SHANGHAI was once said to be the largest antique market in China. According to Archie Bell, an American traveller to Shanghai, lots of antique shops were operating in the narrow lanes of the city selling diamonds, ivory, porcelainand a variety of rare antiques.

In the old days, the antique market in Shanghai was located close to the City God Temple. However, this area was occupied by the Japanese army in 1937 during Japan's invasion of China.

For fear of being destroyed by the fighting, the antique dealers had to move their shops to Guangdong Lu, which was in the International Settlement. Although the bustling antique market in the City God Temple was no more, it did not mean that the antique market in Shanghai fell into a decline.

The China Magazine published in 1939 reported that there had been some improvements in the antique trade in spite of the war. It was said that nearly every antique shop was fully stocked and that some had spent a large amount of money in purchasing rare treasures. Their daily sales could reach hundreds of US dollars.

Foreign reporters wrote there was also a fear that if the Japanese army occupied the International Settlement, the days of wealthy customers spending extravagantly on antiques would be over.

However, the customers visiting the antique markets were not only rich tourists who spent money lavishly. In fact, most were local residents who were looking for antique treasures.

Two years after the War of Resistance Against Japan ended, many of the former customers returned to the shops. Standing in long lines in front of the shops, they bargained with the antique dealers. Sometimes, buyers and sellers would sit around a table, drinking tea as they argued over the price.

As for the reason behind the prosperity of the antique trade in Shanghai, the foreign reporters of China Magazine made this analysis. After the War of Resistance against Japan, antique dealers had a greater supply of antiques because many robbers sold what they plundered in the war and because the war had bankrupted some wealthy families who had to sell their collections at very low prices.

Because of currency devaluations, many people started to collect antiques as an investment. In addition to the professional buyers who gathered in the antique markets to seek cheaper goods, foreign collectors also engaged in collecting antiques, taking advantage of the favourable exchange rate.

The foreign reporters checked their analysis by interviewing antique dealers along the Bund. These avant-garde shops were elaborately decorated to cater for foreign visitors.

The war had a marked effect on the prices of some antiques. Although bronze wares could be purchased at a fair price, the price of ivory rose a lot.

In addition, more and more antique dealers from other cities poured into the International Settlement to seek shelter and open shops.

(The author is from the Shanghai Academy of Social Sciences)