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Insisting on Academic and Cultural Research: Xiling Yinshe 2021 Spring Auction Closed with RMB 960 Million in Revenue
Date:2021-08-16 00:00  Author:XLPM  Source:XLPM

When the clock ticked at 3:00 AM, July 26, 2021, Xiling Yinshe 2021 Spring Auction was successfully concluded at RMB 960 million with a sell-through rate of 83.6%.


Oriented in academic and cultural research, the spring auction once again revealed a coordinating development of all the categories and the prominent literati tastes, showing not only our heritage of the spirit of Xiling Yinshe but also the scale of the brand we deserve. From classical paintings and calligraphy to seal cuttings, precious inkstones and rubbings, all has stood against the impact brought by the crippled art market. The sale of important letters and manuscripts even further unleashed its potential and vitalized the market again with other sales like Zisha wares, scholar’s articles, ceramics and currencies. 


The sale of Classical Chinese Paintings & Calligraphy and Letters of Ming and Qing Dynasties brought RMB 200 million in revenue and the sale of Chinese Paintings & Calligraphy by Top Members of Xiling Yinshe reached nearly RMB 100 million and 100% sell-through rate. Entertaining Seals by Masters, Study Series·Seal Cuttings by Modern and Contemporary Chinese Masters, Modern and Contemporary Oil Paintings and Sculpture, Chinese Zisha Wares, Tea Sets and Fine Tea, Chinese Ceramics I and Western Antique Works of Art were all sold at as high sell-through rate as 90%.


Generally, the whole art auction industry has continued its academic and cultural role and so have we.  Two-decade implementation of the cultural strategy to build Zhejiang into a cultural province has witnessed our unremitting effort and probe. From the West Lake Era to the Qiantang River Era, we have not just boosted the culture and art revitalization, but also extended the momentum to other sectors like hotel business, advertisement, printing and catering. 


The extension of our customers proves a consistent inheritance against the changes, and we have showed our great strength and steadiness against all kinds of pressures when facing ordeal from the market. Despite all this, how to secure better auctions both in quantity and quality in future, and how to keep offering excellent works of art under the brand of our centennial society are still two major concerns for us.


Listen to the gusts to judge the tides.


Welcome to the consignments for Xiling Yinshe 2021 Autumn Auction

                                                                                                                                                                             


Highlights of Xiling Yinshe 2021 Spring Auction


· Chinese Paintings and Calligraphy ·


Five sales of Chinese paintings and calligraphy yielded around RMB 400 million, including over RMB 200 million from Classical Chinese Paintings & Calligraphy and Letters from Ming and Qing Dynasties and nearly RMB 100 million from Chinese Paintings & Calligraphy by Top Members of Xiling Yinshe with a 100% sell-through rate, which have again proved the considerable capacity and great appetite of the market. 

Xu Wei  Beauties

Sale Price: RMB 29,325,000

Yang Ke  Seven-Character poem in Cursive Script

Starting Price: RMB 50,000

Sale Price: RMB 2,990,000


Around RMB 200 million in total, high sell-through rate and high premium secured the leading position of the Classical Chinese Paintings and Calligraphy. The lots in celebration of the 500th anniversary of Xu Wei’s birth were sold out in the fervent support from collectors. Xu Wei’s album of floral paintings was sold for RMB 29,325,000, and his teacher Yang Ke’s Seven-character Poem in Cursive Script fetched RMB 2,990,000 from the estimate of RMB 50,000, contributing its most increase in bidding prices. The Cypress of Songyang by the Emperor Qianlong, which had attracted much attentions before the auction, topped the sale by the price as high as RMB 41,400,000. 

Cheng Minzheng and Yu Heng  Inscriptions

Starting Price: RMB 30,000

Sale Price: RMB 4,830,000

A record price for Cheng Minzheng and Yu Heng’s work


The letters from Ming and Qing Dynasties were blockbusters since the first lot. A letter called Kua Nian Tie (New Year Greeting Letter) written by Shen Shixing, a top scholar in the imperial examination in the late Ming Dynasty started its bidding from RMB 100,000 and was concluded at RMB 460,000 after ten rounds of competition. The Inscriptions by the imperial teacher Cheng Minzheng and Yu Heng ended up with RMB 4,830,000, 15 times more than its estimate of RMB  300,000, creating a record for the work made by both of them. All the letters totaled over RMB 20,000,000 with a 99.5% sell-through rate. Cai Yu, He Ruchong and Yang Duanfu’s works also made records respectively for their works.  

