000,000 of the Heaven-Dzi Bead Jadeite Beijing Hanhai 2012 Autumn Auctions: Jewelry and 174 Beijing Jadeite Bangle 29,000,000 Spectacular Grace-Jewels and Jadeite Jadeite Beijing Hanhai 2012 Autumn Auctions: Jewelry and 175 Beijing Spectacular Green Jadeite Bangle 14,800,000 Jadeite Grace-Jewels and Jadeite Shanghai Gongmei 2012 Summer Auctions: Classical Paintings Pavilions in the Fairyland 176 Shanghai 34,000,000 Chinese Paintings and Calligraphy and Calligraphy by Qiu Ying Shanghai Gongmei 2012 Summer Auctions: Classical Paintings Ancient Buddha under a Bodhi Tree 177 Shanghai 11,500,000 Chinese Paintings and Calligraphy and Calligraphy by Jin Nong Shanghai Duoyunxuan 2012 Spring Auctions: Classical Paintings Leisure Life of Hermits in the 178 Shanghai 19,000,000 Classical Paintings and Calligraphy and Calligraphy Mountains by Wang Hui Shanghai Duoyunxuan 2012 Spring Auctions: Modern Paintings Landscape: Fishing Boats in the 179 Shanghai 25,000,000 Modern Paintings and Calligraphy I and Calligraphy Evening River by Zhang Daqian Shanghai Duoyunxuan 2012 Spring Auctions: Modern Paintings Five Oxen after Han Huang 180 Shanghai 17,500,000 Modern Paintings and Calligraphy and Calligraphy by Wu Hufan Shanghai Duoyunxuan 2012 Spring Auctions: Oil Painting and Helping with Make Up 181 Shanghai 18,500,000 Contemporary Art, Oil Paintings, and Sculpture Contemporary Art by Chen Yifei Shanghai Duoyunxuan 2012 Spring Auctions: Oil Painting and Portrait of a Lady with a Fan (I) by 182 Shanghai 14,000,000 Contemporary Art, Oil Paintings, and Sculpture Contemporary Art Chen Yifei Landscape: Clean Streams and Shanghai Duoyunxuan 2012 Autumn Auctions: Classical Paintings 183 Shanghai Distant Mountains 65,000,000 Classical Paintings and Calligraphy and Calligraphy by Wen Zhengming Shanghai Duoyunxuan 2012 Autumn Auctions: Classical Paintings Ink Lotus Scrolls 184 Shanghai 14,000,000 Classical Paintings and Calligraphy and Calligraphy by Zhu Da and Gao Zi Shanghai Duoyunxuan 2012 Autumn Auctions: Modern Paintings Colorful Mountain and Pavilion by 185 Shanghai 13,500,000 Modern Paintings and Calligraphy I and Calligraphy Zhang Daqian Shanghai Duoyunxuan 2012 Autumn Auctions: Modern Paintings Album of Birds and Flowers 186 Shanghai 12,200,000 Albums of Birds and Flowers of Jiang Hanting and Calligraphy by Jiang Hanting Shanghai Duoyunxuan 2012 Autumn Auctions: Modern Paintings Landscape: Mountains and Rivers 187 Shanghai 45,500,000 Bogu Zhai Paintings and Calligraphy and Calligraphy by Zhang Daqian Shanghai Hengli 2012 Spring Auctions: Modern Paintings Thoughtful Ladies Under the Misty 188 Shanghai 14,500,000 Paintings of Fu Baoshi and Calligraphy Willows by Fu Baoshi Shanghai Hengli 2012 Autumn Auctions: Modern Paintings Three Horses Under the Willow by 189 Shanghai 11,500,000 Paintings and Calligraphy and Calligraphy Xu Beihong Contemporary Shanghai Hengli 2012 Autumn Auctions: Magnanimous Maitreya Buddha by 190 Shanghai Paintings and 14,500,000 Paintings and Calligraphy Wu Guanzhong Calligraphy

Auction House Price Realized # Region Category Lot Title and Artist and Sale Title (RMB) (Hammer)

Yellow-ground Blue-and-white Vase Shanghai Xinhua 2012 Autumn Auctions: Porcelain, Jade, with Twined Lotus and Plum Flowers 191 Shanghai Faience of Kangxi, Yongzheng and Qianlong and Miscellaneous 12,000,000 Made in the Qianlong Period of the Period & Rare Curios Works of Art Qing Dynasty Shanghai Jiahe 2012 Spring Auctions: Modern Modern Paintings Album of Calligraphy and 192 Shanghai 15,000,000 Masters—Paintings of Lu Yanshao II and Calligraphy Landscape by Lu Yanshao Comments About Cao Yuansi's Xiling Yinshe 2012 Spring Auctions: Classical Classical Paintings 193 Shanghai Governance Written in Small Script 17,000,000 Chinese Paintings and Calligraphy and Calligraphy by Huang Daozhou Xiling Yinshe 2012 Autumn Auctions: Paintings Modern Paintings An Ancient Cave in Gengsang 194 Shanghai 15,000,000 of Xiling Yinshe Members and Calligraphy by Wu Hufan Rongbaizhai (Shanghai) 2012 Autumn Auctions: Classical Paintings Orchid and Bamboo 195 Shanghai 11,000,000 Chinese Paintings and Calligraphy II and Calligraphy by Zheng Banqiao Rongbaizhai (Shanghai) 2012 Autumn Auctions: Modern Paintings 196 Shanghai Galloping Horse by Xu Beihong 20,000,000 Chinese Paintings and Calligraphy I and Calligraphy Rongbaizhai (Shanghai) 2012 Autumn Auctions: Modern Paintings Purple Grapes, Chestnuts, and 197 Shanghai 10,500,000 Chinese Paintings and Calligraphy II and Calligraphy Peaches by Qi Baishi Rongbaizhai (Shanghai) 2012 Spring Auctions: Oil Painting and 198 Shanghai Beautiful Crow by He Duolin 12,000,000 Oil Paintings Contemporary Art Rongbaizhai (Shanghai) 2012 Spring Auctions: Oil Painting and 199 Shanghai Red Rocks by Zhou Chunya 11,000,000 Oil Paintings Contemporary Art Shanxi Rongyida 2012 Autumn Auctions: Modern Paintings 200 Shanxi Standing Horse by Xu Beihong 13,000,000 Chinese Paintings and Calligraphy and Calligraphy Contemporary Liaoning Jiantou 2013 Spring Auctions: 201 Liaoning Paintings and Lotus in the Rain by Song Yujia 10,000,000 Chinese Paintings and Calligraphy Calligraphy Ningbo Fubang 2012 Spring Art Work Auction: Classical Paintings 202 Zhejiang Fishing Joy by Liu Songnian 12,000,000 Chinese Paintings and Calligraphy and Calligraphy Modern Paintings 203 Hainan Hainan Taida 2012 Autumn Auction Red Lotus by Zhang Daqian 16,000,000 and Calligraphy Porcelain, Jade, A Pair of Blue-and-white Famille 204 Hainan Hainan Taida 2012 Autumn Auction and Miscellaneous Rose Vases Made in the Qianlong 16,500,000 Works of Art Period of the Qing Dynasty Porcelain, Jade, A Top Cabinet Made of Hainan 205 Hainan Hainan Taida 2012 Autumn Auction and Miscellaneous 19,000,000 Huanghuali Wood Works of Art Shanxi Tianlong 2012 Spring Auction: Fine Modern Paintings 206 Shanxi Ba Qiao Willows by Shi Lu 12,000,000 Chinese Paintings and Calligraphy and Calligraphy

As of May 31, 2013, of the 206 lots listed above, 96 lots have been paid in full, 48 lots have been paid in part, and 62 lots have not been paid for. For details, please see the 2012 China Antiques and Artworks Auction Market Statistical Annual Report published by the China Association of Auctioneers in July 2013.

