It is a testimony to how far the market for Zao Wou-ki has come that this very small watercolor sold for nearly twice its estimate in Hong Kong yesterday. The overall success of the $65m sale—which as nearly 20% above the presale low estimate on a hammer price basis—was built on stalwart names like Zao, Wu Guanzhong, a tiny Sanyu that made up for its tiny size with a big price, Yayoi Kusama, Yoshitomo Nara, Zeng Fanzhi and, even, the historically important Liu Xiaodong work once owned by the Ullens.
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