Bronze horse head bound for mainland after tycoon steps in
A bronze horse head that was looted from the Summer Palace in Beijing will be returned to the mainland after tycoon Stanley Ho Hung-sun bought it for HK$69.1 million ahead of an auction due to be held next month.
It was expected to have fetched up to HK$80 million at the Sotheby's sale in Hong Kong, in which 200 Chinese works are going under the hammer.
But after a month of negotiations, the Taiwanese owner agreed to sell it to Mr Ho, given the casino magnate's desire to see it returned to the motherland.
The price set a world record for a Qing dynasty sculpture. The head was part of a series featuring the 12 animals of the Chinese zodiac on a water clock at the Yuanmingyuan royal garden, or old Summer Palace.
Under the deal, Mr Ho agreed to pay HK$68 million, plus HK$1.1 million in administration fees. The Taiwanese collector bought the sculpture for GBP200,000 (HK$3.14 million) at an auction in London in 1989.
