Buyers raise stakes in global antiques market

Kate Hunt, specialist head of sales, Chinese art and ceramics at Christie's, said: "The main impetus in the market was mainland Chinese buyers in the early 2000s. Then there was a peak in the market around 2012 and there was a tightening of liquidity in China, so you saw the market correcting a little bit and saw buyers becoming a little bit more selective about their purchases."

According to auction house Sotheby's, almost every area of Chinese art has risen very significantly in value since 2004, which is when the effects of significant new buyers from the Chinese mainland coming into the market were first seen.

Henry Howard-Sneyd, Sotheby's chairman of Asian Art, Europe and Americas, said, "We have basically seen each area of Chinese art coming up in value to the extent now that there's almost no area left where there hasn't been a very big jump."

Twice a year, in the spring and autumn, dealers and collectors gather in London for the Asian art sales at Britain's three major auction houses, Christie's, Sotheby's and Bonhams.

Paddles are raised as bids are made and items are sold to buyers on the floor via the internet or by phone. Buyers spend hundreds of thousands, and even millions, of pounds, and some are China's wealthiest who compete to land major items.