NEW YORK, US - EQS Newswire - 29 November 2021 - Artnet, in collaboration with the China Association of Auctioneers (CAA), released the ninth edition of its global Chinese Art Auction Market Report. The report analyzes the 2020 Chinese art auction market, providing transparency to a historically opaque industry.
In 2020, amid expectations of a major market contraction, global auction sales of Chinese art and antiques decreased by only 0.5% year-over-year, generating $5.7 billion in sales. As the first country to be affected by the global health crisis, mainland China's rapid and aggressive recovery from the pandemic garnered a total of $4.4 billion in auction sales, an impressive 15% increase from 2019. However, outside of mainland China, the market for Chinese art and antiques shrunk by almost a third.
Additional key findings in the report include:
- Asia and North America experienced declines in sales value of 31% and 44%, respectively. Meanwhile, Europe's contraction was less severe, decreasing in sales value by 16% year-over-year but expanding in market share of lots sold from 30% in 2019 to 37% in 2020.
- 20th-Century and Contemporary Chinese art continued to show promise, with a strong performance globally. Total sales for the category in mainland China expanded by 31% year-over-year, reaching a 9-year high. Overseas, the average price for the category reached $244k, an impressive 10-year peak.
- The number of lots sold for Fine Chinese Paintings and Calligraphy in mainland China reached an 11-year low in 2020. Overseas, the market for the category halved, as both the volume of lots offered and sold shrunk by 50% year-over-year.
- Payment default remains an ongoing issue in mainland China. As of May 15, 2021, the percentage of total sales value paid for lots sold in 2020 dropped to 47%. For high-priced lots, where partial and delayed payments are common, the percentage of lots sold dropped to 34% in 2020.
With 24/7 worldwide bidding, Artnet Auctions is the leading online-only marketplace for buying and selling fine art. New bidders, buyers, and consignors across categories, geographies, and demographics entrust Artnet Auctions with their needs. More artworks are offered and traded digitally than ever before and Artnet Auctions' efficiency, digitally native operation, quick turnaround, and continuous sales throughout the year are unmatched in the industry. The auction platform allows for immediate transactions, with a seamless flow between sellers, specialists, and collectors. Complementing the online auctions, Artnet is the leading resource for researching art online. Founded in 1989, Artnet's suite of industry-leading products has revolutionized the way people discover and collect art today. The Price Database contains more than 14 million auction results from 1,900 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 News covers the events, trends, and people shaping the global art market with up -to-the-minute analysis and expert commentary.
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Established in 1995, 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.