With the autumn auctions of major auction houses falling one after another, more and more positive news, this year's art trading market finally saw a glimmer of light at the end of the year.
After experiencing the downturn in the market in 2020, this year's art trading market has slowly picked up, the market activity has gradually recovered, and at the same time, the relevant policies continue to bring good news, which also makes the prospects of the art trading market high hopes.
Autumn auction set a new record The market is warming up
The art market in 2020 underwent a "drastic adjustment".
An outbreak has disrupted everyone's pace. "Social distancing" has led to the almost suspension of art galleries, galleries and museums, the spring and autumn auctions of major auction houses have been postponed to varying degrees, and some auction houses have even suspended or reduced the number of auctions, making it more difficult to collect works of art, and the focus of collection can only be placed in China.
Not long ago, the China Auction Association released the "2020 China Cultural Relics and Artworks Auction Market Statistical Annual Report", showing that in 2020, due to the impact of the new crown pneumonia epidemic, the number of enterprises carrying out special auction activities for cultural relics and artworks nationwide dropped to 202, but the turnover increased by 15.22% over the previous year to 26.406 billion yuan (excluding buyer's commission).
In contrast, the art market in 2021 is much more lively, and new records are constantly being recorded at the end of the year and autumn auctions. Sotheby's announced sales totaling $7.3 billion in 2021, the highest since the auction house was founded in 1744. That amount is also up 68 percent from total sales of $5 billion in 2020. Beijing Poly 2021 autumn auction, the total turnover of 3.35 billion yuan successfully concluded, a total of 100 million yuan lots, 66 tens of millions of lots, Fu Baoshi's female painting peak work "For Luo Shihui to make a willow shade female figure" sold for 97.75 million yuan, Li Keyan 'Sunrise Oriental" auctioned for 40.25 million yuan transaction price. The total turnover of China Guardian's 2021 autumn auction reached 2.893 billion yuan, of which 3 lots had a turnover of more than 100 million yuan, 36 lots exceeded 10 million yuan, and 6 special auctions won white gloves, creating 15 lot transaction records. Yongle 2021 autumn auction, the famous painter Baltis "Cat IN the Mirror III. " sold for 166.75 million yuan on the evening of the 3rd, not only refreshing the global auction record of Baltis's works, but also setting a record for the most expensive Western artworks auctioned Chinese mainland.
These achievements are also sending a signal that the Chinese art market is picking up.
Policy injects a shot in the arm into the market
On December 16, the six ministries and commissions of the state issued the Opinions on Strengthening the Management of Cultural Relics in Private Collections and Promoting the Orderly Development of the Cultural Relics Market.
The "Opinions" pointed out: Simplify the examination and approval procedures for the auction targets of cultural relics such as calligraphy and paintings, ancient books, inscriptions, furniture, ethnic and folk cultural relics, etc., with heirlooms as the main body. Support qualified cultural relics auction enterprises to "go global" and create Chinese cultural relics auction brands with international recognition and influence.
【Jiuding Boutique Appreciation】Huang Binhong-Qixia Panorama
Previously, the State Council approved that from 2022, China will implement a provisional import tax rate lower than the MFN tax rate for 954 commodities. Among them, in order to meet the needs of cultural consumption, zero tariffs will be implemented on oil paintings and other works of art that have been over 100 years old. This will be a major benefit for art collection, and will play a role in promoting the entry of Western ancient art into the Chinese art market and supplementing the domestic art sharps.
Recently, the Shanghai Municipal Bureau of Cultural Relics, the Cultural Relics Bureau of Jiangsu Province, the Cultural Relics Bureau of Zhejiang Province and the Cultural Relics Bureau of Anhui Province officially signed the "Framework Agreement on The Development Strategy of the Integration and Standardization of the Cultural Relics Market in the Yangtze River Delta", jointly establishing the country's first regional cultural relics market integration cooperation system, which will promote the establishment of the "Yangtze River Delta Cultural Relics Transaction Integration and Standardization Development Alliance", comprehensively promote coordinated development in the form of "joint meetings" every year, and at the same time explore the construction of a statistical indicator system that reflects regional characteristics and establish an information exchange mechanism for the cultural relics market in the Yangtze River Delta. Publish the development trend of cultural relics trading, market operation information, major event information, market blacklist, etc
The state's support for the art market is undoubtedly an injection of tonic for China's art market.
NFT network shooting has become the new normal
New generations and Asian powers are on the rise
One of the events that the art market in 2021 can never ignore – on March 11, artist Beeple's 5,000-image NFT artwork "Every Day: 5,000 Days" was finally sold at Christie's auction house for $69 million. NFTs have injected new vitality into the traditional art evaluation, collection and consumption system. Whether it is the art circle or the technology circle, they are discussing how far is the art NFT from the next outlet?
This year online auctions became the new normal and continued to receive attention.
Nearly half of Christie's auctions are online, and judging from the results of the autumn auction, the total amount of online transactions has increased by 4 times compared with the autumn of 2019.
Sotheby's data shows that there are more than 200,000 online bids, accounting for 92% of the total number of bids, and more than 16.6 million people watch live auctions.
In the 2021 autumn auction of China Guardian, the number of online customer participants and the number of transactions hit a record high. Online customers increased by more than 40% compared with the previous quarter, the number of newly registered online customers reached 36%, and the total number of transactions was nearly five times purchased through online channels.
Through the network, buyers can participate in auctions on a global scale, no longer limited to auction locations and auction venues, and compete with each bidder with a large number of buyers from all over the world.
Perhaps because of the normalization of online photography, a new generation of collectors will become a group that no one can ignore in 2021. According to the data, 44% of Sotheby's participation in the bid is new customers, while 35% of buyers in Christie's auction are participating for the first time. Interestingly, these new generation of young collectors are more interested in their research and collection.
The term "Asian buyer" is constantly being mentioned by international auction giants. It was Asian collector Sun Yuchen who bought Giacometti's Nose for $78.4 million this year. And Sotheby's data shows that about a third of the bidding amount comes from Asian collectors.
Asian collectors have become the new dominant force in the art market.
Is spring in the art market coming?
The art market in 2021 is undoubtedly bustling.
The market hotspot effect continues, market confidence returns, and market activity continues to break the ice. "I feel that spring in the Chinese art market is coming back." Some people in the industry are looking forward to the market situation in 2022.
In addition, art mortgages, art e-commerce, art funds, art banks, art real estate industries, art hotels, art malls, art education markets, art star super IP, art cultural and creative derivatives, art towns, shared art and other models are also waiting to erupt.
The total signs show that the future art market will usher in a new round of opportunities, under the grafting of capital, different resources and art are very likely to match another art market dimension.