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.
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.
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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