Jan 26, 2013 — Chinese Antique Furniture, Jade, Bronze, Silver and Huanghuali Wood – An Oklahoma resident hit the jackpot on PBS’s “Antiques Roadshow” on Saturday when his five Chinese antique carved jade cups dating to the late 17th or early 18th century were valued at a record-setting worth of between $1 and $1.5 million.
PHOTOS: Chinese Antiques Odd Historical Items Sold at Auction
According to a press release from the program, the resident (who prefers to remain anonymous) bought the Chinese Antique jade cups inexpensively in the 1970s. Because of today’s strong market for Chinese antiques and antiquities, the Chinese jade collection’s value has increased dramatically since its original purchase.
The second highest-value antiques appraisal recorded by “Antiques Roadshow” was of a collection of Chinese antiques carved jade bowls, estimated to be worth as much as $1.07 million, discovered at the event in Raleigh, North Carolina, in 2009.
The episode featuring the newly appraised Chinese Antique jade cups will air as part of “Antiques Roadshow’s” 16th season in 2012.
Chinese Antique Market Is Up
The Chinese antique market is up, and the rise in prices is likely to continue.
“What is particularly interesting about the Asian market is the cycle of buying, holding and selling,” Mr. Du said. “We’ve noticed that Chinese antique pieces purchased five to fifteen years ago in Hong Kong or New York auctions are now resurfacing. It has been an ongoing practice for some Chinese art collectors to buy an object, put it in their collection, then 10 or 20 years later, put it up for sale at the same venue and buy something else they like.”
But what is changing, Mr. Du said, is that nowadays there are so many private museums establishing or adding to their Asian collections that many rare pieces are being removed from the cycle. “They’re going into institutional collections and staying there. This is one factor that is driving auction prices upward,” Mr. Du said.