Artnet’s report on the Chinese market is out and the highlights are here along with a link to the full report:

— Sales of Chinese Art and Antiques shrunk 35% by value sold worldwide in 2012 due to the rapidly contracting market in mainland China.

— In 2012, the market for art and antiques in mainland China was roughly half the size of the market in 2011.

— Even while the market was contracting by value, the number of auction houses offering works in this category grew by roughly 10% in 2012.

— In mainland China, Chinese painting and calligraphy represented two-thirds of the market by value, with over 125,000 works sold. Overseas, the market was primarily dominated by Chinese porcelain, jade, and miscellaneous works of art, which accounted for 60% of the market by value.

— In 2012, the average price for works sold in mainland China dropped considerably, while prices remained relatively stable overseas.

— In 2012, 410 works sold for more than CN¥10 million at auction. This number decreased dramatically from the 831 lots sold in this price range the previous year.

artnet & CAA.