拍賣筆記 vol.491 佳士得香港2026：唐三彩大罐，埃斯肯納齊、十面靈璧山居舊藏 - Christie’s Hong Kong 2026, A Large Sancai-Glazed Vase, Tang Dynasty

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2022年於保利香港上拍的藏品，僅隔四年便再度現身拍場。這究竟是出於投資考量，還是純粹的收藏？

如今，許多藏家倒手交易的頻率之高，甚至令部分專業經銷商望塵莫及。當「藏家」與「倒爺」的本質邊界日漸模糊，身分已然難以釐清。中國藝術品拍賣自1990年代初起步，至今仍處於初級階段。在這期間，懷揣投資思維的「藏家們」，不僅藉由消費藝術品來收割虛榮心與拓展人脈，以此博取存在感；甚至試圖透過「飯圈化」引導輿論風向、或以「圍標」等手段非法操縱市場。同年買進、同年賣出的跨市場套利行為更是屢見不鮮。在這種畸形的生態下，持有三、四年都算「長期收藏」——此乃當前藝術圈莫大的怪現狀。

然而，我們也必須客觀看到，頻繁易主也並不全然等同於惡意炒作。在當前宏觀經濟環境與藝術品市場的雙重演變下，部分藏家的換手行為往往夾雜著合理的現實考量：企業與個人資金的戰略變現、「以藏養藏」的收藏體系升級。在「純粹收藏」與「惡意投機」這兩個極端之間，存在著大量基於資金流動性與收藏優化的灰色地帶，在警惕市場過度金融化的同時，也應理解這些合理的資產調度需求。

本品狀況完好，釉面有少許輕微剝釉，佳士得品相報告認為屬正常現像，此乃為真，唐三彩不以品相完美為第一要素。這件大罐尺寸達52.5cm，乃同類中較大者。2022年售出600萬港元，今次需拍出1000萬港元原藏家才勉強不虧本。唐三彩近年來認知逐漸提高，四年間三彩的漲幅明顯，此次重新上拍佳士得40週年，本身質量傲人，應該有不俗的成績。（SACA觀察，2026.10.5）

亞洲重要私人珍藏

唐三彩大瓶

TANG DYNASTY (618-907)

估價

港元 4,000,000 – 港元 6,000,000

20 11⁄16 in. (52.5 cm.) high

來源

埃斯肯納齊，倫敦， 1991年購於香港

十面靈璧山居舊藏，北美，購自埃斯肯納齊，編號 EK82

保利香港，《花舞大唐：北美十面靈璧山居珍藏唐三彩》，2022年7月14日，拍品3225號

出版

埃斯肯納齊，《Chinese Ceramics and Vessels 500-1000AD》，倫敦，2001年，頁18-19，圖版 4號

埃斯肯納齊，《中國藝術品經眼錄-埃斯肯納齊的回憶》，倫敦，2012年，圖版234號

狀況報告

- 整體品相良好- 表面有少許輕微剝釉，屬正常現像

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拍品專文

罐撇口圓唇，短束頸，長圓腹漸斂，下承平底。外壁滿施三彩釉，色澤絢爛。此罐形制挺拔，氣勢恢宏，高逾半米，器形規整，傳世未見他例，疑為孤品。釉面光亮潤澤，色彩斑斕濃烈，誠為三彩工藝鼎盛時期之傑作。

比較一件器形相近，尺寸較小的唐三彩貼花寶相花紋罐，2016年6月1日於香港佳士得拍賣，拍品3104號。

此器經牛津熱釋光測年法檢測（測試編號C100a95，2000年1月25日），證實與本圖錄之定年符合。

An artwork auctioned at Poly Auction Hong Kong in 2022 has resurfaced on the market a mere four years later. Does this reflect a calculated investment strategy, or genuine collecting?

Today, the sheer frequency with which many collectors flip their acquisitions has left professional dealers lagging behind. As the line between "true collector" and "speculative flipper" blurs, their identities have become increasingly difficult to untangle. Since its inception in the early 1990s, the Chinese art auction market remains in a formative, unrefined stage. During this era, "collectors" driven primarily by an investment mindset have not only weaponized art consumption to feed their vanity and network for social leverage; they have even imported a celebrity "fandom" culture to manipulate public discourse and resorted to bid-rigging to illicitly rig the market. Cross-market arbitrage—buying and selling within the very same year—is rampant. In such a distorted ecosystem, holding a piece for a mere three to four years is hailed as "long-term collecting"—a glaring paradox of today's art world.

The item itself is in excellent condition, showing only minor glaze flaking. Christie’s condition report deems this normal and authentic, as pristine condition is not the primary benchmark for Tang Sancai. Standing at an impressive 52.5 cm, this jar is among the larger examples of its kind. Sold for HKD 6 million in 2022, it would need to fetch HKD 10 million this time for the original owner to barely break even. Public appreciation for Tang Sancai has grown steadily in recent years, with a noticeable surge in value over the past four years. Re-entering the market for Christie’s 40th anniversary, this exceptional piece boasts outstanding quality and is well-positioned for an impressive performance. (SACA Observation, 2026.10.05)

Property from an Important Asian Collection

A RARE AND IMPRESSIVE LARGE SANCAI-GLAZED VASE

TANG DYNASTY (618-907)

Estimate

HKD 4,000,000 – HKD 6,000,000

20 11⁄16 in. (52.5 cm.) high

PROVENANCE

Eskenazi, London, acquired in Hong Kong in 1991

The Ten-views Lingbi Rock Retreat Collection, North America, purchased from Eskenazi, no. EK82

Sold at Poly Hong Kong, Tang Sancai Ceramics From The Ten-views Lingbi Rock Retreat Collection, 14 July 2022, lot 3225

LITERATURE

Eskenazi, Chinese Ceramics and Vessels 500-1000AD, London, 2001, pp. 18-19, no. 4

Eskenazi, A Dearler’s Hand: The Chinese Art World through the Eyes of Guiseppe Eskenazi, London, 2012, no. 234

The present jar has a flared mouth with rounded lip, a short, constricted neck, and a long, rounded body tapering to a flat base. The exterior is covered in sancai-glaze. Imposing in scale at over half a metre high, the present jar is exceptionally well potted and appears to be unique.

Compare with a related smaller sancai-glazed ‘floral medallion’ jar, sold at Christie's Hong Kong, 1 June 2016, lot 3104.

The result of Oxford thermoluminescence test no. C100a95, issued on 25 January 2000, is consistent with the dating of this lot.