Pan Tianshou Work Sells for $113,700 to Deliver a 8% Annualized Return

Pan Tianshou, Bird on the Rock sold for $113,700 (HKD882,000), more than four and a half times the low estimate at Christie's in Hong Kong on May 1.

The sale beat the previous auction result for this work by $86,500, equivalent to an annualized return of 8%. It last sold at auction in 2007 for $27,200 at Christie's.

Ink on paper, 59.5 x 45.5cm. The work has not been traded before.