Caa report web 091014 by Clara Lu

Global Chinese Art Auction Market Report 2013

Ta b l e o f C o n t e n t s

Foreword ........................................................................................................ i A b o u t t h e C h i n a A s s o c i a t i o n o f A u c t i o n e e r s ( C A A ) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i i About artnet ................................................................................................. iii Introduction ................................................................................................... v Industry Insights ......................................................................................... xviii 1. Market Overview........................................................................................ 1 1.1 Findings................................................................................................ 2 1.2 Industry and Market Scale ....................................................................... 3 1 . 3 M a r k e t S h a r e .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 2 . L o t C o m p o s i t i o n a n d P r i c e D i s t r i b u t i o n .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 4 2.1 Findings ............................................................................................. 15 2.2 Lot Composition .................................................................................. 16 2.3 Price Distribution and Average Auction Prices ........................................... 20 2.4 High-Priced Lots .................................................................................. 23 Appendix 1: 2013 List of Global Chinese Antiques and Art Auction Houses ........ 27 Appendix 2: 2013 List of Lots Sold Over 10 Million RMB .................................. 69 Notes ....................................................................................................... 115 Contact .................................................................................................... 119

Global Chinese Art Auction Market Report 2013

Foreword

artnet and the China Association of Auctioneers (CAA) are pleased to present the second edition of the Global Chinese Art Auction Market Report, taking an in-depth look at the Chinese Art and Antiques market in 2013. In a continued effort to present the most accurate representation of the auction market in China, artnet has again partnered with CAA to produce a definitive study of the market, which only these two trusted organizations can provide. The Global Chinese Art Auction Market Report is the only report of its kind to publish auction results from mainland China that have been vetted by a third party organization with insider knowledge of the state of the market in China. The 2013 edition of the report

continues to examine the global market, emphasizing q u a l i t y a n d a c c u r a c y, w i t h t h e g o a l o f c r e a t i n g a n e w s t a n d a r d o f t r a n s p a r e n c y, t h u s h e l p i n g u n d e r p i n t h e global auction market for Chinese Art and Antiques. T h i s y e a r ’s r e p o r t i n c l u d e s a n i n t r o d u c t i o n w r i t t e n b y r e n o w n e d a r t e c o n o m i s t D r. C l a r e M c A n d r e w, a s w e l l as interviews with other well-known industry experts on topics such as online auctions, art financing, and art collecting. We hope this report will provide a broader industry and global context for the data, thus creating a deeper understanding of the global market for Chinese Art. Once again, we would like to express our sincere gratitude to all who had made this report possible.

Global Chinese Art Auction Market Report 2013

About the China Association of Auctioneers (CAA)

The China Association of Auctioneers (CAA) is the only national association of the auction industry in China. Its functions include auctioneers administration, and auction house regulation and supervision, as outlined in the Auction Law of the P e o p l e ’s R e p u b l i c o f C h i n a , a s w e l l a s b u s i n e s s promotion, policy coordination, information services, and consulting. Established in 1995, CAA has been the most important platform in the world for establishing c o n n e c t i o n s w i t h i n t h e C h i n e s e a u c t i o n i n d u s t r y, making every effort to promote the development of the Chinese auction industry and market. Revitalized in 1986, and lead by CAA, the Chinese auction industry has entered a new era. I n 1 9 9 6 , t h e A u c t i o n L a w o f t h e P e o p l e ’s R e p u b l i c of China took effect after several years’ effort by CAA. As the first auction law in China, it laid a solid foundation for the standardized development of Chinese auctions. In 1997, CAA certified the first national auctioneers. C u r r e n t l y, 1 1 , 6 0 7 n a t i o n a l a u c t i o n e e r s h a v e b e e n trained and certified, and serve as the backbone of t h e i n d u s t r y. In 2005, CAA total membership reached 1,000 for the f i r s t t i m e . To d a y, w e h a v e m o r e t h a n 2 , 5 0 0 m e m b e r s ,

including all of the most well-known and prestigious Chinese auction houses. I n 2 0 1 0 , t h e M i n i s t r y o f C o m m e r c e o f t h e P e o p l e ’s Republic of China issued the Standard for Auction of Cultural Relics and Art Works. This standard, drafted by CAA, marked the beginning of the standardized d e v e l o p m e n t o f C h i n e s e a u c t i o n s . C u r r e n t l y, t h e Chinese auction industry is regulated by one national standard and five industry codes of practice. In 2012, CAA initiated the promotion and execution of auction industry standardization, and has certified 44 antiques and art auction houses as the first group of houses that have met the industry standard. This act m a r k e d t h e i n d u s t r y ’s t r a n s f o r m a t i o n , f r o m q u a n t i t y driven growth to quality-driven improvement. In 2014, CAA collaborated with artnet to successfully co-host the international summit, The Chinese Art M a r k e t : P r e s e n t a n d F u t u r e , i n N e w Yo r k . C A A’s proposal of establishing an international auctioneers association was well received by fellow organizations. In the future, with the globalization of the Chinese a u c t i o n i n d u s t r y, C A A w i l l c o n t i n u e t o p l a y a leading role in building a platform for international communication, and will work with fellow organizations to promote a better integration and development of the global auction market.

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About artnet

a r t n e t i s t h e l e a d i n g p l a c e t o b u y, s e l l , a n d r e s e a r c h Fine Art, Design, and Decorative Art online. artnet was founded in 1989 with the goal of bringing transparency to the art world. In the past, the lack of objective price information was a stumbling block, for b u y e r s i n p a r t i c u l a r, t h a t p r o h i b i t e d t h e m a r k e t f r o m growing. The art business has always been international; h o w e v e r, b e f o r e a r t n e t , i t w a s m a n a g e d l o c a l l y i n relatively inefficient markets by tens of thousands of geographically disparate art dealers, galleries, auction houses, book publishers, museums, and collectors. For 25 years, artnet has worked to transform the market. We provide a range of services to connect buyers and sellers online and have a suite of valuation tools to make market information instantly accessible. The artnet Price Database provides these local markets with a global standard of price comparison. The database includes over 8 million auction results compiled from more than 1,600 international auction houses dating back to 1985. Another pillar of the artnet business is the artnet Gallery Network, which was introduced in 1995. As the largest network of its kind, this product features 1,600 galleries, and approximately 170,000 works of art by nearly 35,000 artists. The Gallery Network o f f e r s t h e w o r l d â&#x20AC;&#x2122;s m o s t c o m p r e h e n s i v e o v e r v i e w o f artworks available for purchase.

I n 1 9 9 9 , a r t n e t w e n t p u b l i c i n G e r m a n y. S i n c e 2 0 0 7 , artnet has been listed in the Prime Standard of the Frankfurt Stock Exchange, the segment with the highest transparency standards. In 2008, artnet pioneered the first online auctions platform exclusively for Fine Art, artnet Auctions. With artnet Auctions, collectors can both buy and sell art 24/7, with instant turnaround and lower commissions. The newest branch of our valuation products, artnet Analytics Reports, cover over 600 Modern and Contemporary artists. This product allows users to benchmark the market performance of artists, art categories, and customized sets of artworks against financial indices, such as the S&P 500 and Dow Jones, or other assets, such as gold. M o s t r e c e n t l y, a r t n e t l a u n c h e d a 2 4 / 7 g l o b a l a r t newswire: artnet News. artnet News is a one-stop platform for the events, trends, developments, news, and people that shape the art market and global art i n d u s t r y, p r o v i d i n g u p - t o - t h e - m i n u t e a n a l y s i s a n d c o m m e n t a r y, w i t h t h e h i g h e s t p o s s i b l e s t a n d a r d s i n cultural journalism. To d a y, a r t n e t i s t h e u n d i s p u t e d l e a d e r o f t h e a r t world online. As the art world continues to evolve and expand, artnet intends to maintain its leadership role and help connect millions more people around the world who love and appreciate art.

“An 1895 version of Edvard Munch’s “The Scream” sold for almost $120m to an undisclosed collector on Wednesday night...” Financial Times, 3 May 2012 “Bacon $142 Million Triptych Beats Warhol: The top 10 auction lots of 2013 raised $752.2 million, a 27 percent increase from 2012 and an 82 percent jump from 2011...” Bloomberg News, 24 December 2013 “Chinese contemporary artist Zhang Xiaogang and seven other Asian artists achieved new auction records at Sotheby’s HK$670 million ($86 million) Hong Kong evening sale.” Bloomberg News, 7 April 2014

w w w . a n t h e a - a r t . c o m

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Global Chinese Art Auction Market Report 2013

Introduction

Global Chinese Art Auction Market Report 2013

Introduction B y D r. C l a r e M c A n d r e w

The art and antiques market in China has been by far the strongest growing market worldwide over the last 10 years. Its emergence on the global art scene from the mid-2000s has fundamentally altered the structure of the international art trade, and it has been the most important of all the newer art markets, both in terms of the size of its domestic sales and the impact of its b u y e r s g l o b a l l y. Chinese Art and Antiques have played an important role in the global art market for many years, with a strong base of both private and institutional collectors. H o w e v e r, C h i n a f i r s t e m e r g e d a s a n i m p o r t a n t marketplace for domestic sales in the early years of this c e n t u r y, w h e n i t b e g a n a p a t h o f r a p i d g r o w t h , f u e l l e d by a highly supplied auction sector and the pent up demand of an expanding segment of wealthy Chinese collectors and investors. The period from 2008 through 2011 saw exceptional growth in sales in the dominant auction sector in mainland China, with aggregate values increasing by over 500%. This boom in sales, which was made all the more stark as many other national art markets languished in the fallout from the global financial crisis, led to China overtaking the United States to become the leading art and antiques market worldwide.1 After several years of seemingly unstoppable growth, the market finally cooled over 2012, as lower prices and decelerating volumes forced a sharp contraction in sales, and the market slipped back to second place in the global ranks. Recovery began in 2013, and China retained its global position, with sales in all sectors s h o w i n g y e a r- o n - y e a r g a i n s . H o w e v e r t h e r e c o v e r y w a s

tempered by more cautious buying and a moderation in prices at auction, which experts believe has marked a new phase of maturity in the Chinese market. The w e a l t h , s u p p l y, a n d e c o n o m i c d y n a m i c s a l l p o i n t t o a s o l i d o u t l o o k f o r l o n g - t e r m g r o w t h , h o w e v e r, t h i s p a t h is likely to be filled with many short-term challenges as the market continues to address issues in its regulatory framework, infrastructure, and other areas.

Auctions as the Engine for Growth The global auction market is highly concentrated, with the top houses accounting for the bulk of the value of sales, as well as achieving the highest prices. This is also the case in mainland China, where the top 10 houses accounted for the majority (58%) of sales in 2013. The main houses are primarily located in Beijing, the epicenter of the market in China, accounting for the majority of sales (with a 54% share by value), and the largest home of high-net-worth (HNW) wealth. H o w e v e r, t h e s t r u c t u r e o f t h e a r t m a r k e t i n m a i n l a n d China contrasts significantly with the other major m a r k e t s o f i t s s i z e i n t e r n a t i o n a l l y. I n m a r k e t s s u c h a s t h e US and United Kingdom, private sales through the gallery sector (and increasingly by auction houses) dominate the market, accounting for the majority of value. In China, on the other hand, auction sales have been the main engine of growth, and account for close to 70% of the market. The remaining 30% of sales are made by galleries (who deal primarily in Contemporary Art), private dealers, and sales directly from artists. The power and influence of auction houses in the art market in China extends

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significantly beyond their impact in the West. Because consistent sources of information and platforms for discussion on subjects relating to quality and value are still developing, auctions have played a major role in determining valuations as well as developing the general p u b l i c ’s e x p o s u r e t o , a n d u l t i m a t e l y t a s t e i n , a r t . T h i s is in marked contrast to the West, where the network of galleries, experts, and consultants is very well developed o u t s i d e t h e a u c t i o n s e c t o r. B y t h e e n d o f 2 0 1 3 , i n t h e a u c t i o n s e c t o r, t h e r e w e r e 382 licensed auction houses in mainland China, the h i g h e s t n u m b e r i n C h i n a ’s 2 2 - y e a r a u c t i o n m a r k e t h i s t o r y, and up 59% in number since 2009.2 Sales from these licensed houses reached US$6.1 billion (CN¥39.8 billion) i n 2 0 1 3 , a n i n c r e a s e o f 2 2 % y e a r- o n - y e a r i n R M B t e r m s . These sales represented over 20% of all auction sales worldwide, second to the US with a share of 33%, but ahead of the UK with 17%. While 2013 values showed a significant uplift from 2012, they were still substantially l e s s t h a n t h e m a r k e t ’s p e a k i n 2 0 1 1 , w h e n s a l e s r e a c h e d US$9.3 billion (CN¥62.848 billion), having increased by f i v e t i m e s i n s i z e i n t h e s p a c e o f j u s t t h r e e y e a r s . Va l u e s plummeted in 2012, with the market losing more than half its value, while the volume of transactions contracted by 27%. The main reasons for the deceleration in growth were both demand factors (including a slowdown in economic growth and credit constraints), and a reduced a m o u n t o f h i g h - q u a l i t y, h i g h - p r i c e d w o r k s c o m i n g o n t o the market. Many art funds and other investive collectors also reduced their participation in the market during the y e a r, w h i c h l e d t o a d e c l i n e i n b u y i n g i n s o m e a r e a s . As stated above, the importance of mainland China as a center for domestic sales of art is a relatively new phenomenon, but Chinese Art and Antiques have played a significant role in the global art market for many years. Important Chinese artworks have featured in major museum collections around the world, and there are several generations of important private collectors. Meeting this demand, international galleries and auction

houses have featured Chinese artworks in their sales, with 280 auction houses outside mainland China selling i n t h i s s e c t o r i n 2 0 1 3 . To t a l s a l e s f r o m t h e s e h o u s e s reached a substantial US$2.3 billion in 2013 (up 42% y e a r- o n - y e a r i n U S d o l l a r s ) , w i t h H o n g K o n g o n c e a g a i n consolidating its position as the center for the market ( w i t h a 7 0 % s h a r e o f i n t e r n a t i o n a l s a l e s ) . C h r i s t i e ’s a n d S o t h e b y ’s d o m i n a t e i n t h e e x t e r n a l m a r k e t , a c c o u n t i n g for a 68% share of value in 2013 (75% of which is from sales in Hong Kong). The entire global market for Chinese artworks therefore totaled US$8.5 billion in 2013, some 28% of the value of total sales of art and antiques auctioned around the world, with mainland China accounting for 70% of the total.

A L o w e r- P r i c e d M a r k e t Despite the fact that the highest-priced works tend to dominate media headlines, most lots sold at auction in China, like all other markets around the world, are transacted at the lower end of the market. In 2013, 95% of all lots sold at auction in mainland China were priced at less than CN¥500,000 (around US$77,500), while works priced at over CN¥10 million (around US$1.5 million) made up less than 1% of transactions. In the Fine Art auction market, 94% of lots sold in China were for less than CN¥500,000, on par with global averages.3 Since the contraction of the global market in 2009, a persistent feature of art sales worldwide has been a strong polarization of the market, with the high end performing well and accounting for an increasing share of the market, while the middle to lower segments struggle i n t h e f a c e o f l o w e r d e m a n d . H o w e v e r, t h e m a r k e t i n mainland China is somewhat more balanced, with the highest-priced works accounting for a smaller share of value than in markets like the US.

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I n m a i n l a n d C h i n a ’s F i n e A r t a u c t i o n m a r k e t , a s i n other markets around the world, works sold for over CN¥10 million accounted for a tiny fraction of the number o f t r a n s a c t i o n s , a t j u s t 0 . 1 % . 4 H o w e v e r, i n t e r m s o f values, this highest-priced segment in China accounts for only a 14% share, significantly less than the US (at 66%) and the UK (at 54%). This low share reflects the lower number of multimillion-dollar lots sold in China in 2013, and the fact that sales at the highest end are generally at a lower price level than those in large external markets.5 A lower price ceiling is a common feature of a newer marketplace, which is still serving a relatively limited pool of buyers, but also indicated more cautious buying in 2013. At the height of the boom in 2011, including both the mainland market and Hong Kong, 23

works sold for over CN¥100 million (around US$15.5 million). This dropped to just five in 2012, and only four in 2013, which indicates a trend toward more moderate pricing at the top end, which is contrary to the seemingly unstoppable price escalations at high-end auctions in N e w Yo r k , w h e r e i n e x c e s s o f 5 0 a r t w o r k s s o l d a b o v e US$10 million in 2013.6 The structural differences are also evident when looking at average prices. Considering only sales of Chinese artworks, average prices at auction are lower in China in all sectors than they are in international markets. Hong Kong and the UK had the highest averages in 2013, but France and the US were also higher than mainland China across the board.7

Figure 1. 2013 Average Prices (USD) of Chinese Artworks by Location USD 350,000

300,000

250,000

200,000

150,000

Hong Kong UK France

100,000

50,000

United States China

20th-Century and Contemporary Chinese Art

Chinese Antiques and Artworks

Fine Chinese Paintings and Calligraphy

Global Chinese Art Auction Market Report 2013

Performance by Sector Fine Art has dominated Decorative Art in the global auction market over the last few years, both in terms of prices and aggregate sales. W ithin the Fine Art auction m a r k e t , P o s t - Wa r a n d C o n t e m p o r a r y A r t h a s b e c o m e the leading sector in the global market, and where the h i g h e s t p r i c e s h a v e b e e n a c h i e v e d a t a u c t i o n . G l o b a l l y, this sector accounted for 46% of the value of all Fine Art auctions in 2013, and 59% in the US.8 The market for Chinese Art, on the other hand, has historically been based mainly on Decorative Art, although this has also started to shift in recent years. (The Fine Art auction market accounted for 73% of the auction market by value in mainland China in 2013, a n d h a l f o f a l l l o t s s o l d . ) H o w e v e r, d e s p i t e t h e r a p i d growth in the Contemporary market, 20th-Century and Contemporary Chinese Art remains one of the smallest sectors, with just 7% of sales by value, and only 3% of transactions in 2013. Sales values were buoyed b y a n u m b e r o f a u c t i o n r e c o r d s d u r i n g t h e y e a r, w i t h the two highest-priced lots sold in China in 2013 from Contemporary artists Wu Zuoren and Jin Shangyi ( w h o s e w o r k e n t i t l e d Ta j i k B r i d e b e c a m e t h e a r t i s t ’s most expensive oil painting sold at auction, at CN¥85.1 million), along with 17 other lots in the sector selling f o r o v e r C N ¥ 1 0 m i l l i o n . H o w e v e r, e v e n a t t h e v e r y t o p o f this market, what might be considered blue-chip Chinese artists sell for considerably less than their Western Contemporary counterparts. Looking ahead, while there have been some high points in this sector in 2014, many works only reached their low estimates or failed to sell. Even for high-profile artists, sales have been weak for s e c o n d a n d l o w e r- t i e r w o r k s , a n d o n l y t h e v e r y t o p pieces have attracted strong prices. This weakness is expected to continue in the low and middle ends of the market, and the price gap between the top and lower s e g m e n t s i s e x p e c t e d t o g r o w.

The largest sector in 2013 was, once again, Fine Chinese P a i n t i n g s a n d C a l l i g r a p h y, a c c o u n t i n g f o r 6 6 % o f t h e auction sector by value in mainland China and 48% of all lots sold. 159 out of the 232 lots sold at auction for o v e r C N ¥ 1 0 m i l l i o n c a m e f r o m t h i s s e c t o r, w h i c h a l s o accounted for 70% of the value of this highest-priced s e g m e n t . W i t h i n t h i s s e c t o r, t h e h i g h e s t a v e r a g e p r i c e s were found in older classical works, reflecting a different c u l t u r a l f o c u s i n C h i n a , a s w e l l a s l i m i t e d s u p p l y. W h i l e scarcity has driven prices higher for older works, it could weaken sales in the future as the highest quality works are absorbed into the museum sector or by serious c o l l e c t o r s w i t h l i t t l e i n t e n t t o r e s e l l . W i t h i n t h i s s e c t o r, Modern paintings accounted for the majority of its value (60%), and have continued to dominate aggregate values in the spring sales in 2014. The strength in this sector seems likely to continue as it is characterized by a mature base of collectors alongside a healthy supply of paintings, which will ensure liquidity and investment a p p e a l . T h e C o n t e m p o r a r y s e g m e n t , a l t h o u g h s m a l l e r, has also performed well, and, already in 2014, many young artists, particularly those born after 1975, have reached their personal records at auction. Chinese Antiques and Artworks is the second-largest s e c t o r, a c c o u n t i n g f o r 2 0 % o f s a l e s i n m a i n l a n d C h i n a i n 2013, and with just 37 works in this sector sold for over C N ¥ 1 0 m i l l i o n . A s i n m a n y o l d e r s e c t o r s g l o b a l l y, a k e y weakness lies in the limited supply of top-quality works coming on to the auction market. It is interesting to note that while this sector is relatively small in mainland China, it is the largest sector in the external market for Chinese artworks, accounting for 72% of transactions and 47% of sales values. The highest price paid at auction worldwide in 2013 for a Chinese artwork was in this sector: a gilt-bronze figure of a seated Shakyamuni B u d d h a , w h i c h s o l d a t S o t h e b y ’s i n H o n g K o n g f o r over US$30 million. In addition, 147 other works also sold for over US$1million, predominantly in Hong Kong (accounting for 70% of the US$1 million-plus segment).

Global Chinese Art Auction Market Report 2013

In the external market for Chinese Art, Fine Chinese Paintings and Calligraphy has the second-largest share (29% by value), while 20th-Century and Contemporary Art accounts for 24%, with the latter buoyed by a s m a l l n u m b e r o f r e c o r d p r i c e s , i n c l u d i n g Z e n g F a n z h i ’s The Last Supper, which sold for US$23.3 million at S o t h e b y ’s i n H o n g K o n g , s e t t i n g a r e c o r d f o r t h e highest price paid for any Asian Contemporary artwork at auction. Despite their different trajectories and features, each sector has been subject to the volatility in the market in recent years. After a market-wide boom during 2010 and 2011, all three sectors lost close to half their value over 2012. The recovery was also fairly uniform, with each increasing by around 20% in value over 2013, and bringing levels back close to those seen in 2010. This uniformity in performance is in marked contrast to the global market, where the Contemporary and Modern sectors have driven sales growth, while some older sectors have shown mixed results.

The persistent problem of low sales rates shows that while sales improved in 2013, buyer confidence has been slow to return. Buyers have become more vigilant regarding provenance, along with a lower tolerance f o r w h a t w a s p e r c e i v e d t o b e o v e r- p r i c e d , l o w - q u a l i t y works. Part of this caution undoubtedly relates to the persistence of fakes and forgeries appearing on the market. The continued lack of legislation on guarantees in the auction sector has failed to provide adequate incentives for suppliers, and leaves little protection for customers. Many experts feel that the market has become a victim of its own success, with the rapidly escalating prices up to 2012 giving strong incentives to flood the market with whatever would sell, authentic or otherwise. Modern technologies and a high level of skill in reproductions have enabled works to be copied with far greater a c c u r a c y, m a k i n g i t m o r e d i f f i c u l t , e v e n f o r e x p e r t s , to identify counterfeits. The gallery sector is still relatively small, as is the infrastructure of expertise and consultants in the market, which means that art buyers have less of a support network in this area than in many mature markets. Many experts feel that for the Chinese market to achieve sustainable growth, improve sales rates, and attract new buyers, there needs to be a higher level of trust developed between buyers and sellers in the auction market, as well as transparent guidelines to d e f i n e a u t h e n t i c i t y.

Buy-Ins and Excess Supply The recovery in 2013 was both demand- and supply-driven . On the supply side, the volume of transactions in m a i n l a n d C h i n a i n c r e a s e d b y o n e - t h i r d y e a r- o n - y e a r, with the largest increases in the Fine Chinese Paintings a n d C a l l i g r a p h y s e c t o r. T h e n u m b e r o f l o t s b r o u g h t t o auction over the last decade has increased by over 3 0 0 % , h o w e v e r, t h o s e t h a t s o l d i n c r e a s e d b y 1 9 0 % . I n 2004, 34% of the lots offered at auction were bought-in,9 whereas, in 2013, the rate was 51% in mainland China, u p 3 % y e a r- o n - y e a r. T h i s h i g h r a t e o f b u y - i n s i s a p e r s i s t e n t f e a t u r e o f t h e m a i n l a n d m a r k e t . 10 E v e n i n 2 0 1 0 a n d 2 0 1 1 , a t t h e h e i g h t o f t h e m a r k e t ’s b o o m , b u y - i n s r e a c h e d 5 8 % a n d 5 5 % , r e s p e c t i v e l y. T h i s i s a n unusual trend in a booming market, as buy-ins generally fall as demand expands, and indicates an insufficient buyer base, as well as quality-related supply issues in the market.

Art Market Demand Research on the spending habits of the HNW population has shown that wealthy Chinese consumers hold a relatively high proportion of their wealth in art and antiques. A low range of attractive options for investment, combined with a currency that is still not fully convertible, has supported a significant interest in alternative investments, including art and antiques. While the average global holdings of so-called treasure assets,

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s u c h a s a r t , a n t i q u e s , a n d j e w e l r y, i s l e s s t h a n 1 0 % , Chinese HNW individuals hold an average of 17% (versus 3 % i n I n d i a , 9 % i n t h e U S , a n d 7 % i n t h e U K ) . 11 A r t c o l l e c t i n g i n C h i n a h a s b e e n b o o s t e d b y t h e c o u n t r y ’s strong economic performance over the last 10 years, with increasing average wealth and a rapidly expanding HNW population. From 2003 to 2013, GDP averaged annual growth rates of over 10%, and China has been one of the fastest-growing economies in the world. GDP growth contracted to 7.6% in 2012 (its lowest level since 1999), mainly due to poor export demand and curbs on speculative activity in the property market. In 2013, although growth was stagnant, China escaped some major economic setbacks and the so-called “hard landing,” as the property market began to revive, the banking crisis was relatively short-lived, and global demand in some of its key trading partners began t o r e c o v e r. I n 2 0 1 3 , m a i n l a n d C h i n a ’s a g g r e g a t e w e a l t h g r e w 1 0 % y e a r- o n - y e a r, r e a c h i n g U S $ 2 2 . 2 t r i l l i o n , i t s h i g h e s t - e v e r recorded level, making it the third-wealthiest nation worldwide next to the US and Japan. The population of dollar millionaires in China expanded by 10% y e a r- o n - y e a r, a n d m a i n l a n d C h i n a i s n o w h o m e t o 4 % o f t h e w o r l d ’s m i l l i o n a i r e p o p u l a t i o n . 1 2 I n t e r m s o f t h e UHNW individuals (those with wealth in excess of US$30 million), China has an even higher share of the global population at 5%, the second highest worldwide next to the US. A l t h o u g h C h i n a ’s m i l l i o n a i r e p o p u l a t i o n h a s b e e n steadily increasing, it still represents a tiny 0.1% of t h e t o t a l p o p u l a t i o n o f m a i n l a n d C h i n a . 13 T h e w i d e g a p between offers and sales noted above undoubtedly reflects, in part, that there is, as yet, an inadequate number of active buyers to absorb the rapid growth in the volume of sales over the last decade, with art still being bought by a relatively small, but growing, segment of the population. The current reality in China is that

the majority of the mainstream public does not yet have the disposable income necessary to enter the art and antiques market. However a positive trend for the m a r k e t ’s f u t u r e d e v e l o p m e n t i s t h a t a v e r a g e i n c o m e s a r e g r o w i n g a t a v e r y f a s t r a t e o n t h e b a c k o f t h e c o u n t r y ’s e c o n o m i c g r o w t h d u r i n g t h e p a s t t w o d e c a d e s . C h i n a ’s GDP per capita has grown close to 500% over the 10 years to 2013, but remains less than 15% of mature economies, such as the US. Its forecast growth to 2018 i s , h o w e v e r, m o r e t h a n d o u b l e t h a t o f t h e U S a n d U K , which will slowly narrow the income gap between these a r t m a r k e t s , a n d , a s t h e p o p u l a t i o n b e c o m e s w e a l t h i e r, potentially widen the base of art buyers. A rapidly expanding middle class with a strong appetite for luxury goods, particularly in urban centers such as Beijing, will undoubtedly boost the number of potential a r t b u y e r s . C h i n a ’s u r b a n p o p u l a t i o n o f o v e r 7 2 0 m i l l i o n now accounts for around 53% of the total population ( u p f r o m 2 6 % i n 1 9 9 0 ) . 14 T h e l a t e s t p u b l i s h e d s t a t i s t i c s from the National Bureau of Statistics of China indicate that the average disposable annual income of an urban household at the end of 2012 (CN¥24,565) has increased a staggering 1,500% since 1990. It is estimated that in l e s s t h a n a d e c a d e , m o r e t h a n t h r e e - q u a r t e r s o f C h i n a ’s urban households will approach middle-class status, with the highest growth in the upper affluent sectors, which is where the greatest spending is likely to come from on luxury sectors, such as art.

Challenges for the Future The performance of the Chinese art market has been well documented as one of the most interesting global d e v e l o p m e n t s i n t h e a r t t r a d e ’s r e c e n t h i s t o r y. W h i l e growth seemed unstoppable up to 2011, the last two years have shown, as they have in many other art markets, that there are limits and constraints to both demand and supply in the market.

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Many within the art trade in China feel that the slowdown in 2012 was beneficial for the long-term development of the market. Excessive prices achieved during the boom years were seen as polarizing the art market (as they are doing elsewhere), and preventing the buyer base from broadening. Even some more established collectors stopped buying during 2010 and 2011, staying out of the market until prices settled down and returned to more realistic values. W ith these collectors out of the market, it rapidly became dominated by speculative buyers, many of whom hoped to flip art quickly amidst the inexorable growth in auction prices. On the selling side also, keen to capitalize on the booming market, auction houses flooded the market with a volume of lots that would h a v e b e e n i m p o s s i b l e t o a b s o r b w i t h a n y l o n g e v i t y. M a n y collectors complained that there were simply too many w o r k s f o r s a l e o f t o o l o w q u a l i t y, e s t i m a t e s w e r e t o o high, and that there appeared to be little systematic or scientific approach to authentication and valuation. Tw o o f t h e m a i n i s s u e s d e l a y i n g t h e p a r t i c i p a t i o n o f m o r e mainstream buyers in the market to date have been that i n c o m e s h a v e b e e n t o o l o w, a n d , u p t o 2 0 1 2 , p r i c e s w e r e too high to make the market accessible. The contraction of the market in 2012 is thought to have shaken out some of the highly speculative investors, while also helping to correct prices to more reasonable levels, which encouraged buyers in returning to the market in 2 0 1 3 . T h e r e a r e , h o w e v e r, s t i l l a n u m b e r o f i s s u e s i n the auction market that will present challenges to its development over the coming years. I n t h e w i d e r C h i n e s e e c o n o m y, t h e m o v e f r o m e x p o r t - l e d growth to a consumption-based economy has created a number of transitional issues. The art market potentially faces the opposite challenge: if and how it will move from being a protected domestic market supported by local sales to a more international center for global trade. The development of a strong national auction sector has been critical in growing the domestic market, w h i c h i s n o w r e l a t i v e l y s e l f - s u s t a i n i n g , h o w e v e r, i t s

continued protection and limited international exchanges will ultimately prevent it from gaining international status. The market for Chinese artworks sold outside of China, although now much smaller than the mainland, performed strongly in 2013, and more auction houses than ever a r o u n d t h e w o r l d s o l d a r t w o r k s i n t h i s c a t e g o r y. T h e s e houses have been eager to capitalize on the rising purchasing power of Chinese buyers, alongside meeting the demands of the more stable base of Western c o l l e c t o r s i n t h e s e c t o r. A s m o r e o f t h e m o s t h i g h l y valuable artworks are repatriated to China, Western collectors in the sector are increasingly paying escalating prices for a dwindling supply in international circulation, which will continue to boost prices at the top end in the external market. W ith import charges and export restrictions hampering cross-border trade from mainland China, Hong Kong has now become the global market hub for the exchange of Chinese artworks. It remains one of the most open and business-friendly environments in the world, which has encouraged both local businesses in the art market to flourish and international auction houses and dealers to consolidate their sales efforts there for both China and the wider Asian region. Even the largest mainland houses, Poly International and China Guardian, made inroads into the external market in the last two years, holding auctions in Hong Kong to take advantage of low taxes, a highly developed infrastructure, and significant buyers. In 2013, sales in Hong Kong accounted for a r o u n d 2 1 % o f t h e v a l u e o f P o l y I n t e r n a t i o n a l â&#x20AC;&#x2122;s s a l e s , and about 10% at China Guardian. The infrastructure of the art market in mainland China still requires development as the market increases in size. While the auction sector has flourished, the gallery s e c t o r, a l t h o u g h e x p a n d i n g r a p i d l y, i s s t i l l r e l a t i v e l y underdeveloped. While there have been a number of smaller galleries opening in the last few years, the

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gallery sector is increasingly consolidating around less than 20 major galleries, who have developed strong positions, but are still dwarfed by the value and volume o f s a l e s i n t h e a u c t i o n s e c t o r. T h e r a p i d i n c r e a s e i n t h e size of the market across all sectors has also caused a strain on ancillary businesses in specialized areas, such as packaging, logistics, warehousing, and shipping for the art trade. Due to the relatively short period in which the market has developed, there is also a shortage of experts in some areas, for example in art appraisals, valuations, authentication, and insurance. The regulatory framework and legislation in the market also requires continued development to ensure more stable long-term growth. The problem of fakes, counterfeit works, and authenticity is ongoing, in some smaller auction venues and in the Modern sector of traditional Chinese paintings. Although seasoned collectors are aware of the issue (a fact that is reflected in the high rate of buy-ins), it has the potential to deter new buyers who see the market as high risk. Issues related to late and non-payment, false bidding, and other illegal operations have all arisen, and although improving in many auction houses, have undermined the credibility of some. The problem of late and non-payment by winning bidders a t a u c t i o n i s n o t u n i q u e t o C h i n a , h o w e v e r, i t s e x t e n t is clearly much more marked and persistent than in other markets. There are several reasons for high rates of late payment in the market, including issues related to authenticity or provenance, the business integrity of the buyers, and a different culture of negotiating and transacting. As of May 31, 2013, among all licensed auction houses, 38% of lots sold for over CN¥10 million i n 2 0 1 2 w e r e n o t f u l l y p a i d , a n i m p r o v e m e n t o f 1 0 % y e a ro n - y e a r. H o w e v e r, t h e r a t e o f w o r k s n o t c l e a r e d f o r a l l price levels was 44%, which is still a considerable share of the market.

To t a c k l e t h e i s s u e d i r e c t l y, s o m e o f t h e l a r g e r a u c t i o n houses have introduced deposit requirements for b i d d e r s . C h r i s t i e ’s a n d S o t h e b y ’s h a v e h a d c a s h d e p o s i t requirements for their Hong Kong sales for several years, h o w e v e r, P o l y I n t e r n a t i o n a l a n d C h i n a G u a r d i a n h a v e r e c e n t l y f o l l o w e d s u i t . 15 T h e s e s c h e m e s a p p e a r t o b e working well, with clearing rates improving dramatically over the last year at both auction houses. Non-payment issues are now mainly centered on smaller auction houses, which face a much higher risk of non-payment and all of the subsequent cash flow problems that ensue for their businesses. Private sales by auction houses have been a significant trend in the global art market with the major auction houses now attributing up to 20% of their sales values a n n u a l l y t o t h i s c h a n n e l . 16 U n d e r t h e A u c t i o n L a w o f 1996, as well as under other regulations related to auctions, Chinese auction houses are not expressly permitted to conduct private sales, and, to date, most auction houses have therefore avoided the practice, at l e a s t u n d e r t h e i r o w n n a m e . H o w e v e r, C h i n e s e a u c t i o n houses have quickly realized that private sales can offer greater privacy to clients, reduced operating costs, the opportunity to provide tailored art advisory services, and improved clearing rates, and are now lobbying for a clear regulation to be drafted on the subject. Auction houses had already found ways to work within this “gray area” o f t h e l a w, b y h o l d i n g p r i v a t e s a l e s u n d e r a l t e r n a t i v e , non-auction parts of their businesses. In 2013, Poly International offered five private sale exhibitions, which focused on Chinese Modern and Contemporary ink paintings under its VIP Service Department, and it seems likely that other auction houses will begin similar activities in the future. While the auction sector remains highly protected from foreign competition, there have been some inroads made into opening up the market in the last two years. In 2 0 1 2 , S o t h e b y ’s C h i n a , a v e n t u r e b e t w e e n G e n u s

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a n d S o t h e b y ’s , w a s l a u n c h e d . I n 2 0 1 3 , C h r i s t i e ’s received a license to operate in the mainland. As f o r e i g n a u c t i o n h o u s e s , b o t h S o t h e b y ’s a n d C h r i s t i e ’s are banned from trading in so-called “cultural relics,” which include Chinese porcelains and classical ink paintings and porcelains—the most valuable categories in the Chinese art trade. The two houses have taken d i f f e r e n t a p p r o a c h e s t o m a r k e t e n t r y i n i t i a l l y, e a c h w i t h t w o r e l a t i v e l y s m a l l a u c t i o n s a l e s t o d a t e . C h r i s t i e ’s h a s concentrated on introducing big-name Western artists i n t o C h i n a , a l o n g s i d e A s i a n w o r k s , w h i l e S o t h e b y ’s h a s catered more to local tastes, selling mainly Modern and Contemporary Chinese Art. The major Chinese auction houses have been making fundamental changes in their structures to stay competitive with new global entrants. Poly Culture Group, the owners of Poly International, raised over US$330 million in an IPO in the Hong Kong Exchange in early 2014, the first mainland Chinese house to float on an exchange, putting them in direct competition w i t h S o t h e b y ’s a n d o t h e r p u b l i c l y t r a d e d c o m p a n i e s . Apart from raising capital, the IPO will also force more transparency on the business as a whole. In 2014, China Guardian also announced a significant restructuring plan f o r t h e c o m p a n y, d i v i d i n g t h e n e w l y f o r m e d “ G u a r d i a n Culture Group” into two subsidiaries: Guardian Auction and a newly established Guardian Investment, which is believed will carry out related investment services (such as private selling, financial services, and, p o s s i b l y, l o a n s ) .

M a n y e x p e r t s b e l i e v e t h a t t h e e v e r- i n c r e a s i n g p o s i t i o n of these two auction houses means that the mainland market could be nearing the duopolistic structure seen i n t h e g l o b a l m a r k e t , w h e r e S o t h e b y ’s a n d C h r i s t i e ’s dominate auction sales. This may require greater specialization or segmentation by second-tier auction houses in order to continue to survive, and some smaller and progressive auction houses have already begun to focus their catalogues on more distinct sectors of the market in an effort to maintain a distinctive and niche presence. F i n a l l y, t h e w i d e r e c o n o m i c c o n t e x t w i l l u n d o u b t e d l y affect sales going forward. While the long-term prospects for China are positive, economic forecasts indicate that the slowdown may deepen this year as China endures the short-term costs of rebalancing its growth model for the long-term good. These issues affect the confidence of consumers and their discretionary spending, which ultimately filters down to the sales performance of the art market. On the positive side, rising average incomes, wage inflation, and a slowly recovering property market h a v e b o o s t e d c o n s u m e r c o n f i d e n c e , w h i l e t h e l o n g e r- r u n wealth dynamics will ensure demand remains relatively robust. There remains a very high level of financial confidence in China among the newly affluent, with the majority feeling confident that their household incomes w i l l i n c r e a s e s i g n i f i c a n t l y i n t h e n e x t f e w y e a r s . 17 T h e s e trends are very important for the art and antiques market as they represent the potential for a new wave of demand in the market, which helps to maintain sales and give a w e l c o m e b o o s t t o C h i n a ’s l o w e r a n d m i d d l e m a r k e t s .

D r. C l a r e M c A n d r e w Founder and Director—Arts Economics

Global Chinese Art Auction Market Report 2013

Endnotes 1

R e f e r e n c e s t o g l o b a l m a r k e t d a t a a r e t a k e n f r o m T E FA F A r t M a r k e t Reports by Arts Economics.

The rate of buy-ins for Chinese artworks sold outside the mainland is similar to the averages of more mature markets of less than one-third in 2013.

The number of auctions houses in China is just 3% of the total number of global auction companies, and significantly lower than art markets s u c h a s t h e U S a n d U K ( w i t h j u s t o v e r 4 , 0 0 0 a n d 1 , 0 0 0 , r e s p e c t i v e l y, in 2013), despite generating sales of art at a similar level. From Arts E c o n o m i c s ( 2 0 1 4 ) T E F A F A r t M a r k e t R e p o r t . T E FA F : H e l v o i r t . 12 11

Barclays (2012). Wealth Insights: Profit or Pleasure. Exploring the M o t i v a t i o n s b e h i n d Tr e a s u r e Tr e n d s . B a r c l a y s : L o n d o n . T h e t e r m “ d o l l a r m i l l i o n a i r e s ” i s t a k e n f r o m C r e d i t S u i s s e ’s G l o b a l Wealth Databooks (2010 to 2013), and includes those with net wealth greater than US$1 million, with wealth defined as financial assets plus non-financial assets less debts.

The global average for works sold below €50,000 (around CN¥450,000) was 93%.

The global average for works sold for over €1 million (around CN¥9 million) in 2013 was 0.4%, and 1% in the US and UK.

The skewed distribution of wealth is a common phenomenon worldwide, however it is considerably more unequal than in Europe (where 2% of the population are millionaires) or North America (with 5%).

