China dominates the art auctions

2011 was a record year for the global market auctions of art objects. The total product sales amounted $ 11.5 billion in 2011, the first year that the 10 billion is reached.

This growth was driven very dramatically by China, which represents 41.5% of the world with total proceeds of $4.8 billion, up 38%. This is slightly less than double of U.S. sales, and nearly ten times the size of the French market.

Thierry Ehrmann, founder of Artprice.com, believes that next year Asia will represent 54% of the market against 43% of last year, mainly due to sales in Beijing, Shanghai and Hong Kong. We are also seeing the emergence of new places like Singapore and even Indonesia. It should be noted that the highest bid of the year, $ 57.2 million, equivalent to Eagle Standing on Pine Tree, a painting of the Chinese Qi Baishi.

Nearly half of the 1688 auctions of over a million dollars were conducted in Chinese sales. Ehrmann ensures that banks are buying art for investment. He even believes that beyond 150,000 euros, “the buyer is assured of an annual increase of 12 to 15% of its investment in the coming years.”