Art and antique auctions
China is home to some of the world's leading auction houses and is the second-largest art auction market globally. In 2021, Chinese auction houses auctioned 34.18-billion-yuan worth of art and antiques, reflecting a positive trend in the sector. At the same time, the number of online art auctions and hybrid auctions with both hall auctions and online live-streaming functions has increased consistently.Some auction firms also launched new media platforms to expand their reach to a more diverse range of audiences. However, the share of online auctions in the sector's total turnover remains low, with more reputable hall auctions still dominating the sales of high-value items. In addition, China's art auction sector has been chronically affected by non-payments of lots. In 2021, nearly 54 percent of lot values realized were not paid for after the sale.
Chinese artworks and antiques in the global market
Chinese works of art and antiques certainly dominate the country's domestic market. Nevertheless, Chinese artworks are also one of the main categories in the global art market, with a significant number of pieces sold annually in Hong Kong, Japan, Europe, and the United States.Since many of these works are purchased by Chinese collectors during the sale, trade figures of Chinese works of art beyond China's borders are also often regarded as an important indicator of the country's art market. Paintings and calligraphy, particularly modern art and oil paintings by leading Chinese artists, are especially desirable at international auctions. In 2021, the average lot price of Chinese modern art and oil paintings sold at auctions outside mainland China exceeded 182,900 U.S. dollars.
