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High bids at Christie's Asian 20th Century and Contemporary Art sale showed the continued strength of Chinese contemporary art this season—but the big sales aren't over yet.
The upcoming public offering by China's top auction company is likely to have major implications for the international market.
The painting broke the price record for a contemporary Chinese piece sold at auction, demonstrating the continued rising value of Chinese art.
Christie's landmark September 26 Shanghai auction sold the vast majority of items at and above estimated prices, demonstrating mainland collectors' strong buying power.
This week, Christie's and the China Europe International Business School (CEIBS) announced a new partnership, which will bring the auction house's educational wing to mainland China for the first time.
The upcoming Christie's contemporary Asian art sales in Hong Kong should see strong bidding buoyed by a more optimistic buyer market, greater scarcity of top Chinese pieces, and the relatively lower prices for blue-chip Chinese and Asian art.
Currently exhibiting his first Hong Kong show of public sculpture at Harbour City, Beijing-based artist Yue Minjun's stature in the contemporary Chinese art world has yet to diminish after nearly 20 years in the game.
Amid a drop in property prices, lower economic growth rates and a crackdown on art importers in mainland China, the upcoming Sotheby's autumn auction series in Hong Kong will test the strength of Chinese demand for art, wine, watches and jewelry as both alternative investments and luxury goods in their own right.