One of China' largest auctioneers, Guardian, closed its autumn auction of Chinese oil paintings with 37.46 million yuan (US$4.51 million) in bids Sunday, the most ever in a single auction of Chinese oil paintings in China's mainland.

Famous artist Wu Guanzhong's 1994 "Snow in Beijing" sold for 3.63 million yuan (US$442,700), the highest price of his works in the Chinese mainland and also the highest price at this auction.

Six other works on canvas were also sold for more than one million yuan. "Prices beyond imagination several years ago," said Gao Yuan, manager of oil painting auctions with China Guardian Auctions Co., Ltd.

Since 2002, each Guardian auction of oil paintings has included about 110 works, and the trading has climbed 80 percent each time, an indication of the appreciation of Chinese oil paintings, Gao said.

Chinese mainland collectors have revealed their purchasing potential. Two years ago, overseas collectors were the major buyers of Chinese oil paintings. Nowadays, however, Chinese mainland collectors have taken their places and become the major buyers in recent two years.

Five of the seven paintings that sold for more than one million Yuan were bought by local collectors, including the highest-priced "Snow in Beijing," according to Gao.
 
(Xinhua News Agency November 8, 2004)