China: Cultural Evolution

Contemporary Chinese works adorn the walls of savvy collectors from Manhattan to the mainland

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When the auctioneer's gavel went down at a Sotheby's sale in Hong Kong in April, an anonymous Asian collector had bid more than $3.6 million for an oil painting entitled Pink Lotus by Chinese artist Chang Yu, a record for modern Chinese art. That sale -- at more than four times the expected price -- was no freak occurrence. Prices for contemporary works by Chinese artists have been skyrocketing as connoisseurs both domestically and abroad have been snapping them up.

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