The art of the comeback: Chinese art market on the rebound with robust auction sales
More mainland Chinese bidders are willing to spend big on rare imperial porcelain
Imperial artefacts proved highly sought after among mainland Chinese bidders at a Bonhams auction in Hong Kong, with the auction house posting strong revenues that signalled the rebounding health of the art market after last year’s anti-corruption drive.
With 80 per cent of lots sold and a total of HK$51 million in sales, the auction house attributed the “highly successful” result to the robustness of the Chinese art market, particularly for rare imperial porcelain. The majority of buyers from the mainland had “pushed the boundaries in terms of price”, it said.
“Almost 60 per cent of buyers were from mainland China while nearly 30 per cent were from Hong Kong and Taiwan,” Xibo Wang, head of Bonham’s Chinese Ceramics and works of art, said. Rare 18th century doucai waterpots were the hottest-selling items, fetching HK$12 million against an estimate of HK$10 million to HK$15 million.
Auction houses across Hong Kong reported significant growth from last season, with Christie’s sales up by 10.4 per cent to HK$807 million from HK$730.7 million last autumn. Poly Auction Hong Kong’s 2016 Spring Auction raised HK$1.28 billion - up 16.4 per cent from last year’s HK$1.1 billion.
Sotheby’s Chinese artwork sales till June 2016 this season notched HK$1.02 billion, up from HK$866.8 last year.
Paragon international, which specialises in Chinese antiques, echoed sentiments that the market for imperial porcelain was positive, adding that its ratio of mainland to Hong Kong buyers was similar to that of Bonhams.
Art market economist Clare McAndrews said that the positive outlook suggested the Chinese art market, which declined significantly last year, was starting to get back on its feet.
“A 10 per cent rise from the very bottom doesn’t necessarily mean the market’s great but [rather that] it didn’t keep on going lower,” McAndrews said.
According to her, last year’s anti-graft campaign - initiated by President Xi Jinping on China’s luxury goods sectors - had turned many well-heeled mainlanders against showy art purchases, and had damaged the reputation of the market.
She added that many mainland Chinese were still able to invest in art despite the economic downturn, but a shortage of art work meant collectors had been waiting for more quality pieces to emerge.
Art is seen as a durable investment in times of financial turmoil, with Chinese collectors typically preferring antiques over contemporary fine art.
According to the Netherlands-based European Fine Art Foundation, more sellers of decorative arts and antiques are offering their finest pieces to Hong Kong rather than New York or London.
