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Chinese Collectors' Growing Love for International Art: 2022 Market Trends

Discover how Chinese collectors are shifting towards international art, driven by global events and market dynamics, with a focus on 2022 trends in oil paintings and contemporary art.

In 2022, the Chinese art market experienced a remarkable shift, with a growing focus on international artists, particularly in the oil paintings and contemporary art sectors. This trend reflects Chinese collectors' increasing interest in global asset allocation, influenced by significant economic events and geopolitical developments.

Key Trends and Influences

The "Top 10 Transaction Prices for Oil Paintings and Contemporary Art" list for 2022 highlighted this shift, featuring international artists in seven out of the ten top spots. Notably, four of the top five billion-yuan artworks were by international artists. This marks a clear move towards global asset distribution among Chinese collectors.

Two major events played pivotal roles in this shift:

  1. US Federal Reserve's Interest Rate Hikes: These hikes led to higher yields on US Treasury bonds and a stronger dollar, making dollar-linked assets more attractive. Consequently, Chinese collectors showed increased interest in Western classic artworks, viewed as "international hard currency."
  2. Russia-Ukraine Conflict: This conflict caused a rapid shift in market risk preferences, with substantial short-term capital flowing out of the stock market into safe-haven assets like gold and art.

Artists in the Spotlight

Artists like Picasso, Basquiat, Yoshitomo Nara, and Gerhard Richter continue to captivate Chinese collectors, consistently fetching high prices at auctions. Their works are highly favored, reflecting the growing appreciation for international art.

Top 10 Transaction Prices for 2022

  1. Zao Wou-Ki, 29.09.64 (1964) - RMB 237,222,000 at Christie's
  2. Gerhard Richter, Abstract Painting (1990) - RMB 173,261,000 at Sotheby's
  3. Pablo Picasso, Buste d’homme dans uncadre (1969) - RMB 142,717,000 at Christie's
  4. Pablo Picasso, Dora Maar (1939) - RMB 138,206,000 at Sotheby's
  5. Louise Bourgeois, Spider IV (1997) - RMB 105,400,000 at Sotheby's
  6. Jean-Michel Basquiat, Il Duce (1982) - RMB 94,160,000 at Christie's
  7. Xu Beihong, 东方之美-徐悲鸿绘观世音像 (1927-1928) - RMB 92,000,000 at Hua Yi International (Beijing)
  8. Yoshitomo Nara, Oddly Cozy (2013) - RMB 91,341,000 at Sotheby's
  9. Jean-Michel Basquiat, Untitled (1981) - RMB 86,144,000 at Poly Hong Kong
  10. Wu Guanzhong, Plum Blossoms (1973) - RMB 85,369,000 at Sotheby's

Expanding Cultural Horizons

The influx of Western artworks into the Chinese market enriches the cultural diversity of collections. Artists previously overlooked due to underdeveloped regional art markets or lack of a collecting culture are now gaining global visibility.

For instance, a contemporary artist born in India, educated in Singapore, and trained at the Royal Academy of Arts in London, saw his artwork "After Work" sell for 5.04 million HKD, surpassing its estimate by 32 times. Similarly, Colombian artist Sarah Slappey's "Black Pearl" sold for 1.008 million HKD, more than double its low estimate.

Broadening Horizons

The demand for international artist works in Asia is becoming stronger and more diverse. Auction houses are introducing new international faces and works to the Asian market to cater to the varied tastes of Chinese collectors. For example, Sotheby's Hong Kong debuted a significant sculpture by the renowned female artist Louise Bourgeois. Despite low market sentiment, her "Spider IV" broke through the billion-yuan mark, selling for 1.292 billion HKD, making it the third highest-priced work in her auction history.

Christie's presented the first Marc Chagall-themed auction in Asia, where all 20 items sold, totaling 192% above their low estimates. This reaffirms Asian collectors' desire for exceptional global artworks.

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