Contents...Global Chinese Art Auction Market Report 3201 5 artnet is the leading online resource for the international art market, and the destination to buy, sell, and research art

Contents

3Global Chinese Art Auction Market Report 2017

Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

About artnet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

About the China Association of Auctioneers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

2017 Key Findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

1 The Chinese Art Market in 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

1 .1 Market Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19

1 .2 Mainland China’s Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

1 .3 Overseas Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24

2 Sector Breakdown and Price Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

2 .1 Performance by Sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28

2 .2 Performance by Price Segments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30

2 .3 Market Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31

Appendix 1: Top 50 Auction Houses by Total Sales Value of Chinese Art and Antiques in 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34

Appendix 2: Top 50 Chinese Art and Antiques by Sale Price in 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36

Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39

Contact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43


artnet and the China Association of Auctioneers (CAA) are pleased to present the sixth edition of the Global Chinese Art Auction Market Report, offering an in-depth look at the market for Chinese art and antiques in 2017 .

Global auction sales of Chinese art and antiques totaled $7 .1 billion in 2017, increasing by 7% year-over-year amidst an expectation of a stronger market rebound . The ultra-high-end market saw a record volume of sales, buoyed by a burgeoning private museum sector in China . Meanwhile, the middle and lower end of the market—where over 99% of transactions take place—showed signs of a continued correction since 2015 .

At its peak, total auction sales in mainland China accounted for over 40% of the global total . What’s more impressive was that this was achieved in defiance of the traditional growth trajecto-ry of emerging markets as understood by the West .

Yet much of this market was still shrouded in mystery . Uncer-tainties about its actual size, level of volatility, and the trustwor-thiness of key players persisted . As the global market leader for reliable auction data, artnet felt it necessary to establish a reliable resource for this newly important market .

As the only national association backed by governmental auc-tion laws, the CAA works at the forefront of standardizing this burgeoning industry . It works to carefully vet auction houses and their operating numbers in order to present accurate Chi-nese auction market data to the world .

By drawing from the wealth of reliable market data for which both artnet and the CAA are best known, the annual Global Chi-nese Art Auction Market Report provides an in-depth look at the market size, sector trends, and key players in Chinese art and antiques auctions around the world . Over the years, data from mainland China provided by the CAA has also been integrated into the artnet Price Database, further expanding the scope of artnet’s database of art market information . Through this col-laboration, vetted auction results from mainland China became readily available to the rest of the world for the first time .

Together, through six editions of the Global Chinese Art Auction Market Report, we are honored to have witnessed up close one of the most interesting developments in modern art auction history .

Once again, we would like to express our sincerest apprecia-tion to all who have made this report possible .

Foreword


artnet is the leading online resource for the international art market, and the destination to buy, sell, and research art online . Founded in 1989 with the goal of bringing transparency to the art world, artnet’s comprehensive suite of products offers a variety of art market resources to our audience of collectors, dealers, and art enthusiasts .

The Price Database is the most comprehensive archive of auction results in the world . Host to over 12 million results spanning over 30 years, every lot is catalogued, translated, and edited by a team of multilingual specialists . The database is a valuation tool used by appraisers, dealers, and collectors, allowing users to make informed decisions about buying or selling art .

Market Alerts informs users of buying opportunities, enabling them to receive email notifications whenever works by their fa-vorite artists hit the market at any major auction house, gallery, or event . With Market Alerts Plus, users can get recent sale prices when works by artists they follow sell at auction .

Introduced in 1995, the Gallery Network is an online platform that connects galleries and collectors from around the world . With over 200,000 artworks, it is the largest network of its kind, drawing a broad audience and generating inquiries from both serious collectors and first-time buyers .

With 24/7 bidding, artnet Auctions is the first online auctions platform for buying and selling Modern and contemporary paintings, prints, photographs, sculpture, and more . Its curated auctions provide a unique collecting experience with instant turnaround and lower commissions, and are accessed by mil-lions of monthly visitors worldwide .

Analytics Reports allows users to create customized reports that delve deeper into specific art market trends . Each report includes graphs that visualize market patterns and trends, drawing from the millions of auction results in the Price Data-base .

Auction House Partnerships offers auction houses the ability to showcase their works to artnet’s global community . Each part-nership includes links between artnet and the auction house’s proprietary site, driving traffic and gaining more exposure for their sales .

In 2012, artnet launched a 24-hour global art newswire: artnet News . Serving as a one-stop platform for the events, trends, and people that shape the art market and global industry, artnet News provides up-to-the-minute analysis and expert commentary .

Today, artnet continues to provide reliable information and market transparency to an audience of over 2 .6 million monthly users from around the world . As the art market continues to grow and change, artnet will always find new ways for people to connect with the art they love .

About artnet


The China Association of Auctioneers (CAA) is the only nation-al association of the auction industry in China . Its functions include auctioneers administration, auction house regulation, and industry supervision, as well as business promotion, policy coordination, industry statistics, resources coordination, and consulting services .

Established in 1995, the CAA has been the most important auc-tion platform for fostering connections within China and with the rest of the world, making every effort to promote the devel-opment of China’s auction industry and market . Revitalized in 1986 and now led by the CAA, the Chinese auction industry has entered a new era .

In 1996, the Auction Law of the People’s Republic of China was issued under the promotion of CAA . As the first auction law in China, it laid a solid foundation for the standardization of the industry .

In 1997, the CAA designated the first group of national certified auctioneers . Currently, 13,052 national auctioneers have been trained and certified, serving as the backbone of the industry .

In 2000, the CAA founded the Chinese Cultural Artifacts Auc-tion Professional Committee to specifically fulfill its regulatory, guiding, administrative, and supervisory responsibilities of Chinese art sales in China .

The number of CAA auction house members reached 1,000 in 2005 . Today, it has nearly 3,000 members who constitute the majority of the auction houses currently operating in mainland China, representing more than 85% of the market share .

China’s Ministry of Commerce issued the Standard for Auction of Cultural Relics and Art Works in 2010 . Drafted by the CAA, this document marked the beginning of the standardization process . Today, the industry is regulated by three national stan-dards and five industry codes of practice .

Since 2012, the CAA has continued promoting standardization in the industry by vetting auction houses in mainland China according to the Standard for Auction of Cultural Relics and Art Works, marking the shift from quantity-driven to quality-driven growth . So far, 56 art and antiques auction houses have been certified as meeting the industry standard .

The CAA partnered with artnet in 2014 to successfully co-host an international summit, The Chinese Art Market: Present and Future, in New York . During the summit, the CAA proposed the establishment of an international auctioneers association .

