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China Guardian today marked a new record in the company’s history of oil paintings auction with a total sale of nearly RMB77 million yuan. Bidding was fierce for a painting by the late Chen Yifei, entitled “One Sunny Day” (Lot 120), which sold for RMB4.4 million yuan, the highest price for the session. Chen’s other work, “Zhouzhuang” (Lot 139), sold for RMB1.98 million yuan, the ninth highest price for the session. These two paintings were the first ones to be auctioned since the passing away of Mr Chen in April. Ms Gao Yuan, manager of China Guardian’s oil paintings department, remarked that the high prices for the two paintings underlined the recognition of the artistic achievement of Mr Chen by the market, and people’s sentiments towards his untimely death.

At this morning’s auction, 93% of the 175 lots were sold at a total sale figure of RMB77 million yuan. This represents over 100% increase from China Guardian’s 2004 Autumn Auctions of oil paintings, which achieved a total sale of RMB37.5 million yuan.

There was an increasing number of new buyers from Europe, the US, Southeast Asia, Hong Kong, Macau, Beijing and Shanghai, an indication of the strong growth potential of Chinese oil paintings market.

Bidders responded with enthusiasm to works by old masters like Wu Zuoren (“Still Life”, Lot 13, sold for RMB1.32 million yuan), Zao Wu-ki (“No. 18-1-99”, Lot 25, sold for RMB1.32 million yuan) and Wu Guanzhong (“Suzhou Garden” Lot 26, sold for RMB1.59 million yuan). At the same time, attention was also paid to new areas like contemporary art, realism, academic and the new China period. Notable examples include: Wang Huaiqing’s “The Book Table” (Lot 53) that sold for RMB1.05 million yuan; Xin Dongwang’s “Breakfast” (Lot 99) that sold for RMB2.25 million yuan; Jing Shangyi’s “The Violin Player” (Lot 46) that sold for RMB3.63 million yuan, and Zhao Chitin and others’ “The Anabasis Towards Jing Gang Mountain” (Lot 39) that sold for RMB2.86 million yuan.