A painting entitled The Rice Seller by Nguyen Phan Chanh was sold for 390,000 USD last weekend at an auction held by Christie's International in Hong Kong, setting a new record for a work by a Vietnamese artist, according to Bloomberg.

The 1932 work was initially valued at just 75 USD because it was mistakenly identified as a work of a new painter. After it was forwarded to specialists in Asia, they recognised the painting by the artist's signature on the back of the canvas and valued it at between 100,000 USD and 130,000 USD.

The buyer of the ink and gouache on silk painting was Hong Kong-based dealer Pascal de Sarthe.

Chanh (1892-1984) was best known for his works on the young women of rural Vietnam.
The previous highest price for a Vietnamese painting at auction was 370,000 USD fetched by Sotheby's in Hong Kong for a piece by Le Pho in April 2012.-VNA