Gunpowder art sets new record
Published on: 27-Nov-2007
A set of unique paintings has been sold for a new record fee for a south-east Asian auction.The 14 works by artist Cai Guo-Qiang consist of a series of patterns made on canvass with gunpowder.
An unnamed bidder picked up the lot with a $9.5 million (£4.8 million) offer.
The sale price set a new record for the region, which was previously held by Put Down Your Whip by Xu Beihong, which went for $9.2 million.
Speaking to the Reuters news agency, Jonathan Stone, international business director for Asian art at the auction house, Christie's, said the market remained buoyant.
"Strong Asian demand for art, supported by global participation, is one of the key drivers for a strong performance in the art market," he said.
"We also see huge potential for future growth."
This is despite the recent credit squeeze, which some analysts feared could hamstring high-end investments such as art, fine wine and buy-to-let property.
Can't find art to match your decor? You can now...
