SOTHEBY’S SPRING 2007 SALE OF

CONTEMPORARY ART ASIA:

CHINA KOREA JAPAN IN NEW YORK

TOTALS $23,210,525

RECORD SET FOR A CHINESE CONTEMPORARY INK PAINTING AT AUCTION

RECORDS SET FOR WORKS BY GUO JIN, HUANG GANG,

LI JIKAI, QIU XIAOFEI AND LI HUAYI, AMONG OTHERS

New York, New York, March 17, 2008 – Today Sotheby’s fifth sale of Contemporary Art Asia: China Korea Japan in New York brought a solid $23,210,525 (est. $23.1/33.4 million*) and was highlighted by Zeng Fanzhi’s Mask Series No. 11, 1996, a triptych showing the strivings of individualism amidst the communist collective that was latent but still present during the Cultural Revolution of Zeng’s youth, which sold for $1,127,000 to a European buyer (lot 11, est. $800,000/1 million). Li Huayi’s Autumn Mountains, 2007, which shows a dramatic mountain vista dominated by a mist enshrouded natural bridge and steep waterfalls and merges both Chinese ink painting with Western modernism, set a record for a Chinese Contemporary ink painting at auction when it sold for $451,000 (lot 161, est. $350/450,000). Other artist records were set today for Huang Gang, Guo Jin, Li Jikai and Qiu Xiaofei, among others.

Xiaoming Zhang, Vice President of Chinese Contemporary Art department, said: “We were very pleased with the results of today’s sale, which was a healthy reflection of this still new market in New York, where we launched sales two years ago. Over 80% of the works sold, and of those works, approximately 80% of them exceeded or achieved prices within their estimates. Today’s results were very consistent with the results of one year ago, and we saw a greater diversity of artist names dominating the top list of works – Zhao Wuji (Zao Wou-Ki), Zhang Xiaogang, Zeng Fanzhi, Yue Minjun, Yan Peiming, Zhou Chunya, Su Xinping and Tang Zhigang. There was a very international profile of buyers, with strong participation from Asia, America and Europe.”

Other highlights of the sale included Zhao Wuji (Zao Wou-Ki)’s Quand Il Fair Beau (When the Weather is Lovely), 1955, a wonderful example of his work from an important period of his career when he was a central figure in Parisian artistic circles of the 1950s, which achieved $690,600, selling to an American dealer (lot 78, est. $450/550,000); Zhou Chunya’s Two TT, 2007, which shows two German shepherds in profile, realized $690,600, selling to an American Private collector (lot 139, est. $400/600,000); Su Xinping’s Sea of Desire, 1997, depicting a middle-aged businessman with a purposeful stride and determined gaze, brought $541,000, selling to an Asian Private collector (lot 99, est. $120/180,000); Yan Pei-Ming’s 1998 portrait of Mao, 1998, one of the many paintings he has completed on the subject of the great leader, brought $481,000, selling to a European Private Collector (lot 55, est. $400/600,000); and Tang Zhigang’s Children in Meeting, 2004, which sold for $457,000 to a European Private collector (lot 14, est. $250/350,000).

*Estimates do not include buyer’s premium