Chinese cup auctioned for a record-breaking S$45m

HONG KONG — A Shanghai collector bought a rare Ming Dynasty cup that is touted as the “holy grail” of China’s art world for US$36 million (S$45 million) at a Hong Kong auction today (April 8), smashing the previous world record price for Chinese porcelain.

Sotheby’s said Mr Liu Yiqian was the winning bidder for the small white cup, which measures just 8cm in diameter and is more than 500 years old. The vessel is known as a “chicken cup” because it is decorated with a rooster and hen tending to their chicks.

It was made during the reign of the Ming Dynasty’s Chenghua Emperor, who ruled from 1465 to 1487. Sotheby’s said there are only 17 such cups in existence, with four in private hands and the rest in museums.

“There’s no more legendary object in the history of Chinese porcelain,” said Mr Nicholas Chow, Sotheby’s deputy chairman for Asia. “This is really the holy grail when it comes to Chinese art.”

For such a prized item, bidding was limited to a handful of wealthy collectors and the winning bid was hammered down at HK$250 million (S$41 million). The auction house’s commission brought the total to HK$281.2 million. The sale price falls short of the presale estimate range’s high end set at HK$300 million.

Sotheby’s said the previous record for Chinese porcelain was set in 2010 when a gourd-shaped Qianlong vase sold for US$32.4 million.

It is the latest of several records set at the auction house’s spring sales in Hong Kong, indicating that the region’s super-rich are still spending.

Mr Chow said the cup would likely go on display in Mr Liu’s Long Museum in Shanghai, which he and his wife, Ms Wang Wei, opened in 2012.

Mr Liu is a middle-school dropout who drove a cab before becoming a multimillionaire. Forbes estimates his fortune at US$900 million, making him the 200th richest person in China. AP