Chen Yifei's Two Reclining Beauties is the star of a single lot sale at Bonhams Hong Kong on November 23 with a valuation of $1.8m-2m.
Yifei (1946-2005) had studied art abroad in the US in the 1980s and returned to China in the early 1990s.
He found himself growing fascinated with the past and began to produce the work that would make up his celebrated Old Dreams of Shanghai series.
In addition to the paintings, he produced a trilogy of films set in the city.
In an interview with Time Magazine he explained: "there were one billion people living without any real sense of lifestyle. My dream was to bring aesthetics to Chinese society."
His Wind of Mountain Village set a new world record for a Chinese oil painting at auction when it sold for $13.1m in Hong Kong in 2011.
Colin Sheaf, Bonhams Asia chairman, commented: "Since 2007 we have dramatically increased range and quality of the finest Chinese art we offer in Hong Kong.
"By securing for sale this exceptional oil painting, a masterpiece by one of China's most innovative and successful painters of the last fifty years, we demonstrate once again that Bonhams' scholarship, marketing, sale presentation, and record prices are all very reassuring to top consignors around the world."
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