artnet AG Artnet and the China Association of Auctioneers Publish the Global Chinese Art Auction Market Report 2019
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.