Poly Auction 2014 H1 Revenues Up 24%

The good people at ArtNews have posted Poly Culture’s six months results for 2014 which show a 24% rise in revenues at Poly Auction from $68m to $84m. Overall auction sales seemed to be about 2/3 of a billion dollars:

Due to the impact from macro economy, Chinese artwork market still ranged at lows in the first half of 2014, with a modest yet more prudent recovery in turnover and, especially, a subdued transaction momentum for high-priced artworks. As such, the Group took initiatives to increase the supply of middle and low-priced auction items in line with market conditions.

In the first half of 2014, the Group achieved total auction turnover of approximately RMB4.1 billion [$666m], maintaining the leading position in the industry. Beijing Poly International Auction Co., Ltd. (“Poly Auction Beijing”) recorded auction turnover of approximately RMB3.188 billion [$517m] for the first half of 2014, securing its leadership in all segments with a balanced business mix. At the Spring Auction, it recorded auction turnover of RMB2.78 billion, ranking first for 12 consecutive times in the domestic large-scale artwork auctions. To proactively develop middle and low-end markets, Poly Auction Beijing also held auctions in Hainan and Zhejiang in the first half of the year while ensuring successful….