China Daily reports that China’s auction market dropped by 50% comparing the second half of 2007 to 2nd half of 2008. But using the numbers reported, this chart shows an orderly decline that predates the world financial crisis:

Transaction volume in the second half of 2008 was estimated to reach 7 to 8 billion yuan, compared to 16.12 billion yuan ($2.35 billion) a year earlier, according to a report issued by Art Market Research Center of China Central Academy of Fine Arts (CCAFA).

The transaction volume in the first half of 2008 was 11.58 billion yuan. The transaction volume of the 4 major auction companies in China, China Guardian, Poly international, Beijing Council and Xiling Auction, decreased by 56 percent from 2.5 billion yuan in the spring to 1.1 billion yuan in the autumn.

China’s Auction Market Still on Downturn Spiral (China Daily)