China’s recent auction results may indicate a maturing market, despite lower sales revenue than in 2011. A slowing economy is believed to be responsible for a decrease in sales, but demand is up for quality work by major 20th century Chinese artists. Christie’s sales totaled HK$783 million (USD$101.6 million), or 78% of lots sold, including art and wine. Poly Auction, the third-largest auction firm in the world, saw revenue of HK$518 million last week, with 64% of lots sold.Read the article via Bloomberg
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China’s auction market shows interest in major 20th century works; revenue down from 2011
