A painting entitled Eighteen Arhats, by 16th Century Ming Dynasty painter Wu Bin, came under the hammer recently for 169.12 million yuan ($24.76 million yuan) - reportedly the highest amount ever paid for a Chinese painting at auction, in the world. Sold by Poly International Auction in Beijing, the painting, which brought in $620,000 when sold at auction in New York in 1992, saw its value skyrocket 40 fold after only 17 years.

"We are pleased to see the potential strength of domestic buyers. They are acquiring top price pieces and it's great to note that they are making the effort to bring back some of the country's prized possessions," said Liu Jing, Poly Auction's marketing manager.

Another work, Flowers and Insects Album Leaf by Chinese contemporary painter Qi Baishi, posted a new record in the Chinese modern painting category when it sold this year for 95.2 million yuan ($13.94 million).

A rare altar vase called the Famille-Rose, created in the Qing Dynasty (1644-1911) during the Yongzheng period (1678-1753), sold for a record price in the fine Chinese ceramics category when a bidder bought it for 67.76 million yuan ($9.92 million).

Traditional Chinese painting sales grew 200 percent through 2009, and 20th-century Chinese contemporary art sales rose 50 percent in the same period, said Head. "Overall, sales of Asian art at Christie's in Hong Kong grew 56 percent."

To keep the momentum going, international auction houses and galleries in China hope to collaborate with educational institutions to further educate Chinese on Western contemporary art and hopefully, generate new interest in the investment value of art.