The ninth edition of the Global Chinese Art Auction Market Report, a partnership between Artnet and the China Association of Auctioneers (CAA), has revealed that despite the pandemic’s challenges, the market for Chinese art and antiques remained strong in 2020. The market generated $5.7 billion in auction sales worldwide, with mainland China leading the way with a 15 percent increase to reach $4.4 billion in total auction sales.
The report also showed a significant increase in the market for ultra-high-end art, with 28 Chinese artworks priced at $14.5 million and above sold at auction, more than five times the number in 2013. This growth was driven by mainland China, where 17 lots found buyers in 2020, compared to eight in 2019. Overseas, 11 artworks were sold at auction over $14.5 million each, making this price bracket the only market sector to increase in volume, year-over-year.
Despite a decline in sales value in Asia and North America by 31 percent and 44 percent, respectively, Europe’s contraction was less severe, decreasing in sales value by 16 percent year-over-year but expanding in market share of lots sold from 30 percent in 2019 to 37 percent in 2020. This reflects the region’s potentially increasing interest in Chinese art and antiques.
The annual report provides an in-depth look at the market by analyzing its overall volume and size, sector trends, and key players. Over the past nine years, data from mainland China provided by the CAA has also been integrated into the Artnet Price Database, making auction results from China readily available to the rest of the world.
The pandemic led to technological advances in online bidding and online-only auctions. In 2021, mainland auction houses hosted more than 5,800 online-only sales, an increase of 6 percent in total sales volume.
Overall, the report showcases the resilience of the Chinese art and antiques market during the pandemic, highlighting the market’s ability to adapt to new challenges and find new ways to thrive.
The ninth edition of the Global Chinese Art Auction Market Report, a partnership between Artnet and the China Association of Auctioneers (CAA), has revealed that despite the pandemic’s challenges, the market for Chinese art and antiques remained strong in 2020. The market generated $5.7 billion in auction sales worldwide, with mainland China leading the way with a 15 percent increase to reach $4.4 billion in total auction sales.
