A pair of exquisite carved Huanghuali and mixed wood horseshoe chairs shattered their meagre $18,000 estimate price to sell for an astonishing $310,000 in Michaan's Auctions' Asian Works of Art sale.
The event, which consisted of more than 400 lots ranging from furniture and vases to robes and jewellery, was held last Monday on June 20. It became the auction house's most successful sale to date, realising a final total price of $1,976,335.
The fantastic chairs were the highlight without question, selling more than 17 times higher than their original guide values. The intricately designed pieces of furniture depict carved dragons and text, and combine techniques used in both the 16th and 17th centuries.
Objects made from Huanghuali, which in Chinese literally means yellow flowering pear wood, is becoming increasingly sought after and is in high demand from collectors. This would account for why these chairs in particular sold for such an extreme price.
Another pair which also sold for well above their estimate, though not to quite an extent, were two Huanghuali round-corner tapered cabinets. They made a final price of $46,800 after only being expected to sell for between $12,000-18,000.
Asian and Chinese art especially is taking the global collectibles market by storm, as we have reported during the last few months. With China's economy proving to be one of the strongest and fastest-growing in the world, these pieces have become a principle focus of the art world in terms of both buying and selling.
If ever there was a time to invest in the Asian market, now is it.
Another standout moment in this auction was the sale of a carved ivory brush pot for $220,000. Again this was a piece which made its estimate look insignificant, as it had only been valued at between $8,000-12,000.
The incredible lot captures the very essence of Chinese art, and is subtly carved to perfection. Showing two figures walking along a mountain path festooned with flowers and trees, it is little wonder it ended up selling for more than 18 times its guide price.
- Click here to view our Art stock items for sale
- Learn how you can get pleasure and profit from decorative antiques
- Read all the latest Unique items and Art news
Join our readers in over 200 countries around the world - sign up for your free weekly Collectibles Newsletter today