What determines the value of a piece of antique and how to get the best bargain in Hong Kong?

Compiled from Collecting Chinese Antiquities in Hong Kong

        The value of a piece is determined by aesthetic beauty, workmanship, condition, supply and demand. Pieces made for an emperor usually reflect the highest quality of workmanship, while pieces made for imperial officials and wealthy merchants will have less value. Yet, even this can vary depending on the time the piece was produced. Some items produced for one emperor might be less valuable than pieces produced for another emperor. Something made for a noble might be more valuable than a piece made for a weak king. Thus, the historical background of the piece plays an important role in its valuation.

        Aesthetic attraction, craftsmanship and uniqueness will be reflected in the price of the item. Nonetheless, prices vary considerably over time, depending on supply and demand. For example, new discoveries of a Han tomb will add to the supply of artifacts from this period, therefore reducing the price of items from this dynasty. Figures of officers have more value than those of soldiers as they are rarer.

        Demand also determines prices. Obviously, if more people want pieces from a certain period, this demand will drive up prices. The same rule applies within a dynasty. Collectors will consider pieces produced in the reign of one emperor more valuable than items produced in the reign of another emperor, depending on the historical importance of the emperor. Even with a specific reign, certain items will be considered more valuable. Thus, the demand for the Tang ‘Fat’ lady figures might be more than that of the equivalent Tang male figure, therefore raising the price.

        Sometimes, collectors or antique dealers interested in certain kinds of pieces also hike up the price. The prices of tomb pieces can be higher than those of works from the Ming and Qing imperial period and marked ceramics from 50 years ago. Furthermore, where you buy the pieces affects the price. Hong Kong is the only city in China you can buy and ship Chinese antiques to your country legally. British law still applies because of the ‘one country two systems’ policy. All kinds of Chinese antiques are shipped to Hollywood Road in Hong Kong for resale. Thus, Hollywood Road was elected as one of the top ten shopping streets in the world.     Overseas collectors bear the cost of dealers’ travelling expenses, salaries, shipping costs, insurance, advertising, consulting commissions etc. As a result, there is generally a price difference of 3-7 times of what you would usually pay if you were to buy directly in Hong Kong, where most shops work with low profit margins in order to achieve high turnover. However, a considerable number of shops in Hong Kong will try to sell you reproductions as genuine antiques, so you need to work with a reputable and established dealer.

        Moreover, auctions in the United States and Europe tend to raise the market value of Chinese antiquities in the West. Although many people prefer to use an auction house, auctions tend to be far more expensive than purchasing directly from a Hong Kong dealer. Auction houses set higher prices in order to cover their promotion and auction fees. Therefore, it is no surprise that you find better quality pieces at lower prices in Hong Kong when compared to most American or European auctions.

        These days, you can purchase authentic Chinese antiques in Hong Kong as surprisingly low prices that can be less than what one would pay for a modern piece of art. Of course, exquisite and rare pieces can cost considerably more, but some of these pieces can turn out be bargains, depending on their age, workmanship and aesthetic beauty. Remember that the ultimate value of a piece is determined by you. Not everyone likes the same thing. This is what makes building a collection fun.