ArtTactic’s Chinese Contemporary Art Market Confidence Survey Shows Continued Strong Recovery
This week, ArtTactic released its newest Chinese contemporary art market confidence survey, which — as expected, considering the success of this spring’s auctions in Hong Kong and mainland China — shows a 27% positive increase in confidence over December 2009, with a majority of respondents believing either that the Chinese contemporary art market has rebounded or will do so within one year.
Over the past 18 months, the emergence of the mainland Chinese auction house as a strong regional force and the growing clout of new Chinese collectors has injected a serious dose of optimism into the market, and led ArtTactic to conclude that the current trend sets out the possibility that Chinese contemporary art volume in 2010 might even come close to pre-crisis historical levels…
Jing Daily Conclusions
Looking at the upward trajectory in prices for top contemporary artists and taking the fact that prices are headed towards — but are not yet at — historical levels indicates that it’s still a good time to buy blue-chip Chinese contemporary artists, particularly those whose buyers overlap between domestic Chinese and international collectors. As works by these artists, especially Liu Ye, Zeng Fanzhi, Cai Guo-Qiang, Ai Weiwei and Yue Minjun, are increasingly snapped up by mainland Chinese collectors and sold by mainland Chinese auction houses, they’re likely to only get more expensive and harder to find in coming years.