Chinese vase at auction

A vase thought to have belonged to an 18th Century Chinese emperor turned up an auction in rural Ireland earlier this month and sold for more than 70 times its asking price.

The 12-inch tall blue and white porcelain vase had an asking price of just $200, but caught the attention of two top international antique collectors from China and England. Both saw it online and, recognizing it as an authentic vase from Imperial China, flew in especially for the auction in Durrow, a small town in the Irish midlands with a population of just over 1,000 people.

After an opening bid of just $70, dealers Rong Chen and Richard Peters got into a bidding war to the astonishment of those present. Bids jumped in an intense frenzy of hundreds and thousands of euro at a time. Peters, who was seated, bid by nodding discreetly, while Chen stood as she took instructions on a mobile phone from her husband.

Peters, above, won the auction at a final price of $150,000 over Chen, who later said she had been told by her husband to drop out at $135,000. Afterwards, 48-year-old Peters insisted: “I got a bargain.”

And if the item is right, it will likely be resold at auction in Hong Kong for several times what it went for in Ireland. Full article here.

Posted by David on March 14, 2010 10:48 PM