The evening sale netted a total of Yn248m. Sixty-five contemporary works were offered for sale and, of these, 48 matched or exceeded their high estimate.
Though some at the auction dismissed the prices as “crazy”, the results were in line with the recent trajectory of the Chinese contemporary art market with prices having risen as much as tenfold over the past year. This jump, however, has led some to speculate that there is a bubble market. [Full text]