Chinese artist Zhang Daqian has ousted Picasso to take the No.1 position on the world auction market. Artprice reports Zhang generated $506m in auction revenue in 2011 followed by compatriot Qi Baishi on $445.1m. Warhol took third place with auction sales of $324.8m followed by Picasso on $311.6m. Fifth slot was occupied by another Chinese artist, Xu Beihong who tallied $212.9m.
The change reflects China's growing strength in the global art market. Of the approximately 11 billion total works revenue for fine art last year, China's share was 39%, up from 33% the year before. Artprice said. The USA was in second place with 25%.
Image: Lotus and Mandarin ducks by Zhang Daqian which fetched HK191m ($24.5m) at Sotheby's in Hong Kong in May 2011
