DJ artnet AG: Artnet and the China Association of Auctioneers Publish the Global Chinese Art Auction Market Report 2019
DGAP-Media / 2020-11-09 / 15:23
*Artnet and the China Association of Auctioneers Publish the Global Chinese
Art Auction Market Report 2019*
Amidst trade tension and uncertain tariff negotiations with the United
States, along with a slowdown in GDP growth in China, the Chinese art and
antiques market continued to contract in 2019 to a 10-year low.
*New York, November 9, 2020*-Artnet, in collaboration with the China
Association of Auctioneers (CAA), released the eighth edition of its global
Chinese Art Auction Market Report on November 9, 2020. The report analyzes
the 2019 Chinese art auction market, providing transparency to a
historically opaque industry.
In 2019, global auction sales for Chinese art and antiques continued to
decline, reaching the lowest level for the genre since 2010. Amidst
continued trade tension with the United States and a declining Chinese GDP
growth rate, the value of total auction sales in mainland China dropped by
10% to $3.7 billion, the lowest level since 2010. Overseas, the market also
experienced a 9% contraction year-over-year. However, some positive trends
emerged. European markets saw a significant increase in the volume of lots
offered and sold, while the category for 20th-Century and Contemporary
Chinese art had a strong performance in 2019, bolstered by the unwavering
enthusiasm of a younger generation of Chinese collectors.
Additional key findings in the report include:
- Global auction sales of Chinese art and antiques totaled $5.7 billion in
2019, decreasing 10% year-over-year (and marking the lowest amount
accumulated for the genre since 2010).
- Europe saw significant increases in lots offered and lots sold for the
genre, bringing its total global market share of lots sold for Chinese arts
and antiques to 29% in 2019. By contrast, North America's market share
decreased from 41% to 32% year-over-year.
- The average price for 20th-Century and Contemporary Chinese art soared in
mainland China, up by 23% year-over-year. Overseas, total sales value for
the category reached a 9-year high in 2019.
- The number of lots sold for Fine Chinese Paintings and Calligraphy dropped
by 10% year-over-year, almost halving in volume from 2013. The collecting
category also dropped overseas, as total sales value dropped to a 7-year
low.
- Due to a contraction in the number of top quality consignments available
in this economic environment, the number of lots sold at ¥100 million ($14.4
million) and above decreased globally, declining by almost a third
year-over-year.
To download a copy of the _2019 Global Chinese Art Auction Market Report_,
click here [1].
*About Artnet*
Artnet is the leading resource for buying, selling, and researching art
online. Founded in 1989, Artnet's suite of industry-leading products has
revolutionized the way people 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 Auctions was the first dedicated online marketplace for fine
art, providing a seamless and efficient collecting experience for both
buyers and sellers. Artnet News covers the events, trends, and people
shaping the global art market with up-to-the-minute analysis and expert
commentary.
Artnet AG is listed in the Prime Standard of the Frankfurt Stock Exchange,
the segment with the highest transparency standards.
*About CAA*
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.
End of Media Release
Issuer: artnet AG
Key word(s): Art
2020-11-09 Dissemination of a Press Release, transmitted by DGAP - a service
of EQS Group AG.
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Language: English
Company: artnet AG
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10969 Berlin
Germany
Phone: +49 (0)30 20 91 78 -0
Fax: +49 (0)30 20 91 78 -29
E-mail: info@artnet.de
Internet: www.artnet.de
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Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate
Exchange
EQS News ID: 1146621
End of News DGAP Media
1146621 2020-11-09
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=69997d63422388ab5bdcae7ca1dc31b0&application_id=1146621&site_id=vwd&application_name=news
(END) Dow Jones Newswires
November 09, 2020 09:23 ET (14:23 GMT)