Overseas Global Chinese Antiques and Art Auction Market 91 Annual Statistical Report: 2012

Adjusted Adjusted # Region Auction House and Sale Title Category Lot Title and Artist Price (USD) Price (RMB) (Premium) (Premium) Modern and Hong Kong, Bonhams Hong Kong: Fine Chinese A Fish Pool in the Mountain City 1 Contemporary 1,957,880 12,869,144 China Paintings & Contemporary Asian Art by Wu Guanzhong Chinese Art Bonhams Hong Kong: Voyages of Chinese Porcelain, A Magnificent and Extremely Hong Kong, Discovery. A Connoisseur‘s Choice: Jade, and Rare Monumental Gilt-bronze 2 1,674,546 11,006,788 China Imperial Masterworks from a Private Miscellaneous and Cloisonné-enameled Incense Portuguese Collection Works of Art Burner and Cover China Guardian Hong Kong: Chinese Hong Kong, Chinese Painting Landscapes (Album of 10) 3 Paintings and Calligraphy from the Four 5,933,723 39,002,361 China and Calligraphy by Qi Baishi Seas China Guardian Hong Kong: Chinese Hong Kong, Chinese Painting Grand Pine and Eagle 4 Paintings and Calligraphy from the Four 2,744,347 18,038,592 China and Calligraphy by Xu Beihong Seas China Guardian Hong Kong: Chinese Landscape after Hong Kong, Chinese Painting 5 Paintings and Calligraphy from the Four Dong Qichang 2,225,146 14,625,885 China and Calligraphy Seas by Wang Jian China Guardian Hong Kong: Chinese Birds and Flowers Hong Kong, Chinese Painting 6 Paintings and Calligraphy from the Four (Four Works) 2,225,146 14,625,885 China and Calligraphy Seas by Ren Bonian China Guardian Hong Kong: Chinese Hong Kong, Chinese Painting Landscape 7 Paintings and Calligraphy from the Four 2,076,803 13,650,826 China and Calligraphy by Li Keran Seas China Guardian Hong Kong: Chinese Hong Kong, Chinese Painting Bamboo and Pine Tree 8 Paintings and Calligraphy from the Four 1,928,460 12,675,767 China and Calligraphy by Wang Hui Seas China Guardian Hong Kong: Chinese Scholar Living Hong Kong, Chinese Painting 9 Paintings and Calligraphy from the Four in the Mountain 1,705,945 11,213,179 China and Calligraphy Seas by Fu Baoshi Christie's Hong Kong: Asian 20th Modern and Hong Kong, La Forêt Blanche II (Diptych) 10 Century & Contemporary Art (Evening Contemporary 7,744,017 50,901,421 China by Chu Teh-Chun Sale) Chinese Art Christie's Hong Kong: Asian 20th Modern and Blue Chrysanthemums Hong Kong, 11 Century & Contemporary Art (Evening Contemporary in a Glass Vase 6,144,136 40,385,406 China Sale) Chinese Art by Sanyu Christie's Hong Kong: Asian 20th Modern and Hong Kong, Fly 12 Century & Contemporary Art (Evening Contemporary 5,134,282 33,747,637 China by Zeng Fanzhi Sale) Chinese Art Christie's Hong Kong: Asian 20th Modern and Hong Kong, Pink Lotus 13 Century & Contemporary Art (Evening Contemporary 4,990,017 32,799,384 China by Sanyu Sale) Chinese Art Christie's Hong Kong: Asian 20th Modern and Hong Kong, 15.05.60 14 Century & Contemporary Art (Evening Contemporary 4,420,360 29,055,026 China by Zao Wou-Ki Sale) Chinese Art

Adjusted Adjusted # Region Auction House and Sale Title Category Lot Title and Artist Price (USD) Price (RMB) (Premium) (Premium) Christie's Hong Kong: Asian 20th Modern and Pot de Hong Kong, 15 Century & Contemporary Art (Evening Contemporary Chrysanthèmes Roses 4,275,853 28,105,183 China Sale) Chinese Art by Sanyu Christie's Hong Kong: Asian 20th Modern and Hong Kong, 23.05.61 16 Century & Contemporary Art (Evening Contemporary 3,264,306 21,456,280 China by Zao Wou-Ki Sale) Chinese Art Christie's Hong Kong: Asian 20th Modern and Hong Kong, Mask Series 17 Century & Contemporary Art (Evening Contemporary 3,258,839 21,420,352 China by Zeng Fanzhi Sale) Chinese Art Christie's Hong Kong: Asian 20th Modern and Hong Kong, Mask Series 18 Century & Contemporary Art (Evening Contemporary 2,903,039 19,081,672 China by Zeng Fanzhi Sale) Chinese Art Christie's Hong Kong: Asian 20th Modern and Hong Kong, No. 314 (Diptych) 19 Century & Contemporary Art (Evening Contemporary 2,830,785 18,606,751 China by Chu Teh-Chun Sale) Chinese Art Christie's Hong Kong: Asian 20th Modern and Hong Kong, No. 96 20 Century & Contemporary Art (Evening Contemporary 2,686,278 17,656,907 China by Chu Teh-Chun Sale) Chinese Art Christie's Hong Kong: Asian 20th Modern and Hong Kong, No. 81 21 Century & Contemporary Art (Evening Contemporary 2,686,278 17,656,907 China by Chu Teh-Chun Sale) Chinese Art Christie's Hong Kong: Asian 20th Modern and Hong Kong, 21.1.85 22 Century & Contemporary Art (Evening Contemporary 2,609,648 17,153,214 China by Zao Wou-Ki Sale) Chinese Art Christie's Hong Kong: Asian 20th Modern and Hong Kong, Mask Series 23 Century & Contemporary Art (Evening Contemporary 2,035,998 13,382,613 China by Zeng Fanzhi Sale) Chinese Art Christie's Hong Kong: Asian 20th Modern and Hong Kong, 5.7.62 24 Century & Contemporary Art (Evening Contemporary 1,888,324 12,411,951 China by Zao Wou-Ki Sale) Chinese Art Christie's Hong Kong: Asian 20th Modern and Hong Kong, No. 8 25 Century & Contemporary Art (Evening Contemporary 1,602,477 10,533,083 China by Zhang Xiaogang Sale) Chinese Art Poems in Running Hong Kong, Christie's Hong Kong: Fine Chinese Chinese Painting 26 Script Calligraphy 7,443,095 48,923,462 China Classical Paintings and Calligraphy and Calligraphy by Dong Qichang Hong Kong, Christie's Hong Kong: Fine Chinese Chinese Painting Farewell to Wu Kuan 27 4,773,989 31,379,430 China Classical Paintings and Calligraphy and Calligraphy by Shen Zhou Chinese Porcelain, A Superb and Very Rare Pair of Christie's Hong Kong: Fine Chinese Hong Kong, Jade, and Large Huanghuali Square-corner 28 Furniture From Private American 2,975,484 19,557,855 China Miscellaneous Display Cabinets (Liangge Gui), Collections Works of Art 17th–18th Century

Adjusted Adjusted # Region Auction House and Sale Title Category Lot Title and Artist Price (USD) Price (RMB) (Premium) (Premium) Hong Kong, Christie's Hong Kong: Fine Chinese Chinese Painting Separation 29 4,412,560 29,003,758 China Modern Paintings and Calligraphy by Zhang Daqian Mist Clearing over Pine Covered Hong Kong, Christie's Hong Kong: Fine Chinese Chinese Painting 30 Peaks 3,835,553 25,211,089 China Modern Paintings and Calligraphy by Zhang Daqian Hong Kong, Christie's Hong Kong: Fine Chinese Chinese Painting Magpies on Branches 31 2,830,931 18,607,711 China Modern Paintings and Calligraphy by Xu Beihong Hong Kong, Christie's Hong Kong: Fine Chinese Chinese Painting Admiring the Stallion 32 2,104,531 13,833,083 China Modern Paintings and Calligraphy by Xu Beihong Hong Kong, Christie's Hong Kong: Fine Chinese Chinese Painting Waterfall in Dinghu 33 1,527,524 10,040,414 China Modern Paintings and Calligraphy by Qi Baishi Christie's Hong Kong: Grandiose and Hong Kong, Chinese Painting Beautiful Spring 34 Mysterious–Magnificent Paintings 2,970,042 19,522,086 China and Calligraphy by Cui Ruzhuo by Cui Ruzhuo Christie's Hong Kong: Grandiose and Hong Kong, Chinese Painting Lotus 35 Mysterious—Magnificent Paintings 1,960,279 12,884,915 China and Calligraphy by Cui Ruzhuo by Cui Ruzhuo Chinese Porcelain, A Magnificent Large Blue-and- Hong Kong, Christie's Hong Kong: Important Jade, and 36 white ‘Mandarin Ducks’ Charger, 3,763,379 24,736,687 China Chinese Ceramics & Works of Art Miscellaneous Yuan Dynasty (1279–1368) Works of Art Chinese Porcelain, A Fine Emerald-green Jadeite Hong Kong, Christie's Hong Kong: Important Jade and Archaistic Vessel and Cover 37 2,176,629 14,306,982 China Chinese Ceramics & Works of Art Miscellaneous (Fangding), Late Qing Dynasty Works of Art (1644–1911) A Magnificent Imperial Falangcai Chinese Porcelain, Enameled Glass Brush Pot, Hong Kong, Christie's Hong Kong: Important Jade and 38 Qianlong Incised Dour-character 6,299,355 41,405,659 China Chinese Ceramics & Works of Art Miscellaneous Mark within Double Squares and Works of Art of the Period (1736–1795) An Important and Very Fine Chinese Porcelain, Inscribed Falangcai Enameled Hong Kong, Christie's Hong Kong: Important Jade and 39 ‘Beneath Pine Trees’ Mallet- 4,565,161 30,006,805 China Chinese Ceramics & Works of Art Miscellaneous shaped Vase, Yongzheng- Works of Art Qianlong Period (1723–1795) An Important and Very Fine Chinese Porcelain, Inscribed Falangcai Enameled Hong Kong, Christie's Hong Kong: Important Jade and 40 ‘Lofty Mountain’ Mallet-shaped 4,420,645 29,056,901 China Chinese Ceramics & Works of Art Miscellaneous Vase, Yongzheng-Qianlong Period Works of Art (1723–1795) A Very Rare Pair of Clair-de-lune Chinese Porcelain, Glazed Bottle Vase, Yongzheng Hong Kong, Christie's Hong Kong: Important Jade and 41 Six-character Marks within 4,420,645 29,056,901 China Chinese Ceramics & Works of Art Miscellaneous Double Circles and of the Period Works of Art (1723–1735)

