Chinese Art Market Confidence Report – January 2014
|Report Type||Confidence Survey|
Chinese art market confidence on the increase and signals a positive outlook for 2014
- Positive outlook: An 8.4% increase in confidence among experts, signals a positive start to the Chinese contemporary art market in 2014.
- Auction market recovery: ArtTactic 2013 predictions of a recovery in the Chinese art market came through, as overall auction sales (all categories) in 2013 came in at $3.51 billion, up from $2.74 billion in 2012 (27.8% increase).
- Contemporary auction sales comes close to previous peak: Auction sales of Chinese Contemporary art saw an even stronger positive trend, with auction sales increasing by 69% between 2012 and 2013, and is just 14% lower than the peak of the market in spring 2011.
- Fear of art market downturn fades away: The increase in market confidence in the last 6 months has been universal across both primary market and secondary market. Recent recovery in the Chinese art market is likely to raise buyer confidence and reduce fear of a prolonged downturn
- The only way is up: 70% of experts believe that the Chinese Contemporary art market will go up in the next 6 months (against 18% in April 2013); 19% believe that the market will remain flat (against 70% six months ago) and the remaining 9% believe the market will come down (against 12% in April 2013).
- Appetite for high-end lots: The $1 million plus price category has seen confidence increasing by more than 20% since April 2013, and the $500,000 to $1 million price range saw an even greater jump of 86%.
- Short-term artist confidence ranking: Liu Wei (B. 1972) has moved into top position (up from 6th in April 2013). Qiu Zhijie is in number two, and Zeng Fanzhi has jumped 6 places into 3rd place. Ai Weiwei is back in the Top 10, up from 12th place in April 2013. Cai Guoqiang has also entered the Top 10, up from 13th place 6 months ago.
- Long-term artist confidence ranking: Among the top 15 artists that the experts believe will stand the test of time are: Cai Guoqiang,Yang Fudong, Liu Wei (B. 1972), Ai Weiwei, Liu Xiaodong, Zhang Xiaogang, Qiu Zhijie, Xu Bing, Zhang Peili, Zhang Huan, Zeng Fanzhi, Song Dong, Zhan Wang, Xu Zhen and Gu Wenda.