Beijing, May 18, 2026 – The highly anticipated Poly 2026 Spring Auction concluded successfully yesterday. The total transaction value of this auction reached an impressive RMB 2.85 billion, with a sell-through rate of 86.5%, representing a 12.3% increase compared to the same period last year. This demonstrates a strong recovery trend in the art market, particularly in the high-end jade sector. High-end Bi Yu (spinach green jade), as the highlight of this auction, performed exceptionally well, with multiple exquisite pieces selling for prices significantly exceeding their estimates, becoming the focus of market attention.
This spring auction presented over 2,000 lots, covering various categories including Chinese painting and calligraphy, antique treasures, jewelry and jadeite, and modern and contemporary art. In the jewelry and jadeite special session, high-end Bi Yu was undoubtedly the biggest highlight. According to official data from Poly Auction, the total transaction value of the Bi Yu special session reached RMB 320 million, with a sell-through rate as high as 92% and an average premium rate of 35%.
Among them, a Qing Dynasty Qianlong period Bi Yu carved 'Chilong' dragon washer, named “Ink Jade Congealed Fat”, sold for a staggering RMB 88 million, far exceeding its estimate of RMB 50 million, becoming the 'Jade King' of this auction. The piece boasts superior material, delicate and lustrous jade, deep and even color, and exquisite craftsmanship, showcasing imperial grandeur. Another modern Bi Yu mountain carving, “Tides of the Azure Sea”, with its unique creativity and superb craftsmanship, ultimately sold for RMB 35 million. Compared to its estimate of RMB 20 million, the premium rate reached 75%, indicating collectors' recognition of contemporary jade carving art.
Mr. Zhang Ming, head of Poly Auction's Jade Department, stated in an interview with reporters: “The outstanding performance of high-end Bi Yu fully proves the market's continued pursuit of high-quality, rare jade. In the context of gradual economic recovery, collectors are more inclined to invest funds in hard assets with potential for value preservation and appreciation. High-end Bi Yu, with its unique cultural value, rarity, and craftsmanship difficulty, is undoubtedly a leader among them.”
Professor Li Hua, Secretary-General of the China Jade Culture Research Association, analyzed: “In recent years, Hetian jade resources have become increasingly depleted, and the difficulty and cost of mining high-quality Bi Yu have continuously risen, leading to a sustained increase in its market value. The high-price sales of Qianlong period Bi Yu masterpieces in this auction not only reflect their historical and cultural value but also demonstrate the market's recognition of classic forms and exquisite craftsmanship. At the same time, breakthroughs by contemporary jade carvers in Bi Yu creation have injected new vitality into the market and broadened the scope of Bi Yu collection.”
From a market trend perspective, this Poly Spring Auction undoubtedly sends a positive signal: the art market is steadily recovering, especially in high-end collectibles. Bi Yu, as an important component of traditional Chinese jade, is expected to continue its market热度 in the coming period. With the gradual stabilization of the global economy and increased collector confidence, the market performance of high-end Bi Yu is expected to be more active in the future, with prices likely to continue to show a steady upward trend. At the same time, we also see that while collectors pursue traditional masterpieces, they are increasingly paying attention to the innovation and development of contemporary jade carving art, which brings more diversified development opportunities to the jade market.
However, market participants also remind that investing in jade still requires caution. One should focus on the authenticity, condition, craftsmanship, and cultural connotation of the lots, and avoid blindly following trends. Professional appraisal and in-depth market research are key to successful collecting.