In 2013, for example, the top 10 lots in mainland China ranged from prices of US$5 million to 13 million, whereas in the US, they ranged from US$46 million to US$142 million (and, in the UK, from US$16 million to 45 million). 14

Estimates from the World Bank, 2014. Poly International now requires cash deposits of CN¥500,000 to 1 million, with the stipulation that the buyer must finalize payments within 35 days. China Guardian introduced a “Charted Membership Project” in 2012, which requires new bidders to pay deposits (ranging from CN¥200,000 to 2 million) until they establish a good payment history and become “members.”

The external market for Chinese artworks falls somewhere in between: lots for over CN¥10 million / US$1.5 million accounted for 1% of Fine Art auction transactions, and 20% of values (with the top 10 Fine Art lots ranging from US$9 million to 23 million). Including Decorative Art and Antiques, the top 10 ranged up to US$30 million.

Average prices can be somewhat misleading regarding where most of the trade takes place as they are highly skewed towards highend lots. It is interesting to note that while average prices are lower in China, median prices at Fine Art auctions have consistently been higher than other large markets, indicating that, although the market does not reach the same level, there is a more even spread of prices at auction.

A r t s E c o n o m i c s ( 2 0 1 4 ) , T E FA F A r t M a r k e t R e p o r t 2 0 1 4 . T E FA F : H e l v o i r t .

Research by McKinsey at the end of 2012 indicated that threeq u a r t e r s o f t h e c o u n t r y ’s a f f l u e n t c o n s u m e r s b e l i e v e t h e i r h o u s e h o l d incomes will increase significantly in the next five years. See M c K i n s e y a n d C o m p a n y ( 2 0 1 2 ) L u x u r y w i t h o u t B o r d e r s : C h i n a ’s N e w C l a s s o f W e a l t h y S h o p p e r s Ta k e o n t h e W o r l d . M c K i n s e y I n s i g h t s China: Beijing

Including all auctions of both Fine and Decorative Art and Antiques, P o s t - Wa r a n d C o n t e m p o r a r y A r t a c c o u n t e d f o r c l o s e t o 2 5 % o f t h e global art and antiques market in 2013.

A r t s E c o n o m i c s ( 2 0 1 3 ) , T h e T E FA F A r t M a r k e t R e p o r t 2 0 1 3 . T E FA F : H e l v o i r t .

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r. C l a r e M c A n d r e w i s a c u l t u r a l D economist, and founded Arts Economics in 2005. Arts Economics ( w w w. a r t s e c o n o m i c s . c o m ) i s a research and consulting firm focused e x c l u s i v e l y o n t h e a r t e c o n o m y. T h e company carries out bespoke research and analysis on all aspects of the Fine and Decorative Art market for private and institutional clients. C l a r e c o m p l e t e d h e r P h D i n e c o n o m i c s a t Tr i n i t y C o l l e g e Dublin in 2001, where she also lectured and taught economics for four years. She then directed a number of research projects for the Arts Council England on the effects of regulation, taxation, and other issues in the visual arts market. In 2002, Clare joined the firm

K u s i n & C o m p a n y, a b o u t i q u e i n v e s t m e n t b a n k i n g f i r m specializing in art investment, as chief economist. After three years in the United States, Clare returned to Europe in 2005, and continued her work in the art market in a private research and consulting capacity for a global client base. Clare has published widely on the economics of the art market, including her book entitled Fine Art and High F i n a n c e , p u b l i s h e d b y W i l e y. S h e a l s o p u b l i s h e s a n annual macro-economic report on the global art market f o r T h e E u r o p e a n F i n e A r t F o u n d a t i o n ( T E FA F ) .

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Industry Insights

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Q & A w i t h D r. A n d r á s S z á n t ó r. A n d r á s S z á n t ó , P h D , a d v i s e s l e a d i n g m u s e u m s , f o u n d a t i o n s , a n d c o r p o r a t i o n s o n c u l t u r a l D strategies and program development worldwide. His writings have appeared in The Art Newspaper, T h e N e w Yo r k T i m e s , A r t f o r u m , a n d m a n y o t h e r p u b l i c a t i o n s . H e h a s l e c t u r e d o n a r t b u s i n e s s a t t h e S o t h e b y ’s I n s t i t u t e o f A r t , a n d i s a f r e q u e n t m o d e r a t o r a t t h e A r t B a s e l C o n v e r s a t i o n s s e r i e s .

Q W hat are the key trends you have witnessed in the Chinese art market in the past year from a global perspective in terms of price levels, buying patterns, and shifts in taste? A T h e C h i n e s e a r t m a r k e t k e e p s m a t u r i n g , f r o m t h e buyers and the quality of the work to the sophistication of the intermediaries and the presenting institutions. T h e r e ’s e v e n a g r o w i n g a p p e t i t e f o r p h i l a n t h r o p y. P a r t of this maturity is reflected in a greater appreciation of Chinese Art and cultural traditions. In some sectors of the art world in China, it can be seen in increasing professionalism. D e s p i t e a s l o w d o w n i n t h e e c o n o m y, w e a l t h g e n e r a t i o n a n d a c c u m u l a t i o n h a v e n o t s t o p p e d . H o w e v e r, c o n s p i c u o u s consumption is now seen in a somewhat different light. In the background, less visible in the press, is a vast a n d d i s p e r s e d m i d d l e t o u p p e r- m i d d l e m a r k e t s e g m e n t , which will feed demand in art and collectibles at lower price points. The defining “trend” nonetheless probably remains the lack of one: the Chinese art market remains in a state of evolution and transformation. And, as much as it depends on domestic economic dynamics, the

Chinese art market is buoyed by strength in the global art market system, and remains vulnerable if the market enters a downward cycle. Q W hat do you think are the major challenges and opportunities facing the Chinese art market? How do you foresee addressing these challenges? A T he arts system needs to continue to professionalize— i t ’s s t i l l i n i t s r e l a t i v e i n f a n c y. Tr a n s p a r e n c y a n d s o u n d business practices are key to growth. A big question has to do with the mechanisms of validation in the domestic market. What, other than prices, lies behind valuations? W h o a r e t h e t r u s t e d a u t h o r i t i e s ? B e t t e r- i n f o r m e d buyers and responsible intermediaries are the best guarantees of long-term improvement. In terms of future opportunities, it will be interesting to see how China develops its own commercial ecosystem around art. The shape and dynamic of the art market has transformed each time it has shifted to a new part of the world. The Chinese art market is not tied to legacy structures and norms. As such, it may be open to more change, and may leave a deep imprint, for better or worse, on the g l o b a l a r t s y s t e m . T h i s i s a f a s c i n a t i n g d e v e l o p i n g s t o r y.

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Q H ave there been any new developments in government policy or industry regulation in recent years that may have had an influence on the Chinese art market? Or any you would like to see that you think would better facilitate business or make sales easier? A T he anti-corruption policies are creating headwinds for collecting, since some sources of buying were tied to buying influence and forms of public wealth display that a r e n o t c u r r e n t l y o f f i c i a l l y s a n c t i o n e d . H o w e v e r, c l e a n i n g up the market can do some good. The policy or market innovations that would make for a better business environment are much the same in C h i n a a s e l s e w h e r e : t r a n s p a r e n c y, g o o d a n d r e l i a b l e data, ethical buyers and sellers, professional lending, underwriting practices, trustworthy experts, and informed reporting. Another policy issue concerns the g o v e r n m e n t ’s a p p e t i t e f o r a l l o w i n g f o r e i g n b u s i n e s s e s . Q A uction houses are expanding their private sales worldwide. From your perspective, how will the growth of private sales in auction houses influence the development of the art market in China? A In general, the more pathways that are open for people to buy art, the greater will be the interest in buying. H o w e v e r, i n a n a t m o s p h e r e w h e r e l u x u r y c o n s u m p t i o n i s frowned upon, private sales may benefit. A larger question has to do with the role of auction h o u s e s i n t h e e m e r g i n g a r t e c o l o g y. W i l l a u c t i o n s , o n balance, be stronger in China relative to the West? Can they be even more effective in circumventing galleries?

And which auction houses will these be—the big Western h o u s e s o r h o m e - g r o w n o n e s ? I t ’s t o o e a r l y t o t e l l w h i c h players will prevail, alone or in partnership. W ith respect to private treaty sales, as with broader trends in the market, their prospects are closely tied to the overall fortunes of the market—both in terms of overall volume, and in terms of the propensity for consigners and buyers to choose a public or private forum to conduct sales. Q W here do you see the Chinese art market in five years? A I f t h e C h i n e s e e c o n o m y c o n t i n u e s t o e x p a n d , a n d i f p r i v a t e w e a l t h c o n t i n u e s t o g r o w, w i t h e d u c a t i o n l e v e l s rising, and unless there is domestic or global political c a l a m i t y, t h e o u t c o m e s h o u l d b e p o s i t i v e . A t t h e s a m e time, some of the excess and enthusiasm of the early stage may yield to more mature and professional buying and selling. H e re , a s e l s e w h e re , t o o m u c h a t t e n t i o n i s s t i l l b e i n g f o c u s e d o n t h e t o p e n d . Ye s , re c o rd s w i l l l i k e l y b e s h a t t e re d i n s o m e c o l l e c t i n g c a t e g o r i e s . We m a y c e r t a i n l y re a d s o m e surprising business news about the art market in the years to come. Nonetheless, the larger story has to do with the r i s i n g f o r t u n e s o f t h e C h i n e s e p ro f e s s i o n a l c l a s s , a n d w h a t i t s v a s t b u y i n g c a p a c i t y c a n d o w h e n p e o p l e a c ro s s C h i n a start to buy art on a mass scale. That is a potentially gamechanging development that will be worth watching. g

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Q&A with Kevin Ching K e v i n C h i n g j o i n e d S o t h e b y ’s i n 2 0 0 6 a s C E O o f S o t h e b y ’s A s i a , r e s p o n s i b l e f o r d e v e l o p i n g t h e s t r a t e g i c e x p a n s i o n o f t h e c o m p a n y i n t h e r e g i o n , p a r t i c u l a r l y i n t o m a i n l a n d C h i n a . U n d e r M r. C h i n g ’s s t r a t e g i c l e a d e r s h i p , S o t h e b y ’s A s i a a c h i e v e d o v e r U S $ 1 b i l l i o n i n t o t a l a u c t i o n s a n d private sales revenue in 2011. Previously a board executive director and group legal counsel of Dickson Concepts (International) L i m i t e d , M r. C h i n g w a s i n c h a r g e o f l e g a l a n d g e n e r a l b u s i n e s s a f f a i r s i n l u x u r y f a s h i o n , w a t c h e s , a n d j e w e l r y. I n a d d i t i o n , M r. C h i n g w a s r e s p o n s i b l e f o r b u s i n e s s d e v e l o p m e n t a n d o p e r a t i o n s o f luxury retail in China, and was instrumental in the opening and development of Seibu department stores in China and H a r v e y N i c h o l s i n H o n g K o n g . P r i o r t o j o i n i n g D i c k s o n C o n c e p t s ( I n t e r n a t i o n a l ) L i m i t e d , M r. C h i n g w a s a p a r t n e r i n J o h n s o n S t o k e s & M a s t e r, o n e o f t h e l a r g e s t l a w f i r m s i n H o n g K o n g , w o r k i n g a s t h e c h i e f r e p r e s e n t a t i v e o f i t s B e i j i n g Office. M r. C h i n g w a s e d u c a t e d i n H o n g K o n g a n d E n g l a n d , a n d h o l d s a m a s t e r ’s d e g r e e i n l a w f r o m L o n d o n U n i v e r s i t y. H e s t u d i e d E n g l i s h l a w, S o v i e t l a w, a i r a n d s p a c e l a w, a s w e l l a s c u s t o m a r y a n d m o d e r n C h i n e s e l a w. H e i s q u a l i f i e d t o p r a c t i c e l a w i n H o n g K o n g , S i n g a p o re , E n g l a n d , a n d Wa l e s , a s w e l l a s i n V i c t o r i a , A u s t r a l i a .

Q T he value of the online art market in 2013 was estimated to be around US$1.57 billion, and is expected to rise to US$3.76 billion by 2018. What do you think are the driving forces behind this growth? What does it say to you about the importance of the online market? A I n the broadest sense, the world we all live in is changing w i t h d i z z y i n g s p e e d . Te c h n o l o g y c o n t i n u e s t o r a p i d l y e v o l v e , m a k i n g t h e u s e r e x p e r i e n c e e a s i e r a n d b e t t e r. Online consumers of all goods, including artworks, are demonstrating a willingness to purchase items at all price points—including big-ticket items—online, and even on the go from their phones. Part of what is driving consumer confidence are features that make physical items understandable in a digital space—e.g., seeing how big a painting looks in situ on the wall. What we said when we announced our exciting partnership with

eBay answers the second part of your question: Both companies recognize an opportunity to expand their global presence in the art and collectibles market. The art marketplace is vast, and there is great potential to grow our client base. eBay provides us with an ability t o s h o w c a s e N e w Yo r k a u c t i o n s a n d t h e u n i q u e p r o p e r t y S o t h e b y ’s c a n s o u r c e t o a n a u d i e n c e o f 1 4 5 m i l l i o n e B a y buyers. Q I s it possible to get a sense of who and where these buyers are? If you could learn more about the demographics of these online buyers and how they make their decisions, what would you want to know? A T he growth of online participation is coming from everywhere. It is not defined by one region or nation, or a single demographic, like age or income. A few

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facts illustrate the real explosive growth in the online i n v o l v e m e n t o f o u r c l i e n t s : P a r t i c i p a t i o n i n B I D N o w, o u r online bidding platform, more than doubled in the first half of 2014 compared to a year ago; 16% percent more lots were purchased using BIDNow in that period versus a year ago; the monthly pageviews of our website so far in 2014 doubled what they were in 2013—and they’re eight times what they were in 2012. One of the things we would like to know from the growing world of potential collectors is, “How do we best engage with you?” Engagement is a foundation of o u r d i g i t a l s t r a t e g y. To e n g a g e w i t h c l i e n t s i s t o i n v o l v e them in the art world, to welcome them into the world of S o t h e b y ’s , t o d i s c o v e r t h e s e r v i c e s , e x p e r i e n c e s , o r a r t and collectibles they are seeking. Q H ow would you describe the importance of an online auctions platform to your business? What percentage of your revenue is generated by online auctions versus traditional auctions? What do you think this ratio will be in five years? A I t ’s i m p o r t a n t t o d a y, a n d w i l l b e m o r e i m p o r t a n t e a c h d a y going forward. As I mentioned, the usage of our current o n l i n e b i d d i n g p l a t f o r m h a s b e e n g r o w i n g d r a m a t i c a l l y. We think that the opportunity for online auctions/sales is meaningful, and we will continue to refine our user experience as the market grows. W ithout getting into specific numbers, it is fair to say revenue generated by online sales is much lower than traditional auctions. But i t i s g r o w i n g a n d w i l l c o n t i n u e t o g r o w ; c e r t a i n l y, w e hope that is the case with our eBay partnership. Q C ould you describe your client profile for online auctions? How is it different from your client base for the traditional auction business? A Our client profile is identical since our auction clients can buy in the room, on the phone, or online through B I D N o w. W e h a v e n o t h a d o n l i n e - o n l y s a l e s . O u r c l i e n t s c a n b i d i n d i f f e r e n t w a y s t h a t s u i t t h e i r n e e d s . S o t h e b y ’s is famous for selling some of the rarest, most exquisite objects in the world—and those get a lot of headlines.

But you may be surprised to know that more than half the lots we sold in 2013 fell within the US$5,000–100,000 r a n g e . C l e a r l y, t h o s e c l i e n t s f i t t h e m o r e t r a d i t i o n a l online profile. But the world is changing. In April, we s o l d J a m e s J o h n A u d u b o n ’s T h e B i r d s o f A m e r i c a f o r US$3.5 million—a new record for an online purchase at S o t h e b y ’s . Q W h a t a re t h e c h a l l e n g e s f a c i n g t h i s n e w b u s i n e s s s e c t o r, a n d h o w d o y o u f o re s e e m e e t i n g a n d a d d re s s i n g t h o s e challenges? A W e see two challenges in the space at the moment. The f i r s t i s t h a t t h e re a re a l o t o f p e o p l e s e a rc h i n g t o d e f i n e a b u s i n e s s m o d e l , a n d , s e c o n d , t h a t t h e re s u l t s a re m i x e d . T h e re i s a re a s o n t h a t S o t h e b y ’s h a s b e e n a ro u n d f o r 275 years: we constantly adapt, evolve, and innovate our b u s i n e s s e s , a n d o n l i n e a u c t i o n s / s a l e s i s a n a re a w e h a v e a good understanding of. T h e s e c o n d c h a l l e n g e i s c re a t i n g a n e x c e p t i o n a l o n l i n e e x p e r i e n c e w h e re c l i e n t s c a n b e c o n f i d e n t o f t h e i r p u rc h a s e s . T h i s i s c h a l l e n g i n g b e c a u s e a r t w o r k s a re n e c e s s a r i l y u n i q u e , p h y s i c a l i t e m s a n d t h e i r v a l u e d e p e n d s o n b e i n g c o r re c t l y d e s c r i b e d a n d a u t h e n t i c a t e d . We a re c o n f i d e n t t h a t o u r p a r t n e r s h i p w i t h e B a y s u c c e s s f u l l y m a r r i e s e B a y ’s e x p e r t i s e in the online experience and technology with our knowledge i n a u t h e n t i c a t i n g a n d e s t i m a t i n g a r t w o r k s . R i g h t n o w, o u r m o s t i m m i n e n t c h a l l e n g e i s w o r k i n g w i t h e B a y t o c re a t e o u r n e w s i t e a n d re a d y i t f o r a l a u n c h l a t e r t h i s y e a r o r e a r l y n e x t y e a r. O n a m a c ro l e v e l f o r t h e i n d u s t r y, t h e re a re i s s u e s o f s o u rc i n g p ro p e r t y, a u t h e n t i c a t i o n , c l i e n t v e t t i n g , t e c h n o l o g y e x p a n s i o n , c o m p l i a n c e , u s a b i l i t y, p a y m e n t m e t h o d s , a n d delivery—a host of issues as this expands. Q A re t h e re a n y s p e c i f i c c h a l l e n g e s w i t h o n l i n e a u c t i o n s that you view as unique to the Chinese market? A C h i n e s e c u s t o m e r s n o w a d a y s a re o n p a r w i t h t h e re s t o f t h e world in terms of acceptance and the level of sophistication re l a t i n g t o t r a n s a c t i n g o n l i n e . T h e re f o re , t h e c h a l l e n g e s

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a n d , m o re i m p o r t a n t l y, t h e g re a t p o t e n t i a l o f o n l i n e a u c t i o n s that apply to other international markets apply to China as well. With 618 million internet users and 271 million online s h o p p e r s i n 2 0 1 3 , * C h i n a re p re s e n t s o n e o f t h e g re a t e s t m a r k e t o p p o r t u n i t i e s f o r S o t h e b y ’s . We w i l l c o n t i n u e t o m a k e e v e r y e ff o r t t o c re a t e a n e v e n m o re e n g a g i n g o n l i n e e x p e r i e n c e f o r o u r C h i n e s e c l i e n t s , w h i c h i n c l u d e s i m p ro v i n g t h e f u n c t i o n a l i t y o f o u r We c h a t p l a t f o r m a n d f u r t h e r e n h a n c i n g the Chinese contents on Sothebys.com, and, of course, l a u n c h i n g o u r n e w a n d e x c i t i n g p a r t n e r s h i p w i t h e B a y.

Q D o you think local auction houses have a competitive advantage in this market? Why? A T h e b e a u t y o f t h e d i g i t a l w o r l d i s t h a t i t e x p o s e s p ro p e r t y t o a g l o b a l c o m m u n i t y o f c o l l e c t o r s a n d b u y e r s . We t h i n k t h a t u s e r e x p e r i e n c e , b r a n d i n t e g r i t y, a n d e x c e p t i o n a l p ro p e r t y a re t h e re a l c o m p e t i t i v e a d v a n t a g e s . g

*Source: China Internet Network Information Center report

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Q&A with Caroline Cai C a r o l i n e C a i i s t h e p r e s i d e n t o f C h r i s t i e ’s C h i n a . M s . C a i m a n a g e s C h r i s t i e ’s o v e r a l l o p e r a t i o n s i n C h i n a . S h e o v e r s e e s t h e d e v e l o p m e n t o f t h e c o m p a n y ’s r a n g e o f s e r v i c e s t o i t s A s i a - b a s e d c l i e n t e l e , a n d t h e e x p a n s i o n o f C h r i s t i e ’s b u s i n e s s p r e s e n c e t h r o u g h o u t t h e r e g i o n . A s t h e c o m p a n y ’s l e a d e r o n t h e g r o u n d i n C h i n a , M s . C a i m a n a g e s C h r i s t i e ’s c o m p a n y o f f i c e s and executes all activities taking place within the region. In addition, she is responsible for e x p a n d i n g C h r i s t i e ’s e d u c a t i o n a l a n d c u l t u r a l a c t i v i t i e s a n d a s s u m e s a n a c t i v e p a r t i n p r o m o t i n g the international exposure of Chinese Art. Ms. Cai also plays an advisory role to mainland Chinab a s e d c l i e n t s , c o u n s e l i n g t h e m o n b o t h t h e C h i n e s e A r t c a t e g o r i e s o f f e r e d t h r o u g h C h r i s t i e ’s , a s w e l l a s o n t h e s c o p e o f the overall Chinese marketplace. She also oversees the process of strategizing business objectives that further elevate C h i n a ’s c u l t u r e i n t h e g l o b a l m a r k e t p l a c e , w h i l e b o t h p r o t e c t i n g a n d c e l e b r a t i n g i t s c u l t u r a l h e r i t a g e . M s . C a i i s C h r i s t i e ’s r e p r e s e n t a t i v e f o r t h e G r e a t e r C h i n a r e g i o n , a n d s u p p o r t s t h e c o m p a n y ’s p a r t i c i p a t i o n i n e x i s t i n g c o o p e r a t i v e p r o g r a m s between China and other countries across Asia. M s . C a i r e c e i v e d h e r b a c h e l o r ’s d e g r e e f r o m W e l l e s l e y C o l l e g e i n M a s s a c h u s e t t s a n d a m a s t e r ’s i n p u b l i c a f f a i r s f r o m P r i n c e t o n U n i v e r s i t y. S h e w a s b o r n a n d r a i s e d i n B e i j i n g , a n d e n t e r e d B e i j i n g U n i v e r s i t y b e f o r e p u r s u i n g o v e r s e a s education. She speaks fluent Mandarin and English.

Q T he value of the online art market in 2013 was estimated to be around US$1.57 billion, and is expected to rise to US$3.76 billion by 2018. What do you think are the driving forces behind this growth? What does it say to you about the importance of the online market? A T o d a y, t h e r e i s a h u g e c u l t u r a l s u r g e a r o u n d t h e w o r l d toward the experience of art. At the same time, the growth of social media, both online and via mobile, d e f i n i t e l y h e l p s m a k e a r t m u c h m o r e a c c e s s i b l e . T h a t ’s what we see as the reasons for the boom and the c o n t i n u e d g r o w t h o f o n l i n e a r t m a r k e t . F o r C h r i s t i e ’s , we had our first online auction in December 2011. So f a r, w e h a v e h o s t e d 8 5 o n l i n e s a l e s i n t o t a l , w i t h c l i e n t s

from 185 countries participating. In the first half of 2014, online-only auctions continue to attract new buyers, and sales of US$14.4 million represent an 87% increase over t h e s a m e p e r i o d l a s t y e a r. T h e o n l i n e m a r k e t i s i m p o r t a n t t o C h r i s t i e ’s b e c a u s e we have been developing our new client strategy of really focusing on, and serving, the client. The online market provides us with the means to connect with all potential active and interested buyers by increasing the accessibility of sales. For us, online-only sales s u p p l e m e n t o u r t r a d i t i o n a l l i v e s a l e s c a l e n d a r, p r o v i d i n g t h e f l e x i b i l i t y t o h o s t y e a r- r o u n d a u c t i o n s .

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Q C ould you describe your client profile for online auctions? How is it different from your client base for the traditional auction business? A W hile we are continuing to learn and adapt to serve our audience. What we can say is that online-only sales are truly global, with visitors from 179 countries. Because o n l i n e a u c t i o n s r e q u i r e t h e u s e o f t e c h n o l o g y, o u r c l i e n t s in this field are relatively young. 53% of all registrants online in H1 2014 were under the age of 45. Ta k e o u r f i r s t o n l i n e s a l e o f C h i n e s e a r t w o r k s i n l a s t J u l y, f o r e x a m p l e , t h e s a l e o f D e h u a p o r c e l a i n d r e w w i d e participation from countries across the globe, including C h i n a , F r a n c e , a n d A u s t r a l i a , t o n a m e a f e w. O f p a r t i c u l a r note, an impressive 50% of successful buyers were c o m p l e t e l y n e w t o C h r i s t i e ’s , w h i c h t r u l y r e f l e c t s t h e globalization of art auctions and sales. Q H ow would you describe the importance of an online auctions platform to your business? What percentage of your revenue is generated by online auctions versus traditional auctions? What do you think this ratio will be in five years? A C h r i s t i e ’s online channel demonstrates growing

C h r i s t i e ’s n o w h a s t h r e e m a j o r b u s i n e s s c h a n n e l s : l i v e auctions, private sales, and online-only sales. At the moment, live auctions make up about 60% or more of the c o m p a n y, a n d o n l i n e - o n l y s a l e s m a k e u p a r a t h e r s m a l l percentage, but have demonstrated growing potential. We believe online auctions will continue to drive traffic, and our online presence in China will be of particular importance given the high level of digital literacy among Chinese consumers and collectors. In the future, we will continue to invest in on our online platform, and certainly expect strong growth. Q W hat are the challenges facing this new business s e c t o r, a n d h o w d o y o u f o r e s e e m e e t i n g a n d a d d r e s s i n g those challenges? Are there any specific challenges with online auctions that you view as unique to the Chinese market? A Some may regard it as a challenge since bidders are not able to see the lots or works sold online in person. But we are looking into ways to solve this problem. First, we hope to use the old technology of art exhibition spaces, which is why we are building more exhibition spaces around the world so we can show our art in more places. Another very crucial point is that the most important t h i n g C h r i s t i e ’s h a s i s i t s b r a n d , a n d t h e m o s t i m p o r t a n t element of the brand is trust. Of all the thousands of lots we sell online, we never sell anything that has not been examined and vetted by our experts. In China, we will continue to invest in developing our online presence, using technology to engage with, and i n c r e a s e a c c e s s i b i l i t y f o r, o u r C h i n e s e c l i e n t s , e s p e c i a l l y new buyers.

potential, while representing a small overall proportion of sales. In 2013, online-only sales totaled US$20.8 m i l l i o n — a c t i n g a s a c l e a r, k e y d r i v e r i n a t t r a c t i n g n e w buyers and increasing global accessibility to acquiring authenticated art and luxury goods. In the first half of 2014, we achieved US$14.4 million in online sales, which represents an 87% increase over the same period last y e a r. T h e t o p p r i c e a c h i e v e d i n a n y o f o u r o n l i n e - o n l y s a l e s w a s U S $ 9 0 5 , 0 0 0 f o r R i c h a r d S e r r a ’s P a m u k , s o l d i n M a y t h i s y e a r.

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Q W h a t i s y o u r s t r a t e g y f o r re m a i n i n g c o m p e t i t i v e i n t h e r a p i d l y g ro w i n g a r t m a r k e t i n C h i n a ? A T o d a y, C h i n a i s o n e o f t h e m o s t e x c i t i n g a r t m a r k e t s i n t h e w o r l d . N a t u r a l l y, a f a s t - g ro w i n g m a r k e t h a s g i v e n r i s e to new entrants and competition in the field. The business e n v i ro n m e n t i n m a n y i n d u s t r i e s i s m o v i n g f a s t , a n d o u r strategy takes into account that we need to adapt to our c l i e n t s a n d h o w t h e y w a n t t o e n g a g e a n d a c q u i re a r t , w h i c h

is why we have focused on serving them online in new places, w h i l e c o n t i n u i n g t o o ff e r a r t i n a w i d e v a r i e t y o f c a t e g o r i e s . I t i s i m p o r t a n t t o m a k e s u re t h a t w e o ff e r a r t t h a t p e o p l e a re l o o k i n g f o r. I n a d d i t i o n , o u r b r a n d , a s a n e a r l y 2 5 0 - y e a r- o l d auction house, also helps us win buyers’ trust, including t h o s e n e w t o C h r i s t i e ’s . g

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Q & A w i t h D r. Te r r y H u a n g r. Te r r y H u a n g i s t h e v i c e p r e s i d e n t a n d h e a d o f t h e A s i a - P a c i f i c R e g i o n a t M o t i f A r t G r o u p . D P r e v i o u s l y, h e w a s t h e p a n e l a d v i s o r o f t h e N a t i o n a l E n d o w m e n t f o r t h e A r t s ( N E A ) a n d a p r o f e s s o r a t N e w Yo r k U n i v e r s i t y. D r. H u a n g g o t a P h D i n t h e h i s t o r y o f M o d e r n A r t a t H a r v a r d U n i v e r s i t y, a n d a n M S i n a r t s a d m i n i s t r a t i o n a t B o s t o n U n i v e r s i t y. H e h a s p u b l i s h e d m a n y b o o k s , i n c l u d i n g Philip Guston: Night Studio, His Art in Woodstock, and the Semiology of Visual Languages in Contemporary Art.

Q W hat do you think are the driving forces behind the shift toward viewing art as an asset in recent years? A T he comparatively poor performance of traditional asset classes, such as real estate, commodity futures, private e q u i t y, a n d h e d g e f u n d s , i n r e c e n t y e a r s h a s d r i v e n t h e search for greater returns via alternative asset classes.

According to the artnet Analytics, the art market, in comparison to traditional asset classes, has been fast expanding following the financial crisis in 2009, and this expansion has, in turn, created a desire to view art from a f i n a n c i a l p o i n t o f v i e w. D e s p i t e i t s o p a c i t y, v o l a t i l i t y, and lack of official regulations, over the long term, more and more investors believe that art is a sound investment that can yield relatively higher returns compared to traditional asset classes. M o r e o v e r, i n v e s t o r s h a v e l e a r n e d t h e i m p o r t a n c e o f asset allocation, seeking alternative assets to diversify their investment portfolios and reap higher returns while m i n i m i z i n g r i s k s . A r t c a n a l s o o f f e r a l o w, a n d e v e n negative, correlation with equities, bonds, and real estate, which also makes it an option for asset allocation. Q H ow would you describe the size of the market for artrelated financial services as compared to traditional financial services, and what do you envision its future potential to be? A A ccording to a survey conducted by Deloitte in their Art & Finance Report 2013, among private banks, art professionals, and collectors, it is reported that although

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0 2003 All Art 50 2004 2005 2006 2007 S&P 500 2008 2009 2010 2011 2012 2013 artnet Contemporary 50™(C50™) Amex Gold BUGS (^HUI) HANG SENG (^HSI) Dow Jones Industrial (^DJI)

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the primary reason for buying art is its emotional and social value, financial motivations are no doubt becoming increasingly important among sophisticated collectors. Financial institutions have made advances in assessing the value and risks attached to art, introducing new types of collective investment vehicles, such as shared transactions, art funds, and art loans. Art funds are said to be the most successful, and have gained the highest market acceptance, both in Western countries and in China. 2011 was by far the most prosperous year for art funds, where both the quantity and scale of art funds significantly increased. In China, the total scale of art funds in 2011 reached US$320 million, of which, US$300 million was raised during the second half of 2011 and the first quarter of 2012. At that time, there were 44 art f u n d s i s s u e d g l o b a l l y, 2 1 o f w h i c h w e r e i s s u e d i n C h i n a . H o w e v e r, b y 2 0 1 2 , t h e n u m b e r o f a r t f u n d s b e g a n t o decline. In the first quarter of 2012, there were only 13 a r t f u n d s i s s u e d i n C h i n a , f o u r i n t h e s e c o n d q u a r t e r, a n d t h r e e i n t h e t h i r d q u a r t e r. T h i s d e c r e a s i n g f i g u r e demonstrates not only the frustrated art market, but also the dejected art fund market. On the other hand, even in the most prosperous period of art funding, the scale of art funds globally (US$320 million in 2011), only made up approximately 2.7% of the US$11.5 billion total auction revenue. This small percentage indicates that even art funds, the biggest and most popular artrelated financial products, are still not big enough to i n f l u e n c e , o r h a v e d e c i s i v e p o w e r o v e r, t h e a r t m a r k e t , not to mention the minor capital scale as compared to the scale of global hedge fund assets, at around US$1.7 t r i l l i o n i n t h e s a m e y e a r. T h i s a l s o r e m i n d s u s t h a t a r t investment is only a small portion of the whole financial market, and that it should not be viewed the same way we view stocks and bonds.

Q F rom an art fund perspective, what features does art share with other asset classes, and what features are unique to art? How do art funds/wealth managers handle these differences? A A rt is so unique that it can hardly be regulated or perceived as other financial asset classes. The biggest difference between art and traditional asset classes is that a work of art is hard to authenticate, and hardly any standard for assessing and evaluating exists. Also, a s w o r k s o f a r t c a n n o t b e t r a d e d e v e r y d a y, l i q u i d i t y is relatively low as compared to other financial assets, such as stocks and bonds, and, thus, no daily net asset v a l u e i s a v a i l a b l e . M o r e o v e r, e s s e n t i a l i n f o r m a t i o n , s u c h a s p r o v e n a n c e , i s n o t e a s y t o a c c e s s o r v e r i f y, m a k i n g the art market a market with asymmetrical information a n d a l a c k o f t r a n s p a r e n c y. L a s t b u t n o t l e a s t , o w n i n g a piece of art requires a huge amount of maintenance, including insurance and storage fees, which equal a 25% depreciation of the purchase price. To a s s i s t i n v e s t o r s i n b r e a k i n g t h r o u g h t h e s e e n t r y barriers, and to reduce additional costs while enjoying the high return art may bring, art funds were created. There are different rules and restrictions on art-related financial products, such as art funds, which are based on a trustworthy management team to invest in art and generate profits for their investors. Processes, including the selection of artists and their works, the authenticity of the artworks, and controlling for a potential rise in value, all require a certain degree of professionalism in t h e a r t f i n a n c i a l m a r k e t s . M o r e o v e r, b y w a y o f f u n d i n g , investors can share the additional costs, such as storage and insurance, with other investors, thus reducing the cost to a large degree.

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Q H ow is the idea of art and finance perceived in China? Are there any unique challenges or opportunities there? A W ith a huge amount of speculative capital entering the art market in China within such a short period of time, China has quickly become one of the most important countries in the art market as a whole. And the expansion of the art market has also encouraged Chinese collectors to view art as an investment, and as an investment vehicle. Financial products, such as shared transactions, art funds, and art loans, have all experienced ups and downs in the market. H o w e v e r, t h e g r e a t e s t c h a l l e n g e l i e s i n t h e f a c t that collectors in China largely have no interest in appreciating art, and are only interested in investing. Chinese investors lack the aesthetic appreciation and operating experience required to become market players. This is why most art fund companies or professional art managers, who are supposed to serve as educators and fund operators, are not highly valued in the Chinese art market. M o r e o v e r, t h e b o r d e r b e t w e e n t h e p r i m a r y a n d s e c o n d a r y art market has become less obvious. Many investors a p p r o a c h a u c t i o n h o u s e s d i r e c t l y. A u c t i o n h o u s e s i n China have been collaborating with galleries and artists for years. Some auction houses also team up with banks and other financial institutions, giving their customers (buyers) a direct channel to apply for loans for an artwork. Q D o y o u s e e a n y n e w t re n d s i n re c e n t y e a r s ? A O v e r t h e p a s t 1 0 y e a r s , t h e C h i n e s e a r t m a r k e t h a s g ro w n r a p i d l y ; h o w e v e r, m o s t b u y e r s a re i n t e re s t e d i n i n v e s t m e n t r a t h e r t h a n i n b u i l d i n g a c o l l e c t i o n . T h e re i s n o s o l i d c o l l e c t i n g b a s e . I n l i g h t o f t h e d o w n w a rd - t re n d i n g a r t m a r k e t i n re c e n t

y e a r s , i n v e s t o r s h a v e b e c o m e m o re c o n s e r v a t i v e . T h e l i q u i d i t y o f m i d - p r i c e d a r t w o r k s h a s i n c re a s e d . T h e v a l u e a n d e n e r g y o f c l a s s i c w o r k s s t a r t e d t o re g a i n a t t e n t i o n . I n t h e p a s t , t h e p re f e re n c e f o r a r t i n s p i re d b y C h i n e s e c u l t u re d o m i n a t e d t h e C h i n e s e a r t m a r k e t . H o w e v e r, a s t h e e c o n o m i c a n d c u l t u r a l e n v i ro n m e n t o p e n e d u p , t h e o p p o r t u n i t y t o a c q u i re We s t e r n a r t c a m e k n o c k i n g a t t h e door of the Chinese art market. International exhibitions, as well as artworks at auction, have made it possible for C h i n e s e b u y e r s t o c o n s u m e a n i n c re a s i n g a m o u n t o f We s t e r n art. In addition, the issue of the online art market has been e n t h u s i a s t i c a l l y d i s c u s s e d i n re c e n t y e a r s . I n t h e f u t u re , a s C h i n e s e c o n s u m e r s b e c o m e m o re a n d m o re a c c u s t o m e d t o e l e c t ro n i c c o m m e rc e , t h e c o l l a b o r a t i o n b e t w e e n t h e a r t m a r k e t a n d e - c o m m e rc e w i l l n o d o u b t i n c re a s e . T h e s p i l l o v e r e ff e c t s o f a p o s s i b l e b u b b l e c r i s i s h a v e also drawn attention, in terms of asset allocation for i n d i v i d u a l C h i n e s e i n v e s t o r s a n d e n t e r p r i s e s . M o re o v e r, t h e p ro s p e ro u s p r i v a t e m u s e u m i n d u s t r y i s b o u n d t o i n c re a s e the influence of individual and enterprise buyers in the art m a r k e t . E c o n o m i c p o l i c i e s a n d g o v e r n m e n t a t t i t u d e s t o w a rd the art market have also had an enormous impact, as seen w i t h t h e C h i n e s e C u l t u re a n d A r t w o r k P ro p e r t y E x c h a n g e (CCAPE 中国文化艺术品产权交易所), China (Shanghai) Pilot F re e Tr a d e Z o n e ( 上海自贸区 ) , a n d a r t l o a n s , a m o n g o t h e r s . Q W h a t a d v i c e d o y o u g i v e t o n e w c o l l e c t o r s w h o a re seeking to build an art portfolio? A W hether or not to buy an artwork is the question that most a r t c o l l e c t o r s n e e d t o f a c e . A s a c o l l e c t o r, t h e re a re f o u r i m p o r t a n t f a c t o r s t h a t n e e d t o b e c o n s i d e re d b e f o re m a k i n g a d e c i s i o n : a u t h e n t i c i t y, q u a l i t y, a v a i l a b i l i t y, a n d l i q u i d i t y.

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For collectors, the issue of authenticity is at the top of the l i s t . H o w e v e r, d e t e r m i n i n g w h e t h e r a n a r t w o r k i s a u t h e n t i c re l i e s h e a v i l y o n t h e e x p e r i e n c e o f a p p r a i s a l e x p e r t s . A l t e r n a t i v e l y, c o l l e c t o r s c a n c h e c k t o m a k e s u re t h a t t h e a r t w o r k h a s a c o m p l e t e a n d c l e a r p ro v e n a n c e . C o l l e c t o r s should also understand the quality of the artwork, in other w o rd s , t h e m o t i f , t h e p e r f o r m a n c e , a n d t h e t e c h n i q u e o f t h e piece. The quality of the individual artworks in a collection w i l l g re a t l y i m p a c t t h e q u a l i t y o f t h e c o l l e c t i o n a s a w h o l e . H o w e v e r, h i g h - q u a l i t y a r t w o r k s w i t h a c o m p l e t e p ro v e n a n c e a re a l w a y s i n h i g h d e m a n d i n t h e m a r k e t , a n d a re t h u s h a rd e r t o c o m e b y. F o r e x a m p l e , f i r s t - t i e r p a i n t i n g s b y P a b l o

P i c a s s o a re l a r g e l y h e l d i n p r i v a t e o r m u s e u m c o l l e c t i o n s , a n d a re n o t a g o o d t a r g e t , e s p e c i a l l y f o r n e w c o l l e c t o r s . L a s t l y, l i q u i d i t y i s a n i m p o r t a n t c o n c e r n t o b e a r i n m i n d , e v e n f o r n e w c o l l e c t o r s , b e c a u s e i t p l a y s a n i m p o r t a n t ro l e w h e n a c o l l e c t o r ’s t a s t e s c h a n g e . T h e f i r s t t w o f a c t o r s a re re l a t e d t o a c o l l e c t o r ’s a e s t h e t i c a p p re c i a t i o n , a n d t h e l a t t e r t w o a re re l a t e d t o m a r k e t i n s i g h t . T h e s e f o u r f a c t o r s c o m b i n e d p ro v i d e c o l l e c t o r s a m o re o b j e c t i v e p e r s p e c t i v e i n b u i l d i n g a c o l l e c t i o n . g

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Q&A with Linda Dong inda Dong has had 12 years of business experience in securities. She has served as the L executive general manager of the investment banking division at China Jianyin Investment S e c u r i t i e s . S h e r e c e i v e d a B A i n e c o n o m i c s f r o m F u d a n U n i v e r s i t y, a n d a n E M B A d e g r e e f r o m the Cheung Kong Graduate School of Business Administration. Her accomplishments include reforms, mergers and reorganization, listings and initial public offerings, and financing for v a r i o u s b u s i n e s s e s , s u c h a s G D P o w e r D e v e l o p m e n t , Ya n g t z e P o w e r, C h i n a H i - Te c h G r o u p , G u i z h o u A v i a t i o n I n d u s t r y, G u a n g d o n g W e i h u a , a n d C h i n a P e o p l e ’s I n s u r a n c e . S h e a l s o s e r v e d as a general partner of Beijing Fortune Land Investment Consultant Co., Ltd. (Limited Partnership) (Private Equity Fund). She has experience in capital market operations, and is familiar with fund management.

