Come Back of Rat and Rabbit

[Pierre Tavlitzki]

Today, we are not just talking about auctions, but also on international politics. In September, just after the announcement of the sale of the Yves Saint-Laurent collection, Chinese lobbying groups have opposed the sale of two fountain ornaments. The echoes of the press show that these groups are increasingly active.

Twelve bronzes represented the Chinese zodiac in the main fountain at the palace of Qianlong in Beijing. They were the heads of the animals, and water flowed from their mouths at defined times. These figures are neither of Chinese or Western art, but a combination of the two: they were made on the plans of the Jesuit missionary Giuseppe Castiglione between 1756 and 1759.

This all disappeared at the looting of the palace by the Anglo-French troops in 1860, making today the opponents of the sale stating that the bronzes were stolen. Five statues were returned to China, five of them are not localized, and rat and rabbit are each estimated € 8 million in the sale of Christie's and Pierre Bergé in Paris from 23 to 25 February.

This price was announced, but curiously they are now the only lots in this three day sales catalog for which potential buyers must have the estimate confirmed by Christie's. I give you my personal opinion. Such pressure can intimidate a potential bidder. Christie's is perhaps in the process of seeking a buyer whose personality satisfies all parties. This is what Sotheby's did in 2007, when they removed the horse head from an announced sale. Stanley Ho bought it then privately for $ 69.1 MHK and donated it to the Chinese government.

The rat head is 30 cm high. The rabbit is higher ... through his ears!

[Pierre Tavlitzki]

As prepared, rat and rabbit were presented separately. They were sold, both at the same price, € 15.7 million including premium.

The sale of these lots has not finished generating comments. I made two predictions, they have proved false. Buyers were not intimidated. Christie's and Pierre Bergé achieved the process without being intimidated, and therefore without recourse to a private transaction.

We must not forget that the activity that makes the difference between an international auction group and a national or local auction houses is their ability to convince buyers. The work done by Christie's to sell these two bronzes was probably huge.

These were the last two bronzes of the Imperial fountain to be available on the market. This has certainly increased their value.

In addition, the Chinese themselves, with their protests republished by the international press, have shown their interest in this group of works. Their price would certainly have been much lower if the dispute had not occurred.

It is something of a spectacular example which reinforces my premise: the price of an item at auction is a reliable metrics of the cultural importance given to this object at a dedicated time.

Now, five heads are lost. It should be very exciting if these excellent results push some of them to appear on the market.