Title: Jadeite's Luster and Radiance: Trends and Investment Strategies in the International Auction Market

Dear fellow collectors and colleagues, I am Wang Ruifang. Having been involved in the jade industry for over thirty years, I have witnessed jadeite's magnificent transformation from a traditional collectible to an international art market star. Today, I would like to delve into the latest trends of jadeite in the international auction market and discuss how we can seize opportunities and realize value amidst this surging tide.

I. Jadeite: From Oriental Treasure to Global Focus

There was a time when jadeite held a unique emotional significance exclusively for people in the East. Its gentle and understated qualities perfectly aligned with the traditional Chinese cultural concept of "a gentleman's virtue is likened to jade." However, in the past decade, with increasing global economic integration and cultural exchange, jadeite's charm has transcended national borders, becoming a dazzling star in the international auction market.

I vividly recall the 2014 Christie's Hong Kong Spring Auction, where a natural jadeite bead necklace named "Star of Zhaoyi" was sold for an astonishing HKD 214 million, setting a new world auction record for jadeite jewelry at the time. This event was undoubtedly a milestone in jadeite's internationalization process. It announced to the world that jadeite was no longer exclusively for wealthy Asians; it had firmly entered the ranks of global top-tier jewelry collections.

The reasons, in my opinion, are as follows:

• Scarcity and Irreplaceability: High-quality jadeite resources are increasingly depleted, especially top-grade "glass-like" (玻璃种) and "ice-like" (冰种) jadeite, whose output is exceedingly rare. Scarcity drives value; this is an eternal market principle.

• Unique Cultural Heritage and Aesthetic Value: The "green" of jadeite symbolizes vitality. Its warm texture and understated luster stand in stark contrast to the dazzling brilliance of Western jewelry, offering collectors a unique aesthetic experience.

• Investment and Hedging Properties: In an environment of increasing global economic uncertainty, jadeite, as a hard asset, increasingly demonstrates its value preservation and appreciation characteristics, becoming an important choice for high-net-worth individuals' asset allocation.

In the past two years, jadeite in the international auction market has shown some new trends that warrant our attention:

• Top-tier Jadeite Remains a Hard Asset: Regardless of market fluctuations, extreme quality jadeite reaching "glass-like" (玻璃种), "ice-like" (冰种), and "Imperial Green" (帝王绿) levels consistently maintains strong prices, even repeatedly setting new highs. For example, at Sotheby's autumn auction last year, an uncut natural Burmese jadeite rough, due to its rare size and perfect texture, was sold for a price far exceeding its estimate, once again proving the scarcity value of top-tier jadeite.

• Design and Craftsmanship Value Increasingly Prominent: The younger generation of collectors, in addition to focusing on the quality of the jadeite itself, increasingly values its design and craftsmanship. Jadeite pieces that perfectly integrate traditional Eastern aesthetics with modern Western design concepts often stand out at auctions. For example, art pieces crafted by internationally renowned jewelry designers, cleverly combining jadeite with diamonds and colored gemstones, often achieve higher prices than traditional jadeite of similar quality. This indicates that the artistic added value of jadeite is highly recognized by the market.

• Jadeite with Clear Provenance and Documented History is More Sought After: In the international auction market, the "story" of a jadeite piece is becoming increasingly important. Jadeite with clear provenance, previously owned by famous collectors, or possessing a special historical background, often commands a higher premium. This is not only an affirmation of the collection's value but also a respect for its cultural connotations. I once witnessed a Qing Dynasty imperial jadeite ornament, due to its clear imperial origin and detailed circulation records, ultimately selling for several times its estimated price.

• Rise of Online Auctions and Globalization: The pandemic accelerated the development of online auctions, making it more convenient for global collectors to participate in jadeite bidding. This has undoubtedly expanded the audience for jadeite and injected new vitality into the market. However, online auctions also demand higher appraisal capabilities, as the tactile experience of handling a physical object cannot be fully replicated online.

Given the jadeite craze in the international auction market, how should we approach investment and collection?

• Focus on High-Quality Pieces, Prioritize Quality Over Quantity: For ordinary investors, instead of blindly pursuing quantity, it is better to concentrate funds on a few exceptional, high-quality pieces. The value of top-tier jadeite is time-tested, with strong resistance to depreciation and significant appreciation potential.

• Emphasize Design and Craftsmanship: When choosing jadeite jewelry, in addition to focusing on the "种水色工" (type, clarity, color, craftsmanship), also pay attention to whether its design is unique and its craftsmanship exquisite. A meticulously crafted art piece often holds value beyond the material itself.

• Pay Attention to Brand and Reputation: Choose reputable auction houses and jewelers to ensure the authenticity and quality of the jadeite purchased. For international auctions, carefully read the auction catalog, understand the detailed information of the lots, and, if necessary, entrust professionals for appraisal.

• Learn and Accumulate Knowledge: Jadeite connoisseurship is a profound discipline that requires long-term learning and practice. Participating in industry exchanges, consulting senior experts, and continuously improving one's discerning eye are crucial for avoiding risks and seizing opportunities.

• Maintain Rationality, Beware of Speculation: All investments carry risks, and the jadeite market is no exception. Be wary of excessive speculation, do not blindly follow trends, maintain a clear mind, and make rational judgments based on your financial capabilities and collection goals.

Jadeite in the international auction market is experiencing unprecedented development opportunities. It is not only a symbol of wealth but also a carrier of the fusion of Eastern aesthetics and global culture. As a seasoned professional, I firmly believe that in the future, high-quality jadeite will continue to maintain its unique charm and value.

For collectors aspiring to enter the field of jadeite collection, my advice is: learn deeply, enhance your connoisseurship; focus on high-quality pieces, pursue excellence; invest rationally, and avoid risks. At the same time, we must also recognize that the value of jadeite is not solely measured in monetary terms, but more so in the culture, history, and emotions it carries. May every jade lover find their own "jadeite's luster and radiance" in the world of jadeite.

Thank you all.