Q W hat do you think are the driving forces behind the shift toward viewing art as an asset in recent years? A F rom an economic perspective, we have experienced more than 30 years of reform since the Opening Up. In that time, a large amount of non-governmental capital has been gathered; this money has largely been invested in very limited areas, including the housing market, stock market, and gold market. It now appears that the real estate market has reached its peak, and future growth potential seems limited. The gold market has risen, h o w e v e r, w i t h t h e U S d o l l a r s t r e n g t h e n i n g , t h e r o o m f o r g r o w t h i n t h i s m a r k e t i s a l s o v e r y n a r r o w. I n t e r m s o f stocks, the weakness of the market in recent years kept m a n y i n v e s t o r s a w a y. I n t h i s c o n t e x t , a l a r g e a m o u n t of non-governmental capital has been turned into art investment. I n v e s t m e n t i s d i r e c t l y p r o p o r t i o n a l t o a c o u n t r y ’s p e r capita income and consumer spending. Over the years, C h i n a ’s p e r c a p i t a i n c o m e h a s c o n t i n u e d t o g r o w, w h i c h h a s m e a n t t h a t s p e n d i n g h a s a l s o i n c r e a s e d s i g n i f i c a n t l y. H o w e v e r, a r t i n v e s t m e n t i s s t i l l v e r y l i m i t e d .

Government policies also play an important role. In 2011, the Sixth Plenary Session of the 17th Central Committee l a i d o u t a p l a n f o r t h e d e v e l o p m e n t o f c u l t u r a l i n d u s t r y. Culture has become an important topic of the 12th FiveYe a r P l a n , a n i m p o r t a n t m e a s u r e t o e n h a n c e t h e n a t i o n ’s s o f t p o w e r. From an art perspective, after the financial crisis, despite experiencing historic difficulties, the art market made remarkable progress compared to the 1990s. F i r s t l y, C h i n e s e C o n t e m p o r a r y A r t h a s b e c o m e a n important part of art portfolios for leading Western collectors and museums. S e c o n d l y, l o c a l a r t h a s e s t a b l i s h e d i t s o w n n i c h e , a n d has laid a solid foundation for continuous growth. T h i r d l y, a f t e r n e a r l y a d e c a d e o f e f f o r t t o d e v e l o p l o c a l c o l l e c t i o n s , t h e n u m b e r o f c o l l e c t o r s i s g r o w i n g r a p i d l y. L a s t l y, d u e t o p o l i c y i n f l u e n c e o v e r t h e n e x t 1 0 t o 3 0 years, there will be an increase in the number of Chinese

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Contemporary Art museums, and the development of museum collections. Q H ow is the idea of art and finance perceived in China? Are there any unique challenges or opportunities there? A C hinese Contemporary Art is still in its formative years, and has a long way to go. Meanwhile, the Contemporary Art market has made tremendous progress. But we are still learning from Western markets, and need time for further development. Art investment tax policies lack government support. In the West, art collecting can offset or reduce corporate or personal income tax. In China, there are no such tax

policies. But the Chinese government has increasingly e m p h a s i z e d c u l t u r a l i n d u s t r y, a n d h a s l a i d o u t a s t r a t e g i c plan for its development. Q Do you see any new trends in recent years? A I n recent years, Chinese Contemporary ink paintings have gone from being an undervalued commodity to outperforming other categories, and have attracted a lot of attention from collectors. Major auction houses on the Chinese mainland have held an increasing number of special auctions of Contemporary ink paintings, which has resulted in high turnover rates. In addition, important European and American museums and galleries have held a number of exhibitions focusing on Contemporary ink paintings.g

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Q&A with Dominique Levy C o m i n g f r o m a f a m i l y t h a t c r e a t e d t w o o f F r a n c e ’s r e n o w n e d h a u t e c o u t u r e f a s h i o n h o u s e s ( Te d L a p i d u s a n d To r r e n t ) , D o m i n i q u e L e v y i s m o r e t h a n f a m i l i a r w i t h t h e l u x u r y s e c t o r. I n 1 9 8 3 , s h e created the first startup company on the campus of the école des Hautes Etudes Commerciales de Paris, with a focus on developing an extensive database for haute couture houses, enabling them to build their licensing businesses. In 1989, she became the business partner of Richard Attias, specializing in creating cultural, political, and economic events for luxury brands in F r a n c e . I n 1 9 9 7 , s h e l a u n c h e d a n e w e n t e r p r i s e , N C I , s p e c i a l i z i n g i n n e w t e c h n o l o g y. T h e company was responsible for building the first vocal telephone guide for all mobile phones of the museums of the city of Paris and the National Office of Historical Monuments in France. It was in 2006 when she and her h u s b a n d , S y l v a i n L e v y, c r e a t e d t h e i r p r i v a t e c o l l e c t i o n o f C h i n e s e C o n t e m p o r a r y A r t , e n t i t l e d d s l c o l l e c t i o n . T h e a i m o f the collection is to promote the Chinese artistic scene, and to reach as much of the public as possible, through both t r a d i t i o n a l c o m m u n i c a t i o n a s w e l l a s d i g i t a l t e c h n o l o g y. I n 2 0 1 4 , d s l c o l l e c t i o n w a s r e c o g n i z e d b y L a r r y ’s L i s t a s o n e o f t h e t o p t h r e e m o s t v i s i b l e p r i v a t e c o l l e c t i o n s o n l i n e . I n M a y t h i s y e a r, d s l c o l l e c t i o n a l s o r e c e i v e d t h e i n a u g u r a l A s i a P r i z e from The Art Newspaper.

Q H ow and when did you start collecting art? Can you tell us a bit about the changes in the art market that y o u ’ v e w i t n e s s e d o v e r t h e y e a r s a s a c o l l e c t o r, a n d how they have affected your collecting? A F or more than 25 years, collecting has been a long and exciting journey that took us from mid-20th century furniture and pictures to Chinese Contemporary Art and t h e d i g i t a l a g e . T h e a r t w o r l d i s c h a n g i n g d r a s t i c a l l y. The players are not at all the same. They now come from all over the world. The way people collect is totally different, with an important part played by auctions and fairs. The reasons behind collecting are now more about m o n e y, t r o p h i e s , a n d l i f e s t y l e . D i r e c t l y, i t h a s n o t a f f e c t e d t h e w a y w e c o l l e c t , w h i c h is based on spending a lot of time visiting studios, g a l l e r i e s , a n d m u s e u m s . I n d i r e c t l y, w e a r e f a c i n g m u c h b i g g e r c o m p e t i t i o n o n w o r k s o f g r e a t q u a l i t y.

Q H ow do you decide which artworks to add to your collection? Can you also tell us about the decision to replace some of the works? A A key concept of the collection is our limited acquisition p o l i c y. B a s e d o n t h e i d e a o f “ l e s s i s m o r e , ” w e c a p t h e number of works in the collection to around 250 to 300, a self-imposed limitation vigorously held to reflect the changing times and tastes of the owners. Whenever we decide that a work is no longer relevant, we take it out of the collection and add new ones. This w a y, w e m a k e s u r e t h a t t h e c o l l e c t i o n s t a y s f r e s h . I t i s very much an organic process, where the collection is continually building, sculpting, gathering, and redefining itself against the dynamic world of Contemporary Art in China.

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Q T o d a y, C h i n e s e c o l l e c t o r s h a v e b e c o m e a s i g n i f i c a n t force in the international art market. How do you think Chinese collectors are different from Western collectors? A I think that there are fewer and fewer differences. All collectors belong to a global world: they go to the same galleries, fairs, and auction houses to build their collections. Q Y our new dslcollection ebook shows an impressive collection of 350 works. With so many new museums o p e n i n g i n C h i n a e v e r y y e a r, h a v e y o u t h o u g h t a b o u t establishing physical museums at some point? A O p e n i n g a s p a c e i s a g e s t u r e o f g e n e r o s i t y, a n d a w a y t o s e r v e t h e c o m m u n i t y i n g e n e r a l . To d o s o m e a n s i n v e s t i n g a l o t o f m o n e y a n d e n e r g y. C o n s e q u e n t l y, I have great respect for the collectors who are opening t h e s e s p a c e s . W h a t i s i m p o r t a n t i s h o w, i n t h e l o n g term, you can sustain it. We have decided not to open a museum for a number of reasons. F i r s t l y, I t h i n k t h a t a p r i v a t e c o l l e c t i o n i s a p e r s o n a l adventure, and by opening a museum, you institutionalize yourself. It means that you lose your freedom to collect whatever you want. I am proud of my mistakes! Financially speaking, it is a big commitment, especially because you are in competition with public institutions. For example, in China, a public institution does not have to pay taxes on an imported work. To b e a b l e t o a t t r a c t a n a u d i e n c e , y o u n e e d t o h a v e temporary exhibitions, and this becomes another big issue.

That brings me to a distinguishing feature of the dslcollection: our strong online presence. Rather than r e l y i n g o n “ b r i c k s a n d m o r t a r, ” w e f o l l o w t h e p r i n c i p l e o f “ b r i c k s a n d c l i c k s . ” To d a y, b y m i x i n g a c e r t a i n number of tools, like loaning works or using the digital world, you can naturally reach a very large audience in a d i f f e r e n t w a y, w i t h o u t h a v i n g t h e b u r d e n o f m a n a g i n g a fixed place. We are constantly trying to find new ways to share the collection, through social media, such as Facebook and LinkedIn, as well as through our virtual exhibitions. We were also one of the first private collections to develop an iPad app. All of this reflects our vision for a nomadic collection. Nevertheless, I strongly believe that the more we go digital, the more we need museums. The problem is: What is the definition of a museum in the 21st century? Q F rom your perspective, what is the role of a collector in the art world? What kinds of relationships do collectors have with museums, galleries, auction houses, art fairs, etc.? A I think that, more and more, the collector has a crucial r o l e , f i r s t l y b e c a u s e o f m o n e y. B u t w h a t i s m o r e important is the fact is that only collectors take risks to collect emerging artists. In China, and more generally in the emerging art world, the collectors are the only ones supporting the Contemporary Art scenes. As for relationships, I think the art world is like a c h a i n w h e r e e v e r y b o d y n e e d s e v e r y b o d y, i t ’s l i k e “an eco-system.” g

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Q&A with Adrian Cheng drian is an art pioneer and founder of the K11 Art Foundation (KAF). Growing up in Hong Kong, A Adrian also spent a number of years in the United States, and graduated from Harvard University with a BA (Cum Laude). He also received an Honorary Doctorate of Humanities from the Savannah College of Art and Design in 2014. His experiences in Asia and the West equipped him to combine the best of both cultures, and bring a new dimension to the community and beyond. Adrian is also a board director of the National Museum of China Foundation, trustee of the Royal A c a d e m y o f A r t s , v i s i t i n g c o m m i t t e e a t T h e M e t r o p o l i t a n M u s e u m o f A r t , m e m b e r o f Ta t e ’s A s i a - P a c i f i c A c q u i s i t i o n s Committee, and a member of the International Circle of Centre Pompidou. In early 2013, Adrian spearheaded a new collaboration with Central Saint Martins College of Art and Design in the United Kingdom, setting up an annual full scholarship program for MA candidates, to help students from Hong Kong and mainland China study at CSM.

Q H ow and when did you start collecting art? Can you tell us a bit about the changes in the art market that y o u ’ v e w i t n e s s e d o v e r t h e y e a r s a s a c o l l e c t o r, a n d how they have affected your collecting? A I have always been passionate about art, and interested i n c u l t u r e a n d c r e a t i v i t y. I s t u d i e d E a s t A s i a n s t u d i e s at Harvard, and later spent a year in Kyoto studying the art and culture of Japan. Soon, I found myself buying artworks and building my own collection. I can’t remember exactly when I started, but I would say five or six years ago. To d a y, m o r e c o l l e c t o r s a r e i n t e r e s t e d i n C h i n e s e A r t t h a n 2 0 y e a r s a g o . J u s t l o o k a t t h e M e t ’s I n k A r t C h i n e s e C o n t e m p o r a r y A r t e x h i b i t i o n , a n d T h e A r m o r y S h o w ’s Chinese Contemporary Art symposium; Chinese artists and their works are getting a lot of attention, especially from the West. In addition, Chinese collectors have become more active in the market. In fact, I have seen many Chinese collectors, including some younger ones, i n B a s e l e a r l i e r i n J u n e t h i s y e a r.

But, in truth, this has very little effect on my own collection. I only collect works that I feel connect to my own interests. Q H ow do you decide which artworks to add to your collection? A I like to meet with artists and talk about their works before actually acquiring a piece. It gives me a better u n d e r s t a n d i n g o f t h e i r b a c k g r o u n d , t h e i r s t o r y, t h e i r c o n c e p t , a n d t h e m e s s a g e t h e y a r e t r y i n g t o c o n v e y. Q T o d a y, C h i n e s e c o l l e c t o r s h a v e b e c o m e a s i g n i f i c a n t force in the international art market. How do you think Chinese collectors are different from Western collectors? A A sian collectors who have been collecting for many years are more conservative—they want blue-chip artists. That said, the Contemporary Chinese art market has been more active in the past few years, and many Chinese collectors are now buying Contemporary works, too, Eastern and Western. There is a need for cross-

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cultural understanding, and it is encouraging to see a new generation of collectors who studied in the West speak the same language as the rest of the art world. Q Y ou founded the K11 Art Foundation, and brought curated art exhibitions into the mall. In addition, you have also opened art villages in Guiyang and Wuhan. Can you talk about your transition from a collector to the owner of a foundation who also works within the retail sphere? What motivated your decision? A I set up the K11 Art Foundation in 2010 as the first non-profit and non-state-owned art foundation in China with two clear objectives in mind: to support the development of Chinese Contemporary Art worldwide, and to promote international art to the Chinese public. I wanted to support Chinese artists as they developed their technique and their aesthetic, and help them gain exposure, both in China and abroad. At the same time, having grown up admiring many Chinese and Western masterpieces, I was keen to share this passion with the Chinese public, and stimulate their interest and curiosity in all art forms. Our main activity in China lies in our artist villages in Guiyang and Wuhan, where we have established 17 studios with artist-in-residence programs. The villages serve as a platform to foster and promote promising artists through artist exchanges and museum exhibitions. I created a new hybrid model, combining art and commerce, and introduced the museum retail concept— K11 built high-end lifestyle art malls, offices, and serviced apartments across Greater China. Exhibitions and art pieces are infused into public spaces within K11 projects in order to bring art to a wide audience. The

K11 brand is built around three core values—Art, People, and Nature—with a wider mission to raise cultural and environmental awareness among the general public. Q C l a u d e M o n e t ’s w o r k s h a v e b e e n d i s p l a y e d i n prestigious museums all over the world, but for the first time, his art was brought to your mall in Shanghai e a r l i e r t h i s y e a r. H o w d o y o u t h i n k t h e e n v i r o n m e n t i n w h i c h a n a r t w o r k i s p r e s e n t e d a f f e c t s t h e a u d i e n c e ’s perception of, or connection with, the work? A T he exhibition space is part of the Shanghai K11 Art Mall, and we run it just like a museum. In our exhibitions, such as the recent Monet exhibition, we put a lot of emphasis on respecting artworks by presenting them in a space where the audience can fully focus on them, without the distractions that sometimes arise in a retail project. The difference is, our exhibition space is accessible to people who might not necessarily take the initiative to go to other established museums. In a sense, we are converting our audience into museum-going crowds, a n d , s o f a r, t h e t r e n d h a s p r o v e d t o b e v e r y s u c c e s s f u l . The Monet exhibition was open for three months, from early March to late June, and over 340,000 visitors b o u g h t t i c k e t s t o s e e t h e s h o w. T h e e x h i b i t i o n w a s a l s o supplemented by weekend seminars, workshops for children, and artist talks. W ith the K11 museum retail c o n c e p t , w e a r e c r e a t i n g a n a r t c o m m u n i t y. Q W h a t i s t h i s y e a r ’s u n m i s s a b l e a r t e x h i b i t i o n ? A I want to say that they are all unmissable! Among them, m y f i r s t c u r a t e d s h o w, S p a c e P a i n t i n g b y Z h a n g E n l i , was my personal favorite. This show meant a lot to me; I have been following the artist for many years, seeing his development, and I feel connected with what he is

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doing. I was glad to continue supporting Zhang Enli in a d i f f e r e n t w a y, g o i n g f r o m a c o l l e c t o r o f h i s w o r k s t o a c u r a t o r. The other big exhibition is definitely our co-curated s h o w w i t h P a l a i s d e To k y o i n O c t o b e r, d u r i n g F I A C t h i s y e a r. I n J a n u a r y 2 0 1 4 , K A F a n d P a l a i s d e To k y o a g r e e d to a three-year collaboration, starting in 2014. The exhibition, due to open during FIAC, and curated by Joe y Ta n g a n d W a n g C h u n c h e n o f t h e C e n t r a l A c a d e m y o f Fine Arts Museum in Beijing, will feature five artists from China and three from France: Li Gang, Edwin Lo, Wu H a o , Yu J i , Z h a o Ya o , N a d a r, R e n a u d J e r e z , a n d A u d e Pariset. The exhibition will later travel to China, where it will be showcased to the greater public after it closes in Paris, in January 2015. Q F rom your perspective, what is the role of a collector in the art world? What kinds of relationships do collectors have with museums, galleries, auction houses, art fairs, etc.? A I n m a n y c a s e s , i n c l u d i n g m y o w n , I h a v e f o u n d t h a t collectors are often more than just collectors. They are people who are passionate about a certain artistic style, movement, or social issue, and many are active advocates of art who support its development in various ways, from helping to set up shows with art galleries to promoting artists and organizing talks during art events. Of course, there are also some retired collectors who prefer to keep a lower profile, and want to enjoy artworks in a private setting. On the whole, I think it is important for people to perceive collectors not as mere customers, but rather a s i n t e g r a l m e m b e r s o f t h e a r t c o m m u n i t y, w h o h a v e followed and grown together with a multitude of artists

and gallerists, and who contribute to the ebb and flow of art movements, not only as collectors, but also as supporters. Q I f y o u c o u l d h a v e d i n n e r w i t h t h r e e a r t i s t s , l i v i n g o r dead, who would you choose? A P aul Cézanne, Jean-Michel Basquiat, and Zhang Enli because they were and are pioneers of their times, and I feel quite attached to this sentiment because I’m part of the new generation, pioneering to build a platform for the development of Chinese Contemporary Art. Q W hat is your advice for novice collectors interested in Chinese Contemporary Art? A M y a d v i c e w o u l d b e t h e s a m e f o r a n y c o l l e c t o r, regardless of what kind of art they are interested in: Do research about artists you like, and, if possible, try to meet with the artists and curators. If you are unsure about a piece of art, having the artist explain his or her vision can really give the piece more personal value. In Chinese Contemporary Art, as in Western art, we have big established names, as well as young emerging artists. Decide for yourself which ones speak the most to your creative side. Collecting for me is not a question of business or valuation, it is a question of personal inclination to certain concepts and aesthetics. If you are in a position to collect, my second advice would be: Collect with your heart, not your balance sheet. g

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Q & A Wa n g We i a n d L i u Yi q i a n o l l e c t o r c o u p l e M r s . W a n g W e i a n d M r. L i u Y i q i a n a r e t h e f o u n d e r s o f t h e L o n g M u s e u m , a C private museum in Shanghai, China. The Long Museum was established in 2012 in Pudong, and, in 2014, a second location was launched in Puxi. The museum created a unique ecosystem of art i n S h a n g h a i . M r s . W a n g a n d M r. L i u h a v e b e e n e n g a g e d i n a r t c o l l e c t i n g f o r 2 0 y e a r s . T h e i r collection covers three main areas: traditional Chinese Art, “Red Classics,” revolution-themed C h i n e s e p a i n t i n g s , a s w e l l a s M o d e r n a n d C o n t e m p o r a r y C h i n e s e A r t . R e c e n t l y, t h e c o u p l e e x p a n d e d t h e i r c o l l e c t i o n t o i n c l u d e W e s t e r n C o n t e m p o r a r y A r t . M r s . W a n g a n d M r. L i u w e r e listed among 200 top collectors around the world on ARTnews.

Q W hen did you start collecting? Can you tell us a bit about the changes in the art market that you’ve w i t n e s s e d o v e r t h e y e a r s a s a c o l l e c t o r, a n d h o w t h e y have affected your collecting? A L iu: My wife and I started collecting artworks in the e a r l y 1 9 9 0 s . A l o n g s i d e C h i n a ’s e c o n o m i c b o o m i n t h e past 30 years, the art market has also flourished. I have established my own system of collecting over the years, so changes in the art market haven’t really affected my c o l l e c t i n g c o n c e p t . I w i l l , h o w e v e r, e n r i c h m y c o l l e c t i o n according to these changes. In my opinion, mature collectors should be the ones who lead art market trends, instead of following them. Wa n g : M o s t o f t h e p a r t i c i p a n t s i n t h e a r t m a r k e t i n e a r l y y e a r s w e r e s p e c i a l i s t s . I t w a s a v e r y s m a l l c i r c l e . To d a y, people are less satisfied by purely material affluence, and are placing more and more value on cultural pursuits. T h i s i s w h a t c a u s e d t h e p r o s p e r i t y o f C h i n a ’s a r t m a r k e t . I think the most obvious change in the art market is price. Compared to how it used to be, it is much less likely that you can afford a good piece of artwork with t h e s a m e a m o u n t o f m o n e y.

Q How do you decide which artworks to add to your collection? A L i u : F i r s t a n d f o r e m o s t , t h e w o r k m u s t h a v e a c l e a r provenance. I prefer the “magnum opus,” representing a n a r t i s t ’s e x c e l l e n c e , t h e u n i q u e s p i r i t o f a n e r a , o r t h e essence of a culture. Wa n g : F o r m e , t h e o n l y s t a n d a rd i s w h e t h e r o r n o t i t touches me. Q T o d a y, C h i n e s e c o l l e c t o r s h a v e b e c o m e a s i g n i f i c a n t force in the international art market. How do you think Chinese collectors are different from Western collectors? A L iu: The influence that Chinese collectors have on the art market has largely arisen from an economic foundation. W ith more wealth, there will be a higher demand for art, and I believe Chinese collectors will have a greater voice in the international arena. Wa n g : T h e re i s a n i n c re a s i n g n u m b e r o f C h i n e s e c o l l e c t o r s p u r c h a s i n g C o n t e m p o r a r y A r t g l o b a l l y. E s s e n t i a l l y, a r t i s connected beyond borders. I believe

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o n e s h o u l d u n d e r s t a n d h i s o r h e r o w n c o u n t r y ’s a r t before collecting international artworks. Q C ould you talk about your transition from a collector to gallery/private museum owner? What were your motivations for this decision? A L i u : To p u t i t s i m p l y, I u s e d t o c o l l e c t a r t w o r k s f o r m y s e l f ; now I collect artworks and share them with the public. The major factor in this decision was my wife. I want to realize her dream. Wa n g : A r t c o l l e c t i n g u s e d t o p u re l y b e a h o b b y f o r m e . N o w, i t h a s t u r n e d i n t o a s o c i a l r e s p o n s i b i l i t y. W h i l e y o u enjoy all the benefits it brings, you also undertake the p r e s s u r e a n d o t h e r, l e s s p l e a s a n t s i d e - e f f e c t s . B u t o v e r a l l , I have become more confident than before through this process. The idea of starting a private museum began when I was collecting revolution-themed art. In 2007, I started organizing an exhibition for the 60th anniversary o f t h e P e o p l e ’s R e p u b l i c o f C h i n a . A t t h a t t i m e , I s t a r t e d to feel that art should be shared. Thanks to the support of my husband, I was able to realize my dream. We are very glad that, as entrepreneurs, we are able to contribute to cultural progress, and, as collectors, we are able to act as pioneers in sharing art. Q W hat is the most anticipated upcoming exhibition at your museum? A L i u : I n l a t e S e p t e m b e r, a n e x h i b i t i o n i n m e m o r y o f t h e 1 2 0 t h a n n i v e r s a r y o f W u H u f a n ’s b i r t h w i l l o p e n at the Long Museum. There will be 150 pieces coming f ro m c o l l e c t o r s a n d t h e a r t i s t ’s f a m i l y, a s w e l l a s f ro m o u r p e r m a n e n t c o l l e c t i o n . T h e e x h i b i t i o n o f Wu H u f a n ’s a r t w o r k s o n s u c h a l a r g e s c a l e i s r a re , a n d i s w o r t h a v i s i t . Wa n g : A l s o i n S e p t e m b e r, t h e re w i l l b e a C o n t e m p o r a r y A r t s h o w d r a w i n g f ro m t h e L o n g M u s e u m ’s p e r m a n e n t c o l l e c t i o n , a n d c u r a t e d b y a re n o w n e d C o n t e m p o r a r y

C h i n e s e a r t i s t . T h e re w i l l a l s o b e a c o n v e r s a t i o n b e t w e e n t h e c u r a t o r a n d M r. H a n s U l r i c h O b r i s t . Q F ro m y o u r p e r s p e c t i v e , w h a t i s t h e ro l e o f t h e c o l l e c t o r i n t h e a r t w o r l d ? W h a t a re c o l l e c t o r s ’ re l a t i o n s h i p w i t h museums, galleries, auction houses, art fairs, etc.? A L i u : I t h i n k c o l l e c t o r s a re k e e p e r s o f a r t w o r k s r a t h e r t h a n o w n e r s . I t ’s b e s t w h e n t h e c o l l e c t o r i s a b l e t o b r i n g w i d e r re c o g n i t i o n t o t h e s e a r t w o r k s d u r i n g h i s o r h e r t e r m o f g u a rd i a n s h i p . T h i s i s a l s o w h a t I a m t r y i n g t o d o n o w. T h e s e d i ff e re n t i n s t i t u t i o n s a re c o m p l e m e n t a r y t o e a c h o t h e r. E a c h of them is indispensable in the art market, and, in their own w a y s , p ro m o t e a r t t o a l a r g e r a u d i e n c e . Wa n g : C o l l e c t o r s s h o u l d p l a y a n a c t i v e l e a d i n g ro l e . T h e re a re n o n - p ro f i t s a n d f o r- p ro f i t s i n t h e a r t w o r l d . W i t h i n f o rp ro f i t s , t h e re a re p r i m a r y m a r k e t s a n d s e c o n d a r y m a r k e t s . O v e r a l l , c o l l e c t o r s a n d t h e s e a r t w o r l d o r g a n i z a t i o n s a re c o m p l e m e n t a r y. Q W h a t i s y o u r a d v i c e f o r n e w c o l l e c t o r s i n t e re s t e d i n Chinese Art? A L i u : To b e g i n w i t h , y o u s h o u l d b e p a s s i o n a t e a b o u t a r t a n d l o v e i t . S e c o n d , s o m e b a c k g ro u n d k n o w l e d g e i s n e c e s s a r y. B u t m y b e s t a d v i c e i s n e v e r s e e k q u i c k re t u r n s f ro m c o l l e c t i n g art. Wa n g : N e w c o l l e c t o r s s h o u l d k e e p l e a r n i n g . G e t a c l e a r u n d e r s t a n d i n g o f o n e ’s p e r s o n a l p re f e re n c e t h ro u g h v i e w i n g a n d t h i n k i n g a b o u t a r t w o r k s . Yo u r c o l l e c t i o n w i l l re f l e c t y o u r personal taste. g

S pac e S e r i e s â&#x20AC;&#x201D; I m ag i n at i o n o f C i v i l i z at i o n , 2 01 3 Mixed media 460 x 900 cm. Cao Jun

Fo u r Seas ons Hotel, Shenz hen 138 Fuhua Third Road F utian Dis tric t Shenz hen, China 518048

Global Chinese Art Auction Market Report 2013

1. Market Overview

Global Chinese Art Auction Market Report 2013

1.1 Findings

−− I n 2 0 1 3 , t h e g l o b a l m a r k e t f o r C h i n e s e A r t a n d Antiques showed signs of recovery after the contraction of the market the previous year −− W orldwide, public auction sales of Chinese art works earned US$8.5 billion (CN¥54.8 billion) t h r o u g h o u t t h e y e a r, a n i n c r e a s e o f 2 8 . 8 % over 2012 −− T he 2013 overseas market amounted to US$2.3 billion (CN¥15.0 billion), surpassing its 2011 total of US$2.1 billion (CN¥14.6 billion), and increasing over 42% in value since its 2012 slump −− T he market for Chinese Art remained concentrated in mainland China, with 72.5% of the global value being attributed to auction sales conducted domestically

−− T he overseas market accounted for 27.5% of the global value, despite contributing only 11.4% of all lots sold −− T he number of auction houses dealing in Chinese Art and Antiques increased 12.7% from 2012 −− T he top five auction houses selling Chinese Art worldwide represented just over 42% of revenue earned; all five auction houses were located in either Beijing or Hong Kong

Global Chinese Art Auction Market Report 2013

1.2 Industry and Market Scale Global Market Overview 2013 marked a year of recovery for Chinese Art and Antiques auction sales worldwide, indicating restored confidence in the market. Following the incredibly successful 2011 auction season, when sales exceeded US$11.5 billion (CN¥77.5 billion), the market experienced a significant contraction in 2012, as market values d e c l i n e d 4 2 . 6 % . T h r o u g h o u t 2 0 1 3 , h o w e v e r, t h e market regained strength, and sales climbed 28.8%, to US$8.5 billion (CN¥54.8 billion). Increases in total sales value were seen both in mainland China and overseas, w i t h c h a n g e s o f 2 4 . 4 % a n d 4 2 . 0 % , r e s p e c t i v e l y.

2 0 1 1 – 2 0 1 3 G l o b a l To t a l S a l e s Va l u e ( U S D ) o f C h i n e s e A r t a n d A n t i q u e s USD $0 $2,000,000,000 $4,000,000,000 $6,000,000,000 $8,000,000,000 $10,000,000,000

Overseas

2013 Mainland China 2012 2011

While the total sales value for Chinese Art and Antiques has fluctuated greatly since 2011, the number of auction houses dealing in Chinese Art, both in mainland C h i n a a n d o v e r s e a s , h a s i n c r e a s e d s t e a d i l y. I n 2 0 1 3 , 662 auction houses reported sales of Chinese Art and Antiques throughout the world. This represents an increase of 12.7% from 2012. Of the 662 auction houses reporting sales of Chinese Art, 57.7% were located in mainland China, 21.6% in Europe, and 11.9% in North America.

Overall, the market for Chinese Art, by value and volume, was concentrated in mainland China, with 72.5% of the value sold being attributed to auction sales conducted d o m e s t i c a l l y. A n a d d i t i o n a l 2 0 . 1 % o f t h e v a l u e s o l d came from other areas in Asia, namely Hong Kong. As a result, the primary auction centers in North America and Europe, which typically dominate the Western market, contributed to less than 10% of the value of Chinese Fine and Decorative Art sold.

Global Chinese Art Auction Market Report 2013

2011–2013 Global Number of Auction Houses Selling Chinese Art Auction Houses 0 50 100 150 200 250 300 350 400

Overseas

Mainland China

2013 2012 2011

2013 Number of Auction Houses by Region 41

143 Asia Europe

North America Rest of World

382

Mainland China

Global Chinese Art Auction Market Report 2013

2 0 1 2 – 2 0 1 3 To t a l S a l e s Va l u e ( U S D ) b y R e g i o n Billion USD 0 2 4 6

Mainland China

Asia

Europe

North America

Rest of the World

2013 TSV 2012 TSV

Mainland China In 2013, the market for Chinese Fine and Decorative Art remained primarily within the borders of mainland China. W ith total sales reaching US$6.1 billion (CN¥39.8 billion), the domestic market was responsible for 72.5% of the global value of Chinese artworks. While this total is still down 33.8% from the 2011 high of US$9.3 billion (CN¥62.8 billion), the 24.5% growth since 2012 is a promising sign for the domestic market. The volume of consignments also increased in 2013, u p 2 6 . 2 % f r o m 2 0 1 2 . M o r e i m p r e s s i v e , h o w e v e r, i s t h e fact that 91.1% of all lots offered worldwide came from auction houses located in mainland China. Throughout the 2013 auction season, 711,965-plus lots were offered

at auction, but only 360,341 works were sold. As a result, the auction market experienced a rather low sellt h r o u g h r a t e o f 5 0 . 6 % , s u g g e s t i n g a n o v e r- e s t i m a t i o n o f market demand and reserve prices, as well as a lack of consistency in the quality of the supplies. In addition to an increase in sales value and the volume of consignments, growth was also seen in the number of auction houses qualified to sell Chinese Art in mainland China. Throughout 2013, 382 auction houses conducted sales, up 7.3% from 2012. Of the 27 new auction houses, the majority were located in Beijing (+7), Guangdong (+6), Sichuan (+5), Shanghai (+4), and Jiangsu (+4). Several areas, including Fujian, Liaoning, and Shandong, experienced decreases (-2) in terms of the number of auction houses reporting sales.

Global Chinese Art Auction Market Report 2013

2 0 1 3 M a r k e t S h a r e b y Va l u e ( U S D ) b y Region in Mainland China 4.6% 4.4%

Beijing and Tianjin Region In 2013, the Beijing and T ianjin region was the largest domestic auction market for Chinese Art and Antiques. Of the 382 auction houses located in mainland China, 1 3 7 w e r e l o c a t e d i n t h i s r e g i o n . A d d i t i o n a l l y, 3 5 8 , 5 6 5 lots were offered, and 194,620 were sold. These lots realized US$4.3 billion (CN¥28.1 billion), nearly 3.5 times the value of any other region in China. Overall, the Beijing and T ianjin region accounted for 54.0% of lots sold, and 70.8% of the total revenue in mainland China. A s t h e c e n t e r f o r t h e C h i n e s e a u c t i o n i n d u s t r y, t h e c i t y o f Beijing bolstered the region. In fact, auctions conducted in Beijing accounted for 98.3% of all value in the region. Beijing also produced the most high-value artworks (works selling for more than CN¥10 million), selling 187 lots for more than CN¥10 million.

70.8% Beijing and Tianjin Region Ya n g t z e R i v e r Delta Region Pearl River Delta Region Other

20.0%

Ya n g t z e R i v e r D e l t a R e g i o n

2 0 1 3 M a r k e t S h a r e b y Vo l u m e (Lots Sold) by Region in Mainland China

T h e Ya n g t z e R i v e r D e l t a r e g i o n , w h i c h i n c l u d e s S h a n g h a i , represented the second-largest Chinese Art and Antiques market in mainland China, in terms of both volume and value. Throughout the 2013 auction season, 130 auction houses consigned over a quarter of a million lots. Of the lots offered, 122,250 sold, bringing in US$1.2 billion (CN¥7.9 billion) in revenue.

3.6%

8.3% 54.0% Beijing and Tianjin Region Ya n g t z e R i v e r Delta Region Pearl River Delta Region

As a result, this region accounted for 33.9% of lots sold, and 20.0% of the total revenue in mainland China. Shanghai, the heart of the region, accounted for 57.7% o f t h e r e g i o n ’s r e v e n u e , g e n e r a t i n g o v e r U S $ 7 1 4 . 4 m i l l i o n (CN¥4.6 billion).

33.9%

Other

Global Chinese Art Auction Market Report 2013

The Pearl River Delta Region By the end of 2013, the number of auction houses in the Pearl River Delta region reached 21, six more than i n 2 0 1 2 . T h r o u g h o u t t h e y e a r, 2 4 , 0 2 6 l o t s w e r e o f f e r e d , with 13,241 selling. The annual sales for the region totaled US$275.6 million (CN¥1.7 billion). As a whole, this region contributed 3.6% in lots sold and 4.4% in value sold to the mainland totals.

In 2013, the number of overseas auction houses dealing in Chinese Art and Antiques increased across the board, signaling a continued interest in these works outside of m a i n l a n d C h i n a . B y t h e e n d o f t h e y e a r, t h e n u m b e r o f overseas auction houses increased 20.6% from 2012. The most growth was seen in Europe, where 22 new auction houses reported sales of Chinese Art. North America, Asia, and the rest of world also saw increases o f 1 1 , 1 0 , a n d f i v e , r e s p e c t i v e l y.

Other The 94 remaining domestic auction houses dealing in Chinese Art and Antiques were located in Chongqing, Hebei, Shanxi, Liaoning, Heilongjiang, Anhui, Fujian, H e n a n , H u b e i , H u n a n , G u a n g x i , H a i n a n , S i c h u a n , Yu n n a n , S h a a n x i , G a n s u , a n d N i n g x i a . C o l l e c t i v e l y, t h e s e r e g i o n s consigned 74,937 lots, of which, 30,230 sold, totaling US$286.1 million (CN¥1.8 billion). Overall, this represented 8.3% of lots sold and 4.6% of value sold.

2 0 1 3 M a r k e t S h a r e b y Va l u e ( U S D ) by Region Overseas 0.0% 13.7% 73.2%

13.7%

Overseas While mainland China maintained a dominant position in the global auction market for Chinese artworks, overseas regions accounted for 27.5% of the global value, despite contributing only 11.4% to the total number of lots sold. The overseas market saw growth of 42.0% over 2012, and produced more than US$2.3 billion (CN¥15.0 billion) i n s a l e s . I n t e r e s t i n g l y, t h e s e l l - t h r o u g h r a t e o v e r s e a s w a s higher than that of mainland China—67.4% compared to C h i n a ’s 5 0 . 6 % — s u g g e s t i n g a m o r e m a t u r e s u p p l y a n d demand structure overseas. Asia Europe North America Rest of the World

Global Chinese Art Auction Market Report 2013

2 0 1 3 M a r k e t S h a r e b y Vo l u m e (Lots Sold) by Region Overseas 0.6% 39.0%

prices in the region.The success of the region can be attributed primarily to the robust auction market in Hong Kong, which generated US$1.6 billion (CN¥ 10.5 billion). This revenue represented 95.2% of the value in the region.

Europe Sales in Europe increased 4.8% by value, and generated US$321.0 million (CN¥2.0 billion) in 2013. Europe remained the second-largest market outside of mainland C h i n a . T h r o u g h o u t t h e y e a r, 1 8 , 5 2 3 l o t s w e r e o f f e r e d , o f w h i c h , 6 5 . 9 % s o l d . A t t h e e n d o f t h e y e a r, t h e r e were 143 auction houses located in the region (the highest number outside of mainland China). Overall, European sales accounted for 26.3% of the overseas market in volume and 13.7% in value. London, the largest European city center for the Western auction market, was also the center for sales of Chinese Art and Antiques in Europe. Reporting over 52% of all value sold in Europe, London garnered more than US$169.8 million (CN¥1.0 billion).

33.8%

26.3%

Asia Europe

North America Rest of the World

Asia (Excluding Mainland China) Outside of mainland China, Asia represented the largest market for Chinese Art. In 2013, 41 auction houses (+32.2% compared to 2012) consigned 26,963 lots, selling 18,131 works. The volume of lots offered increased significantly from 2012 (+57.7%). The total sales value realized by this region was US$1.7 billion (CN¥11.0 billion). Compared to the overall overseas market, Asia (excluding mainland China) represented 39.0% of volume and 73.2% of value, signifying high average sales

North America While North America witnessed the second-largest turnover (by volume) of Chinese Art and Antiques o u t s i d e o f m a i n l a n d C h i n a , t h e r e g i o n ’s t o t a l s a l e s value fell short of that reached by Asia and Europe. 2 2 , 6 9 3 l o t s w e r e o f f e r e d o v e r t h e c o u r s e o f t h e y e a r, and 15,713 were sold. As a result, North America had the highest sell-through rate (69.2%) of any region, including mainland China. The value generated by these

Global Chinese Art Auction Market Report 2013

sales amounted to US$302.2 million (CN¥1.9 billion).In 2013, North America contributed 33.8% to the overseas market in volume and 12.9% in value. A u c t i o n h o u s e s l o c a t e d i n N e w Yo r k C i t y p l a y e d a n instrumental role for Chinese works within the North American market, generating over US$235.7 million (CN¥1.5 billion) in sales. This made up 77.9% of the North American market.

1.3 Market Share Global Market Overview As is common within the general art market, the auction market for Chinese Art and Antiques was dominated by a small number of key players. In fact, the top 25 auction houses worldwide made up over 70% of the total sales in terms of value. In addition, the top five auction houses accounted for approximately 43% of value sold. Of the top 25 auction houses, 20 were located in m a i n l a n d C h i n a , t h r e e i n A s i a ( s p e c i f i c a l l y, H o n g K o n g ) , and two in North America. The top five houses were all located in either Beijing or Hong Kong, the two largest cities for sales of Chinese Art.

The Rest of the World The remainder of the Chinese lots (less than 1% by value and volume) were consigned to 17 auction houses located throughout Australia, New Zealand, Q a t a r, S o u t h A f r i c a , I s r a e l , a n d Tu r k e y. W h i l e s a l e s of Chinese artworks are almost solely conducted in established, international auction markets, the number of consignments and lots sold increased in these local markets throughout 2012 and 2013. In fact, the auction market for Chinese artworks has increased 89.9% since 2011, and earned US$1.6 million (CN¥10.8 million) in 2013. Overall, auction houses in Australia brought in the most revenue, with US$1.6 million (CN¥10.5 million) in sales.

