Art Radar Asia

Contemporary art trends and news from Asia and beyond

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    Art Radar Asia News conducts original research and scans global news sources to bring you selected topical stories about the taste-changing, news-making and the up and coming in Asian contemporary art.
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Posts Tagged ‘Beijing Poly’

How Chinese auction house Poly sold spectacular 83% lots in December 2008 art sale

Posted by artradar on December 11, 2008


ART AUCTIONS CHINA

This weekend marked the end of the auction season on the  Chinese mainland and, while spectacular success was had in antiques and antiquity sale categories, contemporary Chinese art shared little of the success…save for Poly Auctions, says Katie Grube in Redbox Review.

In November and December sales

  • Only fifty-four percent of the works offered in Guardian’s “Chinese Oil Painting and Sculpture II” found buyers.
  • Council’s contemporary sales similarly sold only 57%.

Poly provided the only bright spot in the contemporary art category by focussing on emerging artists and slashing estimates at the last minute.

Poly opened their four days of auctions with an emerging artist sale, oddly translated as “New and Vigorous Artists,” and would go on to sell over RMB 134 million during the course of their December 5th contemporary sales. The contemporary evening saw the dramatic pre-sale reduction of 14 lots’ estimates, or nearly 1/4 of the sale. Some estimates were reduced by as much as one-third; Wang Guangyi’s “Great Criticism – Motorola” (lot 588) carried a pre-sale estimate of RMB 1,200,000 – 1,800,000, but saleroom notice pointed to a reduction to RMB 800,000 – 1,200,o00. The work earned a hammer price of RMB 800,000. Lowered estimates seemed to encourage buyers and most works sold at or just above the low estimate with 83% of works sold by lot.

Redbox Review

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Posted in Auctions, Beijing, China, Chinese, Emerging artists, Market watch, Recession | Tagged: , , , , , , , , , , , , | Leave a Comment »

New Chinese art auction intelligence report in English free to download – Artron

Posted by artradar on September 25, 2008


CHINESE ART MARKET INTELLIGENCE

In July 2008, Chinese art portal Artron published its first 50 plus page industry report Artworks Auction Market of China: Spring 2008. The report is available in English and will be updated quarterly. Analysis is based on statistics drawn from the Artron Chinese Art Database which has data on 60,000 artists, 212 auction companies and 8,000 exhibtions to date with back data from 1970 to be added.

Artron likens itself to a boat moving constantly on the waves of the Chinese art market ocean and refers to four of China’s top contemporary artists -Yue Min Jun, Zhang Xiaogang, Fang Lijun, Wang Guangyi – as ‘The Four Heavenly Kings’ but between the picturesque metaphors there are some useful snippets of data and analysis:

  • there are approximately 250 known auction houses operating in China in an increasingly competitive environment in which consolidation is expected
  • Yue Min Jun’s art is the most expensive based on Artron’s price per sq metre index
  • China’s top five auction houses account for approximately 50% of auction sales
  • 15 year old Guardian is dominant amongst local auction houses but 2 year old Beijing Poly is now second and growing fast
  • a list of top 20 local auction houses
  • trends by auction category

The report is available for download http://index.artron.net/indexhtml-reporten.php

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Posted in Auctions, China, Chinese, Market watch | Tagged: , , , , , , , , , , , , , , , , | Leave a Comment »