Zao Wou-Ki painting leads Sotheby's 20th Century Chinese Art auction



2015-06-26 13:13:37

Zao Wou-Ki painting leads Sotheby's 20th Century Chinese Art auction

The 1983 Zao Wou-Ki painting sold for $4.8m in Hong Kong - setting a new record for the artist

An atmospheric oil on canvas by contemporary Chinese-French artist Zao Wou-Ki led Sotheby's April 6 auction of 20th century Chinese art.

The painting sold for $4.8m in Hong Kong - a 15.9% increase on the work's top estimate.

 Since its creation 35 years ago, the painting has been selected by international curators for 21 prominent exhibitions in Asia and Europe

The 1983 work is signed in both Pinyin and Chinese, and was originally acquired from the artist by a Swiss private collector.

The sale price represents a new auction record for the artist. Previously, the 1992 work May-September, which brought $1m to Sotheby's in October 2006, held the accolade.

2013's Knight Frank Wealth Report predicts that by 2022 there will be 483 billionaires living in China - a 241% increase from 2012. This is extremely good news for those invested in high end collectibles market, as increased demand coupled with limited supply guarantees price rises.

For more information on the investment potential of the sector, see our guide to investing in art and photography.

Browse our art and photography collectibles here.

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