Auction result - Big disappointment for Sotheby's with Meiyingtang Collection

Sotheby's didn't have a good day when major pieces from the Meiyingtang Collection of Chinese ceramics, which had been presented as some of the best to be sold in decades, didn't find any buyers. Though the auction room was packed to see the collection of the Zuellig brothers, two Swiss phamarceutical tycoons, the writing was on the wall as soon as the auction started with tepid bidding for the first lots. By the end of the auction only 70 percent of the lots had sold, bringing in $51.2 million, around half the pre-sale estimate (the auctioneer didn't even put the % sold  by value on its press release). Several pieces failed to meet their reserve prices. This was in sharp contrast with the sale of the ceramics from the collection of J.T. Tai. Maybe this is a clear sign that Chinese millionaires are not willing to pay any prices to repatriate rare ceramics. The final results of the sale was actually lifted by two post sales. A 18th-century Qing Dynasty porcelain vase picturing golden pheasants, which had been estimated to fetch more than $23 million, failed to sell during the auction, but did after after the event for $25.6 million. A blue and white “Palace Bowl” also sold after the auction for $11.5 million. With the private sales, the total of the auction was $88.4 million, nearer to the low estimate for the sale of $91 million.