In 2015, the CAA completed the framework of a credit system and an international platform for the art and antiques auction market in China, thus establishing the foundation for sustain-able growth and a global strategy for the industry . In 2016, the CAA founded the Auction of Cultural Relics and Art Works Awards (Qinghua Awards), the highest honor in the field of Chinese art auctions .

The CAA hosted the fourth Chinese Art Auction International Summit in 2017 . The summit explored the development and transition of the Chinese art auction under globalization trends .

In the future, as China’s auction industry continues to expand worldwide, the CAA will play a leading role in building the plat-form for international communication by working with fellow organizations, thereby promoting integration and development of the global auction market .

About the China Association of Auctioneers (CAA)


Zeng Fanzhi, Mask Series 1996 No. 6 1996 Oil on canvas Each: 199 × 179 .3 cm . (78 .25 × 70 .5 in .) Overall: 199 × 358 .6 cm . (78 .25 × 141 .25 in .) Courtesy of Poly Auction Hong Kong

2017 Key Findings

92017 Key Findings

Global auction sales of Chinese art and antiques totaled $7.1 billion in 2017, increasing by 7% year-over-year amidst an expectation for a stronger market rebound.1

Total Global Sales Value of Chinese Art and Antiques

$2b$0bUSD $4b $6b $8b $10b

Mainland China Overseas

2009

2010

2011

2012

2013

2014

2015

2016

2017

102017 Key Findings

The demand for top-quality lots with established provenance is stronger than ever . In both mainland China and overseas, there has been a marked boost in the ultra-high-end market of lots valued ¥100 million ($14.2 million) and up. 38 lots sold in this price bracket, more than doubling the number in 2016, and almost 10 times that of 2013. Notably, a Chinese artist has entered the $100 million club for the first time, joining the ranks of Picasso, Modigliani, Bacon, and Munch, buoyed by the burgeoning private museum sector hungry for blockbuster artworks to fill their collections.

2

Number of Lots Sold for Over ¥100 Million ($14 .2 Million)

2012

2016 2017

2013 2014 2015

Mainland China Overseas

112017 Key Findings

North America saw a 62% increase in the total sales value of Chinese art and antiques year-over-year, largely bolstered by a single auction, “Important Chinese Art from the Fujita Museum” at Christie’s New York . This landmark sale garnered over $262 million in one night alone—more than what North America sold in Chinese art and antiques over the entire previous year.

3

Mainland China $5,110,756,999 +6%

Asia $1,503,957,782 +0%

Europe $166,827,099 +8%

North America $408,073,862

+62%

Oceania $2,069,643

+5%

Total Sales Value (USD) of Chinese Art and Antiques by Region

122017 Key Findings

Payment Status for Lots Sold Above ¥10 Million ($1 .4 Million)

2011

2012

2013

2014

2015

2016

2017

$0 .5b$0bUSD $1b $1 .5b $2b

However, as the market increasingly turns towards high-end art and antiques, payment default or delay remains an ongoing issue in mainland China . Among all lots sold in 2017, the percentage of the total sales value paid as of May 15, 2018 dropped to 49%, the lowest since 2011. This percentage further drops to a mere 28% among lots sold over ¥10 million (vs. 48% in 2016). Of the 18 lots sold above ¥100 million, only two were paid in full as of May 15, 2018.

4

PaidTotal Value (Hammer Price)In-Payment ProcessUnpaid

132017 Key Findings

In the mid- and low-end markets, smaller auction houses are still struggling to make ends meet . In 2017, there were over 200 mainland Chinese auction houses in hibernation—which is to say they held no sale that year—as compared to 86 in 2011. This number saw a significant jump in 2015, and has been steadily growing ever since.

5

Number of Auction Houses in Mainland China by Operation Status

1000 200 300 400 500

Active Auction Houses Auction Houses in Hibernation

2011

2012

2013

2014

2015

2016

2017

142017 Key Findings

The sell-through rate of Chinese art and antiques overseas saw a significant dip in 2017, continuing the overall downward trend of the past few years . It decreased from 69% (close to the United States’ average of 70%) in 2011 to 47% in 2017, dropping below mainland China’s sell-through rate for the first time.

6

Sell-Through Rate of Chinese Art and Antiques by Region

80%

70%

60%

50%

40%2011 201720162015201420132012

North America

Asia

Europe

Mainland China

152017 Key Findings

The market for 20th-Century and Contemporary Chinese Art remained strong overseas . As the market downsized and the quality of lots rose, the average price increased by 19% to reach $207,423, thereby exceeding the previous market peak in 2011. The sell-through rate also remained high at 60%, well above any other sector overseas.

7

Average Price of Chinese Art and Antiques by Sector Overseas

$200k

$150k

$100k

$50k

0

Fine Chinese Paintings and Calligraphy

20th-Century and Contemporary Chinese Art

Chinese Antiques and Artworks

Chinese Books and Manuscripts

2011 201720162015201420132012

162017 Key Findings

201620152014201320122011

The average price for Fine Chinese Paintings and Calligraphy also reached a historic high at $32,855 in mainland China . This growth is still largely supported by the boom in the high-end market. The middle market continues to shrink in size, and the overall sell-through rate dropped to its lowest level since 2010.

8

Sell-Through Rate of Fine Chinese Paintings and Calligraphy in Mainland China

2010 2017

58%

54%

50%

46%

42%


Qi Baishi, Twelve Screens of Landscapes 1925 Hanging scroll, ink and color on paper Each: 180 × 47 cm . (70 .8 × 18 .5 in .) Courtesy of Poly International Auction Co ., Ltd .

1 The Chinese Art Market in 2017

191 The Chinese Art Market in 2017 1.1 Market Overview

Global auction sales of Chinese art and antiques totaled $7 .1 billion in 2017, increasing by 7% year-over-year amidst an expectation of a stronger market rebound .

The recovery in mainland China since the 2015 low continued in 2017, although at a slower pace . The overall total sales value reached $5 .1 billion, a mere 5% increase from the year before .

In 2017, the North American and European markets finally began recovering from the decline that had begun during the latter half of 2015 . The sale of Chinese art and antiques overseas also mirrored this overarching trend as its total sales value increased by 8% year-over-year, ultimately reaching $2 .0 billion .

