Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Reuters Continues to Argue Against Evidence of Strong Chinese Demand for Art

October 4, 2011 by Marion Maneker

Sotheby’s just held a huge sale of Chinese painting in the classical style with a 95% sell-through on HK$738,333,500 (US$94,831,555.) The high estimate for the sale was US$41m which means the sale doubled the high estimate. Nonetheless, Reuters’s editors want to play up their view that Chinese demand for art is faltering.

“What we can see is that in spite of the volatility in the stock market, there’s still very strong demand for quality works,” Patti Wong, Sotheby’s Asia Chairman told Reuters.

Whilst the Asian contemporary sales in Hong Kong saw around a fifth of works go unsold , the fine Chinese paintings sale only saw around 5 percent of lots failing to find buyers, in an auction hall dominated by mainland Chinese buyers.

During the 2008/09 financial crisis the once red-hot Chinese contemporary market corrected sharply, but more traditional collecting categories like Chinese imperial ceramics and classic paintings maintained their value far better, with top lots continuing to fetch record prices.

“Classical Chinese paintings aren’t affected by the economic situation,” said Tan Guobing, a Chinese dealer from Changsha in south-centralChina who bought a Huang Binhong ink landscape for HK$4.34 million amid stiff bidding. “The number of rich people in China keeps growing.”

Sotheby’s Fine Chinese Paintings Sale Bucks Rocky Markets (Reuters)

More from Art Market Monitor

  • How to Turn a $100 Print into a $20m CollectionHow to Turn a $100 Print into a $20m Collection
  • A Madonna for Mandarins
  • George Michael Finds a Cheerleader for British Art in DallasGeorge Michael Finds a Cheerleader for British Art in Dallas
  • Editioned Works Warm Up London for the Big MealEditioned Works Warm Up London for the Big Meal
  • Christie’s Million Imp-Mod Sale Shows Selective Market & Asian InterestChristie’s Million Imp-Mod Sale Shows Selective Market & Asian Interest
  • Schiele Shocks LondonSchiele Shocks London

Filed Under: General

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor