3. Zhang Xiaogang's 1992 painting "Chapter of a New Century — Birth of the People's Republic of China II," which sold for $6.7 million at Sotheby's Hong Kong on October 4, a new record for work by the coveted and trendy contemporary artist

BACK STORY: Dating from the early 1990s, the painting was made during a pivotal moment in the development of Chinese contemporary art, when artists were struggling to come to terms with the rapid changes overtaking China after the opening of the country to the West and the tragedy of Tiananmen Square. "Chapter of a New Century" was originally shown at the seminal Guangzhou Biennale in 1992.

NEXT ACT: It's unclear at the moment how much heat there is in the Chinese contemporary art market, but works dating from the early-to-mid-90s will continue to attract a premium at auction for their historical significance. At Christie's Hong Kong in November, works by Mao Xuhui, Yu Youhan, and Liu Dahong all set new artist records — far in excess of their high estimates — for works dating from this period. Meanwhile, Zhang's position as one of the dominant forces in the Chinese contemporary art market is confirmed. Only Zeng Fangzhi, who still holds the record for the highest price ever achieved for a work of Chinese contemporary art at auction ($9.7 million, paid for his "Mask Series 1996, Number 6" at Christie's Hong Kong in 2008), can rival Zhang for proven market power.