Chinese Ming Guanyin bronze beats estimate by 1,100% in Asian art sale

A July 27 auction saw superb results as a Chinese Ming period Guanyin bronze excelled

A Chinese Ming dynasty bronze of Guanyin has sold superbly at a July 27 Asian art sale in Cincinnati.

The bronze depicts Guanyin - the bodhisattva of compassion

The fantastic piece soared past its estimate of $5,000-6,000 to achieve $72,000 - an impressive 1,100% increase on its initial valuation. The piece was expected to sell for a low price due to loss and wear of the paint and a crack to its base; however the booming Chinese market once again spurred the bronze way past expectations.

The bronze depicts Guanyin - the Buddhist boddhisatva associated with compassion - in the dynasana pose. Seated on a separate bronze lotus pedestal stand, her right hand holds a piece of rope and her left an alms bowl.

The highest selling lot of the auction came from a pair of important Kangxi chargers, which sold for $274,500. Another identical pair of chargers is listed in the Illustrated Catalogue of the Tokyo National Museum: Chinese Ceramics and both pairs bear the six-character Kangxi mark, making them highly sought after by high-end collectors. A comparable, singular example was sold at Sotheby's in 2008 for £65,671.

Also featuring were the ever-popular Chinese rhinoceros horn libation cups, one of which - a 17th century, exquisitely carved example - sold for $48,000. Following this was a Yuan period libation cup, which realised $26,400. Read more about the controversial rhino horn market here.

To find out how you can make a profit from the thriving market for Chinese art and collectibles, click here.

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·  Jiajing wucai fish jar offered for $700,000 at Sotheby's | 26 July 2012

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Images: Cowan's Auctions