Adjusted Adjusted # Region Auction House and Sale Title Category Lot Title and Artist Price (USD) Price (RMB) (Premium) (Premium) Chinese Porcelain, A Magnificent Pair of Carved Hong Kong, Christie's Hong Kong: Important Jade and 42 White Jade 'Chicken' Bowls, Qing 1,602,581 10,533,763 China Chinese Ceramics and Works of Art Miscellaneous Dynasty, 18th Century Works of Art Chinese Porcelain, A Fine and Rare Clair-de-lune Hong Kong, Christie's Hong Kong: Important Jade and Glazed Vase, Kangxi Six- 43 1,602,581 10,533,763 China Chinese Ceramics and Works of Art Miscellaneous character Mark and of the Period Works of Art (1662–1722) A Magnificent Blue-and-white Chinese Porcelain, Cylindrical Vase and Cover, Hong Kong, Christie's Hong Kong: Important Jade and 44 Yongzheng Six-character Mark 1,530,323 10,058,810 China Chinese Ceramics and Works of Art Miscellaneous within Double Circles and of the Works of Art Period (1723–1735) Chinese Porcelain, A Magnificent and Rare Celadon- Hong Kong, Christie's Hong Kong: Jade and glazed Archaistic Vase (Zun), 45 3,691,254 24,262,610 China The Imperial Sale Miscellaneous Qianlong Six-character Seal Mark Works of Art and of the Period (1736–1795) An Important and Rare Mallow- Chinese Porcelain, shaped ‘Numbered’ Jun-glazed Hong Kong, Jade and 46 Christie's Hong Kong: The Imperial Sale Jardiniere with Matching Stand, 2,104,504 13,832,904 China Miscellaneous Yuan/Ming Dynasty, 14th–15th Works of Art Century Chinese Porcelain, A Magnificent Pair of White ‘Boys’ Hong Kong, Jade and 47 Christie's Hong Kong: The Imperial Sale Table Screens, Qianlong Period 1,960,254 12,884,749 China Miscellaneous (1736–1795) Works of Art Chinese Porcelain, A Fine and Very Rare Archaistic Hong Kong, Jade and 48 Christie's Hong Kong: The Imperial Sale Yellow Jade Covered Vase, 1,960,254 12,884,749 China Miscellaneous Qianlong Period (1736–1795) Works of Art Chinese Porcelain, A Magnificent Famille Rose Hong Kong, Jade and ‘Hundred Deer’ Vase (Zun), 49 Christie's Hong Kong: The Imperial Sale 1,888,129 12,410,672 China Miscellaneous Qianlong Six-character Seal Mark Works of Art and of the Period (1736–1795) Modern and Hong Kong, Poly Auction (Hong Kong): Chinese Rough Lourd et Vert Leger 50 Contemporary 5,193,213 34,134,991 China Modern and Contemporary Art (No. 39) by Chu Teh-Chun Chinese Art Modern and Horses Rambling Hong Kong, Poly Auction (Hong Kong): Chinese 51 Contemporary on the Grassland 1,780,530 11,703,426 China Modern and Contemporary Art Chinese Art by Sanyu Hong Kong, Poly Auction (Hong Kong): Chinese Painting Tibetan Women with Dogs by 52 6,231,695 40,960,933 China Fine Chinese Paintings and Calligraphy Zhang Daqian Chinese Porcelain, An Imperial and Magnificent Poly Auction (Hong Kong): Hong Kong, Jade and Blue-and-white ‘Eight Immortals’ 53 Chinese Ceramics and 4,154,463 27,307,288 China Miscellaneous Vase with Handles, Qing Dynasty Works of Art Works of Art (1644–1911)

Adjusted Adjusted # Region Auction House and Sale Title Category Lot Title and Artist Price (USD) Price (RMB) (Premium) (Premium) Hong Kong, Sotheby's Hong Kong: Modern and Contemporary 54 Potted Chrysanthemums by Sanyu 3,985,914 26,199,412 China 20th Century Chinese Art Chinese Art Hong Kong, Sotheby's Hong Kong: Modern and Contemporary 25.06.86 55 3,257,916 21,414,283 China 20th Century Chinese Art Chinese Art by Zao Wou-Ki Hong Kong, Sotheby's Hong Kong: Modern and Contemporary 25.05.70 56 3,113,692 20,466,299 China 20th Century Chinese Art Chinese Art by Zao Wou-Ki Hong Kong, Sotheby's Hong Kong: Modern and Contemporary Complexité Hivernale 57 2,830,128 18,602,430 China 20th Century Chinese Art Chinese Art by Chu Teh-Chun Hong Kong, Sotheby's Hong Kong: Modern and Contemporary 22.3.61 58 1,963,288 12,904,694 China 20th Century Chinese Art Chinese Art by Zao Wou-Ki Hong Kong, Sotheby's Hong Kong: Modern and Contemporary Plus Loin 59 1,815,677 11,934,442 China 20th Century Chinese Art Chinese Art by Chu Teh-Chun Hong Kong, Sotheby's Hong Kong: Modern and Contemporary Nature Morte aux Poissons by Zao 60 1,815,677 11,934,442 China 20th Century Chinese Art Chinese Art Wou-Ki Hong Kong, Sotheby's Hong Kong: Modern and Contemporary Morning Mist in Mengshan by 61 1,527,229 10,038,474 China 20th Century Chinese Art Chinese Art Wang Yidong Hong Kong, Sotheby's Hong Kong: Modern and Contemporary Bloodline—Big family: Family No. 2 62 6,719,291 44,165,901 China 20th Century Chinese Art Chinese Art by Zhang Xiaogang Hong Kong, Sotheby's Hong Kong: Modern and Contemporary 1993.4 63 3,690,588 24,258,236 China 20th Century Chinese Art Chinese Art by Fang Lijun Hong Kong, Sotheby's Hong Kong: Modern and Contemporary Tiananmen No.1 64 2,685,655 17,652,808 China 20th Century Chinese Art Chinese Art by Zhang Xiaogang Hong Kong, Sotheby's Hong Kong: Modern and Contemporary Revolutionary Family Series— 65 2,252,235 14,803,939 China 20th Century Chinese Art Chinese Art Invitation to Dinner by Liu Wei Hong Kong, Sotheby's Hong Kong: Modern and Contemporary Dog 66 1,815,677 11,934,442 China 20th Century Chinese Art Chinese Art by Liu Wei Sotheby's Hong Kong: A Magnificent and Rare Iron- Chinese Porcelain, Jade Hong Kong, Exceptional Qing Porcelain red and Underglaze Blue ‘Nine 67 and Miscellaneous Works 5,286,241 34,746,464 China from the Collection of Dragon’ Charger, Mark, and Period of Art Dr. Alice Cheng of Yongzheng (1723–1735) Sotheby's Hong Kong: Fine Shi Gu Ge by Han Yu, Hong Kong, Chinese Painting and 68 Chinese Ceramics & in Cursive Script 9,042,594 59,436,973 China Calligraphy Works of Art by Zhang Zhao An Exquisite Pair of Yellow-ground, Sotheby's Hong Kong: Fine Chinese Porcelain, Jade Hong Kong, Famille Rose, Double-gourd Vases, 69 Chinese Ceramics & and Miscellaneous Works 13,810,273 90,774,926 China Seal Marks and Period of Qianlong Works of Art of Art (1736–1795) A Fine and Rare Robin’s Egg- Sotheby's Hong Kong: Fine Chinese Porcelain, Jade Hong Kong, ground Gilt-decorated Archaistic 70 Chinese Ceramics & Works of and Miscellaneous Works 4,563,866 29,998,290 China Vase, Seal Mark, and Period of Art of Art Qianlong (1736–1795)

