$424,000
Modern Painting, Zhang Daqian (1899-1983), colors on paper, depiction of blue and green mountains, dated a summer day in guiyi year (1953), inscribed "Boyuan dao di fa jiao, Daqian di Zhang Yuan," with one seal, 16 1/2 x 14 1/4 in. Provenance: Ex P.Y. Wang Collection. The Collection of P.Y. Wang (Lots 1360-1419) P.Y. (Pah-Yuen/ Boyuan) Wang (1893-1977) Born in Zhejiang province in 1893, P.Y. (Pah-Yuen) Wang apprenticed in a gold shop from a young age, and accumulated original capital by trading gold. Although there were no contracts and cash deposit at that time, Wang established an impeccable reputation and earned respect from peers by always paying even when suffering a loss.His outstanding credibility enabled him to conduct some rather large transactions despite limited resources. Wang opened his own gold shop, Yu Fa Yong, in Shanghai in 1921. Later that year, when gold price kept falling to rock bottom, Wang took out bank loans with all his assets as collaterals and took in a lion's share of gold in the Shanghai market on the belief that inflation of currency and rising gold prices would be inevitable. After the announcement that the dollar price would be adjusted, gold price in the international market rose abruptly. Wang made a huge fortune from this and he was henceforth known as "the Gold King," on par with "the Bond King" Yang Shousheng. Later on, Wang invested in and took over the reorganization of the Land Bank, inviting luminaries of the finance circ Read more…
Auctioneer:
Skinner
Date:
2010-12-04
