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A First for Sotheby’s: An Auction in Beijing A First for Sotheby’s: An Auction in Beijing
(about 17 hours later)
Sotheby’s held its first commercial auction in mainland China on Sunday, when an oil painting by Zao Wou-ki, “Abstraction,” sold for $14.7 million, the highest price ever paid at auction for one of his works, according to Bloomberg News.Sotheby’s held its first commercial auction in mainland China on Sunday, when an oil painting by Zao Wou-ki, “Abstraction,” sold for $14.7 million, the highest price ever paid at auction for one of his works, according to Bloomberg News.
Presale estimates for the piece, which was painted in 1958 and sold by the Art Institute of Chicago, ranged from $5.7 million to $7.4 million.Presale estimates for the piece, which was painted in 1958 and sold by the Art Institute of Chicago, ranged from $5.7 million to $7.4 million.
It was the top price of the more than 100 lots offered on Sunday in Beijing, including some oil and ink canvases by modern and contemporary Chinese artists. The previous record for a work by Mr. Zao, the Chinese artist who died in April at 92, was $11 million.It was the top price of the more than 100 lots offered on Sunday in Beijing, including some oil and ink canvases by modern and contemporary Chinese artists. The previous record for a work by Mr. Zao, the Chinese artist who died in April at 92, was $11 million.

This article has been revised to reflect the following correction:

This article has been revised to reflect the following correction:

Correction: December 1, 2013Correction: December 1, 2013

An earlier version of this article included an incorrect image. It showed another painting by the Chinese artist Zao Wou-ki, not the “Abstraction” painting that sold for $14.7 million at Sotheby’s in Beijing on Sunday.

An earlier version of the picture of an artwork with this article was published in error. It showed another painting by the Chinese artist Zao Wou-ki, not the “Abstraction” painting that sold for $14.7 million at Sotheby’s in Beijing on Sunday.