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.