Despite a bidding war for scrolls, the outlook for Chinese antique auctions in Hong Kong is cautious

[WORLD] A 95-minute bidding war over a 14th-century Chinese calligraphy scroll has captured attention, even more so given that it unfolded amid a downturn in the Hong Kong auction market that has persisted for the past four years. The fierce competition stands out, especially when considering that such intense bidding would have been notable even during the market's peak a decade ago.

The scroll, created by renowned calligrapher Rao Jie during the Yuan Dynasty (1271–1368), is a highly rare and exceptional example of Chinese calligraphy. Spanning nearly 10 meters in length, it includes a frontispiece inscribed by Emperor Qianlong, which translates to “Divinely Transmitted Purity.” This inscription is a fitting representation of Rao Jie’s style—bold, spontaneous, and full of dynamic energy.

The 700-year-old scroll, which features Rao Jie’s six-meter-long cursive-script calligraphy of two prose pieces, generated over 200 bids during Sotheby’s 92-lot Fine Classical Chinese Paintings auction on April 10, 2025.

The scroll’s provenance adds to its allure, having once belonged to the Qing imperial collection. It is also documented in two prestigious imperial catalogues of painting and calligraphy compiled during the reign of Emperor Qianlong (1736–1795). Furthermore, it bears over 100 collector’s seals, documenting its passage through the hands of discerning collectors over the centuries.

Auctioneer CC Wang appeared energized as the bids poured in. Originally estimated to fetch between HK$10 million and HK$20 million, the scroll ultimately sold for HK$213.5 million (approximately US$27.5 million). The buyer, bidding by phone, will pay a total of HK$250.1 million after including auction house fees.

The winning bid came from a phone bidder, identified by paddle number 6889, and was represented by Steven Zuo, Head of Sotheby’s Classical Chinese Paintings Department. This remarkable result provides a much-needed boost to the Chinese art market, which has seen fewer nine-figure sales since the pandemic's onset.

The sale’s exceptional outcome highlights the continued confidence in Chinese classical art, despite broader market and economic uncertainties. Works from the Yuan Dynasty, especially those by artists like Rao Jie, are highly coveted due to their rarity. His Calligraphy in Cursive Script is now regarded as an invaluable treasure.