BRINGS A COMBINED TOTAL OF HK$256MILLION / US$32.8 MILLION
SURPASSING HIGH ESTIMATE (HK$199 MILLION / US$25.6 MILLION)

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Contemporary Asian Art Various-Owner Sale
Zhang Xiaogang’s early work
Chapter of a New Century – Birth of the People’s Republic of China II
sells for HK$52.18 million/ US$6.69 million to a museum in Shanghai,
more than doubling its high estimate (HK$23 million / US$2.94 million)

**A World Record for the Artist at Auction**
Impressive prices achieved for other blue-chip contemporary
Chinese artists, including Zeng Fanzhi, Cai Guo-qiang and Liu Ye

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Property of an Important European Collection
achieves HK$49.9 million / US$6.4 million, exceeding high estimate
(Est. HK$42.42 million / US$5.44 million)

**SETTING MULTIPLE WORLD RECORDS FOR ARTISTS AT AUCTION**

Ding Yi’s Appearances of Crosses – 6 sells for HK$8.42 million /US$1.08 million
(Est. 1.5-2.5 million / US$194,000-322,000)

Yu Youhan’s The Waving Mao sells for HK$6.62 million / US$850,000
(Est. HK$700,000-900,000 / US$90,500-116,000)

Li Songsong’s Put Down Your Whip sells for HK$3.14 million / US$400,000
(Est. HK$2-3 million / US$640,000-900,000)

Evelyn Lin, Head of Sotheby's Contemporary Asian Art department,discussing the sale, said: : “We are very pleased with today’s sale in which we established a world record for the artistZhang Xiaogang whose Chapter of a New Century - Birth of the People’s Republic of China II sold for HK$52.18 million / US$6.69 million. These results indicate the steadily improving condition of the market; since 2004 buyers have continued to grow in both the sophistication of their tastes and the selectivity of their purchases. Important early contemporary Chinese art in today’s sales fetched very strong and solid prices, which is beneficial and positive for the long-term health of the market.”

Top Ten List-Sotheby's 20th Century Chinese Arts