Sotheby’s Hong Kong autumn sales saw a 37% decline from the same period last year as the Chinese economy slows. 27% of lots in the Contemporary sale went unsold. China accounted for almost 44% of global auction revenue last year, as both Christie’s and Sotheby’s have heated up the market in Hong Kong. Sotheby’s recently announced that it was given the green light to open on the mainland in partnership with a Chinese auction house. Bejing had higher total revenue than London or New York for art and collectibles last year with sales volume of 6.4 billion euros ($8.30 billion).
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Forbes reports on how China may be leading the media to believe its art market is more successful than it may actually be. In the past few years, demand for Chinese contemporary art has remained mostly domestic, and many of works sold at auction in Hong Kong and Beijing remain unpaid-for. Though China has been said to hold the number one spot in terms of ranking of art sales globally, the news tests the accuracy and truth of these rankings.

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The Economist: Asia accounts for quarter of global auction revenue, “lion’s share is made up of art,” painting is most desirable medium [AO Newslink]

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