Sales of painting and calligraphy at auction were down by half in 2018, according to one estimate. Photo: Xinhua
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https://scmp.com/news/china/politics/article/3001581/trade-war-united-states-takes-air-out-chinese-art-market-bubble Politics
Trade war with the United States takes air out of Chinese art market bubble in the short term, say artists
- But fleeing speculators could leave room for other buyers to collect at affordable prices, insiders say
The trade war took its toll on the Chinese art market last year, insiders say. Photo: Ink Asia
China’s slowing growth and its trade war with the United States have taken the air out of its bubbling art market but the slowdown would be beneficial in the long run, according to an artist in Beijing for the annual gathering of the country’s top advisory body.
On Wednesday on the sidelines of the Chinese People’s Political Consultative Conference, painter and CPPCC member Chen Xiao said that economic uncertainty had affected buyers’ sentiment but had also taken many speculators out of the market.
He said that at the market’s peak, a contemporary work could fetch as much as 50 million yuan (US$7.45 million) in China.
“The art market bubbles have burst and more collectors have taken a wait-and-see attitude [on buying],” said Chen, who is based in the coastal province of Zhejiang.
“When the market was at its height, many artists went crazy dreaming of making a lot of money.
“Now the prices have gone down and this is good because more people can afford to buy.”
Liu Lang, a Beijing-based painter, agreed that the slowing economy and the trade war were partly to blame for a more subdued art market.
“The economy has slowed and this has dampened the market. Collectors are now more cautious in what they buy,” Liu said.
“If the trade war continues, the art market will definitely get worse.”
Chinese art website Artron estimated that sales of contemporary artworks and antiques at auctions in China fell by 12.4 per cent to 56.32 billion yuan in 2018, with sales of painting and calligraphy down by almost half.
While the boom propelled many little-known Chinese artists into the limelight, one up-and-coming artist said the downturn could be a break for some of those still waiting to make their name.
“There are fewer buyers who are interested in the famous artists because of the high prices, so younger artists have more opportunities now,” said Ye Haiyan, who is based in Songzhuang, an artist village on the outskirts of Beijing.
But Wang Feiyue, director of the Yue Art Gallery in Beijing’s 798 Art District, said the art market in China had not matured and was vulnerable to manipulation by speculators.
“Art is not a commodity – it doesn’t follow the rules of the economy,” Wang said.