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On November 6th, 2007, at the China Guardian 2007 Fall Auction, the hammer dropped on Red Cliff by Qiu Ying, a rare Ming Dynasty national-level masterpiece. The final price came to 79.52 million RMB, breaking the world record for all types of Chinese paintings, including Chinese oil painting, and traditional Chinese painting and calligraphy.

Upon coming out into the spotlight, this artwork has attracted the wide attention of collectors. During auction, and immediately after the auctioneer quoted the starting price of 40 million RMB, buyers raise their paddles in response. Buyers then fought to increase the price, pushing the bids to 50 million, then in a short time 60 million and on…. As the auction price swelled, applause burst out again and again. After fierce competition, a deal for Red Cliff was finally made at 79.52 million RMB, which suddenly brought thundering applause from the auction room as a new record was made. Red Cliff has not only broken China Guardian's own highest auction record, but it lso created a world record for any Chinese paintings at auction. This is the first time a Chinese painting has exceeded the 10 million US dollar level at auction.

Wang Yannan, president and director of China Guardian Auction Co., Ltd., was quoted as saying:"Red Cliff has lived up to its fame both artistically and historically with a high auction price of nearly 80 million RMB. We are very delighted about that. This auction price is of great significance. It has not only made a world record for Chinese paintings at auction, but has also pushed the international price of Chinese paintings to a new height. This further demonstrates the import role Chinese paintings are playing in the international auction market. Qiu Ying's works are hard to find in the artwork market. This painting is an excellent one, and was created by him during his early career, and is also his best available work seen in the Chinese auction market. China Guardian is fortunate to have been entrusted with auctioning this artwork. This is the best payoff for our principles of honesty, trustworthiness and equality, as well as our persistent effort to provide the highest quality and professional service."

As one of the representative painters among the Ming Dynasty "Four Painter of the Wu School", Qiu Ying has always been favored by collectors. His artworks are rarely seen. They are mostly collected by major museums, and very few are left among collectors at large. This painting is a masterpiece by Qiu Ying, and a painting rarity in the auction market. It is 129 cm long and 23.5 cm wide. It depicts a poetic visualization of the Second Ode to the Red Cliff by the Song Dynasty poet Su Dongpo. It was affixed with several important seals including those translated and authenticated as "Precious Secrets of Shi Qu","Masterpiece Viewed by Emperor Qian Long","Masterpiece Viewed by Emperor Jia Qing","Masterpiece Viewed by Emperor Xuan Tong" and "San Xi Tang Authentication Decree", etc. It is outstanding in its brushstrokes, elegant in its poetic feeling, exquisite in the calligraphy and excellent in its seals. Plus, as an item once collected by the Qing royal family and recorded in the Precious Secrets of Shi Qu, it has been handed down in succession from generation to generation and is clearly traceable for documentary research, making it an extremely rare masterpiece.