Chinese Auction Analysis – Jan 2014
|Report Type||Auction Analysis|
The Chinese art auction market was up 28% in 2013
- In October and November 2013, Sotheby’s and Christie’s, achieved their best-ever performance in Asia. The two houses raised a total of $1.04 billion across all categories, more than 39% higher than last year’s spring season, and 12% higher than the previous market peak in spring 2011.
- Coinciding with its 40th anniversary, Sotheby’s Hong Kong sales raised $546 million (including buyer’s premium) against a pre-sale estimate of $369 to $565 million.
- Christie’s Hong Kong generated a total of $497 million across all categories, a 6% increase from spring 2013, but surpassed its previous record sale of $475 million in spring 2011.
- The two Chinese Mainland auction houses, Poly Auction and China Guardian, raised $834 million, which was 5% lower than spring 2013, and a 50% decrease compared to their record sales in spring 2011.
- Overall, the market share of the two biggest Chinese auction houses dropped from 54% in May 2013 to 44% in December 2013, giving Sotheby’s and Christie’s the first lead since autumn 2009.
- Auction sales of Chinese contemporary art has increased by 76%, up from $76.2 million in spring 2013 to $133.9 million in November 2013. The market share of Sotheby’s and Christie’s increased from 53% to 68% in the last 6 months in this segment.