On the evening of October 23rd last year, when most people in Taipei were huddled in their homes to avoid the fury of Typhoon Lynn, a few hardy souls managed to gather at the Lai Lai Sheraton Hotel for the R.O.C.'s first international auction of Chinese art objects and antiques, held by Chou Nan-chun of Shekels Kin International Art Group.

Shortly thereafter, on December 27th, a second international auction of Chinese art was held, this one at the Grand Hotel and conducted by Kander Lee, director of the Kander Co.

These two auctions, which centered chiefly on Chinese painting, calligraphy, ceramics, and jade, were rather limited in success, with many objects going unsold, but they did possess a singular significance--as tryouts for Taipei's becoming an international center for auctions of Chinese art.

The most important trading mart for Chinese art at present is Hong Kong. But owing to the specter of 1997, "some of Hong Kong's auction business will certainly come to Taipei," says Rita I-Wong of Sotheby's Taiwan Ltd. "Taipei is nearby. It's got a high level of culture, the National Palace Museum, and experts of all kinds, making it the best possible substitute for Hong Kong as a center for Chinese art."

The local market is another attraction for dealers considering Taipei. As Kander Lee points out, "our nation's growing middle class, the appreciation of the NT dollar, and our US$70 billion plus in foreign exchange reserves make the world look on us as a customer with great potential."

Art auctions may be considered by some to be a purely commercial activity, but if they can result in more Chinese art being preserved and treasured, then they have a significant cultural role to play as well. Even if an object is sold to a distant country, an auction confirms the object's value, making it unlikely to be damaged or lost. The Japanese have purchased masterpieces of Western painting to display in their museums, and Westerners have published many books and papers on Chinese ceramics, all of which has done nothing but benefit human culture as a whole.

The less than stellar debuts of Taipei's first two international auctions, Chou Nan-chun says, can be blamed on the unfamiliarity of novice players with the rules of the game and, in addition to the poor weather, on the low name recognition of the two auction houses and their failure to promote the auctions adequately in advance.

"Auctioning is itself an art," Rita I-Wong maintains, "one that takes meticulous planning and execution."

Advertising in up-scale magazines, notifying important businessmen and buyers by telephone, mailing sumptuously printed catalogues to art museums, libraries, and collectors, and drumming up enthusiasm for the auction beforehand are all necessary promotional steps. The world's two major art auction houses, Sotheby's and Christie's, each founded in England in the 18th century, offer something more--credibility and authoritativeness.

They and other major international auction houses adhere strictly to the principle of auction on commission, without themselves engaging in buying or selling. And the practice, common in small auctions, of sellers bidding on their own articles to build up the price is unlikely to occur, because the major houses receive a ten to fifteen percent commission on the hammer price from both buyer and seller. Under those conditions, Ms. Wong points out, "Only a fool would want to run the risk of bluffing."

The major houses employ a team of experts to evaluate and appraise each article, they exhibit the articles beforehand so that potential buyers may examine them thoroughly in advance, and they guarantee to accept the return of any article proved a forgery within five years after purchase.

Compared with Sotheby's and Christie's, domestic "international" art auction houses still have a way to go. None of them follows the principle of auction on commission only, and where the house is selling its own goods, caveat emptor is the rule. In addition, the domestic houses suffer from a lack of scientific assessing instruments and professional auctioneers, all of which makes their "credibility and authoritativeness" somewhat suspect.

Another limitation on the success of international art auctions in Taipei comes from the law. The Cultural Resources Preservation Law stipulates that national treasures and major antique articles may not be transferred to non-R.O.C. citizens or shipped out of the country. Many developing nations have similar laws to protect against the exportation of national treasures. "But our economic power has reached the level today where it becomes a question worth pondering whether more Chinese cultural objects might not wind up on Taiwan under a system of free exchange than under the current system," an art collector maintains.

Despite the impediments, Kander Lee remains optimistic: "Chinese jade and ceramics have earned a lot of attention in Western art markets, but painting and calligraphy have never received the notice they deserve. Now that more and more people have the money and the interest, the time has arrived, whether from a motive of profit or of cultural mission, for us to get involved in the Chinese art market and promote the international status of painting and calligraphy."

The present really is a good time to invest in art. "It's like buying a blue chip stock," says Lee Ya-li, the director of Lung Men Art Gallery. Many companies in Europe, Japan, and the United States have purchased artwork and displayed it or donated it to museums. Besides being a good investment, they look on the purchases as good public relations.

The concept of art auctions and art investment on Taiwan is just getting off the ground. If the day comes when more of our precious antiquities are gathered together and displayed in museums for the public to appreciate, then we will be able once again to say proudly to the world that we are indeed a country imbued with an ancient culture!

[Picture Caption]

An international art auction held by Sotheby's of London, (photo courtesy of Sotheby's)

A pre-auction exhibit by Shekels Kin attracted many local art lovers. (photo by You Hui-hung)

"I know you're rich, but that's going a bit too far." (cartoon by Chu Teh-yung)

The auctioneer runs the show. There's no room for regrets once the hammer falls. (photo from Sinorama files)

The National Palace Museum, a treasure house of priceless artifacts, is the best classroom for a person interested in investing in Chinese art. (photo by Vincent Chang)

This picture was auctioned by Sotheby's last year as a work of Piranesi's, but the attribution has since been called into question. (photo courtesy of Sotheby's)

A pre-auction exhibit by Shekels Kin attracted many local art lovers. （photo by You Hui-hung）

"I know you're rich, but that's going a bit too far." （cartoon by Chu Teh-yung）

The auctioneer runs the show. There's no room for regrets once the hammer falls. （photo from Sinorama files）

The National Palace Museum, a treasure house of priceless artifacts, is the best classroom for a person interested in investing in Chinese art. （photo by Vincent Chang）