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Global Chinese Art Auction Mar G L O B A L C H I N E S E A R T A U C T I O N MA R K E T R E P O R T 2 0 1 5 Table of Contents Foreword . 4 About artnet . 5 About the China Association of Auctioneers (CAA) . 6 Key Findings . 7 1 The Chinese Art Market in 2015 . 11 1 .1 Market Overview . 12 1 .2 Mainland China Market . 13 1 .3 Overseas Market . 16 1 .4 Market Structure . 19 2 Lot Composition and Price Distribution . 21 2 .1 Performance by Sector . 22 2 .2 Performance by Price Segments . 26 Appendix 1: 2015 List of Global Chinese Antiques and Art Auction Houses . 29 Appendix 2: 2015 List of Lots Sold for Over 10 Million RMB . 70 Notes . 127 Contact . 130 4 Global Chinese Art Auction Market Report 2015 Foreword artnet and the China Association of Auctioneers (CAA) Over the past 10 years, the Chinese art market has seen are pleased to present the fourth edition of the Global both tremendous growth and volatilities, reaching a size Chinese Art Auction Market Report, offering together an large enough to majorly impact the global auction market . in-depth look at the market for Chinese art in 2015 . At the same time, the overseas sales of Chinese art has also more than quadrupled since 2009, with an unexpect- In a continued effort to present the most accurate repre- edly strong growth in 2015 even as the mainland market sentation of the auction market in China, artnet has again went through a cooling period . Together, the global sales partnered with the CAA to produce a definitive study of of Chinese art accounted for almost a third of the global the market, which only these two trusted organizations art auction market in 2015 . By providing detailed analysis can provide . of reliable market data, coupled with a macro view of the global auction industry, the report aims to foster a deeper The Global Chinese Art Auction Market Report is the only understanding of this fascinating market, which continues report of its kind to publish auction results from mainland to be one of the most interesting developments in modern China that have been vetted by a third-party organization art auction history . with insider knowledge of the state of the market in China . The 2015 edition of the report continues to examine the Once again, we at artnet and the CAA would like to ex- global sale of Chinese art, emphasizing quality and accu- press our sincere gratitude to all who have made this racy of the data, with the goal of creating a new standard report possible . of transparency . ©2016 Artnet Worldwide Corporation. ©2016 China Association of Auctioneers. All rights reserved. Global Chinese Art Auction Market Report 2015 5 About artnet artnet is the leading place to buy, sell, and research fine artnet was also the first to pioneer an online auctions art, design, and decorative art online . platform exclusively dedicated to fine art, forming artnet Auctions in 2008 . With artnet Auctions, collectors can artnet was founded in 1989 with the goal of bringing trans- both buy and sell art 24/7, with instant turnaround and parency to the art world . In the past, the lack of objective lower commissions . price information created a barrier for buyers and hindered the market from growing . The art world has always been The newest branch of our valuation products, Analytics international, however, it was historically managed locally Reports, offers customized reports that delve into cur- in relatively inefficient markets by tens of thousands of rent market events and trends . By allowing users to gain geographically disparate art dealers, galleries, auction a deeper understanding of the art market, they can make houses, book publishers, museums, and collectors . better-informed investment decisions . For over 27 years, artnet has worked to transform the In February 2014, artnet launched a global art newswire: market . We provide a range of services to connect buyers artnet News . A one-stop platform for the events, trends, and sellers online, and offer a suite of valuation tools to and people that shape the art market and global art in- make market information instantly accessible . dustry, artnet News provides up-to-the-minute analysis and commentary, with the highest possible standards in The Price Database provides users with a global stan- cultural journalism . Launched in March 2015, artnet News dard of price comparison . The database includes over China delivers the same high-quality, timely content in 10 million auction results compiled from more than Chinese, and publishes original news for the local and 1,700 international auction houses dating back to 1985 . regional Chinese-speaking audience . Another pillar of the artnet business is the Gallery Net- In 1999, artnet went public in Germany . Since 2007, work, which was introduced in 1995 . As the largest artnet has been listed in the Prime Standard of the network of its kind, this product features approximately Frankfurt Stock Exchange, the segment with the high est 170,000 artworks by nearly 35,000 artists and offers the transparency standards . world’s most comprehensive overview of artworks avail- able for purchase . artnet remains the undisputed leader of the art world on- line . As the market continues to evolve and expand, artnet will continue connecting millions of people around the world with the artworks they love . ©2016 Artnet Worldwide Corporation. ©2016 China Association of Auctioneers. All rights reserved. 