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Hong Kong Sales Prove Chinese Contemporary’s Potency

By Alexandra A. Seno

Published: April 11, 2008
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Courtesy Sotheby's
Zhang Xiaogang’s 1995 painting "Bloodline: The Big Family No. 3" set a new record for the artist at HK$47,367,500 (US$6,061,619).

Though Sotheby’s reported that the top lots of the April 9 sales went to private Asian bidders, the dominance of European and American buyers in the contemporary Chinese art market remains a quirk that most stakeholders in Chinese art acknowledge privately. If many of the day’s most prominent buyers represent galleries in Beijing and Shanghai, their largest group of customers remains buyers from the West.
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