Sept. 29 (Bloomberg) -- A blue-and-white, 15th-century Chinese vase, which Laurance Rockefeller used as a lamp and Sotheby's Holdings Inc. valued at up to $400,000, sold last week for $3.9 million.

The vase was one of the highlights of the record- setting, Asian art auctions in New York. In six auctions over three days, Sotheby's and Christie's International totaled a record $52.9 million, with Chinese art sales making up half the figure.

Driving the market are newly wealthy Asian collectors, clamoring for a piece of their cultural heritage.

``We're seeing the rise of the economy of mainland China,'' said New York dealer John Berwald, who submitted the runner-up bid for the Rockefeller vase on behalf of an American client he declined to name. ``There's huge buying power in China and they want their pieces back.''

Private Asian collectors bought eight of the top 10 lots on Sept. 21 at Sotheby's Chinese Ceramics and Works of Art sale. At Christie's Sept. 20 sale, Asian collectors accounted for five of the top 10 lots and 42 percent of all the buyers.

The number of Chinese buyers at Asian art auctions worldwide has quadrupled over the last five years, according to Mee-Seen Loong, Sotheby's senior vice president.

``The Chinese market has drastically expanded, especially in terms of Chinese participation,'' said New York dealer Carol Conover of Kaikodo Gallery. ``It's the best it's ever been.''

Lacquer Boxes, Snuff Bottles

The Chinese items include ceramics, furniture and painting that span 3,000 years. Sotheby's and Christie's offered 772 lots in their fall auctions, including red- lacquer boxes, carved agate snuff bottles, cups carved from rhinoceros horns and Ming Dynasty vases.

The most sought-after pieces are those made specifically for the Chinese market, especially anything made or used by an emperor. Sculptures of colorful seventh- century Tang horses and coquettish court ladies are only desirable to U.S. and European collectors, and Chinese collectors won't buy ancient pottery excavated from tombs because it's considered bad luck.

This selectivity was evident at the fall auctions. Half of the Chinese items offered for sale at Sotheby's, and a third at Christie's, failed to find buyers -- a far lower success rate than the 80 or 90 percent the auction houses normally sell for booming categories.

``Everyone was going for rarity,'' said Sotheby's Loong, whose sale included 416 lots. ``There were perhaps too many things to choose from.''

Scroll Painting

While Asian buyers are having a major impact, last week's sales proved that the U.S. and European collectors still dominate the top end.

``People tend to forget that for top lots, the Americans and Europeans can still trump,'' Loong said.

At Sotheby's, the two final bidders for the Rockefeller vase weren't Chinese. Sotheby's identified the buyer as London dealer Eskenazi Ltd. Philip Constantinidi, a director at Eskenazi, would say only that the vase was purchased on behalf of a non-Chinese client.

The vase, found at Rockefeller's home in Tarrytown, New York after he died last year at the age of 94, was appraised for $200 in 1967, according to Sotheby's. Rockefeller was a venture capitalist and grandson of John D. Rockefeller, founder of Standard Oil and once the richest man in the world.

Christie's top lot, a 14th-century Chinese scroll painting, sold for $1.69 million to an unidentified American collector. Eskenazi Ltd. paid $27.7 million in July for a 14th-century, blue-and-white jar, the most ever for an Asian item at auction.

To contact the writer of this story: Lindsay Pollock at lindsaypollock@yahoo.com

Last Updated: September 29, 2005 12:18 EDT