THE STATE OF THE CHINESE ART MARKET:  STRONG WITH SUBTLE NUANCES

The Year of the Tiger is off to an auspicious start with the wildly successful auction results of Asia Week in New York City.( March 16-25, 2022) Attendees were celebrating being back in-person. They were buying enthusiastically, reflecting the overall current strong market for Chinese works of art, both ancient and contemporary.  

Tina Zonars, Co-Chairman of Asian Art at Christie’s commented: “We are delighted by this week’s results, which demonstrate the strength and resilience of the of the Asian art market across all categories.  We continue to see how the importance of quality, rarity and provenance play to collectors.” 

Of the 6 auction houses (iGavel, Bonhams, Heritage, Doyle, Sotheby’s and Christies) participating, it is interesting to note that at Sotheby’s more than 14 items sold for over $1 million, and at Christies, 11 lots made above $1 million and they set 3 auction results.  

High-quality and rare items typically sell well. While average/mid-lower level items or items without a solid history of ownership or origin, frequently suffer with weaker results. They can even go unsold.  This is a logical result of a buyer’s desire for confidence in the authenticity and age of a work of art. Especially in the traditional collecting areas of Chinese paintings, jade and porcelains. In a market where many pieces are faked, including sometimes even the auction/gallery labels and accompanying documentation.  This is the reason excellent provenance affects the strength, and ultimately the sustainability of the market for Chinese works of art, whether it is from online, telephone and in-room bidders.  This principle can be extended from the major global auction houses, but also to local, small auction houses throughout North America. 

In fact, it is likely true to an even greater degree.  The security of having an estate source is critical to sales results.  Thus, most of the highest-selling works of art is tending to come from estates- not only of famous collectors, but even small-town, relatively ‘anonymous’ individuals and families.  Big-ticket items of Imperial quality do not simply appear out of the blue in the market. 

Results from the live sale of the Important Chinese Snuff Bottles from the Rachelle R. Holden Collection at Christies demonstrates this point.  This collection of 114 bottles, due to both its high-quality, rarity of wide variety of media, and excellent provenance, achieved an impressive total of $2,252, 502 USD. 86% sold by lot, and 127% hammer above the low estimate.  The star of the show (lot 805) was a Famille Rose-Enamelled Glass Snuff Bottle from the Qianlong period (1736-1795) with a realized price of $693,000 USD.  Its provenance was: 

Li Daohong Collection, Shanghai (by repute).
Zhang Zhongyin (b. 1889) Collection, Shanghai.
Zhang Tungyu Collection.
Robert Hall, London, 1995.
Rachelle R. Holden Collection, New York. 

So while snuff bottles might be considered by some appraisers to appeal to old-fashioned tastes, and not trendy, one must be cautious and take into consideration the factors of provenance, age and rarity.  A snuff bottle which embodies all of these value factors can have impressive sales results. 

For analysis of the market for Chinese art and antiques, a good source for both generalist and specialist appraisers is the Global Chinese Art Auction Market Report provided by Artnet and the China Association of Auctioneers (CAA).  The most recent information for 2020 published in November 2021 reports that “sales remained solid in Mainland China, but dropped in other regions across the globe.”  (https://new/artnet.com/market/analysis) The article titled, “Demonstrating Resilience During the Pandemic, the Market for Chinese Art and Antiques Reaped $5.7 Billion Last Year [2020],” discusses the how the market for high-end art continues to increase and that the “ongoing problem of payment default in mainland China continues.”  This problem is being addressed by auction houses requiring non-refundable deposits prior to bidding to discourage the cancellation of purchases.  Another respected source for Chinese market information is the economist Dr. Clare McAndrew who is known for her accurate analysis of many subtle factors of market data. But there is no substitute for experiencing auctions in-person to understand the feeling in the room and by extension, the market in general.  

And one last noteworthy point:  Almost half of the 26 galleries participating in Asia Week were showing contemporary art, with dealers teaming-up to host joint exhibitions, highlighting contemporary artists. The area of contemporary art is certainly not one to be ignored when considering the overall market for Chinese art.  It is actively growing and values are increasing.

It will be important to watch as this year unfolds because of ongoing economic challenges in Mainland China. With its government restrictions and crackdowns on the flow of capital out of the country, it has impacted Chinese buyers. They are the engine of the Chinese art market.  Hopefully, the Tiger will keep roaring!

First Educational Talk of 2022: Canadian Society of Decorative Arts

I am excited to also announce my first educational talk of 2022 will be for the Canadian Society of Decorative Arts.  The CSDA/CCAD is a charitable foundation that encourages the exploration and cultivation of the decorative arts in all its forms.  The CSDA defines decorative arts, “As creative works, often of a practical or useful nature, produced by an artist, craftsman or amateur, which have intrinsic aesthetic and/or historical value. These arts include interior design, furniture and furnishings, ceramics, glass, metalwork, graphics, textiles, theatre arts, together with aspects of architecture, industrial and landscape design.”   