1.1 Market Overview

Total Global Sales Value (USD) of Chinese Art and Antiques

TotalMainland China

Overseas

2016 20172009 2010 2011 2012 2013 2014 2015$0b

$2b

$4b

$6b

$8b

$10b

$12b

Mainland China

Overseas

Number of Lots Sold Above ¥100 Million ($14 .2 Million)

20

15

10

5

02012 20172016201520142013

38 lots sold above ¥100 million ($14 .2 million) in 2017, more than doubling the number in 2016, and almost 10 times that of 2013 .

The growth in the sale of Chinese art and antiques in 2017 was largely supported by sales at the high end of the market . Buoyed by a burgeoning private museum sector in China, the demand for top-quality lots with established provenance is stronger than ever . As Chinese collectors continue to develop a stronger presence internationally, the market for high-end Chinese art and antiques knows no border .

Both in mainland China and overseas, there was a marked boost in 2017 within the ultra-high-end market of lots sold above ¥100 million ($14 .2 million) . 38 lots sold in this price bracket, more than doubling the number in 2016, and almost 10 times that of 2013 .

201 The Chinese Art Market in 2017 1.1 Market Overview

In New York, a landmark sale of “Important Chinese Art from the Fujita Museum” at Christie’s garnered over $262 .4 million in one night alone—more than what North America sold in Chinese art and antiques over the entire previous year .

In Beijing, Twelve Screens of Landscapes by Qi Baishi sold at Poly International for a record-breaking $140 .9 million, making him the sixth most expensive artist ever sold at auction, and the first Chinese artist to enter the $100 million club, thereby joining the ranks of Picasso, Modigliani, Bacon, and Munch .

The sheer volume of high-profile sales and auction records are reminiscent of the market peak in 2011, which suggests a stronger market rebound than the one that actually occurred . If we look past the headlines at the middle and lower end of the market—where over 99% of transactions take place—the slow and treacherous path of correction continues .

211 The Chinese Art Market in 2017 1.2 Mainland China’s Market

After a stunning debut following the global financial crisis of 2007 and 2008, the auction market in mainland China re-mained one of the most important in the world . However, the market has also been undergoing an internal restructuring since 2012, as it is reshaped by a changing political and eco-nomic context .

The initial phase of correction struck the high-end market hard, which also occurred against the background of the anti-graft campaign launched by the Chinese government . As the country’s economy shifts from export- and investment-driv-en growth towards a more consumption- and service-driven model, the government has shown stronger support for the arts and culture industry . Over the past three years in partic-ular, museums founded by private collectors have flourished, building a stronger-than-ever appetite for museum-quality artworks to fill their exhibition halls . During the sale of Qi Bai-shi’s record-breaking work, almost all registered bidders were reported to have their own private museum . As a result, the high-end market saw a rapid rebound since 2015 . In 2017, the number of lots sold above ¥50 million ($7 .1 million) had even exceeded the peak in 2011 .

1.2 Mainland China’s Market

Total Sales Value (USD, Including Buyer’s Premium) of Top Three Countries by Year

2016 20172009 2010 2011 2012 2013 2014 2015

$10b

$8b

$6b

$4b

$2b

$0

Mainland China United States United Kingdom

Number of Lots Sold Above ¥50 Million ($7 .1 Million) in Mainland China

40

30

20

10

020172011 2012 2013 2014 2015 2016

¥50 Million–Below 100 Million

¥100 Million and Above

From 2000 to 2017, wealth per adult in China grew almost fivefold, rising from $5,410 to $26,870 . The country now has more residents with wealth exceeding $50 million than any country except the United States .1 Over 1 .8 million individuals in China were estimated to possess over $1 .4 million (¥10 mil-lion) in investable assets in 2017, more than double the number in 2012 .2 Most notably, among high-net-worth individuals (HNWI),3 the percentage of first-generation business owners dropped from 70% in 2009 to 41% in 2017; while the percent-age of second-generation business owners (from under 1% to 10%) and corporate executives (from 11% to 29%) both saw significant growth since 2009 .4 As the community of wealthy individuals continues to grow in size and diversity, art collect-ing has emerged as its own lifestyle and as an increasingly desirable form of alternative investment, particularly among the younger generation .


Among the 18 lots sold in 2017 above ¥100 million ($14 .2 million) in mainland China, only two were paid in full as of May 15, 2018 .

Number of Lots Sold Below ¥500,000 ($71,123) in Mainland China

400k

300k

200k

100k

02011 2012 2013 2014 2015 2016 2017

Total Value (Hammer Price)

$2b

$1 .5b

$1b

$0 .5b

$0

Payment Status for Lots Sold Above ¥10 Million ($1 .4 Million)

2011 2012 2013 2014 2015 2016 2017

Paid In-Payment Process Unpaid

However, as the market increasingly turns towards high-end art and antiques, payment default or delay remains an ongoing is-sue in mainland China . Among all lots sold in 2017, the percent-age of the total sales value paid as of May 15, 2018 dropped to 49%, the lowest since 2011 . This percentage further drops to a mere 28% among lots sold over ¥10 million (vs . 48% in 2016) . Of the 18 lots sold above ¥100 million, only two were paid in full as of May 15, 2018 .

Without strong support at an institutional level, the middle and lower end of the market—both of which are more sensitive to changes in the overall investment climate—showed signs of a continued correction since 2015 . After the contraction of the Chinese auction market in 2012, sales in these sectors quickly recovered in 2013 and 2014, largely due to a lack of promising alternative investment options . But as the stock market spiked in 2015, and real-estate prices skyrocketed in 2017, sales in this bracket contracted again, falling below even the 2012 level .


In 2017, there were over 200 mainland Chinese auction houses in hibernation, as compared to 86 in 2011 .

Number of Auction Houses in Mainland China by Operation Status

500

400

300

200

100

0

Active Auction Houses

Auction Houses in Hibernation

2011 2012 2013 2014 2015 2016 2017

1 Credit Suisse: Global Wealth Report 2017, p50 .

2 Bain Consulting and China Merchants Bank: 2017 China Private Wealth Report, p4–5 .

3 HNWI, or high-net-worth individual, refers to individuals with over $1 .4 million (¥10 million) in investable assets .

4 Bain Consulting and China Merchants Bank: 2011 China Private Wealth Report, p26–27; Bain Consulting and China Merchants Bank: 2017 China Private Wealth Report, p33 .

As a result, smaller auction houses in mainland China are struggling to make ends meet . In 2017, there were over 200 mainland Chinese auction houses in hibernation—which is to say they held no sale that year—as compared to 86 in 2011 . This number saw a significant jump in 2015, and has been steadily growing ever since . Ironically, the majority of the houses in hibernation are based in Beijing, the center of the country’s auction scene .

