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In the era of the Republic of China, there were limited collections focused specifically on classical Chinese furniture. From 1949 to 1979, the domestic market for classical furniture remained stagnant. It wasn't until the late 1970s and early 1990s that mainland Chinese classical furniture began to gain traction, primarily being exported to Hong Kong before eventually reaching collectors in Europe and the United States. The development of a formal classical furniture market on the mainland truly took off after the 1990s, with Huanghuali and rosewood furniture becoming highly sought after. As demand surged, prices skyrocketed, leading to irrational auction prices that attracted many investors who lacked deep knowledge of antique furniture.
Classical furniture has emerged as a new category in the collecting world. While it holds great potential, the domestic market still needs time to mature. Unlike traditional art forms like calligraphy, porcelain, or jade, which have been cultivated over generations, classical furniture is still in its early stages of development. This means it lacks the stability and resilience seen in more established markets today.
Looking at recent trends in the classical furniture auction market, one can see a high level of impatience. Many collectors aim for quick profits—buying one year and selling the next, often treating the market like stock trading, with short-term gains in mind. In contrast, foreign collectors and antique dealers tend to hold onto their pieces for decades. For example, in 2012, many classic Chinese furniture pieces returned to the mainland auction market, but most of their owners had collected them for over 20 years before deciding to sell.
Many overseas collectors who once built their collections of Chinese classical furniture now adopt a strategy of filtering out lower-quality items, keeping only the finest pieces. With the help of domestic auction houses, they sell large quantities of common items to cash out. This has led to a surge in demand from domestic investors, resulting in inflated prices and a frenzy reminiscent of how foreign collectors preserve the best of their collections.
After this wave of speculative buying, some domestic collectors and investors may feel pressured to act quickly, but it's essential to take a step back, do more research, and approach the market with patience. Collector Lu Mingshi, for instance, commissioned Mr. Wang Shixiang to write an article and invited experts from both inside and outside China to contribute. He then published a beautifully crafted monograph, held an exhibition at the Forbidden City, and later auctioned his collection at Prince Gong’s Mansion.
Collector De Baguette not only became an expert in Chinese classical furniture through self-study, publishing, exhibitions, and auctions, but also carefully curated his collection in response to the current speculative trends in the market. Many foreign collectors and dealers have since left China with significant amounts of cash, reflecting the shifting dynamics of the market.
Whether it's classical furniture or other forms of art and antiques, domestic investors should focus on long-term strategies rather than short-term speculation. Building a meaningful and informed collection takes time, effort, and a genuine appreciation for the cultural value behind each piece.