Jushi Tie was sold to Chinese media mogul Wang Zhongjun and the buyer of Song Ke's album is Zhang Xiaojun from Shanxi province. Both are avid collectors of contemporary art, and hence their successful bids were seen as surprising.

But Beijing-based art market expert Ji Tao said in a recent blog that collectors are diversifying their purchases, and the successful bids by Wang and Zhang indicate that due to a shortage of quality contemporary works, they are now looking at other genres such as classical pieces that are rarely seen on the market yet boast a sound provenance and are cataloged in important inventories compiled by academic authorities.

The sale also showed a steady market for Chinese calligraphy works, especially those from the Tang, Song and Yuan (1271-1368) dynasties.

Ren Wen from the Beijing-based Art Market Monitor of Artron says few works of these three periods exist and even fewer come on sale as most of them are in either public museums or the hands of top private collectors who are not very likely to sell.

So, when a piece like this appears in sales rooms, it inevitably sparks a bidding war, pushing up the price.

Market watchers also say that the sale of Jushi Tie could be considered a one-off and one should not expect the classical Chinese art market to erupt based on this one transaction.

Classical Chinese art is often referred to as a category with rather high entry barriers. In this genre, buyers need to be knowledgeable about Chinese history and its cultural traditions, which helps them cultivate a discerning taste.

They also need to invest a lot of time researching the subject so that they are less likely to be cheated.

Zhu Shaoliang, a collector of Chinese paintings, says that the classical artwork market is meant to be a niche one.

"The majority of its top pieces are already in art galleries and museums, while the modern Chinese painting market still has a quality supply of works."