Christies, the global art business, saw record sales at its Hong Kong art auction in 30 November, proving that Asia's emerging wealthy are just about as interested in antique art as the West.

Totalling an astounding $79 billion, the Asian art auction attracted around 400 attendees, the Luxist publication reports, with the top item, a 4-meter abstract painting by Chinese artist Chu Teh-Chun, fetching $5.9 million.

One of the most-watched bidders was Shanghai-based Wang Wei, who Bloomberg writes had spent over $146 billion to acquire rare Asian paintings. She and her husband, stock investor Liu Yiqian, are reportedly planning to establish their own private museum in China in 2010.

"I just bought those for fun," Ms Wang was quoted to have said during a break. The publication noted Ms Wang's impressive buying confidence; she frequently topped bids with an additional HK$1 million to acquire the pieces she was pursuing.

Mainland Chinese buyers are said to be in a rush to convert their currencies into art, as concerns with inflation and sagging dollar continue. But, above all, the auction only shows that Asia's wealthy are well-prepared to spend for rare luxuries and are ready to outspend their Western counterparts. According to Christie's website, the highest price ever achieved for a single artwork at an Asian auction was HK$151.3 million ($19.7 million) in 2006.

This recent Asian spending spree complements a previous story by WealthBriefing Asia on the growing number of high net worth individuals in the region. Based on a special report by Forbes magazine, China is second to India in terms of fortune size, with 79 recorded billionaires whose wealth are totalled at $170 billion. India recorded only 52 billionaires, but their combined total was $276 billion.