Zhang Xiaogang's triptych Forever Lasting Love has fetched 10 million at a Sotheby's auction in Hong Kong. It set a world record for a Chinese contemporary artist.

The piece fetched more than double the top estimate and topped the lot offered by Guy Ullens, founder of Beijing's largest private art museum.

China overtook the U.S. as the world's biggest auction market for fine art in 2010. The sale is part of a 3,600-lot series, and is Hong Kong's first major auction of the year.

It's expected to show whether rising wealth in China will continue to drive an increase in demand and prices. The sale is followed by a Contemporary Asian Art auction, featuring traditional Chinese paintings, antiques, jewelry, watches and ceramics.

(CNTV.cn April 5, 2011)