A painting inspired by a poem written by Communist leader Mao Zedong in 1925 demanded a hefty 293.25 million yuan ($46 million) at a Chinese auction over the weekend.

“Wan Shan Hong Bian” ("Thousands of Hills in A Crimsoned View”), painted in 1964, by Li Keran (1907-1989) sold for an artist record price to an unnamed Chinese entrepreneur at Beijing's Poly International spring auction on June 3.

The work came to auction from "overseas," according to the auction house.

Beijing Poly Executive Director, Zhao Xu, commented, “The sale tonight shows a stable Chinese art market, which keeps attracting newcomers to auction houses. The high price of Li’s painting will definitely leverage the market of 20th-century Chinese painting.”