NEW YORK, NY / ACCESSWIRE / November 17, 2022 / Artnet, in collaboration with the China Association of Auctioneers (CAA), released the tenth edition of the Global Chinese Art Auction Market Report on November 14, 2022. The report analyzes the 2021 Chinese art auction market, providing transparency to a historically opaque section of the industry.
In 2021, as the global art auction market gradually recovered and adjusted from the pandemic, the market for Chinese art and antiques also rebounded, generating $7.4 billion in sales globally, an increase of 30% year over year. At its peak, total auction sales of Chinese art and antiques accounted for 50% of the global art auction sales. However, influenced by the slowdown of China's economic growth and the shifting geopolitical landscape, this market share has declined to 31% in 2021.
Additional key findings in the report include:
- Mainland China's sales reached $5.9 billion, a 36% increase year over year, which also impressively accounted for 79% of the global total sales value in this market. Overseas sales of Chinese art and antiques also achieved a 13% increase in 2021, reaching a total of $1.5 billion in sales.
- For the first time since 2010, Chinese Antiques and Artworks has the highest share of lots with 31%, slightly out-selling Fine Chinese Paintings and Calligraphy. Overseas, the market for the category saw an overall total sales value growth of 41%, representing the main driving force behind the increase in sales value of Chinese art sales overseas.
- In 2021, the total number of auction houses in mainland China reached 680, the highest ever. However, due to the repeated impact of Covid-19 as well as the macroeconomic downturn, only 202 active auction houses remained, 42% of which are based in Beijing, the center of China's auction scene. Overseas, active houses that offered Chinese Art and Antiques auctions also dropped from 372 to 355.
Click through to download the Artnet x CAA Global Chinese Art Auction Report.
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.
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SOURCE: artnet AGView source version on accesswire.com: