Yesterday evening--i.e., Wednesday 19 March--at the request of the consigner, the fanglei wine vessel was sold by private sale to a consortium of Chinese collectors from Hunan province who have agreed to donate the vessel to the Hunan Provincial Museum (in Changsha). Thus, the fanglei will NOT be offered at auction this morning. Because the sale was private, the sales amount is top secret. Wanting to maintain good relations with China and to avoid any possible bad publicity, the consigner agreed to a private sale after the buyers offered a mutually acceptable price negotiated by Christie’s. Negotiated private sales are not unusual at auction houses, though this type of last-minute private sale for an important piece that has generated so much excitement and publicity is rare. Nevertheless, it’s perfectly possible and entirely legal. This way, every party can claim “victory”, so it’s a win-win-win situation. The sale of the wonderful works in Christies “The Sublime and the Beautiful” sale will begin at 10:00 a.m. this morning, as slated, and the auctions will continue with the works in the various-owners sale. The official announcement from Christies: SALE UPDATE Christie’s is pleased to announce that a group of private collectors from China’s Hunan province has offered to purchase the Min Fanglei and donate this magnificent bronze to the Hunan Provincial Museum in China. After close consultation with the current owner over the last several days, Christie’s has facilitated a private sale, allowing the vessel to be united with the lid kept at Hunan Museum. We are pleased to have brought together our consignor and these collectors resulting in this excellent outcome that will allow the ‘King of all Fangleis’ to go back to its place of origin in Hunan. “As always, it is our duty to be a responsible steward of the important cultural objects that are entrusted to our care.” said Steven P. Murphy, CEO Christie’s, “Christies feels privileged to have acted as custodian of the ‘Min’ Fanglei and to have facilitated its transfer. And heres a link to Christies announcement, if you want to read it in the original on Christies website: christies/sales/asian-art-week-new-york-march-2014/min-fanglei/
Posted on: Thu, 20 Mar 2014 10:59:04 +0000
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