Sotheby's Hong Kong is to offer a number of paintings and hanging scrolls by 20th century Chinese artist Zhang Daqian (1899-1983) on May 27.
Daqian was 2011's best selling artist, and following 2012's sale of the artist's Swiss Peaks; Calligraphy in Xingshu for $3m, presale estimates suggest Sotheby's has high hopes for the artworks.
 The artist’s self portrait is set to star. It carries a comparably conservative $510,000 estimate |
A 1955 hanging scroll entitled Daoist Goddess Playing Panpipe is expected to bring $2.3m, Daqian's Shimmering Lake and Mountains is thought to be worth $2.6m, while a 1960 self-portrait has been valued at $510,000.
CK Cheung, head of Sotheby's Chinese paintings department, comments: "Since our announcement of the auction in early April, we have seen strong interest from collectors across Asia and around the world."
Chinese interest in owning collectibles is greater than that in the West. Barclays' 2012 Wealth Report confirmed that the country's most affluent individuals have 17% of their money invested in treasure assets, such as art, wine and jewellery, compared with just 7% in the UK and 9% in the US.
China now has the world's third highest number of millionaires, according to Boston Consulting Group's 2012 Global Wealth report, while the latest Knight Frank Wealth Report predicts that by 2022, 483 billionaires will reside in the country - a 214% increase from 152 in 2012.
Duly, interest in Chinese collectibles is destined to grow.
For more information on the investment potential of the art market, read Paul Fraser Collectibles' guide to investing in art and photography.
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