Ming Dynasty wall hanging sold at auction for record $45M

HONG KONG, Nov. 26 (UPI) -- A 15th century silk wall hanging from China's Ming Dynasty sold at auction Wednesday for a record $45 million.

The hanging, called a thangka, brought the highest price for a Chinese artwork sold at international auction.

Chinese collector Liu Yiqian purchased the item for his newly opened Long Museum in Shanghai.

"I am proud to bring back to China this significant and historic 15th century thangka which will be preserved in the Long museum for years to come," Liu told Christie's auction house, which sold the item at its Hong Kong location.

"Before, our country wasn't very strong or prosperous, so many things were lost to overseas buyers," Liu told The New York Times. "Now that we have accumulated wealth, we need to deepen our own cultural sophistication. So we are buying Western art, to say nothing of our own art."

The thangka is 84 inches by 132 inches and features Raktayamari, a meditational deity in Mahayana Buddhism, and his consort, Vajravetali. The hanging was commissioned by Emperor Yongle and was thought to be given as a diplomatic gift to Tibet.

"The thangka embodies our flourishing civilization and culture from 600 years ago," Liu said. "It's not a question of why I bought it, but when else would I have had the opportunity to buy it?" he added. "I feel like it's good fortune even to just be able to see it."

The previous record held for a Chinese artwork sold at auction was $36.3 million for a small porcelain cup. Liu also bought that item in April at Sotheby's Hong Kong location.