Global Chinese Art Auction Market Report 2013

2 0 1 3 To p F i v e A u c t i o n H o u s e s W o r l d w i d e

Name

Location

Global Market Share by Value

Beijing Poly International Auction Co., Ltd. China Guardian International Auction Co., Ltd. Christie's Hong Kong Sotheby's Hong Kong Beijing Council International Auction Co., Ltd. Other Auction Houses Worldwide

Beijing Beijing Hong Kong Hong Kong Beijing -

11.7% 10.7% 7.1% 6.8% 6.0% 57.3%

2 0 1 3 M a r k e t S h a r e b y Va l u e ( U S D ) h e l d b y To p - R a n k e d A u c t i o n H o u s e s G l o b a l l y

42.6% $2,538,189,523

$3,627,990,022

29.8% Auction Houses Ranked 1–5 Auction Houses Ranked 6–25

$2,347,894,819

27.5%

Remaining 637 Auction Houses

Global Chinese Art Auction Market Report 2013

Mainland China In 2013, the top 25 mainland Chinese auction houses represented 75.2% of domestic sales, and 54.6% of g l o b a l s a l e s . To g e t h e r, t h e y e a r n e d U S $ 4 . 6 b i l l i o n (CN¥29.9 billion). Of these top 25 auction houses, the top five represented 47.4% of sales in mainland China; auction houses ranked 6–25 accounted for 27.8%. The remaining 357 houses contributed 24.7%.

2 0 1 3 To p F i v e A u c t i o n H o u s e s in Mainland China

Auction House

Location

Market Share in Mainland China by Value

Beijing Poly International Auction Co., Ltd. China Guardian International Auction Co., Ltd. Beijing Council International Auction Co., Ltd. Beijing Hanhai Auction Co., Ltd. Xiling Yinshe Auction Co., Ltd. Other Auction Houses in Mainland China

Beijing

16.2%

Beijing

14.8%

Beijing

8.3%

Beijing Zhejiang -

4.2% 3.7% 52.5%

2 0 1 3 M a r k e t S h a r e b y Va l u e ( U S D ) h e l d b y To p - R a n k e d A u c t i o n H o u s e s M a i n l a n d C h i n a

$1,525,223,906

47.4% $2,929,651,644

24.7% Auction Houses Ranked 1–5 $1,719,680,484

27.8%

Auction Houses Ranked 6–25 Remaining 357 Auction Houses

Global Chinese Art Auction Market Report 2013

Overseas Overseas, the top 25 auction houses made up 92.7% of the overseas market, and 25.4% of the global market. Of these top 25 auction houses, the top five contributed 68.2% to the overseas market; auction houses ranked 6–25 accounted for an additional 24.4%. The remaining 255 houses earned a marginal 7.2% by value.

2 0 1 3 To p F i v e A u c t i o n Houses Overseas

Auction House

Location

Market Share Overseas by Value

Christie's Hong Kong Sotheby's Hong Kong Poly Auction (Hong Kong) Sotheby's New York Christie's New York Other Overseas Auction Houses

Asia Asia Asia North America North America -

26.0% 24.8% 8.20% 4.6% 4.5% 31.7%

2 0 1 3 M a r k e t S h a r e b y Va l u e ( U S D ) h e l d b y To p - R a n k e d A u c t i o n H o u s e s O v e r s e a s $170,513,293

7.2%

$1,597,398,664

68.2%

$571,606,372

24.4

Auctions Houses Ranked 1–5 Auctions Houses Ranked 6–25 Remaining 255 Auctions Houses

Christie’s Education HONG KONG · LONDON · NEW YORK

Master’s Programs

Arts of China LONDON Founded in 2009, Beautiful Asset has established a leadership position in China, with expertise in the following: Art fund management Art advisory, valuation Art exhibition execution and promotion Media promotion Artist management Art dealing Art custody

Art, Law and Business LONDON

Modern and Contemporary Art LONDON

Modern Art and Its Markets NEW YORK

Global Contemporary Art NEW YORK

and

Continuing Education Programs Around the World christies.edu

Beautiful Asset, or BA, is a trade mark of Beautiful Asset (Beijing) Art Industry Co., Ltd.

Global Chinese Art Auction Market Report 2013

1.1 Findings

2 . L o t C o−m st hietgil oo d c s iob − I np 2 0o 13, b an l m aa r k en t fo r C hP i n er s ei A rte and D A n ti iq u et sr sh w eu d st i gino s on f recovery after the contraction of the market the previous year −− W orldwide, public auction sales of Chinese artworks earned US$8.5 billion (CN¥54.8 b i l l i o n ) t h r o u g h o u t t h e y e a r, a n i n c r e a s e o f 2 8 . 8 % o v e r 2 0 1 2 −− T he market for Chinese Art remained concentrated in mainland China, with 72.5% of the global value being attributed to auction sales conducted domestically −− T he overseas market accounted for 27.5% of the global value, despite contributing only 11.4% of all lots sold −− T he number of auction houses dealing in Chinese Art and Antiques increased 12.7% from 2012 −− T he top five auction houses selling Chinese Art worldwide represented just over 42% of revenue earned; all five auction houses were located in either Beijing or Hong Kong

Global Market Overview

1.2 Industry and Market Scale Global Market Overview 2013 marked a year of recovery for Chinese Art and Antiques auction sales worldwide, indicating restored confidence in the market. Following the incredibly successful 2011 auction season, when sales exceeded US$11.5 billion (CN¥77.5 billion), the market experienced a s i g n i f i c a n t c o n t r a c t i o n i n 2 0 1 2 , a s m a r k e t v a l u e s d e c l i n e d 4 2 . 6 % . T h r o u g h o u t 2 0 1 3 , h o w e v e r, the market regained strength, and sales climbed 28.8%, to US$8.5 billion (CN¥54.8 billion). Increases in total sales value were seen both in mainland China and overseas, with changes o f 2 4 . 4 % a n d 4 2 . 0 % , r e s p e c t i v e l y.

Global Chinese Art Auction Market Report 2013

2.1 Findings

−− F ine Chinese Paintings and Calligraphy dominated the auction market for Chinese Art worldwide; works from this category represented approximately 45% of all lots sold, and earned 55% of the global total sales value −− I n m a i n l a n d C h i n a , F i n e C h i n e s e P a i n t i n g s and Calligraphy was the top-selling collecting c a t e g o r y ; t h e o v e r s e a s m a r k e t , h o w e v e r, w a s bolstered by the success of Chinese Antiques and Artworks −− T he Chinese Art and Antiques market was sustained by high-volume sales at the low end of the market; 95% of all lots sold realized prices below CN¥500,000 (approximately US$77,500)

−− I n 2 0 1 3 , t h e a v e r a g e p r i c e f o r C h i n e s e A r t a n d Antiques globally was US$20,934 (CN¥134,939); i n m a i n l a n d C h i n a , h o w e v e r, t h e a v e r a g e p r i c e o f US$17,135 (CN¥110,454) fell below the global average; the overseas market, on the other hand, experienced an annual average price in excess of US$50,400 (CN¥325,194) −− T he number of high-priced lots increased over 15% from 2012, suggesting a slight rebound in market confidence

Global Chinese Art Auction Market Report 2013

2.2 Lot Composition Global Market Overview In 2013, Fine Chinese Paintings and Calligraphy dominated the auction market for Chinese Art worldwide. Approximately 45% of all lots offered and sold t h r o u g h o u t t h e y e a r f e l l w i t h i n t h i s c o l l e c t i n g c a t e g o r y. S u b s e q u e n t l y, t h e s e w o r k s e a r n e d o v e r 5 5 % o f a l l v a l u e , leaving the remaining 45% split between 20th-Century and Contemporary Chinese Art, Chinese Antiques and Artworks, Chinese Books and Manuscripts, and other miscellaneous works. Please reference the Notes section f o r a c o m p l e t e d e s c r i p t i o n o f e a c h c o l l e c t i n g c a t e g o r y. It is important to note that auction results in mainland China bolstered the success of Fine Chinese Paintings a n d C a l l i g r a p h y g l o b a l l y, c o n t r i b u t i n g t o o v e r 8 5 % o f sales in terms of value. Meanwhile, the highest-grossing collecting category overseas was Chinese Antiques and Artworks.

2 0 1 3 G l o b a l To t a l S a l e s Va l u e ( U S D ) by Collecting Category Billion USD 5

0 20th-Century and Contemporary Chinese Chinese Antiques and Artworks Chinese Books and Manuscripts Fine Chinese Paintings and Calligraphy Other ÂŠ2014 Artnet Worldwide Corporation. ÂŠChina Association of Auctioneers. All rights reserved.

Global Chinese Art Auction Market Report 2013

2 0 1 3 G l o b a l To t a l S a l e s Vo l u m e (Lots Sold) by Collecting Category 200,000

Mainland China G i v e n t h e h i g h v o l u m e o f l o t s a u c t i o n e d d o m e s t i c a l l y, t h e mainland Chinese art market outperformed the overseas market in all collecting categories, with the exception of 20th-Century and Contemporary Chinese Art. The Fine Chinese Paintings and Calligraphy category experienced the most success, comprising 66.1% of the domestic m a r k e t v a l u e . A d d i t i o n a l l y, t h i s m a r k e t s a w c o n s i d e r a b l e growth in terms of volume (lots sold), with 36.3% more lots selling in 2013 than in 2012. Books and Manuscripts comprised the smallest sector of the mainland auction market.

160,000

120,000

2 0 1 3 M a r k e t S h a r e b y Va l u e ( U S D ) b y Collecting Category in Mainland China 6.0% 6.6% 19.5%

80,000

1.5% 40,000

66.1%

0 20th-Century and Contemporary Chinese Art Chinese Antiques and Artworks Chinese Books and Manuscripts Fine Chinese Paintings and Calligraphy Other

20th-Century and Contemporary Chinese Art Chinese Antiques and Artworks Chinese Books and Manuscripts Fine Chinese Paintings and Calligraphy Other

Global Chinese Art Auction Market Report 2013

2 0 1 3 M a r k e t S h a r e b y Vo l u m e (Lots Sold) by Collecting Category in Mainland China 3.2% 18.1% 23.0%

Chinese Antiques and Artworks This collecting category represented the second-largest sector in China. In terms of value, it comprised 19.5% of the domestic market. The number of lots consigned and sold, while roughly 50% less than that of Fine Chinese P a i n t i n g s a n d C a l l i g r a p h y, s t i l l t o t a l e d 1 7 4 , 7 1 1 a n d 8 3 , 0 6 9 , r e s p e c t i v e l y. I n t u r n , t h e c a t e g o r y e x p e r i e n c e d the lowest sell-through rate of any collecting category in mainland China.

7.9% 47.5%

20th-Century and Contemporary Chinese Art While 20th-Century and Contemporary Chinese Art ranked third in market share by value, demand for this collecting category remained high, with a 60% sell-through rate—the highest of any collecting c a t e g o r y s e l l i n g d o m e s t i c a l l y. H o w e v e r, t h e c a t e g o r y had the lowest volume in mainland China, with 19,466 lots offered and 11,784 sold. Artworks from this sector earned a combined total of US$411.3 million (CN¥2.6 billion).

20th-Century and Contemporary Chinese Art Chinese Antiques and Artworks Chinese Books and Manuscripts Fine Chinese Paintings and Calligraphy Other Chinese Books and Manuscripts Chinese Books and Manuscripts only contributed 1.5% to the value generated by Chinese Art and Antiques, making it the smallest category in terms of value; it brought in U S $ 9 6 . 1 m i l l i o n ( C N ¥ 6 1 9 . 8 m i l l i o n ) . H o w e v e r, t h e n u m b e r of lots offered at auction from this category was greater than that of 20th-Century and Contemporary Chinese Art: 54,584 lots were offered and 28,691 were sold.

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy works selling in mainland China supported the collecting category worldwide. With total sales topping US$4.0 billion (CN¥26.3 billion), this category earned more in sales than the four remaining mainland China categories combined. In addition, the volume of lots seen at auction was the highest both domestically and worldwide: 341,963 works were offered, and 171,333 were sold. To p u t t h i s i n t o p e r s p e c t i v e , t h e n u m b e r o f w o r k s s o l d in the Fine Chinese Paintings and Calligraphy category in mainland China alone was 3.5 times more than all Chinese lots sold overseas.

Other In addition to the collecting categories mentioned above, 121,241 lots were offered in other categories, i n c l u d i n g c o i n s , j e w e l r y, j a d e i t e , w a t c h e s , w i n e , t e a , a n d contemporary design. Of the lots consigned, 53.9% sold, earning US$375.3 million (CN¥2.4 billion).

Global Chinese Art Auction Market Report 2013

Overseas The composition of lots selling overseas varied greatly f r o m t h o s e o f f e r e d d o m e s t i c a l l y. W h i l e t h e m a i n l a n d Chinese market was bolstered by sales of Fine Chinese P a i n t i n g s a n d C a l l i g r a p h y, t h e o v e r s e a s m a r k e t w a s l e d b y s a l e s i n t h e C h i n e s e A n t i q u e s a n d A r t w o r k s c a t e g o r y, which was responsible for 46.5% of value sold. The large majority of the remaining lots fell within two categories— Fine Chinese Paintings and Calligraphy and 20th-Century and Contemporary Chinese Art—with Chinese Books and Manuscripts, and all other lots, representing less than 1% of the market share.

2013 Market Share by Volume (Lots Sold) by Collecting Category Overseas 0.7% 6.9% 71.8%

0.7%

19.7%

2 0 1 3 M a r k e t S h a r e b y Va l u e ( U S D ) by Collecting Category Overseas 0.3% 23.6% 20th-Century and Contemporary Chinese Art Chinese Antiques and Artworks Chinese Books and Manuscripts Fine Chinese Paintings and Calligraphy Other

29.1% 0.2%

46.5%

20th-Century and Contemporary Chinese Art Chinese Antiques and Artworks Chinese Books and Manuscripts Fine Chinese Paintings and Calligraphy Other ©2014 Artnet Worldwide Corporation. ©China Association of Auctioneers. All rights reserved.

Global Chinese Art Auction Market Report 2013

Chinese Antiques and Artworks In 2013, Chinese Antiques and Artworks earned the largest share of the overseas market, totaling over US$1.0 billion (CN¥7.0 billion). 50,763 lots came to auction, and 33,320 sold. W ith a sell-through rate of 65.6%, it was the lowest of any collecting category in the overseas market. It is interesting to note that this category also had the lowest sell-through rate in mainland China, at 47.5%.

Other An additional 454 lots came to auction in 2013; these were primarily categorized as 20th- and 21st-century design. Of the lots offered, over 73% sold, generating over US$9.2 million (CN¥59.5 million) in revenue.

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy experienced a significantly smaller turnover in the overseas market than in the domestic market, with 12,489 lots being o f f e r e d ( c o m p a r e d t o m a i n l a n d C h i n a ’s 3 4 0 , 9 6 3 ) . T h e s e l l - t h r o u g h r a t e , h o w e v e r, s u r p a s s e d 7 3 . 2 % , i n d i c a t i n g a higher demand for this lower supply of lots. Overall, this collecting category made up 29.1% of the overseas market, with sales of US$681.5 million (CN¥4.3 billion).

2.3 P rice Distribution and Average Prices Global Market Overview The growth of the global Chinese art market was sustained by a high volume of lots selling at the low end of the market. Worldwide, the vast majority (95.0%) of all Chinese lots realized prices below CN¥500,000 (approximately US$77,500). Looking at the higher end of the price spectrum, 429 lots sold above CN¥10 million (approximately US$1.5 million); only four lots surpassed CN¥100 million (US$15.5 million) in 2013. Since 2011, the global market for Chinese Art has witnessed a decrease in overall average prices each y e a r. I n 2 0 1 1 , a v e r a g e p r i c e s r e a c h e d o v e r U S $ 2 8 , 4 4 4 (CN¥191,448), but dropped to US$20,934 (CN¥134,941) in 2013. Average prices in mainland China have also followed this trend, with a 32.4% decrease in average price noted since 2011. Overseas also witnessed a d r o p i n 2 0 1 2 ; h o w e v e r, a v e r a g e p r i c e s r o s e s l i g h t l y i n 2013, from US$49,300 (CN¥324,051) to US$50,448 (CN¥324,194).

20th-Century and Contemporary Chinese Art 20th-Century and Contemporary Chinese Art was the only collecting category that performed better overseas than in mainland China. While the volume of lots offered and sold paled in comparison to the numbers in China, the total sales value for the 2013 auction season reached over US$552.2 million (CN¥3.5 billion) in revenue.

Chinese Books and Manuscripts Similar to mainland China, Chinese Books and Manuscripts made up a less than 1% of total overseas sales. With 338 lots selling, the collecting category only totaled US$6.8 million (CN¥43.8 million). Despite the low volume, the sell-through rate of 74.4% was the highest, both overseas and in mainland China, of any collecting c a t e g o r y.

Global Chinese Art Auction Market Report 2013

Mainland China The domestic market for Chinese Art was bolstered by works selling at the low end of the market. Similar to the global market, 95% of lots sold in mainland China realized prices below CN¥500,000. The dominance of the low end of the market was evidenced by an overall average sale price of US$17,135 (CN¥110,454). Chinese B o o k s a n d M a n u s c r i p t s , i n p a r t i c u l a r, p l a y e d a l a r g e r o l e in low-end sales. With 99.5% of the lots selling in this p r i c e t i e r, t h e a v e r a g e p r i c e f o r t h e c a t e g o r y w a s t h e lowest in mainland China; the average earnings by a work in this category were US$3,351 (CN¥21,603). 98.7% of lots selling within the “Other” category also sold in this

price range. The average price barely eclipsed that of Books and Manuscripts, reaching just over US$5,733 (CN¥36,955). High-value lots—works selling above CN¥10 million (US$1.5 million)—comprised less than 0.1% of the mainland market by volume. The large majority of these lots fell into the Fine Chinese Paintings and Calligraphy c o l l e c t i n g c a t e g o r y. S u b s e q u e n t l y, t h e a v e r a g e p r i c e for this category reflected the relative success of these artworks, surpassing US$23,842 (CN¥153,683). 20th-Century and Contemporary Chinese Art also did particularly well. This category experienced the largest percentage of lots selling above CN¥10 million, at 0.16%, and realized an average price of US$34,907 (CN¥225,012).

2013 Number of Lots by Collecting Category and Price Range in Mainland China (in Lots Sold) Lot Bands (RMB) ¥100 Million and Above ¥50 Million—100 Million ¥10 Million—50 Million ¥5 Million—10 Million ¥1 Million—5 Million ¥500,000—1 Million Below ¥500,000 Total Lots Sold 20th-Century and Contemporary Chinese Art 0 2 17 82 394 483 10,806 11,784 Chinese Antiques and Artworks 0 3 29 104 1,447 2,012 79,474 83,069 Chinese Books and Manuscripts 0 0 2 3 35 98 28,553 28,691 Fine Chinese Paintings and Calligraphy 1 10 148 465 3,545 6,422 160,742 171,333 Other 0 1 19 19 262 514 64,649 65,464 Total 1 16 215 673 5,683 9,529 344,224 360,341

Total Sales Value (USD)

$411,346,944

$1,206,888,815

$96,157,136

$4,084,856,516

$375,306,777

$6,174,556,188

Average Price (USD)

$34,907

$14,529

$3,351

$23,842

$5,733

$17,135

*Price band analysis was most accurately performed using parameters in RMB due to the nature of Mainland Chinese auction house reporting ©2014 Artnet Worldwide Corporation. ©China Association of Auctioneers. All rights reserved.

Global Chinese Art Auction Market Report 2013

Overseas The overseas market was also dominated by works s e l l i n g i n t h e l o w e s t p r i c e t i e r ( 9 0 . 9 % ) ; h o w e v e r, the average price, US$50,400 (CN¥325,194), was significantly higher than that of mainland China. Mirroring the trends in mainland China, 95.5% of Chinese Books and Manuscripts realized prices less than CN¥500,000, resulting in the lowest annual average prices in the overseas market: US$20,126 (CN¥129,735). Over 70% of the low-priced lots came from the Chinese Antiques a n d A r t w o r k s c o l l e c t i n g c a t e g o r y. I n t e r e s t i n g l y, t h i s

category also had two lots topping CN¥100 million (US$15.5 million)—the most of any collecting category in 2013. The highest average prices were earned by works of art sold in the 20th-Century and Contemporary Chinese A r t c a t e g o r y. L o t s i n t h i s c a t e g o r y f e t c h e d a n a v e r a g e price of approximately US$170,000 (CN¥1.1 million), over three times the average for all Chinese Art sold overseas in 2013. Fine Chinese Paintings and Calligraphy commanded the second-highest average prices, at US$74,400 (CN¥480,198).

2013 Number of Lots by Collecting Category and Price Range Overseas (in Lots Sold)

Lot Bands (RMB)

20th-Century and Contemporary Chinese Art 1 7 60 77 325 251 2,514 3,235

Chinese Antiques and Artworks

Chinese Books and Manuscripts

Fine Chinese Paintings and Calligraphy 0 6 48 85 690 638 7,682 9,149

Other

Total

¥100 Million and Above ¥50 Million—100 Million ¥10 Million—50 Million ¥5 Million—10 Million ¥1 Million—5 Million ¥500,000—1 Million Below ¥500,000 Total Lots Sold

2 5 68 121 849 896 31,379 33,320

0 0 0 1 8 6 323 338

0 0 0 0 10 20 302 332

3 18 176 284 1,882 1,811 42,200 46,374

Total Sales Value (USD)

$552,237,881

$1,089,686,098

$6,802,737

$681,559,106

$9,232,507

$2,339,518,329

Average Price (USD)

$170,707

$32,704

$20,126

$74,495

$27,809

$50,449

Global Chinese Art Auction Market Report 2013

2.4 High-Priced Lots Global Market Overview Over the course of 2013, 429 Chinese lots realizing prices above CN¥10 million (approximately US$1.5 million) sold worldwide, an 18.5% increase from 2012. While the number still pales in comparison to the 800-plus lots sold during the height of the market in 2011, the growth does suggest a rebound in market confidence.

total of 87 high-priced lots. In addition to accounting for two-thirds of the lots sold, the top three auction houses also accounted for nearly two-thirds of the value (61.9%). Beijing Poly brought in the highest combined value for top-tier lots, with US$228.7 million (CN¥1.4 billion) in revenue. China Guardian followed closely with US$196.2 million (CN¥1.2 billion) in revenue. Beijing Council rounded out the top three, with US$106.5 million (CN¥686.5 million) in sales of top-earning lots. Overall, the large majority (90.5%) of high-priced lots were sold at auction houses in key urban city centers, namely Beijing and Shanghai.

Mainland China In 2013, 232 Chinese Art and Antiques lots sold at prices over CN¥10 million in mainland China, an increase of over 10% compared to 2012. Combined, these high-priced l o t s produced approximately US$858 million (CN¥5.5 billion) in revenue, and represented 13.8% of the domestic m a r k e t ’s t o t a l v a l u e .

Distribution of Auction Houses W ithin mainland China, high-value lots were sold at 28 different auction houses (five more than in 2012). The distribution of these lots across auction houses was very similar to the distribution in 2012, with Beijing P o l y, C h i n a G u a r d i a n , a n d B e i j i n g C o u n c i l a c c o u n t i n g for roughly two-thirds of lots sold both years. In 2013, these auction houses sold 63, 48, and 34 works, r e s p e c t i v e l y. T h e r e m a i n i n g 2 5 a u c t i o n h o u s e s s o l d a

Composition of High-Priced Lots Fine Chinese Paintings and Calligraphy works represented the largest segment of high-value lots in mainland China: 68.5% by volume and 66.7% by value. Overall, top-tier lots within this category brought in over US$572.9 million (CN¥3.6 billion) in sales. Chinese Antiques and Artworks witnessed the second-highest market share of lots exceeding CN¥10 million: 37 lots sold for a total of US$144.0 million (CN¥928.3 million) in revenue. Significantly smaller than the Fine Chinese Paintings and Calligraphy segment, Chinese Antiques and Artworks represented roughly 16% of high-value lots, by volume and value. Only two lots in the Books and Manuscripts category fell within this price bracket, representing 1% of the total volume and value sold in mainland China.

Global Chinese Art Auction Market Report 2013

2 0 1 3 To t a l S a l e s Va l u e ( U S D ) b y C o l l e c t i n g C a t e g o r y f o r H i g h - Va l u e Lots Sold in Mainland China $56,892,026 $74,853,397 $144,022,650

Overseas During the 2013 auction season, 197 lots independently realized prices of more than CN¥10 million overseas. To g e t h e r, t h e s e l o t s e a r n e d o v e r U S $ 7 7 3 . 2 m i l l i o n (CN¥4.9 billion), which represents over 33.0% of the total Chinese Art and Antiques overseas market.

Distribution of Auction Houses The vast majority of these high-priced lots sold at a u c t i o n i n H o n g K o n g ( 1 6 3 l o t s ) , N e w Yo r k ( 2 0 l o t s ) , a n d L o n d o n ( 7 l o t s ) . To g e t h e r, t h e s e t h r e e c i t i e s a c c o u n t e d for over 95% of all high-value lots sold overseas. Paris, S t u t t g a r t , a n d Ta i p e i a l s o c o n t r i b u t e d l o t s t o t h e t o t a l . Overall, the 197 lots were sold at 18 different auction houses overseas. The top three auction houses, in terms of the number of lots sold, were all located in Hong K o n g : C h r i s t i e ’s H o n g K o n g , S o t h e b y ’s H o n g K o n g , a n d Poly Auction Hong Kong. These three auction houses accounted for just under three-fourths of all high-value lots sold overseas, selling 66 lots, 62 lots, and 16 lots, r e s p e c t i v e l y. A d d i t i o n a l l y, t h e s e t h r e e a u c t i o n h o u s e s accounted for 78.1% of the total value. W h i l e C h r i s t i e ’s H o n g K o n g s o l d t h e m o s t h i g h - p r i c e d lots overseas, the auction house earned the secondhighest revenue: US$250.3 million (CN¥1.6 billion). S o t h e b y ’s H o n g K o n g , o n t h e o t h e r h a n d , s o l d t h e second-highest number of lots, but had the highest total sales value: US$314.8 million (CN¥2.0 billion). Rounding out the top three auction houses, Poly Auction Hong Kong sold 16 lots, for a combined total of U S $ 3 5 . 7 m i l l i o n ( C N ¥ 2 3 0 . 7 m i l l i o n ) . S o t h e b y ’s N e w Yo r k , which ranked fourth in terms of the number of high-

$9,464,009 $572,945,796

20th-Century and Contemporary Chinese Art Chinese Antiques and Artworks Chinese Books and Manuscripts Fine Chinese Paintings and Calligraphy Other

Global Chinese Art Auction Market Report 2013

priced lots sold (11), surpassed Poly Auction Hong Kong in terms of value sold (US$38.9 million or CN¥251.1 million).

Composition of High-Priced Lots Overseas, all high-selling lots fell within one of three collecting categories: Chinese Antiques and Artworks, 20th-Century and Contemporary Chinese Art, and F i n e C h i n e s e P a i n t i n g s a n d C a l l i g r a p h y. C h i n e s e

Antiques and Artworks represented the largest segment of these lots: 38.0% by volume, and 40.2% by value, earning US$311.3 million (CN¥2.0 billion). Representing nearly 35% of both volume and value, 20th-Century and Contemporary Chinese Art held the second-highest market share. The remaining 54 lots fell into the Fine C h i n e s e P a i n t i n g s a n d C a l l i g r a p h y c a t e g o r y, t o t a l i n g US$185.5 million (CN¥1.1 billion).

2 0 1 3 To t a l S a l e s Va l u e ( U S D ) b y C o l l e c t i n g C a t e g o r y f o r H i g h - Va l u e L o t s S o l d O v e r s e a s $276,374,253

$185,531,415

20th-Century and Contemporary Chinese Art Chinese Antiques and Artworks Fine Chinese Paintings and Calligraphy

$311,341,032

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Global Chinese Art Auction Market Report 2013

Appendix 1 2013 List of Global Chinese Antiques and Art Auction Houses

M a i n l a n d C h i n a

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 0.00 Not Reported 39.69 63.22 15.53

Price Realized (RMB, Premium) 0 Not Reported 1,610,000 41,270,000 283,200

Price Realized (USD, Premium) 0 Not Reported 249,767 6,402,420 43,934

1 2 3 4 5

Beijing Beijing Beijing Beijing Beijing

Yi De Ge Auction Co., Ltd. Datang International Auction Co., Ltd. Infinity Auctions International (Beijing) Co., Ltd. Pacific International Auction Co., Ltd. Zhong An Taiping International Auction Co., Ltd. China Guardian International Auction Co., Ltd. Zhong Bao Auction Co., Ltd. Sungari International Auction Co., Ltd. Zhong Heng Yi Ping International Auction Co., Ltd. Zhongdu International Auction Co., Ltd. Zhong Tong De Li International Auction Co., Ltd. Zhong Hong Xin International Auction Co., Ltd. Zhong Lian Huan Qiu International Auction Co., Ltd. Zhong Lian International Auction Co., Ltd. Dongfangqiushi International Auction Co., Ltd. The Orient International Auction Co., Ltd. Beijing Ba Fang Jing Dian International Auction Co., Ltd. Beijing Jiuge International Auction Co., Ltd.

0 Not Reported 262 3,845 219

0 Not Reported 104 2,431 34

6 7 8 9

Beijing Beijing Beijing Beijing

33,272 647 2,403 2,846

24,270 404 1,399 188

72.94 62.44 58.22 6.61

5,907,140,000 81,229,000 473,254,000 6,540,000

916,403,971 12,601,458 73,418,244 1,014,583

Beijing

5,883

3,768

64.05

57,617,100

8,938,427

Beijing

Not Reported

Beijing

0.00

Beijing

Not Reported

Beijing

7,342

3,788

51.59

32,655,700

5,066,041

Beijing

1,520

4.74

1,170,200

181,539

Beijing

200

116

58.00

2,100,000

325,783

Beijing

604

2.65

5,784,500

897,378

Beijing

3,574

1,901

53.19

657,386,000

101,983,556

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%)

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

19 20 21

Beijing Beijing Beijing

Beijing Sanxitang International Auction Co., Ltd. China Legend Auction Co., Ltd. Beijing Wanlong Auction Co., Ltd. Beijing Kaiyuantianxing Auction Co., Ltd. Beijing Tian Ya Yi Heng International Auction Co., Ltd. Beijing A&F Auction Co., Ltd Beijing Taihetiancheng International Auction Co., Ltd. Beijing Zhonghan International Auction Co., Ltd. Beijing Zhongxingtianxia International Auction Co., Ltd. Beijing Zhongtoujiayi International Auction Co., Ltd. Beijing Zhongpai International Auction Co., Ltd. Beijing Zhongzhao International Auction Co., Ltd. Datang International Auction Co., Ltd. Beijing Zhongzi International Auction Co., Ltd. Beijing Zhong Bo International Auction Co., Ltd. Beijing Zhong Ding International Auction Co., Ltd. Beijing Zhongjia International Auctions Co., Ltd

0 Not Reported 890

0 Not Reported 603

0.00 Not Reported 67.75

0 Not Reported 101,830,400

0 Not Reported 15,797,456

Beijing

100.00

1,947,000

302,048

Beijing

0.00

Beijing

517

378

73.11

360,832,800

55,977,785

Beijing

Not Reported

Beijing

2,468

1,644

66.61

196,758,800

30,524,170

Beijing

Not Reported

Beijing

Not Reported

Beijing

2,456

570

23.21

19,408,000

3,010,859

Beijing

250

192

76.80

747,400

115,948

Beijing

Not Reported

Beijing

Not Reported

Beijing

338

8.88

69,400

10,766

Beijing

1,369

1,116

81.52

212,691,500

32,995,889

Beijing

Not Reported

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%)

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

Beijing

Beijing Chang Feng International Auction Co., Ltd. Beijing Jindianlianhe International Auction Co., Ltd. Beijing Wen Jin Ge International Auction Co., Ltd. Beijing Wenboyuan International Auction Co., Ltd. Beijing Shuang Long Sheng Shi International Auction Co., Ltd. Beijing Yu De Jin Quan International Auction Co., Ltd. Beijing Shijishengtang International Auction Co., Ltd. Beijing Prospect International Auction Co., Ltd. Beijing Orient Lide International Auction Co., Ltd. Beijing Dong Zheng International Auction Co., Ltd. Beijing Dong Xi Fang International Auction Co., Ltd. Beijing Dongpai International Auction Co., Ltd. Beijing Randong International Auction Co., Ltd. Beijing Yin Qian Shan International Auction Co., Ltd. Beijing Gu Tian Yi International Auction Co., Ltd. Beijing Xuan He International Auction Co., Ltd.

520

427

82.12

133,309,200

20,680,918

Beijing

Not Reported

Beijing

786

389

49.49

98,682,500

15,309,106

Beijing

1,160

775

66.81

192,641,300

29,885,402

Beijing

Not Reported

Beijing

Not Reported

Beijing

1,106

138

12.48

2,505,700

388,722

Beijing

3,288

1,601

48.69

130,333,800

20,219,330

Beijing

Not Reported

Beijing

1,345

292

21.71

154,000,000

23,890,785

Beijing

2,550

1,429

56.04

12,872,600

1,996,990

Beijing

1,309

0.76

899,200

139,497

Beijing

Not Reported

Beijing

2,150

1,573

73.16

13,336,000

2,068,880

Beijing

449

316

70.38

73,774,800

11,445,051

Beijing

2,199

1,007

45.79

16,650,000

2,582,997

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%)

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

Beijing

Beijing Forever International Auction Co., Ltd. Beijing Council International Auction Co., Ltd. Beijing Ya Zhou Yi Yuan International Auction Co., Ltd. Beijing Yazhouhongda International Auction Co., Ltd. Beijing Yazhou Chenze Auction Co., Ltd. Beijing Yazhouronghai International Auction Co., Ltd. Beijing Xi Rong Ge International Auction Co., Ltd. Beijing Baina Folk Art Auction Co., Ltd. Beijing Tranthy International Auction Co., Ltd. Beijing Hua Chen International Auction Co., Ltd. Beijing Hua Ruan Xin Cheng Auction Co., Ltd. Beijing Huaxia Chuancheng International Auction Co., Ltd. Beijing Huaxia Jindian International Auction Co., Ltd. Beijing Huaxia Cangzhen International Auction Co., Ltd. Beijing Hua Ming International Auction Co., Ltd. Beijing Jiangyang Futong International Auction Co., Ltd. Beijing Yuan Fang International Auction Co., Ltd.

598

248

41.47

41,240,000

6,397,766

Beijing

7,751

5,491

70.84

3,337,920,000

517,828,110

Beijing

Not Reported

Beijing

1,631

540

33.11

5,920,000

918,399

Beijing

Not Reported

Beijing

1,561

233

14.93

30,190,000

4,683,525

Beijing

219

8.68

166,900

25,892

Beijing

2,628

701

26.67

10,719,700

1,663,000

Beijing

3,973

3,112

78.33

591,290,800

91,729,879

Beijing

3,245

2,336

71.99

388,350,000

60,246,665

Beijing

1,537

496

32.27

1,406,400

218,182

Beijing

2,143

531

24.78

91,490,500

14,193,376

Beijing

848

4.13

1,711,000

265,436

Beijing

10,897

6,625

60.80

68,465,000

10,621,316

Beijing

Not Reported

Beijing

249

0.00

Beijing

1,962

558

28.44

75,466,800

11,707,540

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%)

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

Beijing

Beijing Kuang Shen International Auction Co., Ltd. Beijing Haleshen Century International Auction Co., Ltd. Beijing Hongzheng International Auction Co., Ltd. Beijing Hongzhan International Auction Co., Ltd. Beijing Jihua Chunqiu International Auction Co., Ltd. Beijing Oujiang Chengcheng International Auction Co., Ltd. Beijing Zhuo De International Auction Co., Ltd. Beijing Mingzhu Shuanglong International Auction Co., Ltd. Beijing Jin Shi De International Auction Co., Ltd. Beijing Bao Ji Xuan International Auction Co., Ltd. Beijing Baoding Auction Co., Ltd. Beijing Bao Rui Ying International Auction Co., Ltd. Beijing Cheng Xuan International Auction Co., Ltd. Beijing Cheng Hao International Auction Co., Ltd. Beijing Jian Ya Century Auction Co., Ltd. Beijing Rombon Auction Co., Ltd.

947

642

67.79

31,625,000

4,906,143

Beijing

Not Reported

Beijing

Not Reported

Beijing

Not Reported

Beijing

1,100

207

18.82

10,524,500

1,632,718

Beijing

0.00

Beijing

5,555

1,710

30.78

133,956,500

20,781,337

Beijing

1,327

418

31.50

6,097,300

945,904

Beijing

2,145

203

9.46

6,250,000

969,594

Beijing

Not Reported

Beijing

Not Reported

Beijing

2,336

1,389

59.46

393,580,000

61,058,020

Beijing

8,353

6,437

77.06

551,725,000

85,591,840

Beijing

2,279

230

10.09

7,105,200

1,102,265

Beijing

926

137

14.79

28,947,600

4,490,785

Beijing

5,448

3,811

69.95

820,999,100

127,365,669

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%)

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

Beijing

Beijing Rong Hai Jia International Auction Co., Ltd. Beijing Poly International Auction Co., Ltd. Beijing Mei San Shan International Auction Co., Ltd. Beijing HSDT International Auction Co., Ltd. Beijing Xuan Shi International Auction Co., Ltd. Beijing Inshine International Auction Co., Ltd. Beijing Yingchang International Auction Co., Ltd. Beijing Taihe Jiacheng Auction Co., Ltd. Beijing City Union International Auction Co., Ltd. Beijing Hai Shi De International Auction Co., Ltd. Beijing Hai Wang Cun Auction Co., Ltd. Beijing Haihua Hongye Auction Co., Ltd. Beijing Sheng Tian Tai International Auction Co., Ltd. Beijing Shengjia International Auction Co., Ltd. Beijing Inzone International Auction Co., Ltd. Beijing Pengea Auction Co., Ltd. Beijing Long Rong International Auction Co., Ltd.

2,882

914

31.71

7,486,400

1,161,402

Beijing

38,201

24,922

65.24

6,465,240,000

1,002,984,797

Beijing

4,256

800

18.80

16,950,000

2,629,538

Beijing

Not Reported

Beijing

697

161

23.10

1,361,700

211,247

Beijing

384

331

86.20

581,306,700

90,180,996

Beijing

964

193

20.02

6,052,300

938,923

Beijing

6,036

2,047

33.91

91,786,700

14,239,327

Beijing

1,043

918

88.02

311,918,000

48,389,389

Beijing

351

245

69.80

9,947,500

1,543,205

Beijing

5,127

3,904

76.15

85,128,000

13,206,330

Beijing

706

8.50

723,600

112,256

Beijing

Not Reported

Beijing

2,496

367

14.70

4,671,900

724,775

Beijing

2,316

1,724

74.44

913,623,000

141,734,874

100

Beijing

2,325

1,123

48.30

10,940,200

1,697,208

101

Beijing

2,375

1,659

69.85

797,311,900

123,690,956

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%)

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

102

Beijing

Beijing Vitaviden International Auction Co., Ltd. Beijing Qindao Rongde International Auction Co., Ltd. Beijing Dingxing Tianhe International Auction Co., Ltd. Beijing Ding Shi International Auction Co., Ltd. Beijing Jingxing Linfeng International Auction Co., Ltd. Beijing Zhanran International Auction Co., Ltd. Beijing Fu Bi Fu International Auction Co., Ltd. Beijing Fu Gu Tai International Auction Co., Ltd. Beijing Reaping International Auction Co., Ltd. Beijing Rui Ya Zhai International Auction Co., Ltd. Beijing Xin Min Qin Auction Co., Ltd. Beijing Xinhua Auction Co., Ltd. Beijing Yonghe Jiacheng International Auction Co., Ltd. Beijing Jia He International Auction Co., Ltd. Beijing Jiali Nianhua International Auction Co., Ltd. Beijing Jia Bao International Auction Co., Ltd. Beijing Artade Online Auction Co., Ltd.

Not Reported

103

Beijing

1,868

820

43.90

302,700,000

46,959,355

104

Beijing

Not Reported

105

Beijing

Not Reported

106

Beijing

447

283

63.31

218,000

33,819

107

Beijing

291

0.00

108

Beijing

20.93

3,136,000

486,503

109

Beijing

Not Reported

110

Beijing

2,262

187

8.27

3,448,900

535,045

111

Beijing

Not Reported

112 113

Beijing Beijing

Not Reported 51

Not Reported 100.00

Not Reported 10,309,000

Not Reported 1,599,286

114

Beijing

9,621

3,944

40.99

83,994,300

13,030,453

115

Beijing

90.72

5,236,000

812,287

116

Beijing

529

4.16

539,500

83,695

117

Beijing

Not Reported

118

Beijing

70,969

39,473

55.62

101,107,700

15,685,340

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 78.41

Price Realized (RMB, Premium) 433,230,000

Price Realized (USD, Premium) 67,209,122

119

Beijing

Beijing Googut Auction Co., Ltd. Beijing De Bao International Auction Co., Ltd. Beijing Hanhai Auction Co., Ltd. Honchin International Auction Co., Ltd. Yazhou Shanghe (Beijing) Auction Co., Ltd. Geng Le International Auction Co., Ltd. She De Auction Co., Ltd. Jin Mao International Auction Co., Ltd. Bao Teng International Auction Co., Ltd. Ping Sheng International Auction Co., Ltd. Shuo Fang International Auction Co., Ltd.