6 Global Chinese Art Auction Market Report 2015 About the China Association of Auctioneers (CAA) The China Association of Auctioneers (CAA) is the only China’s Ministry of Commerce issued the Standard for national association of the auction industry in China . Its Auction of Cultural Relics and Art Works in 2010 . Draft- functions include auctioneers administration, auction ed by CAA, this document marked the beginning of the house regulation, and industry supervision, as well as standardization of China’s art auction industry . Today, the business promotion, policy coordination, information ser- industry is regulated by one national standard and five vices, and consulting . industry codes of practice . Established in 1995, the CAA has been the most import- Since 2012, the CAA has continued its promoting stan- ant platform for fostering connections within China and dardization in the industry by vetting auction houses in with the rest of the world, making every effort to promote mainland China according to the Standard for Auction the development of China’s auction industry and auction of Cultural Relics and Art Works, marking the shift from market . Revitalized in 1986 and now led by the CAA, the quantity-driven to quality-driven growth . So far, 56 an- Chinese auction industry has entered a new era . tiques and art auction houses have been certified as meeting the industry standard . In 1996, the Auction Law of the People’s Republic of China was issued under the promotion of CAA . As the The CAA partnered with artnet in 2014 to successfully first auction law in China, it laid a solid foundation for the co-host an international summit, The Chinese Art Market: standardization of China’s auction industry . Present and Future, in New York . During the summit, the CAA proposed the establishment of an international auc- In 1997, the CAA designated the first group of national tioneers association . certified auctioneers . Currently, 12,659 national auction- eers have been trained and certified, and serve as the In 2015, the CAA completed the framework of a credit backbone of the industry . system and an international platform for the antiques and art auction market in China, thus establishing the founda- The number of CAA’s auction house members had tion for sustainable growth and a global strategy for the reached 1,000 in 2005 . Today, it contains over 2,500 industry . members and represents 80% of the market share, includ- ing the most well-known and prestigious auction houses In the future, as China’s auction industry continues to from mainland China . expand worldwide, the CAA will play a leading role in building the platform for international communication by working with fellow organizations, thereby promoting inte- gration and development of the global auction market . ©2016 Artnet Worldwide Corporation. ©2016 China Association of Auctioneers. All rights reserved. Key Findings 8 Global Chinese Art Auction Market Report 2015 Key Findings 1 . The slowdown of the Chinese art auction market 6 . As the market contracted in mainland China, the continued in 2015, as the global total sales value de- market share held by the top five auction houses con- clined by 9% year-on-year to $7 1. billion . Despite this tinued to increase over the past three years (from 47% downturn, the market still represents 32% of the total in 2013 to 55% in 2015), taking shares mainly from the global auction market . lower end of the market, as fewer smaller houses held sales during this difficult economic period . 2 . The total sales value in mainland China continued to decline in 2015 ($4 4. billion, or down 19% from 2014), 7 . Driven by an increase in demand, the overseas mar- reaching under its 2012 low . ket for Chinese art reached a historic high in 2015, totaling $2 6. billion in sales and reaching a size more 3 . The number of auction houses that offer Chinese art than half that of mainland China for the first time . The in mainland China declined to 274 . This is 18 fewer average sale price increased by 8% year-on-year to houses than in 2014, and marks the first time that $54,265, the highest level in four years (as compared the number of active houses in mainland China has to $17,697 in mainland China) .
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