First Beijing Art Auction of 2008
Yesterday, Rongbao Auction Co. sold 83 percent of the 357 ink and calligraphy works for 28.7 million yuan ($4 million), with more than half the sales at or above the top estimate.
Bidders and buyers, many from Japan, passed up contemporary oil paintings and flocked toward the traditional ink paintings.
“Ink paintings and calligraphy are making a comeback after bottoming out for the last few years,” said Lu Hongmei, deputy publicity manager of the Beijing-based auctioneer. “In oil paintings, the challenge is to bring quality selections and make creative choices for the collectors.”