Adjusted Adjusted # Region Auction House and Sale Title Category Lot Title and Artist Price (USD) Price (RMB) (Premium) (Premium) Chinese Porcelain, A Magnificent Blue-and-white Hong Kong, Sotheby's Hong Kong: Fine 71 Jade and Miscellaneous ‘Dragon’ Dish, Mark, and Period of 2,392,788 15,727,797 China Chinese Ceramics & Works of Art Works of Art Xuande (1426–1435) An Imperial Celadon and Brown Chinese Porcelain, Hong Kong, Sotheby's Hong Kong: Fine Jade ‘Tian’en Shiquan’ Oval Seal, 72 Jade and Miscellaneous 2,107,789 13,854,496 China Chinese Ceramics & Works of Art Qing Dynasty, Qianlong Period Works of Art (1736–1795) An Outstanding Mother-of-pearl Chinese Porcelain, Hong Kong, Sotheby's Hong Kong: Fine Inlaid Incense Stand, Mark and 73 Jade and Miscellaneous 1,818,839 11,955,226 China Chinese Ceramics & Works of Art Period of Kangxi, Dated to the Works of Art Guichou Year (1673) An Important and Finely Carved Chinese Porcelain, Imperial lacquer ‘Dragon’ Box and Hong Kong, Sotheby's Hong Kong: Fine 74 Jade and Miscellaneous Cover, Incised Mark and Period 1,815,840 11,935,518 China Chinese Ceramics & Works of Art Works of Art of Yongle (1403–1424) beneath a Carved Xuande (1426–1435) Mark Hong Kong, Sotheby's Hong Kong: Chinese Painting and Willows at the Riverside (Screen) by 75 9,028,502 59,344,345 China Fine Chinese Paintings Calligraphy Qi Baishi Hong Kong, Sotheby's Hong Kong: Chinese Painting and Mount Lu 76 3,114,254 20,469,990 China Fine Chinese Paintings Calligraphy by Fu Baoshi Swiss Peaks; Calligraphy in Hong Kong, Sotheby's Hong Kong: Chinese Painting and 77 Running Script (Set of Two) 2,974,639 19,552,305 China Fine Chinese Paintings Calligraphy by Zhang Daqian Hong Kong, Sotheby's Hong Kong: Chinese Painting and Lady at the Pavilion 78 2,974,639 19,552,305 China Fine Chinese Paintings Calligraphy by Fu Baoshi Hong Kong, Sotheby's Hong Kong: Chinese Painting and Lotus Pond 79 2,107,789 13,854,496 China Fine Chinese Paintings Calligraphy by Xie Zhiliu Hong Kong, Sotheby's Hong Kong: Chinese Painting and Guanyin 80 2,032,379 13,358,827 China Fine Chinese Paintings Calligraphy by Zhang Daqian Hong Kong, Sotheby's Hong Kong: Chinese Painting and Budding Lotus 81 1,963,314 12,904,861 China Fine Chinese Paintings Calligraphy by Zhang Daqian Hong Kong, Sotheby's Hong Kong: Chinese Painting and Galloping Horse 82 1,816,004 11,936,594 China Fine Chinese Paintings Calligraphy by Xu Beihong Hong Kong, Sotheby's Hong Kong: Chinese Painting and Magnificent Lotus 83 1,674,363 11,005,591 China Fine Chinese Paintings Calligraphy by Zhang Daqian Hong Kong, Sotheby's Hong Kong: Chinese Painting and Dragon in the Clouds 84 1,671,754 10,988,439 China Fine Chinese Paintings Calligraphy by Qi Baishi Hong Kong, Sotheby's Hong Kong: Chinese Painting and Landscapes 85 1,529,888 10,055,956 China Fine Chinese Paintings Calligraphy by Fu Baoshi An Exquisite Pair of Turquoise- Sotheby's Hong Kong: Qing Chinese Porcelain, glazed ‘Pomegranate’ Vases, Hong Kong, 86 Imperial Monochromes from Jade and Miscellaneous Carved Seal Marks, and Period of 2,974,639 19,552,305 China the J.M. Hu Collection Works of Art Qianlong (1736–1795)

Adjusted Adjusted # Region Auction House and Sale Title Category Lot Title and Artist Price (USD) Price (RMB) (Premium) (Premium) Chinese Porcelain, An Outstanding Ru Guanyao Hong Kong, Sotheby's Hong Kong: Ru–From a Jade and 87 Lobed Brush Washer, Northern 26,768,835 175,951,549 China Japanese Collection Miscellaneous Song Dynasty (960–1126) Works of Art Sotheby's Hong Kong: The Chinese Porcelain, An Outstanding Blue-and-white Hong Kong, Meiyintang Collection, Part III—An Jade and and Anhua ‘Dragon’ Stembowl, 88 14,508,693 95,365,638 China Important Selection of Imperial Miscellaneous Mark, and Period of Xuande Chinese Porcelains Works of Art (1426–1435) Sotheby's Hong Kong: The Chinese Porcelain, A Fine and Exceptionally Rare Hong Kong, Meiyintang Collection, Part III—An Jade and 89 Yellow-glazed Bowl, Incised Mark, 3,474,565 22,838,318 China Important Selection of Imperial Miscellaneous and Period of Xuande (1426–1435) Chinese Porcelains Works of Art Sotheby's Hong Kong: The Chinese Porcelain, A Magnificent Famille Rose Hong Kong, Meiyintang Collection, Part III—An Jade and 90 ‘Peach’ Dish, Seal Mark, and 2,537,025 16,675,866 China Important Selection of Imperial Miscellaneous Period of Qianlong (1736–1795) Chinese Porcelains Works of Art Sotheby's Hong Kong: The Chinese Porcelain, A Fine and Rare Miniature Double- Hong Kong, Meiyintang Collection, Part III—An Jade and 91 ground Doucai Vase, Mark and 1,960,077 12,883,588 China Important Selection of Imperial Miscellaneous Period of Yongzheng (1723–1735) Chinese Porcelains Works of Art Sotheby's Hong Kong: The Chinese Porcelain, A Rare Turquoise and Blue Hong Kong, Meiyintang Collection, Part III—An Jade and 92 ‘Dragon’ Box and Cover, with 1,671,603 10,987,449 China Important Selection of Imperial Miscellaneous Period Mark Chinese Porcelains Works of Art Sotheby's Hong Kong: The Chinese Porcelain, A Rare Blue-and-white ‘Peach’ Hong Kong, Meiyintang Collection, Part III—An Jade and 93 Cup, Ming Dynasty, Yongle Period 1,527,366 10,039,379 China Important Selection of Imperial Miscellaneous (1403–1424) Chinese Porcelains Works of Art Sotheby's Hong Kong: The Chinese Porcelain, A Fine and Rare Blue-and-white Hong Kong, Meiyintang Collection, Part III—An Jade and 94 Molded ‘Dragon’ Stemcup, Yuan 1,602,126 10,530,773 China Important Selection of Imperial Miscellaneous Dynasty, Early to Mid-14th Century Chinese Porcelains Works of Art Chinese Porcelain, A Massive Inlaid Zitan Box and Sotheby's Hong Kong: Water, Hong Kong, Jade and Cover, attributed to Zhou Zhu, 95 Pine and Stone Retreat Collection, 2,681,262 17,623,936 China Miscellaneous Ming Dynasty, Jiajing Period Scholarly Art II Works of Art (1522–1566) Chinese Porcelain, Early Western Zhou Dynasty Datang International Auction Macau, Jade and Square Zun (Wine Vessel) with 96 (Macau) Co., Ltd.: 5,638,346 37,060,848 China Miscellaneous Animal Mask Design and Kui- Chinese Antiques Works of Art dragon Pattern Long Hei International Auction Macau, Chinese Painting Mountains Colored in Autumn Red 97 (Macao) Limited: Chinese Painting and 5,812,151 38,203,272 China and Calligraphy by Li Keran Calligraphy Long Hei International Auction Macau, Chinese Painting Calligraphy and Painting 98 (Macao) Limited: Chinese Painting and 3,590,759 23,602,060 China and Calligraphy by Wu Guanzhong Calligraphy

