Autumn Auctions in New York

By Margaret Tao

Bowl Xuande period (1426-35) Porcelain with underglaze cobalt-blue decoration Diameter 20.3 cm `The Falk Collection I: Important Chinese Ceramics and Works of Art', Christie's New York, 16 October 2001, lot 135 Price US$358,000 (estimate US$250/350,000)

The full room at the first auction of the postponed Asia Week sales in New York, `The Falk Collection II: Chinese and Japanese Works of Art' held at Christie's on Monday 15 October, dispelled any fears that the events of 11 September might affect the results. Many international dealers from Europe and Asia, as well as American curators and collectors, had made the effort to come to New York. The telephones were active throughout with bids from those who were absent; order bids on the book were also numerous. The two-part sale of the collection, the most eagerly anticipated part of the auctions, was originally to have taken place on 20 and 21 September; however, after 11 September, Christie's, followed by Sotheby's, wisely decided to postpone. However, both houses held their receptions as planned, and the preceding lecture about the Falk Collection by James J. Lally on 17 September was attended by a standing-room-only crowd determined to show their support. The Falk Collection was one of the finest and best-known American collections of Chinese ceramics, and Pauline and Johnny Falk were among the most admired and well-liked collectors in the field. They began collecting Chinese art on a trip to China in 1937 and continued for more than six decades. The collection was meticulously documented, with every bill and receipt saved and recorded, and it was accompanied by an extensive library with a number of books now impossible to find. The Falks had known Lally for many years, and asked him to act as an advisor to the executors of the estate on the various proposals for dispersal of the collection. Lally was not informed of the final decisions, which were made by the executors þ he wanted to be a competitive bidder, as 90 per cent of what he bought was for clients and institutions.

Maebyong Koryo period, 12th century Celadon-glazed stoneware with iron slip Height 29.9 cm Christie's `Japanese and Korean Art' sale, New York, 15 October 2001, lot 296 Price: US$248,000 (estimate US$140/160,000)

Once the decision was made to go to Christie's, he was able to help with cataloguing and participate in its production. As noted in the catalogue, which Lally described as an excellent document of the history of Asian art collecting in America, the entire collection was being sold, with the exception of some pieces (worth, he thought, about US$4 million) that had been donated to institutions, and a few that had been sold over the years or kept by the family. The total for the 479 lots sold in Parts I and II was US$6,304,345, with 92 per cent sold by lot (39 lots unsold), a remarkable achievement. Theow Tow, International Director of Chinese Ceramics and Works of Art, and Tina Zonars, Head of the Chinese Ceramics and Works of Art department were both extremely pleased with the success of the sale. They noted that the successful buyers were a good mixture of international collectors, dealers and institutions, bidding both in the room and on the telephone.

The collection was wide-ranging, reflecting the taste and fascination of the Falks with the pieces and how they were made - along with important Song and Ming examples, even ceramic shards and moulds for Song Ding ware were included. The impeccable provenance of the objects and the popularity of the collectors were important factors in the success of the sale. Even the relatively minor works in the Part II sale sold consistently, for prices often double or triple the conservative estimates. North Americans bought 60 per cent by value. Many of the ceramics were not in perfect condition but were charming, and collectors were anxious to own a piece from such a famous collection - undoubtedly, they would not have fared nearly as well otherwise. This was also applicable to the Japanese paintings, nearly all of which sold. Lot 600, a hanging scroll in ink on paper attributed to Maejima Soyu, possibly the wizard Zhao Zhenren (Choshinjin, or Choken), with a low estimate of US$5/7,000, was bought by Japanese dealer Koichi Yanagi of Kokon, Inc. for US$82,250, the highest price in the Part II sale. The following day's auction, `The Falk Collection I: Important Chinese Ceramics and Works of Art', was even more successful. Again the room was crowded and the excitement was palpable. The percentage sold by value was more evenly divided geographically in this session: Europeans bought 27 per cent, Asians 34 per cent and Americans 39 per cent. The collection constituted an overview of the history of Chinese ceramics, but was particularly renowned for its fine selection of Song wares. However, of the top ten lots in the sale, six were rare Ming examples, and the top price, US$1.161 million, was for the cover lot (134), a blue-and-white bowl with the mark of the Xuande emperor. It had the highest estimate in the