An ancient Tibetan silk tapestry has set a world record for Chinese art after it was sold to a Shanghai tycoon for $45 million at an auction in Hong Kong, Christie's says.

The 600-year-old thangka artwork, embroidered in vivid hues of red and gold, was bought by Liu Yiqian last week, and it will be displayed at his new museum in Shanghai, according to the auction house.

The historic 15th century thangka will be preserved in the Long Museum for years to come, Liu was quoted as saying in a Christie's press statement on Thursday.