China autumn auction ends on high note

China's first mainland auction house ended its 2013 autumn auction on Wednesday in Beijing. The event has paid tribute to the 20th anniversary of the auction house and has been a positive indicator of the Chinese auction market.

This purple clay stoneware auction is one of the last to be held at the autumn auction. Purple clay teapots are said to alter the taste of tea and create a more complex flavour. Buyers are willing to pay big prices for these unique and delicate works.

But the crowning achievement happened last Saturday, when the painting "Tajik Bride" became the most expensive oil painting ever auctioned by China Guardian, fetching almost 14 million US dollars.

Items by private collector Wang Shixiang have also been a major highlight. 560 pieces collected by Wang have gone under the hammer, including premium furniture and ceramics.

"We've seen a fair increase in total revenue compared to last year. Last year the total revenue of the autumn winter auction was almost 290 million USD and this year we expect it to be around 400 million USD. And these come from revenues across the board, be it furniture, tea pot porcelain or calligraphy. We've seen great deals in almost all of our categories," said Hu Yanyan, vice president of China Guardian.

"This is a good way to wrap up the season and I think this will boost the confidence of the market. The market had some fluctuation in 2012 but I think this is a sign of a major resurgence."

This is the first ever deal at China Guardian in 1994. It was also the first auction deal in the mainland after the founding of the People's Republic of China.

China's auction industry has come a long way since then. The mainland now has almost 6,000 auction companies and 60,000 people working in the field. The prices of the items auctioned here are among the highest in the world, making China one of the most important markets globally.

But for many, purchasing items remains a method of investment rather than pure appreciation of art, so China still needs a larger number of genuine collectors for a fully thriving market.

However, analysts believe that with more comprehensive legislation, professional management and international cooperation, China could lead the tide in the near future.