sale, US$300/500,000, but considering that it had been in the Edward T. Chow Collection and is almost unique, the only similar examples being in the National Palace Museum, Taipei and the Palace Museum, Beijing, the price was not unreasonable. It was bought by Giuseppe Eskenazi, who outbid a client on the telephone. He commented that this piece would have fetched more in Hong Kong. Eskenazi was the underbidder on lot 135, a fine Xuande mark-and-period anhua-decorated blue-and-white conical bowl, also from the Chow Collection, but it was bought by an American collector bidding on the telephone for US$358,000, the second highest price in the sale (estimate US$250/350,000). Another American collector acquired lot 129, an early 15th century blue-and-white lobed jardiniere, again with an Edward T. Chow provenance, for US$270,000 (estimate US$120/150,000). According to Lally, lot 143, a rare blue-and-white brush-washer bearing the mark of the Jiajing emperor, was a fine and early example of its type, and the price paid by an Asian collector on the telephone, US$204,000, was unprecedented for a Jiajing piece (estimate US$40/60,000). However, lots 130 and 131, two Yongle period large blue-and-white dishes, were the only important pieces that did not sell (estimates US$150/200,000). Eskenazi felt that they were too conventional, and collectors probably already had examples. A number of Song pieces did very well. There was heavy competition for lot 115, a Southern Song Longquan celadon reliquary in the form of a tall building with a tiled roof, an object without auction precedents, which was purchased by an American institution for US$171,000 (estimate US$30/40,000). Lot 119, a Longquan celadon `bamboo-neck' vase, also exceeded expectations, selling to an Asian collector on the telephone for US$138,000 (estimate US$70/ 90,000). It was hard to estimate, said Lally, because of the failure of the glaze. Among the many pieces he bought himself was lot 83, a 12th century Northern Song/Jin black and russet `partridge-feather'-glazed bowl and cover, for US$105,000 (estimate US$20/30,000). It was also hotly contested. The strong response did not apply only to ceramics. Lot 223, a 5th/6th century Northern Wei sandstone bodhisattva head, was purchased by Connecticut dealer Peter Rosenberg of Vallin Galleries for US$127,000 (estimate US$30/50,000). The final lot of the sale (233), a privately printed catalogue of the ceramics in the Edward T. Chow and M.C. Wang collections, sold to an Asian collector on the telephone who outbid Eskenazi, paying US$49,350 (estimate US$2/3,000). Eskenazi commented that the sale had been a triumph in every way, especially succeeding in selling all the minor material which was not of great interest. He had come prepared to bid on twenty pieces and only got three. The sale of `Fine Chinese Furniture, Ceramics and Works of Art' on the afternoon of 16 October brought everyone back to the real market: strong but selective, with interest mainly in the best quality objects with excellent provenance. The total, US$3,847,908, was healthy for the 162 lots offered (57 per cent sold by lot; 69 lots unsold). Again, there was a good mix of international collectors and dealers participating in the bidding. Overall, prices were not nearly as far above estimate as those in the Falk sale had been. An exception was the top lot (392). This Qianlong mark-and-period famille-rose `nine peach' bottle vase sold to a new American collector in the room against strong competition for US$886,000 (estimate US$250/350,000) in spite of some restoration, evidence that Qing porcelain continues to be sought after.

The cover lot, a 16th century huanghuali horseshoe-back folding armchair belonging to Elizabeth A. Sackler, was acquired by London dealer Nicholas Grindley for US$424,000 (lot 254; estimate US$300/500,000). The chair is one of only six extant examples, four of which are in museums. With the exception of the five best pieces, which accounted for half the top ten lots in the sale, much of the furniture was unsold - in particular many of those from the Yuansitang Collection of Ming Furniture. This came as no surprise to experts in the field. Much of the material had been acquired within the last ten years, and it was too soon to sell. By the time of the auction the best pieces had been culled from the collection, and the rest were not fresh to the market. Grindley among others commented that the estimates and reserves were too high. More successful was lot 272, a 17th century huanghuali luohan bed with three-panel railing, which sold to a European collector on the telephone bidding against the reserve for US$204,000 (estimate US$180/220,000). Tow noted that this price was close to the US$211,500 it had fetched as lot 100 at the sale of `Important Chinese Furniture Formerly from the Museum of Classical Chinese Furniture Collection' on 19 September 1996, and quite high given current circumstances. Hong Kong dealer Grace Wu Bruce bought lot 259, a 17th/18th century huanghuali bookcase, for US$82,250 (estimate US$80/100,000). Lot 293, an outstanding and