A work by modern painter Zao Wou-ki sold for 76 million yuan ($12.47 million) on Sunday at Sotheby's first major auction in China, breaking the record for the artist's work set earlier this year in Hong Kong. "I'm very, very thrilled," Sotheby's Asia CEO Kevin Ching told Reuters after the event. Zao, who's known for his abstract style, "will become, or may already be, the Picasso of China," he said.Sotheby's held the auction as competition between the New York-based auction house and its long-time rival Christie's moves into one of the world's hottest art markets amid a government crackdown on corruption and luxury spending.Sotheby's and its local joint venture partner, Beijing Gehua Art Company, offered a slate of modern and contemporary Chinese works with a total estimated value of more than 123 million yuan ($20.19 million) as part of "Beijing Art Week".The record-breaking cover lot, Zao Wou-Ki's "Abstraction" was estimated to be worth 35 to 45 million yuan ($5.74-$7.39 million). The final price of sale reported by Sotheby's was 89.68 million yuan ($14.72 million), which includes an 18.5 percent fee paid to Sotheby's by the buyer.
Sotheby?s is a global auctioneer of authenticated fine art, decorative art, and jewelry. Shares of BID fell by 0.83% or $-0.43/share to $51.26. In the past year, the shares have traded as low as $28.89 and as high as $54.00. On average, 1206140 shares of BID exchange hands on a given day and today's volume is recorded at 733391.
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