China looks to take next step in global art world

A Qing Dynasty (1644-1911) painting album of Chinese roses fetches 173.6 million yuan ($22 million) at a Beijing auction. [Photo provided to China Daily]

High prices

Last year, Chinese auctions saw several expensive sales in the classical Chinese paintings and antiques market. A 14th-century colored ink-brush painting went for more than 303 million yuan ($44 million) in a December sale in Beijing. A 15th-century blue-and-white dragon-patterned jar grossed HK$158 million ($20 million) in a Hong Kong sale.

Works of 20th-century ink-brush masters also hit mind-boggling heights. Fu Baoshi's The God of Rain and The Lord of Fate, and Zhang Daqian's Peach Blossoms each sold for more than 220 million yuan, ranking them among the top three Chinese paintings at auction last year.

The annual report of the China Association of Auctioneers shows that there were about 436 houses in the mainland's art and antiques auction market by the end of 2015.

According to the Art Basel and UBS report, auction sales dominated the market in China, with a share of almost 68 percent by value.

Ji Tao, an art market observer in Beijing, said China's art auction market is immature in terms of scope and scale when compared with those in the US and Europe, and it needs to become more globalized to narrow the gap with those dominant markets.

He said almost all the objects in domestic salesrooms are Chinese works of art and antiquity, while buyers can find a variety of pieces from across the world at auctions in New York, London and other art hubs, which have attracted Chinese buyers who are diversifying their cultural properties.

"What the domestic market offers is quite homogeneous, but it means the homegrown market has great potential to develop into a global art trade center," Ji said.

To achieve that goal, which is a long-term commitment, Chinese auction houses should also expand their domestic brand influence to the international stage.

According to the Art Basel and UBS market report, three Chinese auction houses－Poly, Guardian and Council, which all arrange sales in the Chinese mainland and Hong Kong－are ranked in the highest tier, based on reported total sales at public auctions. They come after Christie's and Sotheby's, the long-time market leaders which have histories of more than 250 years.