very rare 17th century late Ming rhinoceros horn ewer and cover, was purchased by Hong Kong dealer William Chak for US$193,000 (estimate US$100/150,000). Most of the sculpture and archaic bronzes did not pique anyone's interest, but lot 330, a large bronze ox, an unusual work and a great piece of sculpture according to Zonars, sold to an American collector on the telephone for US$281,000. Of the ceramics, Ming and Qing porcelain were the strongest and sold the most consistently. The pattern at Sotheby's `Chinese Works of Art' sale on 17 October was similar to that at the Christie's auction, but even more noticeable. The total was US$3,716,560 for the 297 lots offered (163 lots unsold), with only 45.12 per cent sold by lot. Joe-Hynn Yang, acting Head of the Chinese Works of Art department, observed that the focus was on high-end pieces; the middle level of the market was significantly affected by the low attendance. Few pieces sold in the early part of the auction, except lot 7, the Teng Hu gui, an 11th century BCE Western Zhou bronze. The gui had been documented since at least 1895 and is one of the few archaic bronzes that can be attributed to its area of origin, the region of Yanzhou (Shandong province) through its inscription. It came from a European private collection and was bought by London dealer Roger Keverne for US$269,750, the top price in the sale (estimate US$180/250,000). As lot 23 at Sotheby's New York on 31 May 1989, it had fetched US$104,500 (estimate US$70/90,000). Scholar's objects, especially rhinoceros horn carvings, were stronger than the rest of the works of art. Early ceramics were quite difficult, and several expensive pieces remained unsold. The most spectacular failure was lot 102, an important Tang sancai-glazed ewer. Although it was a beautiful piece, the estimate was ridiculously high (US$800/900,000), and there were no bids. Yang explained that had it sold, it would have set a new level for ceramics of this type not previously seen at auction, and creating a new market had been the intention behind the estimate. However, two other important Tang pieces sold: the cover lot, a finely modelled white-glazed elephant candelabrum from the Jakob Goldschmidt Collection, was bought by an American collector bidding on the telephone against the reserve for US$225,750 (lot 96; estimate US$200/250,000). Despite its rarity and provenance selling it was an achievement, as it was not new to the market. Lot 107, a sancai-glazed figure of a princess, was acquired by a European collector bidding on the telephone for US$95,050 (estimate US$70/ 90,000). Qing porcelain sold quite consistently. Eskenazi commented that the pieces that had not been seen before did well, but the tired pieces did not sell. He bought lot 155, a Qianlong mark-and-period carved celadon mallet vase, an unusual shape, for US$81,250 (estimate US$30/40,000) as well as lot 160, a rare Yongzheng mark-and-period Guan-type alms bowl on trompe l'oeil stand, for US$115,750 (estimate US$120/150,000), both from private collections. Yang said the price for the bowl would have been higher had there been more Hong Kong dealers at the sale. Lots 144-147, a group of Kangxi mark-and-period famille-verte month cups from a private collection, sold particularly well. The estimate on each was US$8/10,000, but they sold for US$19,150, US$32,950, US$19,150 and US$24,900 respectively. The group of 94 snuff bottles from an Asian collection constituted the most successful part of the sale and a significant proportion of the total sold, including four of the top ten lots. Many were well-known bottles which had come from top dealers and collections, and the response was extremely enthusiastic. One example was lot 238, an exceptionally rare and superbly enamelled porcelain Yongzheng mark-and-period snuff bottle from the Beijing palace workshops. It sold to a Taiwan dealer for US$214,750 (estimate US$100/120,000). The same dealer bought lot 231, a Qianlong mark-and-period enamelled porcelain bottle, imperial and possibly from the Beijing palace workshops for US$165,250 (estimate US$55/65,000). The final lot in the sale (299), a Qianlong mark-and-period `European-subject' enamelled copper snuff bottle from the Beijing palace workshops, also brought a high price. Both Yang and the consignor were delighted when the bottle, which Yang had discovered in the collector's basement, sold for US$126,750, again to Taiwan (estimate US$30/40,000). Results at Sotheby's `Indian and Southeast Asian Art' sale on 15 October were somewhat disappointing. The total for the 227 lots offered was US$1,832,040, with only 47.58 per cent sold on the day of the sale (119 lots unsold). However, according to Edward Wilkinson, the expert in charge, many pieces were sold afterwards, and he felt that this sale was a great improvement on March. He was pleased that given the circumstances, collectors did not miss opportunities to buy special objects when they saw them. One example was lot 29, the top lot in the sale, a Dali kingdom 12th century gilt copper-alloy seated Ajaya Avalokiteshvara. The image, from the