Signposts—Art: "Records Fall As Christie's, Zao Wou-Ki, Salvador Dali Have A Big Night In Shanghai"

From Forbes:

Christie’s, the only major international auction business that stages sales in mainland China, enjoyed a 35% increase in transactions, to 95.6 million yuan, or $14 million, at its autumn Shanghai event last night compared with a year earlier.

Active bidding led Christie’s records in Shanghai to fall. “Diptyque” by Chinese-French painter Zao Wou-Ki became the most expensive work of art to be sold by Christie’s in Shanghai when it was bid up to 33.6 million yuan, or $5 million.  The highest price for a Western art sold in Christie’s Shanghai was set when “Eléphant du triomphe” by Spanish artist Salvador Dalí sold for 13.3 yuan, or $2 million.

Photography has attracted growing interest in the mainland, and “International Hotel No. 8” by China’s Yang Fudong sold for 420,000 yuan, or approximately $63,000.

The healthy bidding at the event held at the Peninsula Hotel near the Bund underscored China’s and Shanghai’s rising importance in the art business....MORE