241 The Chinese Art Market in 2017 1.3 Overseas Market

Outside of mainland China, markets recovering from the first contraction after the financial crisis quickly picked up in 2017 . The market for Chinese art and antiques also followed suit, re-covering from the 2016 downturn with an 8% growth year-over-year, ultimately reaching $2 .0 billion in 2017 .

Supported by increasingly international Chinese buyers, the percentage of sales of Chinese art and antiques among all art auctions overseas saw a quick jump from 8% in 2009 to 16% in 2011, and has since continued to make up a significant portion of total art sales overseas . Combining the total sales value of Chinese art and antiques in mainland China with overseas sales, this collecting category accounted for 36% of total glob-al art auction sales in 2017 .

However, the recovery of Chinese art and antiques sales overseas was also largely supported by exceptional sales at the very top of the market . If we exclude just the 0 .5% of lots sold above ¥10 million ($1 .4 million), the total sales value in this collecting category in 2017 actually decreased by 12% from the year before, signaling a slower recovery than what figures initially suggest .

1.3 Overseas Market

2017

Total Global Auction Sales vs . Total Sales of Chinese Art and Antiques (USD, Including Buyer’s Premium)

20162015201420132012201120102009

$5b

$0b

$10b

$15b

$20b

$25b

Global Total Auction Sales

Total Chinese Art Sales

Total Sales Value of Chinese Art and Antiques Overseas by Price Bracket (USD, Including Buyer’s Premium)

Lots Sold Below ¥10 Million

Lots Sold for ¥10 Million and Above

$3b

$2b

$1b

$02012 2013 2014 2015 2016 2017

Overseas, sales in the middle and lower-end market decreased by 12% from the year before .


In addition, the sell-through rate of Chinese art and antiques overseas saw a significant dip in 2017, continuing the overall downward trend of the past few years . It decreased from 69% (close to the United States’ average of 70%) in 2011 to 47% in 2017, dropping below mainland China’s sell-through rate for the first time .

Chinese art and antiques from overseas have always been prized for their clean provenance and relatively lower prices . Since the latter half of 2015, uncertainties with the valuation of Chinese yuan, coupled with changes in the stock and real- estate markets, have further spurred a demand for more di-verse asset allocation, including overseas asset holdings . The percentage of HNWIs with overseas investments increased from 37% in 2015 to 56% in 2017 . Over 80% of them listed wealth preservation among their top priorities for overseas investment, as opposed to 60% in 2015 .5

80%

70%

60%

50%

40%2011 201720162015201420132012

Mainland China

Asia

North America

Europe

Sell-Through Rate of Chinese Art and Antiques by Region

Total Sales Value (USD) of Chinese Art and Antiques by Region

Mainland China $5,110,756,999 +6%

Oceania $2,069,643 +5%

Europe $166,827,099 +8%

North America $408,073,862

+62%

Asia $1,503,957,782

+0%

As the Chinese government introduced tighter rules to limit capital outflow since the end of 2016, China’s outbound non-fi-nancial investments fell significantly in 2017 . The overseas sales of Chinese art and antiques, which had previously been buoyed by increasing demand from Chinese buyers, was no doubt affected by this shift . Although supply in North America and Europe had already downsized by 11% from 2016 in expec-tation of less demand, the total number of lots sold in the two regions dropped an even larger percentage (26%), resulting in a drastic decline in sell-through rate .


Asia saw a 24% increase in consignments in 2017, only to be met with a 13% decrease in successful transactions .

5 Bain Consulting and China Merchants Bank: 2017 China Private Wealth Report, p21 .

While a reduction of the Chinese import tax from 6% to 3% for certain categories of art took effect at the beginning of 2017 (and has since been further reduced to 1% as of July 2018), this change has not yet had a significant positive impact on the market . The overall tax rate—including value-added tax, sales tax, and import tax—for importing artworks within most fine art categories remains high at around 20% .

Among all regions overseas, Asia saw the most significant drop in its sell-through rate, falling from 63% to 43%—indicating a concerning mismatch between expectation and reality . Unlike in North America and Europe, this region saw a 24% increase in consignments in 2017, only to be met with a 13% decrease in successful transactions . Thanks to a much higher average price ($107,410) than any other region, Asia remains the largest market in terms of sales value for Chinese art and antiques outside of mainland China .

This leading position, however, does not go unchallenged, at least within the high end of the market . Boosted by the

“Important Chinese Art from the Fujita Museum” sale in New York, North America saw a staggering 62% increase in the total sales value of Chinese art and antiques in 2017 . This landmark sale garnered over $262 million in one night alone, which was almost six times the pre-sale high estimate and more than what North American sold in Chinese art and antiques over the entire previous year . This ability to attract major consign-ments globally, coupled with such surprisingly high results, puts North America in a unique position within the market for Chinese art and antiques, even though it only accounts for 5% of the global sales value in this collecting category .

2 Sector Breakdown and Price Distribution

282 Sector Breakdown and Price Distribution 2.1 Performance by Sector

Ever since the start of the correction period in 2012, the aver-age price in mainland China has been growing steadily across collecting categories as the market increasingly focuses on quality over quantity . In 2017, the average price for the two largest sectors (Fine Chinese Paintings and Calligraphy plus Chinese Antiques and Artworks) both increased above the peak in 2011, reaching a new historic high .

In the Fine Chinese Paintings and Calligraphy sector, which makes up over 40% of all lots sold and more than 60% of all value sold in mainland China, the increase in the average price since 2012 was mainly supported by growth at the top of the market . From 2014 to 2017, the number of lots sold above ¥50 million ($7 .1 million) increased by 450%, whereas the volume of lots sold in all other price brackets decreased across the board . The overall sell-through rate in this sector also dropped to its lowest level since 2010 (from 56% to 42%) .

2.1 Performance by Sector

$20k

$40k

$60k

$020172011 20162015201420132012

Average Price of Chinese Art and Antiques by Sector in Mainland China





6k

4k

2k

0

Number of Lots Sold Between ¥1–5 Million by Sector in Mainland China

2011 2014 2015 2016 20172012 2013



Although growth of the average price in the Chinese Antiques and Artworks category was more modest, it was supported by a strong middle market . Particularly in the ¥1–5 million price bracket, the number of lots sold increased by 25% from the 2011 market peak .

The high-end market for both sectors overseas followed the same growth trajectory as mainland China . However, the middle and lower-end market both saw a decline since 2016, due to the combined effect of the overseas market correction in 2016 and the tighter capital control in China the following year .

