Pursuits
Sotheby’s First China Sale Earns $37 Million on Zao Record
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Sotheby’s first commercial auction in mainland China raised $37 million and set a record for Chinese-French artist Zao Wou-Ki in Beijing yesterday.
The 1958 oil-on-canvas painting titled “Abstraction” by Zao sold to Zhang Xiaojun, a collector from Shanxi province in the room, for 89.68 million yuan ($14.7 million), smashing the previous auction record of $11 million set on Oct. 5 at Sotheby’s Hong Kong, according to the auction house.