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Shanghai art market warms up

11-30-2011 11:05 BJT

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Previously we reported on the sky-rocketing art market in China. However, the rocket now seems to be loosing altitude after reaching too high.

The much anticipated Beijing autumn auction season was as chilly as the weather with many high-priced artworks being left unsold. But the trend in the capital doesn't seem to apply to Shanghai, as its market has started to warm up.

Earlier this year, China's spring auction market experienced rapid growth of over 100 percent and reached 6.5 billion US dollars in total. But following global trends, the boom lost momentum. Beijing's Guardian autumn auction that ended last week took in a disappointing 600 million dollars, down 30 percent from the Spring, with 4 out of 10 items remaining unsold.

Xiao Ping, painter, said, "Guardian targets high-level customers. So their works are often of a high price. But when the market dips, many are shunned on the auction block."

Compared to the chilly north, the southern market is feeling a warm breeze.

Tang Zheming, assoc. professor of Art School of Shanghai Univ., said, "Capital in the art market comes mainly from business men in the mining industry. Works of northern masters like Qi Baishi's and Dong Shouping enjoyed an upswing in price. But works of southern artists did not. Now the market is going through an adjustment. Southern works, with their relatively reasonable prices, are a safer choice."

To make investment safer, buyers are more interested in artworks that can be had for under a million US dollars. Paintings of Fu Baoshi, Wu Changshuo, Zhang Daqian are among the favorites.

 

Editor:Liu Fang |Source: CNTV.CN

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