A rare work by late Chinese artist Xu Beihong yesterday smashed the record price for a Chinese oil painting, fetching HK$53.9 million at a Christie's auction in Hong Kong.
The 1924 painting, Slave and Lion, was the top lot on the first day of the auction house's four-day autumn sale of Asian art, ceramics and jewellery.
Tension in the venue was palpable as the price - which opened at HK$20 million - was quickly pushed up to reach HK$40 million within the first 30 seconds. The bidding battle ended in about 90 seconds, with more than 10 bids placed.
The price broke the record set by Danshui, by late Taiwanese painter Chen Chengbo, which fetched HK$34.8 million at a Sotheby's sale last month in Hong Kong.
Experts say the outlook for the Asian art market remains rosy because collectors are only beginning to turn their eyes to it for new investment opportunities.
'For a long time, Chinese art has been undervalued compared to western art. Even with today's price, there is still a great gap between Chinese and western art if you compare it with Impressionist paintings, or post-war contemporary, or even Andy Warhol,' said Vinci Chang Chia-chen, an expert in Asian art at Christie's in Hong Kong.
This month, Hong Kong collector and real estate tycoon Joseph Lau Luen-hung paid a staggering US$17.4 million for pop artist Andy Warhol's iconic portrait of Mao Zedong .