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Bidding for billions

By Cheng Anqi (China Daily)
Updated: 2008-07-21 14:08

He Libin has become one of the country's top auctioneers. [China Daily]

As the day wears on, the bidding at the auction grows more intense around a pair of $10 million porcelain pots. He Libin, one of the country's most experienced auctioneers, takes in the packed hall in one glance. The participants all have their own style of bidding: One regularly holds up his plate with great fanfare; another casually lifts his finger; and another waves his hand as if in greeting.

The auctioneer must see the entire hall, and studiously ensure that there's no other gesture of bidding before striking the hammer to announce a sale. A misstep is not only an embarrassment, but also a potential financial loss.

"Don't hesitate when the chance is coming." "Trust the brand and trust your friends." "Any more bids? Any other bids? Are there any more?" says He, a 40-year-old man with gold-rimmed glasses, in a considerate but authoritative voice.

Eventually, He brings down the hammer and a new record is set: The pair of 28-cm high Jingtailan (cloisonn enamel) Duomu pots, a container for butter tea made by the Tibetan people during the Qing Dynasty (1644-1911), are sold for 90.72 million yuan ($13 million).

The deal accomplished last month set a new record for the auction of enamel in the world and also the auction of cultural relics in Chinese mainland.

The remarkable price the vessels fetched demonstrates the growing value that collectors assign to Chinese cultural relics. According to Yachang Art Market Monitoring Center based in Beijing, the total trade volume of Chinese art works in various auction companies reached 12.5 billion yuan in the first four months of 2008.

The auctioneers are also gaining more importance - sometimes they are referred to as the "conductor of an orchestra of money".

"A qualified auctioneer shall have an annual turn volume of at least 200-300 million yuan," says He, a national first-line auctioneer. He is also an examiner of the national "auctioneer qualifying examination".

"To become an ace," says He, "you need to build up experiences over a long time."

In France, a person cannot become an auctioneer without at least seven years of experience as an apprentice in the trade; applicants must also gain the approval of a national board of directors by demonstrating their understanding of antiques, fluency in multiple languages and presentation style.

He Libin, however, took a very different route to his present career. He studied economic management at Beijing Commercial College, then began working as a storage manager at the former Beijing Auction Market, which is now SINO-UNION International Auction Center. His job was to maintain the artwork.

In 1992, the first foreign auction co-sponsored by Beijing Auction Company and Beijing Cultural Relics Store caught He's imagination.

The 233 items to be sold were all approved by the State Administration of Cultural Heritage. These included: antiques from the period of Emperor Qianlong produced by the Beijing Craftsmanship Product Factory; calligraphy and paintings of contemporary famous artists; life-size replicas of bronze chariots from the First Emperor of Qin Dynasty (221-206 BC); and Red Flag limousines once used by Chairman Mao Zedong and other founders of New China.

Before the auction, the items were stored in two giant warehouses, guarded by more than a dozen dogs and 30 security personnel.

As the storage manager, each day He conducted an inspection of the facilities.

"It gave me a perfect chance to learn. I could observe and appreciate these antiques closely," he remembers.

Today, He even prefers to draft the auction catalogue himself.

"An auction is like a symphony - it has prelude, climax and interim. Rather than placing all the good items in the beginning, or at the end, you need to let the best ones alternate with other items," He says.

He also has to bridge any concerns between the auction company, the seller and the buyer. This puts him at the core of this special trading process.

Over the years, He has learned that his performance can affect the final outcome.

"Do not pay attention to the buyer who is determined to win, you must encourage the buyer who is hesitating," says a wise He.

"Adjust the atmosphere of the auction house; do not let the room become too cold or too hot. A little humor is helpful when appropriate."

He says some auctioneers will use audio-visual aids so to give potential buyers a better sense of what they might be spending their money to obtain.

With 18 years of experience, He believes that a good auctioneer should have the manner of a cordial host, projecting confidence and precision.

The auctioneer must remain sharp, even after standing behind the podium for up to seven hours. He says that he goes for foot massages occasionally, but mainly he is a firm believer in self-discipline.

"Cigarettes and alcohol will numb a person's mind and ruin the voice. I go to the gym and go to sleep before 11 the night before the auction. After all, being an auctioneer requires a lot of energy."

The 40-year-old is still a single and has no plans to get married soon, as he spends most of his time traveling the nation for auctions. "It's my life, though unsettled," He says. "So it's not the right time to be married, if I can't be a qualified husband in terms of stable settlement."

"A good auctioneer differs a lot from a common auctioneer," says Lu Zhiyong, president of the International Auction Co of China.

"With the same item, some auctioneers may sell it at a high price, while some may only sell at a low price. The difference in between could be hundreds of thousands of dollars, or even more," says Lu, who recently invited He for a large antique auction. He finished the auction with a total trading volume of 216 million yuan.

"A good auctioneer is the treasure of any auction company," Lu reflects.