Chinese art market confidence remains at “all-time high” – ArtTactic November 2011 report

CONTEMPORARY ART MARKET

Despite weak sales of Asian art at the recent autumn 2011 sales at both Christie’s and Sotheby’s, indicating a cautious Asian art market, ArtTactic’s November 2011 report states that the Chinese art market outlook remains positive.

Christie's Hong Kong November 2011 Asian Contemporary Art (Day Sale)'s top-yielding work was Zeng Fanzhi's 'Mao + Calling', painted in 2005. It brought in over HKD9 million/USD1.16 million. Image courtesy Christie's.

RESULTS: Chinese art market confidence remains at an all-time high, although the next six months will test sustainability of growth rate.


10 November 2011: The overall Chinese Contemporary Art Market Confidence Indicator remains strongly positive, despite the drop in confidence in the international contemporary art market.


The Chinese Contemporary Art Market Confidence indicator currently stands at 80, the highest reading of all the ArtTactic Art Market Confidence Indicators (US & Europe=35, India = 53)


However, market confidence is likely to be tested in the next six months as experts are showing concern about the sustainability of the current growth rate. 49 percent of the experts in the survey (up from 17 percent of in April 2011) believe the Chinese contemporary art market will remain flat in the next six months.


The risks of an art market bubble is growing, as 75 percent of the experts believe the Mainland Chinese contemporary art market remains highly speculative. Only 25 percent of the experts believe the same is the case for the international Chinese contemporary art market.


Click here to view more report highlights and to access the report on the ArtTactic website (pay per report or free for subscribers).

KN/HH

Related Topics: business of art, market watch, art and recession

Related Posts:

• Christie’s ‘Faces of New China’ Private Collection Sale underperforms amidst art market slowdown – December 2011 - 10 of 14 works at the sale failed to meet their lowest pre-sale estimates
• Christie’s Hong Kong autumn 2011 sales: Indonesian art triumphs, Indian falters amid cautious market – November 2011 – in a similar fashion to the Sotheby’s auction, 27 percent of lots remain unsold
• Higher level of international exposure for Southeast Asian art at Christie’s – November 2011 - Christie’s decides to include Southeast Asian art along with art from China and the other parts of East Asia
• How confident is the art market? Depends on price range – October 2011 – high-end art market remains strong while cheaper work from emerging artists struggle
• Sotheby’s Hong Kong Autumn Sale 2011: Contemporary Asian Art – October 2011 - 27 percent of Asian contemporary works failed to sell due to cautious bidding

Subscribe to Art Radar for more on the Asian art market