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November 12, 2010

Chinese vase: the suburban auction house that made £12m - Telegraph.co.uk


The firm employs eight people, including the porter, just three of whom work full-time.

Its previous highest sale was £100,000, which it generated for a Ming enamel piece a few years ago.

The £53m vase was sold as one of 818 lots - including some which sold for just £10.

Peter Bainbridge, a partner and the firm's valuer, disclosed that he was so forceful when he finally brought down the hammer that he smashed it into pieces.

The effect on the firm, which is based in suburban Ruislip, Middlesex, is likely to be considerable.

Reflecting on the once-in-a-lifetime sale, Mr Bainbridge said: “In terms of turnover, this is a lifetime’s takings. There is no getting away from it: this is an awful lot of money and I have not got my head round it yet."

He added: “I will try to keep my feet on the ground - but they may be just a little better shod.”

The firm will take a gross income of around £12m, which is comprised of the premium of 20% paid by the buyer (£10,105,000) plus the seller's premium, which is not known but experts said was likely to be around 5% (or £2.15m).

To put the figure into context, Sotheby's and Christie's, the auctioneers, separately had a day's sale of Chinese items this week, which fetched around £14m and £13m respectively - in total.


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