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.
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.
About Artnet
Artnet has an unparalleled 55 million users annually, making it the largest global platform for fine art. Founded in 1989, Artnet has revolutionized the way people discover, research, and collect art today. Artnet's Data provides mission-critical resources for the art industry, encompassing more than 15 million auction results and AI- and ML-driven analytics, further driving transparency and insight into the art market. Artnet's marketplace connects leading galleries and auction houses with its global audience, offering a curated selection of over 250,000 artworks for sale worldwide. Artnet Auctions, the pioneering online-only auction platform, offers unprecedented reach, liquidity, and efficiency for 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. It is the single most-read news publication in the fine art industry, with a rapidly growing, dedicated audience. Together, Artnet's broad synergistic product offering provides a comprehensive ecosystem that drives and informs the modern art market.
Artnet AG is listed in the Prime Standard of the Frankfurt Stock Exchange, the segment with the highest transparency standards. The majority of operations are headquartered in New York at its wholly-owned subsidiary, Artnet Worldwide Corporation, a New York based entity founded in 1989. Artnet Worldwide Corp. owns a London based subsidiary, Artnet UK Ltd.
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SOURCE: artnet AG
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