Mountain Fairies, an ink painting by modern master Fu Baoshi, will also be auctioned. [Photo provided to China Daily]

Another two ancient works expected to see competitive bidding include a calligraphy album in caoshu (running script) by Ming calligrapher Song Ke and an album of calligraphic Buddhist sutras, poems and paintings by Tang-era and later literati.

The ancient Chinese painting and calligraphy market posted a stable performance last year, when the modern Chinese painting bubble burst.

An imperial painting of Emperor Qianlong's favorite consort, Chunhui, by Italian court painter Giuseppe Castiglione brought in HK$137.4 million ($17.7 million) at Sotheby's auction in Hong Kong last October.

Xu Cuiyun, a researcher of the Beijing-based Art Market Monitor of Artron, says that while the volume of ancient Chinese paintings sold decreased 14 percent last year, they grossed a 10 percent increase in turnover.

Xu says that last year's grand Shi Qu Bao Ji Catalog art exhibition at the Palace Museum ignited interest in classical paintings.

But she adds that few museum-quality and authenticated works were available.