Auction record for Chinese Artwork
A Chinese collector bought a Ming Dynasty Silk wall hanging for USD 45 million at Christies auction in HK last November, setting a record for a Chinese artwork sold at international auction. Mr. Liu Yiqian, a Shanghai-based billionaire financier agreed to pay for the intricately embroidered 600-year old hanging from Tibet, called thanka after a 22 minutes bidding competition.
Mr. Liu said that he was looking forward to bring the rare 15th century artwork back to China because before China was not very strong or prosperous, so many things were lost to overseas buyers.
Last time it was sold in 2002 for usd 4 million so that is a fantastic appreciation in 12 years. China is buying back their own culture, which is very interesting.