2,066

1,620

120

Beijing

2,686

1,707

63.55

16,792,400

2,605,088

121 122

Beijing Beijing

13,904 2,632

9,753 224

70.15 8.51

1,686,653,800 1,990,200

261,658,982 308,750

123

Beijing

Not Reported

124

Beijing

89.69

128,736,800

19,971,579

125 126

Beijing Beijing

256 754

45 28

17.58 3.71

12,988,000 3,275,000

2,014,893 508,067

127

Beijing

Not Reported

128

Beijing

39.13

170,000

26,373

129

Beijing

Not Reported

Total in Beijing Tianjin Tongfang International Auction Co., Ltd. Tian Jin Hai Tian Auction Co., Ltd. Tianjin International Auction Co., Ltd. Tianjin Bo Shi Jia Auction Co., Ltd. Tianjin Ding Tian Auction Co., Ltd. Tianjin Lan Tian International Auction Co., Ltd.

336,247

184,821

54.97%

¥27,725,451,000 $4,301,186,938

130

Tianjin

2,217

229

10.33

16,120,200

2,500,807

131 132 133 134

Tianjin Tianjin Tianjin Tianjin

2,525 13,364 Not Reported 1,097

1,426 7,534 Not Reported 352

56.48 56.38 Not Reported 32.09

56,589,400 338,200,200 Not Reported 59,000,000

8,778,995 52,466,677 Not Reported 9,152,963

135

Tianjin

1,032

167

16.18

3,803,000

589,978

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%)

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

136

Tianjin

Tianjin Fu Xin International Auction Co., Ltd. Tianjin Han Ya Auction Co., Ltd.

0.00

137

Tianjin

2,083 22,318

91 9,799 3,094 5,373

4.37 43.91% 68.74 33.49

148,600 ¥473,861,400 133,033,800 67,616,700

23,053 $73,512,473 20,638,194 10,489,715

Total in Tianjin 138 139 Shanghai Shanghai Shanghai Gong Mei Auction Co., Ltd. Shanghai Da Zhong Auction Co., Ltd. Shanghai Tian Ci Yu Cheng Auction Co., Ltd. Shanghai Tianheng Auction Co., Ltd. Shanghai YuanhengLizhen Auction Co., Ltd. Shanghai Zhong Yi Auction Co., Ltd. Shanghai Zhong Tian Auction Co., Ltd. Shanghai Zhong Han Auction Co., Ltd. Shanghai Zhong Fu Auction Co., Ltd. Shanghai Chang Cheng Auction Co., Ltd. Shanghai Epama International Auction Co., Ltd. Shanghai Hoyuen Auctions Co., Ltd. Shanghai Hui Yuan Auction Co., Ltd. Shanghai Han Lin Auction Co., Ltd. Shanghai Lao Cheng Huang Auction Co., Ltd.

4,501 16,044

140

Shanghai

Not Reported

141

Shanghai

996

823

82.63

486,069,000

75,406,298

142

Shanghai

57.89

1,185,000

183,835

143 144 145 146

Shanghai Shanghai Shanghai Shanghai

132 27 149 1,033

52 27 105 167

39.39 100.00 70.47 16.17

35,000 6,160,000 7,768,200 2,295,600

5,430 955,631 1,205,119 356,128

147

Shanghai

319

13.79

551,200

85,510

148

Shanghai

2,684

1,708

63.64

23,885,100

3,705,414

149 150 151

Shanghai Shanghai Shanghai

Not Reported Not Reported Not Reported

152

Shanghai

754

226

29.97

331,000

51,350

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) Not Reported 12.96 64.60 69.96 Not Reported

Price Realized (RMB, Premium) Not Reported 64,200 44,989,100 929,600 Not Reported

Price Realized (USD, Premium) Not Reported 9,960 6,979,383 144,213 Not Reported

153 154 155 156 157

Shanghai Shanghai Shanghai Shanghai Shanghai

Shanghai Xie He Auction Co., Ltd. Shanghai Chuan Shi Auction Co., Ltd. Shanghai Hua Yu Auction Co., Ltd. Shanghai Hua Xia Auction Co., Ltd. Shanghai Hua Bo Auction Co., Ltd. Shanghai Duo Yun Xuan Auction Co., Ltd. Shanghai Possession Auction Co., Ltd. Shanghai Chi Han Auction Co., Ltd. Shanghai Fan Hua Auction Co., Ltd. Shanghai Hong Da Auction Co., Ltd. Shanghai Qing Lian Ge Auction Co., Ltd. Shanghai Auction Co., Ltd. Shanghai Qi Bei Auction Co., Ltd. Shanghai Alltobid International Commodity Auction Co., Ltd. Shanghai Guo Tai Auction Co., Ltd. Shanghai Mission Auction Co,. Ltd. Shanghai He Run Auction Co., Ltd. Shanghai He Yun Auction Co., Ltd.

Not Reported 54 5,155 1,794 Not Reported

Not Reported 7 3,330 1,255 Not Reported

158

Shanghai

9,761

7,527

77.11

1,076,670,000

167,029,165

159 160 161 162

Shanghai Shanghai Shanghai Shanghai

728 5,742 5,518 Not Reported

333 4,426 1,734 Not Reported

45.74 77.08 31.42 Not Reported

22,624,600 275,033,100 89,654,000 Not Reported

3,509,867 42,667,251 13,908,470 Not Reported

163

Shanghai

20,669

6,008

29.07

17,464,100

2,709,293

164 165

Shanghai Shanghai

16,070 780

8,157 346

50.76 44.36

243,260,000 10,600,600

37,738,132 1,644,524

166

Shanghai

8,773

6,532

74.46

49,461,000

7,673,131

167 168 169 170

Shanghai Shanghai Shanghai Shanghai

0 485 1,629 54

0 388 1,103 0

0.00 80.00 67.71 0.00

0 374,233,400 17,968,800 0

0 58,056,686 2,787,589 0

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) Not Reported 0.00

Price Realized (RMB, Premium) Not Reported 0

Price Realized (USD, Premium) Not Reported 0

171 172

Shanghai Shanghai

Shanghai Golden Art Auction Co., Ltd. Shanghai Jinhu Auction Co., Ltd. Shanghai Jin Zhui Commodity Auction Co., Ltd. Shanghai Hong Sheng Auction Co., Ltd. Shanghai Bao Long Auction Co., Ltd. Shanghai Baojiang Auction Co., Ltd. Shanghai Yu Zhen Auction Co., Ltd. Shanghai Chunqiu Hall Artwork Auction Co., Ltd. Shanghai Hou Bao Auction Co., Ltd. Shanghai Xin Ren Auction Co., Ltd. Shanghai Heng Li Auction Co., Ltd. Shanghai Sheng An Auction Co., Ltd. Shanghai Li Yuan Auction Co., Ltd. Shanghai Hai Tong Auction Co., Ltd. Shanghai Jun Da Auction Co., Ltd. Shanghai Huang Pu Auction Co., Ltd. Shanghai Chongyuan Artwork Auction Co., Ltd. Shanghai Ming Guang Auction Co., Ltd.

Not Reported 0

173

Shanghai

0.00

174

Shanghai

20,848

15,936

76.44

198,544,500

30,801,195

175 176 177

Shanghai Shanghai Shanghai

314 3,156 Not Reported

190 2,093 Not Reported

60.51 66.32 Not Reported

45,867,200 13,464,900 Not Reported

7,115,607 2,088,877 Not Reported

178

Shanghai

1,196

805

67.31

54,973,900

8,528,374

179 180 181 182 183 184 185 186

Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai

94 0 1,405 96 796 1,033 Not Reported 1,491

3 0 587 32 288 94 Not Reported 311

3.19 0.00 41.78 33.33 36.18 9.10 Not Reported 20.86

3,100 0 128,106,000 676,100 14,570,600 995,200 Not Reported 5,057,200

481 0 19,873,720 104,887 2,260,410 154,390 Not Reported 784,549

187

Shanghai

3,851

1,833

47.60

22,345,200

3,466,522

188

Shanghai

1,862

890

47.80

48,850,000

7,578,343

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%)

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

189

Shanghai

Shanghai Hong Sheng Auction Co., Ltd. Shanghai Hong Hai Commodity Auction Co., Ltd. Shanghai Han Gu Xuan Auction Co., Ltd. Shanghai Bo Gu Zhai Auction Co., Ltd. Shanghai Bo Hai Auction Co., Ltd. Shanghai Jing Hua Artwork Auction Co., Ltd. Shanghai Ya Zang Auction Co., Ltd. Shanghai Ming Dao Auction Co., Ltd. Shanghai Rui Xing Auction Co., Ltd. Shanghai Xin Hua Auction Co., Ltd. Shanghai Jia He Auction Co., Ltd. Shanghai Jia Tai Auction Co., Ltd. Shanghai Galaxy Auction Co., Ltd. Shanghai Justic Auction Co., Ltd. Rong Bao Zhai Auction Co., Ltd.

6,976

1,856

26.61

10,310,000

1,599,442

190

Shanghai

4,405

1,280

29.06

21,579,000

3,347,657

191

Shanghai

1,898

504

26.55

14,708,100

2,281,741

192 193

Shanghai Shanghai

4,995 7,872

2,361 1,058

47.27 13.44

60,143,300 5,297,800

9,330,329 821,874

194

Shanghai

0.00

195 196 197 198 199 200 201 202 203

Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai

803 4,745 Not Reported 1,277 4,259 7,124 Not Reported 3,952 3,812 192,130

333 3,840 Not Reported 240 3,331 2,824 Not Reported 832 2,359 96,656

41.47 80.93 Not Reported 18.79 78.21 39.64 Not Reported 21.05 61.88 50.31%

10,507,000 309,425,700 Not Reported 26,625,000 292,617,500 133,156,300 Not Reported 13,020,200 222,495,100 ¥4,605,222,000

1,630,003 48,002,746 Not Reported 4,130,469 45,395,206 20,657,198 Not Reported 2,019,888 34,516,770 $714,430,965

Total in Shanghai Chongqing Chinese Cultural Relic Auction Co., Ltd. Chongqing Heng Sheng Auction Co., Ltd.

204

Chongqing

1,370

640

46.72

61,979,600

9,615,203

205

Chongqing

347

248

71.47

4,802,900

745,098

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 51.72% 26.96

Price Realized (RMB, Premium) ¥66,782,500 2,635,700

Price Realized (USD, Premium) $10,360,301 408,889

Total in Chongqing 206 Hebei Hebei Da Ma Auction Co., Ltd. Shijiazhuang Sheng Shi Dong Fang Auction Co., Ltd. Hebei Jia Hai Auction Co., Ltd. Hebei Han Hua Auction Co., Ltd.

1,717 1,339

888 361

207

Hebei

Not Reported

208 209

Hebei Hebei

563 0 1,902

250 0 611 59 33 718 145 487 205 1,647 Not Reported

44.40 0.00 32.12% 57.28 7.08 35.16 33.56 45.51 89.13 37.92% Not Reported

315,567,200 0 ¥318,202,900 736,000 941,000 20,228,400 3,202,500 20,154,000 1,384,200 ¥46,646,100 Not Reported

48,955,507 0 $49,364,397 114,179 145,982 3,138,132 496,820 3,126,590 214,738 $7,236,441 Not Reported

Total in Hebei 210 211 212 213 214 215 Shanxi Shanxi Shanxi Shanxi Shanxi Shanxi Shanxi Bai Ye Auction Co., Ltd. Shanxi Xing Jin Auction Co., Ltd. Shanxi Jin Bao Auction Co., Ltd. Shanxi Jin Tong Auction Co., Ltd. Shanxi Jin De Auction Co., Ltd. Shanxi Rong Yi Da Auction Co., Ltd.

103 466 2,042 432 1,070 230 4,343

Total in Shanxi 216 Liaoning Liaoning You Li Auction Co., Ltd. Liaoning Zhong Zheng Auction Co., Ltd. Liaoning Zhong Xing International Auction Co., Ltd. Liaoning Guang Da Auction Co., Ltd. Liaoning Hua An Auction Co., Ltd.

Not Reported

217

Liaoning

2,513

916

36.45

14,924,000

2,315,234

218

Liaoning

Not Reported

219 220

Liaoning Liaoning

Not Reported 40

Not Reported 0

Not Reported 0.00

Not Reported 0

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%)

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

221

Liaoning

Liaoning International Commodity Auction Co., Ltd. Liaoning Jian Tou Auction Co., Ltd. Fu Jia Zhai Auction Co., Ltd.

351

119

33.90

77,092,900

11,959,805

222 223

Liaoning Liaoning

2,851 149 5,904

487 18 1,540 Not Reported Not Reported 89 Not Reported 533

17.08 12.08 26.08% Not Reported Not Reported 52.66 Not Reported 30.67

24,192,700 311,000 ¥116,520,600 Not Reported Not Reported 3,956,800 Not Reported 49,772,900

3,753,134 48,247 $18,076,419 Not Reported Not Reported 613,838 Not Reported 7,721,517

Total in Liaoning 224 Heilongjiang Heilongjiang Jia Rui Auction Co., Ltd.

Not Reported Not Reported

Total in Heilongjiang 225 226 227 Jiangsu Jiangsu Jiangsu Wuxi Yangxian Auction Co., Ltd. Wuxi Jin Ding Lai Auction Co., Ltd. Jiangsu Jiu De Auction Co., Ltd. Jiangsu Wan Da International Auction Co., Ltd. Jiangsu Tiancheng Auction Co., Ltd. Jiangsu Wu Ai Auction Co., Ltd. Jiangsu Zhong Shan Auction Co., Ltd. Jiangsu Feng Huang Auction Co., Ltd. Jiangsu Longcheng Auction Co., Ltd. Jiangsu Sutian Auction Co., Ltd. Lianghan Auction Co., Ltd. Jiangsu Auction Co., Ltd.

169 Not Reported 1,738

228

Jiangsu

Not Reported

229 230 231 232 233 234 235 236

Jiangsu Jiangsu Jiangsu Jiangsu Jiangsu Jiangsu Jiangsu Jiangsu

0 52 1,138 1,746 Not Reported 0 607 2,274

0 52 117 305 Not Reported 0 10 320

0.00 100.00 10.28 17.47 Not Reported 0.00 1.65 14.07

0 65,100 1,640,800 51,820,000 Not Reported 0 365,800 2,509,100

0 10,099 254,545 8,039,094 Not Reported 0 56,748 389,249

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 28.28 17.18 39.97

Price Realized (RMB, Premium) 12,226,900 2,801,600 31,850,000

Price Realized (USD, Premium) 1,896,820 434,626 4,941,049

237 238 239

Jiangsu Jiangsu Jiangsu

Jiangsu Shi Cheng Auction Co., Ltd. Jiangsu Zhen De Auction Co., Ltd. Jiangsu Ai Tao Auction Co., Ltd. Jiangsu Huai Hai International Auction Co., Ltd. Jiangsu Jing Hong International Auction Co., Ltd. Jiangsu Jia Heng International Auction Co., Ltd. Jiangsu Ju De Auction Co., Ltd. Suzhou Orient Artwork Auction Co., Ltd. Suzhou Wu Men Auction Co., Ltd. Nanjing Shi Zhu Zhai Auction Co., Ltd. Nanjing Zheng Da Auction Co., Ltd. Nanjing Jing Dian Auction Co., Ltd. Nanjing Jia Xin Auction Co., Ltd. Changzhou Cang Hai Auction Co., Ltd.

1,294 1,560 1,889

366 268 755

240

Jiangsu

Not Reported

241

Jiangsu

583

14.07

829,500

128,684

242

Jiangsu

920

633

68.80

10,606,900

1,645,501

243

Jiangsu

602

504

83.72

208,600,200

32,361,185

244

Jiangsu

2,631

999

37.97

49,737,000

7,715,948

245 246 247 248 249 250

Jiangsu Jiangsu Jiangsu Jiangsu Jiangsu Jiangsu

3,375 1,734 Not Reported 1,394 1,630 784 26,120

847 454 Not Reported 330 916 194 7,774 241 6,652

25.10 26.18 Not Reported 23.67 56.20 24.74 29.76% 16.21 84.33

41,726,900 20,340,000 Not Reported 42,471,600 152,500,000 18,467,000 ¥702,288,100 8,241,000 1,487,580,700

6,473,301 3,155,445 Not Reported 6,588,830 23,658,083 2,864,877 $108,949,442 1,278,467 230,775,783

Total in Jiangsu 251 252 Zhejiang Zhejiang Ningbo Fu Bang Auction Co., Ltd. Xiling Yinshe Auction Co., Ltd. Hangzhou Tiangong Yiyuan Auction Co., Ltd.

1,487 7,888

253

Zhejiang

998

236

23.65

4,480,400

695,067

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%)

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

254

Zhejiang

Shaoxing Han Yue Tang Auction Co., Ltd. Zhejiang Yitong Auction Co., Ltd. Zhejiang San Jiang Auction Co., Ltd. Zhejiang Da Di Auction Co., Ltd. Zhejiang Zhong Cai Auction Co., Ltd. Zhejiang Zhong Ju Auction Co., Ltd. Zhejiang Chang Le Auction Co., Ltd. Zhejiang Liutong Auction Co., Ltd. Zhejiang Shi Mao Auction Co., Ltd. Zhejiang Hui Tong Auction Co., Ltd. Zhejiang Yong Xuan Auction Co., Ltd. Zhejiang Min He Auction Co., Ltd. Zhejiang Li Ze Auction Co., Ltd. Zhejiang Shi Dai Auction Co., Ltd. Zhejiang Kylin Auction Co., Ltd. Zhejiang International Commodity Auction Co., Ltd. Zhejiang Jia Bao Auction Co., Ltd. Zhejiang Cheng Xin Auction Co., Ltd.

0.00

255 256 257 258 259 260 261 262 263 264 265 266 267 268

Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang

565 1,159 1,555 1,071 1,126 Not Reported 961 0 Not Reported Not Reported 0 698 1,312 686

161 835 485 85 648 Not Reported 765 0 Not Reported Not Reported 0 0 997 167

28.50 72.04 31.19 7.94 57.55 Not Reported 79.60 0.00 Not Reported Not Reported 0.00 0.00 75.99 24.34

6,748,500 161,609,000 17,257,200 23,943,200 107,660,000 Not Reported 23,238,100 0 Not Reported Not Reported 0 0 49,490,200 9,508,400

1,046,928 25,071,207 2,677,195 3,714,428 16,701,831 Not Reported 3,605,042 0 Not Reported Not Reported 0 0 7,677,661 1,475,085

269

Zhejiang

701

287

40.94

4,620,000

716,724

270 271

Zhejiang Zhejiang

1,209 Not Reported

662 Not Reported

54.76 Not Reported

51,812,400 Not Reported

8,037,915 Not Reported

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 28.71 40.55 36.73

Price Realized (RMB, Premium) 5,976,300 157,218,800 623,000

Price Realized (USD, Premium) 927,133 24,390,133 96,649

272 273 274

Zhejiang Zhejiang Zhejiang

Zhejiang Jing Dian Auction Co., Ltd. Zhejiang Nan Bei Auction Co., Ltd. Zhejiang Auction Zhejiang Poly International Auction Co., Ltd. Zhejiang Art Media Auction Co., Ltd. Zhejiang Qian Tang Auction Co., Ltd. Zhejiang Zhe Shang Auction Co., Ltd. Zhejiang Jun Cheng Auction Co., Ltd. Zhejiang Xiao Ran Auction Co., Ltd. Zhejiang Sheng Shi Auction Co., Ltd. Zhejiang Hong Jia Auction Co., Ltd. Zhejiang Hong An Auction Co., Ltd. Zhejiang Union Auction Co., Ltd. Zhejiang Hao Han Auction Co., Ltd. Zhejiang Jiahan Auction Co., Ltd. Zhejiang Heng Dian Auction Co., Ltd. Wenzhou Hui Feng Auction Co., Ltd.

303 868 735

87 352 270

275

Zhejiang

Not Reported

276 277 278 279 280 281 282 283 284 285 286 287 288

Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang Zhejiang

1,039 Not Reported 298 1,483 0 2,649 1,099 32 0 3,928 1,269 451 617 36,187

712 Not Reported 104 425 0 1,132 82 25 0 1,867 201 53 289 17,820 285

68.53 Not Reported 34.90 28.66 0.00 42.73 7.46 78.13 0.00 47.53 15.84 11.75 46.84 49.24% 59.75

357,039,400 Not Reported 1,331,700 25,809,200 0 56,289,500 3,690,900 286,500 0 92,100,200 13,219,200 1,828,500 1,274,000 ¥2,672,876,300 14,571,100

55,389,296 Not Reported 206,593 4,003,909 0 8,732,470 572,588 44,446 0 14,287,962 2,050,760 283,664 197,642 $414,656,578 2,260,487

Total in Zhejiang 289 Anhui Anhui Yi Hai Auction Co., Ltd.

477

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%)

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

290

Anhui

Anhui Gu Jin Tian Yuan Auction Co., Ltd. Anhui Xing Han Auction Co., Ltd. Anhui Pan Long Auction House Auction Co., Ltd.

0.00

291

Anhui

423

8.27

1,308,500

202,994

292

Anhui

647

333

51.47

5,491,000

851,846

Total in Anhui 293 294 295 296 297 298 299 Fujian Fujian Fujian Fujian Fujian Fujian Fujian Xiamen Gu Yu Xuan Auction Co., Ltd Xiamen Te Pai Auction Co., Ltd. Fujian Huaxing Auction Co., Ltd. Fujian Yun Tong Auction Co., Ltd. Fujian Auction Fujian Ding Xin Auction Co., Ltd. Dingjia Auction (Fujian) Co., Ltd. Fujian Trade and Trust Auction Co., Ltd. Fujian Hai Xia Auction Co., Ltd. Fujian Jing Xuan Auction Co., Ltd.

1,547 0 1,936 0 2,842 2,149 1,586 0

653 0 31 0 439 1,447 68 0

42.21% 0.00 1.60 0.00 15.45 67.33 4.29 0.00

¥21,370,600 0 1,706,100 0 10,321,400 92,410,000 10,392,000 0

$3,315,327 0 264,676 0 1,601,210 14,336,022 1,612,163 0

300

Fujian

1,255

215

17.13

1,818,700

282,144

301 302

Fujian Fujian

232 1,210 11,210

187 503 2,890

80.60 41.57 25.78%

18,680,700 17,830,000 ¥153,158,900

2,898,030 2,766,056 $23,760,301

Total in Fujian Shandong New Century Auction Co., Ltd. Qingdao Tian Qi Ge Auction Co., Ltd. Qingdao Zhong Yi Auction Co., Ltd.

303

Shandong

78.46

10,761,000

1,669,407

304 305

Shandong Shandong

2,800 1,817

1,800 573

64.29 31.54

3,404,600 7,639,400

528,173 1,185,138

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 55.06 52.46% 17.65 90.93 0.00 83.52 11.48 47.32 3.26

Price Realized (RMB, Premium) 25,973,000 ¥47,778,000 2,446,800 13,770,000 0 276,192,000 2,207,900 1,102,400 3,311,000

Price Realized (USD, Premium) 4,029,321 $7,412,038 379,584 2,136,209 0 42,847,037 342,522 171,021 513,652

306

Shandong

Jianan International Auction Co., Ltd.

1,244 5,926

685 3,109 45 331 0 1,247 48 97 25

Total in Shandong 307 308 309 310 311 312 313 Henan Henan Henan Henan Henan Henan Henan Zhengzhou Auction Henan Huabao Auction Co., Ltd. Henan Auction Co., Ltd. Henan Jin Di Auction Co., Ltd. Henan Ri Xin Auction Co., Ltd. Henan Fang Di Auction Co., Ltd. Henan Qingfeng Auction Co., Ltd. Henan Xin Heng Feng Auction Co., Ltd. Henan Yu Cheng Xiang Auction Co., Ltd. Henan Yuan Tian Auction Co., Ltd. Henan Hong Yuan Auction Co., Ltd. Henan Fu De Auction Co., Ltd. Jia Xin Cheng Auction Co., Ltd.

255 364 0 1,493 418 205 766

314

Henan

77.27

1,531,000

237,512

315

Henan

562

338

60.14

6,058,900

939,947

316 317 318 319

Henan Henan Henan Henan

1,024 4,810 0 0 9,919

283 2,258 0 0 4,689 416 405

27.64 46.94 0.00 0.00 0.47% 71.72 43.55

6,242,500 28,419,800 0 0 ¥341,282,300 27,599,200 4,088,300

968,430 4,408,905 0 0 $52,944,818 4,281,601 634,238

Total in Henan 320 321 Hubei Hubei Wuhan Zhongxin Auction Co., Ltd. Wuhan Da Tang Auction Co., Ltd.

580 930

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 41.74 Not Reported 54.61 56.32 52.48%

Price Realized (RMB, Premium) 2,890,600 Not Reported 13,829,300 9,710,000 ¥58,117,400

Price Realized (USD, Premium) 448,433 Not Reported 2,145,408 1,506,361 $9,016,041

322 323 324 325

Hubei Hubei Hubei Hubei

Hubei Shengdian Auction Co., Ltd. Hubei Jin Xin Auction Co., Ltd. Hubei Cheng Xin Auction Co., Ltd. Hubei Jiabao Yipin Auction Co., Ltd.

1,313 Not Reported 2,714 1,433 6,970

548 Not Reported 1,482 807 3,658

Total in Hubei Hunan International Commodity Auction Co., Ltd. Hunan Yafeng Auction Co., Ltd.

326

Hunan

0.00

327

Hunan

Not Reported 0

Not Reported 0.00%

Not Reported ¥0

Not Reported $0

Total in Hunan Guangdong Zhonghan Qinghua Auction Co., Ltd. Guangdong Feng Huang Auction Co., Ltd. Guangdong Guangde Auction Co., Ltd. Guangdong Huayou Auctions Co., Ltd. Guangdong Xu Tong Da Auction Co., Ltd. Guangdong Gu Jin Auction Co., Ltd. Guangdong Auction Co., Ltd. Guangdong Poly Auction Co., Ltd. Guangdong Hao Hong Auction Co., Ltd. Canton Treasure Auction Co., Ltd.

328

Guangdong

624

260

41.67

4,620,000

716,724

329

Guangdong

0.00

330

Guangdong

1,778

1,244

69.97

34,070,000

5,285,448

331

Guangdong

0.00

332

Guangdong

0.00

333 334 335

Guangdong Guangdong Guangdong

933 2,303 3,304

398 1,046 2,023

42.66 45.42 61.23

22,710,000 51,607,600 102,850,000

3,523,115 8,006,143 15,955,631

336

Guangdong

492

108

21.95

477,900

74,139

337

Guangdong

2,620

1,361

51.95

464,970,300

72,133,152

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%)

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

338

Guangdong

Guangdong Jing Cheng Suo Zhi Art Auction Co., Ltd. Guangdong Heng Yi Auction Co., Ltd. Guangzhou Huang Ma Auction Co., Ltd. Guangzhou Yin Tong Auction Co., Ltd. Guangzhou Hua Yi International Auction Co., Ltd. Anhua Baiyun Auction Co., Ltd. Zhuhai Longxi Auction Co., Ltd. Zhuhai Sheng Rong Auction Co., Ltd. Shenzhen Hua Xia Dian Cang Auction Co., Ltd. Shenzhen Auction Co., Ltd. Shenzhen Chengtou Auction Co., Ltd.

Not Reported

339

Guangdong

1,710

215

12.57

12,364,800

1,918,213

340

Guangdong

2,812

2,443

86.88

290,917,800

45,131,523

341

Guangdong

1,493

679

45.48

20,873,600

3,238,225

342

Guangdong

4,907

2,711

55.25

709,421,600

110,056,097

343 344 345

Guangdong Guangdong Guangdong

0 Not Reported Not Reported

0.00 Not Reported Not Reported

0 Not Reported Not Reported

346

Guangdong

Not Reported

347 348

Guangdong Guangdong

811 239 24,026

699 54 13,241 17 0 17 27 Not Reported 27

86.19 22.59 55.11% 34.00 0.00 0.34% 61.36 Not Reported 61.36%

58,700,000 3,232,000 ¥1,776,815,600 1,922,600 0 ¥1,922,600 5,011,200 Not Reported ¥5,011,200

9,106,423 501,396 $275,646,230 298,262 0 $298,262 777,412 Not Reported $777,412

Total in Guangdong 349 350 Guangxi Guangxi Guangxi Zheng Chui Auction Co., Ltd. Guangxi Yong Hua Auction Co., Ltd.

50 0 50

Total in Guangxi 351 352 Hainan Hainan Hainan An Da Xin Auction Co., Ltd. Hainan Tai Da Auction Co., Ltd.

44 Not Reported 44

Total in Hainan

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 0.00 31.94 35.51 35.08 65.20

Price Realized (RMB, Premium) 0 949,600 4,636,800 4,323,000 8,875,800

Price Realized (USD, Premium) 0 147,316 719,330 670,648 1,376,947

353 354 355 356 357

Sichuan Sichuan Sichuan Sichuan Sichuan

Sichuan Zhongtian Auction Co., Ltd. Sichuan Shixi Auction Co., Ltd. Sichuan Orient Auction Co., Ltd. Sichuan Menghu Auction Co., Ltd. Sichuan Jia Cheng Auction Co., Ltd. Sichuan Yinsion World Auction Co., Ltd. Sichuan Lian Pai Auction Co., Ltd. Sichuan Jia Bao Auction Co., Ltd. Sichuan De Xuan Auction Co., Ltd. Dazhou Wanxing Auction Co., Ltd. Chengdu Ba Yi Pai Auction Co., Ltd. Chengdu Jin Sha Auction Co., Ltd. Chengdu Shi Bi Jia Auction Co., Ltd.

0 335 566 1,377 319

0 107 201 483 208

358

Sichuan

0.00

359 360 361 362 363 364 365

Sichuan Sichuan Sichuan Sichuan Sichuan Sichuan Sichuan

4 1,164 1,830 1,138 1,343 1,112 810 9,998

0 357 367 140 639 679 595 3,776 0 957 380 1,337 420

0.00 30.67 20.05 12.30 47.58 61.06 73.46 37.77% 0.00 36.69 34.11 35.92% 34.68

0 16,916,000 18,337,900 2,409,800 26,577,300 13,445,500 13,295,000 ¥109,766,700 0 23,903,000 6,188,000 ¥30,091,000 2,384,700

0 2,624,263 2,844,850 373,844 4,123,069 2,085,867 2,062,519 $17,028,653 0 3,708,191 959,975 $4,668,166 369,950

Total in Sichuan 366 367 368 Yunnan Yunnan Yunnan Yunnan Guo Xin Auction Co., Ltd. Yunnan Dian Cang Auction Co., Ltd. Kunming Ya Shi De Auction Co., Ltd.

0 2,608 1,114 3,722

Total in Yunnan 369 Shaanxi Xi'an Li Bang Auction Co., Ltd.

1,211

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 59.38 87.31 0.00 0.00 29.47 56.43 49.24

Price Realized (RMB, Premium) 25,779,500 15,400,000 0 0 65,215,000 179,847,400 21,365,100

Price Realized (USD, Premium) 3,999,302 2,389,078 0 0 10,117,127 27,900,621 3,314,474

370 371 372 373 374 375 376

Shaanxi Shaanxi Shaanxi Shaanxi Shaanxi Shaanxi Shaanxi

Shaanxi Da De Auction Co., Ltd. Shaanxi Tian Long Auction Co., Ltd. Shaanxi Wen De Auction Co., Ltd. Shaanxi Hua Qin Auction Co., Ltd. Shaanxi Hua Xia Auction Co., Ltd. Shaanxi Bao Long Auction Co., Ltd. Shaanxi Cheng Zhi Auction Co., Ltd. Shaanxi Qin Bao Zhai Auction Co., Ltd. Shaanxi Qin Shang Auction Co., Ltd. Shaanxi Rui Chen Auction Co., Ltd.

224 457 0 0 2,460 2,311 329

133 399 0 0 725 1,304 162

377

Shaanxi

854

262

30.68

30,140,000

4,675,768

378 379

Shaanxi Shaanxi

426 735 9,007

108 10 3,523 1,865 1,865 0 Not Reported 0

25.35 1.36 39.11% 69.64 69.64% 0.00 Not Reported 0.00%

1,994,700 95,500 ¥342,221,900 185,801,200 ¥185,801,200 0 Not Reported ¥0

309,448 14,815 $53,090,583 28,824,263 $28,824,263 0 Not Reported $0 6,174,556,050

Total in Shaanxi 380 Gansu Weilai Sifang Auction Co., Ltd.

2,678 2,678

Total in Gansu 381 382 Ningxia Ningxia Ningxia Li Ding Auction Co., Ltd. Ningxia Jiapeng Auction Co., Ltd.

0 Not Reported 0

Total in Ningxia

Total in China

711,965

360,341

50.61%

¥39,801,188,300 $6,174,556,050

Overseas

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 77.66 38.17 45.83 65.36 42.86 59.15 63.16 81.34 62.55

Price Realized (RMB, Premium) 42,859,166 7,588,986 866,026 26,096,466 488,208 189,162,604 15,529,388 234,781,668 11,345,859

Price Realized (USD, Premium) 6,648,955 1,177,317 134,351 4,048,474 75,738 29,345,734 2,409,151 36,422,846 1,760,139

1 2 3 4 5 6 7 8 9

Asia Asia Asia Asia Asia Asia Asia Asia Asia

33 Auction All Arts Auctioneers Ltd Anderson Art Art Domu Asian Art Auction Alliance Co., Ltd. Bonhams Hong Kong Borobudur Fine Art Auction Ptd., Ltd. China Guardian Hong Kong Chinese Paintings & Arts Auctioneer Co., Ltd. Chinese Yin Tong International Auction Company Limited Christie's Hong Kong Da Tang International Work of Art Auction Ltd. (Hong Kong) Epairich Auction Est-Ouest Auctions Co., Ltd. Fortune Auctioneers Ltd. Fuder Auction Henry Butcher Art Auctioneers Hong Kong Jadely Auction Co., Ltd. Hong Kong Sincerity International Auction Co., Ltd. Ise Art Co. Ltd. Ji Chai Auctioneers Ltd.

94 909 72 791 7 1,202 57 434 1,084

73 347 33 517 3 711 36 353 678

10 11 12 13 14 15 16 17 18

Asia Asia Asia Asia Asia Asia Asia Asia Asia

159 3,135 343 223 44 1,555 139 8 123

45 2,583 301 159 21 1,104 95 8 53

28.30 82.39 87.76 71.30 47.73 71.00 68.35 100.00 43.09

1,245,191 3,930,872,851 147,373,112 14,093,528 2,355,203 46,550,032 19,526,829 808,509 317,633,385

193,173 609,815,832 22,862,723 2,186,399 365,374 7,221,538 3,029,294 125,428 49,276,045

19 20 21

Asia Asia Asia

2,659 71 190

1,885 48 91

70.89 67.61 47.89

158,269,662 1,183,411 2,994,340

24,553,159 183,588 464,527

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 71.81 62.33 100.00 100.00 90.48 75.00 48.67

Price Realized (RMB, Premium) 18,700,638 38,418,750 949,201 720,792 1,409,142 401,006 22,557,887

Price Realized (USD, Premium) 2,901,123 5,960,092 147,254 111,820 218,607 62,210 3,499,517

22 23 24 25 26 27 28

Asia Asia Asia Asia Asia Asia Asia

Jin Shi Arts Auctioneers Ltd. JSL Auction Co K Auction Larasati Auctioneers Mainichi Art Auction Mallet Japan National Wealth Auctioneer Ltd. Paidegao International Auctioneer Limited Paragon International Po Yuen International Auction Co., Ltd. Poly Auction (Hong Kong) Ravenel SBI Art Auction Co., Ltd. Seoul Auction Sidharta Auctioneer Sino Art Auctioneers Ltd. Sotheby's Hong Kong Tiancheng International Auction Co., Ltd.

