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July 18 (Bloomberg) -- A Chinese collector who bought an ancient Chinese
ceramic cup for a record HK$281 million (US$36 million) at auction in April
got an unexpected bonus when he paid for it today: nearly 422 million
American Express points.
Liu Yiqian, who used his Centurion Card to pay for the cup from Sotheby’s
Hong Kong, hadn’t even thought about the rewards until he was contacted by
Bloomberg News.
“He didn’t even know,” his daughter Betty said by telephone, as her
father does not speak English. “He is checking now to find out about how
many points he can get.”
So what can his 421,860,000 AMEX points get him? According to the American
Express website, they can be converted to more than 28 million frequent
flyer miles or about $180,000 worth of vouchers at Hong Kong retailer
ParknShop.
Liu, who plans to place the cup in his private museum in Shanghai, had to
sign 24 separate AMEX receipts because the system can only swipe
transactions of up to HK$12 million at a time, said Nicolas Chow, head of
Chinese ceramics and works of art and deputy chairman of Sotheby’s Asia.
Chow said Liu agreed to inviting the media for the payment and handover of
the cup in order to show that a Chinese collector who bid a record at
auction pays his bills.
“There have been lots of transactions in China for large amounts that never
come into fruition,” Chow said. “With that knowledge he wanted to show it
’s a real transaction and he’s paying.”
ceramic cup for a record HK$281 million (US$36 million) at auction in April
got an unexpected bonus when he paid for it today: nearly 422 million
American Express points.
Liu Yiqian, who used his Centurion Card to pay for the cup from Sotheby’s
Hong Kong, hadn’t even thought about the rewards until he was contacted by
Bloomberg News.
“He didn’t even know,” his daughter Betty said by telephone, as her
father does not speak English. “He is checking now to find out about how
many points he can get.”
So what can his 421,860,000 AMEX points get him? According to the American
Express website, they can be converted to more than 28 million frequent
flyer miles or about $180,000 worth of vouchers at Hong Kong retailer
ParknShop.
Liu, who plans to place the cup in his private museum in Shanghai, had to
sign 24 separate AMEX receipts because the system can only swipe
transactions of up to HK$12 million at a time, said Nicolas Chow, head of
Chinese ceramics and works of art and deputy chairman of Sotheby’s Asia.
Chow said Liu agreed to inviting the media for the payment and handover of
the cup in order to show that a Chinese collector who bid a record at
auction pays his bills.
“There have been lots of transactions in China for large amounts that never
come into fruition,” Chow said. “With that knowledge he wanted to show it
’s a real transaction and he’s paying.”
