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Recent Asian Art Sales


by Robert A. Hefner, July 16, 2007
As we all know, Asian art sales are booming and prices have skyrocketed. At Christie’s May 27, 2007, Hong Kong sale Wu Guanzhong set a new record for his 1973 oil painting Scenery of Northern China, selling for $4.1 million USD. Although Wu Guanzhong’s works have skyrocketed from a few hundred thousand into the millions, it is my thought that prices for his art have a long way to go. 2007 has set new records in the world of oil painting and the market is only recently becoming a global market. I personally rank Wu Guanzhong with such outstanding artists of the 20th Century as Van Gogh, Picasso, Matisse, Rothko and Warhol. As matter of fact, I would put him toward the top of that list. So, with these artists selling anywhere from $25 million to the potential of $100 million for a painting, it seems likely that Wu Guanzhong will continue to have market appreciation.



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