Value of Chinese artwork seems to be fuelling and all thanks to the China’s booming economy and its rich natives who wish to invest in their own heritage. Contemporary artist 20-meter-long gunpowder- on-paper artwork, Yue Minjun’s grinning caricatures and the white-jade seal emblazoned with the Chinese typescript are anticipated to generate HK$1 billion ($129 million) at Sotheby’s auction scheduled in Hong Kong from 6-9 October.
“Treasure of the Emperor Emeritus,” the white-jade seal is expected to generate HK$20 million, Artist’s Cai’s gunpowder opus may fetch HK$18 million while Yue’s “The Massacre at Chios” may generate a sale of HK$12 million. The very sale of “The Massacre at Chios” is expected to break the record of $4.3 million set by an oil canvas viz. “The Pope” in 1997.
The auction will also display the works by other artists’ viz. Zhang Xiaogang and Cai Guoqiang. The creation by both these artists’ would be displayed the opening ceremony for Beijing Olympics 2008.
