VASE MISTAKEN FOR ‘RARE ARTEFACT,’ SOLD FOR 4000% MORE THAN ITS ACTUAL VALUE

Tue 04 October 2022:

Competition encourages you to perform better and set higher goals. Competitive bidding, or an auction competition, may be the only thing that turns it into a success. This is what occurred in France, where a bidding war over a vase that was only worth a little over $2,000 resulted in the sale of the item for an astounding $7.59 million. After deducting the seller’s commission, the final amount was $8.99 million.

The vase in question was mistakenly believed by bidders to be a valuable 18th-century artifact despite being a “ordinary” Chinese vase, leading to a sale price of about 4,000 times the item’s estimated value.

⭐️ Adjugé 7.7 Millions d’Euros sous le marteau de Maître Osenat cet après-midi à Fontainebleau, un grand vase TIANQIUPING en porcelaine et émaux polychromes#chine #auction #enchères pic.twitter.com/fN9U8wmPrQ

— Osenat (@OsenatSVV) October 1, 2022

As per Guardian, the vase which is a tianqiuping style porcelain was put up for auction by a French woman living in the nation’s overseas territory. It was left to her by her late mother. She had not even seen the 54-centimetre tall vase and had arranged for it to be directly picked from her mother’s estate in Brittany.

It belonged to the seller’s grandmother, a Parisian collector “in the last century,” according to information provided to the auction house.

Jean-Pierre, an auctioneer at the Osenat Auction House, described the incident as “a crazy story.” The vase was referred to as “quite ordinary” by the auction house and was identified as 20th century. If it had been 200 years older, a specialist at the auction house claimed that it would have been incredibly uncommon.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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