The Chinese Art Market

Global Head of Chinese Ceramics & Works of Art Asaph Hyman and Global Director of Valuations & Private Collections Harvey Cammell reflect on recent successes from the Chinese art department at Bonhams, and provide us with an update on the Chinese Art Market. You can contact us directly or visit our Selling Hub to consign an artwork.


Bonhams is the leading auction house for Chinese art in Europe, and a leader in the category worldwide. In 2021 the global Chinese Ceramics & Works of Art department achieved a total of £53,243,615 (US$70,332,951). In May, June and November 2021 we were honoured to have been entrusted with key collections, including The H Collection of Classical Chinese Furniture, Archaic Bronzes and Japanese Art, which sold for £6.7 million (US$9.5 million); The Parry Collection of Chinese Art, which sold 100% for a total of £7,888,246 (US$10,770,611); and the two Roger Keverne Ltd: Moving On sales, of which all 801 lots sold 100% for a total of £7,211,043 (US$10,221,245).

The Chinese art market has seen a tremendous shift in demand and value over the past 15 years. The key reason for this was the energetic entry into the market of buyers from mainland China, who for the first time had both the access to the international Chinese art sales in Europe, the US and Hong Kong, significant funds, and great appetite to acquire Chinese antiques across most categories. At the same time, a continuous trend of decline in buying antiques by western collectors continued, due to interest shifting to contemporary art. The mainland China buyers were particularly interested, to begin with, in acquiring objects which were made for the Imperial Court, with a focus on 18th century ‘mark & period’ pieces, i.e. objects which bear the Imperial reign mark and were made at the same time. The interest also broadened to include other rare pieces which were made for the domestic market. On the other hand, on the decline were objects which were specially made for export to the west, as well as early funerary pieces, such as for example Han and Tang dynasty pottery models of horses or figures.


The demand for Qing dynasty (1644-1912) Imperial porcelain and works of art continues. However, the market has recently seen a number of important changes in trends:

Early Jade Carvings

There's a tremendous interest in early jade carvings, made from the Neolithic period to the Han dynasty (3000 BC – 2nd century AD).

The huge interest first manifested itself in The Sze Yuan Tang Collection of Chinese Jades at Bonhams Hong Kong in April 2016, which offered an important selection of early jades. The sale achieved an extraordinary HK$178,276,250 (approx. £16,141,386) for only 73 lots. This trend continues, and most recently at Bonhams London in November 2021, a small group of early jades from a Swiss collection, estimated at £8,000 – 12,000, sold for £437,750.

Seven Early Jade Carvings Together with a Turquoise Carving of a Bovine Beast-Head, Shang/Han Dynasty, Sold For £ 437,750 Inc. Premium.

Seven Early Jade Carvings Together with a Turquoise Carving of a Bovine Beast-Head. Shang/Han Dynasty. Sold For £ 437,750 Inc. Premium.

Seven Early Jade Carvings Together with a Turquoise Carving of a Bovine Beast-Head. Shang/Han Dynasty. Sold For £ 437,750 Inc. Premium.

A Rare Imperially-Inscribed White-Glazed Ingot-Shaped Pillow. The Pillow Song Dynasty (960-1279), The Inscribed Poem Dated 1746. Sold For Us$ 882,312 (£ 646,703) Inc. Premium

A Rare Imperially-Inscribed White-Glazed Ingot-Shaped Pillow. The Pillow Song Dynasty (960-1279), the Inscribed Poem Dated 1746. Sold for US$ 882,312 (£ 646,703) Inc. Premium.

A Rare Imperially-Inscribed White-Glazed Ingot-Shaped Pillow. The Pillow Song Dynasty (960-1279), the Inscribed Poem Dated 1746. Sold for US$ 882,312 (£ 646,703) Inc. Premium.

Significant rise in interest in Song ceramics (960-1279). The so-called Five Classic Wares (Ru, Guan, Ge, Ding and Jun).

This category has been hugely admired by previous generations, and it is therefore no surprise that whilst buyers in mainland China first focused on Qing pieces from the 18th century, they returned to the earlier appreciation of the five classic wares through the prism of the 18th century Qianlong Emperor who wrote poems of appreciation inscribed on Song pieces. In March 2021, Bonhams New York sold a rare Imperially-inscribed white-glazed pillow, the pillow Song dynasty and the poem dated to 1746, for $882,312.

Since around 2015 the market for Chinese classical furniture has skyrocketed.

This is especially the case for furniture made of the prized huanghuali and zitan woods, and for pieces dating from the 16th to the 18th century. In May 2021, Bonhams held The H Collection of Chinese Classical Furniture, Archaic Bronzes and Japanese Art, which comprised an exceptional selection of huanghuali furniture, including an important huanghuali day-bed, circa 1550-1600, which sold for £862,750. This result followed the exceptional Taliani Collection of November 2017, which included an important set of four huanghuali folding chairs, 16th/17th century, which sold for a remarkable £5,296,250.

An Important and Exceptionally Rare Set of Four Huanghuali Folding Chairs, Jiaoyi 16th/17th Century. Sold For £ 5,296,250 Inc. Premium

An Important and Exceptionally Rare Set of Four Huanghuali Folding Chairs, Jiaoyi 16th/17th Century. Sold For £ 5,296,250 Inc. Premium.

An Important and Exceptionally Rare Set of Four Huanghuali Folding Chairs, Jiaoyi 16th/17th Century. Sold For £ 5,296,250 Inc. Premium.

