The work in question, ‘Fortune and Longevity’ (1951). (Courtesy Sotheby’s)

Bloomberg reports that a painting by Indonesian Lee Man Fong set a new auction record for Southeast Asian art when it sold for $4.4 million at Sotheby’s Hong Kong yesterday. This is nearly three times its high estimate.

The bidding for the lot took 10 minutes, and the work eventually went to a phone bidder.  More details here.

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