Adjusted Adjusted # Region Auction House and Sale Title Category Lot Title and Artist Price (USD) Price (RMB) (Premium) (Premium) Macau, Long Hei International Auction (Macao) Chinese Painting 99 Landscapes by Fu Baoshi 2,638,734 17,344,398 China Limited: Chinese Painting and Calligraphy and Calligraphy Macau, Long Hei International Auction (Macao) Chinese Painting Happiness of Fishing Family 100 2,638,734 17,344,398 China Limited: Chinese Painting and Calligraphy and Calligraphy by Qi Baishi Macau, Long Hei International Auction (Macao) Chinese Painting Bamboo, Rocks, and Chickens 101 2,480,063 16,301,455 China Limited: Chinese Painting and Calligraphy and Calligraphy by Xu Beihong Macau, Long Hei International Auction (Macao) Chinese Painting Flowers and Birds at Lotus 102 2,162,721 14,215,567 China Limited: Chinese Painting and Calligraphy and Calligraphy Pond by Qi Baishi Macau, Long Hei International Auction (Macao) Chinese Painting Flowers 103 2,004,050 13,172,624 China Limited: Chinese Painting and Calligraphy and Calligraphy by Qi Baishi Mountains Colored Macau, Long Hei International Auction (Macao) Chinese Painting 104 in Autumn Red 2,004,050 13,172,624 China Limited: Chinese Painting and Calligraphy and Calligraphy by Li Keran Macau, Long Hei International Auction (Macao) Chinese Painting Two Vultures 105 1,845,380 12,129,680 China Limited: Chinese Painting and Calligraphy and Calligraphy by Xu Beihong Macau, Long Hei International Auction (Macao) Chinese Painting Lijiang River after Rain 106 1,845,380 12,129,680 China Limited: Chinese Painting and Calligraphy and Calligraphy by Li Keran Blue-and-white Floral Dragon Chinese Porcelain, Ears Vase with Figure and Macau, Long Hei International Auction (Macao) Jade, and 107 Flowers Design and Eight 1,700,045 11,174,396 China Limited: Porcelain, Miscellaneous Miscellaneous Treasure Patterns, Yuan Works of Art Dynasty (1271–1368) Chinese Porcelain, Jasper Seal of the Founding of Macau, Long Hei International Auction (Macao) Jade, and 108 Qing, Qing Dynasty, Qianlong 5,383,476 35,385,588 China Limited: Porcelain, Miscellaneous Miscellaneous Period (1736–1795) Works of Art Chinese Porcelain, Macau, Long Hei International Auction (Macao) Jade, and White Jade Ding, the Warring 109 4,250,113 27,935,991 China Limited: Porcelain, Miscellaneous Miscellaneous States Period (475–221 B.C.) Works of Art Chinese Porcelain, Serial Bells of Blue Topaz Macau, Long Hei International Auction (Macao) Jade, and 110 (Nine Bells), the Warring States 2,550,068 16,761,594 China Limited: Porcelain, Miscellaneous Miscellaneous Period (475–221 B.C.) Works of Art Chinese Porcelain, Blue-and-white Floral Macau, Long Hei International Auction (Macao) Jade, and Candlestick, during the Reign of 111 2,125,056 13,967,995 China Limited: Porcelain, Miscellaneous Miscellaneous Ming Emperor Xuande Works of Art (1426–1435) Chinese Porcelain, Green Topaz Mountain Macau, Long Hei International Auction (Macao) Jade, and Ornaments with God of Wealth, 112 1,955,052 12,850,556 China Limited: Porcelain, Miscellaneous Miscellaneous during the Reign of the Qing Works of Art Emperor Qianlong (1736–1795)

Adjusted Adjusted # Region Auction House and Sale Title Category Lot Title and Artist Price (USD) Price (RMB) (Premium) (Premium) Chinese Porcelain, Long Hei International Auction Blue-and-white Floral Four-lug Pot Macau, Jade, and 113 (Macao) Limited: Porcelain, with Kylin Pattern, Yuan Dynasty 1,558,375 10,243,197 China Miscellaneous Miscellaneous (1271–1368) Works of Art Chinese Porcelain, Macau Chung Shun International Macau, Jade, and Big Jar with design of Nine 114 Auctions Co., Ltd: Jade, Paintings, 142,257,042 935,055,537 China Miscellaneous Dragons Porcelain Works of Art Collection Works of Art Chinese Porcelain, Macau Chung Shun International Plate from Official Kiln, Song Macau, Jade, and 115 Auctions Co., Ltd: Jade, Paintings, Dynasty 16,893,024 111,037,845 China Miscellaneous Porcelain Works of Art Collection (960–1279) Works of Art Chinese Porcelain, Macau Chung Shun International Macau, Jade, and Enamel-colored Vase with Design 116 Auctions Co., Ltd: Jade, Paintings, 8,298,327 54,544,906 China Miscellaneous of Flower Porcelain Works of Art Collection Works of Art Chinese Porcelain, Macau Chung Shun International Macau, Jade, and Famille Rose Vase with Design of 117 Auctions Co., Ltd: Jade, Paintings, 8,150,143 53,570,890 China Miscellaneous Glossy Ganoderma and Flower Porcelain Works of Art Collection Works of Art Chinese Porcelain, Macau Chung Shun International Yellow-glazed, Lantern-shaped Macau, Jade, and 118 Auctions Co., Ltd: Jade, Paintings, Vase with Design for Luck 7,409,221 48,700,809 China Miscellaneous Porcelain Works of Art Collection and Wealth Works of Art Chinese Porcelain, Macau Chung Shun International Blue-and-white Vase with Design Macau, Jade, and 119 Auctions Co., Ltd: Jade, Paintings, of Fish and Grass, Yuan Dynasty 7,112,852 46,752,777 China Miscellaneous Porcelain Works of Art Collection (1271–1368) Works of Art Chinese Porcelain, Macau Chung Shun International Macau, Jade, and Flat Blue-and-white Pot with 120 Auctions Co., Ltd: Jade, Paintings, 5,631,008 37,012,615 China Miscellaneous Design of Lotus Scrolls Porcelain Works of Art Collection Works of Art Chinese Porcelain, Macau Chung Shun International Macau, Jade, and Blue-and-white Pot with Red 121 Auctions Co., Ltd: Jade, Paintings, 5,631,008 37,012,615 China Miscellaneous Design of Dragon Porcelain Works of Art Collection Works of Art Chinese Porcelain, Macau Chung Shun International Macau, Jade, and 122 Auctions Co., Ltd: Jade, Paintings, Buddha 5,631,008 37,012,615 China Miscellaneous Porcelain Works of Art Collection Works of Art Chinese Porcelain, Macau Chung Shun International Macau, Jade, and Enamel-colored Vase with Design 123 Auctions Co., Ltd: Jade, Paintings, 4,593,717 30,194,502 China Miscellaneous of Flower Porcelain Works of Art Collection Works of Art Chinese Porcelain, Macau Chung Shun International Macau, Jade, and Tianhuang Stone-carved 124 Auctions Co., Ltd: Jade, Paintings, 4,149,164 27,272,453 China Miscellaneous Ornament with Design of Portrait Porcelain Works of Art Collection Works of Art

