In 2021, as the global art auction market gradually recovered and adjusted from the pandemic, the market for Chinese art and antiques also showed signs of a rebound, generating $7.4 billion in sales globally, an increase of 30% year over year. Mainland China's sales reached $5.9 billion, a 36% increase year over year, which also impressively accounted for 79% of the global total sales value. At the same time, overseas sales of Chinese art and antiques achieved a 13% increase in 2021, reaching a total of $1.5 billion in sales.

At its peak, total auction sales of Chinese art and antiques accounted for 50% of the global art auction sales. However, influenced by the slowdown in China’s economic growth and the shifting geopolitical landscape, this market share has declined to 31% in 2021.

In a continued effort to present the most accurate representation of the auction market for Chinese art, Artnet and the China Association of Auctioneers (CAA) have once again partnered to produce a definitive study of the market, which only these two trusted organizations can provide.

The Global Chinese Art Auction Market Report is the only report of its kind to publish data from mainland China that has been vetted by a third-party organization, with insider knowledge on the state of the market and comprehensive auction results for Chinese art sold around the world.

By providing in-depth analysis of reliable market data, coupled with a macro-level view of the global art auction industry, the report aims to foster a deeper understanding of this complex market, which continues to be one of the most important developments in modern art auction history.

Key Findings

Global Total Sales Value of Chinese Art

– In 2021, as the global art auction market gradually recovered and adjusted from the pandemic, the market for Chinese art and antiques also showed signs of a rebound, generating $7.4 billion in sales globally, an increase of 30% year over year. Mainland China's sales reached $5.9 billion, a 36% increase year over year, which also impressively accounted for 79% of the global total sales value in this market. At the same time, overseas sales of Chinese art and antiques achieved a 13% increase in 2021, reaching a total of $1.5 billion in sales.

– Overseas, Europe’s performance remains outstanding. Not only did total sales value increase by 48% year over year, but the market share of sold lots also accounted for 44% of total overseas sales of Chinese art and antiques with an active status. In contrast, the two most important markets for Chinese art and antiques overseas, Asia (excluding mainland China) and North America continued to slow down in market share, with North America's share slipping to 27%.

– Asia (excluding mainland China) gained only 4% growth year over year in total sales value. Although the market share accounted for 70% of total sales value, the average sold price decreased by 15%. This is possibly the result of a consistently low number of lots offered since 2020, and the Hong Kong auction market’s further stress on Western Modern and Contemporary Art.

– In 2021, the total sales value for Chinese Antiques and Artworks generated $1.7 billion in mainland China, a significant growth of 72% year over year. Market share grew to 30% of total sales value, marking a 10-year high for this category. For the first time since 2010, Chinese Antiques and Artworks has the highest share of lots with 31%, slightly out-selling Fine Chinese Paintings and Calligraphy. Overseas, the market for the category saw an overall total sales value growth of 41%, representing the main driving force behind the increase in sales value of Chinese art sales overseas.

– The Fine Chinese Painting and Calligraphy category, which has been contracting over the past few years, has seen a small rebound in the number of lots offered and sold in mainland China, with a year-over-year increase of 12% in total sales value. However, the average sold prices for this category decreased by 9% in 2021, due to the substantial increase in the number of lots sold in the low price band. Among all collecting categories in mainland China, it was the only sector that had the average sold price fall, showing a continuing status of adjustment.

– 20th-Century and Contemporary Chinese art continued to show a promising performance in mainland China. The number of lots sold for this category increased by 43% year over year in 2021. Coinciding with these numbers, total sales value increased by 62% with a 10-year high of $701 million. This category, however, struggled overseas with total sales values dropping by 18% year over year. As fewer lots for this category sold in the high-priced bracket, the average price unsurprisingly dropped by 24%.

– On the long ongoing payment default issue in mainland China, as of May 15, 2022, the percentage of total sales value paid for lots sold in 2021 in mainland China dropped to 46%, hitting the lowest rate in 11 years. For the number of high-priced lots sold, the completed payment percentage also stayed at an unpromising 37%.

– In 2021, the total number of auction houses in mainland China reached 680, the highest ever. However, due to the repeated impact of Covid-19 as well as the macroeconomic downturn, only 202 active auction houses remained, 42% of which are based in Beijing, the center of China’s auction scene. Overseas, active houses that offered Chinese Art and Antiques auctions also dropped from 372 to 355.

Contact

Artnet

Ning Lu
Vice President, Operations
Artnet Worldwide Corporation
+1-212-497-9700 ext. 164
[email protected]
CAA

Yu Jinsheng
Secretary General, Art Auction Committee
China Association of Auctioneers
+86 10 64931466
[email protected]