For collectors with deep pockets, China is fast becoming the place to buy new art – Olivia Wu

From San Francisco Chronicle:

When a painting by the early 20th century Chinese artist Xu Beihong(徐悲鸿) fetched 33 million yuan ($4.1 million) at an auction earlier this summer, the news made the front page of the China Daily. It was the highest amount ever paid for a Chinese oil painting. The buyer was an unnamed local private collector.

Sotheby Holding’s auction of contemporary Asian in New York in March took in $13 million, setting sales records for many of the artists. The local media avidly reported the gobbling up of Chinese by Westerners, all of a sudden smitten by from China. [Full Text]

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