Auction houses hope touch of modernism can lure back Chinese art lovers
Dealers hope that Impressionist and modern pieces can revive sales in China
Auction houses want high-end Chinese collectors to further open their minds - and wallets - to a broader range of Western and Asian art as they try to boost sluggish sales spooked by the anti-corruption drive.
A two-year growth spurt beginning in 2011 led China to overtake the United States to become the world's biggest market for art sales with a 30 per cent share, according to an annual report issued by the European Fine Art Fair. However, it has slipped back to second place with a 22 per cent market share.
Looking ahead, China Guardian, the world's fourth-largest auction house, specialising in Chinese art and antiquities, plans to offer Western masterpieces including Impressionist and modern artworks in the coming years.
Hu Yanyan, president of China Guardian Auctions and China Guardian (HK) Auctions, told the the move would help meet Chinese collectors' growing appetite for such art. "Selling Impressionist and modern art will be great business for us, as the artworks are traditionally very highly priced," she said.
Poly Auction, the third-largest player and a subsidiary of the state-run Poly Culture Group, plans to diversify its Asian art sales to attract international clients through its Hong Kong platform after its recent Chinese and Asian modern and contemporary art spring sale generated a record HK$259 million in sales, with 80.5 per cent of the pieces sold.
Christie's and Sotheby's have recently brought more big-name artworks to exhibit in Hong Kong and mainland cities ahead of the New York auctions in May.
The London-based auction house Bonhams planned to show Western art in Hong Kong and Beijing next year, said India Phillips, head of Impressionist and modern art at Bonhams. "We hope to bring not just Impressionist and modern artworks, but also surrealist art," she said.
China Guardian's turnover from the mainland was US$1.5 billion in 2013, but plunged to US$800 million last year.
Auction houses also reported flagging sales at this month's spring auctions in Hong Kong.
Sotheby's raked in HK$2.69 billion - down 20 per cent compared with last year's HK$3.42 billion.
China Guardian (HK) reported a 26 per cent drop in spring sales, to HK$253 million, while Poly Auction Hong Kong reported a total of HK$1.1 billion - the same as last spring's level.
