New York Asian art auctions bring buyers from around the world

The 'Min' Fanglei bronze ritual wine vessel is seen on display during "The Spring 2-14 Sales of Asian Art Week" media preview at Christie's Auction House in New York March 13, 2014. [Photo/Agencies]

CHINA SECOND LARGEST ART MARKET

The global art market totaled $65.9 billion last year, an increase of 8 percent and the highest level since 2007, according to a report by the European Fine Art Foundation.

Although the United States is the biggest art market with an estimated $25 billion, sales in China were nearly $16 billion, a rise of 2 percent from the previous year. It accounts for about 24 percent of global art sales, the figures showed.

Weihe said a Chinese "Min" fanglei, a massive bronze ritual wine vessel, which sold for $10 million previously and dates to the 12th-11th century BC, is the top lot of Christie's March 18-21 sales.

Another highlight is Indian artist Tyeb Mehta's "Untitled (Bull)," a 2000 painting of a falling, flailing bull, which has a pre-sale estimate of up to $3 million.

Paintings, sculptures, manuscripts representing Asia's various religions and drawings by the Indian artist Francis Newton Souza will also be featured.

At Sotheby's, a Chinese bronze owl-headed ritual wine vessel dating to the 8th-7th century BC could fetch as much as $6 million.

"It's designed with the combination of owl and also a very abstract form. And, so you can use it both as a vessel and you can treat it as a sculpture," said Tao Wang, the head of Sotheby's Chinese works of art department in New York.

"The Cantilevered Road to Shu," a huge landscape painting by Chinese artist Yuan Yao, who worked in the mid-18th century, could sell for upwards of $2 million.

Painting No. 3 by Vasudeo S. Gaitonde, considered one of India's leading abstract painters, has the same pre-sale estimate.