Again, in the midst of what is supposed to be a severe pullback in the Chinese art market, Poly Auction set a record of $30m for a oil painting by a Chinese artist. Wu Guanzhong is among the Chinese painters who drive the most consistent sales. According to Artprice, last year Wu had sales of $103m with $11m as the top price paid for his work.
Poly Auction had $160m in sales this week, according to Bloomberg’s Frederick Balfour:
Mainland China-backed Poly Culture Group Corp. exceeded its pre-sale estimate of HK$700 million by earning HK$1.27 billion, boosted by the sale of a HK$236 million painting by Wu Guanzhong, an auction record for the artist. Bonhams and Seoul Auction also reported strong sales.