 
The topic I will be discussing is as part of the CSDA/CCAD Sundays:  Expert Series on April 3, 2022 at 3PM EDT

Topic:
Chinese Porcelain in Canada in the 18th & 19th Centuries:  Featuring Examples in Nova Scotia & Quebec Collections

Did you know there are more than 69,000 fragments of Chinese blue and white porcelain in the archaeological collection of Nova Scotia’s Fortress of Louisbourg?  Or that Chinese famille rose porcelains were imported to Canada from the famous Imperial kilns of Jingdezhen?  Join Asian art expert Susan Lahey, MA, ISA CAPP, for a visually engaging presentation exploring Chinese porcelain in museum collections from Quebec and Nova Scotia.  Not only will she examine the history of when and how these pieces arrived in Canada, but also provide a brief background on the development of blue and white in China.  The significance of these porcelain wares and the symbolism of decoration depicted on them will be discussed in a way that is entertaining to a broad audience of both Western and Chinese porcelain connoisseurs alike.

You can Register for the Canadian Society of Decorative Arts Event HERE

Read Susan’s Presidential announcement HERE

Happy Chinese New Year: The Year of the Tiger

Happy Chinese New Year, Wishing you a Healthy, Happy and Prosperous New Year!

CSDA/CCAD Sundays: The Art of Appraising – What is it Worth?

About This Event

Appraisal reports are an essential component of the collection process. This talk will focus on unveiling the mystery that surrounds appraisals by presenting a variety of objects and discussing the elements that make each of them desirable. Like a detective, the appraiser uncovers the clues to value questions in order to produce accurate results. Co-presenters Susan Lahey and Julie Riches will provide tips on how to better understand the current market and share past experiences identifying unique and challenging appraisal projects.

Participants will have the opportunity to ask questions in real-time.

Date and Time

Sun, September 12, 2021

3:00 PM – 4:30 PM EDT

Location

https://www.eventbrite.ca/e/csdaccad-sundays-the-art-of-appraising-what-is-it-worth-tickets-164906240003

Susan at exhibition

Biographies

Susan Lahey, MA, ISA CAPP, is President of Eastern Art Consultants Inc., specializing in Chinese works of art. She has two decades of experience providing professional appraisal services for private clients, museums, and insurance companies. Susan holds an Honours BA in Chinese Studies from the University of Toronto; an MA from the University of British Columbia; and a Post-Graduate Diploma with Distinction in Asian Art from the School of Oriental & African Studies (University of London, England)/Sotheby’s. She is a frequent speaker at conferences and her articles are published in journals and magazines. Ms. Lahey regularly teaches courses on Chinese Art Connoisseurship. Currently she is working as managing director of the Asian Art Department at AH Wilkens Auctions & Appraisals.

Julie Riches, AM ISA is principal of Riches Appraisals & Consult. Julie is a generalist appraiser, specializing in the field of decorative arts and is an Accredited Member of the International Society of Appraisers. She serves as Vice Chair to the Antiques, Furnishings & Decorative Arts Committee of the ISA. Julie is a member of the Executive Committee of ISA’s Canadian Chapter and a member of CSDA/CCAD. Julie has a broad range of knowledge backed by over a decade of experience in researching, cataloguing and valuating objects of art for several auction houses throughout Canada.

“Scholar’s Objects: Functional Art”

Join A.H.Wilkens Auction House’s Asian Art Specialist Susan Lahey for an exclusive educational opportunity to learn about Chinese scholar’s objects. Susan will share the history of these objects for admiration from the scholar’s studio made from precious materials and inspired by Confucian philosophy.

Date: Saturday, August 28 11 am

RSVP: appraisals@ahwilkens.com or call 416-360-7600.
Seating is limited so reservations are a must.

Location: One William Morgan Drive, Toronto, Ontario

Mini Asia Week at Wilkens

Four dedicated Asian Art Auctions over 3 days, August 31, September 1 & 2.  Susan is busy cataloguing Chinese, Japanese and Southeast Asian works of art.  Link:  https://www.ahwilkens.com  

Note:  Susan will be presenting a special lecture on “Scholar’s Objects: Functional Art.”

Chinese Art Connoisseur Short Course: Listening to the Object

What is a Connoisseur?

Connoisseur [kon-uh-sur, soor]

A person who is especially competent to pass critical judgments in an art, particularly one of the fine arts, or in matters of taste.  1. A discerning judge of the best in any field.

How do I sign up for the course?

Registration link:  https://www.isa-appraisers.org/courses/course/397

What will I learn in this course?

In collaboration with Toronto auction house A.H. Wilkens, Susan Lahey, MA, ISA CAPP, specialist in Asian art, will present a three half-day virtual online course providing knowledge essential to the connoisseurship of Chinese art.  It will focus on the traditional collecting areas of ceramics, jades and paintings, and provide familiarity with a wide range of decorative arts such as ivories, cloisonné, bronzes and snuff bottles.  A critical awareness of materials, techniques and themes will be developed, as well as an understanding of the key challenges specific to appraising Chinese works of art.  Susan will demonstrate strategies to hone observation skills through the examination of objects available at Wilkens.  The goal is for online participants to increase their ability to identify, analyze and compare examples of good, better and best works of art, including fakes. The current market for Chinese art and global history of collecting will also be discussed.

