Chinese art masterpieces fetch millions at Hong Kong auction

Hong Kong - Chinese works of art fetched millions of US dollars as collectors from around the world took part in fierce bidding in Hong Kong, auctioneers Christie's announced Monday. A 1959 painting by Zao Wou-ki fetched 3.8 million US dollars while Yue Minjun's first self-portrait fetched more than 2.5 million US dollars and a sculpture by Ju Ming 1.9 million US dollars. The success of Sunday's auction demonstrates how the market for Chinese art is continuing to boom despite predictions that the bubble on the rapidly-growing market was about to burst. The price paid for Zao's work was five times the pre-sale estimate and overshadowed the 3.18 million US dollars paid for a painting by Xu Beihong, whose 1939 work Put Down Your Whip sold for an Asian record 9.2 million US dollars at a Sotheby's sale last year. Some 350 bidders took part in Sunday's auction, the first of five days of auctions featuring Chinese and south-east Asian works of art as well as ceramics, gems and watches. © 2007 dpa - Deutsche Presse-Agentur

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Chinese art masterpieces fetch millions at Hong Kong auction

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