A taste for the classics

Three blockbuster works of Chinese painting and calligraphy set new records at Beijing's two major autumn auctions, heralding the arrival of the 100-million-yuan ($15 million) era in the classical Chinese art market. This stands in sharp contrast to the domestic contemporary art scene, which is only now showing slow signs of recovery from the world financial crisis.

A rare hand scroll titled Eighteen Arhats by Ming Dynasty (1368-1644) painter Wu Bin attracted much attention at Poly International's auctions, fetching 169.1 million yuan ($24.8 million), reportedly the highest ever paid for a Chinese painting at auctions worldwide.

This meticulous depiction of Buddhist monks on a journey, set against the backdrop of a mountainous landscape, was once a treasure of Qing emperor Qianlong (1711-99), who adorned the piece with his own calligraphy that vividly describes each arhat.