Fu Baoshi  Spring

Starting Price: RMB 8,000,000

Sale Price: RMB 28,520,000


The reliable provenances highlighted the lots of the Modern and Contemporary Chinese Paintings & Calligraphy  which were collected by famous masters. In the sale of Chinese Paintings & Calligraphy by Top Members of Xiling Yinshe, the price of Fu Baoshi’s masterpiece Spring went up to RMB 28,520,000 through biddings since RMB 8 million, becoming the champion in this sale.


· Important Letters and Manuscripts and Sanningzhai’s Collection ·


Xu Zhimo  Rare Autograph Manuscript

Starting Price: RMB 300,000

Sale Price: RMB 2,990,000
A record for Xu Zhimo’s single manuscript


The sale of Important Letters and Manuscripts and Sanningzhai’s Collection presented stellar works by famous Chinese and foreign people, including letters, manuscripts and calligraphic works. Fierce biddings went through the entire sale for five and a half hours. Among them was Xu Zhimo’s rare autograph poetry manuscript Build a Wall, which was published in his representative book One Night in Florence. The manuscript was the unique, complete and the oldest of its kind in the current market. After repeated on-site and telephone biddings, the lot which is 30×24.5cm and dated August 23, 1925 was finally sold for RMB 2,990,000, successfully breaking the record as a single page of Xu’s autograph poetry manuscript.


· Fine Ancient Books and Rubbings ·


Fine Ancient Books and Rubbings aroused attentions of academic institutions and private collectors alike. As it was popular in the ancient times and difficult to obtain nowadays, we persist in selecting and offering excellent books and rubbings as well as seal impressions, Zhejiang literatures and historical literatures, which can be conducive to historical study, academic research and art appreciation. 

[Gao Shiqi and Wang Duo] Song Ta Huai Ren Ji Wang Sheng Jiao Xu

Starting Price: RMB 500,000

Sale Price: RMB5,980,000


As the cover of the catalogue of the sale, the lot Song Ta Huai Ren Ji Wang Sheng Jiao Xu collected by Gao Shiqi and other scholars, and titled by Wang Duo has many seal impressions on it indicating a clear provenance. After several-minutes’ fierce competition, its price soared up to RMB 5,980,000 from its low estimate of RMB 500,000, making it top the list of the best ancient rubbings auctioned in the domestic market in this spring.

[Tian Lu Lin Lang] Xin Bian Shi Wen Lei Ju Han Mo Quan Shu (1 vol)

Starting Price: RMB 900,000

Sale Price: RMB 2,093,000


The back cover lot Xin Bian Shi Wen Lei Ju Han Mo Quan Shu (1 vol) collected by Tian Lu Lin Lang in Qing Dynasty was sold for RMB 2,093,000. Same as Shi Wen Lei Ju Han Mo Quan Shu which was block-printed in early Ming Dynasty and collected by National Library of China, it was finally unveiled after two centuries.

Besides, the collection of old bronze ware rubbings from Dang Qingfan, a famous scholar, also reached 100% sell-through rate. Among twenty bronze ware and epitaph rubbings from six dynasties, many of them were sold for higher prices ten times their estimates. An inscription album collected by Kezhai and Dang aroused our admiration to the spirit of the past two generations in pursuing the academic and spiritual perfection.


· Seal Cuttings by Modern and Contemporary Masters and Fine Inkstones ·


Inheriting the spirit of ‘as tough as bronze and stone’ of Xiling Society of Seal Arts, the Department of Seals and Inkstones of Xiling Yinshe Auction has been sticking to academic and cultural research by digging and evaluating the academic value of the lots to ceaselessly promote the sound development of the seal cutting market.


This spring auction presented two sales of seal cuttings by modern and contemporary masters, including the Emperor Qianlong’s seal with ‘Yitaihe’ mark, scholar’s seals, seals owned by eight masters of Xiling Yinshe and famous collection of seal cutting, which continued high popularity with sell-through rate surpassing 90%.

Qing Dynasty  A Shoushan Stone ‘Chi’ Seal for Emperor Qianlong’ Private Use

Starting Price: RMB 2,800,000

Sale Price: RMB 5,577,500


A Shoushan stone ‘chi’ seal with ‘Yitaihe’ mark for Emperor Qianlong’s private use is one of the focuses in the sale of imperial collections. The square seal is a typical imperial one in small size and mystery. The seal was used to be impressed on many great works like Shang Pin Shen Ji and Shi Qu Bao Ji. An extraordinary one worthwhile appreciating, using and collecting. The seal fetched an amazing price of RMB 5,577,500, almost doubling its low estimate of RMB 2,800,000.

