An ancient Chinese painting by Ren Renfa was auctioned off for 303.6 million RMB (about $44 million) on Dec. 4 in Beijing. According to Zhao Xu, executive director of the Beijing Poly International Auction Co. Ltd., the purchase was a record-breaking sale for Chinese art around the globe this year. 

Bidding started at 68 million RMB ($9.87 million), and reached 303.6 million RMB with a commission of 15 percent after approximately 40 minutes of bidding. According to the official website of Beijing Poly International Auction Co. Ltd., the painting depicts five princes of the Tang Dynasty, and was owned by several noted emperors through Chinese history.

“The painter Ren Renfa was recorded in the Twenty-Four Histories, the official Chinese history books covering the period from 3000 BC to the Ming Dynasty in the 17th century. Ren was equal to the minister of water resources in the Yuan Dynasty. Emperor Qianlong of the Qing Dynasty collected nine of his works, among which eight are preserved in the National Museum of China, as the works are very rare,” Zhao told the media.

Zhao also spoke bluntly about the sale of the painting, acknowledging that its final price was really “beyond expectations.”