Adjusted Adjusted # Region Auction House and Sale Title Category Lot Title and Artist Price (USD) Price (RMB) (Premium) (Premium) Macau Chung Shun International Chinese Porcelain, Jade, Famille Verte Jar with Cover Macau, 125 Auctions Co., Ltd: Jade, Paintings, and Miscellaneous Works and Design of Fish and 3,704,610 24,350,405 China Porcelain Works of Art Collection of Art Algae Macau Chung Shun International Chinese Porcelain, Jade, Macau, Colored Vases with Design 126 Auctions Co., Ltd: Jade, Paintings, and Miscellaneous Works 3,704,610 24,350,405 China of Flower Porcelain Works of Art Collection of Art Macau Chung Shun International Chinese Porcelain, Jade, Blue-and-white Candle Macau, 127 Auctions Co., Ltd: Jade, Paintings, and Miscellaneous Works Holder with Design of 3,704,610 24,350,405 China Porcelain Works of Art Collection of Art Dragon and Clouds Macau Chung Shun International Chinese Porcelain, Jade, Celeste-ground Famille Macau, 128 Auctions Co., Ltd: Jade, Paintings, and Miscellaneous Works Rose Vase with Design of 3,408,242 22,402,372 China Porcelain Works of Art Collection of Art Peach Blossom Macau Chung Shun International Chinese Porcelain, Jade, Enamel-colored and Olive- Macau, 129 Auctions Co., Ltd: Jade, Paintings, and Miscellaneous Works shaped Vase with Design of 3,067,417 20,162,135 China Porcelain Works of Art Collection of Art Flower Macau Chung Shun International Chinese Porcelain, Jade, Macau, Washer from Ru Kiln, Song 130 Auctions Co., Ltd: Jade, Paintings, and Miscellaneous Works 2,815,504 18,506,308 China Dynasty (960–1279) Porcelain Works of Art Collection of Art Military Symbol with Design Macau Chung Shun International Chinese Porcelain, Jade, Macau, of Tiger’s Head and Basi 131 Auctions Co., Ltd: Jade, Paintings, and Miscellaneous Works 2,667,320 17,532,291 China Characters, Yuan Dynasty Porcelain Works of Art Collection of Art (1271–1368) Macau Chung Shun International Chinese Porcelain, Jade, Macau, Gold Wares (Set of Five), 132 Auctions Co., Ltd: Jade, Paintings, and Miscellaneous Works 2,370,951 15,584,259 China Liao Dynasty (916–1125) Porcelain Works of Art Collection of Art Yellow-ground Thin Stuff Macau Chung Shun International Chinese Porcelain, Jade, with Design of Red Dragon Macau, 133 Auctions Co., Ltd: Jade, Paintings, and Miscellaneous Works and Flower, Middle Period 2,370,951 15,584,259 China Porcelain Works of Art Collection of Art of Ming Dynasty (1368–1644) Macau Chung Shun International Chinese Porcelain, Jade, Macau, Buddha Stuppa, Ming 134 Auctions Co., Ltd: Jade, Paintings, and Miscellaneous Works 2,296,858 15,097,251 China Dynasty (1368–1644) Porcelain Works of Art Collection of Art Macau Chung Shun International Chinese Porcelain, Jade, Macau, 135 Auctions Co., Ltd: Jade, Paintings, and Miscellaneous Works Red-glazed Vase 2,000,490 13,149,218 China Porcelain Works of Art Collection of Art Blue-and-white Plate with Macau Chung Shun International Chinese Porcelain, Jade, Macau, Design of Phoenix and 136 Auctions Co., Ltd: Jade, Paintings, and Miscellaneous Works 1,778,213 11,688,194 China Flower, Yuan Dynasty Porcelain Works of Art Collection of Art (1271–1368) Blue-and-white Vase with Macau Chung Shun International Chinese Porcelain, Jade, Dragon-shaped Holder and Macau, Auctions Co., Ltd: Paintings, Silver 137 and Miscellaneous Works Design of Peony Scrolls, China Coins, Porcelain, Jade Works of Art 100,878,494 663,074,343 of Art Ming Dynasty, Hongwu Collection Period (1368–1398)

Adjusted Adjusted # Region Auction House and Sale Title Category Lot Title and Artist Price (USD) Price (RMB) (Premium) (Premium) Macau Chung Shun International Chinese Porcelain, Macau, Auctions Co., Ltd: Paintings, Silver Jade, and Bowl from Official Kiln, Northern 138 26,703,131 175,519,679 China Coins, Porcelain, Jade Works of Miscellaneous Song Dynasty (960–1126) Art Collection Works of Art Macau Chung Shun International Chinese Porcelain, Blue-and-white Vase with Design of Macau, Auctions Co., Ltd: Paintings, Silver Jade, and Flowers in Four Seasons, Emperor 139 24,922,922 163,818,367 China Coins, Porcelain, Jade Works of Art Miscellaneous Hongwu Period of Ming Dynasty Collection Works of Art (1369–1398) Macau Chung Shun International Chinese Porcelain, Flat Blue-and-white Pot with Macau, Auctions Co., Ltd: Paintings, Silver Jade, and Design of Dragon and Clouds, 140 16,318,580 107,262,026 China Coins, Porcelain, Jade Works of Art Miscellaneous Emperor Yongle, Ming Dynasty Collection Works of Art (1403–1424) Macau Chung Shun International Chinese Porcelain, Macau, Auctions Co., Ltd: Paintings, Silver Jade, and Elliptical Washer from Official Kiln, 141 11,868,058 78,008,746 China Coins, Porcelain, Jade Works of Art Miscellaneous Song Dynasty (960–1279) Collection Works of Art Macau Chung Shun International Chinese Porcelain, Enamel-colored Blue-and-white Macau, Auctions Co., Ltd: Paintings, Silver Jade, and 142 Vase with Famille Rose Design of 11,868,058 78,008,746 China Coins, Porcelain, Jade Works of Art Miscellaneous Lotus Scrolls Collection Works of Art Macau Chung Shun International Chinese Porcelain, 1,000 Vases from Jun Kiln (Vases Macau, Auctions Co., Ltd: Paintings, Silver Jade, and 143 with Design of Tiger Head) (Vases 11,126,305 73,133,200 China Coins, Porcelain, Jade Works of Art Miscellaneous with Design of Lotus) Collection Works of Art Macau Chung Shun International Chinese Porcelain, Flat Blue-and-white Vase with Macau, Auctions Co., Ltd: Paintings, Silver Jade, and Design of Dancing Persons, 144 11,126,305 73,133,200 China Coins, Porcelain, Jade Works of Art Miscellaneous Emperor Yongle, Ming Dynasty Collection Works of Art (1403–1424) Macau Chung Shun International Chinese Porcelain, Macau, Auctions Co., Ltd: Paintings, Silver Jade, and Famille Rose Vase with Framed 145 10,087,849 66,307,434 China Coins, Porcelain, Jade Works of Art Miscellaneous Design for Luck Collection Works of Art Macau Chung Shun International Chinese Porcelain, Macau, Auctions Co., Ltd: Paintings, Silver Jade, and Landscape 146 8,901,044 58,506,560 China Coins, Porcelain, Jade Works of Art Miscellaneous by Qi Gong Collection Works of Art Macau Chung Shun International Chinese Porcelain, Famille Rose Vase with Design of Macau, Auctions Co., Ltd: Paintings, Silver Jade, and 147 Landscape 7,565,887 49,730,576 China Coins, Porcelain, Jade Works of Art Miscellaneous and Deer Collection Works of Art Macau Chung Shun International Chinese Porcelain, Famille Rose Vase with Design of Macau, Auctions Co., Ltd: Paintings, Silver Jade, and Pine and Deer, Yongzheng, Qing 148 6,824,133 44,855,029 China Coins, Porcelain, Jade Works of Art Miscellaneous Dynasty Collection Works of Art (1723–1735)

Adjusted Adjusted Price # Region Auction House and Sale Title Category Lot Title and Artist Price (RMB) (USD) (Premium) (Premium) Chinese Porcelain, Macau Chung Shun International B-shaped Saucer from Ru Kiln, Macau, Jade, and 149 Auctions Co., Ltd: Paintings, Silver Coins, Song Dynasty China Miscellaneous 6,675,783 43,879,920 Porcelain, Jade Works of Art Collection (960–1279) Works of Art A Magnificent Imperial Falangcai Chinese Porcelain, Macau Chung Shun International Enameled Glass Brush Pot, Macau, Jade, and 150 Auctions Co., Ltd: Paintings, Silver Coins, Qianlong Incised Four-character China Miscellaneous 5,934,029 39,004,373 Porcelain, Jade Works of Art Collection Mark within Double Squares and Works of Art of the Period (1736–1795) Chinese Porcelain, Macau Chung Shun International Macau, Jade, and Cochineal Jars with Cover and 151 Auctions Co., Ltd: Paintings, Silver Coins, China Miscellaneous Design of Phoenix (pair) 5,637,328 37,054,154 Porcelain, Jade Works of Art Collection Works of Art Chinese Porcelain, Macau Chung Shun International 500 Vases from Jun Kiln (Vases Macau, Jade, and 152 Auctions Co., Ltd: Paintings, Silver Coins, with Tiger China Miscellaneous 5,192,275 34,128,826 Porcelain, Jade Works of Art Collection Head Designs) Works of Art Chinese Porcelain, Macau Chung Shun International Macau, Jade, and Lemon Yellow-ground Vase with 153 Auctions Co., Ltd: Paintings, Silver Coins, China Miscellaneous Framed Design of Nine Dragons 4,895,574 32,178,608 Porcelain, Jade Works of Art Collection Works of Art

Chinese Porcelain, Red and Green Colored Vase Macau Chung Shun International Macau, Jade, and with Gold-traced Design of Beast 154 Auctions Co., Ltd: Paintings, Silver Coins, China Miscellaneous Face, Qing Dynasty, Kangxi Period 4,895,574 32,178,608 Porcelain, Jade Works of Art Collection Works of Art (1662–1722)

