【Hong Kong, May 15, 2026】Sotheby's Spring 2026 auction concluded successfully yesterday, achieving a total sales figure of $380 million, exceeding its pre-sale high estimate by 15%, with a remarkable sell-through rate of 88%. This indicates that the art market, after a brief period of adjustment, is gradually regaining strong momentum. Among the various categories, the highly anticipated 'Fine Chinese Art' sale performed exceptionally well, with the ancient jade bi section becoming the focal point of the auction. Several rare jade pieces sold for prices significantly above their estimates, attracting widespread attention from the industry.
Leading the star lots was a 'Chilong Dragon-motif Celadon Jade Bi' from the Western Han Dynasty, which fetched an astonishing $28 million, far surpassing its pre-sale estimate range of $12 million to $18 million, representing a premium of 55.5%. This jade bi, with a diameter of 25 cm, features a warm jade texture and exquisite carving, depicting lifelike chilong dragons. Its excellent condition was praised by many experts as a masterpiece of its kind. Another 'Grain-pattern White Jade Bi' from the Spring and Autumn period also sold for $15 million, an increase of 50% from its estimate of $7 million to $10 million. Furthermore, a 'Dragon and Phoenix-motif Yellow Jade Bi' from the Warring States period achieved $8.5 million, approximately 25% above its estimate. Overall, the ancient jade bi section generated a total of $75 million, about 30% higher than its combined pre-sale estimates, with a sell-through rate of 95%.
Nicolas Chow, Chairman of Sotheby's Asia, stated after the auction: "The success of this Spring sale, particularly the outstanding performance of the ancient jade bi section, once again confirms the scarcity of top-tier artworks and their robust value in the global collecting market. We have seen continued enthusiasm from collectors across Asia, Europe, and North America for high-quality Chinese art, especially ancient jade artifacts with profound historical and cultural significance and exquisite craftsmanship, whose value is being re-evaluated and recognized."
Dr. Li Ming, a senior jade market analyst, pointed out: "The data from this Sotheby's Spring sale sends several key signals. Firstly, the high-end ancient jade market remains an important area for capital preservation and value investment, especially amidst increasing global economic uncertainties, where rare and well-preserved ancient jade is considered a hard asset. Secondly, buyers are increasingly demanding in terms of jade quality, provenance, and cultural connotations; pieces with clear provenance, exquisite craftsmanship, and superior jade quality are more likely to achieve high premiums. Thirdly, the growing interest of younger generations of collectors in traditional Chinese culture has injected new vitality into the ancient jade market. It is anticipated that prices for high-quality ancient jade bi will continue to rise steadily in the coming years, while ordinary or poorly preserved jade pieces may face greater market pressure."
In terms of buyer demographics, Asian collectors remained the dominant force in this auction, contributing approximately 60% of the total sales, with buyers from mainland China and Hong Kong being particularly active. European and American collectors also demonstrated strong purchasing power for some exceptional pieces. Market participants generally believe that the excellent results of Sotheby's Spring sale set a positive tone for the upcoming Spring auction season of other international auction houses, signaling a new growth cycle for the global art market, especially the Chinese art market. However, experts also caution that despite the market's enthusiasm, collectors should remain rational, thoroughly research the value of lots, and be wary of blindly following trends.