Chinese collectors buy museum-held art as US institutions sell surplus holdings

Chinese collectors are buying art formerly held by American museums as US institutions sell selected holdings, creating a route through which rare Chinese objects are returning to Chinese hands. At a Christie’s auction near New York’s Rockefeller Centre, a Yongzheng porcelain bowl sold for $2.05 million, the highest porcelain result in the sale. More than 100 items from the Art Institute of Chicago were offered, and the institute’s two-day sales raised $17.3 million.

A Chinese collector from Jiangxi bought an archaistic zun-form vase once owned by financier Charles Schwab for $40,960. He said he wanted to return the object to Guangzhou and would donate it to a Chinese museum. The buyer did not give his name.

Museum provenance is a major attraction for collectors, according to Angela McAteer, head of Chinese works of art at Sotheby’s. She said objects with museum provenance are particularly valued in a market affected by concerns over counterfeit works and false provenance. US museums have been selling some holdings because of storage and insurance costs, duplication and changes in display practices.

Vicki Paloympis, Christie’s Chinese department head, said major American museums had inherited large collections assembled by wealthy American buyers in the 19th and early 20th centuries. The sales have also attracted criticism. Tao Wang, the Art Institute’s Chinese art curator, said some people interpreted the disposal of Chinese objects as evidence that American museums did not value Chinese culture.

He said the purpose was instead to upgrade and enhance the collection. The material says accredited US museums follow legal, ethical and curatorial standards governing de-accessioning, including rules on the use of sale proceeds. Recent sales have also involved objects from other American museums, including the Metropolitan Museum of Art and the Brooklyn Museum.