Alan Lau, who made a fortune in business, is hoping a monthly auction of Chinese collectibles will pour millions of dollars into local charities.
Lau kicked off his campaign Wednesday morning with a celebratory opening of a Buswell Street office that will serve as headquarters for auction organizers with Lau’s group, the Richmond Community Publication Society.
“I want to pay my debt to all the salary class, the sweat to build up my empire,” said Lau, an 89-year-old from Hong Kong who made millions in business ventures overseas. “I should return every single cent to them.”
The society’s first public auction of Chinese paintings, sculptures, ceramics, jade and other antiques will boast 92 items appraised at $50 million, said Lau. It will be held Sept. 6 at the Hilton Vancouver Airport Hotel in Richmond.
Chinese-Canadian collectors contributing auction items will net sale proceeds, while organizers will earn a commission. Lau said that commission will fund his society’s own endeavours while also contributing to B.C. Children’s Hospital, Richmond Hospital and other local non-profit organizations.
With some auction items appraised at millions, according to organizers, Lau believes the Sept. 6 auction could see sales total $30 million and generate nearly $5 million for his charitable ventures.
One item alone — a porcelain pot said to be from the Song Dynasty a thousand years ago — is valued at $15 to $18 million. Other items include pendants and coins valued at a few thousand dollars to small sculptures valued in the tens of thousands.
Organizers said the auction will provide a platform for collectors to sell artifacts they no longer wish to keep, adding there’s no shortage of Chinese antiques available.
Lau’s Richmond Community Publication Society is linked to another group, the Canadian Low Income Seniors Affordable Housing Society, which has been trying to build a seniors’ housing project in Richmond for over a decade.
Lau is facing a B.C. Securities Commission hearing Sept. 8 over a $50,000 investment made with that society. The commission’s allegations have not been proven, and Lau denies any wrongdoing, saying any borrowed money has been for his society, not himself.
Wednesday’s event began with the singing of O Canada. A traditional lion dance followed before Mayor Malcolm Brodie was handed a cleaver to cut into a roast pig.
Lau also said he is dedicating himself to the community — to Richmond. “This is my wish, my commitment to myself because my children are all millionaires — they don’t need my money.”
Charity auction items can be previewed Sept. 4 and 5 from 10 a.m. to 6 p.m. at the Hilton Vancouver Airport Hotel, 5911 Minoru Blvd. The auction will be held Sept. 6 from 10 a.m. to 6 p.m.
