A 600 year old Tibetan tapestry known as thangka was sold for $348 Hong Kong dollars ($45 million) by Christie’s sometime last week.
The sale broke the record for the highest price paid for any Chinese works of art sold by an international auction house.
The piece depicts the meditational deity Raktayamari, known as the Red Conqueror of Death, embracing his consort, Vajravetali.
The thangka measures more than three meters tall and two meters wide.
It was created more than five centuries ago, during the Ming dynasty under the order of Emperor Yongle and the piece is excellently preserved.
This is the only one of its kind in private hands, the other two known examples are currently located in the Jokhang Monastery in Tibet.
The piece was purchased by Chinese billionaire Liu Yiqian, who started off selling handbags and driving taxis to becoming an extremely wealthy financier.
Liu is a prominent art collector and has even founded a museum containing his pieces along with his wife.
The Long Museum is located in Shanghai and has two locations, one in Pudong, and one on the West Bund.
In April, Liu bought a Ming Dynasty wine cup (pictured below), which broke the world auction record for Chinese porcelain in Hong Kong for $36.05 million.