Chinese Porcelain, Blue-ground and Enamel-colored Macau Chung Shun International Macau, Jade, and Ornamental Vases with Gold- 155 Auctions Co., Ltd: Paintings, Silver Coins, China Miscellaneous traced Design of Dragon and 4,450,522 29,253,280 Porcelain, Jade Works of Art Collection Works of Art Clouds (Set of Nine) Chinese Porcelain, Macau Chung Shun International Macau, Jade, and Doucai Jar with Cover and Design 156 Auctions Co., Ltd: Paintings, Silver Coins, China Miscellaneous of Dragon, Melon, and Fruit 4,153,820 27,303,061 Porcelain, Jade Works of Art Collection Works of Art Chinese Porcelain, Macau Chung Shun International Chili-red Jar with Cover and Macau, Jade, and 157 Auctions Co., Ltd: Paintings, Silver Coins, Gold-traced Design of Dragon and China Miscellaneous 3,975,799 26,132,930 Porcelain, Jade Works of Art Collection Phoenix Works of Art Yellow-ground and Olive-shaped Chinese Porcelain, Macau Chung Shun International Famille Rose Vase with Design of Macau, Jade, and 158 Auctions Co., Ltd: Paintings, Silver Coins, Flower Mark, Made in Emperor China Miscellaneous 3,857,119 25,352,843 Porcelain, Jade Works of Art Collection Yongzheng Period of Qing Dynasty Works of Art (1723–1735) Chinese Porcelain, Macau Chung Shun International Macau, Jade, and Garlic-shaped Famille Rose Vase 159 Auctions Co., Ltd: Paintings, Silver Coins, China Miscellaneous with Red Dragon design 3,708,768 24,377,733 Porcelain, Jade Works of Art Collection Works of Art

Adjusted Adjusted # Region Auction House and Sale Title Category Lot Title and Artist Price (USD) Price (RMB) (Premium) (Premium) Chinese Porcelain, Macau Chung Shun International Auctions Garlic-shaped Famille Rose Macau, Jade, and 160 Co., Ltd: Paintings, Silver Coins, Porcelain, Vase with Red Design of 3,708,768 24,377,733 China Miscellaneous Jade Works of Art Collection Dragon Works of Art Chinese Porcelain, Flat Blue-and-white Vase with Macau Chung Shun International Auctions Macau, Jade, and Design of Flower with Branch, 161 Co., Ltd: Paintings, Silver Coins, Porcelain, 3,708,768 24,377,733 China Miscellaneous Ming Dynasty, Yongle Period Jade Works of Art Collection Works of Art (1403–1424) Chinese Porcelain, Macau Chung Shun International Auctions Macau, Jade, and Square Enamel-colored Vase 162 Co., Ltd: Paintings, Silver Coins, Porcelain, 2,967,015 19,502,187 China Miscellaneous with Framed Design Jade Works of Art Collection Works of Art Chinese Porcelain, Melon-shaped Jar with Cover Macau Chung Shun International Auctions Macau, Jade, and in Lotus Leaf Shape from 163 Co., Ltd: Paintings, Silver Coins, Porcelain, 2,818,664 18,527,077 China Miscellaneous Longquan Kiln, Southern Song Jade Works of Art Collection Works of Art Dynasty (1127–1279) Chinese Porcelain, Macau Chung Shun International Auctions Ancient Emerald Hanging Macau, Jade, and 164 Co., Ltd: Paintings, Silver Coins, Porcelain, Ornament and Necklace with 2,670,313 17,551,968 China Miscellaneous Jade Works of Art Collection Design for Luck Works of Art Chinese Porcelain, Macau Chung Shun International Auctions Vase with Design of Three Macau, Jade, and 165 Co., Ltd: Paintings, Silver Coins, Porcelain, Plants in Winter, Ming Dynasty, 2,670,313 17,551,968 China Miscellaneous Jade Works of Art Collection Hongwu Period (1368–1398) Works of Art Chinese Porcelain, Blue-and-white Basin with Macau Chung Shun International Auctions Macau, Jade, and Design of Flower Scrolls, Ming 166 Co., Ltd: Paintings, Silver Coins, Porcelain, 2,076,910 13,651,531 China Miscellaneous Dynasty, Yongle Period Jade Works of Art Collection Works of Art (1403–1424) Chinese Porcelain, Macau Chung Shun International Auctions Macau, Jade, and Gold-plated Cloisonné Throne 167 Co., Ltd: Paintings, Silver Coins, Porcelain, 1,631,858 10,726,203 China Miscellaneous with Design of 13 Dragons Jade Works of Art Collection Works of Art Chinese Porcelain, Ancient Emerald Hanging Macau Chung Shun International Auctions Macau, Jade, and Ornament and Necklace 168 Co., Ltd: Paintings, Silver Coins, Porcelain, 1,572,518 10,336,159 China Miscellaneous with Design of Carp Jamping Jade Works of Art Collection Works of Art Dragon Gate Kingsley Art Auction: Kingsley Spring Modern and Taipei, 169 Auction 2012 Taipei, Modern and Contemporary Untitled by Zao Wou-Ki 1,604,814 10,548,442 Taiwan Contemporary Art Chinese Art Modern and Composition No. 51—Mille Vies Taipei, 170 Ravenel: Modern & Contemporary Art Contemporary se Cachent Dans le Bois by 2,823,687 18,560,095 Taiwan Chinese Art Chu Teh-Chun

Adjusted Adjusted Auction House and Sale # Region Category Lot Title and Artist Price (USD) Price (RMB) Title (Premium) (Premium) Taipei, Ravenel: Modern & Modern and 27.8.84 171 1,597,341 Taiwan Contemporary Art Contemporary Chinese Art by Zao Wou-Ki 10,499,324 Taipei, Ravenel: Modern and Modern and 19.02.2005 172 2,323,774 15,274,168 Taiwan Contemporary Asian Art Contemporary Chinese Art by Zao Wou-Ki Taipei, Ravenel: Modern and Modern and Bateaux Fond Bleu 173 1,999,476 13,142,554 Taiwan Contemporary Asian Art Contemporary Chinese Art by Zao Wou-Ki Taipei, Ravenel: Modern and Modern and Taihu Lake Stone 174 1,757,724 11,553,522 Taiwan Contemporary Asian Art Contemporary Chinese Art by Zhou Chunya Taipei, Ravenel: Modern and Modern and 175 Taichi Series—Single Whip by Ju Ming 1,550,509 10,191,494 Taiwan Contemporary Asian Art Contemporary Chinese Art A Magnificent Pair of Imperial Large London, Christie's London: Fine Chinese Porcelain, Jade, Famille Rose Vases, Jiaqing Iron-red 176 United Chinese Ceramics & and Miscellaneous Works 2,040,465 13,411,975 Six-character Seal Marks and of the Kingdom Works of Art of Art Period (1796–1820) A Louis XV Ormolu-mounted Chinese Claire-de-lune Porcelain Vase, the Ormolu attributed to Jean-Claude London, Chinese Porcelain, Jade, Christie's London: Chambellan Duplessis, Mid-18th 177 United and Miscellaneous Works 1,803,463 11,854,164 The Exceptional Sale Century, the Porcelain with Qianlong Kingdom of Art Underglaze Blue Six-character Seal Mark and of the Period (1736–1795) London, Sotheby's London: Modern and 28.12.99 178 United Contemporary Art Evening 2,880,204 18,931,582 Contemporary Chinese Art by Zao Wou-Ki Kingdom Auction London, Sotheby's London: Modern and 10.01.91 179 United Contemporary Art Evening 2,528,280 16,618,382 Contemporary Chinese Art by Zao Wou-Ki Kingdom Auction London, Sotheby's London: Fine Chinese Porcelain, Jade, A White and Russet Jade ‘Immortals’ 180 United Chinese Ceramics & Works and Miscellaneous Works Brushpot, Qing Dynasty, Qianlong 2,474,510 16,264,955 Kingdom of Art of Art Period (1736–1795) A Rare Underglaze-Blue Polychrome- London, Sotheby's London: Chinese Porcelain, Jade, Enameled 'Magpie and Prunus' 181 United Treasures of the Qing Court, and Miscellaneous Works 1,676,386 11,018,885 Moonflask, Qianlong Seal Mark and Kingdom A Personal Perspective of Art Period Chinese Porcelain, Jade, Incense Burner in Duck-shape Cologne, Kunst & Auktionshaus W. G. 182 and Miscellaneous Works (Su Sanncai Yaxun), Marked Ming 1,770,395 1,636,808 Germany HERR: Auktion 70 of Art Chenghua Chinese Porcelain, Jade, Significant Pair of Zitan-top Cabinets, Stuttgart, Nagel Auktionen: 183 and Miscellaneous Works Hardwood, Mid-Qing Dynasty 2,346,086 5,420,824 Germany Asian Art of Art (1644–1911) Chinese Porcelain, Jade, Stuttgart, Nagel Auktionen: Important Imperial Zitan-top and 184 and Miscellaneous Works 2,334,776 15,346,482 Germany Asiatische Kunst Hardwood Cabinet of Art

