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Newly-rich Chinese investors are snapping up costly Chinese works of art both out of patriotism and for long term investment MOREINFO: Auction houses and galleries thrive as Chinese art collectors scan the globe for precious works of art. SCRIPT: China's art market is booming with newly rich buyers snapping up expensive pieces. 50-year-old oil tycoon,Da vid Xiao has turned his home into a museum packed with paintings and antiques dating back as far as 5,000 years. All of Xiao's art originates from China. He wants to make sure ancient art representing Chinese cultural heritage remains at home. (SOUNDBITE)(MANDARIN WITH ENGLISH) David Xiao, art collector, saying: "If every Chinese can do something like me, and bring the collections of our own back home. In the near future, all our national treasures will return to our motherland." A recent 3-days autumn auction organized by the Poly Auction Company attracted a record number of art collectors and investors from all over the world. Poly's assistant manager Ma Zhefei. says sales have doubled in the past couple of years. (SOUNDBITE)(MANDARIN WITH ENGLISH TRANSLATION) Ma Zhefei, assistant manager Poly Auction Company, saying: "Along with the development of China's economy, more people have accumulated more money, so they want to enjoy more in spiritual level, and art is the highest form of it." Many of the collectors also see art collecting as a solid long-term investment. The growing collection rage is yet another sign of China's growing wealth. Tara Joseph-Hui, Reuters, Hong Kong.