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Artnet and CAA Report Shows Divergent Trends in Market for Chinese Art and Collectible

Eileen Kinsell | Artnet

Courtesy of PETER PARKS/AFP/Getty Images.

Courtesy of PETER PARKS/AFP/Getty Images.

 

Continuing a trend seen in recent years, the art and antiques market within China saw another considerable drop in 2015, according to data in the fourth annual report from artnet and the China Association of Auctioneers (CAA).

However, robust prices for Chinese art and antiques at auctions held outside the country—and the surge in high-net worth individuals in the region—suggest global demand is still extremely healthy. In fact, the report suggests that supply and ongoing nonpayment issues within China could be partly to blame.

The collaborative artnet/CAA report is the only detailed analysis available on auctions in mainland China, particularly since it features data that has been vetted by the CAA.

“The results show two very diverging trends in the market for Chinese works of art,” said Dr. Clare McAndrew, head of Arts Economics. “The market in mainland China witnessed one of its worst declines since 2012, and after two years of contraction it was left at less than half the value it achieved at the height of the boom in 2011. In contrast the market outside the Mainland was one of the strongest performers in the entire global market,” she writes, adding that it increased by 14 percent.

The remaining article can be viewed on http://artnt.cm/2bD4BGq

(This article is extracted from Artnet.com)

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AuthorCandice Lee