Arts News

Chinese oil painting sells for record 6.9 million dollars

Nov 27, 2006, 8:57 GMT

Hong Kong - A Chinese oil painting has sold for a record 6.93 million US dollars in Hong Kong as global interest in Asian art booms, auctioneers Christie's confirmed Monday. The 1924 work by Xu Beihong titled Slave and Lion smashed the previous record for a Chinese oil painting of 4.47 million US dollars set only last month at a Sotheby's auction in Hong Kong. An unnamed buyer won a 90-minute bidding war by phone from Singapore to secure the painting at the auction in Hong Kong on Sunday, Christie's said. The opening price for the painting was 2.57 million US dollars and 10 bids were received before the hammer came down on the rare work by Xu, known as the founding father of modern Chinese painting. Xu, who died in 1953 aged 58, painted Slave and Lion in the 1920s when he lived in Berlin. He was renowned for his ability to blend western techniques with a traditional Chinese painting style. The previous record price for a Chinese oil painting was the 4.47 million US dollars paid for a work by late Taiwanese painter Chen Chengbo in October. Interest in Asian art, and Chinese art in particular, has boomed in recent years as investors snap up rare works which are still seen as significantly undervalued compared to western art. © 2006 dpa - Deutsche Presse-Agentur

Arts News

Chinese oil painting sells for record 6.9 million dollars

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