Auction houses place bets on Chinese buyers picking up Impressionist and modern art in 2016
Christie’s and Sotheby’s confident about market, predicting mainland collectors will shift tastes from Asian art to Western trophy pieces
Economists have warned that the art market bubble will burst this year, but players remain confident, placing their bets on Asian art lovers – in particular those from China – buying up more Western trophy pieces.
Critics say parts of the art market, especially post-war and contemporary art, is in “bubble territory”. But auctioneers are holding on to the belief that Impressionist and modern artworks are still worth investing in despite the grim economic outlook.
The Guardian reported this month that a study by economics professors at the University of Luxembourg pointed out that the global art market was “overheating” and was likely to see “severe correction” in post-war and contemporary artworks.
The report said conditions today were reminiscent of the 1990 bubble but that the market was still inflating like a “mania phase of its formation”.
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According to Artprice’s Global Art Market Report, 2015 was a steady year despite the looming economic and financial crisis. The western art auction turnover remained at its 2014 level of more than US$11.2 billion – more than double 2005’s US$4.6 billion.
The China market, on the other hand, saw a slowdown, with last year’s annual art auction total close to 2010’s US$3.7 billion.