Poly Auction Hong Kong s Autumn Auctions up 30% on expectations at HKD914 million Sanyu s Sought After Roses in a White Pitcher sold for HKD59 million

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1 Press release Hong Kong Media Enquiries Carrie Lau Reed Li Poly Auction Hong Kong s Autumn Auctions up 30% on expectations at HKD914 million Sanyu s Sought After Roses in a White Pitcher sold for HKD59 million (Hong Kong, 9 October 2015) Poly Auction Hong Kong s Autumn Auctions 2015 has successfully come to a close with a number of exquisite works going under the hammer. Total sales over the two-day auction on 5 and 6 October exceeded pre-sale expectations by over HKD200 million, attracting a total of HKD914 million / USD118 million. The two-day auction showcased rare works across 12 specialist sections including Chinese and Asian modern and contemporary art, Chinese ceramics and works of art, Chinese paintings and calligraphy, jewellery and wine and spirits, with local and international collectors and enthusiasts bidding actively. Top auction sales included Sanyu s famous Roses in a White Pitcher (HKD59,000,000 / USD7,564,100) and Feng Ning s A Glance of Nanjing City (HKD51,920,000 / USD6,657,000) - a surviving treasure from the Qing Dynasty and the most expensive ancient Chinese painting sold outside of the U.S in the past five years. Bill Zhao, Director of Poly Auction Hong Kong said, This year marks Poly Auction Hong Kong s third anniversary and we are thrilled that the Autumn Auctions have outperformed our expectations so significantly, with tremendous interest from Asian and international collectors. We have seen the number of overseas bidders grow each year, with 75-80% of this year s registered buyers coming from Greater China, Asia, Europe and the U.S, which is an exceptional increase compared to our first year where the majority of buyers were from Mainland China. The increasing presence of overseas buyers reflects a growing demand for Asian art and artefacts in the global collector market. Poly Auction Hong Kong is dedicated to the restoration and advancement of Asian art, and is incredibly pleased that the Hong Kong and Asian art market is continuing to grow and mature. Alex Chang, Managing Director of Poly Auction Hong Kong said, Our auction programme received excellent reception with many pieces exceeding our estimates. We were especially honoured to bring one of China s national treasures to the market; the 10 metre hand-scroll, A Glance of Nanjing City by Feng Ning sold for HKD51,920,000 / USD6,657,000, becoming the most expensive ancient Chinese painting sold in the world in the past five years, excluding the U.S. Chinese and Asian Modern and Contemporary Art Following Poly Auction Hong Kong s Spring Auctions, Chinese and Asian Modern and Contemporary Art once again topped the auction with the highest sales, reaching a total sale of HKD250,000,000 / USD32,100,000. Sanyu s Roses in a White Pitcher was a high demand item among international collectors, and sold at the final price of HKD59,000,000 / USD7,564,100. Chu Teh-Chun s Subtilité Hivernale from his seminal snow scenes series sold at HKD34,220,000 / USD4,387,200, this has set the highest record of artist s paintings of this size. Jamie Yu, Senior Specialist of Poly Auction Hong Kong s Chinese and Asian Modern and Contemporary Art said, Responding to the global demand for contemporary Chinese art, the team carefully curated a selection of exceptional pieces at pristine quality; the opportunity to bring important pieces such as Sanyu s Roses in a

2 White Pitcher to the market establishes Poly Auction Hong Kong s leading position in the global auction market. Zhang Peili s Midsummer Swimmers, a significant piece painted early in the artist s career, sold for HKD16,638,000 / HKD2,146,800 and is the second highest painting the artist has sold in the market. Another artist to perform exceptionally well was Asian American painter George Chann, whose painting The Flower Garden of Light sold for over HKD4 million / USD500,000, a record for the highest painting sold by the artist. Artist Title Of Auction Estimate Price Sold Sanyu Roses in a White Pitcher 59,000, Chu Teh-Chun Subtilité Hivernale 34,220, Zao Wou-Ki Champs 8,000,000-16,000,000 17,700, Zhang Peili Midsummer Swimmers 16,638, Chu Teh-Chun Formes Illuminées 6,800,000-8,800,000 10,620,000 Classical Chinese Paintings and Calligraphy Pieces under the Classical Chinese Paintings and Calligraphy section fetched a combined total sale of HKD56,809,900 / USD7,283,000. Qing Dynasty hand-painted scroll by Feng Ning, A Glance of Nanjing City, garnered great attention from collectors and was sold at the price of HKD51,920,000 / USD6,657,000. Bought by a collector from Nanjing, China, the ancient Chinese scroll once hung on the walls of an ancient Chinese palace and is one of the few surviving treasures from the Qing Dynasty. Artist Title Of Auction Estimate Price Sold

