Chinese jar makes $8 million, over 600 times estimate

LONDON (BestGrowthStock) – A blue-and-white Chinese porcelain dragon jar has sold for $7.7 million, more than 600 times its mid-range pre-sale estimate of $10-15,000, Bonhams auctioneer said on Wednesday.

Bonhams had conservatively dated the 14-inch jar at around 1905, explaining its relatively modest expectations.

But bidders in San Francisco, at an Asian sale held at Bonhams & Butterfields earlier this week, determined that it was in fact significantly older and more valuable, believing it to be an imperial period piece from around 1760.

“We erred on the side of caution,” said a Bonhams spokesman, who added that virtually every lot on offer, including the dragon jar, was bought up by mainland Chinese buyers.

“We are blown away by it and delighted that it achieved what it did,” the spokesman added.

The auction is the latest example of the huge appetite among wealthy Chinese collectors particularly for imperial porcelain.

Last month a Chinese vase discovered during a routine house sale in a London suburb shocked the art world by fetching $69 million, 40 times its estimate and an auction record for any work of art from Asia.

(Reporting by Mike Collett-White)

Chinese jar makes $8 million, over 600 times estimate