A record sale of modern art

Asia's biggest auction of contemporary Chinese oil paintings, and probably the largest of its kind in the world - featuring more than 60 works - will be held today at the J.W. Marriott hotel in Admiralty.

The highlight of the auction, Sanyu's Reclining Nude, is expected to fetch between $4 million and $5 million. Sanyu, or Chang Yu, who specialised in painting nudes, died in 1966.

Sixty-two 20th century Chinese paintings from the Taiwanese Yageo Foundation, estimated to be worth more than $35 million, will be on the block at the Christie's auction.

Anthony Lin Hua-tien, chairman of Christie's Asia, said: 'With its breadth and depth, quantity and quality of works, the Yageo collection is the most significant collection of modern and contemporary Chinese art offered at auction.'