A new class of art aficionados in China has made a strong impression on the international auction circuit, according to a newly released report by Christie’s, the world’s largest fine arts auctioning business.
According to the report, in the first six months of 2014, Christie’s experienced a record half year, with art sales of around US$4.5 billion (HK$35 billion), a 12 per cent increase from the previous year.
Christie’s sales at its Asian auction houses declined by eight per cent, but sales to clients based in Asia rose to encompass 28 per cent of the company’s total half year profit.
Buyers from Greater China accounted for 24 per cent of this amount - indicating that many were not necessarily making their purchases at local auction houses, but rather at international ones in Europe and the US.
In particular, Christie’s New York branch received heavy traffic, with an estimated 31 per cent of all new buyers making their purchases there.
“Asia is playing a significant role for Christie's role globally,” said Christie’s global CEO Steven Murphy. “We have seen steady continued growth with 20 per cent of all new clients this year from Asia and an increased spend by mainland Chinese clients in our sales globally up 46 per cent [from] the same period last year.”
Many of these Chinese clients were not limiting their purchases to Asian-themed art, Murphy added.
“Asian clients are buying in global categories, from Impressionist & Modern, Luxury, Post-War & Contemporary to Old Master…as well as within the Asian art category.”
In October of this year, Christie’s will expand its China presence further by opening a branch at the Ampire Building near the Bund, a waterfront area in Shanghai.
The company currently has branches in Beijing and Hong Kong, and hosts close to 450 annual auctions in all categories of fine art, with prices generally ranging from US$200 (HK$1,550) to over US$100 million (HK$775 million).
On May 7, multinational auction company Sotheby's also announced their recent profit results for the first quarter of 2014.
The group's total revenue increased 31 per cent to about US$123.1 million (HK$954 million), and profits also benefited from business in Greater China.
Sotheby's sales in Hong Kong totaled US$438 million (HK$3 billion), roughly a 47 per cent increase on the prior year, and in the first six months of the year, Sotheby's sold three works of art for more than HK$100 million.
Sales were particularly boosted by the roughly 500-year-old Meiyintang Chenghua "Chicken Cup", which sold in April for US$36 million (HK$279 million) - setting a world record for the auction of Chinese porcelain.