Portrait of Prince Charles tops Sotheby's auction at $486,500

Yan Pei-Ming's Portrait of Prince Charles has topped the first day of Sotheby's Mimi Foundation: The Power of Love auction in London.

Prince Charles Portrait Pei-Ming
Pei-Ming's work is characterised by bold and expressive brushwork

The sale, taking place from October 16-17, is benefiting the Mimi Foundation, a charity organisation established in 2004 by influential collector Myriam Ullens, which operates wellness centres for cancer patients across Switzerland, France and Belgium.

Yan Pei-Ming's work is the first portrait of Prince Charles ever painted by a Chinese artist. It sold for an impressive £302,500 ($486,329), rising just past its £300,000 high estimate. A portion of the proceeds from this sale will benefit The Prince's Drawing School.

Yan Pei-Ming (b.1960) is one of China's most renowned contemporary artists, gaining international recognition for his striking monochrome portraits, which are often painted on a large scale.

Sterling Ruby Collage BC (4442)
Ruby is renowned for working with a variety of media, including ceramics, collage and bronzes

The second highest bids of the auction were seen by US artist Sterling Ruby's collage BC (4442), which excelled with a 50.2% increase on its £150,000 high estimate to sell for £225,400 ($360,500).

The sale also offered one of Tracey Emin's trademark neon signs, entitled The Kiss Was Beautiful. Numbered two from an edition of three, the piece proved popular, selling for £122,500 ($195,927) and making a 206.2% increase on its £40,000 high estimate.

Each of the works was donated to the sale by the artists themselves, with 40 of the world's leading contemporary names contributing.

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