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)
