Synopsis
According to the American Express Co.'s website, they can be converted to more than 28 million frequent flyer miles or about $180,000 worth of vouchers at Hong Kongretailer ParknShop.
A Chinese collector who bought an ancient Chinese ceramic cup for a record HK$281 million (US$36 million) at an auction in April got an unexpected bonus when he paid for it this week: almost 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 doesn't speak English.
"He is checking now to find out about how many points he can get." Liu's daughter said he used his credit card, which is denominated in yuan, because currency restrictions won’t allow him to transfer that much money directly from China to Hong Kong.
Individuals are limited to moving $50,000 per year outside the country because of capital controls. So what can 421,860,000 AmEx points get?
Artificial Intelligence(AI)
Java Programming with ChatGPT: Learn using Generative AI
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Basics of Generative AI : Unveiling Tomorrow's Innovations
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Generative AI for Dynamic Java Web Applications with ChatGPT
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Mastering C++ Fundamentals with Generative AI: A Hands-On
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Master in Python Language Quickly Using the ChatGPT Open AI
By - Metla Sudha Sekhar, Developer and Lead Instructor
Office Productivity
Zero to Hero in Microsoft Excel: Complete Excel guide 2024
By - Metla Sudha Sekhar, Developer and Lead Instructor
Astrology
Vastu Shastra Course
By - Sachenkumar Rai, Vastu Shashtri
Data Science
SQL for Data Science along with Data Analytics and Data Visualization
By - Metla Sudha Sekhar, Developer and Lead Instructor
Web Development
A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024
By - Metla Sudha Sekhar, Developer and Lead Instructor
Office Productivity
Mastering Microsoft Office: Word, Excel, PowerPoint, and 365
By - Metla Sudha Sekhar, Developer and Lead Instructor
Marketing
Digital marketing - Wordpress Website Development
By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert
Web Development
Mastering Full Stack Development: From Frontend to Backend Excellence
By - Metla Sudha Sekhar, Developer and Lead Instructor
Finance
Financial Literacy - TDS, Budget, Income Tax Act, GST, Indirect tax
By - CA Rahul Gupta, CA with 10+ years of domain experience, trainer
Leadership
Business Storytelling Masterclass
By - Ameen Haque, Founder of Storywallahs
Future of Marketing & Branding Masterclass
By - Dr. David Aaker, Professor at Haas School of Business
HR & People Management
Human Potential and the Future of Employment
By - Lynda Gratton, Co-chair of the World Economic Forum Council on Work, Wages and Job Creation, Professor of Management Practice
Strategy
ESG and Business Sustainability Strategy
By - Vipul Arora, Partner, ESG & Climate Solutions at Sattva Consulting Author I Speaker I Thought Leader
Finance
Financial Reporting and Analytics
By - Dr. C.P. Gupta, Professor: Department of Finance and Business Economics, University of Delhi
Marketing
Performance Marketing for eCommerce Brands
By - Zafer Mukeri, Founder- Inara Marketers
According to the American Express Co.'s website, they can be converted to more than 28 million frequent flyer miles or about $180,000 worth of vouchers at Hong Kongretailer ParknShop.
Liu, who drank Chinese tea from the cup shortly before he paid for it, 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, who plans to place the cup in his private museum in Shanghai, agreed to invite the media for the payment and hand over of the cup in order to show that a Chinese collector who bid a record at an auction pays his bills.
"There have been lots of transactions in China for large amount s that never come into fruition," Chow said.
"With that knowledge he wanted to show it's a real transaction and he's paying." Liu, whom Chow describes as the most important Chinese collector, said his Long Museum is a "great landmark and a must-see destination” that has attracted visitors including actress Angelina Jolie.
The cup, from the Chenghua era (1465-1487), is nicknamed the "Chicken Cup" for its depiction of a rooster, his hen and their chicks, an allegorical representation of the emperor, empress and his subjects.
Chow said it is "one of the most faked and most revered pieces of porcelain in China," with tens of thousands of replicas around.
( Originally published on Jul 23, 2014 )
Read More News on
CollectorHong KongSothebyAmerican Express Co.Liu YiqianCenturionplaceInsurabilitysettlement option
(Catch all the Business News, Breaking News, Budget 2024 Events and Latest News Updates on The Economic Times.)
Subscribe to The Economic Times Prime and read the ET ePaper online.
...moreless
Read More News on
CollectorHong KongSothebyAmerican Express Co.Liu YiqianCenturionplaceInsurabilitysettlement option
(Catch all the Business News, Breaking News, Budget 2024 Events and Latest News Updates on The Economic Times.)
Subscribe to The Economic Times Prime and read the ET ePaper online.
...moreless