Zao Wou Ki's 16.03.88 made $1m at the 20th Century Chinese Art auction at Sotheby's in Hong Kong on April 6.
The work was initially valued at $644,900 but achieved an increase of 55%.
Wou Ki was a Chinese born painter who lived much of his life in Paris and was heavily influenced by abstraction.
This particular work dates to his "Boundless" period, when Wou Ki's traditional Chinese ink painting techniques merged with Western oil painting.
His auction record was set for a painting titled Abstraction, which made $14.6m last year.
Two Beauties, a painting by Chen Yifei, also hammered for $1m.
The work was painted in 1988 after the artists return to China from the US and is one of a series titled The Old Dream on the Sea, which seeks to capture the essence of Shanghai in the early 20th century.
Yifei was one of China's most celebrated painters. His "Romantic Realist" work has also proven popular abroad.
In 2011, a piece titled Wind of Mountain Village set a new auction record for a Chinese oil painting - selling for $13.1m in Hong Kong.
A self portrait by Chinese-American artist Yun Gee made $964,322, up 49.6% on a $644,600 estimate.
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