"Gourd and Insect," a mounted hanging scroll, by Qi Baishi (1864-1957)

Nearly 1,300 artworks will go under the hammer at the 2008 Council Autumn Auction at Beijing International Hotel Conference Center on December 7-8.

The works range from traditional ink-wash paintings, calligraphy, antique porcelain and Buddha sculptures to Chinese contemporary oil paintings and sculptures.

"Many are questioning whether it is the right time to have a big autumn auction due to the current financial crisis sweeping the world," says Dong Guoqiang, director at Beijing Council International Auction Co Ltd.

"Based on my experience and understanding of the market, the sluggish economy surely will affect the trading of some artworks with astronomic price tags. But it might mobilize the selling of other not-so-highlighted pieces at the auction," Dong says.

But there is always a "highlight" with a daunting asking price at any big auction and at the Council Autumn Auction it's Zhu Da's "Cypress and Deer."

Zhu (1626-1705), also named Badashanren, was a descendant of the imperial Zhu family from the Ming Dynasty (1368-1644) and the leading artist of the early Qing Dynasty (1644-1911).

He lived a legendary life from a royal member to an itinerant monk artist due to the political vicissitudes of his era.

Zhu developed a school of freehand brushwork in traditional Chinese painting and became an history-making artist. Skilled in poetry, calligraphy and ink-wash painting, Zhu scaled new heights in flower and bird painting.

His paintings are coveted by collectors both at home and abroad.

According to Dong, the 2.09-meter-long "Cypress and Deer" resided in the Yantai Antique Store for several decades. But the store sold the hanging scroll to a collector in the hope of using the money to build a new store in the early 1990s.

"Certainly the antique store could build several new buildings if they sold the piece now. It is one the biggest works created by Zhu Da that can still be found on the market. Similar pieces with such size are all kept in museums," Dong says.

The piece is estimated to fetch up to 15 million yuan (US$2.2 million).

"As far as I am concerned, now is the right time to buy art because there are not so many people competing with you at an auction," says Dong. "Subsequently the price won't be as high, so it is easier to purchase some good quality work at a reasonable price."

Known for its clear provenance and serious academic guarantee, Council auction house is one of the few domestic auction houses optimistic about the art market.

"This situation needs a smart strategy," says Dong. "For example, we have some Chinese contemporary oil paintings and sculptures this time. Many of them are estimated to fetch ten thousand yuan, which is almost incredible compared to half a year ago."

Dong says the recent price of Chinese contemporary artworks is back to the "right track."

"The price of some average-quality paintings is even higher than some Chinese paintings from the Ming and Qing dynasties. It is time to cool down the market a bit," Dong says.