Marathon Art Sale Raises Record $94.8 Million, Triple Estimate

"Sotheby’s biggest Chinese fine-painting sale ended last night after almost 12 hours and 364 lots. Its total of HK$738.3 million ($94.8 million) including fees was the highest for the New York-based auction house in that art category. The presale estimate was HK$200 million at hammer prices.

Wealthy Chinese are keen to buy works by the nation’s top artists. Bidding was brisk for 36 pieces by 20th-century master Zhang Daqian. Other highly sought lots by Lin Fengmian and Qi Baishi sold at several times estimates. A second sale raised $HK2.1 million for the University of Oxford’s China Center."  [Read Full Article]

Published by:  Businessweek
On:  10/04/11
Website:  http://www.businessweek.com

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