Rare Chinese bowl sells for $9.1m

A rare red "lotus bowl" from the Chinese emperor Kangxi period of 1662-1722 that was sold for 9.1 million at a Hong Kong sale. Source: AFP

A rare red "lotus bowl" from the Chinese emperor Kangxi period of 1662-1722 that was sold for 9.1 million at a Hong Kong sale. Source: AFP

A RARE red "lotus bowl" from the Chinese emperor Kangxi period of 1662-1722 has been sold for an eye-popping $9.1 million at a Hong Kong sale.

The price set a new world record for any Chinese porcelain from the Kangxi period during the Qing dynasty after it was bought by a Hong Kong ceramics dealer for HK$74 million ($9.1 million) Monday, Sotheby's said in a statement.

The ruby-ground "falangcai" bowl decorated with pink, yellow and blue lotuses was originally expected to fetch HK$70 million at the sale, part of Sotheby's six-day spring sale in the southern Chinese city that concluded on Monday.

The auctioneer said the bowl broke a previous Qing Kangxi porcelain record in 2006, when a blue and white "Dragon" vase was sold for HK$22.52 million.

Hong Kong has emerged as one of the world's major auction hubs in art and wine thanks to cash-rich mainland Chinese buyers who have a growing appetite for luxury items amid the country's economic boom.

A flower-shaped Chinese porcelain bowl from the Northern Song dynasty (960-1127) fetched nearly $27 million at a Hong Kong auction last year.

A 28.86-carat round white diamond meanwhile was sold for HK$53.88 million, or HK$1.87 million ($239,352) for each carat, setting a new per-carat auction record price for its category, Sotheby's said in a separate statement.
 

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Chinese data helps $A to six-week high

Australian Money Source: Supplied

THE Australian dollar has risen to a six-week high following the release of strong economic data from China.

At 0700 AEDT on Friday, the local unit was trading at 104.37 US cents, up from 103.73 cents on Thursday.

Early on Friday morning, the currency peaked at 104.59 US cents, its highest level since February 5.

Westpac New Zealand senior market strategist Imre Speizer said the Australian and New Zealand dollars had a good night despite falls in sharemarket.

"Basically, I put it down to Downunder and Asian data boosting the two currencies," Mr Speizer said from Auckland.

"NZ gross domestic product boosted the kiwi and helped the Aussie marginally."

Data from HSBC on Thursday showed manufacturing activity in China improved in March, following weak figures posted for February.

Official figures from New Zealand showed its economy grew at an annual pace of 2.5 per cent, the fastest growth since the global financial crisis.

Sharemarkets and the euro lost ground during the offshore session after the European Central Bank (ECB) gave Cyprus an ultimatum.

The ECB said Cyprus had until Monday to clinch a bailout deal for its struggling banks or emergency funding would be cut off.

"You might also say the unfolding turmoil in Cyprus could be taking some of the shine off the euro zone as a place to park your reserves," Mr Speizer said.

"Central banks and others may be looking at increasing their allocations of Australian and New Zealand dollars."

Mr Speizer said he expected news out of Europe, especially about Cyprus, would be the main driver for currency markets on Friday and into the weekend.

View the original article here

Chinese data helps $A to six-week high

Australian Money Source: Supplied

THE Australian dollar has risen to a six-week high following the release of strong economic data from China.

At 0700 AEDT on Friday, the local unit was trading at 104.37 US cents, up from 103.73 cents on Thursday.

Early on Friday morning, the currency peaked at 104.59 US cents, its highest level since February 5.

Westpac New Zealand senior market strategist Imre Speizer said the Australian and New Zealand dollars had a good night despite falls in sharemarket.

"Basically, I put it down to Downunder and Asian data boosting the two currencies," Mr Speizer said from Auckland.

"NZ gross domestic product boosted the kiwi and helped the Aussie marginally."

Data from HSBC on Thursday showed manufacturing activity in China improved in March, following weak figures posted for February.

Official figures from New Zealand showed its economy grew at an annual pace of 2.5 per cent, the fastest growth since the global financial crisis.

Sharemarkets and the euro lost ground during the offshore session after the European Central Bank (ECB) gave Cyprus an ultimatum.

The ECB said Cyprus had until Monday to clinch a bailout deal for its struggling banks or emergency funding would be cut off.

"You might also say the unfolding turmoil in Cyprus could be taking some of the shine off the euro zone as a place to park your reserves," Mr Speizer said.

"Central banks and others may be looking at increasing their allocations of Australian and New Zealand dollars."

Mr Speizer said he expected news out of Europe, especially about Cyprus, would be the main driver for currency markets on Friday and into the weekend.

View the original article here