3 1 996 Feng Ning A Glance Of Nanjing City 51,920,000 The Glossiness of Uncarved Jade A Special Auction by Cui Ruzhuo Cui Ruzhuo s collection The Glossiness of Uncarved Jade attracted great attention from art enthusiasts. His top selling piece was Landscapes (A set of four leaves) which sold at HKD134,000,000 / USD17,250,000; total sales from his collection achieved HKD230,000,000 / USD29,150,000. Artist Estimate Price Sold Cui Ruzhuo Landscapes (A set of four leaves) 133,930, Cui Ruzhuo Narcissu 8,500,000-9,200,000 11,800, Cui Ruzhuo Red Bamboo 8,500,000-9,200,000 11,210, Cui Ruzhuo Vine 8,200,000-9,000,000 10,738,000

4 Cui Ruzhuo us 8,800,000-9,500,000 10,620,000 Convergences - A Selection of Chen Wen Hsi Paintings A special collection of Chen Wen Hsi s paintings showcased select works from the internationally renowned Singapore artist known for his avant-garde style with Asian and western influences. The section achieved a total of HKD21,924,400 / USD2,811,000, with Chen Wen Hsi s Gibbons fetching the highest price at HKD8,850,000 / USD1,135,000. Artist Estimate Price Sold Chen Wen Hsi Gibbons 4,800,000-6,000,000 8,850, Chen Wen Hsi Community 500, ,000 2,301, Chen Wen Hsi Huai Su Practicing Calligraphy 500, ,000 1,062, Chen Wen Hsi Opera Figures 350, , ,000

5 5 317 Chen Wen Hsi Gibbons 400, , ,000 Fine Modern Chinese Paintings and Calligraphy The Fine Modern Chinese Paintings and Calligraphy section featured modern paintings ranging in style from prominent Beijing, Tianjin, Shanghai and Lingnan artists. The section fetched HKD66,502,440 / USD8,364,600 in total with Zhang Daqian s Figures selling for the highest price at HKD8,260,000. Artist Estimate Price Sold Zhang Daqian Figures 7,000,000-9,500,000 8,260, Fu Baoshi Visiting Friends with Guqin 6,000,000-8,000,000 7,080, Xu Beihong Geese 5,700,000-9,000,000 6,726, Qi Baishi Palm Tree 2,300,000-2,800,000 3,009, Qi Baishi Longevity Peaches 800,000-1,600,000 2,832,000 Chinese Ceramics and Works of Art

6 Recent years have seen China become the largest market for Asian ceramics and artefacts, with a rise in demand for Qing Dynasty and 17th century pieces in the international market. Poly Auction Hong Kong s carefully chosen programme of rare Asian antiques included a gilt-bronze figure of the deity Amitāyus, the Buddha of Infinite Life, which sold for HKD8,260,000 / USD1,065,799. A set of seven large silk thangkas, 'The Seven Past Buddhas', witnessed active bidding and sold for over 18 times the estimate price at HKD6,726,000 / USD867,900. Estimate Price Sold Gilt-bronze figure of Amitāyus Xuande period, ,000,000-8,000,000 8,260, Archaic bronze ritual tripod food vessel, Ding Late Shang Dynasty, 13-11th century B.C. 5,800,000-8,000,000 7,670, 'The Seven Past Buddhas', a set of seven large silk thangkas Qianlong period, ,000-1,000,000 6,726, Magnificent imperial blue-glazed hexagonal vase with four dragon handles Yongzheng period, Robin's-egg-glazed tripod censer Yongzheng period, ,000,000-6,000,000 5,428,000 4,500,000-6,500,000 4,720,000 Modern Chinese Ink Paintings and Works on Paper Some of the greatest ink-wash paintings from the turn of the 21st century were on auction in the Modern and Chinese Ink Paintings and Works on Paper section. The auction session finished fetching a total sale of HKD22,323,240 / USD2,862,000. Waterfall by internationally acclaimed contemporary Chinese painter Wu Guanzhong, achieved a final sale of HKD2,242,000 / HKD289,289. Artist Estimate Price Sold Wu Guanzhong Waterfall 1,900,000-2,800,000 2,242, Liu Kuo-Sung Ama Dablam 1,200,000-1,800,000 1,416,000

