Chinese Art Market Today
Study Documents 2012 Downturn in Chinese Art Market (Dec. 19, 2013, David Barboza & Graham Bowley) The New York Times reported that "China’s art auction market suffered a sharp downturn in 2012, amid a global slump in demand for Chinese art, fueled in part by concern about the many fakes that are offered for sale. ... The study found that there was a sell-through rate at auction houses in mainland China of nearly 50 percent, meaning that about half of the lots offered failed to sell. ... The study said Chinese auctions continued to be plagued by sales in which the bidder sometimes reneges on making full payment for a work long after making the winning bid. Two years ago, about 60 percent of items were paid in full or partly paid for, while about 40 percent had not been paid for at all."
Chinese Art Market Declines More Than Suggested (Dec. 18, 2013, Kelly Crow) The Wall Street Journal reported that "China's opaque, fraud-riddled art market suffered a much-steeper decline last year than industry experts previously suggested, with roughly half of the country's auction offerings going unsold in 2012, according to a report published Wednesday by a pair of auction watchdogs." Clare McAndrew, a researcher with Arts Economics, also reported that between the spring of 2011 and spring 2012, 40% of Chinese works that were auctioned for more than $1.5 milliion were still unpaid for 6 months after the fact. An additional 15% of works that fetched as much at auction were only partially paid.
Forging Art Market in China (Oct. 28, 2013) New York Times examines and comments on the booming Chinese art market. Topics discussed include the problem of nonpayments, forgery and the sale of fakes in China. It reports, "The trail of phony “antiques,” bogus paintings and fake bronzes winds throughout China these days." ... "Indeed, even as the art world marvels at China’s booming market, a six-month review by The New York Times found that many of the sales — transactions reported to have produced as much as a third of the country’s auction revenue in recent years — did not actually take place." Its investigation of Qi Baishi, one of the best-sellers, the authenticity of his works and the forgery of his fakess is timely & educational.
Problematic China-Based Art Market: (Aug. 13, 2012) Many art owners are very curiouas about the sale of their Chinese art works in China for higher prices. Inspired by press and art market reports, most believed that selling at a China-based art market is a fabulous option. My response to this type of inquiry remains the same: "Know the market before you enter it." Abigail Esman's thoughtful analysis of the China-based art market, China's $13 Million Art Fraud --And What It Means cto You shed much light on the topic.
Chinese Art Sales News
- Nov. 15, 2012 - China Daily reports: "(Chinese) Auction companies from the mainland are joining the thriving Asian art trading market in Hong Kong, bringing their expertise in Chinese art and their wealthy nouveau riche clientele from the mainland."
- Aug. 31, 2012 - CNBC reports: "China's Art Bubble May Be Popping. ... According to data from ArtTactic, the British art-market research firm, auction sales this spring fell to $1.5 billion, a drop of 43 percent compared to the fall of 2011. Contemporary art – which had been going gangbusters – led the decline, with a 58 percent drop year-over-year.The decline was driven by weakness at the very top of the market – a dangerous trend, since the high end has been the main source of growth in the art market. The number of lots selling for $1 million or more fell 63 percent this Spring."
- June 26, 2012 - Art Radar Asia reports "ArtTactic released a new report on the Chinese art market that contains signs of a significant slowdown in auction sales. China’s four highest-selling auction houses have experienced a 43 percent drop since the same time in 2011."
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