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China Guardian & Poly Auction Houses See Strong Growth in Weak Chinese Market

June 18, 2013 by Marion Maneker

Poly Beijing Auction

The Financial Times offers some interesting numbers on the global art market. China’s sales volume dropped 50% in the first three months of this year, according to the French Conseil des Ventes. And yet, the FT projects the two leading Chinese auction houses are seeing strong growth:

Artnet figures for the period January 1 to May 31 2013 show that Poly’s sales are up 213 per cent, selling $93.8m so far this year. China Guardian’s sales are up 47.4 per cent to $369.6m in the same period.

Are Poly and China Guardian gaining at the expense of others or is that 50% drop in value not year-over-year? Either way, the numbers are curious. The Conseil des Ventes report comes out this month. Perhaps a more detailed explanation will emerge.

Chinese contenders pose challenges as they gain status (Financial Times)

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Filed Under: Economic Trends

About Marion Maneker

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