The chairs pictured here sold for $118,500 in the December 2011 Asian Works of Art auction. Why such a high price? They’re made of one of the world’s rarest and most desirable woods: huanghuali.

A member of the rosewood family, huanghuali stands for rarity, beauty and in today’s Chinese furniture market, high prices. It is believed that there are less than 10,000 pieces of huanghuali furniture left in the world. Because the wood is nearing extinction, and is now a protected species, supply is very limited. Matched with the rapidly increasing demand for Chinese antiques, prices for huanghuali furniture have skyrocketed over the past five years.