How will the price of lumber and furniture rose?
In 2009, the market for mahogany antique furniture is showing signs of recovery. As interest in rosewood furniture grows, many are wondering how the prices of both wood and finished pieces will evolve. Is there still investment potential in rosewood furniture at current levels? And what should collectors consider when evaluating the quality and value of such pieces? To explore these questions, we sat down with Mr. Wu Bingliang, a renowned expert in Ming-style furniture design and deputy director of the Chinese Traditional Furniture Professional Committee.
With over three decades of experience in the antique furniture industry, Mr. Wu has dedicated his career to the collection, restoration, and reproduction of Ming and Qing dynasty furniture. He has created nearly 1,000 high-quality models that blend traditional craftsmanship with modern innovation. His work on Qing palace furniture, primarily made from lobular rosewood, has earned multiple national gold awards. Known as “Lingnan Luban†among industry peers, he brings deep expertise and a unique perspective to the world of rosewood furniture. Through this exclusive interview, we gain valuable insights into the investment and collection of rosewood.
Jian Bao: Between 2006 and 2008, the price of lobular rosewood saw a sharp rise followed by a steep decline. This volatility has left many enthusiasts cautious, especially given the recent performance of Hainan Huanghua pear. With your extensive experience in the industry, what do you think caused such dramatic price swings?
Wu Bingliang: In China’s traditional mahogany furniture sector, lobular rosewood has long been considered the “king of woods,†often commanding higher prices than other types like yellow pear. However, in recent years, the depletion of old-growth materials has led to a surge in prices for Hainan Huanghua pear. By 2005, its price had already surpassed that of lobular rosewood, while Vietnamese pear also experienced a rapid increase. As a result, lobular rosewood became a hot target for investors, drawing widespread attention.
The rising demand for lobular rosewood prompted more dealers to stock up, while some speculative funds entered the market seeking quick profits. This led to hoarding and speculation, pushing prices from over 200,000 yuan per ton in late 2006 to over 60 million yuan by 2007. The surge in domestic demand also attracted Indian timber traders, who began sourcing more wood and importing it through various channels. By the end of 2007, import volumes had skyrocketed, doubling the price of lobular rosewood.
However, as costs for manufacturers increased, demand began to drop. Additionally, some wood sellers faced financial pressures due to bank loan expirations, leading them to sell off inventory quickly. This marked the start of a gradual price correction. Media coverage further accelerated the decline, with reports comparing red sandalwood to more common plants like clivia, and some experts suggesting that India has large plantations of rosewood, which could help stabilize the market in the future.
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