The top lot at Christie's Asian art auctions brought in a record $5.9 million in Hong Kong. A large abstract painting by Chu Teh-Chun, "Vertige Neigeux," surprised bidders and spectators alike, with an unidentified Asian private buyer ultimately winning in front of an audience of 400 people. Overall, the auction brought in $79 million.
Buyers from mainland China pushed prices higher at the Christie's sale, especially with local art collectors picking up artwork as a way to protect their wealth from inflation and a struggling U.S. dollar. Chu, Zao Wou-ki and Fu Baoshi are among the hottest artists on the market right now in Asia. A piece by Baoshi set a record during the day sale, moving for $7.8 million. One by Sanyu nearly tripled its presale estimate. According to Anthony Lin, an art consultant in Hong Kong, contemporary Chinese art is starting to recover.