HONG KONG: An abstract oil painting by Chinese-French master Zao Wou-Ki changed hands for HK$510.4mil (US$65.2mil) at Sotheby’s on Sunday, more than 28 times its previous purchase price and setting a new record for an Asian oil painting sold at auction.
Taiwanese businessman Chang Qiu Dun, whose company P&F Brother Industrial Corp makes treadmills and power tools, paid US$2.3mil in May 2005 for “Juin-Octobre 1985,” a 10m triptych he had kept at a purpose-built space adjoining his factory in the industrial city of Taichung.
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