Shanghai billionaire Liu Yiqian's decision to begin collecting art 18 years ago paid off in a big way last weekend when the sale at auction of one of the best items in his collection netted a profit of more than 300 million yuan (HK$359 million).
A painting with a couplet by Chinese artist Qi Baishi, which Liu bought separately in 2005 and last year, set a record for modern art and calligraphy on the mainland when it sold for 425.5 million yuan (HK$508.5 million), including commission.
It was the second-highest price fetched by an artwork on the mainland. But Liu said his first success in an art auction was simply by chance. He only decided to put the painting and couplet up for auction after being persuaded by China Guardian auction house general manager Dong Guoqiang.
'I simply tried at random,' he said after the record sale. 'I just wanted to test my taste for collecting by putting them up for sale, and the result again confirmed my decision to be involved in collecting.'
He bought the painting at auction for less than six million yuan in 2005 when the art market was in the doldrums. Five years later, he bought the couplet, originally part of the same work, at another auction for more than 10 million yuan. The price the combined work fetched last Sunday means its value rose nearly 2,000 per cent in six years.
Liu, 48, had already built a reputation as a successful businessman before last weekend's massive windfall. Dubbed the 'king of corporation shares', he set up his own investment company, Xin Liyi, in 2000. In 2009, he was No196 on the Forbes list of China's 400 richest people. This year's Hurun Shanghai Wealth Report ranked him No11, with assets of about 10 billion yuan.