The Chinese Are Already Here

Chinese auction house China Guardian is opening a New York office but their representatives have been hard at work here in the US for several years, according to the Wall Street Journal:

China Guardian is sourcing in New York, but it won’t be selling here. All of its auctions are held in Beijing, where there is much higher demand for traditional Chinese art and a stronger market, said Kou Qin, a director and vice president. About 40% of the pieces in China Guardian auction lots are sourced from the U.S., Europe and Australia.

“Ninety percent of our buyers are mainland Chinese, but it is the same situation for the whole Chinese art market,” Mr. Kou said. “The Chinese art market is booming very rapidly and the prices are going up, so of course Chinese art works can be sold at a higher price in China.”  […]

“The story of the last decade is the increasing dominance of Chinese buyers at Chinese art auctions,” said New York dealer James Lally. “When one attends auctions in London or New York or Hong Kong, one tends to see the same faces, and see the same content and general results. More than ever now we have Chinese buyers…allowed by the government to attend sales elsewhere. There’s really one international market for Chinese art.”

Talk spread this summer of both China Guardian and competitor Beijing Poly International Auction Co. opening offices in New York by year’s end. A Beijing Poly representative confirmed plans to have a sourcing liaison in New York, but said a specific site or date had not yet been set.

Chinese Boost Art-Market Presence (Wall Street Journal)