Vietnamese Raw Ki-Nam Agarwood Mountain Sculpture Sells for HK$15.477 Million at Hong Kong Autumn Auction

Landmark Ki-Nam Sale in Hong Kong

According to industry sources, on October 6, 2026 at a Hong Kong autumn auction, a Vietnamese raw-resin ki-nam agarwood mountain sculpture weighing about 2.5 kg was hammered down for HK$15.477 million, roughly HK$6,188 per gram. The piece was acquired years ago from Japan's Shoyeido, later entering the Liang Yi collection. It shows fine oil lines and rich resin at the opening—hallmarks of raw-resin ki-nam—and marks a benchmark price point for Vietnamese ki-nam.

Four Resilient Categories Across 15 Years

A review of auction records shows four categories with sustained strength: sunken ki-nam bead strings and small raw pieces (a 69.6 g, 108-bead sunken ki-nam string fetched RMB 6.785 million in 2014, nearly RMB 98,000 per gram); large Vietnamese raw ki-nam sculptures; Hainan ki-nam rarities (a 180.4 g Hainan piece sold for RMB 2.507 million); and carvings with imperial or literati provenance, such as a Qing-dynasty agarwood screen that realized RMB 20.7 million. By contrast, ordinary Indonesian materials, plantation resin and new carvings underperform. Wild agarwood is a strictly protected resource; collectors must comply with CITES and domestic regulations and trade only through legal channels.

This article is an industry observation and educational summary. It does not constitute any trading or investment advice. When purchasing agarwood, please use legal channels and choose traceable, testable sources.