An ornately decorated 18th century Chinese porcelain vase sold for a record-setting $83 million in London on November 11, 2010. The vase, which was made for the Qianlong Emperor, soared past its presale estimate and became the highest-selling Asian work of art ever offered at auction. However, the original buyer failed to pay for the vase and the piece is now being sold for less than half its record-setting price.
The vase’s owners, Tony Johnson, a retired lawyer, and his mother, Gene, have held on to the work for over two years after the original sale without seeing a profit. Johnson and his mother recently found another buyer for the vase, which will sell for an undisclosed amount believed to be between $32.1 million and $40.2 million. The London-based auction house Bonhams helped facilitate the sale.
The recent price tag is much more sensible for the Qing-dynasty vase, which features a reticulated body painted in the famille rose palette. The sale of Chinese art and antiquities peaked in 2010, leading to a number of major sales that were not always realized. The demand for Chinese works of art has since leveled off.