Traditionally, Chinese Antiques and Artworks has always been a more popular collecting category overseas than Fine Chinese Paintings and Calligraphy, thanks to its greater accessibility and lower cultural barrier . This trend is still heavily reflected in the lower-end market . Interestingly, in the market of lots above ¥1 million ($142,247), the volume of sales in these two sectors evened out since 2016, as Chinese collectors continue to have a stronger presence in the international art scene .

292 Sector Breakdown and Price Distribution 2.1 Performance by Sector

The average price for 20th-Century and Contemporary Chinese Art has seen steady growth in recent years both in mainland China and overseas, as the market continues to downsize . There was a notably steeper uptick in 2017, which brought the average price overseas for this sector to a record high at $207,423, which was more than three times higher than the average price for this sector in mainland China .

The sell-through rate for 20th-Century and Contemporary Chi-nese Art overseas also remained high at 60%, well above any other sector overseas . This sector was the least affected by the overwhelming decline in sell-through rates overseas, thanks to a relatively stronger collector base outside of China .

Average Price of Chinese Art and Antiques by Sector Overseas

$200k

$100k

$02011 2012 2013 2014 2015 2016 2017





Number of Lots Sold in 2017 by Collecting Category and Price Bracket Overseas

Price Brackets (CNY) 20th-Century and Contemporary

Chinese Art

Chinese Antiques and

Artworks

Chinese Books and

Manuscripts

Fine Chinese Paintings and

Calligraphy

Other Total

¥100 Million and Above 2 9 0 9 0 20

¥50 Million–Below 100 Million 8 2 0 5 0 15



¥1 Million–Below 5 Million 198 530 2 517 0 1,247

¥500,000–Below 1 Million 172 512 2 487 5 1,178

Below ¥500,000 1,407 23,226 271 7,880 23 32,807

Total Lots Sold 1,863 24,435 275 9,030 31 35,634

Total Sales Value (USD) $386,428,620 $887,505,886 $2,035,198 $796,181,486 $8,777,195 $2,080,928,385

Average Price (USD) $207,423 $36,321 $7,401 $88,171 $283,135 $58,397

302 Sector Breakdown and Price Distribution 2.2 Performance by Price Segments

In 2017, a total of 38 Chinese art and antique objects were sold above ¥100 million ($14 .2 million) around the world, more than doubling the number in 2016 and representing almost 10 times that of 2013 . These lots accounted for only 0 .01% of all Chinese art and antiques sold globally in this year, but amounted to almost 15% of all value sold .

Outside of this exclusive price bracket, the market shrank in transaction volume almost across the board, with the excep-tion of the ¥1–5 million market in mainland China (+23%) and ¥10–50 million market overseas (+1%) .

2.2 Performance by Price Segments

Number of Lots Sold in 2017 by Collecting Category and Price Bracket in Mainland China

Price Brackets (CNY) 20th-Century and Contemporary

Chinese Art

Chinese Antiques and

Artworks

Chinese Books and

Manuscripts

Fine Chinese Paintings and

Calligraphy

Other Total

¥100 Million and Above 1 1 0 15 1 18




¥1 Million–Below 5 Million 204 1,941 198 2,290 220 4,853

¥500,000–Below 1 Million 185 1,494 112 3,029 342 5,162

Below ¥500,000 4,987 52,160 21,320 97,507 54,147 230,121

Total Lots Sold 5,427 55,747 21,638 103,361 54,736 240,909

Total Sales Value (USD) $254,894,637 $1,044,256,216 $95,048,393 $3,395,927,895 $320,629,858 $5,110,756,999

Average Price (USD) $46,968 $18,732 $4,393 $32,855 $5,858 $21,214

The middle market (¥500,000–10 million) in mainland China saw almost zero growth in the number of transactions since 2016, and over 40% decline from the market peak in 2011 .

Both in mainland China and overseas, over 90% of lots are sold below ¥500,000 ($71,123) . However, the majority of the market value in mainland China lies in the middle market (¥500,000–10 million), which saw almost zero growth in the number of transactions since 2016, and a decline of over 40% from the market peak in 2011 . Overseas, this price bracket also saw a 40% drop in volume since its peak in 2015 . Future long-term growth in the market for Chinese art and antiques will require stronger and more diversified support in this price bracket .

312 Sector Breakdown and Price Distribution 2.3 Market Structure

2.3 Market Structure

In recent years, the global sale of Chinese art and antiques has become increasingly concentrated within a top few auction houses .

In 2017, the top 25 houses accounted for 80% of the total sales value of Chinese art and antiques globally, further squeezing the market share held by the remaining 753 auction houses . Together, the top two—Poly International and China Guardian—dominated 26% of the total global market share, the highest concentration since 2014 .

The top two auction houses dominated 26% of the global market share for Chinese art and antiques sales, the highest concentration since 2014 .

The market structure has remained almost unchanged in main-land China over the past three years, as uncertainties about the overall investment climate remain . Meanwhile, in the overseas market, the trend towards oligopoly further heightened as the market contracted . In the past three years, the market share dominated by the top five auction houses overseas continued to grow, reaching 74% in 2017, taking shares away from sec-ond-tier and smaller auction houses alike .

Market Value (USD) Held by Top-Ranked Auction Houses

$8b

$4b

$6b

$2b

$0

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2014

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2016

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Chi

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Auction Houses Ranked 1–5

Auction Houses Ranked 6–25

Remaining Auction Houses

Glo

bally

2017

In M

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A Bronze Plate with Two Handles, ‘Xi Jia’ Pan The Fifth Year of Xuanwang Period (823 BC), Western Zhou Dynasty 11 .7 × 47 × 47 cm . (4 .6 × 18 .5 × 18 .5 in .) Courtesy of Xiling Yinshe Auction Co ., Ltd .

