With China’s economy booming, the art market is drawing increasing attention from the wealthy. They are becoming more aware of Chinese culture and are turning to buying artwork, such as Chinese paintings and calligraphic works, sculptures, ancient knives and swords, traditional jewels and furniture. Besides the classic paintings and calligraphic works which have been vigorously pursued in the past two years, contemporary pieces are also proving to be a hot commodity.

As the popularity of traditional Chinese cultural artwork soars, the art market is becoming a multi-million dollar industry.

A hand scroll of Dizhuming by poet and calligrapher Huang Tingjian from the Song Dynasty (960-1279) was finally sold for 436.8 million yuan ($63.8 million) at Poly's Spring Sales in June. Quite a few other pieces went under the hammer for record highs of over 100 million yuan. For example, Temple in Mountains in Autumn, a painting by artist Wang Meng from the Yuan Dynasty (1271-1368) sold for 136.64 million yuan ($20.1 million). Hand scroll painting Mount Yandang by painter Qian Weicheng from the Qing Dynasty (1644-1911) was sold 129.92 million yuan ($20 million). Modern artist’s Zhang Daqian’s large-scale Aachensee Lake fetched 100.8 million yuan ($14.76 million) at China Guardian's spring auction.

At China Guardian's autumn auction, a hand scroll script by master calligrapher Wang Xizhi from the Jin Dynasty (265-420) sold for 308 million yuan ($46.4 million). One piece of furniture from the Qing Dynasty (1644-1911) became the most expensive piece of ancient Chinese furniture on record, which went for 39.76 million yuan. A traditional landscape painting by modern ink master Li Keran (1907-1989) auctioned for 107.5 million yuan ($16 million). Dong

Guoqiang, general manager of Beijing Council Auctions, said in November, “Compared with the prices of Western masters, the prices of masterpieces by ancient and modern Chinese artists still far lag behind and will catch up in the coming years.” He predicted some top-quality classic Chinese art works may be sold for above one billion yuan each in the near future.

In November, A Qing Dynasty vase discovered in a house clearance fetched 43 million pounds ($69 million) at a London auction. It is said that this is a world record for a piece of Asian art.