Qing Dynasty  An Inkstone Inscribed by Wu Changshuo and Wu Jiamo and Collected by Shen Shiyou

Starting Price: RMB 2,200,000

Sale Price: RMB 4,427,500


Study Series · Seal Cuttings by Modern and Contemporary Chinese Masters brought together an eclectic mix of scholar’s inkstones led by an inkstone inscribed by Wu Changshuo and Wu Jiamo and collected by Shen Shiyou, which was illustrated in the book Records of Inkstones Collected by Shen Shiyou. The inkstone realized over RMB 4.4275 million after several minutes of intense bidding. Inkstones collected by the book are masterpieces with excellent poems, handwritings and craftsmanship. Those inscribed by Wu Changshuo under Shen Shiyou’s request are in the top echelon, through which we can also take insight into Wu’s works and social relationships.

Chongzhen Period, Ming Dynasty  An Inkstick with 'Qianqiuguang' and 'Pubi' Marks Made by Wu Shuda

Starting Price: RMB 30,000

Sale Price: RMB 218,500


· Chinese Ceramics · Refined Articles in the Study ·


Chinese Ceramics brought together over 1000 works, ending up with a total sale of RMB120 million. The 6-hour intensive bidding among different buyers on the afternoon of July 25 saw the strong performance of ceramics sales. The two sales were impressed by a blue-and-white vase with dragon pattern and 'Qianlong' mark made in the Qing dynasty, which was sold for RMB 12.65 million against an estimate of RMB 5.5 million. Another lot, a famille rose vessel with deer pattern and 'Qianlong' mark made by Tang Ying, triggered a flurry of intense bidding between clients and phone bidders in the salerooms, which saw it surmount its high estimate to RMB 8.05 million. 

Qianlong Period, Qing Dynasty A Blue-and-White Vase with Dragon Pattern and 'Qianlong' Mark

Starting Price: RMB 5,500,000

Sale Price: RMB 12,650,000



Qianlong Period, Qing Dynasty A Famille Rose Vessel with Deer Pattern and 'Qianlong' Mark Made by Tang Ying

Starting Price: RMB 3,500,000

Sale Price: RMB 8,050,000

Yongzheng Period, Qing Dynasty  A Pale Celadon Vase with String Pattern

Starting Price: RMB 1,600,000

Sale Price: RMB 2,300,000


The Department of Refined Articles in the Study saw a strong result of the sales, which surprised the fine study auction market. It fetched RMB 53 million, continuing the tradition of offering exquisite masterpieces.

Late Ming-Early Qing Dynasty  A Huanghuali Stand with ‘Chi Pattern

Starting Price: RMB 2,800,000

Sale Price: RMB 5,520,000


The excitement of Everlasting Glory · Refined Articles in the Study was evidenced by a high sell-through of 90%, achieving a combined total of RMB 28 million. The sale was led by a Huanghuali stand with ‘Chi pattern made between the late Ming and early Qing dynasties, which was sold for RMB 5.52 million after a prolonged battle.


· Chinese Zisha Wares ·


Mid-Qing Dynasty A Fine Tile-Shaped Teapot with 'A Man Tuo Shi' Mark Engraved by Chen Mansheng and Made by Yang Pengnian

Starting Price: RMB 2,400,000

Sale Price: RMB 3,507,500


Chinese Zisha Wares, Tea Sets and Fine Tea was among the most sought-after categories in Xiling Yinshe Auction. The strong performance was evidenced by the extremely packed mid-night room. It achieved a high turnover rate of 90% created by enthusiastic bidders. The Department of Zisha Wares has been dedicated to scholar’s Zisha teapots and presented those made by Mansheng several times. New world auction records for Zisha teapots were also made by Xiling Yinshe Auction. A fine tile-shaped teapot with 'A Man Tuo Shi' mark engraved by Chen Mansheng and made by Yang Pengnian fetched RMB 3.68 million. Attached by the teapot were Wu Changshuo’s calligraphy in seal script, an excellent piece of work painted by Hu Hui and inscribed by Pan Zunqi and a piece of rubbing of the teapot made by Li Jinhong. The relevant study shows this precious teapot is mentioned in a book about Wu Changshuo’s seals cutting and daily life in Suzhou, adding more charm and literati temperament to this lot and making it another proof of Xiling Yinshe Auction pursuing both academic and cultural values. 


· Chinese Paper Money & Coins ·


The sale of Chinese Paper Money & Coins arranged on the first auction day of Xiling Yinshe 2021 Spring Auction got off to a good start. The lots stimulated a round of intense biddings between buyers on site and phone bidders alike. It ended up with more than RMB 46 million and 87% sell-through rate. 

