Essays on Baita Mountain, written by Qing Dynasty (16441911)emperor Qianlong, sold for 116 million yuan ($19 million) in 2014.[Photo provided to China Daily]

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."