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 South China Morning Post 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.