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A painting by a renowned Chinese artist has set a new record auction price of $65 million. China is now one of the world's largest auction marketplaces for fine art.
An ink-wash work by Chinese artist Qi Baishi set a new record of $65.4 million for a contemporary Chinese painting in Beijing on Sunday.
The painting, measured 105 inches by 40 inches, depicts a falcon perched on the branch of a pine tree and is surrounded by two calligraphy scrolls titled "a long life, a peaceful world".
Chinese TV reports say that Qi created the masterpiece in 1946 as a gift to Chiang Kai-shek, late leader of the Kuomingtang, for his 60th birthday.
In the Guardian spring auction, the floor price was set at $13.54 million, and hit the final deal of $65.4 million U.S. Dollars including the brokerage fee after 50 rounds of bidding.
[Guardian Auctioneer]:
"370,000,000 yuan, the last time call. Okay, gone."
The CEO of Guardian Auction Company says Qi's work is worth the money.
[Wang Yannan, CEO, Guardian Auction Company]:
"Of course it's not easy to see such a wonderful work in an auction. It's very rare. This is indeed one of the best works of Qi Baishi."
Art market figures from Art Price show that Qi Baishi is the third best-selling artist at auction worldwide, following Pablo Picasso and Andy Warhol.
The Art Price figures also show that China has become the world's largest auction marketplace for fine art.