Appendices

34Appendix 1 Top 50 Auction Houses by Total Sales Value of Chinese Art and Antiques in 2017

# Region Auction House Lots Offered

Lots Sold

Sell-Through Rate (%)

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

1 Beijing Beijing Poly International Auction Co ., Ltd . 26,090 16,894 64 .75% ¥6,834,751,400 $972,226,373

2 Beijing China Guardian International Auction Co ., Ltd . 24,399 18,469 75 .70% ¥6,288,178,400 $894,477,724

3 Beijing Beijing Council International Auction Co ., Ltd . 7,913 5,740 72 .54% ¥3,108,050,000 $442,112,376

4 Asia Christie’s Hong Kong 2,681 1,812 67 .59% ¥3,042,056,957 $432,725,030

5 Asia Sotheby’s Hong Kong 2,750 2,173 79 .02% ¥2,945,291,001 $418,960,313

6 Zhejiang Xiling Yinshe Auction Co ., Ltd . 9,680 8,383 86 .60% ¥2,381,310,700 $338,735,519

7 North America Christie’s New York 1,622 1,092 67 .32% ¥2,085,880,530 $296,711,313

8 Asia Poly Auction (Hong Kong) 1,481 866 58 .47% ¥1,886,473,799 $268,346,202

9 Beijing Beijing Rombon Auction Co ., Ltd . 5,727 4,059 70 .87% ¥1,820,944,000 $259,024,751

10 Guangdong Guangzhou Hua Yi International Auction Co ., Ltd . 4,693 3,259 69 .44% ¥1,248,217,500 $177,555,832

11 Beijing Sungari International Auction Co ., Ltd . 5,795 3,470 59 .90% ¥1,224,940,300 $174,244,708

12 Asia China Guardian Hong Kong 2,814 1,668 59 .28% ¥851,832,602 $121,171,067

13 Guangdong Canton Treasure Auction Co ., Ltd . 3,644 3,008 82 .55% ¥752,760,300 $107,078,279

14 Beijing Beijing Han Hai International Auction Co ., Ltd . 11,447 7,821 68 .32% ¥712,150,100 $101,301,579

15 Shanghai Shanghai Jia He Auction Co ., Ltd . 3,162 2,234 70 .65% ¥580,799,500 $82,617,283

16 Beijing Beijing Guantang Bique International Auction Co ., Ltd . 853 629 73 .74% ¥528,180,000 $75,132,290

17 Beijing Beijing Cheng Xuan International Auction Co ., Ltd . 4,975 4,213 84 .68% ¥509,630,000 $72,493,599

18 Shanghai Shanghai Jinart Auctions Co ., Ltd . 4,999 2,263 45 .27% ¥482,386,600 $68,618,293

19 Shanghai Shanghai Duo Yun Xuan Auction Co ., Ltd . 6,146 4,124 67 .10% ¥428,557,000 $60,961,166

20 Zhejiang Zhejiang Art Media Auction Co ., Ltd . 8,735 5,553 63 .57% ¥402,687,400 $57,281,280

21 North America Sotheby’s New York 1,794 1,151 64 .16% ¥372,587,807 $52,999,688

22 Asia Tokyo Chuo Auction (Hong Kong) Co ., Limited 876 273 31 .16% ¥343,797,554 $48,904,346

23 Beijing Beijing Bao Rui Ying International Auction Co ., Ltd . 1,197 391 32 .66% ¥330,159,900 $46,964,424

24 Shanghai Beijing Council International (Shanghai) Auction Co ., Ltd . 1,988 544 27 .36% ¥293,560,300 $41,758,222

25 Beijing Beijing Dong Zheng International Auction Co ., Ltd . 1,708 772 45 .20% ¥284,380,000 $40,452,347

26 Europe Christie’s London 677 459 67 .80% ¥277,732,148 $39,506,707

Appendix 1 Top 50 Auction Houses by Total Sales Value of Chinese Art and Antiques in 2017

35Appendix 1 Top 50 Auction Houses by Total Sales Value of Chinese Art and Antiques in 2017

# Region Auction House Lots Offered

Lots Sold

Sell-Through Rate (%)

Price Realized (RMB, Premium)


