Art-market observers were stunned last November when a Qing Dynasty, Qianlong-period porcelain vase was knocked down at Bainbridges for $85.9 million, 50 times the high estimate of £1.2 million ($1.9 million) and a record for a Chinese work of art at auction. Conspiracy theorists saw this extraordinary price — paid by a Beijing-based bidder for an unknown client at a provincial English auction house whose previous record was $161,000 — as evidence of market manipulation. But experts in China believe that it was the product of a perfect storm of new money, national pride, and historical cachet. And the strength of these combined forces is likely to increase. Following is a breakdown of the factors contributing to the remarkable valuation of a centuries-old piece of imperial pottery and what this previously unseen sum means for the market.

1. The Chinese Auction Market Is on Fire

Last year was a heady one for Chinese artworks. In May, Zhang Daqian’s 1968 Alpine study brought C¥100.8 million ($14.77 million), an auction record for a Chinese modern or contemporary work, at Beijing’s Guardian Auctions. A few weeks later a Song Dynasty masterpiece by the calligrapher Huang Tinjian sold at rival Poly Auctions for C¥436.8 million ($64 million), then the auction high for a Chinese work of any period. In October a bidding war at Sotheby’s Hong Kong propelled a famille rose Qianlong vase to $HK252.66 million ($32.4 million), a record — only briefly held, as it turned out — for Chinese porcelain. A few days after the Bainbridges sale, yet another record was set for Chinese painting of any period, by Xu Beihong’s Ba People Fetching Water, 1937, sold at Beijing’s Hanhai Auction house for C¥171 million ($25.8 million).

View Slideshow: Five Reasons Why a Qianlong Vase Sold for $86 Million

2. An Imperial Pedigree

Artworks from China’s imperial past command the biggest sums in mainland sales, and Qianlong, who reigned between 1736 and 1795 and is regarded as the country’s last great emperor, holds a powerful fascination for its citizens today. He was closely involved in the workings of the imperial kilns, where the Bainbridges vase is believed to have been fired.

3. Bells-and-Whistles Craftsmanship

The Bainbridges vase is an extravagant mélange of styles and techniques. "It is a showcase for the complex craftsmanship that distinguishes Qianlong porcelain," says Dong Guoqiang, general manager of the Beijing-based Council Auctions. "It contains diverse glazes. There’s a blue-and-white interior, enamel, famille rose, golden outlining, hollowed-out carving, swirling, embossing, and light engraving. It shows the art of Qianlong-era porcelain at its height." Not everyone, though, is a fan of the flamboyant decoration. "The flourishing Qianlong age gave birth to fripperies," says Ma Weidu, one of China’s foremost antiquities collectors. "This vase is pretty, but that’s all."

4. Strong Chinese Nationalism

The phenomenal wealth generated by China’s economy has combined with a desire to celebrate the country’s heritage to rewrite the rules on valuing Chinese artworks, particularly those, like this piece, with fraught provenances. The vase is widely believed to be booty from the Old Summer Palace, which was razed by French and British troops during the Second Opium War, in 1860. This was one of the most infamous acts of foreign aggression against China, and restoring to the motherland treasures looted at the time has become a national quest. Chinese buyers of imperial treasures abroad see themselves as cultural patriots. "A lot of collectors asked me about this vase before the sale," says Dong Guoqiang, "and then promptly decided to ‘take the flying taxi’ to London." A steady stream of Chinese came to view the piece in room in a Mayfair office building that Bainbridges had taken to show it.

5. The Possibility of Market Juicing

Was it really just patriotic bidding that produced the record price? Some have suggested that interested parties in China — auction houses or others — colluded to boost the market in advance of the fall sales season in Beijing. "Fifty times the high estimate smells more like they were cooking the price than fighting for a piece of artwork they like," says Gao Chao, a ceramics expert from Jin Yi Bai Collection, in Shenzhen. Others see no need to posit such sinister motives. When you have a piece of Qianlong porcelain, says collector Zeng Jingqun, "you can never estimate its price solely on aesthetic value."

A sampling of notable auction lots and recent prices shows that buyers will pay top dollar for outstanding Chinese vases from all periods. For images of a other ace vases, click on the slide
show at left.

"Five Reasons Why a Qianlong Vase Sold for $86 Million" originally appeared in the March 2011 issue of Art+Auction. For a complete list of articles from this issue available on ARTINFO, see Art+Auction's March 2011 Table of Contents.