Economy

Asian art market sizzles

By Kelly Chung Dawson (China Daily)
Updated: 2011-04-04 10:25

A Christie's sale of Chinese porcelain and craftwork held in New York. Jin Yan / For China Daily

I.M. Chait, owner and founder of Chait Gallery/Auctioneers, a California-based auction house that has been in the business of buying and selling Chinese art for over 40 years, says that there were rumors that the vase's sale price had been pushed artificially by various auction houses to set a high precedent that didn't reflect the vase's actual market value. This is a common practice, he says.

Regardless, prices of Chinese art pieces have undeniably jumped, he says.

"There is no ceiling of where these things can go in terms of price," Chait says. "There is no global recession in China. Their economy is growing by leaps and bounds and will continue to do so, I believe."

The global art market has also been influenced considerably by the Internet, he says.

"There are no longer any hidden treasures to be found in auctions as everyone uses the Internet," he says. "The big caveat is that because prices have skyrocketed, there are a great number of copies on the market."

Chait makes it a point to visit China several times a year specifically to inspect copies, he says.

Both auction houses expect Chinese buyers to expand out of the Chinese market. "As the purchasing power of collectors grow, they have become more sophisticated, discerning and 'hungry', especially at the top end, resulting in the buoyancy and confidence in this market," Ching says. "We've seen an expansion of collecting taste in Chinese buyers."

Stone also reports that Chinese buyers are branching out into Western and contemporary art.

"Although many Chinese buyers begin with Chinese art because they are familiar with the subject matter and the background and they wish to own rare and exquisite art from their own culture, they have been increasingly active in other collecting categories as their familiarity with other cultures increases," he says.

Related readings:  Artprice: China's art auction revenue ranks No 1  Collectors in high spirits  Looking beyond paintings  Lens turned on high art

For example, in Christy's New York sales, the company has seen an increase in Chinese purchasing in categories including Impressionist & Modern Art, Post-War, European decorative arts, and interiors. London and Paris sales have seen the same trend, he says.

"I think we're going to see new records set," Long says of a just-announced upcoming Sotheby's sale in Hong Kong this April of contemporary pieces from The Ullens Collection, and additional pieces of Imperial Porcelain from the Meiyintang Collection. The company estimates to bring in over $300 million in a sale "of historic importance", according to Sotheby's annual report.

"The Chinese market is growing at an amazing rate, and we expect the influence of the Chinese market to continue to rise in the coming years," Ching says.

Stone agreed. "If the world economy continues to recover, I believe the art market will continue to expand and enjoy an organic growth."