China's super rich are lovers of fine art -- and they are willing to pay as much as $20 million for them.

China's super rich are lovers of fine art -- and they are willing to pay as much as $20 million for them.

In the recently held Shanghai 2014 Spring Auction, which achieved a whopping RMB125 million in sales, 63 per cent of the buyers were Chinese, while 37 per cent were from other countries. The latest auction featured Asian and Western 20th century and contemporary art, showcasing renowned artists as Picasso, Warhol, Marc Chagall, along with Chinese modern and contemporary masters Zeng Fanzhi and Zao Wou-ki.

The sale is small by Christie's international standards, especially given that its 13 May auction in New York has a $500 million target, but the result of latest event underscores the growing number and wealth of Asia's high net worth individuals -- and their appreciation for fine art.

"The result of our spring auction in Shanghai is a proof of concept for Christie's China and globally. The balance of Chinese and international buyers at our auction illustrates China is truly integrated into the global art market," said Jinqing Cai, president of Christie's China, in a statement. 

The most expensive work, Warhol's "Self-Portrait With Skeleton Arm and Madonna," was purchased for RMB12 million by an Asian bidder. The highest priced Chinese work and third most expensive of the night was an abstract painting by Zao for RMB10.2 million.