Ernest and Rosemarie Kanzler Foundation, had probably left China in the 1920s or 30s. It was bought by a New York collector on the telephone who outbid London dealer Fabio Rossi in the room for US$368,750 (estimate US$150/250,000). Unfortunately most of the Tibetan bronzes were not as successful. The estimates, based on the higher prices of recent years, were aggressive, and serious collectors were unwilling to bid. At the same time, the high-profile Hollywood collectors who have been fuelling this market appear to have lost interest, particularly in the bronzes, according to New York dealer Subhash Kapoor. It was much the same with the thangkas, which were not helped by condition problems. Stone sculpture, which had more reasonable estimates, was in far greater demand. There was strong competition in the room and on the telephone for the Gandharan material from private collections. War and the destruction of Buddhist images in Afghanistan have made it scarce and raised its value, as shown by lot 59, a large and beautifully modelled 4th/5th century stucco Buddha, which sold for US$55,375 (estimate US$40/60,000), but had only brought US$34,500 in these rooms on 21 September 1995 as lot 26). Also reflecting interest in Indian stone sculpture was lot 63, a 5th/6th century Gupta period pink sandstone standing goddess from Uttar Pradesh. A local collector in the room lost out to a telephone bidder, who purchased the figure for US$110,000 (estimate US$60/90,000). However, lot 83, a circa 12th century black stone Shiva from eastern India, unsold at the sale despite numerous inquiries, did find a buyer afterwards. The estimate was quite high (US$60/90,000). Several Southeast Asian pieces met the same fate. The estimates were high, and many collectors are wary because of the numerous fake stone sculptures in circulation. On the other hand, lot 77, a circa 11th century copper-alloy Vishnu from the early Chola period in southern India, achieved a good price, selling for US$115,750 to a collector (estimate US$70/90,000). Several Company School paintings depicting early 19th century Mughal architecture sold quite well. They are of great personal interest to Wilkinson, who is developing this market. Lot 109, Shah Allum's sleeping apartment in Agra, fetched US$22,600 (estimate US$25/35,000). Wilkinson also included thirty examples of 18th and 19th century Indian jewellery to coincide with the exhibition at The Metropolitan Museum of Art, `Treasury of the World: Jeweled Art of India in the Age of the Mughals'. Only eight pieces sold. The estimates were high given the quality, and according to Kapoor many were not antique. Buying was selective for Indian miniatures, but the market for modern and contemporary art, driven by wealthy Indians in the fields of technology and industry, was very healthy. Almost all the paintings found buyers. New York collectors bought the two most successful works. Lot 211, Bloom, a tempera on canvas by Ganesh Pyne, fetched US$38,125, the highest price in this category (estimate US$20/30,000), and lot 184, Love Song, an oil on canvas by 19th century artist Raja Ravi Varma, realized US$35,250 (estimate US$20/30,000). Wilkinson noted that several new collectors participated. Christie's `Indian and Southeast Asian Art' sale on 17 October fared better. The total was US$3,660,914 for the 288 lots offered, with 59 per cent sold by lot (118 lots unsold). Hugo Weihe, International Specialist Head of the Indian and Southeast Asian department, said that it was the most successful sale since Christie's New York started auctions in this field. Practically all the important pieces sold, and again, those from private collections met with a more favourable response. The selection included some excellent and unusual pieces with both aesthetic and scholarly appeal. International collectors dominated the bidding, buying the top ten lots, and included several who were entirely new to the field, Weihe noted. As at Sotheby's, Gandharan material sold well, with outstanding results for the best pieces from private collections. An American private buyer, new to this field, bought lot 4, a 2nd/3rd century grey schist standing bodhisattva from a Japanese collection for US$358,000 (estimate US$60/80,000), the highest price in the sale and an auction record for a Gandharan piece. A new West Coast collector bought another well-known Indian stone sculpture, an 8th/9th century red sandstone river goddess from Uttar Pradesh in India, for US$226,000 (lot 24; estimate US$200/ 300,000). It was an indication of how much the market has changed since the piece was sold at Sotheby's New York on 5 October 1990 (`Property from the Pan Asian Collection'). It had been the cover lot in that sale, and was acquired by a collector for US$68,750, which was considered a good price at the time. Indian stone sculpture and Tibetan and Himalayan bronzes seem to have switched positions over the last ten years. The top prices used to be for bronzes, but this did not happen at either sale this time, and bronzes were a hard sell overall. The one exception was lot 65, an 