Old Chinese masters have outperformed contemporary artists. Sotheby’s Hong Kong sale of Fine Chinese Paintings achieved amazing results today, with 98.9 percent of lots sold! The sale raised $52.2 million (well about the $15.4-22 million, setting a highest ever total for a various owners sales of these paintings. The top lot of the sale was Fu Baoshi’s Court Ladies which sold for $4.2million, multiplying its pre-sale estimate ($640,000-890,000). Works by other Chinese masters such as Zhang Daqian and Qi Baishi also achieved strong prices. Twenty-two Paintings and Calligraphy from the Collection of Chai Sian Kwan (Lots 1128-1149) performed exceptionally well as Chinese buyers throughout Asia sought works with the renowned provenance of a collector who was known not only for his discerning eye but also the special relationships he enjoyed with many of the artists whose works he collected. Overall the sale results clearly show that Chinese collectors still favors classical paintings over contemporary ones..
