Who Bought Zhang Xiaogangs Record-Breaking “New Century” Painting?
HONG KONG—Indonesian-Chinese collector Budi Tek (known in China as Yu Deyao) has been revealed as the bidder who beat out a number of challengers at Sothebys Hong Kong last month to secure Zhang Xiaogang’s 1992 masterpiece “Chapter of a New Century – Birth of the People’s Republic of China II.” Bought for an artist record price of HK$52.18 million ($6.69 million), the work is destined for a private museum that Budi Tek is reportedly planning in Shanghai. Having made a fortune in agricultural products, Tek began collecting contemporary art about 10 years ago. Around 2004 he began to focus on Chinese art, building up an impressive collection, not just of marquee names like Yue Minjun, Fang Lijun, Wang Guangyi, and Zhang Xiaogang, but also of emerging talents, like the controversial artist couple Sun Yuan and Peng Yu. A year ago, in his hometown of Jakarta, he opened a private museum — the Yuz Art Museum — and announced his intention to build a network of similar museums across Asia. Inte