11th/12th century gilt-bronze Tara from Nepal. It had excellent provenance, one of a group of pieces from a superb Asian private collection that also included several major thangkas and was a key component of the sale's success. A European collector bidding on the telephone purchased it for US$358,000 (estimate US$280/400,000). Three of the outstanding thangkas from this collection, all early works in good condition, sold very well. The cover lot, an important double-portrait of the second and third Taklung abbots, Rinchen Gonpo and Sangye Yarjon, from Central Tibet and dating to the second half of the 13th century, sold to a European collector on the telephone for US$171,000 (lot 66; estimate US$150/200,000). With the same estimate, lot 68, a Tibeto-Chinese thangka of Chakrasamvara, dated the 13th year of the Chenghua period, sold for the same price to an American collector. Only the most unusual Tibetan pieces found buyers. One of the most fascinating was lot 130, an 8th century parcel gilt silver bowl, an early and rare example of Tibetan art that clearly incorporates stylistic influences from Sassanian, Sogdian and Central Asian metalwork. An American collector bought it for US$149,000 (estimate US$60/80,000). This time there was certainly an advantage to being second: Christie's had been able to observe the resistance to high estimates at Sotheby's, and was evidently able to lower some of the reserves, thereby encouraging bidding with good results. Lot 142, a large 14th/15th century Tibeto-Chinese gilt-bronze mirror sold for US$116,000 (estimate US$200/250,000). Here also, however, several of the larger Southeast Asian sculptures were unsuccessful, although lot 176, an Indonesian 13th/14th century Majapahit volcanic stone Ganesha was bought by an Asian collector for US$82,250 (estimate US$60/80,000). The afternoon session, devoted to Indian miniatures and 20th century Indian art, was particularly successful. There was active bidding in the crowded room by members of New York's Indian community, and the paintings were primarily acquired by collectors, among them new clients. There were also telephone bids from Europe and India. Auction records were set for three artists. The highest price was US$58,750 for lot 231, La Terre, an oil on canvas by Syed Haider Raza (estimate US$20/25,000). Lot 223, an untitled oil painting by Ram Kumar, brought US$41,125 (estimate US$15/20,000), and lot 228, another untitled oil, by Vasudeo S. Gaitonde, was bought for US$37,600 by a collector bidding on the telephone (estimate US$15/20,000). Christie's `Japanese and Korean Art' followed the Falk Collection sale on 15 October. As expected, given the the unwillingness on the part of many Japanese to come to New York, the sale was not as strong as it might have been. Nonetheless, the total was US$2,727,628 for the 335 lots offered, with 64 per cent sold by lot (121 lots unsold). Korean art performed well, particularly ceramics from the Falk Collection and paintings. Six of the top ten lots were Korean. Ceramics were the most successful of the Japanese works of art. Katsura Yamaguchi and Susan Lewis, the specialists in Japanese art, noted that lot 77, an early 18th century stoneware dish signed by Ogata Kenzan, presented buyers with a unique opportunity, as pieces by this artist rarely appear on the market. Bidding was therefore active both in the room and on the telephone, and a bidder on the telephone acquired the dish for US$204,000 (estimate US$180/220,000). The following lot, an Edo period large Arita ware jar with cover in the Kakiemon style, was bought by an absent bidder for US$182,000 (estimate US$160/220,000). The estimate was considered high, and Christie's was lucky to sell it. Both lots were purchased by Asian collectors. 28 lots of modern and contemporary ceramics were included for the first time. Results were uneven, with prices ranging from US$700 to US$12,000, but Lewis was pleased that many Western buyers participated. Modern and contemporary paintings sold quite well, but would have fetched higher prices if more Japanese had attended. Classical paintings and screens consistently found buyers, but were not especially sought after, with the exception of lot 165, a 17th century six-panel screen titled Amusements of the Twelve Months, which elicited strong competition from New York-based dealers James J. Lally, Sebastian Izzard and Koichi Yanagi, who was the eventual buyer at US$99,500 (estimate US$35/45,000). Among the prints, which were not of very high quality, the biggest disappointments were three prints by Toshusai Sharaku (lots 174, 175 and 176), none of which sold. Although prints by this artist are very rare, there is no market for them in such poor condition, and at these prices (estimates US$80/100,000, US$150/200,000 and US$150/200,000 respectively), they should not have been in the sale, Izzard believed. Heakyum Kim, Vice President and Specialist of the Korean art department, commented that Korean paintings and ceramics did well at a difficult time. For once, no one complained the estimates were too high, and many Korean