Artprice provides its overview of the Chinese contemporary art market based on the past two 2009 sale seasons: China’s auction market has downsized from the boom and tightened up in quality control. A year of change now point towards a healthier market on the rebound.-Speculation and investment in Chinese art contributed to contemporary art’s international growth ((in the over-$100,000 segment, contemporary art’s share grew from 7.5% in 2004 to 19.7% in 2008).
-The total auction revenue generated from contemporary art in Asia actually exceeded the equivalent total in the United States (€130m vs. €123m) over a 12-month period (July 2008 – June 2009).
-34 of TOP 100 selling contemporary artists at auction are Chinese (compare with only 1 in 2002)
-Boom of mainland Chinese auctions (by foreign companies) and local auction houses!
-Despite staggering buy-in rates during Fall2008 auctions, Fall2009 results point to a healthier market on the rebound.
-Big works still sell, but with lower price estimates. Experimental and large scale works by big names are not so easy to find a home (i.e. buyer) for.
“With the speculative era dead and gone, the market has become distinctly more affordable around the world and particularly in China: in the first half of 2008, the average price of contemporary works sold in China was $65,500. In the first half of 2009, this average fell to $26,800.”
Upon returning to New York after her first visit to China, Soraya Broukhim provides a review of Wang Qingsong’s "When World's Collide" exhibition of photographs and videos at ICP. (Read more)
Upon returning to New York after her first visit to China, Soraya Broukhim provides a review of Wang Qingsong’s "When World's Collide" exhibition of photographs and videos at ICP. (Read more)
Market buzz for Chinese contemporary art
Artprice provides its overview of the Chinese contemporary art market based on the past two 2009 sale seasons: China’s auction market has downsized from the boom and tightened up in quality control. A year of change now point towards a healthier market on the rebound.-Speculation and investment in Chinese art contributed to contemporary art’s international growth ((in the over-$100,000 segment, contemporary art’s share grew from 7.5% in 2004 to 19.7% in 2008).
-The total auction revenue generated from contemporary art in Asia actually exceeded the equivalent total in the United States (€130m vs. €123m) over a 12-month period (July 2008 – June 2009).
-34 of TOP 100 selling contemporary artists at auction are Chinese (compare with only 1 in 2002)
-Boom of mainland Chinese auctions (by foreign companies) and local auction houses!
-Despite staggering buy-in rates during Fall2008 auctions, Fall2009 results point to a healthier market on the rebound.
-Big works still sell, but with lower price estimates. Experimental and large scale works by big names are not so easy to find a home (i.e. buyer) for.
“With the speculative era dead and gone, the market has become distinctly more affordable around the world and particularly in China: in the first half of 2008, the average price of contemporary works sold in China was $65,500. In the first half of 2009, this average fell to $26,800.”
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