27 Beijing Beijing Hua Chen International Auction Co ., Ltd . 2,658 1,512 56 .88% ¥274,008,800 $38,977,070

28 Zhejiang Zhejiang Chang Le Auction Co ., Ltd . 597 553 92 .63% ¥267,066,700 $37,989,573

29 Asia Kansai Art Auction Co ., Ltd . 2,014 1,749 86 .84% ¥258,784,524 $36,811,454

30 Shanghai Shanghai Mission Auction Co, . Ltd . 654 410 62 .69% ¥241,768,800 $34,391,010

31 Shandong Rongbaozhai (Jinan) Auction Co ., Ltd . 1,463 1,274 87 .08% ¥230,850,000 $32,837,838

32 Beijing Zhong Lian International Auction Co ., Ltd . 145 108 74 .48% ¥219,331,100 $31,199,303

33 Shanghai Rong Bao Zhai Auction Co ., Ltd . 1,250 1,020 81 .60% ¥214,754,000 $30,548,222

34 Asia Zhongjin International (Hong Kong) Auction Co ., Ltd 362 305 84 .25% ¥211,161,918 $30,037,257

35 Beijing Beijing Jiuge International Auction Co ., Ltd . 2,316 1,198 51 .73% ¥204,759,000 $29,126,458

36 Europe Christie’s Paris 473 369 78 .01% ¥203,018,300 $28,878,848

37 Hebei Hebei Jia Hai Auction Co ., Ltd . 2,377 1,121 47 .16% ¥196,050,100 $27,887,639

38 Asia Art Number One International Auction Company 426 217 50 .94% ¥181,073,251 $25,757,219

39 Asia Bonhams Hong Kong 399 213 53 .38% ¥179,187,757 $25,489,012

40 Shanghai Shanghai Tianheng Auction Co ., Ltd . 351 273 77 .78% ¥174,234,200 $24,784,381

41 Beijing Beijing Gu Tian Yi International Auction Co ., Ltd . 662 423 63 .90% ¥170,407,000 $24,239,972

42 Europe Sotheby’s Paris 310 235 75 .81% ¥164,518,943 $23,402,410

43 Shanghai Shanghai Epama International Auction Co ., Ltd . 721 466 64 .63% ¥163,988,700 $23,326,984

44 Shanghai Shanghai Yuanzhen Auction Co ., Ltd 765 223 29 .15% ¥163,268,800 $23,224,580

45 Zhejiang Zhejiang Nan Bei Auction Co ., Ltd . 417 152 36 .45% ¥153,980,600 $21,903,357

46 Guangdong Guangzhou Huang Ma Bao Qu Auction 2,488 1,621 65 .15% ¥151,059,000 $21,487,767

47 Beijing Beijing Wen Jin Ge International Auction Co ., Ltd . 1,079 734 68 .03% ¥148,125,300 $21,070,455

48 Beijing Beijing Dayi Auction Co ., Ltd 377 170 45 .09% ¥146,160,000 $20,790,896

49 Beijing Zhong Hong Xin International Auction Co ., Ltd . 2,848 812 28 .51% ¥134,113,500 $19,077,312

50 Shanghai Shanghai Bo Gu Zhai Auction Co ., Ltd . 9,948 7,156 71 .93% ¥134,055,000 $19,068,990

36Appendix 2 Top 50 Chinese Art and Antiques by Sales Price in 2017

# Auction House Lot Title Price Realized (RMB, Premium)


1 Poly International Auction Co ., Ltd . Twelve Screens of Landscapes by Qi Baishi ¥931,500,000 $132,503,556

2 China Guardian Auctions Co ., Ltd . Yellow Mountain by Huang Binhong ¥345,000,000 $49,075,391

3 Christie’s New York Six Dragons by Chen Rong ¥344,241,525 $48,967,500

4 Sotheby’s Hong Kong A Highly Important and Extremely Rare Ru Guanyao Brush Washer Northern Song Dynasty

¥264,872,691 $37,677,481

5 Christie’s New York A Magnificent and Highly Important Bronze Ritual Wine Vessel, Fang Zun Late Shang Dynasty, Anyang, 13th–11th Century BC

¥261,568,725 $37,207,500

6 Poly International Auction Co ., Ltd . Twelve Screens of Finger Ink Landscape by Cui Ruzhuo ¥241,500,000 $34,352,774

7 Christie’s New York A Magnificent and Highly Important Bronze Ritual Wine Vessel and Cover, Fanglei Late Shang Dynasty, Anyang, 13th–11th Century BC

¥237,947,925 $33,847,500

8 Xiling Yinshe Auction Co ., Ltd . A Bronze Plate with Two Handles, ‘Xi Jia’ Pan The Fifth Year of Xuanwang Period (823 BC), Western Zhou Dynasty

¥212,750,000 $30,263,158

9 Poly International Auction Co ., Ltd . Twelve Screens of Florae by Wu Changshuo ¥209,300,000 $29,772,404

10 Christie’s Hong Kong A Highly Important and Extremely Rare Wucai Fish’ Jar and Cover Jiajing Period (1522–1566)

¥192,704,579 $27,411,747

11 Poly International Auction Co ., Ltd . The Heart Sutra by Zhao Mengfu ¥190,900,000 $27,155,050

12 Christie’s New York Willows and Geese by Zhao Lingrang ¥190,706,325 $27,127,500

13 Christie’s New York An Extremely Rare Massive Bronze Ritual Wine Vessel and Cover, Pou Late Shang Dynasty, Anyang, 13th–11th Century BC

¥190,706,325 $27,127,500

14 Christie’s New York A Highly Important and Extremely Rare Bronze Ritual Ram-Form Wine Vessel, Gong Late Shang Dynasty, Anyang, 13th–11th Century BC

¥190,706,325 $27,127,500

15 Poly International Auction Co ., Ltd . The Majestic Mount Mao by Fu Baoshi ¥186,875,000 $26,582,504

16 Christie’s Hong Kong The Song of the Pipa Player by Fu Baoshi ¥184,582,666 $26,256,425

17 Christie’s Hong Kong 29.01.64 by Zao Wou-Ki ¥182,421,999 $25,949,075

Appendix 2 Top 50 Chinese Art and Antiques by Sales Price in 2017




18 Poly International Auction Co ., Ltd . Sacred Place for Revolution Mount Shao by Li Keran ¥178,250,000 $25,355,619

19 Beijing Baoruiying International Auction Co ., Ltd . Album of Landscape after Old Masters by Wang Shimin ¥163,300,000 $23,229,018

20 Poly Auction (Hong Kong) Sound of Lotus by Cui Ruzhuo ¥159,308,385 $22,661,221

21 China Guardian Auctions Co ., Ltd . After Plough by Pan Tianshou ¥158,930,000 $22,607,397

22 Tokyo Chuo Auction (Hong Kong) Co ., Limited Consonance between Pines and Spring by Wang Meng ¥152,278,399 $21,661,223

23 China Guardian Auctions Co ., Ltd . Calligraphy by Four Emperors of Southern Song Dynasty ¥149,500,000 $21,266,003

24 China Guardian Auctions Co ., Ltd . Warm Spring in the Jade Pavilion by Chen Yifei ¥149,500,000 $21,266,003

25 China Guardian Auctions Co ., Ltd Presented to Wu Kuan by Shen Zhou ¥148,350,000 $21,102,418

26 Poly International Auction Co ., Ltd . Mountain covered by snow mounted by Cui Ruzhuo ¥138,000,000 $19,630,156

27 Christie’s Hong Kong 29.09.64 by Zao Wou-Ki ¥137,895,495 $19,615,291

28 Christie’s London A Magnificent Pair of Famille Rose ‘Butterfly’ Double-Gourd Vases Qianlong Period (1736–1795)

¥133,932,915 $19,051,624

29 China Guardian Auctions Co ., Ltd . Landscape after Dong Yuan by Zhang Daqian ¥132,250,000 $18,812,233

30 Poly Auction (Hong Kong) Rain in the Autumn by Cui Ruzhuo ¥128,101,096 $18,222,062

31 China Guardian Auctions Co ., Ltd . Nature Sketches by Xu Wei ¥127,075,000 $18,076,102

32 Christie’s Hong Kong An Exceptionally Fine Tang-Style ‘Double-Dragon’ Celadon-Glazed Amphora Yongzheng Period (1723–1735)

¥126,776,703 $18,033,670

33 Christie’s New York Treaty of Bianqiao by Li Gonglin ¥123,780,725 $17,607,500

34 Christie’s New York Horse by Han Gan ¥119,843,925 $17,047,500

35 Poly Auction (Hong Kong) A Gilt Bronze Figure of Yamantaka-Vajrabhairava Yongle Period (1403–1424)

¥118,962,445 $16,922,112

36 Sotheby’s Hong Kong Magnificent Mountains with Gushy Cascades by Li Keran ¥109,963,300 $15,642,006

37 Beijing Council International Auction Co ., Ltd . A Tianhuang ‘Nine Dragons Chasing a Pearl’ Seal carved by Guo Xiangren

¥109,250,000 $15,540,541

38 China Guardian Auctions Co ., Ltd . Kuan Yin of the Water Moon by Zhang Daqian ¥101,200,000 $14,395,448

39 China Guardian Auctions Co ., Ltd . Eagle on Rock by Qi Baishi ¥98,900,000 $14,068,279

40 Poly International Auction Co ., Ltd . A Magnificent and Rare Pair of Huanghuali-Wood ‘Phoenix’ Cabinets Kangxi Period, Qing Dynasty

¥98,900,000 $14,068,279

41 Poly Auction (Hong Kong) Mask Series 1996 No. 6 by Zeng Fanzhi ¥95,008,313 $13,514,696

42 Sotheby’s Hong Kong Wheels: Industrial New York by Yun Gee ¥94,754,033 $13,478,525

43 Christie’s Hong Kong Ancient Temples Amidst Clouds by Zhang Daqian ¥92,424,749 $13,147,191

44 Poly International Auction Co ., Ltd . Moon and Spring Water by Tang Yin ¥92,000,000 $13,086,771

45 China Guardian Auctions Co ., Ltd . Inspired by Mao Tse-Tung’s Poem by Li Keran ¥87,975,000 $12,514,225


For transactional details, please see the 2017 China Antiques and Artworks Auction Market Statistical Annual Report, published by the China Association of Auctioneers . For more information on auction houses or auction lots covered in this report, email analytics@artnet .com .