dealers made the trip from Seoul as they did not want to miss the pieces from the Falk Collection. The top lot, an early 16th century hanging scroll in ink and light colour on silk, from an American collection, was bought by an institution for US$248,000 (lot 274; estimate US$150/200,000). According to Kim, the institution was glad to acquire it, and at a reasonable price. Modern and contemporary paintings were also in demand, particularly lot 333, Park Sookeun's The Jobless, in oil and mixed media on board, which sold to a Korean buyer for US$193,000 (estimate US$150/180,000). Kim was glad to be able to sell it so well only three years after it sold in these rooms on 23 March 1999 as lot 311, for US$134,500 (estimate US$120/180,000). Almost all the pieces from the Falk Collection sold, many for prices considerably higher than the fairly conservative estimates. The highlight was lot 296, a Koryo dynasty iron-coated, inlaid and celadon-glazed stoneware maebyong, a rare example that was bought by an Asian dealer bidding on the telephone for US$248,000 (estimate US$140/160,000). Izzard was the underbidder. From another source, a 19th century blue-and-white porcelain flowerpot sold for US$248,000 to an absent bidder in spite of a rather high estimate (lot 311; estimate US$220/250,000). The `Japanese and Korean Works of Art' sale at Sotheby's on 16 October was a much more difficult sale. The total for the 337 lots offered was US$1,263,465, with only 38.87 per cent sold by lot (206 lots unsold). It was a very disappointing result, and the experts in charge Sachiko Hori and Ryoichi Iida both felt that the absence of Japanese bidders and problems with the economy in Japan were mainly to blame. Most of the important lots failed to sell, largely because their estimates were quite aggressive, and buyers continued to be cautious. It was one of the worst sales in Iida's ten years at Sotheby's. The strongest segment of the sale, which yielded the highest prices and six of the top ten lots, were the screens and paintings. The top lot (332), Chinese Children by Nagasawa Rosetsu, a pair of six-panel screens in ink and colour on paper, sold for US$75,500 (estimate US$70/90,000). Tale of Heike, a 17th century pair of six-panel screens in ink, colour and gold on paper, brought US$69,750 (lot 330; estimate US$60/80,000). New York dealer Leighton Longhi commented that both pairs of screens would have sold for much more had the attendance been better with more competitive bidding. The better works sold at the reserve, he added, as there was no second bidder. Iida mentioned that he had some telephone bids, but they were conservative as the bidders had not been able to view the pieces. It is a difficult market now, he added, as buyers only want fresh pieces from private collections, but people are unwilling to sell at the moment. Among the few modern and contemporary paintings, Girl Holding a Cat, a work in ink on paper by the well-known artist Fujita Tsuguharu, brought a good price at US$55,375 (lot 325; estimate US$30/40,000). Sword fittings were the only other section to sell consistently. According to Hori, the tsuba that did not sell during the sale sold afterwards. Lot 234, a set of fine Kyoto Kinko aikuchi mounts and a tanto, signed and dated to 1858, fetched US$35,250 (estimate US$30/40,000). Very few people came to the sale, and it faltered from the beginning. Netsuke attracted little interest, partly because demand was exhausted by the Netsuke Convention in Boston in September, Hori explained, and the lacquer was mostly unsold as well. The most expensive pieces, two suzuribako, two lacquer storage boxes and a bunko suzuribako, all with estimates above US$100,000, had no bids. Hori felt that the six-figure price was a stumbling block in this largely Japanese-dominated market, and in the current economic climate, buyers were unwilling to go above US$50,000. For the same reason, the ceramics also did poorly. Both lot 108, a large Satsuma earthenware bowl signed Yabu Meizan (estimate US$60/80,000), and lot 109, a late 17th century Ko-Kutani bowl, intended as one of the highlights of the sale, failed to sell. Although Ko-Kutani bowls are rare, several had appeared at auction both in London and New York in the last two years. This example was perhaps not as unusual as the others, and the estimate of US$90/110,000 was considered too high. Hori thought that with a very reasonable estimate it might have sold. The Torii Kotondo Collection, a group of fifty prints and hanging scrolls by one of the most influential figures of the 20th century shin hanga movement, did not fare well either. According to Izzard the works had been on the market in Japan, but there did not seem to be much interest in them at this sale. Paintings were more attractive to buyers, and Hori felt that for 20th century works, the condition of the prints was not ideal and the estimates were high. Of the eleven rather unremarkable Korean works of art, only three sold, and the most expensive piece, lot 254, a 19th century blue-and-white hexagonal bottle (estimate US$60/80,000) was unsold.