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Chinese painting sets auction record

Wednesday, May 25, 2011 - 01:08

May 25 - Chinese artist Qi Baishi's ink-wash work is auctioned for 65.4 million U.S. Dollars (425 million yuan) in Beijing, setting a new record for contemporary Chinese painting. Tara Cleary reports.

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PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL. Sold, for 425 million yuan or $65.4 million U.S. dollars, an ink-wash painting by Chinese artist Qi Baishi. It is the most money paid at auction for a contemporary Chinese painting, in a country which according to the art business site, Art Price, is the world's largest auction marketplace for fine art. At the Guardian's spring auction, the painting's floor price was set at just over 13 million U.S. dollars but eventually surpassed that more than fourfold, says Guardian Auction's CEO Wang Yannan. SOUNDBITE: Wang Yannan, CEO Guardian Auction house, saying (Mandarin): "It's rare to see such a wonderful work at auction. This is indeed one of Qi Baishi's best works." Qi created the masterpiece in 1946 while in his 80s, as a gift for then-leader of the Chinese Nationalist Party, Chiang Kai-shek. Tara Cleary, Reuters.

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Chinese painting sets auction record

Wednesday, May 25, 2011 - 01:08