Higher prices signal revival of art market

The Chinese art market in Hong Kong seems to be reviving after a long slump. There were several auction records generated there last week thanks to high prices.

The prices are a clear sign of encouragement to the market that has seen a cooling since 2012.

Peach Blossom Spring, an ink-and-color painting by Zhang Daqian (1899-1983) fetched HK$270 million ($34.7 million), an auction record for the artist, at international auctioneer Sotheby's major spring auction on Tuesday. The winner was Liu Yiqian, a billionaire collector from Shanghai, who bought the painting on behalf of Long Museum, which he founded with his wife Wang Wei.