Sotheby's first China auction exceeds pre-sale estimates

Dec 02, 2013, 10:46 AM EST
Bidding continues on Zao Wou-Ki's "Abstraction" at Sotheby's "Beijing Art Week".
Courtesy: Sotheby's

Sotheby’s first major auction in China realized 227 million yuan ($37.2 million) from sales of modern and contemporary Chinese art in Beijing, compared with a pre-sale estimate of 123 million yuan. Chinese-French artist Zao Wou-ki’s oil painting titled “Abstraction” sold for $14.7 million, including fees, setting an auction record for the artist. 

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