7 Min Gengcan Pine Tree 1,100,000-1,250,000 1,298, Yang Ermin Fruits 380, ,000 1,062, Min Gengcan Pine Tree in Misty Mountain 800, , ,000 Jewellery, Watches, Handbags and Accessories The Jewellery, Watches, Handbags and Accessories sections ranged from traditional Chinese jadeite jewellery to designs from European design houses Hermès and Bulgari; the three categories sold a grand total of HKD164,000,000 / USD21,160,894. Jewellery Estimate Price Sold Jadeite bangle 25,960, William Goldberg Set of emerald and diamond necklace, earring and ring Purple-pink diamond ring Pink diamond weight carats 20,000,000 28,000,000 21,000,000 26,000,000 23,010,000 22,420,000 Watches Estimate Price Sold Patek Philippe Fine rose gold minute repeating perpetual calendar tourbillon wristwatch with leap year and day and night indication. Ref. 5207r, Movement , Case ,800,000-4,800,00 4,366,000

8 Piagetan White gold and diamond-set bracelet watch with diamonds, approximately 83.89carats. Kanthara Ref H90, Circa 2001 Breguet Lady's white gold and diamond-set automatic wristwatch with power reserve, moon-phases and mother-ofpearl dial. 2,800,000-3,800,000 3,068,000 1,100,000 1,800,000 1,298,000 Reine De Naples, Ref. 8909, Case 3279, Circa 2010 Handbags and Accessories Estimate Price Sold Hermès Kelly 32 matte white Himalaya Niloticus crocodile with palladium hardware, , , , Hermès Birkin 25 matte white Himalaya Niloticus crocodile with palladium hardware, , , , Hermès Kelly 28 blue izmir, blue electric & black Niloticus crocodile with brushed gold hardware, , , ,000 Chinese and Western Wine and Spirits Poly Auction Hong Kong s Chinese and Western Wine and Spirits section saw a 40% increase in sales compared to their Spring Auctions, totaling at HKD17,391,430 / USD2,244,043. Japanese whisky was a popular choice with buyers, reflecting a surge in demand for Japanese single malts. The rare Japanese malt Karuizawa was the top selling whisky with the Karuizawa Samurai Series selling above auction estimates at HKD531,000 / USD68,515. Estimate Price Sold Chateau Mouton Rothschild vertical collection Quantity 67 bottles 1,000,000 3,000,000 1,180,000

9 Karuizawa Samurai Series Quantity 10 bottles 280, , , Karuizawa 50 Distilled 1963 Cask number 5132 Quantity 1 bottle 250, , ,000 High resolution images can be downloaded here: About Poly Auction Hong Kong Poly Auction Hong Kong, established in 2012 by Poly Culture Group Corporation Limited, is a young but remarkable auction house in Hong Kong and the Asia Pacific region. Beijing Poly International Auction, a subsidiary of Poly Culture Group, is China s largest state-owned auction house and holds the highest auction transaction volume of Chinese art in the world. Poly Culture Group expanded its auction business to Hong Kong in 2012 with the establishment of Poly Auction Hong Kong, and was listed on the Hong Kong Stock Exchange on 6 March 2014 (Poly Culture Group Corp. Ltd., 3636 HK). Poly Auction Hong Kong has repeatedly achieved record auction results over the past two years, with the 2014 Spring and Autumn Auctions witnessed a total transaction sum of HKD2 billion (USD252 million). Poly Auction Hong Kong comprises of seven departments: Chinese and Asian Modern and Contemporary Art, Chinese Contemporary Ink Paintings, Fine Modern Chinese Paintings and Calligraphy, Classical Chinese Paintings and Calligraphy, Chinese Ceramics and Works of Art, Jewels and Watches and Chinese and Western Wine. Poly Auction selects only genuine, exquisite and rare artwork. Entering the international art market, Poly Auction aims to provide professional consultation, exceptional collections and the highest quality service. Poly Auction has a global network of offices in 11 cities, including Hong Kong, Beijing, Shanghai, Taipei, Tokyo, New York, San Francisco, Los Angeles, Sydney, Melbourne and Paris. Website: Sina Weibo: polyauctionhk WeChat: polyauction-hongkong