An Exceptionally Rare Large Gilt Copper-Alloy Group of Vajrabhairava and Vajravetali. Tibet, 17th Century. Sold For HK$ 11,335,625 (£ 1,065,878) Inc. Premium

An Exceptionally Rare Large Gilt Copper-Alloy Group of Vajrabhairava and Vajravetali. Tibet, 17th Century. Sold For HK$ 11,335,625 (£ 1,065,878) Inc. Premium.

An Exceptionally Rare Large Gilt Copper-Alloy Group of Vajrabhairava and Vajravetali. Tibet, 17th Century. Sold For HK$ 11,335,625 (£ 1,065,878) Inc. Premium.

Buddhist Art

With the return to appreciation of antiques in China, it is no coincidence that equally there has been a return to the veneration of Buddhist art. In November 2019, a superb large gilt copper-alloy group of Vajrabhairava, Tibet, 17th century, from an English collection, sold for HK$11,335,625 (US$1,453,008).

Imperial Court Painted Enamel

Painted enamel on copper body was first introduced to China by Jesuit priests in the late 17th century. The interest in such wares made for the Imperial Court has grown significantly in recent years. In November 2021 Bonhams London offered The Parry Collection of Chinese Art, which sold 100% for a total of £7,888,246. The star lot was a rare and important Imperial Beijing-enamel teapot and cover, Qianlong mark and period (1736-1795), which sold against an estimate of £500,000 – 800,000 for £2,062,750.

An Exceptionally Rare and Important Imperial Beijing Enamel Melon-Shaped Teapot and Cover. Qianlong Blue Enamel Four-Character Mark and of the Period. Sold For £ 2,062,750 Inc. Premium.

An Exceptionally Rare and Important Imperial Beijing Enamel Melon-Shaped Teapot and Cover. Qianlong Blue Enamel Four-Character Mark and of the Period. Sold For £ 2,062,750 Inc. Premium.

An Exceptionally Rare and Important Imperial Beijing Enamel Melon-Shaped Teapot and Cover. Qianlong Blue Enamel Four-Character Mark and of the Period. Sold For £ 2,062,750 Inc. Premium.

An Extremely Rare and Important Cloisonné Enamel 'Pomegranates' Circular Box and Cover. Incised Xuande six-character marks and of the period. Sold for £ 622,750 inc. premium.

An Extremely Rare and Important Cloisonné Enamel 'Pomegranates' Circular Box and Cover. Incised Xuande six-character marks and of the period. Sold for £ 622,750 inc. premium.

An Extremely Rare and Important Cloisonné Enamel 'Pomegranates' Circular Box and Cover. Incised Xuande six-character marks and of the period. Sold for £ 622,750 inc. premium.

Cloisonné Enamel

Cloisonné enamel was also influenced by the west and can be first seen in China during the second half of the 14th century. This category over recent years was strong in pieces made for the Imperial Court during the 18th century. Earlier cloisonné wares, until very recently, was a much under-valued category. However, there are strong signs that this is now changing.

In November 2021 Bonhams London sold an extremely rare cloisonné enamel box and cover, Xuande marks and period (1425-1435) from the collection of Rolf, Lord Cunliffe, for £622,750. In December 2021 an auction at Bonhams Hong Kong dedicated to cloisonné pieces made during the Ming and early Qing dynasty, achieved a total of HK$26,109,525 (US$3,346,494).

Imperial Textiles

Imperial textiles made for the Court communicated the individual’s hierarchy and adorned the Palaces. In 2018 Bonhams London sold a rare ‘twelve-symbol’ ‘dragon’ robe, Qianlong (1736-1795), which started at an estimate of £100,000 – 150,000 and finally sold at £464,750. Most recently, in May 2021, Bonhams London sold a rare Imperial yellow-ground silk embroidered screen panel, Qianlong (1736-1795) for £325,250.

AN EXCEPTIONALLY RARE IMPERIAL YELLOW-GROUND SILK EMBROIDERED 'LADIES AND LIONS' SCREEN PANEL Qianlong Sold for £ 325,250 inc. premium

An Exceptionally Rare Imperial Yellow-Ground Silk Embroidered 'Ladies and Lions' Screen Panel Qianlong. Sold For £ 325,250 Inc. Premium.

An Exceptionally Rare Imperial Yellow-Ground Silk Embroidered 'Ladies and Lions' Screen Panel Qianlong. Sold For £ 325,250 Inc. Premium.

A Very Important Lacquered Fengshi-Style 'Jingtao' Qin. 10th century or earlier. Sold for HK$ 9,852,500 (£ 921,868) inc. premium.

A Very Important Lacquered Fengshi-Style 'Jingtao' Qin. 10th century or earlier. Sold for HK$ 9,852,500 (£ 921,868) inc. premium.

A Very Important Lacquered Fengshi-Style 'Jingtao' Qin. 10th century or earlier. Sold for HK$ 9,852,500 (£ 921,868) inc. premium.

Guqin

One of the Four Scholarly Accomplishments was the skill to play the Chinese string instrument guqin. Early examples are particularly highly sought after by collectors, and in December 2021 Bonhams Hong Kong sold an important lacquered qin, 10th century or earlier, for HK$9,852,500 (US$1,262,890).


We would be delighted to talk to you about your collection in relation to the Chinese art market whether for tax planning, insurance or sale purposes.

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