$65.5m Qi Baishi sets new contemporary Chinese painting record

The popularity of Chinese art continues to rise following this week's China Guardian sale

A Qi Baishi artwork set a new record for a contemporary Chinese painting in Beijing on Monday.

The 1940's depiction of an eagle on a pine tree achieved $65.5m at China Guardian's spring sale and is further evidence of the soaring popularity for art among Chinese investors.

Qi Baishi produced the piece for the then-leader of China, Chiang Kai-shek.

Qi Baishi’s artwork made $65.5m

"His paintings have not only affected numerous people inside China, but have won global respect," Guo Tong of China Guardian told the BBC.

An 11^th century scroll produced by calligrapher Huang Tingjian remains the most expensive piece of art ever auctioned in China. It achieved $67m in 2009.

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Image: China Guardian