(Ecns.cn)--Although the art market has been growing increasingly prosperous over the past few years, and collections of ancient art, jewelry, and antiques are heating up, ancient book collections have remained low-profile.
Collecting ancient books is often seen as a small niche market. But with an auction conducted by the China Guardian Auctions on May 22, collecting ancient books is being seen by more and more people as "the dark horse" of the art market.
Ancient book sells for sky-high price
A manuscript of the 16-volume book "Liang Han Ce Yao" which recorded political comments on the Han Dynasty, was sold for 48.3 million yuan (1 yuan equals to $0.15), after nearly 70 bids, during an auction by the China Guardian Auctions on May 22.
The book, handwritten during the Yuan Dynasty, set a new auction record for ancient books and made itself the most expensive book ever bid on in China. Generally speaking, ancient books sold in China at a price of over ten million yuan are rarely seen.
"In many senses, the book deserves this price. It has a history of over 700 years, and since the Ming Dynasty, the manuscripts have been widely known by both academic circles and collectors, who have coveted this version," said Ta Xiaotang, an official from the China Guardian Auctions.
"The book is a manuscript by Zhao Mengfu, a renowned calligrapher of the Yuan Dynasty and has been kept and handed down by prestigious families for over 500 years," added Ta.
With such a legendary background, it is not strange that the book created such a splash at the auction. "Many famous ancient book collectors from home and abroad came to see the book or made phone calls to inquire about it," said Ta.
The book has all the qualities required to be called a rare book: it has high literary, artistic, and cultural value. Handwritten by a famous artist, handed down by prestigious people, and kept fully intact over the years, have all made this manuscript a rare thing.
"Books with a history of 600 years or more are often sold in pieces, and it is incredible that this manuscript with a 700-year history was kept in such a complete condition," said a collector surnamed Liu.
Expanding market for book collecting
Collecting ancient books is not like collecting pictures or jewelry. Collectors need to have plenty of knowledge enabling him/her to understand the book, and those who are capable of understanding these ancient books are a small group of people.
But in recent years, the definition of ancient books has been enlarged. Old books, letters, documents, graves, and stone tablets are also seen as ancient works.
"The market for ancient book collecting is stable. New comers are rare and speculators are only a small group compared to other sectors of the art market," said Liu. "And maybe because of all these reasons, the price for ancient books is not high."
Many people see this market as a niche market. Though experienced collectors are still searching for books kept in complete conditions and handed down by prestigious people, some have shifted their target to ancient letters, graves, and tablets, which are considered to be a new profitable market.
