Expansion of economic power for the last decade
During the last decade, the relation between the supply and demand is getting stronger, revitalized the Chinese market – which knew a 900 % growth in ten years according to the reportTEFAF. This growth joins in a wider context of economic success. Despite of a slowing down in 2012 and a stagnation in 2013, the growth of the country was on average 10 % a year from(since) the beginning of 2000s.
According to the marker research in China. In succession, the GDP(Gross Domestic Product) per capita increased by 450 %, causing an explosion of the HNWI (High-net-worth-individual: people having superior assets (in $1M). According to the report, this new class carries a very strong interest for luxury markets, resulting in a strong growth of the sales of antiques(antiquities) and Chinese art.
The report of the TEFAF structures the market of the Chinese art in two poles: the sector of the bids – Which(who) represents approximately 70 % of the market – and the sector of galleries and traders. The report(relationship) states the existence of 335 houses of sales in mainland China – listed by Chinese Auctioneers Association ( CAA) – among which 28 % are based in Beijing, 14 % in Shanghai and 14 % in Hong-Kong. Both Chinese nerve centers are Beijing and Hong-Kong. It is however Shanghai and Beijing that benefit most openings of houses of sales.
Huge growth of consumption of artistic productions
In 2013, the sales volume by auction increased by 8 % with regard to(compared with) 2012. The rate of unsold articles remain however constantly high and 2013 even saw the record of decade, with a reaching(affecting) rate of 53%.
The majority of the Chinese auctions dedicated the segment of the fine arts(School of Fine Arts) (66 %). The Chinese paint(painting) and the calligraphy turned out to be the most sought(studied) media, representing 56 % of the market in value.
The collectors being interested in the oil paint(painting) showed a strong preference for the more former(older) and realistic works – with records for the works of the artists Jin Sangyi or Qiu Ti in 2013. The sales of the works of Zeng Fanzhi remained dynamic, whereas the works of established contemporary artists – Zhang Xiaogang, Wang Guangyi, Zhou Chunya, Yue Minjun and Liu Ye – had more “reserved” results.