A 1939 painting by sought-after artist Xu Beihong could fetch more than US$7.6 million (HK$60 million) when it goes up for auction at Sotheby's this week. The price would beat the Chinese artist's own record of US$6.2 million (HK$54 million), earned by his work "Slave and Lion". The oil painting is part of Sotheby's sale beginning Saturday in Hong Kong, the Standard reported. The auction will test Asian buyers' feelings in the wake of a stock market downturn that wiped US$400 billion off the region's share values in late February and early March. Although Sotheby's does not anticipate the feverish bidding of past auctions, Beijing-based art dealer Tian Kai told the newspaper that "this painting is generating quite some interest among buyers." Chinese art has jumped in value in recent years, said Hong Kong-based art consultant Sandra Walters. "Prices of Chinese contemporary art have gone up too much and look a little too high."
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