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Guangzhou (CNS) -- On Saturday the southern city of Guangzhou hosted two significant art auctions, where the largest landscape painting created by Ming (1368?C1644) royal descendant Bada Shanren sold for 116.15 million yuan (US$18.23 million).
Beijing's artwork auction market has been shrinking since last year's autumn season, with the total turnover of the Guardian 2012 Spring Auction sliding by 45.1 percent year on year.
Auction companies in Guangzhou have attempted to maintain market prosperity by improving the quality of items up for bid during this year's summer session.
Despite the contraction of the art market, buyers are becoming more reasonable and fine works still attract the spotlight, said Xu Xiwen, vice president of China Guardian Guangzhou International Auction Co., Ltd.
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