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Xiling Group completes sale of rare vase


Alternative asset manager Xiling Group has completed the sale of one of its rare assets, a celadon-glazed archaistic vase.

The rare vase was auctioned by Christie’s Hong Kong on 30 May 2012 for USD3,691,408 (including buyer’s premium).

It had been purchased in May 2007 by Xiling Fund I from a Japanese collector for USD1,220,000. Full payment was received in the first week of July.

The recent sale was the second Xiling asset sale, following the sale on 8 April 2011 of a Qianlong large blue and white "Dragon" vase for USD3,814,969 (including buyer’s premium) versus the fund’s acquisition cost of USD1,100,000 in March 2006.

Xiling Group is a seven-year old firm that invests in extremely rare, museum-quality Chinese imperial porcelains, bronzes and other art works having demonstrated cultural importance. The Xiling team is led by William M. Carey and Thomas R. Podlesny, also principals of Cortland Associates, and Bruce G. Wilcox, former chairman of hedge fund Cumberland Associates.

"We believe that as China and its business community prosper, the value of the works held by our funds will increasingly reflect that prosperity without the attendant risks and complexities that arise with direct investment in Chinese businesses or equities," says Carey.

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