An ancient letter dating to the 11th Century has set a record after being sold for 207 million yuan ($32 million) at an auction on Sunday, May 15 in Beijing.

The calligraphic work, estimated to be around 936 years old, is believed to be the last existing work of the famous Zeng Gong. The rare piece was bought by Chinese film mogul and art collector Wang Zhongjun at the China Guardian auction house.    

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Zeng was one of the greatest writers during the Song Dynasty era (960 to 1279 AD). His letter entitled "Ju Shi Tie," (translated as "A Letter on Happenings") was addressed. In the letter, he expressed his political difficulties and feeling of isolation after he was sent to prison for 12 years from Beijing, according to China Daily.   

"In this letter he pours his heart out," Yi Guanghua, a specialist at China Guardian, said before the auctioned opened on Sunday.

The Chinese script, which was penned by Gong when he was 62 years old, is only 124 characters long. Its value is high as the letter is affixed with the writer's very own signature.

The letter was first auctioned over two decades ago at Sotheby's in New York for only 4.5 million yuan ($690,000). The second time it was auctioned was at Poly's Autumn Auction in Hong Kong, and the value had increased by over 20 times, fetching 108 million yuan ($16 million). Back then, it broke the record for being the first Chinese calligraphy to hit the 100 million yuan ($15 million) mark.

At the third auction, the work is now worth over 45 times its price 20 years ago.

Meanwhile, its new owner is known for its shopping spree. In 2014, Wang made headlines after parting with nearly 405 million yuan ($62 million) for the Van Gogh work Still Life, Vase with Daisies and Popsies.

TagsChinese calligraphy, calligraphy, Wang Zhongjun, Zeng Gong, Song dynasty, China Guardian, Sotheby's, Poly's Autumn Auction