376 300 2 6 21 16 565

270 187 2 6 19 12 275

Asia

1,779

945

53.12

32,727,661

5,077,205

Asia

129

61.24

28,385,111

4,403,523

Asia

742

554

74.66

19,940,641

3,093,491

32 33 34 35 36 37 38

Asia Asia Asia Asia Asia Asia Asia

2,750 348 13 42 5 1,818 2,308

1,541 301 10 23 3 1,428 1,920

56.04 86.49 76.92 54.76 60.00 78.55 83.19

1,237,284,552 219,027,686 377,954 34,469,197 21,590 82,732,181 3,744,850,834

191,946,099 33,978,853 58,634 5,347,378 3,349 12,834,654 580,957,312

Asia

482

266

55.19

286,436,043

44,436,246

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 53.71 86.74 67.24% 72.00 100.00 33.33

Price Realized (RMB, Premium) 57,761,628 52,933,188 ¥11,051,730,104 1,781,988 205,732 97,198

Price Realized (USD, Premium) 8,960,848 8,211,788 $1,714,509,790 276,449 31,916 15,079

40 41 Total in Asia 42 43 44

Asia Asia

Treasure Auctioneer Limited Zhong Cheng Auctions

1,683 279 26,963

904 242 18,131 18 1 1

Europe Europe Europe

Ader Alcala Subastas Antoine Aguttes Artcurial | Briest - Poulain - F. Tajan Artesegno Auctions Arthema Auction Artprecium Arts & Antiques Group (AAG) Aste Boetto Auction House Zezula AuctionArt - Rémy Le Fur Auctionata Audap & Mirabaud Auktionshaus Kaupp GmbH Auktionshaus Stahl Auktionshaus Stuker

25 1 3

Europe

568

440

77.46

63,419,408

9,838,568

46 47 48 49 50 51 52 53 54 55 56 57

Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe

5 2 30 8 2 41 4 174 6 3 15 1

3 0 7 7 1 33 4 125 6 0 6 1

60.00 0.00 23.33 87.50 50.00 80.49 100.00 71.84 100.00 0.00 40.00 100.00

140,905 0 2,965,858 160,155 12,921 1,396,110 478,959 6,725,089 260,683 0 729,944 6,936

21,859 0 460,108 24,846 2,005 216,585 74,303 1,043,296 40,441 0 113,240 1,076

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%)

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

Europe

Bailly-Pommery & Voutier Associés Balclis Auction Bernaerts Beurret & Bailly Auktionen AG Binoche Renaud-Giquello & Associés Blanchet & Associés Blindarte Blomqvist Kunsthandel Bloomsbury Auctions Boisgirard - Antonini Bonhams Chester Bonhams Edinburgh Bonhams Knightsbridge Bonhams London Bonhams Oxford Brussels Art Auctions Bruun Rasmussen Auctioneers Bruun Rasmussen online

0.00

59 60 61

Europe Europe Europe

8 2 1

7 2 1

87.50 100.00 100.00

375,594 9,445 204,256

58,268 1,465 31,687

Europe

100.00

32,259

5,004

63 64 65 66 67 68 69 70 71 72 73 74 75

Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe

1 7 2 207 1 32 429 1,923 842 46 26 79 100

1 1 2 90 1 21 326 1,274 556 25 18 66 86

100.00 14.29 100.00 43.48 100.00 65.63 75.99 66.25 66.03 54.35 69.23 83.54 86.00

21,724 59,120 118,368 4,318,065 75,596 246,246 6,831,493 36,122,800 236,097,904 416,560 676,622 4,788,861 789,098

3,370 9,172 18,363 669,883 11,728 38,201 1,059,803 5,603,909 36,627,041 64,623 104,968 742,920 122,417

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 100.00 75.72 50.00 75.00 100.00 0.00 100.00 86.59 70.86 78.10 81.80 20.00 62.37 55.56 70.93 100.00 100.00 70.83 66.67

Price Realized (RMB, Premium) 135,745 11,320,104 40,615 21,696 34,020 0 6,280 7,193,990 333,852,253 114,329,555 154,914,971 19,198 10,119,999 56,331 3,878,702 43,190 33,896 2,065,469 24,120

Price Realized (USD, Premium) 21,059 1,756,144 6,301 3,366 5,278 0 974 1,116,039 51,792,158 17,736,512 24,032,729 2,978 1,569,966 8,739 601,722 6,700 5,258 320,427 3,742

76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94

Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe

Bukowskis Helsinki Bukowskis Stockholm Cambi Casa d'Aste Campo & Campo Casa d'Aste Meeting Art S.p.A. Catherine Charbonneaux Cheffins Christie's Amsterdam Christie's London Christie's Paris Christie's South Kensington Christophe Joron-Derem Claude Aguttes Cornette de Saint Cyr Bruxelles Cornette de Saint-Cyr Damien Leclere De Baecque & Associés De Vuyst Deburaux Aponem

2 416 2 4 2 3 1 164 947 589 2,434 5 295 9 86 2 2 24 3

2 315 1 3 2 0 1 142 671 460 1,991 1 184 5 61 2 2 17 2

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 48.00 33.99 50.00 100.00 50.00 57.14 100.00 26.83 100.00 0.00 100.00 100.00 25.00 100.00 50.00 0.00 100.00 50.00 66.67

Price Realized (RMB, Premium) 199,541 1,570,758 4,802 13,467 123,450 27,355 44,580 362,676 169,951 0 23,749 52,908 9,407 18,706 7,795 0 3,262,375 87,922 293,579

Price Realized (USD, Premium) 30,956 243,679 745 2,089 19,151 4,244 6,916 56,264 26,365 0 3,684 8,208 1,459 2,902 1,209 0 506,108 13,640 45,544

95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113

Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe

Dobiaschofsky Auktionen Dorotheum Dorotheum Graz Dorotheum Linz Dorotheum Prague Dorotheum Salzburg Dr. Andreas Sturies Dr. Fischer Kunstauktionen Dr. Irene Lehr Kunstauktionen Dreweatts Drouot-Estimations Duran Sala de Arte y Subastas Éric Pillon Enchères Eurantico Casa d'Aste Europ Auction Fabiani Arte Farsettiarte Ferraton FidesArte

25 253 2 1 8 7 1 82 3 2 1 2 4 1 2 1 3 2 3

12 86 1 1 4 4 1 22 3 0 1 2 1 1 1 0 3 1 2

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 40.00 33.33 0.00 67.84 25.00 45.28 100.00 100.00 100.00 42.68 0.00 33.02 50.00 80.43 100.00 100.00

Price Realized (RMB, Premium) 34,057 62,990 0 39,607,311 9,264 480,070 1,197,993 34,001 86,163 1,039,200 0 4,527,149 37,316 567,176 64,078 16,228

Price Realized (USD, Premium) 5,283 9,772 0 6,144,479 1,437 74,476 185,851 5,275 13,367 161,216 0 702,319 5,789 87,989 9,941 2,518

114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129

Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe

Fraisse & Jabot Freudenberg Auktionen Galartis SA Galerie Arcimboldo Galerie Bassenge Galerie Fischer Auktionen AG Galerie Kornfeld Bern Galerie Moderne Germann Auktionshaus AG Gorringes Auction Galleries Gros & Delettrez Hampel Fine Art Auctions Hauswedell & Nolte Hôtel de Ventes Horta Il Ponte Casa d'Aste Jean-Marc Delvaux Jeschke van Vliet Auctions Berlin GmbH Kahn-Dumousset Karl & Faber

5 6 1 171 4 53 4 6 2 82 1 106 2 46 3 1

2 2 0 116 1 24 4 6 2 35 0 35 1 37 3 1

130

Europe

22.22

48,814

7,573

131 132

Europe Europe

1 2

100.00 100.00

307,112 108,998

47,644 16,909

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 100.00 63.69

Price Realized (RMB, Premium) 4,423,300 40,696,128

Price Realized (USD, Premium) 686,208 6,313,393

133 134

Europe Europe

Ketterer Kunst München Koller Auktionen Zürich Kunst- & Auktionshaus W. G. HERR Kunstauktionshaus Schlosser Lempertz Lombrail & Teucquam Lyon & Turnbull Mallams McTear's Auctioneers Millon & Associés Nagel Auktionen Neret-Minet Scp. Néret-Minet Tessier & Sarrou Neumeister Kunstauktionen Osenat Scp. Pandolfini Casa d'Aste Pays de Fayence Enchères & Estimations Perrin, Royere, Lajeunesse Versailles Enchères

12 661

12 421

135

Europe

22.22

40,515

6,285

136 137 138 139 140 141 142 143 144 145 146 147 148

Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe

3 137 9 673 2 1 171 3,206 2 6 2 1 1

1 85 1 315 2 0 100 1,585 1 6 1 1 1

33.33 62.04 11.11 46.81 100.00 0.00 58.48 49.44 50.00 100.00 50.00 100.00 100.00

66,498 14,053,839 47,060 10,621,521 102,832 0 11,265,198 286,369,923 10,192 765,021 59,699 32,256 102,782

10,316 2,180,242 7,301 1,647,769 15,953 0 1,747,626 44,425,989 1,581 118,681 9,261 5,004 15,945

149

Europe

0.00

150

Europe

85.71

4,688,651

727,374

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 60.87 62.50 60.00 50.00 0.00 100.00 25.00 75.00 100.00 83.33

Price Realized (RMB, Premium) 4,962,588 1,279,916 606,778 99,918 0 57,817 10,162 88,865 6,743 183,991

Price Realized (USD, Premium) 769,871 198,560 94,133 15,501 0 8,969 1,576 13,786 1,046 28,543

151 152 153 154 155 156 157 158 159 160

Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe

Phillips London Piasa Pierre Berge & Associés Poleschi Casa d'Aste Rennes Enchères Rops Sala de Subastas Retiro Salle Rossini Schmitz-Laurent Schuler Auktionen SCP Digard Pestel-Debord Commissaires Priseurs Judiciaires Segre Subastas Skånes Auktionsverk Sotheby's London Sotheby's Milan Sotheby's Paris Stockholms Auktionsverk Tajan Tennants

23 16 50 4 2 1 4 4 1 6

14 10 30 2 0 1 1 3 1 5

161

Europe

100.00

129,280

20,056

162 163 164 165 166 167 168 169

Europe Europe Europe Europe Europe Europe Europe Europe

5 3 852 1 494 207 900 1

0 3 556 1 350 170 640 1

0.00 100.00 65.26 100.00 70.85 82.13 71.11 100.00

0 114,044 324,416,967 87,368 193,402,043 11,942,035 42,939,290 161,986

0 17,692 50,328,416 13,554 30,003,420 1,852,627 6,661,385 25,130

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 33.33 0.00 100.00 57.14 100.00 100.00 100.00 100.00 80.00 100.00 50.00 100.00 85.15 100.00 100.00 65.91% 43.02 23.81 100.00

Price Realized (RMB, Premium) 21,652 0 60,396 114,841 603,473 34,170 5,103 334,842 768,765 40,615 30,933 7,083 51,406,349 52,978 37,032 ¥2,069,510,411 7,365,409 225,094 3,958,688

Price Realized (USD, Premium) 3,359 0 9,370 17,816 93,620 5,301 792 51,946 119,262 6,301 4,799 1,099 7,974,922 8,219 5,745 $321,053,430 1,142,632 34,920 614,131

170 171 172 173 174 175 176 177 178 179 180 181 182 183 184

Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe

The Bru Sale The Canterbury, Auction Galleries Thierry Desbenoit & Associés Van Ham Kunstauktionen Vanderkindere Auctioneer Venator & Hanstein KG Venduehuis Dickhaut Maastricht Veritas Art Auctioneers Villa Grisebach Auktionen GmbH Villanfray & Associés Vincent Wapler Vlaamse Kaai Campo Woolley & Wallis Yann Le Mouel Yves Siebers Auktionen

3 1 1 7 5 2 1 2 5 3 2 2 505 1 1 18,523

1 0 1 4 5 2 1 2 4 3 1 2 430 1 1 12,208 530 5 68

Total in Europe 185 186 187 North America North America North America 888 Auctions Altermann Galleries & Auctioneers artnet Auctions

1,232 21 68

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 94.44

Price Realized (RMB, Premium) 202,546

Price Realized (USD, Premium) 31,422

188

North America

Aspire Auctions Auction Gallery of the Palm Beaches Barridoff Galleries Be-hold Bonhams Los Angeles Bonhams New York Bonhams San Francisco Brunk Auctions Burchard Galleries Case Antiques Auctions and Appraisals Charlton Hall Auctioneers Christie's New York Clark's Fine Art Gallery & Auctioneers Inc. Clars Auction Gallery Coeur d'Alene Art Auction Conexión Colombia Cowan's Auctions, Inc. Dallas Auction Gallery

189

North America

66.67

703,839

109,190

190 191 192 193 194 195 196

North America North America North America North America North America North America North America

2 1 306 394 3,014 241 3

1 0 165 304 2,424 170 3

50.00 0.00 53.92 77.16 80.42 70.54 100.00

38,676 0 1,444,014 48,814,746 164,046,484 2,972,154 127,792

6,000 0 224,017 7,572,874 25,449,346 461,085 19,825

197

North America

100.00

2,163

336

198 199

North America North America

100 2,598

73 2,365

73.00 91.03

919,119 689,831,047

142,588 107,016,917

200

North America

60.00

6,606

1,025

201 202 203 204 205

North America North America North America North America North America

18 3 1 4 132

13 3 1 2 99

72.22 100.00 100.00 50.00 75.00

3,278,313 1,621,491 25,384 9,282 2,634,274

508,581 251,550 3,938 1,440 408,668

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 72.76

Price Realized (RMB, Premium) 67,614,008

Price Realized (USD, Premium) 10,489,297

206

North America

Doyle New York DuMouchelles Fine Arts Auctioneers and Estate Appraisal Eldred's Elite Decorative Arts Fine Art Auctions Miami Freeman's Garth's Auctions Gene Shapiro Auctions Golden State Auction Gallery Gray's Auctioneers Grogan & Company Heffel Fine Art Auction House Heritage Auctions Texas Hodgins Art Auctions I.M. Chait Ivey-Selkirk Jackson Hole Art Auction Jackson's James D. Julia Auctioneer

804

585

207

North America

58.06

943,540

146,376

208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224

North America North America North America North America North America North America North America North America North America North America North America North America North America North America North America North America North America

1,260 760 4 1,308 39 10 934 2 1 8 67 2 1,322 1 5 97 411

677 421 3 889 16 4 469 1 1 6 51 1 936 1 4 73 318

53.73 55.39 75.00 67.97 41.03 40.00 50.21 50.00 100.00 75.00 76.12 50.00 70.80 100.00 80.00 75.26 77.37

9,575,224 6,727,555 676,830 42,044,648 446,927 425,436 33,684,140 46,411 47,185 180,360 1,719,490 5,216 35,955,124 393 196,087 1,504,419 7,184,131

1,485,452 1,043,679 105,000 6,522,595 69,334 66,000 5,225,588 7,200 7,320 27,980 266,753 809 5,577,897 61 30,420 233,388 1,114,510

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%)

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

225

North America

John Moran Auctioneers & Appraisers Kaminski Auctions Keno Auctions Leighton Galleries Leland Little Auction & Estate Sales Leslie Hindman Auctioneers Los Angeles Modern Auctions Maynards Michaan's Auctions Morton Casa De Subastas Morton Houston Neal Auction Company New Orleans Auction Galleries Northeast Auctions O'Gallerie Phillips New York Pook & Pook, Inc. Auctioneers and Appraisers Quinn's Auction Galleries

100.00

94,518

14,663

226 227 228

North America North America North America

929 3 3

577 3 2

62.11 100.00 66.67

10,537,534 297,754 18,526

1,634,740 46,192 2,874

229

North America

100.00

4,512

700

230 231 232 233 234 235 236 237 238 239 240

North America North America North America North America North America North America North America North America North America North America North America

1,389 2 69 57 2 26 678 467 19 5 21

847 2 38 40 0 8 365 256 19 5 12

60.98 100.00 55.07 70.18 0.00 30.77 53.83 54.82 100.00 100.00 57.14

28,359,457 48,345 2,644,538 6,521,244 0 39,714 10,400,279 3,053,264 424,134 275,244 1,538,983

4,399,544 7,500 410,260 1,011,673 0 6,161 1,613,447 473,668 65,798 42,700 238,750

241

North America

93.62

1,127,148

174,860

242

North America

100.00

8,380

1,300

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 100.00 87.50 75.00 18.75 33.33 79.07 58.68 72.97

Price Realized (RMB, Premium) 125,826 1,042,699 115,694 44,432 202,469 14,257,218 1,481,993 693,992,501

Price Realized (USD, Premium) 19,520 161,759 17,948 6,893 31,410 2,211,793 229,909 107,662,504

243 244 245 246 247 248 249 250

North America North America North America North America North America North America North America North America

Rachel Davis Fine Arts Rago Arts and Auction Center Ritchies RoGallery.com Shannon's Skinner Sloans & Kenyon Sotheby's New York Stair Galleries - Auctioneers & Appraisers Stefek’s Auctioneers and Appraisers Susanin's Swann Galleries The Potomack Company Thomaston Place Auction Galleries Treadway Toomey Galleries Trinity International Auctions & Appraisals Waddingtons.ca Walker's Fine Art & Estate Auctioneers

3 72 8 16 9 927 242 1,295

3 63 6 3 3 733 142 945

251

North America

143

129

90.21

2,251,823

349,337

252

North America

100.00

3,146

488

253 254 255

North America North America North America

1 4 38

1 4 29

100.00 100.00 76.32

128,920 79,266 1,438,348

20,000 12,297 223,138

256

North America

11.11

23,199

3,599

257

North America

57.14

248,899

38,613

258

North America

0.00

259

North America

534

368

68.91

17,172,831

2,664,107

260

North America

100.00

37,027

5,744

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 100.00 74.93 66.67 69.24% 28.57 65.12 46.23 0.00 100.00 50.00 100.00 0.00 0.00 0.00 50.00 100.00 0.00 82.64 0.00

Price Realized (RMB, Premium) 20,447 13,167,879 47,140 ¥1,948,479,575 100,921 2,458,569 3,054,789 0 94,537 181,834 15,602 0 0 0 412,323 44,904 0 4,343,198 0

Price Realized (USD, Premium) 3,172 2,042,799 7,313 $302,277,315 15,656 381,410 473,905 0 14,666 28,209 2,420 0 0 0 63,966 6,966 0 673,782 0

261 262 263

North America North America North America

Weschler's Wichita Auctioneers Wright

1 375 3 22,693

1 281 2 15,713 2 84 98 0 2 5 1 0 0 0 1 1 0 119 0

Total in North America 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 Rest of the World Rest of the World Rest of the World Rest of the World Rest of the World Rest of the World Rest of the World Rest of the World Rest of the World Rest of the World Rest of the World Rest of the World Rest of the World Rest of the World Rest of the World ART+OBJECT Bonhams Melbourne Bonhams Sydney Davidson Auctions Deutscher and Hackett Lawson-Menzies Lawsons Leonard Joel Menzies Art Brands Montefiore Auction House Mossgreen Portakal Art and Culture House Shapiro Auctioneers Sotheby's Australia Sotheby's Doha

7 129 212 1 2 10 1 5 1 1 2 1 1 144 1

Global Chinese Art Auction Market Report 2013

Region

Auction House

Lots Offered

Lots Sold

Sell-Through Rate (%) 56.25 0.00 60.19%

Price Realized (RMB, Premium) 108,384 0 ¥10,815,060

Price Realized (USD, Premium) 16,814 0 $1,677,794 6,174,556,050

279 280

Rest of the World Rest of the World

Stephan Welz & Co. Webb's

16 1 535

9 0 322

Total in the Rest of the World

Total Overseas

68714

46374

67.49%

$2,339,518,329

¥15,080,535,149

Global Chinese Art Auction Market Report 2013

Appendix 2 013 List of Lots Sold Over 2 10 Million RMB

Mainland China

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

Beijing

China Guardian International Auction Co., Ltd.

2013 Autumn Auctions: Chinese Oil Paintings and Sculpture

Tajik Girl by Jin Shangyi

20thCentury and Contemporary Chinese Art 20thCentury and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy Chinese Antiques and Artworks

85,100,000

13,201,986

Beijing

China Guardian International Auction Co., Ltd. China Guardian International Auction Co., Ltd. China Guardian International Auction Co., Ltd.

2013 Spring Auctions: Early 20th-Century Chinese Oil Paintings 2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Modern) 2013 Spring Auctions: Collection of Porcelain and Artworks for Chinese Emperor 2013 Autumn Auctions: Grand View: Chinese Paintings Highlight of Classical Works 2013 Autumn Auctions: Grand View: Chinese Paintings Highlight of Classical Works 2013 Autumn Auctions: Grand View: Chinese Paintings Highlight of Modern Works 2013 Autumn Auctions: Grand View: Chinese Paintings Highlight of Modern Works 2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Classical) 2013 Spring Auctions: Classical Chinese Paintings and Calligraphy from a North American Private Collection

The Yellow Blooms on the Battlefield Smell Sweeter by Wu Zuoren Lady Red Whisk by Zhang Daqian A Very Fine Imperial White Jade 'Zi Qiang Bu Xi' Seal Calligraphy in Running Script by Wen Zhengming

80,500,000

12,488,365

Beijing

71,300,000

11,061,123

Beijing

66,700,000

10,347,502

Beijing

China Guardian International Auction Co., Ltd.

Fine Chinese Paintings and Calligraphy

51,175,000

7,939,032

Beijing

China Guardian International Auction Co., Ltd.

Eight Scenery Landscapes by Dong Bangda

Fine Chinese Paintings and Calligraphy

50,600,000

7,849,829

Beijing

China Guardian International Auction Co., Ltd.

Happiness Channel by Liu Wenxi, et al.

Fine Chinese Paintings and Calligraphy

40,600,000

6,298,480

Beijing

China Guardian International Auction Co., Ltd. China Guardian International Auction Co., Ltd. China Guardian International Auction Co., Ltd.

Lotus by West Lake by Pan Tianshou

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy

40,250,000

6,244,182

Beijing

Mountainscape by Gong Xian

37,375,000

5,798,169

Beijing

Landscape by Shen Shichong

36,225,000

5,619,764

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

Beijing

China Guardian International Auction Co., Ltd. China Guardian International Auction Co., Ltd. China Guardian International Auction Co., Ltd. China Guardian International Auction Co., Ltd.

2013 Spring Auctions: Collection of Porcelain and Artworks for Chinese Emperor 2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Modern) 2013 Spring Auctions: Rare Books and Manuscripts 2013 Autumn Auctions: Grand View: Chinese Paintings Highlight of Modern Works 2013 Spring Auctions: Collection of Porcelain and Artworks for Chinese Emperor 2013 Autumn Auctions: Grand View: Chinese Paintings Highlight of Modern Works 2013 Autumn Auctions: Grand View: Chinese Classical Calligraphy 2013 Autumn Auctions: Grand View: Chinese Paintings Highlight of Classical Works 2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Classical) 2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Classical) 2013 Autumn Auctions: Grand View: Chinese Paintings Highlight of Modern Works

A Fine Imperial Khotan Jade 'Dragon' Seal Pavilions among the Peaks by Zhang Daqian Wu Tai Shan Ji by Gu Yanwu

Chinese Antiques and Artworks Fine Chinese Paintings and Calligraphy Chinese Books and Manuscripts Fine Chinese Paintings and Calligraphy

34,500,000

5,352,156

Beijing

32,200,000

4,995,346

Beijing

31,625,000

4,906,143

Beijing

Thousand Mountains by Li Keran A Very Rare Blue and White FamilleRose 'Emperor's Poems' Vase

27,600,000

4,281,725

Beijing

China Guardian International Auction Co., Ltd.

Chinese Antiques and Artworks

27,025,000

4,192,522

Beijing

China Guardian International Auction Co., Ltd. China Guardian International Auction Co., Ltd. China Guardian International Auction Co., Ltd. China Guardian International Auction Co., Ltd. China Guardian International Auction Co., Ltd. China Guardian International Auction Co., Ltd.

Under Moonlight by Fu Baoshi

27,025,000

4,192,522

Beijing

24 Poems by Gong Xian

26,450,000

4,103,320

Beijing

Shade of Tung Tree by Shi Tao

25,300,000

3,924,915

Beijing

Cloudy Scenery by Zhang Zongcang Landscape by Kun Can

25,300,000

3,924,915

Beijing

23,575,000

3,657,307

Beijing

Riding in Snow by Huang Zhou

23,575,000

3,657,307

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

Beijing

China Guardian International Auction Co., Ltd.

2013 Spring Auctions: Classical Chinese Paintings and Calligraphy from a North American Private Collection 2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Classical) 2013 Autumn Auctions: Grand View: Chinese Paintings Highlight of Classical Works 2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Collection from Lao She and Hu Jieqing) 2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Modern) 2013 Autumn Auctions: Grand View: Chinese Paintings Highlight of Classical Works 2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Modern) 2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Modern) 2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Collection from Lao She and Hu Jieqing) 2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Classical) 2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Collection from Lao She and Hu Jieqing)

Mountainscape by Zhao Zuo

Fine Chinese Paintings and Calligraphy

20,700,000

3,211,294

Beijing

China Guardian International Auction Co., Ltd.

Landscape after Song and Yuan Masters by Wang Hui Landscape after Huang Gongwang by Wang Yuanqi

Fine Chinese Paintings and Calligraphy

19,550,000

3,032,889

Beijing

China Guardian International Auction Co., Ltd.

Fine Chinese Paintings and Calligraphy

18,400,000

2,854,483

Beijing

Flowers and Insects by Qi Baishi

18,400,000

2,854,483

Beijing

Flowers by Qi Baishi

18,400,000

2,854,483

Beijing

Views of Zhejiang by Xie Shichen

17,825,000

2,765,281

Beijing

Flowers by Qi Baishi The View of a Village by Pan Tianshou

17,250,000

2,676,078

Beijing

16,100,000

2,497,673

Beijing

Sunflowers by Qi Baishi

15,525,000

2,408,470

Beijing

Vase by Zhu Da

15,525,000

2,408,470

Beijing

Peach Blossom and Rock by Wu Changshuo

14,950,000

2,319,268

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

Beijing

China Guardian International Auction Co., Ltd.

2013 Autumn Auctions: A Testament of Friendship— Masterpieces by Celebrity Dedicated to Friends 2013 Spring Auctions: Classical Chinese Paintings and Calligraphy from a North American Private Collection 2013 Autumn Auctions: Early 20th-Century Chinese Oil Paintings 2013 Autumn Auctions: Grand View: Chinese Paintings Highlight of Collection from Liu Shi and Yu Lixiu

Futon and Lotus by Qi Baishi

Fine Chinese Paintings and Calligraphy

14,950,000

2,319,268

Beijing

China Guardian International Auction Co., Ltd.

Calligraphy in Regular Script by Wen Zhengming

Fine Chinese Paintings and Calligraphy 20thCentury and Contemporary Chinese Art

14,375,000

2,230,065

Beijing

China Guardian International Auction Co., Ltd.

A Dream of the Shenyuan Garden by Wu Guanzhong

14,375,000

2,230,065

Beijing

China Guardian International Auction Co., Ltd.

Lyrics by Mao Tse-Tung in Running Script by Guo Moruo Flowers, Birds, Figures, and Landscape by Xie Zhiliu and Pan Boying Buddha at Mogao Grottoes by Zhang Daqian Calligraphy in Running Script by Emperor Yongzheng A Shoushan Tianhuang Stone Seal A Large Huali Painting Table with Solid Board Top, a Footstool, and a Surface Board of Table

Fine Chinese Paintings and Calligraphy

14,260,000

2,212,225

Beijing

China Guardian International Auction Co., Ltd.

2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Modern)

Fine Chinese Paintings and Calligraphy

13,800,000

2,140,863

Beijing

China Guardian International Auction Co., Ltd.

2013 Autumn Auctions: Grand View: Chinese Paintings Highlight of Modern Works 2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Classical) 2013 Spring Auctions: To the Delight of Stone: Masterpieces of National Stone Artworks

Fine Chinese Paintings and Calligraphy

13,800,000

2,140,863

Beijing

China Guardian International Auction Co., Ltd.

Fine Chinese Paintings and Calligraphy

13,225,000

2,051,660

Beijing

China Guardian International Auction Co., Ltd.

Other

13,225,000

2,051,660

Beijing

China Guardian International Auction Co., Ltd.

2013 Autumn Auctions: Furniture and Artworks Collection from Wang Shixiang

Chinese Antiques and Artworks

12,650,000

1,962,457

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

Beijing

China Guardian International Auction Co., Ltd.

2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Collection from Lao She and Hu Jieqing)

Flowers and Insects by Qi Baishi Ksitigarbha Bodhisattva, with the Inscription "Da Ming Yongle Nian Shi," Gilt-Bronze Road by Jiang Baolin Dragging a Horse by Xue Beihong Houses Surrounded by Bamboo by Qi Baishi Waterside Village by Li Keran Calligraphy in Cursive Script by Zhu Yunming

Fine Chinese Paintings and Calligraphy

12,650,000

1,962,457

Beijing

China Guardian International Auction Co., Ltd.

2013 Spring Auctions: Fine Gilt-Bronze Buddhist Images

Chinese Antiques and Artworks

12,650,000

1,962,457

Beijing

2013 Spring Auctions: Contemporary Ink Paintings

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy

12,075,000

1,873,255

Beijing

2013 Autumn Auctions: Important Private Collections (I) 2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Collection from Lao She and Hu Jieqing) 2013 Spring Auctions: Grand View: Chinese Paintings Highlight (Modern) 2013 Autumn Auctions: Grand View: Chinese Classical Calligraphy 2013 Autumn Auctions: A Rare Collection Of Huang Zhou's Paintings— Recommended By Beijing Huang Zhou Art Foundation 2013 Spring Auctions: A Magnificent Pair of Zitan 'Dragons and Lotus' Combine-Cabinets and Imperial Ceramics and Artworks 2013 Spring Auctions: Classical Chinese Paintings and Calligraphy Evening Sale

11,730,000

1,819,733

Beijing

11,500,000

1,784,052

Beijing

11,500,000

1,784,052

Beijing

11,500,000

1,784,052

Beijing

Beijing Poly International Auction Co., Ltd.

Gaiety in the Grassland by Huang Zhou

Fine Chinese Paintings and Calligraphy

125,440,000

19,460,130

Beijing

Beijing Poly International Auction Co., Ltd.

Magnificent Pair of Zitan HighRelief 'Dragon and Lotus' CombineCabinets

Chinese Antiques and Artworks

90,720,000

14,073,844

Beijing

Beijing Poly International Auction Co., Ltd.

Landscape by Tang Yin

Fine Chinese Paintings and Calligraphy

68,200,000

10,580,205

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Autumn Auctions: The Great Cultural World of the Qian Long Emperor

Landscape after Tang Yin and Wen Zhengming by Emperor Qianlong Landscape by Shen Zhou Hunting in the Autumn by Zhang Daqian Listening to the Sound of Spring by Ma Yuan

Fine Chinese Paintings and Calligraphy

53,200,000

8,253,180

Beijing

Beijing Poly International Auction Co., Ltd. Beijing Poly International Auction Co., Ltd. Beijing Poly International Auction Co., Ltd. Beijing Poly International Auction Co., Ltd.

2013 Autumn Auctions: The Great Cultural World of the Qian Long Emperor 2013 Spring Auctions: Contemporary Chinese Paintings and Calligraphy Evening Sale 2013 Autumn Auctions: Beyond the Distance: The Important Works of Ma Yuan 2013 Spring Auctions: Modern and Contemporary Chinese Art Evening Sale

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy 20thCentury and Contemporary Chinese Art

49,280,000

7,645,051

Beijing

41,440,000

6,428,793

Beijing

39,760,000

6,168,166

Beijing

Kun Can by Jin Shangyi

39,100,000

6,065,777

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Spring Auctions: A Magnificent Pair of Zitan 'Dragons and Lotus' Combine-Cabinets and Imperial Ceramics and Artworks 2013 Spring Auctions: Contemporary Chinese Paintings and Calligraphy Evening Sale 2013 Autumn Auctions: Contemporary Chinese Paintings and Calligraphy Evening Sale 2013 Autumn Auctions: 30 Years of Contemporary Chinese Ink Paintings and Calligraphy

Magnificent and Exceptional Massive Huanghuali-Wood Screen with Finely Carved Birds and Blossoms

Chinese Antiques and Artworks

39,100,000

6,065,777

Beijing

Beijing Poly International Auction Co., Ltd.

Landscape by Zhang Daqian

Fine Chinese Paintings and Calligraphy

38,080,000

5,907,540

Beijing

Beijing Poly International Auction Co., Ltd.

Peaches by Qi Baishi

Fine Chinese Paintings and Calligraphy

33,000,000

5,119,454

Beijing

Beijing Poly International Auction Co., Ltd.

Soul of Pine Tree by Wu Guanzhong

Fine Chinese Paintings and Calligraphy

33,040,000

5,125,659

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Autumn Auctions: Modern and Contemporary Chinese Art Evening Sale

1991.1 by Fang Lijun

20thCentury and Contemporary Chinese Art Chinese Antiques and Artworks

28,750,000

4,460,130

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Autumn Auctions: Imperial Ceramics and Artworks 2013 Autumn Auctions: Unbridled Horses—A Rare Collection of Xubeihong's Horse-Themed Paintings 2013 Autumn Auctions: Beyond the Distance: The Important Works of Ma Yuan 2013 Spring Auctions: Modern and Contemporary Chinese Art Evening Sale

Western Zhou Period, A Very Rare Archaistic Bronze Vessel, Lei

28,175,000

4,370,928

Beijing

Beijing Poly International Auction Co., Ltd. Beijing Poly International Auction Co., Ltd. Beijing Poly International Auction Co., Ltd.

Five Horses by Xu Beihong

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy 20thCentury and Contemporary Chinese Art 20thCentury and Contemporary Chinese Art

25,300,000

3,924,915

Beijing

A Hermit and a Crane by Ma Yuan

24,080,000

3,735,650

Beijing

Sun Zhongshan by Jin Shangyi

23,000,000

3,568,104

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Autumn Auctions: Modern and Contemporary Chinese Art Evening Sale

Mask by Zeng Fanzhi

22,770,000

3,532,423

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Autumn Auctions: The Art of the Ming Dynasty

Magnificent and Large Blue and White 'Immortals and Longevity' Double GourdShaped Vase Spring is arriving in Yupingguo by Wang Yidong

Chinese Antiques and Artworks

20,720,000

3,214,397

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Autumn Auctions: Modern and Contemporary Chinese Art Evening Sale 2013 Autumn Auctions: Unbridled Horses—A Rare Collection of Xubeihong's Horse-Themed Paintings 2013 Autumn Auctions: Modern and Contemporary Chinese Art Evening Sale

20thCentury and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy 20thCentury and Contemporary Chinese Art

20,700,000

3,211,294

Beijing

Beijing Poly International Auction Co., Ltd.

Album of Horses by Xu Beihong

19,250,000

2,986,348

Beijing

Beijing Poly International Auction Co., Ltd.

Simple Time by Wang Yidong

19,550,000

3,032,889

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Spring Auctions: The East is Red— Commemorating the 120th Anniversary of Chairman Mao's Birth 2013 Spring Auctions: Classical Chinese Paintings and Calligraphy Evening Sale

Missing Chairman Mao by Huang Zhou

Fine Chinese Paintings and Calligraphy

18,480,000

2,866,894

Beijing

Beijing Poly International Auction Co., Ltd. Beijing Poly International Auction Co., Ltd.

Peonies by Jiang Tingxi Ming Dynasty, Important GiltBronze Figure of Stand Virapaksa

Fine Chinese Paintings and Calligraphy Chinese Antiques and Artworks 20thCentury and Contemporary Chinese Art 20thCentury and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy

18,480,000

2,866,894

Beijing

2013 Spring Auctions: The Art of the Ming Dynasty

18,400,000

2,854,483

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Spring Auctions: Modern and Contemporary Chinese Art Evening Sale

Pray by Jin Shangyi

17,920,000

2,780,019

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Spring Auctions: Modern and Contemporary Chinese Art Evening Sale 2013 Autumn Auctions: Delighted with Ink and Wash: Classical Chinese Paintings and Calligraphy Evening Sale 2013 Autumn Auctions: Contemporary Chinese Paintings and Calligraphy Evening Sale 2013 Spring Auctions: Classical Chinese Paintings and Calligraphy Evening Sale 2013 Autumn Auctions: Contemporary Chinese Paintings and Calligraphy Evening Sale 2013 Autumn Auctions: Contemporary Chinese Paintings and Calligraphy Evening Sale

A Fish Pool in the Mountain City by Wu Guanzhong

17,825,000

2,765,281

Beijing

Beijing Poly International Auction Co., Ltd.

Calligraphy by Gu Yanwu

17,250,000

2,676,078

Beijing

Beijing Poly International Auction Co., Ltd.

Landscape by Fu Baoshi

Fine Chinese Paintings and Calligraphy

16,950,000

2,629,538

Beijing

Beijing Poly International Auction Co., Ltd.

Painting and Calligraphy by Emperor Qianlong

Fine Chinese Paintings and Calligraphy

16,800,000

2,606,267

Beijing

Beijing Poly International Auction Co., Ltd.

Landscape by Fu Baoshi

Fine Chinese Paintings and Calligraphy

16,500,000

2,559,727

Beijing

Beijing Poly International Auction Co., Ltd.

Four Roosters by Xu Beihong

Fine Chinese Paintings and Calligraphy

15,300,000

2,373,565

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Spring Auctions: Modern and Contemporary Chinese Art Evening Sale 2013 Spring Auctions: Contemporary Chinese Paintings and Calligraphy Evening Sale 2013 Autumn Auctions: Contemporary Chinese Paintings and Calligraphy Evening Sale 2013 Autumn Auctions: Essence of Contemporary Chinese Ink Paintings Evening Sale 2013 Spring Auctions: The East is Red— Commemorating the 120th Anniversary of Chairman Mao's Birth

Big Flagship by Liu Ye

20thCentury and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy

16,675,000

2,586,876

Beijing

Beijing Poly International Auction Co., Ltd.

Dancing in Xinjiang by Huang Zhou

16,457,500

2,553,134

Beijing

Beijing Poly International Auction Co., Ltd.

Landscape Inspired by Guo Moruo's Poem by Fu Baoshi

Fine Chinese Paintings and Calligraphy

16,240,000

2,519,392

Beijing

Beijing Poly International Auction Co., Ltd.

Journey by Liu Dawei

Fine Chinese Paintings and Calligraphy

16,240,000

2,519,392

Beijing

Beijing Poly International Auction Co., Ltd.

Lion Awakening by Xu Beihong

Fine Chinese Paintings and Calligraphy

14,280,000

2,215,327

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Autumn Auctions: Imperial Ceramics and Artworks

An Extremely Rare and Magnificent Finely Carved White Jade 'Dragon' Ornament Guibi Sapphire-Blue Glazed and Gilt 'Lotus Floral' Vase with Handles Collection of Works from the Stars Group

Chinese Antiques and Artworks

15,255,000

2,366,584

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Autumn Auctions: Imperial Ceramics and Artworks

Chinese Antiques and Artworks 20thCentury and Contemporary Chinese Art

13,770,000

2,136,209

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Autumn Auctions: Modern and Contemporary Chinese Art (II) 2013 Spring Auctions: Leisurely Appreciation— Accoutrements from the Scholar’s Studio, Jiansong Ge Collection

14,950,000

2,319,268

Beijing

Beijing Poly International Auction Co., Ltd.

Hanjiang Shipiao Teapot by Gu Jingzhou

Chinese Antiques and Artworks

14,690,000

2,278,933

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Spring Auctions: The East is Red— Commemorating the 120th Anniversary of Chairman Mao's Birth 2013 Spring Auctions: Modern and Contemporary Chinese Art Evening Sale

Uncle Qurban by Huang Zhou

Fine Chinese Paintings and Calligraphy

14,560,000

2,258,765

Beijing

Beijing Poly International Auction Co., Ltd.

Nude by Jin Shangyi

20thCentury and Contemporary Chinese Art Chinese Antiques and Artworks

14,170,000

2,198,262

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Spring Auctions: The Art of the Ming Dynasty

Exceptional and Extremely Rare Blue and White 'Fruit' Bowl

14,000,000

2,171,890

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Spring Auctions: 30 Years of Contemporary Chinese Ink Paintings and Calligraphy Evening Sale

Visiting Patient by Huang Zhou

Fine Chinese Paintings and Calligraphy

14,000,000

2,171,890

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Autumn Auctions: Important Jewels and Jadeite

Grand Master of Healing, 'Baby Buddha,' Jadeite Pendant by Wang Junyi

Other

13,800,000

2,140,863

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Spring Auctions: Leisurely Appreciation— Accoutrements from the Scholar’s Studio, Jiansong Ge Collection 2013 Spring Auctions: Contemporary Chinese Paintings and Calligraphy Evening Sale 2013 Autumn Auctions: The Great Cultural World of the Qian Long Emperor 2013 Autumn Auctions: Contemporary Chinese Paintings and Calligraphy Evening Sale

Laixiu Zhai Seal Stone by Wu Changshuo

Chinese Antiques and Artworks

13,560,000

2,103,630

Beijing

Beijing Poly International Auction Co., Ltd. Beijing Poly International Auction Co., Ltd. Beijing Poly International Auction Co., Ltd.

Landscape by Pan Tianshou

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy

13,440,000

2,085,014

Beijing

Calligraphy by Dong Qichang

13,440,000

2,085,014

Beijing

Landscape by Fu Baoshi

13,225,000

2,051,660

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Autumn Auctions: Contemporary Chinese Paintings and Calligraphy Evening Sale 2013 Spring Auctions: A Magnificent Pair of Zitan 'Dragons and Lotus' Combine-Cabinets and Imperial Ceramics and Artworks 2013 Spring Auctions: 30 Years of Contemporary Chinese Ink Paintings and Calligraphy Evening Sale 2013 Autumn Auctions: Private Collections of Yang Ermin 2013 Spring Auctions: 30 Years of Contemporary Chinese Ink Paintings and Calligraphy Evening Sale 2013 Autumn Auctions: Important Jewels and Jadeite

Bird and Stone by Pan Tianshou

Fine Chinese Paintings and Calligraphy

13,225,000

2,051,660

100

Beijing

Beijing Poly International Auction Co., Ltd.

Magnificent Blue and White 'Interlocking Flower and Wave' Vase, Zun

Chinese Antiques and Artworks

11,730,000

1,819,733

101

Beijing

Beijing Poly International Auction Co., Ltd.

Various Flowers by Shi Lu

Fine Chinese Paintings and Calligraphy 20thCentury and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy

12,544,000

1,946,013

102

Beijing

Beijing Poly International Auction Co., Ltd.

The Morning of Tai Hang Mountain by Yang Ermin

12,650,000

1,962,457

103

Beijing

Beijing Poly International Auction Co., Ltd. Beijing Poly International Auction Co., Ltd. Beijing Poly International Auction Co., Ltd. Beijing Poly International Auction Co., Ltd. Beijing Poly International Auction Co., Ltd. Beijing Poly International Auction Co., Ltd.

Yulong Mountain in the Moonlight by Wu Guanzhong 4.80-Carat Flawless Pink Diamond Ring Galloping Horse by Xu Beihong

12,320,000

1,911,263

104

Beijing

Other

12,075,000

1,873,255

105

Beijing

2013 Spring Auctions: Collection of the Yu Family 2013 Spring Auctions: Contemporary Chinese Paintings and Calligraphy Evening Sale 2013 Autumn Auctions: Important Jewels and Jadeite 2013 Spring Auctions: Contemporary Chinese Paintings and Calligraphy Evening Sale

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy

12,075,000

1,873,255

106

Beijing

Drinking Horse by Xu Beihong

11,760,000

1,824,387

107

Beijing

Jadeite Necklace

Other

11,536,000

1,789,637

108

Beijing

Wu Zetian by Fu Baoshi

Fine Chinese Paintings and Calligraphy

11,500,000

1,784,052

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

109

Beijing

Beijing Poly International Auction Co., Ltd.

2013 Spring Auctions: Contemporary Chinese Paintings and Calligraphy Evening Sale 2013 Spring Auctions: Collection of the Fan Paintings of Xiaowanliu Hall Evening Sale 2013 Autumn Auctions: Modern and Contemporary Chinese Art Evening Sale 2013 Autumn Auctions: "Chengdao"—An Important Collection of Chinese Paintings

Cypress Trees and Houses by Qi Baishi

Fine Chinese Paintings and Calligraphy

11,500,000

1,784,052

110

Beijing

Beijing Poly International Auction Co., Ltd.

Landscape by Tang Yin

Fine Chinese Paintings and Calligraphy 20thCentury and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy

11,500,000

1,784,052

111

Beijing

Beijing Poly International Auction Co., Ltd.

Dusk No. 1 by Zeng Fanzhi

11,000,000

1,706,485

112

Beijing

Beijing Council International Auction Co., Ltd.

Patrol in Snow by Huang Zhou

42,270,000

6,557,555

113

Beijing

Beijing Council International Auction Co., Ltd.

2013 Autumn Auctions: Classical Paintings

Seclusion amid Mountains and Streams by Wang Hui The Happiness Generation by Wang Zhou

Fine Chinese Paintings and Calligraphy

40,250,000

6,244,182

114

Beijing

Beijing Council International Auction Co., Ltd.

2013 Autumn Auctions: Modern Paintings and Calligraphy from the Jiaoye Caotang Collection 2013 Spring Auctions: "Chengdao"—An Important Collection of Chinese Paintings 2013 Spring Auctions: Chinese Paintings and Calligraphy Evening Sale 2013 Spring Auctions: "Chengdao"—An Important Collection of Chinese Paintings 2013 Autumn Auctions: Special Auction for Libu Yunlue

Fine Chinese Paintings and Calligraphy

39,200,000

6,081,291

115

Beijing

Beijing Council International Auction Co., Ltd.

The Latter Ode on Red Cliff by Fu Baoshi

Fine Chinese Paintings and Calligraphy

35,310,000

5,477,816

116

Beijing

Beijing Council International Auction Co., Ltd.

The Great Union of all Ethnic Groups by Huang Zhou Lin Hejing Appreciating a Plum Tree by Fu Baoshi Libu Yunlue by Ding Du et al.

Fine Chinese Paintings and Calligraphy

31,920,000

4,951,908

117

Beijing

Beijing Council International Auction Co., Ltd. Beijing Council International Auction Co., Ltd.

Fine Chinese Paintings and Calligraphy Chinese Books and Manuscripts

31,360,000

4,865,033

118

Beijing

29,380,000

4,557,865

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

119

Beijing

Beijing Council International Auction Co., Ltd.

2013 Spring Auctions: "Chengdao"—An Important Collection of Chinese Paintings 2013 Autumn Auctions: "Chengdao"—An Important Collection of Chinese Paintings 2013 Autumn Auctions: Modern Paintings and Calligraphy from the Kule Zhai Collection

Gathering Ganoderma by Xu Beihong

Fine Chinese Paintings and Calligraphy

26,450,000

4,103,320

120

Beijing

Beijing Council International Auction Co., Ltd.

Flowers and Insects by Qi Baishi

Fine Chinese Paintings and Calligraphy

20,700,000

3,211,294

121

Beijing

Beijing Council International Auction Co., Ltd.

Sunrise by Pan Tianshou

Fine Chinese Paintings and Calligraphy

19,710,000

3,057,710

122

Beijing

Beijing Council International Auction Co., Ltd.

2013 Autumn Auctions: Classical Paintings

Dream Journey Among Rivers and Mountains by Cheng Zhengkui Seeking the Perfect Phrase after Chen Hongshou by Zhang Daqian

Fine Chinese Paintings and Calligraphy

19,320,000

2,997,208

123

Beijing

Beijing Council International Auction Co., Ltd.

