Masters hold strong in uncertain art market

Well the art market in China is still growing and the country continues to attract foreign auction giants. But while sales of older pieces are booming, very little is being done to help younger artists develop in this cut-throat industry.

This Chinese brush painting called Red Lotus sold for one million yuan at auction in Shanghai on Friday.

The work is only 30 years old, but is one of the last paintings by Zhang Daqian, one of the best known and prodigious Chinese artists of the twentieth century. Red Lotus took in more than half of the money spent at Friday’s auction, which included 500 works of art.

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