From the New York Times (link):
Everything, everything must change, says the Tao. Consider the course of contemporary Chinese art. Two decades ago it barely existed, at least as far as we knew. By the 1990’s, it was a crouching tiger on the international scene, powerful but held back. Now the tiger has taken a giant leap upward, in value and visibility, thanks to two wildly successful Sotheby’s auctions in the last few weeks, in New York and Hong Kong.
The results: much talk of money, New China, new stars. Yet one major figure, Huang Yong Ping, among China’s most influential avant-garde artists, was all but absent from the sales. A former star in descent? Hardly, judging by “House of Oracles: A Huang Yong Ping Retrospective,” the dynamite midcareer survey at the Massachusetts Museum of Contemporary Art here. But he is a star of elusive luminosity.
See also Wikipedia’s “Chinese art” and “contemporary Chinese art”