"Without the underbidder it would more than likely have sold for its reserve. He, however, has had the effect of increasing the price by around $4 million and generating some $600,000 of commission for Christie's, which more than pays their presence in China for a year. Just that one underbidder is worth his weight in gold," he said.
Ken Yeh at Christie's, who was present at the New York auction, has no doubt that the recent activity of mainland buyers is real and the start of something big.
He also believes they are making sensible investment decisions and not bumping up prices by paying silly money.
"They are buying because they like art but also for investment. If they spend $1m, $2m or $10m for a painting they want to make sure they will get a return five, six, seven years down the road. These are people who have got properties, shares and other investments and art is becoming part of their investment portfolio," he said.
(Source: China Daily)
