A Box Worth $US1,000 Sold For $US138,000 After Two Asian Bidders Went To War

Things got intense at the Bonhams auctionhouse in Sydney earlier today.

A Chinese blue-and-white porcelain “dragon” box with an estimated value of around $US1,000-$2,000 sold for a whopping $US138,178.

William Albano points us to an Art Daily report, which explains that the bidding came down to two unnamed collectors, one online and one in the salesroom.

According to Art Daily, the in-room bidder won.

The box is 16.3 cm high, 23.8 cm wide, and 23 cm deep.

Some folks have warned that art valuations are in a bubble. However, this is really the concern of only the super-rich.

Legendary short-seller Jim Chanos has recommended shorting auctionhouse Sotheby’s to play the bubble.

“This is still driven by art, which is socially acceptable conspicuous consumption,” Chanos said. “It’s one of the ultimate barometers of the 1 per cent, or the one-tenth of 1 per cent.”

For now, auctions like this recent one in Sydney continue to confirm that art prices are still going up.

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