PARIS, July 12,
2023 /PRNewswire/ -- Appearing rapidly at the head of
the international art scene in 2010 with an annual art auction
turnover total suddenly exceeding $3
billion, the Chinese marketplace has gradually structured
itself around Beijing,
Shanghai, and Guangzhou, but also increasingly around
Hong Kong. Indeed, since the
Covid-19 health crisis, Hong Kong
has become the primary art market hub in the entire Asia-Pacific region. This year, however – and
for the first time in ten years – Hong
Kong is experiencing a slight contraction in its art market
activity. Meanwhile, mainland China is slowly returning to a growth
path.
thierry Ehrmann, President of Artmarket.com and Founder of
Artprice: "We have had a privileged partnership with the Chinese
group Artron for over a decade, and it is this long collaboration
that allows our joint reports to identify and analyze the
stabilization of China's art market, with an effective
reorganization of its market".
Two works fetched over $30
million
At $33.1 million, on 24 February 2023 in Beijing, Yongle Auction hammered China's best
fine art result of H1 for an ink on paper by Cui
Ruzhuo, Rafting In Wind And Rain (2019). It was
also the best result in mainland China for over five years. But it
was only the 18th best fine art auction result in mainland China's
auction history, a long way behind the $140
million hammered in 2017 for the 12 drawings that make up Qi
Baishi's Screens of Landscapes (1925).
In Hong Kong, on 5 April 2023, an ink on paper enhanced with gold
by Zhang Daqian, Pink Lotuses on Gold
Screen (1973), was acquired for $32.1 million at Sotheby's. The island still
fosters and promotes exchanges between East and West, recording
multi-million dollar results for works by Yoshitomo Nara and
Yayoi Kusama and works by
Pablo Picasso and Jean-Michel Basquiat. At the start of the year,
canvases by Miro, Magritte, Zao-Wou-ki, and Chagall naturally
blended with sculptures by Jeff
Koons and ultra-contemporary works by Matthew Wong, Nicolas
Party, and Avery Singer in
the finest Hong Kong catalogs.
In total, Artprice has detailed data for nearly 16,000 fine art
lots sold at auctions throughout China between 1 January and
30 June 2023. Hong Kong retains the highest average fine art
lot price in the world (just under $230,000) with 2,600 works generating
$595 million (incl. buyer's fees).
But mainland China's data is also honorable with over 10,000 lots
fetching an average price of $78,000.
+180% growth in mainland China
While the art market is experiencing a sharp contraction in
almost all Western countries, mainland China has posted relatively
positive figures for H1 2023. Although it is still far from its
exceptional performances of ten years ago, the country's fine art
auction market generated almost three times more turnover than in
H1 2022, which was hampered by the country's zero-covid policy at
the time. However, the recent dynamism may have been boosted by
sales that were simply rescheduled from last year; so it remains to
be seen if the second half will post equally buoyant figures.
The performances of Chinese auction houses China Guardian, Poly, Yongle, Rombon, and
Xilling have once again become all the more important since Western
auction operators are no longer hosting sales in mainland China for
the time being. Their sales have been entirely focused on
Hong Kong, consolidating a
turnover that has been growing steadily over the last two
decades.
There is little doubt that the international art market is eager
to see key works by the superstars of contemporary Chinese art
resurface on the market. In H1 we saw several 7-digit results for
works by Chen Yifei, Liu Ye, and Zhou Chunya, among others, and
Bonhams sold Zeng Fanzhi Mask 2000 No. 3 (2000)
for $3.1 million in Hong Kong. This result is consistent with
those recorded ten years ago for the same series, but the works of
these great names of 'new Chinese painting' have been circulating
with much less intensity, and their masterpieces have been
surprisingly discreet in auction rooms over the past three
years.
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