Christie's auction house in Hong Kong is selling more than 700 Chinese works from 60 different private collections in its 2012 Fall auction this week. And so far, it's already pulled in more than $37 million.
The collection features artists from the Ming and Qing dynasties all the way to contemporary artists.
Ni Yuanlu was a writer and politician from the end of the Ming Dynasty. His adherence to Confucian principals makes his scrolls a symbol of traditional Chinese culture. This calligraphy piece with cursive script of a five-character poem sold for more than 1 million U.S. dollars.
Contemporary artist, Qi Baishi, was known for his use of traditional Chinese form coupled with western techniques of perspective and naturalism. This piece called "Rustic Charm" sold for 2.81 million U.S. dollars.
Art Critic, William Chiu, says he thinks the auction will go well after art import duties were slashed from 12% to 6% this year.
[William Chiu, Art Critic]:
"I think the auction prices are reasonable, and many collectors from the Chinese mainland have regained their confidence in the auction market since the adjustment of tax policies by the Chinese government."
The Christie's 2012 Fall auction will also feature modern works by Chinese artists. It's scheduled to finish this Wednesday (November 28).
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