Jiayang Fan has a profile of Liu Yiqian in the New Yorker. The story has some bonus observations, including a trip to a K11 art mall. There’s also this background on what Chinese collectors want:
Early in my visit to Shanghai, I met Leo Xu, a young gallerist, who took me to the Jin Jiang Hotel, in the heart of the old French Concession. […] As we ate, Xu told me about Shanghai’s gallery scene and its collectors. Francis Bacon, for instance, doesn’t sell. “The Chinese don’t see themselves in the work,” he said. “Chinese collectors need to be able to relate to it and to feel that it has at least a little relevance to how they live or what they know.” They prefer either traditional Chinese ink paintings or works by current art-world stars such as Antony Gormley, Damien Hirst, and Olafur Eliasson. Name recognition is paramount. “If buyers are putting down such a large sum, they want blue-chip artists, someone everyone knows,” Xu said
The Emperor’s New Museum (The New Yorker)