HONG KONG - A painting by the 17th century classical Chinese artist Wu Li was sold at auction in Hong Kong Monday for 2.34 million US dollars, more than 10 times its estimate.

Wu's ink painting entitled "Landscape in the Manner of Wang Meng" went under the hammer for 18.24 million dollars, setting a new record for the artist.

Auction house Christie's had estimated that the work, which was bought by an undisclosed Chinese private art collector, would fetch about 1.2-1.5 million dollars.

The hanging scroll painting was among hundreds of lots worth more than a billion dollars that are going under the hammer at the Christie's spring sale of Asian art over the next four days.

On Sunday, Yue Minjun's 1991 "Portrait of the Artist and His Friends" fetched 20.48 million dollars and Zhao Wuji's "14.12.59" was sold for 29.44 million dollars, both a record for the artists.

Christie's and its rival Sotheby's have been holding twice-yearly sales in Hong Kong since the mid-1990s as growing wealth in China has fuelled a bonanza in the Asian art market.

Some art historians have criticised the recent explosion in the prices for Asian art, which 10 years ago was struggling to attract any interest, and have criticised over-exuberant first-time buyers for sending prices sky-high.