Chinese art records set at Christie's HK sales

HONG KONG, May 27 (Reuters) Prices for works by contemporary and avant-garde Chinese artists hit record highs at Christie's spring auctions in Hong Kong today, in a sign of sustained strong demand.

Yue Minjun -- known for his paintings of absurd, grinning faces -- saw his ''Portrait of the artist and his friends'' fetch 2.62 million dollar, his highest price at auction.

In a packed Hong Kong auction hall, bursts of spirited bidding -- including live online bids -- sent works by other top artists to new highs.

Zao Wou-ki's vivid coloured abstract ''14.12.59'' named after the date it was painted, fetched 3.8 million dollar -- almost five times its pre-auction estimate.

A pair of bronze figures by Taiwan-born sculptor Ju Ming, called ''Big Sparring'', made 1.9 million dollar -- also a new high for the artist's work at auction.

''There's been no letdown, the (Chinese art) market's still going very strongly,'' said Jonathan Stone, a Christie's international business director for Asian Art.

Chinese art prices have boomed in recent years, fuelled by a robust global economy and nouveau-riche buyers from China drawn to their cultural heritage and who see art as a solid investment.

But one star lot -- Xu Beihong's ''Portrait of a lady'', of a Singaporean woman seated in a flowing ''cheongsam'' dress fell short of its pre-auction hype -- fetching 3.2 million dollar.

Another rare oil painting by Xu from a similar period had fetched 9.2 million dollar at a Sotheby's sale last month -- making it the most expensive Chinese painting ever auctioned.

The new records came on the opening day of Christie's spring auctions in Hong Kong, which run from May 27-31.

The day's most expensive painting was ''Scenery of Northern China'' a snowy, meditative landscape by Wu Guanzhong, which sold for 4.05 million dollar in a hall conspicuous for its large contingent of mainland Chinese bidders and spectators.

Christie's expects to sell 1.1 billion Hong Kong dollar of paintings, ceramics, jewellery and watches in its current Hong Kong sales -- significantly less than the 1.64 billion Hong Kong dollar total sales tally at its previous Hong Kong auction series last autumn.

REUTERS SG BST1855