Art Market Monitor

Global Coverage ~ Unique Analysis

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

China’s Market Contraction Frustrates Buyers

May 6, 2013 by Marion Maneker

Trading volume in Chinese art dropped 25% in final quarter of last year, one of the repercussions was was anger and frustration among speculators:

The decline in prices and trading volume is symbolized by a true event, recounted by Kou Qin,vice-president of China Guardian Auctions. The story has a humorous ring to it, but it has had a chillingeffect on buyers and sellers.

A client of China Guardians, who had bid 10 millionyuan for a valuable bronze pot, arrived at Kou’s officethe day after the deal had been made. The client,from Shanxi province, bid for the objet d’ art alongwith several other items, backed by a large amount ofmoney loaned by a couple of friends. Sadly, he had overbid massively and had nowhere near enough capital to settle the bill for the 10 million yuan antique.He had hoped to sell the other items quickly and at a markup, to furnish himself with the funds for the pot,while making a tidy profit.

However, when he arrived at Kou’s office, he was forced to admit that he couldn’t afford the item andwanted to return it. Having lost most of his initial capital, the man had fallen out with his friends, whohad, in turn, extracted a brutal revenge. He lifted his shirt a little to show Kou the marks and wounds left bythe severe beating he had endured from his- now furious friends.

Falling sales paint a bleak picture for China’s artmarket (China Daily)

More from Art Market Monitor

  • Vernissage TV: Gustave CourbetVernissage TV: Gustave Courbet
  • The Science of the CircleThe Science of the Circle
  • Global Buyers Now Dictate Price Even as They Follow European TasteGlobal Buyers Now Dictate Price Even as They Follow European Taste
  • Albright-Knox Gets the Estate of Marisol Albright-Knox Gets the Estate of Marisol 
  • Art Market Confidence Goes Negative But Not for $1m+ WorksArt Market Confidence Goes Negative But Not for $1m+ Works
  • Diamond Prices Goosed by Arab SpringDiamond Prices Goosed by Arab Spring

Filed Under: Emerging Markets

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