Works by 19th- and 20th-century Chinese painters such as Zhang Daqian, Qi Baishi and Lin Fengmian sold for prices closer to Christie's estimates.

Cui Ruzhuo's ``Snowy Mountains'' was sold to an unidentified Asian private collector for HK$14.7 million, triple Christie's top-end estimate. Wu Guanzhong's ``Forest'' went for HK$6.8 million, within the auction house's HK$6 million to HK$8 million range. ``Insects and Plants,'' a painting by Qi (1863-1957), fetched HK$6.3 million, 5 percent higher than the top estimate.

``Classical Chinese paintings are more difficult to interpret than contemporary ones,'' said Stephen McGuinness, a Hong Kong-based art dealer and gallery owner. ``But that's definitely where the long-term investment value lies.''

Chinese modern masters still command much lower prices than contemporaries in Western art. Pablo Picasso's ``Dora Maar au Chat,'' which features the artist's lover, fetched $95.2 million at a New York sale last month.

`Crazy Prices'

McGuinness, 56, said Fu Baoshi, Xu Beihong, Zhang and Qi belong to a group of 50 Chinese painters whose works could fetch as much as Piccaso's.

Some dealers said the increase in prices of Chinese contemporary art may be unsustainable.

``These prices are crazy,'' said Hatik, 56. ``It's the new collectors with new money buying these works. There may be a speculative bubble.''

In the jewelry sales, London-based Laurence Graff paid HK$18.6 million for a 9.25-carat cushion-shaped Burmese ruby, the priciest item sold in the gem category. In February, Graff paid a record $425,000 a carat for a ruby in the Swiss resort of St. Moritz. Graff, famous for his yellow diamonds, has stores in New York, Chicago, Las Vegas and other cities.

A flawless 13.5 carat diamond, the size of an olive, sold for HK$9.4 million, in line with Christie's top-end estimate.

``The Chinese are swooping in and buying all the D-, E-, F- grade diamonds,'' said Benny Pek, 53, an Indonesian jeweler who flew in from Jakarta to attend the auction. ``The Chinese have become the big shots at these auctions. We can't compete.''

The sale ended yesterday. Christie's and rival Sotheby's Holdings Inc. hold auctions twice a year in Hong Kong. London- based Christie's counts Hong Kong as its third-biggest market after New York and London.

To contact the reporters for this story:
Le-Min Lim in Hong Kong at  6603 or lmlim@bloomberg.net;