A 1958 abstract painting by
20th-century Chinese-French artist Zao Wou Ki fetched a new record price of 89.7
million yuan inclusive of buyer's fees (14.7 million USD), at Sotheby's first major auction in Beijing
held on December 1st 2013
The auction totalled
227.1 million yuan with 112 (79%) of the lots sold. Offered for sale by the
Art Institute of Chicago, which
acquired it in 1961, the
Zao Wou Ki work was bought by Zhang Xiaojun, a collector from Shanxi province.
It exceeded its 45 million yuan pre-sale estimate while another work by the
artist, titled “Abstract Landscape 27.08.91,” sold for 44.8 million yuan, more than seven times
its pre-sale estimate.
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