Chinese painting nets $5.9m in Hong Kong auction

An oil painting by a Chinese artist sold for a record US$5.9 million at an auction in Hong Kong, Bloomberg reported. The four-meter abstract painting by Chinese artist Chu Teh Chun attracted 400 people to an auction of contemporary Chinese art, with auction house Christie’s International netting a total of US$78 million. Anthony Lin, a Hong Kong-based art consultant, said that works by mainland Chinese artists are driving prices in Hong Kong. Among the bidders was Shanghai-based Wang Wei, the wife of millionaire stock investor Liu Yiqian, who has spent more than US$146 million on Asian paintings this year. The couple plan to open a private museum in Shanghai next year.