International sales of Chinese art declineAugust 22, 2017
Market for Chinese art and antiques increasingly concentrated towards Asia
Sales of Chinese art and antiques in auction houses in the U.S. and Europe declined last year, according to a study by artnet and the China Association of Auctioneers. The report suggests that the market is becoming increasingly concentrated towards Asia.
While in 2011, 33 percent of artworks sold in the U.S. and Europe were Chinese, this figure dropped to 21 percent in 2016. This is partly due to eight fewer international auction houses offering Chinese art and antique lots in 2016 than in 2015. Overall, auction sales of Chinese art and antiques totaled US$ 6.7 billion worldwide in 2016, a decline of five percent on the previous year.
However, in mainland China in 2016, more art and antiques were sold by value than anywhere else in the world. A factor driving this increase is the growth at the top-end of the Chinese market last year; 29 percent of lots valued at above US$ 92,000 were sold in China.