Confidence In Contemporary Chinese Art On The Rise

Report Shows 16.9 Percent Growth Among Experts

Blue-chip: Zeng Fanzhi's Mask Series (Yellow), 1998, fetched HK$ 4.84 million at the recent Sotheby's Hong Kong sale (with an original estimate of HK$ 3 to 6 million). As a top-ranked artist, Zeng's work reliably racks up hammer prices in the millions.

Blue-chip: Zeng Fanzhi’s Mask Series (Yellow), 1998, fetched HK$ 4.84 million at the recent Sotheby’s Hong Kong sale (with an original estimate of HK$ 3 to 6 million). As a top-ranked artist, Zeng’s work reliably racks up hammer prices in the millions.

A confidence survey report recently published by ArtTactic reveals that that the confidence indicator for Chinese contemporary art has increased by 16.9 percent in April 2013, showing that it remains a growing asset for security among art collectors.

The April 2013 report states that the confidence indicator has increased to 57 percent up from 49, reversing a previous negative trend that began in spring 2011.

The increased confidence in the market may be spurred by a rise in competition and scarcity of work — especially in competition, with Chinese auction houses Guardian and Beijing Poly now in the market. In addition, the continued strong presence of Chinese collectors will likely contribute to these factors.

Personal best: Jia Aili's 2006 triptych, February Talk-Past (Bed) earned the highest price to date for the emerging artist at Sotheby's March 2013 Hong Kong auction. Hammer price including buyer's premium hit a soaring HK$ 5,800,000 (doubling the original estimate of HK$ 2.8 to 3.5 million).

Personal best: Jia Aili’s 2006 triptych, February Talk-Past (Bed) earned the highest price to date for the emerging artist at Sotheby’s March 2013 Hong Kong auction. Hammer price including buyer’s premium hit a soaring HK$ 5,800,000 (doubling the original estimate of HK$ 2.8 to 3.5 million).

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Art & Auction, Culture