An oil painting piece by Chinese painter Wang Yancheng sold for 1.98 million yuan (about US$0.24 million) at an auction here Sunday, beating the other traditional paintings by modern Chinese maestros, which were also put up for auction.

Wang's other work was auctioned for 1.32 million yuan (US$0.16 million) at the 8th West Lake Art Fair, according to Wang Ji, head of the organizing committee of the art fair.

Born in 1960, Chen is a native of east China's Guangdong Province. He is the only Chinese whose works have been put up for exhibition at both the French FIAC International Arts Fair and the Paris International Arts Fair.

His paintings are widely collected at home and aboard.

Several traditional Chinese paintings by renowned artists, including Qi Baishi, Zhang Daqian and Huang Binhong were also put up for auction. A painting by Fu Baoshi got the highest price of 1.10 million yuan (US$0.13 million).

"Oil paintings have become the darling of the times, because their value is easily recognized internationally and embody more value in terms of labor time," said Chen Rong, board chairman of the Hangzhou Huaqi Culture & Art Co., the agency for Wang's works.

The total sale of Chinese oil paintings sold within mainland China had reached a record high of over 197 million yuan (US$24 million) by the first day of sale at the Beijing-based China Guardian 2005 Autumn Auctions early November. Oil pieces exhibited at the 8th West Lake Art Fair had also become popular targets for ordering and purchases.

In the past two years, mainland collectors have replaced overseas investors to become the mainstream for oil painting collections. In east China's affluent Zhejiang province, 4 billion yuan have been invested in the collection of antiques, paintings and calligraphies.

About 500 million yuan was spent for oil paintings.

"Though Chinese investment in oil painting is surging, oil art collection on the Chinese mainland is still in its fledgling stage," Wang said. Compared to oil paintings abroad and traditional Chinese paintings, the prices of domestic oil paintings are still pretty low.

Traditional Chinese paintings are usually priced at tens of thousands of yuan per square Chi (about 1,109 square centimeters), while a moderate oil piece is sold between 3,000 to 5,000 yuan, according to Wang.

"Chinese investment in oil painting, however, bears comparatively lower risk and higher profits at present," Wang said.

(Xinhua News Agency November 23, 2005)