Tuesday, March 6, 2012

Artprice figures highlight huge growth of Chinese art market


The latest Artprice report updates China's growing strength in the global art market. China's share of art auction sales is 41.4% of sales ahead of the US (26%) and the UK (19.4%). Of the ten top-selling artists at auction, six are Chinese, says the report. In 2011 Chinese artist Zhang Daqian ousted Picasso to take the No.1 position on the world auction market, generating $506m in auction sales, followed by compatriot Qi Baishi on $445.1m.
Image: Lotus and Mandarin ducks by Zhang Daqian which fetched HK191m ($24.5m) at Sotheby's in Hong Kong in May 2011