Report Shows 16.9 Percent Growth Among Experts#
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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.
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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).