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Chinese Vase Worth Rs 1.5 Lakh Auctioned for Rs 74 Crore after Bidders Mistake it for Rare Find

By: Buzz Staff

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Last Updated: October 06, 2022, 13:27 IST

China

The blue-and-white Tianqiuping vase went under the hammer at the Osenat Auction House in Fontainebleau near Paris on October 1. (Representative Image, Credits: Reuters)

The blue-and-white Tianqiuping vase went under the hammer at the Osenat Auction House in Fontainebleau near Paris on October 1. (Representative Image, Credits: Reuters)

The blue-and-white Tianqiuping vase went under the hammer at the Osenat Auction House in Fontainebleau near Paris on October 1.

People across the globe often bid higher prices for antique items, from paintings to rare vases, at auctions. Recently a Chinese vase that was expected to be sold at €1,500-€2,000 (around Rs 1.21 – 1.61 lakh) at the auction but has been sold for more than €9.1 million (approx Rs 74 crore) after a bidding war among the collectors. The blue-and-white Tianqiuping vase went under the hammer at the Osenat Auction House in Fontainebleau near Paris on October 1.

The auction object achieved a final price of €9.121 million (nearly Rs 74 crore) including fees, according to the company website, reported by CNN.

According to the listing, the vase has a spherical body and a long cylindrical neck and is decorated with dragons and clouds. Tianqiuping vases are also called celestial sphere vases because of their shape.

Speaking to the media outlet, Jean-Pierre Osenat, president of the auction house, said that the vase’s owner who lives abroad had asked the auctioneer to sell it as part of a consignment of items taken from their late grandmother’s house in Brittany, France.

Osenat stated that the amount is going to completely change the family’s life and it is hard for them to come to terms with the hefty amount. He even explained that while a valuation expert said the vase dates from the 20th century and was not a rare one, collectors believed it was a rare Tianqiuping vase from the 18th century.

“I have faith in the hammer, which is to say that I think the law of supply and demand determines the market price,” he said. He continued and said that the view of an expert can’t outweigh that of 300 people. Osenat also added that sometimes, in auctions, two or three people mistakenly believe an item is far more valuable but not 300.

The anonymous buyer is said to be a citizen of China, as per the president of the auction house. He also stated that in recent years Chinese buyers have shown interest in buying historic artefacts that they believed were stolen from their country in the past.

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first published:October 06, 2022, 13:27 IST
last updated:October 06, 2022, 13:27 IST