The first artwork sale during the ongoing Shanghai Free Trade Zone Art Season was made on Wednesday.
The work by British contemporary conceptual artist Damien Hirst was purchased by WishinArt, an arts institution in Beijing. It was valued at nearly 3 million yuan (US$461,538).
The piece is considered a representative work from the artist’s Spin Paintings series. With a diameter of over 1 meter, it consists of materials such as cloth, zircon and polish lacquer.
It was offered by HENI, an international arts institution established in 2005.
The Shanghai FTZ Art Season runs from mid-October to the end of this year.