Auction results - Zhang Xiaogang's painting sets new record at Sotheby's

Sotheby’s Hong Kong contemporary Asian Art autumn sales raised a combined $32.8 million, with $6.4 million raised for the single owner sale (76.3% of lot sold) and $26.4 million from the various owner sale (76.3% of lot sold). Zhang Xiaogang, whose work had not performed as well others in recent year, broke a world record with Chapter of a New Century - Birth of the People’s Republic of China II, and important painting in his career as it inspired his bloodline series, which sold for $6.69 million after heated bidding. The painting went to a museum in Shanghai, more than doubling its high estimate. Impressive prices achieved for other blue-chip contemporary like Zeng Fanzhi, Cai Guo-qiang and Liu Ye. In the single owner sale, Ding Yi’s Appearances of Crosses – 6 sold for $1.08 million (well above its estimate of $194,000-322,000). Yu Youhan’s The Waving Mao sold for $850,000, also well above the $90,500-116,000 estimate.