Home > Appraisal/Auctions, Asian Art, Chinese, International > (ART) MARKET IN/FOR CHINA OVERHEATING?

(ART) MARKET IN/FOR CHINA OVERHEATING?

My colleagues in China have talked for almost a year now about the art market moving too fast – for Asian pieces as well as non-Asian pieces, and that they were preparing for a different market in the future. Additionally auction sales in China follow rules not always accepted by auction houses outside China and a number of purchases by Chinese buyers of  high priced art and antiques have not been paid for.
Now Sotheby’s reports that the percentage of mainland Chinese buyers in Hong Kong has fallen from about 44% in 2011 to about 20%-25% in 2012. Despite the absence of what we would call crazy bidding by Chinese individuals, Christie’s and Sotheby’s set new records in New York sales recently for top lots; and Macau’s gaming  revenue  for April 2012 was up 22 per cent from a year earlier! So some businesses are still booming.
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