A 95-minute bidding war would have made headlines even when the Hong Kong auction market was at its frothiest a decade ago, so a recent protracted battle over a 14th century Chinese calligraphy scroll was all the more remarkable for coming four years into a market downturn.
Rao Jieโs 700-year-old, six-metre long, cursive-script calligraphy of two pieces of prose attracted more than 200 bids when it came up for sale during Sothebyโs 92-lot Fine Classical Chinese Paintings sale on April 10, 2025.
Auctioneer CC Wang was positively giddy as she called out the bids. The scrollโs price was estimated in the HK$10 million to HK$20 million range presale; the final hammer price of HK$213.5 million (US$27.5 million) meant the buyer, who bid by phone, would be paying HK$250.1 million after adding fees for the auction house.
There is always strong demand for calligraphy from Chinaโs Sung and Yuan dynasties, since the period from the 11th to the 14th century marked the pinnacle of the art form, Steven Zuo, head of Sothebyโs classical Chinese Paintings department, says.
Moreover, Raoโs scroll belonged to the Qing imperial collection and was appearing on the market after passing through a long line of distinguished collectors.