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Sunday 7 October 2012, Hong Kong -  China Guardian’s inaugural auction in Hong Kong today, reached the superb total of 455 million HKD/ 58.6 million USD, more than doubling the pre-sale estimate of HKD 185 million (USD 23.9 million).

The auction, which hosted over 700 bidders at the Mandarin Oriental, was a historic step for the Chinese art market as it represented the first independent auction by a major Mainland Chinese auction house outside Mainland China.

The focused sale featured two sessions “Chinese Paintings and Calligraphy from the Four Seas”, featuring 319 works of Chinese ink-painting and Calligraphy and “Classic Furniture and Garden Ornaments of Ming and Qing Dynasties”, 39 pieces of Chinese Classical furniture from the Ming and Qing dynasties. All of the lots sold went for prices well exceeding their estimates.

The auction was led by an exceptional landscape series by Qi Bashi, Album of Mountains and Rivers, 1922, in coloured ink consigned from the estate of a leading Japanese collector, Yakichirosuma, which after bids from over 20 buyers was sold for 46 million HKD/ 5.9 million USD.

The Chinese ink-paintings and calligraphy session came to a total of 354 million HKD/ 45.6 million USD almost three times the original estimate of 120 million HKD.

Other highlight lots from the first session included:

A masterpiece by Xu Beihong The Eagle and the Pine Tree, 1936 which sold for 21,275,000 HKD/ 2.7 million USD. The work was given by the artist as a gift to the Chairman of Hunan province, He Jian.
Ren Yi’s, Birds and Flowers, 1891, which sold for 17,250,000HKD/ 2.2 million USD.
Landscape after Dong Wenmin, 1676, by renowned landscape painter Wang Jian which sold for  17,250,000HKD/ 2.2 million USD.
The Sun after the Rain, 1965, a highly coloured work by Li Keran 1965, sold for 16,100,000 HKD/ 2 million USD.
A rare hand scroll by Wang Hui, Bamboo and Pine Tree, 1714, sold for 14,950,000 HKD / 1.9 million USD.
Fu Baoshi’s Scholar Living in the Mountain, 1943, which sold for 13,225,000 HKD / 1.7 million USD.
Landscapes after Ancient Masters by Wu Hufan, 1950, sold for 9,430,000HKD / 1.2 million USD
Enjoying the Nature by Wu Hufan, hanging scroll, 1943, sold for 7,475,000 HKD / 964,225 USD
Xu Beihong’s Grand Pine Tree, 1934, sold for 7,015,000 HKD/ 904,888 USD

The Chinese classical furniture session came to a total of 101 million HKD / 13 million USD compared to the pre-sale estimate of 65 million HKD / 8.3 million USD. Important star lots all exceeded their estimates: A late Ming period Huanghuali rectangular table with everted flanges sold for 10,350,000 HKD/ 1.3 million USD; An early Qing Huanghuali Square Corner cabinet with Dragon Decoration sold for 8,165,000 HKD/ over 1 million USD; A Qianlong period pair of zitan display cabinets with dragon decoration sold for 6,900,000HKD /890,053 USD;  A late Ming/ Early Qing Period Huanghuali recessed-leg painting table sold for 6,785,000 HKD/ 875,219 USD; and an early Qing Huanghuali Kang Table with everted flanges and foot-stretcher sold for 6,325,000 HKD/ 815,882 USD.

Yannan Wang, Director and President of China Guardian said: “We are absolutely thrilled with the results of today's sale which represented the inaugural auction of China Guardian in Hong Kong and our first auction outside Mainland China. Prices exceeding estimates across all areas of the sale. We have made new connections through the sale and it has been an important step for the company. We have planned a long term commitment to Hong Kong and confidently look forward to the Spring auctions next year.”

The preview which was held at the Mandarin Oriental from 4-6 October also incorporated a special exhibition “Rediscovery: Hong Kong Ink Painting”, showcasing 19 Hong Kong artists including Kan Tai-keung, Aser But, Liu Kuo-sung, Leung Kui-ting and Irene Chou. The aspiration is to provide more exposure for these works and for audiences to learn more about the development of Hong Kong ink painting. China Guardian plans to auction these works in the Spring in Hong Kong.

Established in 1993, China Guardian China Guardian Auctions Co., Ltd., is the oldest auction house in Mainland China, specialising in Chinese artwork of all varieties. A leader in its field it is ranked in the top four art auction houses world-wide  and generates 7.8% of the world’s art auction revenue, its sales totalled 11.2 billion RMB in 2011 (1.77 billion USD). With offices in New York, Vancouver, Tokyo, Shanghai, Taipei and Hong Kong, China Guardian is looking to expand to other markets worldwide.

In three weeks time, from October 28, China Guardian will hold its 2012 Autumn auctions in Beijing, encompassing Chinese Painting and Calligraphy, Porcelain, Jade and Works of Art, Furniture, Chinese Oil Painting and Sculpture, Rare Books and Manuscripts, Watches, Jewellery and Jadeite. Highlights include an Imperial Jade-Hilted Ceremonial Sabre and Scabbard and a rare Conch Shell with Gilt Copper and Enamel Champlevé Mount, both from the Qianlong period and a rare Famille Rose and gold lines figure of Amitayus Buddha from the Qing Dynasty. The preview will be held from 25 October – 27 October at the Beijing International Hotel, 9 Jianguomennei St., Beijing.