This course will take place from 12:00-5:00pm ET on June 24, 25 & 26, 2021. 

Students are expected to be present online for the entirety of the course. 

Connoisseurship Short Course: Chinese Art – Listening to the Object

Connoisseurship Short Course: Chinese Art – Listening to the Object

March 17-19, 2019

Hosted by The International Society of Appraisers

New York, NY

Manhattan comes alive during its annual Asia Week with special museum exhibitions, auction previews, and gallery shows.  Our 2+ day educational opportunity in New York city in March will begin with a private tour of the Chinese Art Galleries at the Metropolitan Museum of Art on Sunday March 17th, conducted by Susan Lahey. There will be two classroom days, Monday March 18th and Tuesday  March 19th, held at Sotheby’s Auction Headquarters, where you will enjoy the Chinese art previews led by a Senior Asian Art specialist from Sotheby’s.  The approach studying Chinese art will focus on “listening to the object” in order to understand the quality of materials, techniques, workmanship, age and thus, value.  Topics covered will include:  porcelains, jades, and bronzes, and an introduction to styles of Chinese painting.  Visits to a top local Chinese art gallery, and the superlative collection at the Asia Society, will be highlights of the learning experience. 

The course will begin on Sunday, March 17th from 12:30-5:00pm, and will continue on Monday and Tuesday from 9:00am-5pm each day. There will also be other optional activities both evenings for extra visits to other auction houses and exhibitions if interested. 

Instructor(s)

Susan E. Lahey
ISA AM, MA, Post Graduate Diploma in Asian Art
ISA Member since September 2011

Ms. Lahey speaks Mandarin, and reads Chinese. She translates marks and inscriptions on paintings and objects. Susan knows East Asian Art from both business and academic perspectives, and is always delighted to share her knowledge of Asian art.

How to Register:

The registration fee for this course is $575.00 for members and $675.00 for non-members, before March 10. To register for this course please click here to be to be taken directly to the ISA registration site, or please contact Samantha Baron

FAE Educational Seminar

FAE Educational Seminar 

September 7-8, 2018

Hosted by Quinn’s Auction Galleries

Falls Church, Virginia

We look forward to seeing you at this year’s FAE Educational Seminar held at Quinn’s Auction Galleries. in Falls Church, Virginia on September 7-8, 2018. Appraisers, scholars, students, and collectors will enjoy a diverse group of presentations* by experts and professionals. 

 

Seminar Speakers:

A Discussion on Tribal Art by JOHN BUXTON, Arttrak & Shango Galleries

 

The Anatomy of an Appraisal by LEILA DUNBAR, Leila Dunbar Appraisals

 

Detecting Furniture Fakes by DR. OSCAR FITZGERALD, George Washington University / Smithsonian Associates

 

An Affair with Beauty: The Mystique of Howard Chandler Christy 

by JAMES PHILIP HEAD, ESQ

 

Provenance and Challenges in the Chinese Middle Markets by MOLLY HUANG, Director of Asian Art at Quinn’s Auction Galleries

 

Chinese Snuff Bottles: A Guide for Appraisers by SUSAN LAHEY, Eastern Art Consultants

 

Demonstration of Gold and Ornamental Application on Frames

by CHARLES RHODES, Golden Rhodes Frame Conservation

 

Neglected Art: Self Taught, Outsider and Folk by MARCIA WEBER, 

Marcia Weber Art Objects

 

Museum Panel Discussion on Donations

KAREN AVERY, Former Smithsonian American Art Museum

KAREN WAWRZASZEK, Rockefeller Capital Management

Additional panelists to be announced.

 

A Dialogue on Cultural Property Challenges

Panelists to be announced. 

 

Schedule is subject to change and may include additional speakers. This list is in alpha order.

Earn Credits

Don’t forget that you can earn 12 International Society of Appraisers Professional Development Credits for full participation in the seminar. 

How to Register:

The registration fee for the Seminar is $395 for the full two days. If only attending one day, the fee is $200. Payment can be made following the PayPal link on the FAE website. Click here to be directly sent to Seminar Registration.

See the ISA website for registration for Advanced Appraisal Methodology and 7 Hour Personal Property USPAP

 

 

A Lecture on Appraised Values & Chinese Antiques

A Lecture on Appraised Values & Chinese Antiques. ID Clinic Held in conjunction with Susan Lahey, MA, ISA AM, President of Eastern Art Consultants Inc. & A.H. Wilkens Auctions & Appraisals. 

Join us in understanding how we identify and value our antiques. Learn about the differences between valuation for auctions sale & insurance.

Following this, we will be holding a hands on ID clinic to examine the differences between modern reproductions and antique porcelain, jade and metalware.

To Register:

In order to sign up for the ID clinic, please contact Wilkens. 416-360-7600 – info@ahwilkens.com, Address: 299 Queen St E, Toronto, ON M5A 1S7