In a packed Sotheby's auction room in Hong Kong on Monday night, Zhang Xiaogang was once again proven to be the ultimate blue-chip name in Chinese contemporary art when his brooding 1992 masterpiece "Chapter of a New Century — Birth of the People’s Republic of China II" was hammered down for HK$46 million ($5.9 million), bringing in twice the painting's high estimate in a buzzing sale that moved a total of HK$205 million ($26.4 million) in art.

The room was hushed as the price for Zhang's work climbed slowly, by million-dollar increments, in a battle between a telephone bidder and two paddles in the room. When the gavel finally fell, boisterous applause broke out. Buyer’s premium brought the price up to HK$52.2 million ($6.7 million) which set a new record for Zhang Xiaogang at auction, cruising past the HK$47.4 million ($6.1 million) paid in April 2008 for Zhang’s "Bloodline: The Big Family No. 3," which at the time set a record for a painting by a living Asian artist.

Zhang’s work was the headlining lot of Sotheby’s fall contemporary Asian art sale, but it was not the only one to generate excitement when changing hands. Immediately after Zhang’s piece was carried from the hall, a key work from early in Fang Lijun's career came to the block: an untitled 1989 painting featuring a group of bald-headed youths whose averted gaze and alienated appearance, typical of Fang's early imagery, led him to become the leading exponent of what critics dubbed Cynical Realism. The piece went for HK$9.5 million ($1.2 million), more than three times its high estimate of HK$3 million ($390,000).

The other big winner of the night was a work by Zeng Fanzhi, who maintained his reputation as one of the most consistently impressive Chinese contemporary artists at auction when a work from his iconic "Mask" series, the 1994 painting "Mask Series No. 5," sold for HK$14.5 million ($1.86 million), not much shy of its HK$15 million ($1.93 million) high estimate. It was followed by another more modest representative of the series, this one dated 1999, which soared past its high estimate of HK$8 million to sell for a hammer price of HK$10.5 million ($1.35 million).

The sale was not all roses though: some major lots failed to move, most notably a 2006 work from Feng Zhengjies "Chinese Portrait" series that had carried an estimate of HK$1–1.5 million ($129–193,000). And a section of the auction dedicated to erotica proved that sex does not always sell.

The auction was led off by lots from a major anonymous European collection, which sold well, as might have been expected given the high level of taste that had clearly guided its creation. Particularly impressive was Ding Yis 2005 "Appearance of Crosses — 6," which almost tripled its high estimate of HK$2.5 million ($322,000) when it sold for HK$7 million ($902,000). Also notable was the high price paid for Yu Youhans 1995 "Waving Mao." Yu was a pioneer of Political Pop, but in recent years he has seemingly been eclipsed by others in that movement, most particularly Wang Guangyi. The sale of this key work by Yu for HK$5.5 million ($509,000), six times its HK$900,000 ($116,000) estimate, seemed to confirm the message sent by the Zhang Xiaogang and Fang Lijun sales: collectors are willing to pay statement-making sums for works considered to be of key importance in the history of Chinese contemporary art.

As ARTINFO China reported last week, there had been some whispers from market watchers and academic that Zhang's "Chapter of a New Century" belonged in a museum. A post-auction investigation suggest that those wishes may come true. The winning buyer turned out to be bidding on behalf of a private museum that is under development in Shanghai, meaning that it may not be long before "Chapter of a New Century" is seen in public again.