2013 Autumn Auctions: "Chengdao"—An Important Collection of Chinese Paintings 2013 Spring Auctions: "Chengdao"—An Important Collection of Chinese Paintings 2013 Spring Auctions: "Chengdao"—An Important Collection of Chinese Paintings

Fine Chinese Paintings and Calligraphy

18,980,000

2,944,462

124

Beijing

Beijing Council International Auction Co., Ltd.

Ode of Peace by Tian Shiguang

Fine Chinese Paintings and Calligraphy

17,660,000

2,739,684

125

Beijing

Beijing Council International Auction Co., Ltd.

Four Screens of Painting and Calligraphy on Fan by Zhao Zhiqian The Seven Sorrows in Running Script by Xiong Tingbi

Fine Chinese Paintings and Calligraphy

18,400,000

2,854,483

126

Beijing

Beijing Council International Auction Co., Ltd.

2013 Spring Auctions: Classical Calligraphy

Fine Chinese Paintings and Calligraphy

17,120,000

2,655,911

127

Beijing

Beijing Council International Auction Co., Ltd.

2013 Autumn Auctions: "Chengdao"—An Important Collection of Chinese Paintings

Landscape by Fu Baoshi

Fine Chinese Paintings and Calligraphy

17,250,000

2,676,078

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

128

Beijing

Beijing Council International Auction Co., Ltd.

2013 Autumn Auctions: "Chengdao"—An Important Collection of Chinese Paintings

Chairman Mao's Poetry in Running Script by Guo Moruo Calligraphy in Cursive Script Canyi by Zhu Yunming The Scenery of South China by Lu Yanshao

Fine Chinese Paintings and Calligraphy

17,030,000

2,641,948

129

Beijing

Beijing Council International Auction Co., Ltd.

2013 Spring Auctions: Classical Calligraphy

Fine Chinese Paintings and Calligraphy

16,800,000

2,606,267

130

Beijing

Beijing Council International Auction Co., Ltd.

2013 Autumn Auctions: "Chengdao"—An Important Collection of Chinese Paintings 2013 Autumn Auctions: Modern Paintings and Calligraphy from the Kule Zhai Collection

Fine Chinese Paintings and Calligraphy

16,800,000

2,606,267

131

Beijing

Beijing Council International Auction Co., Ltd.

Yue Fei by Fu Baoshi

Fine Chinese Paintings and Calligraphy

16,680,000

2,587,651

132

Beijing

Beijing Council International Auction Co., Ltd.

2013 Autumn Auctions: Classical Calligraphy

Poetry Album in Running Script by Emperor Qianlong

Fine Chinese Paintings and Calligraphy

16,100,000

2,497,673

133

Beijing

Beijing Council International Auction Co., Ltd.

2013 Autumn Auctions: Modern Paintings and Calligraphy from the Kule Zhai Collection

Landscape by Fu Baoshi

Fine Chinese Paintings and Calligraphy

16,100,000

2,497,673

134

Beijing

Beijing Council International Auction Co., Ltd.

2013 Autumn Auctions: Classical Paintings

Spiritual Abode on a Hill Laced with Streams by Dong Bangda

Fine Chinese Paintings and Calligraphy

14,450,000

2,241,700

135

Beijing

Beijing Council International Auction Co., Ltd.

2013 Spring Auctions: "Chengdao"—An Important Collection of Chinese Paintings 2013 Autumn Auctions: Modern Paintings and Calligraphy from the Yunqi Shanfang Collection 2013 Spring Auctions: "Chengdao"—An Important Collection of Chinese Paintings

Landscape by Zhang Daqian

Fine Chinese Paintings and Calligraphy

14,950,000

2,319,268

136

Beijing

Beijing Council International Auction Co., Ltd.

Miscellaneous Album by Zhang Daqian Eagle Perching on the Pine by Qi Baishi

Fine Chinese Paintings and Calligraphy

14,950,000

2,319,268

137

Beijing

Beijing Council International Auction Co., Ltd.

Fine Chinese Paintings and Calligraphy

14,560,000

2,258,765

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

138

Beijing

Beijing Council International Auction Co., Ltd.

2013 Autumn Auctions: Oil Paintings and Sculpture

Drama of Two Culture Formats Merge B1-B3 by Gu Wenda

20thCentury and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy

13,910,000

2,157,927

139

Beijing

Beijing Council International Auction Co., Ltd.

2013 Autumn Auctions: "Chengdao"—An Important Collection of Chinese Paintings 2013 Spring Auctions: "Chengdao"—An Important Collection of Chinese Paintings 2013 Autumn Auctions: "Chengdao"—An Important Collection of Chinese Paintings

Landscape by Fu Baoshi

14,380,000

2,230,841

140

Beijing

Beijing Council International Auction Co., Ltd.

Li Deyu Receiving Guests by Zhang Daqian

Fine Chinese Paintings and Calligraphy

14,000,000

2,171,890

141

Beijing

Beijing Council International Auction Co., Ltd.

Lake Light and the Sails by Qi Baishi

Fine Chinese Paintings and Calligraphy 20thCentury and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy

13,140,000

2,038,473

142

Beijing

Beijing Council International Auction Co., Ltd.

2013 Spring Auctions: Oil Paintings Sculpture

H·Kim by Zhao Bandi

12,310,000

1,909,711

143

Beijing

Beijing Council International Auction Co., Ltd.

2013 Spring Auctions: Classical Calligraphy

Calligraphy in Running Script after Wang Jun by Wang Duo

12,320,000

1,911,263

144

Beijing

Beijing Council International Auction Co., Ltd. Beijing Council International Auction Co., Ltd. Beijing Hanhai Auction Co., Ltd.

2013 Spring Auctions: "Chengdao"—An Important Collection of Chinese Paintings 2013 Spring Auctions: Classical Paintings

12 Beauties by Zhang Shanzi

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Chinese Antiques and Artworks Chinese Antiques and Artworks Chinese Antiques and Artworks

11,240,000

1,743,717

145

Beijing

Landscape after Wu Zhen by Wang Yuanqi Suvinda, Song Dynasty Vasudhara, Yongle Period of the Ming Dynasty Set of Zisha Teaware by He Daohong

11,500,000

1,784,052

146

Beijing

2013 Spring Auctions: Gilt-Bronze Buddhist Figures

19,780,000

3,068,570

147

Beijing

Beijing Hanhai Auction Co., Ltd.

2013 Autumn Auctions: Gilt-Bronze Buddhist Figures

14,260,000

2,212,225

148

Beijing

Beijing Hanhai Auction Co., Ltd.

2013 Spring Auctions: Zisha Pottery

12,650,000

1,962,457

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

149

Beijing

Beijing Hanhai Auction Co., Ltd.

2013 Autumn Auctions: Antiques and Curios

A Blue and White 'Interlocking Flower' Facetted Moonflask, Seal Mark and Period of Youngzheng Arhar Chudapanthaka Central Plains, Song/Yuan Dynasty An Exceptionally Fine Blue and White Prunus Vase with the Design of Bamboo, Seal Mark and Period of Yongzheng Pine by Li Xiongcai Eight Poems in Cursive Script by Zhu Yunming Spring Shower in Jinggang Mountains by Tang Xiaohe and Cheng Li Red Lotus by Pan Tianshou

Chinese Antiques and Artworks

11,615,000

1,801,893

150

Beijing

Beijing Hanhai Auction Co., Ltd.

2013 Autumn Auctions: Gilt-Bronze Buddhist Figures

Chinese Antiques and Artworks

11,500,000

1,784,052

151

Beijing

Beijing Hanhai Auction Co., Ltd.

2013 Spring Auctions: Antiques and Curios

Chinese Antiques and Artworks

11,500,000

1,784,052

152

Beijing

Beijing Rombon Auction Co., Ltd. Beijing Hua Chen International Auction Co., Ltd.

Auction No. 74: Modern Paintings and Calligraphy, and Scholar's Letters 2013 Autumn Auctions: Chinese Calligraphy

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy 20thCentury and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy

89,600,000

13,900,093

153

Beijing

26,450,000

4,103,320

154

Beijing

Beijing Hua Chen International Auction Co., Ltd.

2013 Autumn Auctions: Chinese Oil Paintings and Sculpture

17,250,000

2,676,078

155

Beijing

Beijing City Union International Auction Co., Ltd. Beijing City Union International Auction Co., Ltd. Beijing Tranthy International Auction Co., Ltd. Beijing Tranthy International Auction Co., Ltd.

2013 Autumn Auctions: Chinese Paintings and Calligraphy 2013 Autumn Auctions: Chinese Shoushan Stone 2013 Autumn Auctions: Chinese Paintings and Calligraphy 2013 Autumn Auctions: Chinese Paintings and Calligraphy

23,575,000

3,657,307

156

Beijing

Seal Carving by Shi Qiang

Other

16,100,000

2,497,673

157

Beijing

Landscape by Li Keran

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy

52,325,000

8,117,437

158

Beijing

Flowers by Qi Baishi

28,750,000

4,460,130

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

159

Beijing

Beijing Inshine International Auction Co., Ltd.

2013 Spring Auctions: Classical Paintings and Calligraphy from the Song and Yuan Dynasties

Landscape with Crows by Anonymous from the Song Dynasty Qing Qianlong Period, A Rare Large Blue and White MoonShaped Flask with Pattern of Spring Ploughing Ming Xuande Period, Flat Blue and White Ewer with Ribbon Pattern Qing Yongzheng Period, Blue and White Vase with Pattern of Two Dragons Playing Pearl Yuan Dynasty, Qinghua DragonPatterned Jar with Lid Yuan Dynasty, Blue and White Dish on Blue Ground with Ruyi Pattern and Water-ChestnutLike Rim

Fine Chinese Paintings and Calligraphy

88,400,000

13,713,931

160

Beijing

Beijing Inshine International Auction Co., Ltd.

2013 Spring Auctions: Exquisite Ceramics

Chinese Antiques and Artworks

67,600,000

10,487,124

161

Beijing

Beijing Inshine International Auction Co., Ltd.

2013 Spring Auctions: Exquisite Ceramics

Chinese Antiques and Artworks

47,840,000

7,421,657

162

Beijing

Beijing Inshine International Auction Co., Ltd.

2013 Spring Auctions: Exquisite Ceramics

Chinese Antiques and Artworks

26,000,000

4,033,509

163

Beijing

Beijing Inshine International Auction Co., Ltd.

2013 Spring Auctions: Exquisite Ceramics

Chinese Antiques and Artworks

20,800,000

3,226,807

164

Beijing

Beijing Inshine International Auction Co., Ltd.

2013 Spring Auctions: Exquisite Ceramics

Chinese Antiques and Artworks

14,560,000

2,258,765

165

Beijing

Beijing Inshine International Auction Co., Ltd.

2013 Spring Auctions: Classical Paintings and Calligraphy from the Song and Yuan Dynasties

Album by Chen Chun

Fine Chinese Paintings and Calligraphy

12,480,000

1,936,084

166

Beijing

Beijing Inshine International Auction Co., Ltd.

2013 Spring Auctions: Exquisite Ceramics

Ming Yongle Period, Sweet White Ewer with Flower Pattern

Chinese Antiques and Artworks

10,920,000

1,694,074

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

167

Beijing

Beijing Inzone International Auction Co., Ltd. Beijing Inzone International Auction Co., Ltd. Beijing Wenboyuan International Auction Co., Ltd. Beijing Wenboyuan International Auction Co., Ltd. Beijing Wenboyuan International Auction Co., Ltd.

2013 Spring Auctions: Eight Famous Modern and Contemporary Artists 2013 Autumn Auctions: Modern Chinese Paintings and Calligraphy 2013 Spring Auctions: Six Works from the Song and Yuan Dynasties 2013 Spring Auctions: Six Works from the Song and Yuan Dynasties 2013 Spring Auctions: Six Works from the Song and Yuan Dynasties 2013 Spring Auctions: Modern Chinese Paintings and Calligraphy 2013 Autumn Auctions: Important Chinese Paintings and Calligraphy 2013 Spring Auctions: Modern Chinese Paintings and Calligraphy 2013 Spring Auctions: Modern Chinese Paintings and Calligraphy

Tianshan by He Haixia

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy

15,525,000

2,408,470

168

Beijing

Horse by Xu Beihong

13,560,000

2,103,630

169

Beijing

Han Palace by Li Rongjin Vase by Anonymous from Song Dynasty Palace Gathering by Anonymous from Southern Song Dynasty Flowers and Insects by Qi Baishi Eagle Perching on the Pine by Qi Baishi Galloping Horse and Couplet by Xu Beihong Eagle Perching on the Pine by Qi Baishi

25,730,100

3,991,638

170

Beijing

20,792,000

3,225,566

171

Beijing

12,995,000

2,015,979

172

Beijing

Beijing Googut Auction Co., Ltd.

23,000,000

3,568,104

173

Beijing

Beijing Googut Auction Co., Ltd.

17,250,000

2,676,078

174

Beijing

Beijing Googut Auction Co., Ltd. Beijing Googut Auction Co., Ltd. Beijing Googut Auction Co., Ltd. Beijing Jiuge International Auction Co., Ltd. Zhong Bao Auction Co., Ltd.

17,250,000

2,676,078

175

Beijing

11,730,000

1,819,733

176

Beijing

2013 Autumn Auctions: Important Chinese Paintings and Calligraphy 2013 Autumn Auctions: Modern Paintings and Calligraphy 2013 Autumn Auctions: Buddhist Art

Lotus Pond by Fan Zeng

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Chinese Antiques and Artworks

11,200,000

1,737,512

177

Beijing

Lady Holding a Jar by Zhang Daqian

14,950,000

2,319,268

178

Beijing

Manjusri Bodhisattva

14,800,000

2,295,998

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

179

Beijing

Beijing Zhong Ding International Auction Co., Ltd. Beijing Long Rong International Auction Co., Ltd. Beijing Long Rong International Auction Co., Ltd. Beijing Long Rong International Auction Co., Ltd.

2013 Autumn Auctions: Chinese Paintings and Calligraphy

Galloping Horse by Xu Beihong

Fine Chinese Paintings and Calligraphy

11,500,000

1,784,052

180

Beijing

2013 Auctions: Classical Furniture and Wood Carvings

Zitan-Wood Painting Table with Carving of Dragon in Clouds

Chinese Antiques and Artworks

39,600,000

6,143,345

181

Beijing

2013 Auctions: Classical Furniture and Wood Carvings

Huanghuali-Wood Bed

Chinese Antiques and Artworks

33,000,000

5,119,454

182

Beijing

2013 Autumn Auctions: Jadeites and Jewels

Jadeite Pendant

Other

25,300,000

3,924,915

183

Beijing

Beijing Long Rong International Auction Co., Ltd.

2013 Auctions: Classical Furniture and Wood Carvings

A Very Rare Large Huanghuali-Wood Recessed-Leg Painting Table with Carving of Dragon in Clouds

Chinese Antiques and Artworks

25,300,000

3,924,915

184

Beijing

Beijing Long Rong International Auction Co., Ltd. Beijing Long Rong International Auction Co., Ltd. Beijing Long Rong International Auction Co., Ltd. Beijing Long Rong International Auction Co., Ltd. Shanghai Duo Yun Xuan Auction Co., Ltd.

2013 Auctions: Classical Furniture and Wood Carvings

Pair of HuanghualiWood Cabinets

Chinese Antiques and Artworks

22,000,000

3,412,969

185

Beijing

2013 Auctions: Classical Furniture and Wood Carvings 2013 Autumn Auctions: Elegant Gathering of Chinese Paintings 2013 Autumn Auctions: Buddhist Art 2013 Spring Auctions: Modern Paintings and Calligraphy (I)

Zitan-Wood Folding Screens with Eight Panels Returning to the Village by Xu Yang Manjusri Riding a Lion Eagle Perching on the Pine by Qi Baishi

Chinese Antiques and Artworks Fine Chinese Paintings and Calligraphy Chinese Antiques and Artworks Fine Chinese Paintings and Calligraphy

20,900,000

3,242,321

186

Beijing

16,500,000

2,559,727

187

Beijing

14,300,000

2,218,430

188

Shanghai

77,000,000

11,945,392

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

189

Shanghai

Shanghai Duo Yun Xuan Auction Co., Ltd. Shanghai Duo Yun Xuan Auction Co., Ltd. Shanghai Duo Yun Xuan Auction Co., Ltd. Shanghai Duo Yun Xuan Auction Co., Ltd. Shanghai Duo Yun Xuan Auction Co., Ltd. Shanghai Duo Yun Xuan Auction Co., Ltd. Shanghai Duo Yun Xuan Auction Co., Ltd. Shanghai Duo Yun Xuan Auction Co., Ltd. Shanghai Duo Yun Xuan Auction Co., Ltd. Shanghai Duo Yun Xuan Auction Co., Ltd. Shanghai Tianheng Auction Co., Ltd.

2013 Autumn Auctions: Classical Works 2013 Autumn Auctions: Modern Paintings and Calligraphy (II) 2013 Spring Auctions: Selected Works from the Haipai School 2013 Autumn Auctions: Classical Works 2013 Spring Auctions: Modern Paintings and Calligraphy (I) 2013 Autumn Auctions: Modern Paintings and Calligraphy (I) 2013 Spring Auctions: Classical Works

Album of Flowers, Birds, and Insects Foothill in the Clear Weather by Zhang Daqian Evening Mountain by Zhang Daqian Narcissus and Stone by Chen Hongshou Family Portraits of Kang Youwei by Xu Beihong Avalokitesvara by Zhang Daqian Calligraphy in Running Script by Wang Duo Calligraphy in Standard Script by Wang Duo Calligraphy in Clerical Script by Wang Duo Flowers of the Four Seasons by Wu Changshuo Huai Su Writing on a Plantain Leaf by Li Keran Landscape by Pu Ru

45,770,000

7,100,527

190

Shanghai

31,050,000

4,816,941

191

Shanghai

28,750,000

4,460,130

192

Shanghai

17,020,000

2,640,397

193

Shanghai

16,100,000

2,497,673

194

Shanghai

15,525,000

2,408,470

195

Shanghai

14,950,000

2,319,268

196

Shanghai

2013 Autumn Auctions: Classical Works

14,375,000

2,230,065

197

Shanghai

2013 Autumn Auctions: Classical Works 2013 Autumn Auctions: Works by Wu Changshuo and Wang Yiting 2013 Autumn Auctions: Chinese Paintings and Calligraphy 2013 Spring Auctions: Modern Paintings and Calligraphy

12,075,000

1,873,255

198

Shanghai

11,000,000

1,706,485

199

Shanghai

17,825,000

2,765,281

200

Shanghai

Shanghai Tianheng Auction Co., Ltd.

15,525,000

2,408,470

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

201

Shanghai

Shanghai Tianheng Auction Co., Ltd.

2013 Spring Auctions: Classical Paintings and Calligraphy

Autumn Mountain by Wang Yuanqi A Ru Kiln GoldBound Dish, Northern Song Dynasty Nursing Lambs by Huang Zhou Lady Wen Retuning to the Han by Chen Hongshou Landscape by Lai Shaoqi Calligraphy in Cursive Script by Wang Duo Early Snow on the River by Xie Zhiliu Album of Sceneries in Lingnan Prospectus of Revolution Addressed to Sun Yat-sen by Huang Xing

Fine Chinese Paintings and Calligraphy Chinese Antiques and Artworks Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy

11,500,000

1,784,052

202

Shanghai

Shanghai Auction Co., Ltd.

2013 Spring Auctions: The First Saleroom

42,000,000

6,515,669

203

Shanghai

Shanghai Mission Auction Co,. Ltd.

2013 First Auctions: Chinese Paintings and Calligraphy Masters 2013 First Auctions: Classical Chinese Paintings and Calligraphy, and Manuscripts 2013 First Auctions: Modern Chinese Paintings and Calligraphy 2013 First Auctions: Classical Chinese Paintings and Calligraphy, and Manuscripts 2013 Autumn Auctions: Works by Xie Zhiliu

23,575,000

3,657,307

204

Shanghai

Shanghai Mission Auction Co,. Ltd.

23,000,000

3,568,104

205

Shanghai

Shanghai Mission Auction Co,. Ltd.

12,650,000

1,962,457

206

Shanghai

Shanghai Mission Auction Co,. Ltd.

11,500,000

1,784,052

207

Shanghai

Shanghai Jia He Auction Co., Ltd.

25,300,000

3,924,915

208

Shanghai

Shanghai Jia He Auction Co., Ltd.

2013 Autumn Auctions: Works by Lu Yanshao

17,855,000

2,769,935

209

Shanghai

Shanghai Chi Han Auction Co., Ltd.

2013 Spring Auctions: Chinese Paintings and Calligraphy (I)

Fine Chinese Paintings and Calligraphy

16,720,000

2,593,857

210

Shanghai

Shanghai Possession Auction Co., Ltd. Xiling Yinshe Auction Co., Ltd.

2013 Autumn Auctions: Jades and Jadeites 2013 Spring Auctions: Classical Chinese Paintings and Calligraphy

Parure of Jadeite

Other

12,090,000

1,875,582

211

Zhejiang

Plum Blossom by Chen Jiru

Fine Chinese Paintings and Calligraphy

28,980,000

4,495,811

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

212

Zhejiang

Xiling Yinshe Auction Co., Ltd.

2013 Spring Auctions: Chinese Paintings and Calligraphy by Important Modern Artists (II) 2013 Autumn Auctions: Works by Members of Xiling Yin She 2013 Spring Auctions: Chinese Paintings and Calligraphy by Important Modern Artists (I)

Amitayus Buddha by Qi Baishi

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy

17,250,000

2,676,078

213

Zhejiang

Xiling Yinshe Auction Co., Ltd.

Spring Offerings by Wu Changshuo

16,100,000

2,497,673

214

Zhejiang

Xiling Yinshe Auction Co., Ltd.

Madame Xiang by Fu Baoshi

14,950,000

2,319,268

215

Zhejiang

Xiling Yinshe Auction Co., Ltd.

2013 Autumn Auctions: Treasures of the Study and Seal Stones

A Square Tianhuangdong Stone 'Beast' Seal carved by Tao Bi

Chinese Antiques and Artworks

13,800,000

2,140,863

216

Zhejiang

Xiling Yinshe Auction Co., Ltd.

2013 Spring Auctions: Chinese Paintings and Calligraphy by Important Modern Artists (III) 2013 Spring Auctions: Chinese Paintings and Calligraphy 2013 Spring Auctions: Chinese Paintings and Calligraphy 2013 Spring Auctions: Chinese Paintings and Calligraphy 2013 Spring Auctions: Classical Chinese Paintings and Calligraphy 2013 Spring Auctions: Chinese Paintings from the Collection of Zheng Wulou's Meinan Villa 2013 Spring Auctions: Chinese Paintings from the Collection of Zheng Wulou's Meinan Villa

Jiuhua Mountain by Huang Binhong

13,800,000

2,140,863

217

Guangdong

Guangzhou Hua Yi International Auction Co., Ltd. Guangzhou Hua Yi International Auction Co., Ltd. Guangzhou Hua Yi International Auction Co., Ltd. Canton Treasure Auction Co., Ltd.

Landscape by Zhang Daqian 36 Views of Mount Huang by Yunxi Lotus by Pan Tianshou Deer under the Pine Tree by Zhu Da Traveling to Mount Huang in the Dream by Lai Shaoqi Flowers after Chen Chun by Zhang Daqian

20,070,000

3,113,559

218

Guangdong

20,070,000

3,113,559

219

Guangdong

17,840,000

2,767,608

220

Guangdong

22,425,000

3,478,902

221

Guangdong

Canton Treasure Auction Co., Ltd.

17,250,000

2,676,078

222

Guangdong

Canton Treasure Auction Co., Ltd.

Fine Chinese Paintings and Calligraphy

14,490,000

2,247,906

Global Chinese Art Auction Market Report 2013

Region

Auction House

Season & Sale Title

Lot Title

Category

Price Realized Price Realized (RMB, Premium) (USD, Premium)

223

Guangdong

Canton Treasure Auction Co., Ltd.

2013 Spring Auctions: Chinese Paintings from the Collection of Zheng Wulou's Meinan Villa

Lady Tying Hair by Zhang Daqian

Fine Chinese Paintings and Calligraphy

14,030,000

2,176,544

224

Liaoning

Liaoning International Commodity Auction Co., Ltd. Hebei Jia Hai Auction Co., Ltd.

2013 Winter Auction

Window of the East by Wu Guanzhong

Fine Chinese Paintings and Calligraphy

67,750,000

10,510,394

225

Hebei

2013 New Year Auctions: Works by Haipai Seal-Carving Master Mu Yujing 2013 New Year Auctions: Works by Haipai Seal-Carving Master Mu Yujing 2013 New Year Auctions: Works by Haipai Seal-Carving Master Mu Yujing 2013 New Year Auctions: Works by Haipai Seal-Carving Master Mu Yujing 2013 New Year Auctions: Works by Haipai Seal-Carving Master Mu Yujing 2013 New Year Auctions: Works by Haipai Seal-Carving Master Mu Yujing 2013 New Year Auctions: Works by Haipai Seal-Carving Master Mu Yujing 2013 New Year Auctions: Works by Haipai Seal-Carving Master Mu Yujing

Plaque

Other

60,600,000

9,401,179

226

Hebei

Hebei Jia Hai Auction Co., Ltd.

Bracelet

Other

40,400,000

6,267,453

227

Hebei

Hebei Jia Hai Auction Co., Ltd.

Bracelet

Other

40,400,000

6,267,453

228

Hebei

Hebei Jia Hai Auction Co., Ltd.

Hetian-White Jade Bracelet

Other

30,300,000

4,700,590

229

Hebei

Hebei Jia Hai Auction Co., Ltd.

Teapot

Other

30,300,000

4,700,590

230

Hebei

Hebei Jia Hai Auction Co., Ltd.

White Jade Bracelet

Other

20,200,000

3,133,726

231

Hebei

Hebei Jia Hai Auction Co., Ltd.

White Jade Bracelet

Other

20,200,000

3,133,726

232

Hebei

Hebei Jia Hai Auction Co., Ltd.

White Jade Bracelet

Other

20,200,000

3,133,726

For transaction details, please see the 2013 China Antiques and Artworks Auction Market Statistical Annual Report, published by the China Association of Auctioneers.

Overseas

Global Chinese Art Auction Market Report 2013

Region

Auction House

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

Hong Kong, China

Sotheby's Hong Kong

Fine Chinese Ceramics and Works of Art

An Outstanding and Highly Important Massive Gilt-Bronze Figure of a Seated Shakyamuni Buddha, Yongle Mark and Period (1403–1424)

Chinese Antiques and Artworks

196,545,476

30,491,076

Hong Kong, China

Sotheby's Hong Kong

Sotheby‘s Hong Kong 40th Anniversary Evening Sale The Cunliffe Musk-Mallow Palace Bowl Asian 20th Century & Contemporary Art (Evening Sale)

The Last Supper by Zeng Fanzhi

20th-Century and Contemporary Chinese Art

149,992,422

23,269,070

Hong Kong, China

Sotheby's Hong Kong

A Sublime Blue and White 'Palace' Bowl, Chenghua Mark and Period (1465–1487)

Chinese Antiques and Artworks

117,408,573

18,214,175

Hong Kong, China

Christie's Hong Kong

Hospital Triptych No. 3 by Zeng Fanzhi

20th-Century and Contemporary Chinese Art

94,148,797

14,605,771

Hong Kong, China

Sotheby's Hong Kong

Qing Imperial Porcelain—A Kyoto Collection

A Fine and Magnificent Celadon-Glazed 'Longevity' Ruyi-Handled Vase, Qianlong Seal Mark and Period (1736–1795)

Chinese Antiques and Artworks

73,650,521

11,425,771

Hong Kong, China

Sotheby's Hong Kong

Sotheby‘s Hong Kong 40th Anniversary Evening Sale Fine Chinese Modern Paintings

15.01.82 (Triptych) by Zao Wou-Ki

20th-Century and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy

70,856,540

10,992,327

Hong Kong, China

Christie's Hong Kong

Jinggang Mountains by Li Keran

69,947,178

10,851,253

Hong Kong, China

Christie's Hong Kong

Fine Chinese Modern Paintings

Lotus (Set of 4) by Zhang Daqian An Exceedingly Rare and Fine Cobalt-Blue and Iron-Red ‘Mythical Beasts’ Stemcup, Xuande Mark and Period (1426–1435)

66,845,378

10,370,056

Hong Kong, China

Sotheby's Hong Kong

Fine Chinese Ceramics and Works of Art

Chinese Antiques and Artworks

66,202,342

10,270,298

Hong Kong, China

Sotheby's Hong Kong

Sotheby‘s Hong Kong 40th Anniversary Evening Sale

16.5.66 by Zao Wou-Ki

20th-Century and Contemporary Chinese Art

66,201,488

10,270,166

Global Chinese Art Auction Market Report 2013

Region

Auction House

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

Hong Kong, China

Sotheby's Hong Kong

Sotheby‘s Hong Kong 40th Anniversary Evening Sale Fine Chinese Modern Paintings The Mei Yun Tang Collection of Paintings By Chang DaiChien–A Master’s Secrets Unveiled A Magnificent Falangcai Bowl From the Collection of Dr. Alice Cheng The Mei Yun Tang Collection of Paintings By Chang DaiChien—A Master’s Secrets Unveiled Asian 20th Century & Contemporary Art (Evening Sale) Sotheby‘s Hong Kong 40th Anniversary Evening Sale Fine Chinese Ceramics and Works of Art Sotheby‘s Hong Kong 40th Anniversary Evening Sale

Red Flag 1 by Chen Yifei

20th-Century and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy

66,201,488

10,270,166

Hong Kong, China

Christie's Hong Kong

Snowy Mountains (Set of 8) by Cui Ruzhuo

64,055,656

9,937,272

Hong Kong, China

Sotheby's Hong Kong

Daoist Goddess Playing Panpipe by Zhang Daqian

Fine Chinese Paintings and Calligraphy

61,473,504

9,536,690

Hong Kong, China

Sotheby's Hong Kong

A Magnificent Ruby-Ground Falangcai ‘Double-Lotus’ Bowl Blue Enamel, Yuzhi Mark, and Period of Kangxi (1662–1722)

Chinese Antiques and Artworks

61,468,753

9,535,953

Hong Kong, China

Sotheby's Hong Kong

An Invitation to Rusticate by Zhang Daqian

Fine Chinese Paintings and Calligraphy

59,613,689

9,248,168

Hong Kong, China

Christie's Hong Kong

Untitled (Diptych) by Chu Teh-Chun

20th-Century and Contemporary Chinese Art

58,764,014

9,116,353

Hong Kong, China

Sotheby's Hong Kong

3.4.60-1.2.69 by Zao Wou-Ki

20th-Century and Contemporary Chinese Art

58,753,405

9,114,708

New York, USA

Christie's New York

A Magnificent and Very Rare Massive Huanghuali PlankTop Pedestal Table, Jiaji'an, 17th/18th Century

Chinese Antiques and Artworks

58,553,853

9,083,750

Hong Kong, China

Sotheby's Hong Kong

Goldfish by Sanyu

20th-Century and Contemporary Chinese Art

55,960,374

8,681,411

Global Chinese Art Auction Market Report 2013

Region

Auction House

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

Hong Kong, China

Christie's Hong Kong

Important Chinese Ceramics and Works of Art (Including The Su Zhu An Collection of Inkstones) Fine Classical Chinese Paintings and Calligraphy

A Monumental and Extremely Rare Blue and White 'Wanshou' Vase, Kangxi Period (1662–1722)

Chinese Antiques and Artworks

53,644,608

8,322,155

New York, USA

Sotheby's New York Hong Kong Jadely Auction Co., Ltd.

Gong Fu Tie Calligraphy by Su Shi

Fine Chinese Paintings and Calligraphy

53,044,134

8,229,000

Hong Kong, China

Chinese Antiques and Works of Art

The Rukiln Celadon ThreeFoot Washing, Song Dynasty (960–1279) The Zuo Bao Yi Gui, a Magnificent and Important Bronze Ritual Food Vessel, Early Western Zhou Dynasty, 11th/10th Century BC

Chinese Antiques and Artworks

46,033,824

7,141,456

New York, USA

Sotheby's New York

Magnificent Ritual Bronzes— Property from the Collection of Julius Eberhardt Fine Chinese Classical Paintings and Calligraphy Asian 20th Century & Contemporary Art (Evening Sale) Asian 20th Century & Contemporary Art (Evening Sale) Asian 20th Century & Contemporary Art (Evening Sale) Fine Chinese Modern Paintings Fine Chinese Ceramics and Works of Art

Chinese Antiques and Artworks

42,936,806

6,661,000

Hong Kong, China

Christie's Hong Kong

River Scenery by Zhou Chen

Fine Chinese Paintings and Calligraphy

42,667,792

6,619,267

Hong Kong, China

Christie's Hong Kong

Femme En Rouge (Woman in Red) by Sanyu

20th-Century and Contemporary Chinese Art

42,002,801

6,516,103

Hong Kong, China

Christie's Hong Kong

Vent Du Nord (North Wind) by Zao Wou-Ki

20th-Century and Contemporary Chinese Art

41,071,623

6,371,645

Hong Kong, China

Christie's Hong Kong

Spring Silkworms by Luo Zhongli

20th-Century and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy Chinese Antiques and Artworks

41,071,623

6,371,645

Hong Kong, China

Christie's Hong Kong

Mount Emei by Zhang Daqian A Superb Ming-Style Blue and White Vase, Yongzheng Mark and Period (1723–1735)

39,878,071

6,186,483

Hong Kong, China

Sotheby's Hong Kong

38,271,670

5,937,274

Global Chinese Art Auction Market Report 2013

Region

Auction House Tiancheng International Auction Co., Ltd.

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

Hong Kong, China

Jewelry and Jadeite

A Very Rare Jadeite Bracelet

Chinese Antiques and Artworks

37,274,627

5,782,598

Hong Kong, China

Christie's Hong Kong

Asian 20th Century & Contemporary Art (Evening Sale) Qing Imperial Porcelain—A Kyoto Collection

Two Standing Nudes

20th-Century and Contemporary Chinese Art

37,088,827

5,753,774

Hong Kong, China

Sotheby's Hong Kong

An Exquisite Pair of FamilleRose 'Chrysanthemum' Dishes, Yongzheng Marks and Period (1723–1735) A Superbly Enameled and Possibly Unique FamilleRose 'Peach' Box and Cover, Yongzheng Mark and Period (1723–1735) An Exceptionally Fine and Rare Pair of Ruby-Red Ground Famille-Rose Vases, Qianlong Iron-Red Six-Character Seal Mark and Period (1736–1795) A Blue and White Jar Decorated with Soldier Figures, Yuan Dynasty (1271–1368)

Chinese Antiques and Artworks

36,409,626

5,648,406

Hong Kong, China

Sotheby's Hong Kong

Fine Chinese Ceramics and Works of Art

Chinese Antiques and Artworks

36,363,201

5,641,204

Hong Kong, China

Christie's Hong Kong

In Pursuit of Refinement—A Legacy of the YC Chen Collection

Chinese Antiques and Artworks

36,158,443

5,609,439

Hong Kong, China

Hong Kong Sincerity International Auction Co., Ltd.

Jade Carving and Ceramics

Chinese Antiques and Artworks

35,701,792

5,538,596

Hong Kong, China

Sotheby's Hong Kong

Sotheby‘s Hong Kong 40th Anniversary Evening Sale Fine Chinese Modern Paintings

Sword by Liu Ye

20th-Century and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy

35,478,146

5,503,901

Hong Kong, China

Christie's Hong Kong Hong Kong Jadely Auction Co., Ltd. Sotheby's Hong Kong

Garden of Eight Virtues in the Pomo Style by Zhang Daqian

34,557,831

5,361,128

Hong Kong, China

Chinese Antiques and Works of Art

Ge Kiln Sunflower Washing, Song Dynasty (960–1279)

Chinese Antiques and Artworks

34,230,279

5,310,313

Hong Kong, China

Chinese Art through the Eye of Sakamoto Goro

A Magnificent Dry-Lacquer Head of Buddha, Tang Dynasty (618–907)

Chinese Antiques and Artworks

33,616,558

5,215,104

Global Chinese Art Auction Market Report 2013

Region

Auction House

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

New York, USA

Christie's New York

The 11th Hour

The Tiger by Zeng Fanzhi

20th-Century and Contemporary Chinese Art 20th-Century and Contemporary Chinese Art

32,487,840

5,040,000

Hong Kong, China

Sotheby's Hong Kong

Sotheby‘s Hong Kong 40th Anniversary Evening Sale

30.7.64 by Zao Wou-Ki

31,754,104

4,926,172

London, United Kingdom

Christie's London

Fine Chinese Ceramics and Works of Art

A Magnificent and Rare Yellow and Green Enameled Vase, Yongzheng Six-Character Mark in Underglaze Blue within a Double Circle and Period (1723–1735) A Magnificent and Very Rare Pair of Large Imperial Zitan Corner-Leg Altar Tables, Tiaozhuo, Qianlong/Jiaqing Periods (1736–1820) An Important and Very Rare Archaic Bronze Wine Vessel, You, Late Shang Dynasty, 12th/11th Century BC Extremely Rare Imperial Doucai Wine Jug, Yongzheng Mark and Period (1723–1735) 10.03.83 (Diptych) by Zao Wou-Ki

Chinese Antiques and Artworks

31,537,326

4,892,542

Hong Kong, China

Christie's Hong Kong

In Pursuit of Refinement—A Legacy of the YC Chen Collection Imperial Sale; Important Chinese Ceramics and Works of Art

Chinese Antiques and Artworks

31,508,907

4,888,133

Hong Kong, China

Christie's Hong Kong

Chinese Antiques and Artworks

31,508,907

4,888,133

Stuttgart, Germany

Nagel Auktionen

Asiatische Kunst

Chinese Antiques and Artworks 20th-Century and Contemporary Chinese Art 20th-Century and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy 20th-Century and Contemporary Chinese Art

31,094,435

4,823,834

Hong Kong, China

Sotheby's Hong Kong

20th Century Chinese Art Asian 20th Century & Contemporary Art (Evening Sale) Fine Chinese Paintings Asian 20th Century & Contemporary Art (Evening Sale)

30,783,000

4,775,520

Hong Kong, China

Christie's Hong Kong

11.03.65 by Zao Wou-Ki

29,897,481

4,638,145

Hong Kong, China

Sotheby's Hong Kong

Spring Dawns Upon the Colorful Hills by Zhang Daqian

28,961,073

4,492,875

Hong Kong, China

Christie's Hong Kong

New Generation Tibetan by Zhou Chunya

28,035,124

4,349,228

Global Chinese Art Auction Market Report 2013

100

Region

Auction House

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

Hong Kong, China

Sotheby's Hong Kong

The Mei Yun Tang Collection of Paintings By Chang DaiChien—A Master’s Secrets Unveiled Asian 20th Century & Contemporary Art (Evening Sale) Fine Chinese Classical Paintings and Calligraphy Asian 20th Century & Contemporary Art (Evening Sale) Fine Chinese Ceramics & Works of Art

Shimmering Lake and Mountain Colors by Zhang Daqian

Fine Chinese Paintings and Calligraphy

27,996,847

4,343,290

Hong Kong, China

Christie's Hong Kong

Water Music by Zao Wou-Ki

20th-Century and Contemporary Chinese Art

27,324,677

4,239,013

Hong Kong, China

Christie's Hong Kong

Waterfalls in the Rocky Mountains by Dong Bangda

Fine Chinese Paintings and Calligraphy

27,105,694

4,205,041

Hong Kong, China

Christie's Hong Kong

10.11.58-30.12.70 by Zao Wou-Ki

20th-Century and Contemporary Chinese Art

27,103,946

4,204,770

New York, USA

Sotheby's New York Hong Kong Jadely Auction Co., Ltd. Poly Auction (Hong Kong)

A Pair of Magnificent SancaiGlazed Pottery Horses, Tang Dynasty (618–907) Pair of Enamel Flower Rolling Gold Vases, Qianlong Period (1736–1795) 10 Views of the West Lake (Album of 10) by Dong Bangda A Magnificent and Very Rare Carved Apple-Green Enameled 'Dragon' Lantern Vase, Qianlong Impressed Six-Character Seal Mark and Period (1736–1795)

Chinese Antiques and Artworks

27,053,862

4,197,000

Hong Kong, China

Chinese Antiques and Works of Art

Chinese Antiques and Artworks

25,731,727

3,991,891

Hong Kong, China

Chinese Art Important Sale Imperial Chinese Porcelain: Treasures from a Distinguished American Collection Asian 20th Century & Contemporary Art (Evening Sale)

Fine Chinese Paintings and Calligraphy

25,332,300

3,929,925

Hong Kong, China

Christie's Hong Kong

Chinese Antiques and Artworks

25,242,565

3,916,005

Hong Kong, China

Christie's Hong Kong

14.3.60 by Zao Wou-Ki

20th-Century and Contemporary Chinese Art

25,241,589

3,915,853

Global Chinese Art Auction Market Report 2013

101

Region

Auction House

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

Hong Kong, China

Christie's Hong Kong

Asian 20th Century & Contemporary Art (Evening Sale) Fine Chinese Modern Paintings

Society by Zeng Fanzhi

20th-Century and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy

24,999,879

3,878,355

Hong Kong, China

Christie's Hong Kong

Eagle On Pine Tree by Qi Baishi A Fine and Rare Underglazed Blue-Decorated, YellowGround, Incised, Pear-Shaped Vase, Qianlong Seal Mark in Underglaze Blue and Period (1736–1795)

24,999,557

3,878,305

New York, USA

Christie's New York

Fine Chinese Ceramics and Works of Art

Chinese Antiques and Artworks

24,622,109

3,819,750

Hong Kong, China

Tiancheng International Auction Co., Ltd.

