The Chinese Art Market In 2013
The Chinese Art Market In 2013
Y 2012 was a complex and challenging year for major international auction houses and domestic Chinese art auction houses in Hong Kong and Mainland China, coming off a strong Y 2011 during which the Chinese art market grew to CNY 211-B (US$33.8-B).
Now, with leading collectors holding their artwork and antiques tightly due a slower macroeconomic climate, auction houses finding it more difficult to procure top-quality artwork, and Mainland Chinese collectors are put off by punitive import taxes, bidding at high-profile auctions is restrained, as Chinese collectors focused on proven works by blue-chip artists, ignoring lesser works by the same artists.
The Chinese auction houses like China Guardian and Beijing Poly kicked off their expansion efforts last year, taking on established players like Sotheby’s NYSE:BID and Christie’s in Hong Kong.
In its 1st ever sale in Hong Kong last fall, China Guardian raised an impressive HK$354-M (US$45.7-M), indicating that the new entrants to the market are not to be taken lightly.
Now, what will happen this year. The experts day that it is difficult to make predictions when Chinese art collectors are so nebulous, geographically diffuse, and motivated by so many factors.
What they are saying is they expect 5 trends to intensify in Y 2013: rising confidence; market maturation; intact motivations; more serious collectors and fewer speculators; and greater scarcity of top works to influence prices.
As Carson Chan, managing director of Bonhams Asia, said last September that the recent bidding habits of Chinese collectors are now buying more carefully and more selectively…They will only invest in pieces that have both a historical significance and art value. So you have to have extremely clean provenance and background, and this goes across the board between paintings and ceramics.”
Jing Daily noted that Chinese bidders tend to be very pragmatic, and with speculators increasingly being shaken out of the market, and the majority of purchases at auction are made by serious long-term collectors, intent on buying as a true investment rather than something turn near term profits on aka “Flip.”
- A Warhol Painting Is the Star of Christie’s New York Auction
May 18, 2013
- May Art Auctions in Expect $1.3-B in Sales
May 7, 2013
- Bottega Veneta Sponsors Chinese Contemporary Art Exhibition
May 2, 2013
- France’s Pinault Family Returns to China $40-M Disputed Bronzes
April 27, 2013
- Picasso La Reve: Investing in Art
April 21, 2013
Heffernan Capital Management
Business Development Director – Private Client Group,
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
Best Hedge Funds 2013
Working with some of the World’s largest financial institutions HCM’s goal is to provide portfolio returns that exceed the S&P 500 Index benchmark while …
UAE Economy Seeing a Spring Boom
Driven by stable high Crude Oil prices, tourism, diversification and a liberal trade policy, the United Arab Emirates (UAE) witnesses an unprecedented …
Chancery Resources Inc (OTCMKTS:CCRY) Trade Alert
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) …
The Hot List
Enviro-Serv Inc (OTCMKTS:EVSV), Medical Marijuana Inc (OTCMKTS:MJNA)
Enviro-Serv Inc (OTCMKTS:EVSV)
EVSV had a stellar dy yesterday, ut it looks like it is just the begining of big things, good …