China is experiencing growth in investors due to the expansion of Chinese works of art. It is expanding due to some antiques that are fetching millions of pounds at the fall of an auctioneer’s gravel. In the last few years, large number of collectors from the Chinese mainland have closed their work of art from Western auction houses such as imperial porcelain, bronzes, and paintings. British auctioneers say that buyers are coming primarily from Hong Kong and Taiwan. There is a rapid development of mainland auction houses such as China Guardian Auctions and Ploy Auction House. The market is developing in the world as the second-largest economy.
Why the Chinese Art Market is Strong?
This is not the first time the Chinese art market is strong. It has remained robust and sustained since a long time. New collectors from the mainland are booming the country’s economy and increasing the growth of millionaires. The new mainland collectors are finding Chinese antiques as trusted investment.
Kate Hunt is the specialist head of sale for Chinese Art and Ceramics. He said that the main growth in the market has been there due to mainland Chinese buyers since 2000. The market witnessed a peak in 2012 and there was a tightening of liquidity in China. The market keeps correcting itself and buyers are becoming a little bit more selective about their investment.
What Others are Saying?
Everybody has different views about the Chinese art market. The auction house Sotheby said that the prices in almost every area of art and antiques in China have to rise since 2004 which was the time the new buyers were coming from the Chinese mainland to the market. Henry Howard- Sneyd is chairman of Sotheby’s. He said that each area of the Chinese are coming up in value and there is almost no area left where growth has not been seen.
Buyers are Spending More
Dealers and collectors gather twice a year in London for Asian art sales. There are three major auction houses for that, Christie’s, Sotheby’s and Bonhams. Paddles raised as bids are made and items are sold to buyers through the internet or phone. Buyers spend hundreds of millions in the auctions. Some of the buyers are China’s richest persons who cover the land’s major items.