Jewelry and Jadeite

A Very Rare Jadeite Melon-Shaped Pendant

Chinese Antiques and Artworks

24,522,781

3,804,341

Hong Kong, China

Sotheby's Hong Kong

Sotheby‘s Hong Kong 40th Anniversary Evening Sale The Mei Yun Tang Collection of Paintings By Chang DaiChien—A Master’s Secrets Unveiled

22.8.91 by Zao Wou-Ki

20th-Century and Contemporary Chinese Art

24,306,021

3,770,714

Hong Kong, China

Sotheby's Hong Kong

Buddha-Head Blue Peony by Zhang Daqian

Fine Chinese Paintings and Calligraphy

24,277,218

3,766,245

Hong Kong, China

Da Tang International Work of Art Auction Ltd. (Hong Kong)

Chinese Antiques

A Bronze Food Vessel (Gui) with Animal Pattern Design and Bronze-Square Base, Western Zhou Dynasty (c. 11th Century–771 BC) An Important and Rare Blue and White Moonflask, Bianping Xuande Six-Character Mark in a Line and Period (1426–1435)

Chinese Antiques and Artworks

23,903,636

3,708,290

Hong Kong, China

Christie's Hong Kong

The R.F.A Riesco Collection of Important Chinese Ceramics Sotheby‘s Hong Kong 40th Anniversary Evening Sale

Chinese Antiques and Artworks

23,380,136

3,627,077

Hong Kong, China

Sotheby's Hong Kong

Mask Series by Zeng Fanzhi

20th-Century and Contemporary Chinese Art

23,375,011

3,626,282

Global Chinese Art Auction Market Report 2013

102

Region

Auction House

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

London, United Kingdom

Sotheby's London

Fine Chinese Ceramics and Works of Art Asian 20th Century & Contemporary Art (Evening Sale)

A Rare Pair of Blue and White ‘Bajixiang’ Moonflasks Qianlong Seal Marks and Period (1736–1795)

Chinese Antiques and Artworks

23,300,625

3,614,742

Hong Kong, China

Christie's Hong Kong

24.01.63 by Zao Wou-Ki

20th-Century and Contemporary Chinese Art

23,140,041

3,589,829

Hong Kong, China

Tiancheng International Auction Co., Ltd.

Chinese Painting and Calligraphy

Spring Willow by Wu Hufan

Fine Chinese Paintings and Calligraphy 20th-Century and Contemporary Chinese Art 20th-Century and Contemporary Chinese Art

23,020,836

3,571,337

Taipei, Taiwan

Ravenel

Modern and Contemporary Asian Art

19.7.63 by Zao Wou-Ki

22,770,699

3,532,532

Paris, France

Sotheby's Paris

Art Contemporain

1.12.64 by Zao Wou-Ki

22,464,529

3,485,034

Hong Kong, China

Christie's Hong Kong

Imperial Chinese Porcelain: Treasures from a Distinguished American Collection Chinese Painting and Calligraphy from the Four Seas

A Fine and Very Rare TianbaiGlazed Anhua-Decorated 'Pomegranate' Bottle Vase, Yuhuchunping, Yongle Period (1403–1425)

Chinese Antiques and Artworks

22,448,922

3,482,613

Hong Kong, China

China Guardian Hong Kong

Cottages in Misty Mountains by Zhang Daqian

Fine Chinese Paintings and Calligraphy

22,438,450

3,480,988

New York, USA

Sotheby's New York

Chinese Ceramics & Works of Art

An Imperial Green Jade 'Wufu Wudai Tang Guxi Tianzi Bao' Seal Qing Dynasty, Qianlong Period (1736–1795)

Chinese Antiques and Artworks

22,000,198

3,413,000

Hong Kong, China

Christie's Hong Kong

Asian 20th Century & Contemporary Art (Evening Sale) Sotheby‘s Hong Kong 40th Anniversary Evening Sale

15.6.59-26.12.70 by Zao Wou-Ki

20th-Century and Contemporary Chinese Art

21,516,875

3,338,020

Hong Kong, China

Sotheby's Hong Kong

Bloodline: Big Family No. 12 by Zhang Xiaogang

20th-Century and Contemporary Chinese Art

21,512,990

3,337,417

Global Chinese Art Auction Market Report 2013

103

Region

Auction House

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

Hong Kong, China

Poly Auction (Hong Kong)

Chinese Modern and Contemporary Art Fine Chinese Ceramics and Works of Art Fine Chinese Modern Paintings Asian 20th Century & Contemporary Art (Evening Sale) Magnificent Ritual Bronzes— Property from the Collection of Julius Eberhardt 20th Century Chinese Art Chinese Furniture from Hung’s Collection Fine Chinese Paintings Hong Kong Magnificent Jewels 20th Century Chinese Art

5.11.64 by Zao Wou-Ki A Magnificent and Rare Wucai 'Fish' Jar, Jiajing Mark and Period (1522–1566) Jinggang Mountains by Fu Baoshi

20th-Century and Contemporary Chinese Art Chinese Antiques and Artworks Fine Chinese Paintings and Calligraphy 20th-Century and Contemporary Chinese Art

21,508,834

3,336,772

Hong Kong, China

Sotheby's Hong Kong

21,485,836

3,333,205

Hong Kong, China

Christie's Hong Kong

21,279,928

3,301,261

Hong Kong, China

Christie's Hong Kong

L'Hiver Poétique I by Chu Teh-Chun

20,585,696

3,193,561

New York, USA

Sotheby's New York

The Zuo Ce Huan You, An Important Bronze Wine Vessel Early Western Zhou Dynasty, 10th Century BC

Chinese Antiques and Artworks

19,834,342

3,077,000

Hong Kong, China

Sotheby's Hong Kong China Guardian Hong Kong Sotheby's Hong Kong

25 Décembre 1985 by Chu Teh-Chun Huanghuali Single-Board, Pedestal-Top Table, Kangxi Period (1662–1722) The Drunken Dance by Zhang Daqian

20th-Century and Contemporary Chinese Art Chinese Antiques and Artworks Fine Chinese Paintings and Calligraphy Chinese Antiques and Artworks 20th-Century and Contemporary Chinese Art

19,625,408

3,044,587

Hong Kong, China

19,568,926

3,035,825

Hong Kong, China

19,158,041

2,972,082

Hong Kong, China

Christie's Hong Kong

A Superb Jadeite Bead and Diamond Necklace

18,725,754

2,905,019

Hong Kong, China

Sotheby's Hong Kong

Lotus Flowers by Wu Guanzhong An Important and Rare Large Finely Cast Archaic Bronze Ritual Wine Vessel, Zun, Late Shang Dynasty, Anyang, 13th–11th Century BC

18,719,717

2,904,083

Hong Kong, China

Christie's Hong Kong

Imperial Sale; Important Chinese Ceramics and Works of Art

Chinese Antiques and Artworks

18,490,207

2,868,478

Global Chinese Art Auction Market Report 2013

104

Region

Auction House Doyle New York Sotheby's Paris

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

New York, USA

Asian Works of Art

Chinese White Jade Ewer

Chinese Antiques and Artworks 20th-Century and Contemporary Chinese Art 20th-Century and Contemporary Chinese Art

17,858,643

2,770,500

Paris, France

Art Contemporain

14.7.71 by Zao Wou-Ki

17,831,965

2,766,361

Hong Kong, China

Christie's Hong Kong

Asian 20th Century & Contemporary Art (Evening Sale) Sotheby‘s Hong Kong 40th Anniversary Evening Sale

Fishing Harvest by Lin Fengmian

17,792,161

2,760,186

Hong Kong, China

Sotheby's Hong Kong

Fruits by Sanyu

20th-Century and Contemporary Chinese Art

17,788,948

2,759,688

Hong Kong, China

Sotheby's Hong Kong

Fine Chinese Ceramics and Works of Art

An Exquisite Blue-Ground and Gilt-Decorated Square Vase with Flowers and Inscribed Poems, Qing Dynasty, Qianlong Period (1736–1795) A Fine and Extremely Rare Snowflake-Blue Vase, Yongzheng Seal Mark and Period (1723–1735) A Tianhuang Soapstone Figure of Guanyin in a Grotto by Zhou Bin, 17th Century; Later Inscription by Liu Yong (1719– 1804) in 1795 Watching Pine Trees in She Mountain, Painted For Mu Danzhan by Lu Can Stream-Laced Mountain After Snow by Tang Dai

Chinese Antiques and Artworks

17,766,495

2,756,205

Hong Kong, China

Sotheby's Hong Kong

Fine Chinese Ceramics and Works of Art

Chinese Antiques and Artworks

17,766,495

2,756,205

Hong Kong, China

Sotheby's Hong Kong

Water, Pine, and Stone Retreat Collection, Scholarly Art III

Chinese Antiques and Artworks

17,766,495

2,756,205

Hong Kong, China

Poly Auction (Hong Kong)

Chinese Art Important Sale

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy

17,684,813

2,743,533

New York, USA

Sotheby's New York Tiancheng International Auction Co., Ltd.

Fine Classical Chinese Paintings

17,668,486

2,741,000

Hong Kong, China

Jewelry and Jadeite

Jadeite Bracelet and Necklace

Chinese Antiques and Artworks

17,656,402

2,739,125

Global Chinese Art Auction Market Report 2013

105

Region

Auction House Tiancheng International Auction Co., Ltd.

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

Hong Kong, China

Jewelry and Jadeite

Jadeite and Diamond Necklace and Earrings

Chinese Antiques and Artworks

17,656,402

2,739,125

100

Hong Kong, China

Poly Auction (Hong Kong)

Glossiness of Uncarved Jade— Special Auction of Cui Ruzhuo Asian 20th Century & Contemporary Art (Evening Sale) The Mei Yun Tang Collection of Paintings By Chang DaiChien—A Master’s Secrets Unveiled Important Chinese Ceramics and Works of Art (Including The Su Zhu An Collection of Inkstones) Important Chinese Ceramics and Works of Art (Including The Su Zhu An Collection of Inkstones)

Ink Lotus by Cui Ruzhuo

Fine Chinese Paintings and Calligraphy

17,207,067

2,669,418

101

Hong Kong, China

Christie's Hong Kong

Swimming by Liu Wei

20th-Century and Contemporary Chinese Art

16,860,982

2,615,728

102

Hong Kong, China

Sotheby's Hong Kong

Incense-offering Goddess by Zhang Daqian

Fine Chinese Paintings and Calligraphy

16,837,961

2,612,157

103

Hong Kong, China

Christie's Hong Kong

A Rare Large Blue and White Molded Vase with RuyiShaped Handles, Qianlong Six-Character Seal Mark and Period (1736–1795)

Chinese Antiques and Artworks

16,396,027

2,543,597

104

Hong Kong, China

Christie's Hong Kong

A Fine Imperial White Jade 'Bajixiang' Bowl and Cover, Qianlong Period (1736–1795)

Chinese Antiques and Artworks

16,396,027

2,543,597

105

Hong Kong, China

Poly Auction (Hong Kong)

Chinese Ceramics and Works of Art

An Extremely Rare FamilleRose 'Peony' Vase with Imperial Inscription, Qianlong Period (1736–1795)

Chinese Antiques and Artworks

16,229,980

2,517,837

106

Hong Kong, China

Christie's Hong Kong

Asian 20th Century & Contemporary Art (Evening Sale) Asian 20th Century & Contemporary Art (Evening Sale)

14.08.59 by Zao Wou-Ki

20th-Century and Contemporary Chinese Art

15,929,804

2,471,270

107

Hong Kong, China

Christie's Hong Kong

Mask Series: No. 3 by Zeng Fanzhi

20th-Century and Contemporary Chinese Art

15,929,804

2,471,270

Global Chinese Art Auction Market Report 2013

106

Region

Auction House

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

108

Hong Kong, China

Sotheby's Hong Kong

Sotheby‘s Hong Kong 40th Anniversary Evening Sale The Mei Yun Tang Collection of Paintings By Chang DaiChien—A Master’s Secrets Unveiled 20th Century Chinese Art Fine Classical Chinese Paintings and Calligraphy Important Chinese Ceramics and Works of Art (Including The Su Zhu An Collection of Inkstones) Sotheby‘s Hong Kong 40th Anniversary Evening Sale Fine Chinese Paintings

Embrasement (A Blazing Area) by Chu Teh-Chun

20th-Century and Contemporary Chinese Art

15,926,928

2,470,823

109

Hong Kong, China

Sotheby's Hong Kong

Returning Boat On a Snowy River by Zhang Daqian

Fine Chinese Paintings and Calligraphy

15,908,054

2,467,895

110

Hong Kong, China

Sotheby's Hong Kong

Teasing the Newlyweds by Wang Yidong

20th-Century and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy

15,906,210

2,467,609

111

New York, USA

Sotheby's New York

Studio of Autumn Mountain by Bada Shanren

15,502,630

2,405,000

112

Hong Kong, China

Christie's Hong Kong

An Important Imperial Cloisonné Enamel Inkstone Warmer and Cover, Qianlong Cast Six-Character Mark and of the Period (1736-1795)

Chinese Antiques and Artworks

15,464,813

2,399,133

113

Hong Kong, China

Sotheby's Hong Kong

The Lu Mountains by Wu Guanzhong

20th-Century and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy

15,461,422

2,398,607

114

Hong Kong, China

Sotheby's Hong Kong

The Fiery Battle of the Red Cliffs by Lin Fengmian A Magnificent and Rare Imperial Blue and Copper-Red Turquoise-Glazed 'Dragon' Moonflask, Bianhu An Important and Very Rare Bronze Ritual Wine Vessel and Cover, Fangyi, Late Shang Dynasty, 11th Century BC

15,439,322

2,395,179

115

London, United Kingdom

Bonhams London

Fine Chinese Art

Chinese Antiques and Artworks

15,353,784

2,381,909

116

New York, USA

Christie's New York

Important Chinese Archaic Bronzes from a Distinguished Private Collection Fine Chinese Modern Paintings

Chinese Antiques and Artworks

15,236,733

2,363,750

117

Hong Kong, China

Christie's Hong Kong

Listening to the Ruan by Fu Baoshi

Fine Chinese Paintings and Calligraphy

15,235,532

2,363,564

Global Chinese Art Auction Market Report 2013

107

Region

Auction House Hong Kong Jadely Auction Co., Ltd. Sotheby's Hong Kong

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

118

Hong Kong, China

Chinese Antiques and Works of Art

A Total of 11 Pieces of Calligraphy and Painting Tools, Seals of Qianlong, Qing Qianlong Period (1736–1795) An Important Blue and White Ewer, Ming Dynasty, Hongwu Period (1368–1398) A Rare Pair of Exquisitely Carved Zitan and Hongmu 'Peony' Recessed-Leg Altar Tables, Qing Dynasty, Qianlong Period (1736–1795)

Chinese Antiques and Artworks

15,108,537

2,343,862

119

Hong Kong, China

Important Ming Porcelain from a Private Collection

Chinese Antiques and Artworks

14,996,111

2,326,421

120

Hong Kong, China

Sotheby's Hong Kong

Fine Chinese Ceramics and Works of Art

Chinese Antiques and Artworks

14,996,111

2,326,421

121

Hong Kong, China

Sotheby's Hong Kong

Sotheby‘s Hong Kong 40th Anniversary Evening Sale 20th Century Chinese Art Modern and Contemporary Asian Art 20th-Century Chinese Art

Mask Series No. 14 by Zeng Fanzhi

20th-Century and Contemporary Chinese Art 20th-Century and Contemporary Chinese Art 20th-Century and Contemporary Chinese Art 20th-Century and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy

14,995,917

2,326,391

122

Hong Kong, China

Sotheby's Hong Kong

2.6.70 by Zao Wou-Ki Force D'Âme (Fortitude) (Quadriptych) by Chu Teh-Chun 10.12.59 by Zao Wou-Ki

14,995,724

2,326,361

123

Taipei, Taiwan

Ravenel

14,979,049

2,323,774

124

Hong Kong, China

Sotheby's Hong Kong

14,976,411

2,323,365

125

Hong Kong, China

Sotheby's Hong Kong Hong Kong Jadely Auction Co., Ltd. Christie's Hong Kong

Fine Chinese Paintings

Five Beauties by Lin Fengmian

14,974,482

2,323,066

126

Hong Kong, China

Chinese Antiques and Works of Art

Carmine Enamel 100-Crane Longevity Auspicious Quiver, Qing Qianlong (1736–1795) Carrying the Qin into the Mountains by Fu Baoshi Chrysanthemums in a Green Vase by Pan Yuliang

Chinese Antiques and Artworks

14,872,466

2,307,240

127

Hong Kong, China

Fine Chinese Modern Paintings Sotheby‘s Hong Kong 40th Anniversary Evening Sale

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy

14,770,578

2,291,433

128

Hong Kong, China

Sotheby's Hong Kong

14,497,162

2,249,017

Global Chinese Art Auction Market Report 2013

108

Region

Auction House

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

129

Hong Kong, China

Sotheby's Hong Kong

Contemporary Asian Art

Series 1, No. 4 by Fang Lijun A Rare and Important 'Ding' Bowl, Northern Song Dynasty (960–1126)

20th-Century and Contemporary Chinese Art Chinese Antiques and Artworks

14,476,440

2,245,802

130

New York, USA

Sotheby's New York

Chinese Ceramics & Works of Art Glossiness of Uncarved Jade— Special Auction of Cui Ruzhuo Chinese Modern and Contemporary Art Fine Chinese Paintings and Calligraphy

14,342,350

2,225,000

131

Hong Kong, China

Poly Auction (Hong Kong)

Landscape in Snow by Cui Ruzhuo

Fine Chinese Paintings and Calligraphy 20th-Century and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy

14,339,222

2,224,515

132

Hong Kong, China

Poly Auction (Hong Kong)

Mao's Song Poem of Snow, No. 2 by Zeng Fanzhi Returning Home Amid Rain by Fu Baoshi Hetian Jade Carving of Emperor on the Tour of Inspection, Qin Dynasty (221–206 BC) Virgin Mary and the Infant Jesus by Sanyu

14,320,570

2,221,621

133

Hong Kong, China

Poly Auction (Hong Kong) Hong Kong Jadely Auction Co., Ltd.

14,320,570

2,221,621

134

Hong Kong, China

Chinese Antiques and Works of Art

Chinese Antiques and Artworks

14,164,253

2,197,371

135

Hong Kong, China

Sotheby's Hong Kong

Sotheby‘s Hong Kong 40th Anniversary Evening Sale The Mei Yun Tang Collection of Paintings By Chang DaiChien—A Master’s Secrets Unveiled

20th-Century and Contemporary Chinese Art

13,998,406

2,171,642

136

Hong Kong, China

Sotheby's Hong Kong

Spring Melancholy by Zhang Daqian

Fine Chinese Paintings and Calligraphy

13,981,818

2,169,069

137

Hong Kong, China

Sotheby's Hong Kong

Fine Chinese Ceramics and Works of Art

A Magnificent and Rare 'Jun' Mallow-Shaped LavenderGlazed Imperial Flowerpot, Ming Dynasty, Early 15th Century The Mu Xin Zun, a Superb and Very Rare Bronze Wine Vessel, Early Western Zhou Dynasty, 11th/10th Century BC

Chinese Antiques and Artworks

13,980,737

2,168,901

138

New York, USA

Sotheby's New York

Magnificent Ritual Bronzes— Property from the Collection of Julius Eberhardt

Chinese Antiques and Artworks

13,955,590

2,165,000

Global Chinese Art Auction Market Report 2013

109

Region

Auction House

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

139

Hong Kong, China London, United Kingdom Hong Kong, China

Christie's Hong Kong

Fine Chinese Modern Paintings Fine Chinese Ceramics and Works of Art Fine Chinese Modern Paintings Chinese Modern and Contemporary Art Fine Chinese Classical Paintings and Calligraphy Sotheby‘s Hong Kong 40th Anniversary Evening Sale Fine Chinese Modern Paintings In Pursuit of Refinement—A Legacy of the YC Chen Collection Autumn Auction 2013 Hong Kong

Tianmu Mountains by Xu Beihong A Pale Celadon Jade Carving of a Horse and Scholar, 18th/19th Century Scholars by the River by Huang Binhong Composition of Red, Yellow and Blue by Liu Ye Flowers in Classical Style (Set of 4) by Zhao Zhiqian

Fine Chinese Paintings and Calligraphy Chinese Antiques and Artworks Fine Chinese Paintings and Calligraphy 20th-Century and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy

13,840,671

2,147,172

140

Christie's London

13,589,843

2,108,260

141

Christie's Hong Kong

13,503,830

2,094,916

142

Hong Kong, China

Poly Auction (Hong Kong)

13,383,274

2,076,214

143

Hong Kong, China

Christie's Hong Kong

13,004,081

2,017,388

144

Hong Kong, China

Sotheby's Hong Kong

Bathing Beauty No. 1 by Liu Wei

20th-Century and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy

13,000,895

2,016,893

145

Hong Kong, China

Christie's Hong Kong

Luscious Mountains by Li Keran A Rare Blue and White 'Sanskrit' Inscribed Bell, Qianlong Four-Character Seal Mark and Period (1736–1795) 27.12.89 by Zao Wou-Ki

12,910,764

2,002,911

146

Hong Kong, China

Christie's Hong Kong

Chinese Antiques and Artworks

12,910,764

2,002,911

147

Taipei, Taiwan

Ravenel

20th-Century and Contemporary Chinese Art 20th-Century and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy

12,637,096

1,960,456

148

London, United Kingdom Hong Kong, China

Sotheby's London

Contemporary Art Evening Auction

Mask Series No. 26 by Zeng Fanzhi

12,530,415

1,943,906

149

Christie's Hong Kong

Fine Chinese Modern Paintings

Lotus by Xie Zhiliu

12,506,010

1,940,119

Global Chinese Art Auction Market Report 2013

110

Region

Auction House

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

150

Hong Kong, China

Sotheby's Hong Kong

Qing Imperial Porcelain—A Kyoto Collection

A Magnificent TurquoiseGround Famille-Rose Vase, Qianlong Seal Mark and Period (1736–1795) A Fine and Rare Apple-Green Jadeite Bowl A Village of Xishuangbanna, Yunan, China by Wu Guanzhong Letter to the Family by Wang Shouren A Bronze Wine Vessel (Gong), Late Shang Dynasty, 12th/11th Century BC Visiting a Friend in the Mountains by Fu Baoshi

Chinese Antiques and Artworks

12,502,301

1,939,544

151

London, United Kingdom Hong Kong, China

Bonhams London

Fine Chinese Art

Chinese Antiques and Artworks 20th-Century and Contemporary Chinese Art Fine Chinese Paintings and Calligraphy Chinese Antiques and Artworks Fine Chinese Paintings and Calligraphy 20th-Century and Contemporary Chinese Art

12,453,912

1,932,037

152

Poly Auction (Hong Kong)

Chinese Modern and Contemporary Art Fine Classical Chinese Paintings Fine Chinese Ceramics & Works of Art Fine Chinese Modern Paintings Asian 20th Century & Contemporary Art (Evening Sale) Fine Chinese Ceramics and Works of Art

12,411,161

1,925,405

153

New York, USA

Sotheby's New York

12,408,550

1,925,000

154

New York, USA

Sotheby's New York

12,408,550

1,925,000

155

Hong Kong, China

Christie's Hong Kong

12,006,326

1,862,601

156

Hong Kong, China

Christie's Hong Kong

Evocation Hivernale A by Chu Teh-Chun

12,005,551

1,862,481

157

Hong Kong, China

Sotheby's Hong Kong

A Fine and Exceptional Falangcai 'Mille-Fleurs' Bowl, Blue Enamel, Yongzheng Mark and Period (1723–1735) An Important Imperial Spinach-Green Jade 'Sanxi Tang' Seal, Qing Dynasty, Qianlong Period (1736–1795)

Chinese Antiques and Artworks

12,003,539

1,862,169

158

Hong Kong, China

Sotheby's Hong Kong

Fine Chinese Ceramics and Works of Art The Mei Yun Tang Collection of Paintings By Chang DaiChien—A Master’s Secrets Unveiled Fine Chinese Modern Paintings

Chinese Antiques and Artworks

12,003,539

1,862,169

159

Hong Kong, China

Sotheby's Hong Kong

Green Lotus by Zhang Daqian

Fine Chinese Paintings and Calligraphy

11,989,160

1,859,938

160

Hong Kong, China

Christie's Hong Kong

Roar by Wu Guanzhong

Fine Chinese Paintings and Calligraphy

11,980,857

1,858,650

Global Chinese Art Auction Market Report 2013

111

Region

Auction House

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

161

Hong Kong, China

Christie's Hong Kong

Imperial Sale; Important Chinese Ceramics and Works of Art

A Fine and Very Rare FamilleRose and Underglaze-Blue Decorated 'Pomegranate' Meiping, Qianlong SixCharacter Seal Mark and Period (1736–1795) Mountains in Autumn by Shen Zhou A Magnificent, Extremely Rare Pair of Massive Famille-Rose Models of Pagodas, Qianlong/ Jiaqing Period (c. 1750–1800) Composition N°290 by Chu Teh-Chun An Important Large Carved Wood Figure of Avalokiteshvara, Song Dynasty, 12th/13th Century A Very Rare Longquan Celadon Vase and Meiping Cover, Ming Dynasty, 14th/15th Century Spring River (2 Works) by Qiu Ying

Chinese Antiques and Artworks

11,980,857

1,858,650

162

New York, USA

Christie's New York

Fine Chinese Paintings

Fine Chinese Paintings and Calligraphy

11,626,973

1,803,750

163

London, United Kingdom

Christie's London

Chinese Ceramics and Works of Art

Chinese Antiques and Artworks

11,620,449

1,802,738

164

Paris, France

Tajan

Art contemporain

20th-Century and Contemporary Chinese Art

11,617,053

1,802,211

165

Hong Kong, China

Sotheby's Hong Kong

Fine Chinese Ceramics and Works of Art Imperial Sale; Important Chinese Ceramics and Works of Art Classical Chinese Paintings and Calligraphy

Chinese Antiques and Artworks

11,504,777

1,784,793

166

Hong Kong, China

Christie's Hong Kong

Chinese Antiques and Artworks

11,482,693

1,781,367

167

Hong Kong, China

Poly Auction (Hong Kong) Hong Kong Jadely Auction Co., Ltd.

Fine Chinese Paintings and Calligraphy

11,456,456

1,777,297

168

Hong Kong, China

Chinese Antiques and Works of Art

Hetian Jade Carving of the Emperor Attending Court, Qin Dynasty (221–206 BC)

Chinese Antiques and Artworks

11,331,403

1,757,897

169

Hong Kong, China

Christie's Hong Kong

Asian 20th Century & Contemporary Art (Evening Sale) Asian 20th Century & Contemporary Art (Evening Sale)

Zèbre (Zebra) by Sanyu

20th-Century and Contemporary Chinese Art

11,007,860

1,707,704

170

Hong Kong, China

Christie's Hong Kong

Taichi Series: Turn Stomp; & Taichi Series: Cloud Hands (2 Works) by Ju Ming

20th-Century and Contemporary Chinese Art

11,007,860

1,707,704

Global Chinese Art Auction Market Report 2013

112

Region

Auction House

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

171

Hong Kong, China

Sotheby's Hong Kong

Fine Chinese Ceramics and Works of Art Sotheby‘s Hong Kong 40th Anniversary Evening Sale Asian 20th Century & Contemporary Art (Evening Sale) Asian 20th Century & Contemporary Art (Evening Sale) Asian 20th Century & Contemporary Art (Evening Sale) Asian 20th Century & Contemporary Art (Evening Sale)

A Fine and Rare Lime-Ground Famille-Rose Teapot and Cover, Qianlong Seal Mark and Period (1736–1795)

Chinese Antiques and Artworks

11,006,015

1,707,418

172

Hong Kong, China

Sotheby's Hong Kong

Horse Grazing by Sanyu

20th-Century and Contemporary Chinese Art

11,005,873

1,707,396

173

Hong Kong, China

Christie's Hong Kong

09.05.61 by Zao Wou-Ki

20th-Century and Contemporary Chinese Art

10,984,669

1,704,106

174

Hong Kong, China

Christie's Hong Kong

Cime (Peak) by Zao Wou-Ki

20th-Century and Contemporary Chinese Art

10,984,669

1,704,106

175

Hong Kong, China

Christie's Hong Kong

No. 118 by Chu Teh-Chun

20th-Century and Contemporary Chinese Art

10,984,669

1,704,106

176

Hong Kong, China

Christie's Hong Kong

Waterfall by Wu Guanzhong

20th-Century and Contemporary Chinese Art

10,984,669

1,704,106

177

New York, USA

Christie's New York

Fine Chinese Ceramics and Works of Art

A Very Rare Large FamilleRose, Turquoise-Ground Bottle Vase, Tianqiuping, Qianlong Iron-Red Seal Mark and Period (1736–1795) Shaoshan by Fu Baoshi

Chinese Antiques and Artworks

10,853,453

1,683,750

178

Hong Kong, China

Sotheby's Hong Kong

Fine Chinese Paintings Glossiness of Uncarved Jade— Special Auction of Cui Ruzhuo Chinese Art Important Sale

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy

10,790,924

1,674,050

179

Hong Kong, China

Poly Auction (Hong Kong)

Summer Scenes by Cui Ruzhuo

10,515,430

1,631,311

180

Hong Kong, China

Poly Auction (Hong Kong)

Bodhisattva by Zhang Daqian

10,515,294

1,631,290

Global Chinese Art Auction Market Report 2013

113

Region

Auction House Hong Kong Jadely Auction Co., Ltd. Poly Auction (Hong Kong)

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

181

Hong Kong, China

Chinese Antiques and Works of Art

Pair of Blue and White Octagonal Vases with Children Playing, Qing Qianlong Period (1736–1795) Inscription of the Kongzi Temple by Emperor Kangxi Tigers by Wu Guanzhong

Chinese Antiques and Artworks

10,505,155

1,629,717

182

Hong Kong, China

Classical Chinese Paintings and Calligraphy Chinese Modern and Contemporary Art Fine Chinese Paintings and Calligraphy Fine Chinese Modern Paintings

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy

10,501,752

1,629,189

183

Hong Kong, China

Poly Auction (Hong Kong)

10,501,752

1,629,189

184

Hong Kong, China

Poly Auction (Hong Kong)

Galloping Horse by Xu Beihong

10,501,752

1,629,189

185

Hong Kong, China

Christie's Hong Kong Hong Kong Jadely Auction Co., Ltd.

Joy of Country Life (Set of 4) by Qi Baishi Blue and White Petal-Rim Bowl Carved with Fishes, Ming Dynasty, Yongle Period (1403–1424) A Superbly Cast Bronze Ritual Food Vessel, Li Ding, Late Shang Dynasty, 11th Century BC A Magnificent and Very Rare Pair of Massive Huanghuali Compound Cabinets and Hat Chests, Sijiangui, 17th Century A Bronze Food Vessel (Ding) with Taotie-Mask-Pattern Design, Late Shang Dynasty (c. 16th–11th Century BC)

10,320,309

1,601,041

186

Hong Kong, China

Chinese Antiques and Works of Art

Chinese Antiques and Artworks

10,151,048

1,574,783

187

New York, USA

Christie's New York

Important Chinese Archaic Bronzes from a Distinguished Private Collection Fine Chinese Ceramics and Works of Art

Chinese Antiques and Artworks

10,079,933

1,563,750

188

New York, USA

Christie's New York

Chinese Antiques and Artworks

10,079,933

1,563,750

189

Hong Kong, China

Da Tang International Work of Art Auction Ltd. (Hong Kong) Christie's Hong Kong

Chinese Antiques

Chinese Antiques and Artworks

10,039,527

1,557,482

190

Hong Kong, China

Fine Chinese Modern Paintings

Birds and Red Berries by Huang Yongyu

Fine Chinese Paintings and Calligraphy Fine Chinese Paintings and Calligraphy

10,011,460

1,553,128

191

Hong Kong, China

Christie's Hong Kong

Fine Chinese Modern Paintings

Castle Peak Villa by Zhang Daqian

10,011,460

1,553,128

Global Chinese Art Auction Market Report 2013

114

Region

Auction House

Sale Title

Lot Title

Category

Price Realized (RMB, Premium)

Price Realized (USD, Premium)

192

Hong Kong, China

Christie's Hong Kong

The Su Zhu An Collection of Chinese Paintings and Inkstones (Paintings Section) Asian 20th Century & Contemporary Art (Evening Sale) Asian 20th Century & Contemporary Art (Evening Sale) Asian Contemporary Art (Day Sale) Sotheby‘s Hong Kong 40th Anniversary Evening Sale Sotheby‘s Hong Kong 40th Anniversary Evening Sale

Seven-Character Poem in Cursive Script by Fu Shan

Fine Chinese Paintings and Calligraphy

10,010,814

1,553,027

193

Hong Kong, China

Christie's Hong Kong

Guitare (Guitar) by Zao Wou-Ki

20th-Century and Contemporary Chinese Art

10,010,169

1,552,927

194

Hong Kong, China

Christie's Hong Kong

Le Dejeuner Sur L'Herbe (Luncheon on the Grass) by Yue Minjun

20th-Century and Contemporary Chinese Art 20th-Century and Contemporary Chinese Art 20th-Century and Contemporary Chinese Art

10,010,169

1,552,927

195

Hong Kong, China

Christie's Hong Kong

Untitled 10-6-1 by Zeng Fanzhi

10,009,911

1,552,887

196

Hong Kong, China

Sotheby's Hong Kong

Vu En Songe (Dream Scene) by Chu Teh-Chun

10,008,362

1,552,647

197

Hong Kong, China

Sotheby's Hong Kong

The Letter by Wang Yidong

20th-Century and Contemporary Chinese Art

10,008,362

1,552,647

Global Chinese Art Auction Market Report 2013

115

Notes

Global Chinese Art Auction Market Report 2013

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Notes Mainland China Data −− I n t h i s r e p o r t , a l l d a t a o n w o r k s s o l d i n m a i n l a n d China were collected by the China Association of Auctioneers (CAA) directly from auction houses. The data submission requests were sent out on April 24, 2014 to all mainland Chinese auction houses. Auction houses submitted their auction d a t a t h r o u g h C A A’s o n l i n e d a t a s u b m i s s i o n s y s t e m between May 5 and 15, 2014. CAA then verified a l l d a t a f a i r l y a n d o b j e c t i v e l y, o n t h e b a s i s o f t h o r o u g h n e s s a n d a c c u r a c y. −− D ata submission requests were sent to 382 mainland Chinese auction houses that were licensed to sell art and cultural relics in mainland China as of December 31, 2013. 309 auction houses submitted their auction data on time. The remaining 73 auction houses have been largely inactive in recent years. −− T he total value of commissions earned by mainland Chinese auction houses was reported as of May 15, 2014. Mainland Chinese prices listed in this r e p o r t r e f l e c t B u y e r ’s P r e m i u m . −− T here exist a number of auction houses that are not licensed to sell Chinese cultural relics, for this reason they have not been included in the report. A list of these houses may be found on the following page. −− T he categories of works sold in mainland China include: • C hinese Antiques and Artworks: porcelain, jade carving, fur niture, textiles, metalware, carvings, etc. • F ine Chinese Paintings and Calligraphy: classical, Modern, and Contemporary Chinese paintings in the traditional style • 2 0th-Century and Contemporary Chinese Art: 20th- and 21st-century oil paintings, sculpture, i n s t a l l a t i o n , p h o t o g r a p h y, e t c . • C hinese Books and Manuscripts: ancient books, manuscripts, calligraphy inscriptions, etc. • O t h e r : s t a m p s a n d c o i n s , j e w e l r y, j a d e i t e , watches, wine, tea, Contemporary artworks , etc.

Overseas Data −− I n t h i s r e p o r t , a l l d a t a o n w o r k s s o l d o v e r s e a s were compiled from the artnet Price Database Fine Art and Design and the Price Database Decorative Art. The Price Database includes over 8 million auction results, compiled from more than 1,600 international auction houses, dating back

Global Chinese Art Auction Market Report 2013

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to 1985. This report includes data from all 280 auction houses outside of mainland China that sold Chinese Art and Antiques in 2013. −− S a l e s o c c u r r i n g i n H o n g K o n g a n d Ta i w a n c a n b e found in the overseas section of this report. −− W orks listed as ‘withdrawn’ or ‘removed’ have been excluded from this report. −− L ots offered at auction with a low estimate, below US$500, are omitted from the overseas data included in this report. −− B a s e d o n C A A’s r e c o m m e n d a t i o n , a n u m b e r o f auction houses were not included in report due to questions about the validity of their data. Certain h i s t o r i c a l n u m b e r s w e r e a d j u s t e d a c c o r d i n g l y. −− The categories of works sold overseas include: • C hinese Antiques and Artworks: porcelain, jade carving, fur niture, textiles, metalware, carvings, etc. • F ine Chinese Paintings and Calligraphy: classical, Modern, and Contemporary Chinese paintings in the traditional style • 2 0th-Century and Contemporary Chinese Art: 20th- and 21st-century oil paintings, sculpture, i n s t a l l a t i o n , p h o t o g r a p h y, e t c . • C hinese Books and Manuscripts: ancient books, manuscripts, calligraphy inscriptions, etc. • Other; includes: 20th- and 21st-century design

Additional Notes −− F or overseas prices listed in this report, data have been reported to artnet in USD, with prices a d j u s t e d t o i n c l u d e B u y e r ’s P r e m i u m . Va l u e s representing data for artworks sold overseas were converted to RMB using the USD-adjusted rate according to average annual exchange rates. As such, all overseas values, in both USD and RMB, r e f l e c t B u y e r ’s P r e m i u m . −− F or prices originally provided by CAA and listed in RMB, RMB values have been converted to USD to m a i n t a i n d a t a c o n s i s t e n c y. −− T he average annual exchange rates used throughout this report are as follows: 1 USD/6.732 RMB in 2011, 1 USD/6.573 RMB in 2012, and 1 USD/6.446 RMB in 2013. −− All percentages used in this report have been provided to 1 decimal place. − − To a v o i d t h e i n f l a t i o n o f v a l u e s , n o r o u n d i n g h a s been performed. −− T his report is available in both English and Chinese.

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2013 List of Auction Houses Operating Non-Cultural Relic Sales in Mainland China

# 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Total

Region Beijing Beijing Beijing Beijing Beijing Beijing Shanghai Hebei Hebei Hebei Zhejiang Zhejiang Zhejiang Anhui Shangdong Shangdong Shangdong Shangdong Guangdong Guangdong Guangdong Sichuan

Auction House Beijing Shiji Fukai International Auction Co., Ltd. Beijing Bai Shang Ya Ji Auction Co., Ltd. Dongfang Yucang International Auction Co., Ltd. Beijing Zekang International Auction Co., Ltd. Beijing Ying Chong International Auction Co., Ltd. Sotheby’s (Beijing) Auction Co., Ltd. Christie's (Shanghai) Auction Co., Ltd. Da De Auction Co., Ltd. Hebei Yilida Auction Co., Ltd. Hebei Fucheng Auction Co., Ltd. Zhejiang Chenglong Auction Co., Ltd. Chengtai Auctions Co., Ltd. Wenzhou Auctioneer's Co., Ltd. Anhui Weicui Auction Co., Ltd. Shandong Hexin International Auction Tender Co., Ltd. Shandong Handa Auction Co., Ltd. Shandong Hande Auction Co., Ltd. Qingfao Xin Tiandi Auction Co., Ltd. Guang Dong Guang Sai Auction Co., Ltd. Guangdong Winsun Auctioneers Co., Ltd. Guangzhou Dongfang International Auction Co., Ltd. Sichuan Neijiang Shengdian Auction Co., Ltd.

Lots Offered 86 3,552 3,182 554 2,074 155 39 10 51 35 208 680 25 2,200 373 2,798 8,601 712 64 1,779 5,726 162 33,066

Lots Sold 14 170 201 80 133 124 40 6 51 30 38 442 15 500 146 1,504 4,140 189 64 106 1,243 86 9,322

Sell-Through Rate (%) 16.28 4.79 6.32 14.44 6.41 80 98 60 100 85.71 18.27 65 60 22.73 39.14 53.75 48.13 26.54 100 5.96 21.71 53.09 28.19%

Price Realized (RMB, Hammer) 24,000 1,554,200 2,381,000 30,100 346,400 205,681,000 127,770,000 58,800 676,000 7,000 1,287,300 2,520,000 90,000 739,100 356,000 50,009,100 119,750,000 3,019,500 138,400 218,000 1,107,100 220,600 ¥517,983,600

Price Realized (USD, Hammer) 3,723 241,111 369,376 4,670 53,739 31,908,315 19,821,595 9,122 104,871 1,086 199,705 390,940 13,962 114,660 55,228 7,758,160 18,577,412 468,430 21,471 33,819 171,750 34,223 $80,357,369

Global Chinese Art Auction Market Report 2013

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Contact

Global Chinese Art Auction Market Report 2013

120

233 Broadway 2 6 t h F l o o r, N e w Yo r k , N Y 1 0 2 7 9 T: + 1 2 1 2 - 4 9 7 - 9 7 0 0 F: +1 212-497-9707 w w w. a r t n e t . c o m

8 / F, 2 5 Yu e t a n N o r t h S t r e e t Beijing, China 100834 T: + 8 6 1 0 6 8 3 9 1 1 3 7 F: +86 10 6839 1141 w w w. c a a 1 2 3 . o r g . c n intserv@caa123.org.cn

For Inquiries about the Report: J o n a t h a n Ye e Art Market Analyst T: + 1 - 2 1 2 - 4 9 7 - 9 7 0 0 e x t . 1 7 6 jyee@artnet.com

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