Adjusted Adjusted # Region Auction House and Sale Title Category Lot Title and Artist Price (USD) Price (RMB) (Premium) (Premium) Chinese Porcelain, Important Large Gilt Bronze Figure Stuttgart, Nagel Auktionen: 185 Jade and Miscellaneous of Maitreya, Early Qing Dynasty 1,693,997 11,134,640 Germany Asiatische Kunst Works of Art (1644–1911) Chinese Porcelain, Paris, Christie's Paris: Rare and Important Wood 186 Jade and Miscellaneous 11,961,564 78,623,360 France Art d'Asie Sculpture by Guanyin Works of Art Christophe Joron-Derem: Imperial Album (Album of 38) Paris, Chinese Painting and 187 Tableaux Modernes et by Anonymous Chinese Artist 11,009,345 72,364,425 France Calligraphy Contemporains et Art asiatique (Qianlong) O. Doutrebente: art d‘Asie, Untitled Album, Yushu Zhiyanjing, Paris, art déco, céramiques, objets Chinese Painting and “Sutra of the Perfection of Wisdom, 188 2,631,578 17,297,364 France d‘art et d‘ameublement, tapis, Calligraphy Calligraphy by the Emperor” by tableaux anciens Emperor Qianlong A Magnificent Blue-and-white San Chinese Porcelain, Bonhams San Francisco: Porcelain Vase (Tianqiuping), 189 Francisco, Jade and Miscellaneous 5,906,500 38,823,425 Fine Asian Works of Art Yongzheng Mark and Period USA Works of Art (1403–1424) Sotheby's New York: Chinese Porcelain, An Imperial Jade ‘Ba Zheng Mao New York, 190 Fine Chinese Ceramics Jade and Miscellaneous Nian Zhi Bao’ Seal, Qing Dynasty, 3,498,500 22,995,641 USA & Works of Art Works of Art Qing Long Period (1736–1795) Sotheby's New York: Chinese Porcelain, An Important Wucai ‘Fish’ Jar and New York, 191 Fine Chinese Ceramics Jade and Miscellaneous Cover, Jiajing Mark and Period 1,986,500 13,057,265 USA & Works of Art Works of Art (1522–1566) Sotheby's New York: Chinese Porcelain, An Important Archaic Bronze Wine New York, 192 Fine Chinese Ceramics Jade and Miscellaneous Vessel (Hu), Eastern Zhou Dynasty, 1,538,500 10,112,561 USA & Works of Art Works of Art 8th–7th Century B.C. Sotheby's New York: Chinese Porcelain, An Extremely Rare Famille Rose New York, 193 Fine Chinese Ceramics Jade and Miscellaneous ‘Heaven and Earth’ Revolving 1,986,500 13,057,265 USA & Works of Art Works of Art Brushpot Sotheby's New York: Chinese Porcelain, An Extremely Rare Famille Rose New York, 194 Fine Chinese Ceramics Jade and Miscellaneous ‘Heaven and Earth’ Revolving 1,538,500 10,112,561 USA & Works of Art Works of Art Brushpot Thatched Cottage in the Southern New York, Sotheby's New York: Fine Chinese Painting and 195 Village (Nancun Caotang Tu) (after 5,122,500 33,670,193 USA Classical Chinese Paintings Calligraphy Wang Meng) by Wen Jia New York, Sotheby's New York: Fine Chinese Painting and Seclusion amid Mountains and 196 3,218,500 21,155,201 USA Classical Chinese Paintings Calligraphy Streams by Hongren New York, Sotheby's New York: Fine Chinese Painting and Essay on Aspiration (Lezhi Lun) by 197 2,658,500 17,474,321 USA Classical Chinese Paintings Calligraphy Zhao Mengfu New York, Sotheby's New York: Fine Chinese Painting and Eight Views of Huangshan (Album 198 2,322,500 15,265,793 USA Classical Chinese Paintings Calligraphy of Eight) by Zheng Min New York, Sotheby's New York: Fine Chinese Painting and Eagle Perching on the Pine by 199 1,986,500 13,057,265 USA Classical Chinese Paintings Calligraphy Qi Baishi

Adjusted Adjusted Price # Region Auction House and Sale Title Category Lot Title and Artist Price (RMB) (USD) (Premium) (Premium) New York, Sotheby's New York: Fine Chinese Painting and Landscape (After Lu Guang) 200 USA Classical Chinese Paintings Calligraphy by Hongren 1,874,500 12,321,089 New York, Sotheby's New York: Fine Chinese Painting and Landscape (After Wu Zhen) 201 USA Classical Chinese Paintings Calligraphy by Lan Ying 1,762,500 11,584,913 New York, Sotheby's New York: Fine Chinese Painting and Seven Sages of the Bamboo Grove 202 USA Classical Chinese Paintings Calligraphy by Chen Hongshou 1,650,500 10,848,737 New York, Sotheby's New York: Fine Chinese Painting and Zhang Gong's Grotto 203 USA Classical Chinese Paintings Calligraphy by Shen Zhou 1,650,500 10,848,737

Notes

Mainland China Data

»» In this report, all data on works sold in mainland China was collected by the China Association of Auctioneers (CAA) directly from auction houses. The data submission requests were sent out on May 7, 2013 to all mainland Chinese auction houses. Auction houses submitted their auction data through CAA’s online data submission system between May 25 and May 31, 2013. CAA then verified all data fairly and objectively, on the basis of thoroughness and accuracy.

»» Data submission requests were sent to 355 mainland Chinese auction houses that were qualified to sell art and antiques in mainland China as of December 31, 2012. 286 auction houses submitted their auction data in time. The remaining 69 auction houses have been largely inactive in recent years.

»» Mainland Chinese prices listed in this report do not reflect Buyer’s Premium.

»» Total value of commission earned by mainland Chinese auction houses were reported as of May 31, 2013

»» The categories of works sold in mainland China include:

• Chinese painting and calligraphy: including Classical, Modern, and Contemporary

• Porcelain, jade, and miscellaneous works of art: including porcelain, jade carving, lacquerware, furniture, textile, metalware, bamboo, wood, ivory and horn carving, zisha clay teaware, etc.

• Oil paintings and Contemporary Art: including oil painting, sculpture, installation, photography, etc.

• Ancient books and calligraphy inscriptions

• Stamps and coins

• Other: including jewelry, jadeite, watches, wine, tea, and Contemporary artworks.

Overseas Data

»» In this report, all data on works sold overseas (including Hong Kong, Macau, and Taiwan) was compiled from the artnet Price Database Fine Art and Design and the Price Database Decorative Art. The Price Database includes over 7 million auction results compiled from more than 1,400 international auction houses dating back to 1985. This report includes data from all 238 auction houses outside of mainland China that sold Chinese Art and Antiques in 2012.

»» All data on works sold overseas excludes prints and multiples.

»» Works listed as withdrawn or removed have been excluded from this report.

»» Lots offered at auction with a low estimate below US$500 are omitted from the overseas data included in this report.

»» The categories of works sold overseas include:

• Chinese porcelain, jade, and miscellaneous works of art

• Chinese painting and calligraphy

• Modern and Contemporary Chinese Art

• Chinese books and manuscripts

• 20th- and 21st-century Chinese Design

Currency and Exchange Rate

»» For overseas prices listed in this report, data has been reported to artnet in USD, with prices adjusted to include Buyer’s Premium. Values representing data for works sold overseas were converted to RMB using the USD adjusted rate according to average annual exchange rates. As such, all overseas values, in both USD and RMB, will reflect Buyer’s Premium.

»» The average annual exchange rates used throughout this report are as follows: 1:6.732 in 2011, and 1:6.573 in 2012. For prices originally provided by CAA and listed in RMB, RMB values have been converted to USD to maintain data consistency.

»» This report is available in both English and Chinese.

Contact

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For advertising inquiries: To consign at artnet Asian Art Auctions: Jay Lu Heather Russell Chief Representative in Asia Senior Specialist, Asian Modern and Contemporary Art +86 1861-238-7493 (China) +1–212–497–9700 ext. 692 +1 646-418-8299 (US) [email protected]

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中拍协

中国拍卖行业协会 China Association of Auctioneers

中国拍卖行业协会 8/F, Building No. 1, 25 YuetanChina Association North of AuctioneersStreet, Xicheng District, Beijing

中国拍卖行业协会 Phone: +86 10 6839 1137 ext. 8017China Association of Auctioneers

中国拍卖行业协会 Email: [email protected] China Association of Auctioneers Website: www.caa123.org.cn

中国拍卖行业协会中国拍卖行业协会 China Association of Auctioneers China Association of Auctioneers

中国拍卖行业协会中国拍卖行业协会 China Association of Auctioneers China Association of Auctioneers Global Chinese Antiques and Art Auction Market 112 Annual Statistical Report: 2012

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中国拍卖行业协会 China Association of Auctioneers

中国拍卖行业协会中国拍卖行业协会 China Association of Auctioneers China Association of Auctioneers