46 China Guardian Auctions Co ., Ltd . Spending a Summer Day in Rocks and Woods by Tang Yin ¥83,950,000 $11,941,679

47 Sotheby’s Hong Kong Trekking over Mountains in Moonlight by Fu Baoshi ¥83,634,217 $11,896,759

48 Beijing Council International Auction Co ., Ltd . Immortals Playing Chess by Qiu Ying ¥81,650,000 $11,614,509

49 China Guardian Auctions Co ., Ltd . Passing Through the Qutang Gorge by Fu Baoshi ¥80,500,000 $11,450,925

50 China Guardian Auctions Co ., Ltd . Pastoral Life by Wang Hui ¥74,750,000 $10,633,001

Notes

40Notes

– In this report, all data on works sold in mainland China were collected directly from auction houses by the China Associ-ation of Auctioneers (CAA) . Data submission requests were sent out on April 24, 2018, to all mainland Chinese auction houses, who then submitted their auction data through CAA’s online submission system between May 1 and 15, 2018 . The CAA then verified all data to ensure its thoroughness and accuracy .

– Data submission requests were sent to all mainland Chinese auction houses that were licensed to sell art and cultural rel-ics in mainland China as of December 31, 2017 . Of those, 358 auction houses submitted their auction data on time .

– Payment status and the total value of commissions earned by mainland Chinese auction houses were reported as of May 15, 2018 .

– The categories of works sold in mainland China include:

– Chinese Antiques and Artworks: porcelain (cultural relics), jade, bamboo, wood, ivory and horn carvings, metalware, lacquer, textiles, furniture, teaware, etc .

– Fine Chinese Paintings and Calligraphy: Classical, Modern, and contemporary Chinese paintings in the traditional style .

– 20th-Century and Contemporary Chinese Art: 20th- and 21st-century paintings, sculpture, installations, photographs, etc .

– Chinese Books and Manuscripts: ancient books, manuscripts, calligraphy inscriptions, etc .

– Other: stamps, coins, contemporary jewelry, jadeite, watches, wine, tea, contemporary craft and design objects, etc .

– For more details about the auction market in mainland China, please refer to the 2017 China Antiques and Artworks Auction Market Statistical Annual Report published by the CAA .

Mainland China Data

Mainland China Data

41Notes

– In this report, all data on works sold overseas were compiled from the artnet Price Database Fine Art and Design and the artnet Price Database Decorative Art as of June 19, 2018 . The Price Database includes over 12 million auction results from more than 1,800 international auction houses dating back to 1985 . This report includes data from all 290 auction houses outside of mainland China that sold Chinese art and antiques in 2017 .

– Sales occurring in Hong Kong and Taiwan fall within the overseas section of this report .

– Lots offered at auction with a low estimate under $500 are omitted from the overseas data .

– The categories of works sold overseas include:

– Chinese Antiques and Artworks: porcelain, jade, bam-boo, wood, ivory and horn carvings, metalware, lacquer, textiles, furniture, teaware, etc .

– Fine Chinese Paintings and Calligraphy: Classical, Modern, and contemporary Chinese paintings in the traditional style .

– 20th-Century and Contemporary Chinese Art: 20th- and 21st-century paintings, sculpture, installations, photographs, etc .

– Chinese Books and Manuscripts: ancient books, manuscripts, calligraphy inscriptions, etc .

– Other: 20th- and 21st-century design objects .

Overseas Data

42Notes

– For overseas data from the Price Database, prices were converted from their original currency to USD based on the exchange rate on the day of the sale, and adjusted to include Buyer’s Premiums . RMB values listed in the report were converted from USD values according to average annual exchange rates .

– For prices originally provided by the CAA and listed in RMB, all RMB values have been converted to USD according to average annual exchange rates to maintain data consisten-cy . Mainland Chinese prices listed in this report include a Buyer’s Premium .

– Based on CAA’s recommendation, a number of auction hous-es were not included in this report due to questions about the validity of their data .

– This report is available in both English and Chinese .

– All values have been rounded down to one decimal place where applicable, and all percentages have been rounded down to the nearest whole number .

– The average annual exchange rates used throughout this report are as follows:

Year RMB per 1 USD

2009 6 .830

2010 7 .050

2011 6 .732

2012 6 .573

2013 6 .446

2014 6 .394

2015 6 .489

2016 6 .910

2017 7 .030

Currency and Exchange Rates

Currency and Exchange Rates

Contact

44Contact

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For Inquiries About the Report: Yu Jinsheng jinsheng@caa123 .org .cn

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Authors: Ning Lu, author Yu Jinsheng, consultant

Publishers: Artnet Worldwide Corporation China Association of Auctioneers

Copy Editors: Tatiana Berg Astyaj Bass

Cover Design: Damian Schober

Report Design: Robert McConnell

Global Chinese Art Auction Market Report 2017

©2018 Artnet Worldwide Corporation . ©2018 China Association of Auctioneers . All rights reserved . The information included in this report, written or oral, from artnet® or the CAA, their officers, or representatives, is not an appraisal, opinion, or legal, tax, accounting, investment, or other expert advice . The report is based on auction sales data that has been consolidated and aggregated, allowing users to visualize specific market trends . artnet® and the CAA do not guarantee that custom reports will be entirely free from errors . artnet® and the CAA decline all responsibility for any loss or damage whatsoever resulting from omissions or inaccuracies in the report regardless of how it was caused . artnet® is a registered

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Contents...Global Chinese Art Auction Market Report 3201 5 artnet is the leading online resource for the international art market, and the destination to buy, sell, and research art