Zhang Daqian landscape up 119.1% on estimate

A landscape by Chinese artist Zhang Daqian (1899-1983) has trounced its estimate at a June 16-18 art auction in Beijing.

The work sold for $415,980, 119.1% above the $189,900 high valuation.

Zhang Daqian landscape
Wealthy Chinese are flocking to Daqian

 

The post-1949 work is quintessential Daqian, depicting two figures striking up a mountain - archetypal pieces from an artist's oeuvre tend to perform best at auction, as opposed to more atypical works.

It is further good news for Daqian collectors, with the world's best-selling artist in 2011 continuing in similar vein in 2012.

His Lotus and Mandarin Ducks sold for $24.6m at Sotheby's in 2011, setting a new record for the artist, helping him to $506.7m in sales last year.

Compatriot Qi Baishi was second in last year's list, achieving $445.1m. His Camellia also performed superbly at the three-day auction, beating the $102,870 high estimate by 304.3% with a $415,980 performance.

A recent report by the European Fine Art Foundation revealed that China's share of global art sales rose to 30% in 2011, up from 23% in 2010, overtaking the US as the world's largest art market in the process.

The Chinese art and antiques sector grew by 64% last year, the report states, with the country's expanding number of wealthy inhabitants, keen to repatriate their country's rich heritage, thought to be behind the figures.

A June 2012 investigation into global trends by Barclays found that 17% of high-net worth individuals in China own collectibles, significantly above the 10% global average, with art, jewellery and precious metals the three most popular commodities in the country.

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