Sotheby's Hong Kong concluded the sale of The Mei Yun Tang Collection of Paintings by Chang Dai-chien today for $87.3 million, against a pre-sale estimate of $16.7 million. All the 25 masterpieces on offer were sold in just over an hour, and the top lot of the sale, Lotus and Mandarin Ducks sold for $24.5 million, setting the auction record for the artist.

In a saleroom filled to capacity, bidders in the room and on the telephone competed fiercely for the works offered.

With intense bidding wars and stunning prices achieved for numerous works in just over an hour, I believe today's highly anticipated sale of The Mei Yun Tang Collection of Paintings by Chang Dai-chien has left a lasting impression on those present in the room, stated C.K. Cheung, Head of Sotheby's Fine Chinese Paintings department.

This is an extraordinary triumph in terms not only of its commercial success, but also in its demonstration of the artistic merits of The Mei Yun Tang Collection as well as the unwavering four-decade friendship between the artist and the collector.

The Mei Yun Tang Collection of Paintings by Chang Dai-chien was assembled by the late Mr and Mrs Kao Ling-mei over the course of half a century  and is internationally recognized as the most comprehensive Zhang  Daqian paintings collection of all times.

Today's sale of The Mei Yun Tang Collection of Paintings by Chang Dai-chien is Sotheby's Asia's first-ever standalone art sale in nearly 40 years and, therefore, an important milestone in the history of Sotheby's Asia that reinforces our leadership in the Asian art market, said Kevin Ching, Chief Executive Officer, Sotheby's Asia, commenting on the sale.

Other top lots of the auction include Children Playing under a Pomegranate Tree, Strange Pines of Mount Huang and the Ancient Temple amidst Clouds.