L&H Auction, the pioneering international premium pu’er tea auction house, concluded its 2023 Spring Auction on May 20. Thanks to the support from seasoned and new collectors, the selections of the sales were well-responded, of which the sale of Vintage Pu’er Tea and Premium Tea saw particularly active bidding in the room, on the telephone and online. Pre-eminent Hao- and Yin-grade pu’er tea cakes led the sale – a Piece of 'Gam San Lau' Red Mark Pu-er Tea Cake without Wrapping, Circa 1950s sold for a hammer price of HKD 780,000 at a new record price in the market, setting a new record high shortly after the previous auction at 2022 Autumn Auction. Teas from the 1980s also achieved impressive results – a Stack of 8582 Pu-er Tea Cake in Thin Wrapping, Circa 1980s was sold for a hammer price of HKD 1.25 million, and a stack of 88 Pu-er Tea Cake, Circa Late 1980s was sold for a hammer price of HKD 1.2 million.
Mr Henry Chau, CEO and Founder of L&H Auction says, “I am grateful for the participation and support from collectors and tea lovers. Without their active bidding in the room, over the telephone and online, we would not have completed this season with flying colours. The highlight of this season, a Piece of 'Gam San Lau' Red Mark Pu-er Tea Cake without Wrapping, Circa 1950s was sold for a hammer price of HKD 780,000, which was 130% of the high estimate. The price was a new high for ‘Gam San Lau’ Pu-er Tea Cake, breaking its own record in only half years’ time.
We are also proud to see that our meticulously-selected offerings were welcomed by the market, which is a testament to the continued demand for premium vintage Pu-er tea cakes, and collectors’ trust in L&H. Going forward, we will continue to amass an even wider variety of premium Chinese teas with high investment value; and we also invite collectors in the region to consign with us for the seasons to come.”
*Prices do not include buyer’s premium
Auction Highlight
Gam San Lau Red Mark Pu-er
Shortly after the record high at 2022 Autumn Auction, a new price record was made this auction. Bidders on the internet, over the phone, and on-site competed fiercely for this rare and exquisite item. An on-site bidder eventually purchased it at a price far exceeding the estimated value, receiving enthusiastic applause.
LOT: 117
A Piece of 'Gam San Lau' Red Mark Pu-er Tea Cake without Wrapping, Circa 1950s
Estimate: HK$ 380,000 - 600,00
Hammer Price: HK$ 780,000
Pre-eminent Hao- and Yin-grade Pu-er
Pre-eminent Hao- and Yin-grade Pu-er continued to lead the sale with astonishingly high prices.
LOT: 161
A Piece of 'Tong Xing Hao' Xiang Zhiqing Pu-er Tea Cake, Circa 1920s
Hammer Price: HK$ 1,300,000
LOT: 122
Two Pieces of Pu-er Tea Cake
Hammer Price: HK$ 1,300,000
LOT: 164
Four Pieces of Pu-er Tea Cake
Hammer Price: HK$ 2,400,000
LOT: 167
Eight Pieces of 'Ding Xing Hao' Pu-er Tea Cake, Circa 1930s
Hammer Price: HK$ 1,700,000
LOT: 119
Seven Pieces of Red Mark Pu-er Tea Cake, Circa 1950s
Hammer Price: HK$ 4,300,000
LOT: 115
A Piece of Red Mark Pu-er Tea Cake, Circa 1950s
Hammer Price: HK$ 820,000
LOT: 116
Seven Pieces of Green Mark Pu-er Tea Cake, Circa 1950s
Hammer Price: HK$ 2,700,000
LOT: 113
Seven Pieces of Yellow Mark Pu-er Tea Cake, Circa 1960s
Hammer Price: HK$ 1,450,000
LOT: 126
Seven Pieces of Yellow Mark Pu-er Tea Cake, Circa Early 1970s
Hammer Price: HK$ 1,200,000
Not only did mid-term Pu-er perform exceptionally well in this auction, bags of loose tea also had outstanding results, proving a high demand in the market.
LOT: 101
Seven Pieces of 88 Pu-er Tea Cake, Circa Late 1980s
Hammer Price: HK$ 1,200,000
LOT: 102
Seven Pieces of 8582 Pu-er Tea Cake in Thin Wrapping, Circa 1980s
Hammer Price: HK$ 1,250,000
LOT: 109
Seven Pieces of 8582 Pu-er Tea Cake in Thick Wrapping, Circa 1980s
Hammer Price: HK$ 980,000
LOT: 112
Seven Pieces of 88 Pu-er Tea Cake in Thick Wrapping, Circa Late 1980s
Hammer Price: HK$ 720,000
LOT: 153
Seven Pieces of 8582 Pu-er Tea Cake in Thin Wrapping, Circa 1980s
Hammer Price: HK$ 900,000
LOT: 171
Seven Pieces of 8582 Pu-er Tea Cake in Thick Wrapping, Circa Mid 1980s
Hammer Price: HK$ 900,000
LOT: 141
14 Pieces of Pu-er Tea Cake, Circa Early 1980s
Hammer Price: HK$ 1,900,000
LOT: 185
84 Pieces of 7532 Pu-er Tea Cake in Thick Wrapping, Circa 1980s
Hammer Price: HK$ 2,400,000
LOT: 218
43 Pieces of 'BanZhang' Tea Cake, 2002
Hammer Price: HK$ 1,000,000
LOT: 177
A Bag of Pu-er Tea, Circa Early 1980s
Hammer Price: HK$ 480,000
LOT: 178
A Bag of Pu-er Tea, Circa 1970s
Hammer Price: HK$ 1,300,000
Dried Tangerine Peel
The performance of aged tangerine peel was quite impressive, with numerous auction items selling above their highest estimated price.
LOT: 308
Dried Tangerine Peel, Circa 1968
Weight：~575g, 520g
Hammer Price: HK$ 75,000
LOT: 310
Dried Tangerine Peel, Circa 1979
Weight：~395g, 410g, 375g
Hammer Price: HK$ 75,000
LOT: 311
Dried Tangerine Peel, Circa 1987
Weight：~2995g
Hammer Price: HK$ 140,000
LOT: 312
Dried Tangerine Peel, Circa 1989
Weight：~1135g
Hammer Price: HK$ 80,000
LOT: 319
Dried Tangerine Peel, Circa 1956
Weight：~3000g
Hammer Price: HK$ 220,000
Event Photos
Gam San Lau Red Mark Pu-er setting record high
The jam-packed saleroom
Preview at L&H Cultural Space with the support of tea lovers and collectors.
