A traditional Chinese ink-wash painting has been sold for a whopping 345 million yuan, or approximately US$50 million in the China Guardian auction on Monday.
The buyer was reported to be a new-energy car group in Shandong province, east of China.
Huang Binhong (1865-1955)
The painting "Huang Shan Tang kou", meaning the entrance to Huangshan Mountain, was painted by renowned Chinese artist Huang Binhong (1865-1955) at the advanced age of 92.
At 171-centimetre-long and 96-centimetre-width, the painting features the magnificient landscape of the Huang Shan Mountain complete with dense trees, lingering mist and a hidden house.
Dai Wei, general manager for the modern painting and calligraphy section of China Guardian Auction Company, said the unexpected high price of the artwork had demonstrated the growing value of traditional Chinese ink-wash paintings.
The price of the painting has soared more than seven times since the Hanhai spring auction six years ago where it sold for US$7 million.