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The Drunken Beauty was insured for 80 million yuan during an exhibition in Feb 2010. Provided to China Daily |
The booming art market in China has driven prices of famous paintings to new heights and The Drunken Beauty is one of them. It is estimated that the auction price of the painting will surpass 100 million yuan ($15 million).
As one of the most celebrated works of a master oil painter, The Drunken Beauty reached a price of 50 million yuan in 2009, when it first entered the market. With its wide promotion both at home and abroad in the following months, the increasing fame of the work has gradually pushed up its market value. It was insured for 80 million yuan during an exhibition in Taiwan in Feb 2010.
The intellectual property and the derivatives of the painting have also brought a large amount of income for the work. Large embroidery works based on The Drunken Beauty have been sold for more than seven figures and its silk tapestry version is expected to sell at an even higher price after its display at the Expo 2010 Shanghai.
The popularity of the derivatives also helps to encourage the price of its intellectual property, which is very likely to exceed 10 million yuan. In 2011, a new global tour of The Drunken Beauty will take place and it is widely believed that the large-scale promotion will bring the work an even higher value.
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