In a Sotheby’s art sale in Hong Kong on Sunday, a painting by Chinese artist Zeng Fanzhi and Alibaba Group founder Jack Ma sold for HK$42.2 million (US$5.4 million), far exceeding expectations.
The proceeds from the sale will be donated to the Paradise International Foundation, a charity dedicated to environmental conservation.
The painting, entitled Paradise, is an oil-on-canvas piece which is blue, green and white, representing planet Earth. It was acquired by Chinese business tycoon and philanthropist Fenglei Qian at the Modern and Contemporary Asian Art Evening Sale, where 85.7 per cent of the lots offered were sold.
Sotheby’s Asia CEO Kevin Ching said, “After around 30 bids, the lot was sold…for nearly seventeen times the high estimate of HK$2.5 million.”
The Paradise work fetched the third highest price at the event, after paintings by Japanese artist Kusama Yayoi and Chinese painter Wu Guanzhong.