artnet AG: artnet and the China Association of Auctioneers Publish the Global Chinese Art Auction Market Report 2017
artnet and the China Association of Auctioneers Publish the Global Chinese Art Auction Market Report 2017 Growth in the ultra-high-end sector brought the market for Chinese art to $7.1 billion last year
New York, August 10, 2018-artnet, in collaboration with the China Association of Auctioneers (CAA), released the sixth edition of its Global Chinese Art Auction Market Report on August 9, 2018.
The report analyzes the 2017 Chinese auction market, providing transparency for a historically opaque marketplace. The collaboration between artnet and the CAA also offers the chance for both organizations to share their data, which artnet uses to improve its Price Database-further solidifying its position as the most accurate record of the auction market for Chinese art.
The forthcoming edition of the report found that global auction sales of Chinese art and antiques totaled $7.1 billion in 2017. This represents a 7% year-over-year increase, despite an expectation for a stronger market rebound.
In 2017, the demand for top-quality lots was stronger than ever, with 38 works selling for ¥100 million ($14.2 million) or more. However, despite growth at the ultra-high-end of the market, smaller auction houses are still struggling to make ends meet. Last year there were over 200 mainland Chinese auction houses in hibernation-having had no sales scheduled for the past year-as compared to 86 in 2011.
Key Findings Highlights:
- A work by a Chinese artist, Qi Baishi, sold for over $100 million for the first time, joining the ranks of Picasso, Modigliani, Bacon, and Munch. This and other major sales were buoyed by the burgeoning private museum sector hungry for blockbuster artworks to fill their collections.
- North America saw a 62% increase in the total sales value of Chinese art and antiques year-over-year, largely bolstered by a single auction, "Important Chinese Art from the Fujita Museum" at Christie's New York. This landmark auction garnered over $262 million USD (¥1,844,840,720) in one night alone-more than what North America sold in Chinese art and antiques over the entire previous year.
- However, even as the market increasingly turns towards high-end art and antiques, payment default or delay remains an ongoing issue in mainland China. Among all lots sold in 2017, the percentage of the total sales value paid as of May 15, 2018 dropped to 49%, the lowest since 2011. Of the 18 lots sold above ¥100 million ($14.2 million), only two were paid in full as of May 15, 2018.
- The sell-through rate of Chinese art and antiques overseas saw a significant dip in 2017, continuing the overall downward trend of the past few years. It decreased from 69% (close to the United States' average of 70%) in 2011 to 47% in 2017, dropping below mainland China's sell-through rate for the first time.
- The market for the 20th-Century and Contemporary Chinese Art collecting category remained strong overseas. As the market downsized and the quality of lots rose, the average price increased by 19% to reach $207,423 (¥1,458,182), thereby exceeding the previous market peak in 2011.
- The average price for the collecting category of Fine Chinese Paintings and Calligraphy also reached a historic high at $32,855 (¥230,971) in mainland China, largely due to the boom in the high-end market. The middle market continues to shrink in size, and the overall sell-through rate dropped to its lowest level since 2010.
About artnet artnet is the leading resource for buying, selling, and researching art online. Founded in 1989, artnet's suite of industry-leading products has revolutionized the way people collect art today. The Price Database contains over 12 million auction results from more than 1,800 auction houses dating back to 1985, providing an unparalleled level of transparency to the art market. The Gallery Network platform connects leading galleries with collectors from around the world, offering the most comprehensive overview of artworks for sale. artnet Auctions was the first dedicated online marketplace for fine art, providing a seamless and efficient collecting experience for both buyers and sellers. artnet News covers the events, trends, and people shaping the global art market with up-to-the-minute analysis and expert commentary.
About the China Association of Auctioneers (CAA) The China Association of Auctioneers (CAA) is the only national association of the auction industry in China. The CAA is involved in regulating and supervising registered auction houses according to the laws outlined in the Auction Law of the People's Republic of China. Established in 1995, the CAA is the most important platform for fostering art market connections within China and with the rest of the world, making every effort to promote the development of China's auction industry and auction market.
End of Media Release Issuer: artnet AG Key word(s): Art
10.08.2018 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: artnet AG Oranienstraße 164 10969 Berlin
Germany Phone: +49 (0)30 20 91 78 -0 Fax: +49 (0)30 20 91 78 -29 E-mail: email@example.com Internet: www.artnet.de ISIN: DE000A1K0375 WKN: A1K037 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange End of News DGAP Media