A Gold Commemorative Sample Coin with Portrait of Xu Shichang Made in 1921

Sale Price: RMB 2,875,000

Breaking the auction record as a gold commemorative sample coin with portrait of Xu Shichang


The sale of gold and silver coins was particularly impressive. A gold commemorative sample coin with portrait of Xu Shichang made in 1921 realized RMB 2.875 million, setting a record for the auction of the similar coins. Two gold commemorative sample coins with portrait of Duan Qirui made in 1924 (Lot 338 and Lot 401) also broke the record of their kind, achieving RMB 2.1275 million and RMB 2.185 million. A gold sample coin with dragon pattern and portrait of Yuan Shih-kai made in 1916 fetched RMB 770,500, also establishing a record for this kind of coin.


The sale of coins in the Ming and Qing dynasties remained splendid as good news came one after another, especially the coins in Qing dynasty which broke a bunch of transaction records. For example, two sample coin with 'Xianfeng' mark from Qing dynasty reached RMB 644,000 and RMB 333,500 and a coin with 'Qixiang' mark realized RMB 414,000.


A mold coin with 'Xianfeng' mark from Qing dynasty realized RMB 1.127 million. A mold coin with 'Xianfeng' mark from Qing dynasty reached RMB 736,000. A ten-Dollar gold sample coin with portrait Of Yuan Shih-kai made in 1919 fetched RMB 345,000 and eighty-seven pieces of paper money of the first RMB series were sold for RMB 977,500.


The fervent atmosphere predicted a promising future for the gold and silver coin market, and offered new stimulus to the market which had already been on the way to its prosperity.


· Modern and Contemporary Art ·


Guan Liang (1900-1986) By the Elbe River

Sale Price: RMB 3,450,000

Zhou Chunya (b.1955)  Flower and Boy

Starting Price: RMB 3,200,000

Sale Price: RMB 6,095,000


Modern and Contemporary Oil Paintings and Sculpture featured masterpieces of Guan Liang in the 2021 spring auction. We were fed with Guan’s oil paintings, colored ink paintings including the Germany Series, opera characters and plants. The room was turned into a gallery presenting a complete landscape of the artist’s painting skill. The sale, which had collected great attentions and enthusiastic responses even before its commencement, was led by Zhou Chunya’s Flower and Boy. The lot captured the heart of both foreign and domestic buyers, and eventually arrived at RMB 6.095 million after soaring bidding prices. As for the new paintings, the auction week saw a strong momentum within oil paintings, as many lots were sold for considerably high prices than their pre-sale estimates, including Chen Ke’s Love and Gao Yu’s Budai Monk.


· Jade Carvings by Ancient and Contemporary Masters ·


Cui Lei (b. 1972)  A White Jade ‘Warrior On Horse Carving

Starting Price: RMB 1,300,000

Sale Price: RMB 3,450,000


Jade Carvings by Ancient and Contemporary Masters put the ancient and modern artworks on the same stage this time. A white jade ‘warrior on horse’ carved by Cui Lei was sold for RMB 3.45 million against an estimate of RMB 1.3 million. The elegant jade carving is about a general called Tang Bin who is riding a horse with a weapon and shield in his hands, implying success always favors those who always make full preparations. 


· Featured Sales ·


13th Century  A Gilt-Bronze Figure of Sakyamuni

Starting Price: RMB 1,800,000

Sale Price: RMB 2,760,000


The sale of Elegant and Magnificent·Chinese Buddhist Art shone brightly in the auction and enjoyed high popularity and fierce competition. A gilt-bronze figure of Sakyamuni made in the 13th century realized over RMB 2.76 million after several minutes of biddings. A gilt-bronze figure of 'Guan Yu' from the court of Qianlong period of Qing dynasty ended up with RMB 2.07 million from its estimate of RMB 1.2 million. A gilt-bronze figure of Samvara from Qianlong period of Qing dynasty and a wood figure of Sakyamuni were all sold at amazing prices.

A Superfine Icy Jadeite Necklace

Sale Price: RMB 11,385,000


Impressive results appeared in jewelry sale, Chinese wine and western antique works of art. Jadeites are always the blockbuster of the sale of jewelry. Among them was a rare necklace made of 43 extraordinarily icy jadeite beads, which was finally sold for as high as RMB 11.385 million. Apart from jadeites, jewels made of colored diamonds and gems were also hammered at amazingly high prices.  

Western Antique Works of Art

Famous Chinese Wine





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