Art Market Reports Struggle to Define the 'Chinese Art Market' Amid Data Ambiguities
The definition of the 'Chinese art market' remains ambiguous due to varying methodologies. According to the Art Basel & UBS Art Market Report (2017) and the Artnet Intelligence Report (2018), data from mainland China, Hong Kong, and Taiwan is combined, revealing that in 2021, mainland China represented 71% of sales by value, Hong Kong 28%, and Taiwan 1%. The ArtPrice Contemporary Art Market Report highlighted that in 2020/21, China contributed to 40% of contemporary art auction turnover, focusing solely on Hong Kong. Different categorizations exist, with Artnet’s Global Chinese Art Auction Market Report classifying art into distinct categories, while Art Basel employs birth-year ranges. Current issues include lockdowns impacting artists in China, potentially leading to increased market fragmentation.
Key facts
- Art-market reports often ambiguously define the 'Chinese art market' geographically and categorically.
- The Art Basel & UBS Art Market Report started in 2017 and is the most authoritative study.
- Artnet's Global Chinese Art Auction Market Report was co-published with the China Association of Auctioneers until 2020.
- In 2021, mainland China dominated Greater China sales with 71% by value, Hong Kong 28%, and Taiwan 1%.
- Artnet's reports exclude Chinese artists from 'Impressionist' and 'Modern and Postwar' categories.
- Art Basel categorizes Chinese artworks using birth-year ranges, such as 'Old Masters' for artists born 1250-1821.
- The ArtPrice Contemporary Art Market Report cited China for 40% of contemporary art auction turnover in 2020/21 but discussed only Hong Kong.
- Sotheby's International Chairman Patti Wong refuted stereotypes about Asian collectors relying on data.
Entities
Artists
- Patti Wong
Institutions
- Artnet
- Art Basel
- UBS
- China Association of Auctioneers
- Deloitte
- ArtTactic
- ArtPrice
- Sotheby's
Locations
- China
- Mainland China
- Hong Kong
- Taiwan
- US
- UK